HCL Technologies Record Lowest Attrition Compared to Infy, Wipro

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HCL Technologies Record Lowest Attrition Compared to Infy, Wipro
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Indian IT major HCL Technologies (NS: HCLT ) released its earnings result for the quarter ending September 2021, post-market hours on Thursday.

It recorded a profit of 3.9% in the September quarter, while its revenue for the same grew by 2.9% sequentially to Rs 20,655 crore and by 11.1% year-on-year.

Additionally, the Noida-based IT firm’s net income for the second quarter rose by 1.6% QoQ and 3.9% YoY to Rs 3,265 crore.

In constant currency terms, HCL Tech has expectations of recording double-digit growth for FY22, the EBIT margin is expected in the range of 19%-21% for the ongoing financial year.

Furthermore, the company’s EBIT margin for the September quarter declined by 0.4% to 19%, attributed to a seasonally underperforming quarter and some deferred deals.

Regarding new deal wins for the second quarter of FY22, HCL Tech managed to win deals worth $2.245 billion, up from $1.67 billion deal wins in Q1. 

Additionally, hiring showed positive growth numbers for the IT firm, as it added 11,135 new employees in the second quarter alone, its highest in the past 24 quarters.

Sources reveal that the IT major added 12 clients worth over $50 million, 18 having worth over $20 million, 18 over $10 million, 12 clients with over $5 million valuations, and one client valuing over $100 million in the quarter ending September.

The attrition rates for HCL Tech, as per its Q2 results, are lower compared to peers like Infosys (NS: INFY ) and Wipro (NS: WIPR ).

Despite having an uptick in its attrition rates for Q2 FY22, HCL Technologies’ attrition was 15.7% in the second quarter, up from 11.8% in the previous one.

"We added 5,779 freshers this quarter, which is an addition to the 3,444 we added last quarter. We expect to hit the 20,000-22,000-freshers target (in FY22), or maybe even breach it”, stated the company's chief HR officer, Apparao V V.

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  • Shiv Patil @Shiv Patil
    HCL Tech already move forward vastly so it might be corrected like TCS.
    Like 1
  • Rohan Porwal @Rohan Porwal
    Target for hcl technology??
    Like 0
    • Rajendra Patel @Rajendra Patel
      1400 to 1424
      Like 9
    • Kh sa @Kh sa
      It is in right price to enter and hold for long term.
      Like 0
    • Rajesh Saini @Rajesh Saini
      accumulate on dip for 6 months horizons for 20 per cent gain
      Like 0
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