Fresher hiring at HCL Tech to touch 20,000-22,000 this fiscal

By Livemint
On Friday, HCL Tech scrip closed 0.32% lower at ₹1,330 on NSE. (The last sale of shares in HCL Technologies by the foundation was in February 2012.)

HCL Technologies today said it has aggressively ramped up hiring and expects to hire 20,000-22,000 freshers this fiscal as the demand for technology services continues to outstrip supply.

The company's attrition (voluntary TTM) on a trailing 12 month basis during the third quarter ended December rose 19.8% from 15.7% in the previous quarter.

The Noida-based firm's has also continued hiring at a brisk pace with net addition of 10,143 during the quarter, taking the total headcount now to 197,777.

HCL Technologies has reported 13% fall in consolidated net profit at 3,442 crore for the December quarter when compared with the same period last year. It was 3,969 crore in the same quarter (Q3FY21) of last year.

On a sequential basis, the profit after tax (PAT) rose 5% from 3,259 crore in the previous September quarter.

The company's revenue from operations, meanwhile, rose 15% to 22,331 crore as against 19,302 crore in the year-ago period.

On Friday, HCL Tech scrip closed 0.32% lower at 1,330 on NSE. In the last one year, the shares have gained by 29.97% as against 24.95% rise in Nifty IT index.

On the outlook, HCL Tech expects revenue to grow in double digits in constant currency for FY22, while EBIT margin is seen between 19% and 21% for the same period.

HCL Tech has seen strong booking performance during the period under review with TCV (Total Contract Value) of new deal wins at $2,135 million, registering 64% growth over last year period.

Segment wise, services business has grown at 5% quarter-on-quarter (CC) this quarter on back of robust 5.2% quarter (CC) in Q2.

Engineering and R&D services grew at robust 8.3% quarter-on-quarter (20% year-on-year CC), driven by traction in digital engineering and IoT Works.


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