HCLTech, India’s third-largest IT services company, saw a significant drop in its employee count by 8,080 for the three-month period ending in June.
In the previous quarter, the headcount had increased by 2,725. As of the end of June, the Noida-based IT giant’s total headcount stood at 219,401, down from 227,481 in the previous quarter. A year ago, from April to June, the number was 223,438.
In contrast, on Thursday, its larger peer and India’s largest IT company, Tata Consultancy Services (TCS), added 5,452 employees for the April to June quarter, bringing its total employee count to 606,998.
In the fourth quarter of FY24, ending in March, HCLTech was the only large player to increase its headcount, adding 2,725 employees despite the industry trend of reducing employees.
For the full year in FY24, top IT companies TCS, Infosys, Wipro, and Tech Mahindra announced a combined headcount reduction of 70,704 employees. In Q1FY25, HCLTech hired fewer freshers, adding 1,078 compared to 3,096 in the previous quarter.
During the quarter, HCLTech’s attrition rate slightly worsened to 12.8%, up from 12.4% in Q4FY24. After market hours on Friday, HCLTech reported a 20.4% year-on-year increase in net profit for the first quarter of fiscal year 2024-25, ending June. The net profit was Rs 3,534 crore, compared to Rs 3,534 crore a year ago. Its revenue rose 6.7% to Rs 28,057 crore, compared to Rs 26,296 crore a year ago.
