Tech Mahindra reports attrition rate of 20%, will continue hiring

Tech Mahindra attrition rate 20%; continues to add employees
The company added 5,877 new hires in Q2 FY23, down from 6,862 in Q1FY23 and 14,930 in Q2FY23. The total headcount stood at 163,912.

An Indian multinational information technology services and consulting company, Tech Mahindra announces its Q2FY23 performance results on November 1, 2022.

Bucking industry trends, Tech Mahindra’s attrition dropped year-on-year as well from the year-ago quarter. Tech Mahindra reported a decline in attrition rate to 20 percent in the quarter that ended September 30, 2022, the attrition in Q1 was 22%.

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said, “We continue to focus on being resilient and agile to ensure long-term value for our people, customers, partners, and the society at large.”

“While market conditions evolve and supply-side challenges continue, we will strengthen our differentiated offerings to help customers in their transformation journey through our integrated & new-age solutions”, CP Gurnani added.

Rohit Anand, Chief Financial Officer, of Tech Mahindra, said, “We have taken several targeted measures to achieve operational efficiencies and ensure long-term sustainable growth.”

“While we continue to address the dynamic market conditions, we will remain focused on creating value for our stakeholders, through continued operational rigor, robust cash generation, and prudent capital allocation”, Rohit Anand added.

Rohit Anand further added, “Additionally, we have also announced a special dividend of INR 18 per share, in line with our capital allocation policy.”

The company added 5,877 new hires in Q2 FY23, down from 6,862 in Q1FY23 and 14,930 in Q2FY22. The total headcount stood at 163,912. The company’s Q1 total headcount stood at 158,035. 

Wipro added 605 new employees in Q2FY23, as of September 30, 2022, Wipro’s employee count in IT services increased to 259,179 from 258,574 at the end of June. The company has reported an Attrition Rate of 23%, moderating slightly from 23.3% in the previous quarter.

TCS added 9,840 employees in the September quarter and the total headcount stood at 6,16,171. TCS hired 20,000 freshers in Q2, an increase of 33% over the previous quarter. However, freshers hiring have slowed down. TCS hired 35,000 freshers in Q1FY23 which is down from 43,000 in Q1FY22.


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