IT services major Tech Mahindra's headcount decreased by 1,757 in the fourth quarter ended March 31, 2024. This is the second consecutive quarter of headcount decline for the Pune-headquartered company.
On a year-on-year basis, the company added 3,276 employees, up 2.3 percent. Total headcount for FY25 stood at 1,48,731.
The company’s last twelve-month (LTM) attrition has inched up to 11.8 percent, from 11.2 percent in the previous quarter.
Tech Mahindra had set a target of hiring more than 6,000 freshers in the fiscal year but added 6,100 campus recruits. However, it declined to give any fresher hiring target for FY26 considering the subdued demand environment.
"I guess the quantum of hiring in the current year will depend on demand visibility. Visibility is a little bit muddy just now, but we expect it will improve with time, given all the actions that we're taking," Tech Mahindra CEO Mohit Joshi told the press after declaring the results.
In comparison, the top Indian IT services giants, Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro, have bounced back from their historic headcount decline in two decades in FY24, adding approximately 9,400 employees in FY25.
In FY24, these companies collectively did not backfill attrition and shed 63,759 employees, reflecting a sector-wide trend of hiring slowdown amid low single-digit or even negative revenue growth.
As of FY25, TCS added 6,433 employees, Infosys added 6,388 employees, and Wipro’s headcount went up by 732, while HCLTech's headcount dropped by 4,000.
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