HCLTech, formerly HCL Technologies, added 2,945 employees in the third quarter ended December 31, 2022.
Reduced net addition
Total headcount of the company at present stands at 222,270.
This is lower than the previous quarter’s net addition of over 8,359 employees in Q2, but significantly lower than the 10,143 employees hired in the same quarter last fiscal.
Attrition rate decreased significantly on a QoQ basis at 21.7 percent, down from 23.8 percent in Q2 on the last twelve months (LTM) basis.
This attrition figure excludes involuntary attrition and digital process operations but it is much higher than 19.8 percent in the same quarter last fiscal.
It laid off 350 employees working on Microsoft’s news-related products during the second quarter after the project was not renewed.
Fresher addition for the quarter came in at 5,892, which was lower than the 10,339 for Q2.
CEO and MD C Vijayakumar had said that the company overall plans to add about 30,000 freshers this fiscal.
It previously said that it intends to hire 45,000 new employees in FY23.
It also heavily outsourced employees from new frontier locations such as Sri Lanka, Vietnam, Romania, Mexico, Costa Rica, and Brazil.
Meanwhile, rival Infosys added 1,627 employees, a significant decrease from the 10,032 previous quarter.
Earlier this week TCS reported a decline of 2,197 in net new addition, for the first time in the past 10 quarters.
TCS CEO & MD Rajesh Gopinathan said that it was a strategised the move to improve utilisation, having doubled intake in 2021.
Deals HCL won
The company said it won 17 large deals during the quarter – seven in the services segment and 10 in software. The total contract value (TCV) of new deal wins was at $2.35 billion, up 10 percent YoY.
“We have delivered a strong performance this quarter across all key metrics – revenue growth, margin expansion, booking growth and people metrics,” said C Vijayakumar, CEO & Managing Director, HCLTech.
Growth is led by its services business which grew 15.4 percent YoY.