HCL revenue up 12% in Q1, looks to hire 22k freshers
TIMES NEWS NETWORK
Bengaluru:20.07.2021
HCL Technologies reported 11.7% growth in revenue in constant currency in the first quarter, compared to the same quarter last year. On a reported basis, revenue was up 15.5% to $2.7 billion.
The growth rates are a little lower than for peers. But in the corresponding quarter last year, at the peak of the pandemic, HCL had positive growth rates, compared to most of its peers. So, this quarter's growth is on top of that relatively better base. The company, like others in the industry, benefited from broad-based growth across geographies and verticals. Net income rose 12.8% to $436 million.
The company said it will hire 20,000-22,000 freshers this fiscal. "I will not be surprised if we even cross that number,” said V V Apparao, chief human resources officer. Last year the company on-boarded 14,600 freshers globally.
The company took in 3.444 people in the first quarter and is targeting another 6,000 in this quarter. "The freshers don’t have anything to unlearn and it is easy to train them on new age skills,” Apparao said, adding that demand was high in digital engineering, cloud enablement, analytics, user experience and cybersecurity. HCL has paid increments to its employees starting this month, after a previous round in October, indicating it is getting back to the regular cycles.
70% of the company’s employees have been vaccinated and all are expected to get both the shots by the end of September. “Return to office will increase and we do not see any risk in people coming,” Apparao said. Currently, just 3%, or about 4,000, people, are working from offices. HCL’s attrition rose to 11.8% from 9.9%sequentially on a LTM (last 12 months) basis, a trend that is likely to remain in the industry for the next 2-3 quarters. It had 176,499 people at the end of June.
The company, like others in the industry, benefited from broad-based growth across geographies and verticals
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