HCLTech adds 8,359 employees in Q2FY23; QoQ attrition rate remains flat at 23.8%

The office of HCL Technologies Ltd at Noida.

India’s third largest IT services company HCLTech, formerly HCL Technologies, added 8,359 employees in the second quarter ended September 30, 2022. The total headcount of the IT services major currently stands at 219,325.

This is higher than last quarter’s net addition of over 2,089 employees, but way lower as compared to around 11,135 employees hired in the first quarter of last fiscal.

The attrition rate remained flat on a QoQ basis at 23.8 percent on last twelve months (LTM) basis for IT services, the company said, adding that it was voluntary. But it is much higher than 15.7 percent  in the same quarter last fiscal.

HCLTech had recently laid off 350 employees globally who were working on its client Microsoft’s news-related products when the project wasn’t renewed.

Fresher addition for the quarter came in at 10,339, which was slightly lower than the previous target of 10,400 for Q2.

Last quarter during the earnings call, CEO and MD C Vijayakumar had said that the company overall intends to add about 30,000 freshers this fiscal.

Hiring targets

The company previously said that it intends to hire 45,000 new employees in FY23. It also heavily outsources employees from new frontier locations such as Sri Lanka, Vietnam, Romania, Mexico, Costa Rica, and Brazil.

HCLTech had added 6,023 freshers in Q1FY23, nearly doubling the number as compared to Q1FY22.

Meanwhile, the company reported its Q2FY23 earnings on October 12, its consolidated net profit for the quarter increased 7.05 percent to Rs 3,489 crore from Rs 3,259 core as compared to the same quarter last year.

Revenue from operations of the company stood at Rs 24,686 crore, clocking a 19.5 percent growth over Rs 20,655 crore last year.

(This is a developing story. Please check back for updates)