HCLTech, a leading global technology company, has announced its Q3FY24 results for the quarter ended December 31, 2023.
Key Highlights
- The attrition rate improved and stood at 12.76% in Q3FY24.
- Addition in headcounts by 3,617 employees. Total Headcount stood at 224,756.
- Net profit rises 6% to Rs 4,350 crore.
Commenting on the Q3FY24 results, C Vijayakumar, CEO & Managing Director, HCLTech said, “Our results this quarter have been remarkably strong, driven by strong momentum in both services and software businesses and a stellar operating margin. HCLSoftware’s performance was another bright spot and we are excited about its strategic progress over the last year,”
“We will continue to invest in AI, specifically Generative AI as well as cloud-native capabilities across our products and services to address evolving client needs”, C Vijayakumar said.
C Vijayakumar further said, “We remain confident of our continued growth momentum enabled by our business mix, our people, and laser-sharp focus on delivering innovation and hyper-automation to our clients.”
Ramachandran Sundararajan, Chief People Officer at HCLTech said, “We continue to honour the commitments of fresher onboarding… Attrition is the lowest in last seven years.”
“We have also implemented the pay hikes for entry and junior-level employees this quarter,” he added.
HCL Tech attrition (LTM) rate for the quarter moderated further to 12.76% from 14.2% in Q2 FY24 and 21.7% YoY. The company reported a net addition of over 3,600 people, taking its total headcount to over 224,700 across 60 countries.
Previously, HCLTech witnessed an attrition rate of 14.2 percent in the second quarter of the current financial year and said while announcing its September quarter financial results that the total people count in the company stood at 2,21,139 in Q2FY24.
The workforce of the IT firm was reduced by 2,299 workers in the quarter under review. The company brought 3,630 freshers on board in the September quarter. Till June 2023, the company’s total headcount was 2,23,438.
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