HCLTech bucks trend again, headcount rises by 2,725 employees

economictimes.indiatimes.com:

HCLTech, country’s third largest IT services provider, bucked industry trends to report a rise in headcount of 2,725 employees for the final quarter of FY24.
The total employee base stood at 227,481 at the end of March 2024. In the preceding quarter, its employee count was at 224,756 ending December.

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For the full year as well, the Noida-headquartered firm added 1,537 employees from overall headcount of 225,944 in March end 2023. Similarly in FY23, HCLTech’s headcount had shown an increase by 3,674 employees.

In contrast, top tier IT majors TCS, Infosys and Wipro which have announced a cumulative headcount dip of 63,759 employees in FY24.

In Q3, HCLTech was the HCL Tech is the only outlier among top tier IT firms to report an increase in employee base.

Its fresher additions between October and December stood at 3,818.

Attrition for the quarter further reduced to 12.4% as on March quarter 2024 down from 19.5% in Q4FY23 and also down from 12.8% in Q3FY24. This is HCLTech’s lowest attrition since the COVID-19 quarter in 2021.

Last year, HCLTech had also missed its full-year target of hiring 30,000 freshers, as it hired only 26,734 freshers.

For Q4FY24 ending March, HCLTech’s net profit grew marginally at Rs 3,995