Home / Companies / News /  HCL Tech adds over 6,000 freshers in Q1, attrition rate at 23.8%

HCL Technologies added more than 6,000 freshers during the quarter ending June 30, 2022 (Q1FY23) period. The company's total employees count stood at 210,966 in the quarter under review. HCL Tech's quarterly earnings was in line with analysts estimates. Under the employees' count, as of June 30, 2022, 197,226 employees belonged in the technical category while 13,740 employees in the sales and support category.

In Q1FY23, headcount rose by 2,089 employees from 208,877 count in March 2022 quarter, while compared to the corresponding period last year - the count climbed by a whopping 34,467 employees.

"6,023 freshers were added during the quarter ended 30 Jun 2022," HCL Tech said in its statement.

For the quarter, HCL Tech's attrition (LTM) climbed to 23.8% in Q1FY23 versus 21.9% in Q4FY22 and 11.8%.

Further, of the total headcount, 28.30% of the global employees are women. While there were 167 nationalities represented across 52 countries. During the quarter,144,075 employees participated in almost two million hours of learning and development and capability training.

The company's localisation in the United States stands at 70.6% as of June 30, 2022.

"HCL Technologies believes in a culture that fosters grassroots innovation and is committed to providing its people with an equitable, safe, and inclusive work environment. HCL focuses on talent attraction, growth, and retention to ensure a unified experience across the enterprise," it said.

In Q1FY23, HCL Tech's employee benefits expense comes at 12,978 crore up from 12,603 crore in Q4FY22 and 10,708 crore in Q1FY22.

HCL Technologies posted a sequential drop of 8.6% in the consolidated net profit to 3,283 crore for the quarter ending June 30, 2022 (Q1FY23) period. However, the PAT recorded a growth of 2.4% on a year-on-year basis.

Moreover, consolidated revenue stood at 23,464 crore rising by 16.9% yoy and 3.8% qoq. In dollar terms, revenue was at $3,025 million up by 1.1% qoq and 11.2% yoy. The constant currency revenue growth stood at 2.7% qoq and 15.6% yoy in the Q1 of this fiscal. Meanwhile, in the quarter, services revenue (ITBS and ERS) climbed 2.3% qoq and 19% yoy in constant currency.

EBITDA margin was at 21.2%, while EBIT margin came in at 17% in the quarter under review.

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