Infosys hiring numbers in the October to December 2022 period took a major hit, slipping 84 percent to 1,627 from over 10,000 in the previous quarter.
However, its attrition rate has also reduced to 24.3 percent from 27.10 percent in the July to September quarter.
Hiring hits nine-quarter low
The company’s hiring for the three month period is the lowest in nine quarters and is just higher than the July to September 2021 quarter when its total headcount increased by 975 employees.
At the end of December 2022-ended quarter, the firm’s total staff headcount stood at 3,46,845.
Chief Financial Officer Nilanjan Roy said the firm should be able to meet its hiring target of 50,000 employees in FY23 since it is currently at around 46,000 with respect to fresh hiring.
Voluntary attrition continued to decline for the second quarter.
Attrition
CEO Salil Parekh noted that the quarterly annualised attrition is down 6 percent and is below 20 percent.
The IT firm expects attrition to continue to decline while policies are being in place to ensure it eases, Parekh said.
The sharp drop in hiring compares to its peer Tata Consultancy Services’ (TCS) net reduction of 2,197 employees in the quarter under review while the latter’s attrition slowed down marginally to 21.3 percent.
Moonlighting
On the topic of moonlighting, Roy said the firm has made its stance clear against it and has built internal capabilities to support gig workers.
Infosys wants to ensure that client confidentiality is always maintained and also that employees have an opportunity to improve and enhance their learnings, he said.
Net profit, revenue
Infosys reported a net profit of Rs 6,586 crore during the December quarter.
Revenue in US Dollar terms increased 2.3 percent compared to the September quarter.
The $4,659 million figure was marginally higher than the CNBC-TV18 poll projection of $4,621 million.
Large deal TCV
At $3.3 billion, large deal Total Contract Value (TCV) for Infosys was the strongest in eight quarters.
The figure was also higher than the September quarter figure of $2.7 billion and the average of the last four quarters, which was $2.1 billion.
Parekh said that the company continues to gain market share as evident from the TCV figure.
