Info Edge captures revival of IT hiring in July, hopes for the onset of an 'upcycle'

The Chief Business Officer of Naukri, Pawan Goyal added that the July reading of JobSpeak Index is been a 'broad-based, positive shift'.

The latest JobSpeak report by Info Edge has indicated at a 12 percent increase in hiring activity for July and positive growth across sectors, with IT sector reporting strong hiring trend.

"The robust 12% growth in hiring activity is a much-awaited, encouraging sign for this financial year", Info Edge report said, adding that this is the first positive month of hiring growth this year.

The Chief Business Officer of Naukri, Pawan Goyal added that the July reading of JobSpeak Index is been a 'broad-based, positive shift', and that this could potentially be the onset of an 'upcycle in the Indian white-collar job market'.

Info Edge is the parent company of hiring platforms like Naukri and IIM Jobs. The company had noticed an uptick in IT job postings on its platform in May, with a significant number of resumes being viewed by information technology (IT) companies compared to early 2024.

However, it must be noted that part of them hiring growth may be due to a dip in the Index value in July 2023, which the report said could be 'on account of IT sector’s woes'.

The Global Capability Centers (GCC) have seen a 12 percent YoY growth, driven by hiring in Delhi-NCR (32%) and Hyderabad (29%) region.

Both Pharma and FMCG sector recorded a 26 percent YOY growth in hiring for July. Hiring trend in AI-ML related jobs was highest compared to all categories, at 47 percent YoY, followed by insurance.

Gujarat continues to lead with Rajkot, Jamnagar and Baroda registering very strong job growth. Hyderabad too has emerged as a hub for job creation across industries such as Hospitality, BPO and Oil & Gas.

Among metros, the Delhi-NCR region saw the most YoY growth at 21 percent, while among emerging cities, Lucknow ranked highest growth at 29 percent YoY.

Compared to last July, this year saw a healthy 32 percent growth in hiring for those with +16 years of experience, said the report.

For the quarter ended March 2024, Info Edge’s consolidated revenue rose nine percent to Rs 657 crore, while it clocked a net profit of Rs 162 crore, compared to a loss of Rs 447 crore in the year-ago period.