Infosys attrition rate drops in Q3, to hire 50,000 freshers by FY23

0
Infosys to target 50,000 hires by FY23
Infosys total employee count stood at 3,46,845 in Q3FY23 a net addition of 1,627 employees compared to 3,45,218 employees posted in Q2 of FY23.

An Indian multinational information technology company, Infosys has announced results for the third quarter that ended December 31, 2022, on Thursday, January 12, 2023.

The company hired around 6,000 freshers in Q3FY23. In starting of FY23, Infosys had given a fresher hiring target of 50,000, and 40,000 of them are hired in the first half of the year.

The company’s net addition stood at 54,778 employees in Q3FY23. The attrition rate of the company has come down. The current attrition rate in Q3FY23 stood at 24.3% down from 27.1% in the September 2022 quarter. During the June 2022 quarter, the attrition rate was 28.4%.

Commenting on Q3 results Salil Parekh, CEO, and MD said, “Our revenue growth was strong in the quarter, with both digital business and core services growing. This is a clear reflection of our deep client relevance, industry-leading digital, cloud, and automation capabilities, and the unrelenting dedication of our employees”,

“As reflected in the large deal’s momentum, we continue to gain market share as a trusted transformation and operational partner for our clients. Our end-to-end capabilities and global scale make us a preferred choice as clients
look at consolidating vendors. We remain focused on helping businesses accelerate their digital agenda to uncover new value and growth, as well as improve operational and cost-effectiveness”, he added.

Infosys reported strong Q3 performance with year-on-year growth at 13.7% and sequential growth at 2.4% in constant currency. The year-on-year growth was in double digits for most business segments and geographical regions in constant currency terms.

The company’s large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion. The company’s digital comprised 62.9% of overall revenues and grew at 21.7% in constant currency. The operating margin for the quarter remained resilient at 21.5%. FY23 revenue guidance was revised to 16.0%-16.5%. FY23 operating margin guidance retained at 21%-22%.

“Operating margins in Q3 remained resilient due to cost optimization benefits which offset the impact of seasonal weakness in operating parameters”, said Nilanjan Roy, Chief Financial Officer.

“Attrition reduced meaningfully during the quarter and is expected to decline further in the near term”, he added.

Infosys’ total employee count stood at 3,46,845 in Q3FY23 a net addition of 1,627 employees compared to 3,45,218 employees in Q2 of FY23. In the Q3FY22 quarter Infosys, the headcount stood at 2,92,067 employees.

LEAVE A REPLY

Please enter your comment!
Please enter your name here