A slowdown in hiring by India's top IT companies has resulted in a sharp increase in the industry's profit per employee in Q3FY23.
The top four IT companies earned a net profit of ₹1.7 lakh per employee during October-December 2022, up 8.6 per cent from ₹1.57 lakh in Q2FY23 and 16.3 per cent from a record low of ₹1.47 lakh in Q1FY23.
Earnings per employee in the third quarter were, however, still down 0.9 per cent on a year-on-year (YoY) basis. In FY21, these four companies earned a net profit of ₹1.95 lakh per employee during the October-December quarter.
The four IT companies Tata Consultancy Services, Infosys, HCL Technologies, and Wipro together added only 1,940 employees in Q3FY23, the fewest in the past five years, barring the pandemic hit Q4FY20 and QIFY21 when these companies had reported a decline in their headcount on a net basis.
These four IT companies together added nearly 80,000 employees Q4FY22 in and nearly 47,000 employees on average in the previous nine-quarters.
Diese Geschichte stammt aus der January 18, 2023-Ausgabe von Business Standard.
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Diese Geschichte stammt aus der January 18, 2023-Ausgabe von Business Standard.
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