With hiring at an all-time high in the IT sector, Info Edge’s job recruitment site Naukri India’s billing saw 85 percent year-on-year (YoY) increase at Rs 309 crore for the quarter ending December 31, 2021.
According to CEO & MD Hitesh Oberoi, this frenzy in IT hiring is similar to that of what the sector saw during its heady days 15 years ago.
“Since our IPO 15 years ago, IT hiring has never been as bullish as it is now and it shows no signs of slowing down.” Even with the Omicron, the non-tech related hiring are picking up as well, he added.
This comes at the back of huge demand for IT services across industries as companies invest in digital. This has translated to increased demand for technology talent, rising attrition and wage inflation.
Top three IT companies - TCS, Infosys, Wipro - added close to 1.7 lakh employees in 2021, and fresher hiring has doubled in FY22.
Oberoi in his tweet said, “If companies continue to digitise rapidly globally and the Indian economy goes back to growing at 7+pc then high attrition and high wage inflation may be here to stay.”
The last time we saw such growth in our naukri business was 15 years ago in the heady days of Indian IT services. If companies continue to digitise rapidly globally and the Indian economy goes back to growing at 7+pc then high attrition and high wage inflation maybe here to stay. https://t.co/CFAmyGWODe
— Hitesh Oberoi (@hitobs) January 29, 2022
For the quarter ended December 2021, the overall billings stood at Rs 468.1 crore, up 58 percent compared to the same period last year. The billings stood at Rs 760 crore, up 82 percent YoY, between April and December 2021, and overall billing stood at Rs 1,184.7 crore.
Chintan Thakkar, Whole Time Director and Chief Financial Officer, Info Edge (India) Ltd, said “This is the third quarter in a row that has witnessed stellar billing growth and great momentum, particularly in the Recruitment business. The sustained focus on growing efficiently and investing for the future is reflected in our swelling billings and cash profits.”