Tech Mahindra headcount drops in FY21, hiring to increase in FY22

Tech Mahindra has acquired Eventus Solutions Group for up to $44 million
PTI | Tech Mahindra, through its wholly-owned subsidiary - Tech Mahindra (Americas) Inc, has approved the proposal to acquire 100% equity shares in Eventus Solutions Group, LLC, a regulatory filing said.

Tech Mahindra reported an increase in attrition rate to 13% from 12% in the previous quarter

IT services firm Tech Mahindra’s headcount drops by 4,182 in the financial year 2021 even as it looks at double-digit organic growth.

According to the company statement, it will lead to more hiring in the next few quarters with multiple strong deals in pipeline for FY22.

Commenting on this, CP Gurnani, CEO & MD of Tech Mahindra said, “We are not giving any firm guidance but we are looking at double-digit organic growth. To sustain the double-digit organic growth you also need to have the right level of hiring.”

“We are the net hirer for the next two quarters and will be adding 8-10 percent people over the next two quarters,” Gurnani added.

We will also have a huge focus on skilling, future skills readiness, and hiring to make sure that the company has the right supply chain and the right balance between growth and utilization, the CEO said.

As already announced in Oct 2020, Tech Mahindra plans to implement pay hikes in April 2021 and does not anticipate being impacted by the second wave of the COVID-19 pandemic, which is sweeping across India.

Like its peers Infosys and Wipro, Tech Mahindra also reported an increase in attrition rate during the quarter to 13 per cent from 12 per cent in the previous quarter.

For the financial year ended March, Tech Mahindra’s consolidated revenues grew 2.7 per cent to Rs 37,855 crore and consolidated net profit rose 9.8 per cent to Rs 4,428 crore.


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