Infosys adds over 10,032 employees in Q2, attrition falls sequentially to 27.1%

Infosys added 10,032 employees during the second quarter of FY23, the IT services major said while announcing results for the quarter. This took Infosys’ headcount as of September 30, 2022, to 3,45,218.

Last quarter, Infosys had a net employee addition of 21,171 employees.

In FY22, Infosys had hired 85,000 freshers, with its hiring up 2.2x in two years. For FY23, Infosys had said it would be hiring over 50,000 freshers. In the first half of this FY, the company has hired 40,000 freshers and the full-year target of 50,000 may go up, said Chief Financial Officer Nilanjan Roy.

Attrition has started to decline, after it has been elevated for a few quarters now. Infosys’ attrition in Q2FY23 came in at 27.1 percent, a fall sequentially on a trailing-twelve-month basis. The company’s attrition last quarter was at 28.4 percent. The company’s leadership said that attrition has been reducing for the last three quarters.

In Q4FY22, attrition was 27.7 percent, 25.5 percent in Q3FY22, 20.1 percent in Q2FY22, and 13.9 percent in Q1FY22.

“While supply side challenges are gradually abating as reflected in the reducing attrition rates, they continue to exert pressure on our cost structure,” Chief Financial Officer Nilanjan Roy said in a statement.

Salary hikes for a majority of employees was done in April, and hikes for senior employees was done from July 1.

Attrition has remained elevated across companies, although leaders are saying that it is now moderating. TCS’ attrition came in at 21.5 percent, HCL Tech at 23.8 percent, and Wipro at 23 percent.

TCS saw a net addition of 9,840 staff during the quarter, HCL added 8,359, and Wipro had 605 net new additions during the quarter.

Infosys’ net profit for the quarter was up 11.1 percent on a year-on-year basis. The company’s revenue growth in constant currency was 4 percent on a sequential basis and 18.8 percent year-on-year. Moneycontrol