HCLTech Q2 Results: FY24 Guidance Cut Even As Profit Surges Nearly 9%

HCL Technologies Ltd. trimmed its revenue growth guidance for the current fiscal despite blockbuster dealmaking, underscoring the “slower for longer” growth pangs for the Indian IT services industry.

HCLTech’s overall headcount declined by 2,299 in July-September, even as the attrition rate on a trailing 12-month basis eased to 14.9% from 16.3% in April-June. The total headcount stood at 2,21,139, as on Sept. 30.

The company, which onboarded 3,630 freshers in the September quarter, now plans to hire up to 10,000 fresh graduates by the end of the fiscal. “Our campus hiring process is going according to plan, and we are looking to hire 10,000 freshers by the end of FY24,” Ramachandran Sundararajan, chief people officer at HCLTech, said during a virtual press conference.

The IT firm has skipped salary hikes for mid-level and senior employees for the full year and deferred it for the rest by one quarter.

On Thursday, HCLTech shares fell 1.74% to Rs 1,224.05 apiece on the BSE even as the benchmark Sensex ended the day 0.10% lower at 66,408.39 points. The quarterly results were declared after market hours.