Infosys vs TCS vs Wipro vs HCL Tech: Which IT firm hired the most in Q2?

Infosys is the latest to announce its Q2 result on October 13, while HCL Tech and Wipro presented their quarterly earnings on October 12. TCS was the first among its peers to announce its Q2 results on October 10. This week, IT stocks are majorly in focus on markets due to their Q2 financial results.

Infosys:

Infosys continued to hire more compared to its counterparts for the second straight quarter in FY23. This Q2, the company added 10,032 employees — taking the total to 3,45,218 compared to 3,35,186 employees as of June 30, 2022. Infosys has made a strong net addition of 65,601 employees from 2,79,617 employees witnessed in Q2 of FY22.

Also, the company witnessed a sharp decline in its attrition rate by 1.3% to 27.1% in Q2FY23 against 28.4% in Q1FY23 and 20.1% in Q2FY22.

Infosys revenue per employee on a consolidated basis was at $55.5k in Q2FY23 slightly lower from $56.9k in Q1FY23 and $57.3k in Q2FY22.

The company has already hired 40,000 freshers from its target of hiring 50,000 freshers. Infosys expects the number to go up for the year ahead.

TCS:

This Tata Group-backed company made the second-largest net addition of employees among its peers in Q2. The company’s workforce stood at 616,171 by end of the September 2022 quarter — a net addition of 9,840 employees from the June 2022 quarter where the headcount was at 606,331.

However, the net hiring was lower compared to Q1FY23 where it added 14,136 employees from March 2022 quarter.

TCS attrition rate is at 21.5% on the last twelve months basis in Q2FY23. On October 10, TCS said that with normalizing wage expectations and talent supply catching up across the industry, the company expects attrition to start to taper down in H2 of FY23.

HCL Tech:

HCL Tech made a net addition of 8,359 employees in Q2FY23, although it was lower compared to its peers. However, compared to Q1FY23 figures where the company added merely 2,089 employees on a net basis, HCL Tech has recorded a more than 4 times rise in hiring in Q2FY23. Also, HCL Tech added 10,339 freshers compared to the addition of 6,023 freshers in Q1FY23 and 5,708 freshers in Q2FY22.

The company’s total headcount was 219,325 employees as of September 30, 2022, compared to 210,966 employees as of June 30, 2022.

However, the company’s attrition rate remained unchanged at 23.8% in Q2FY23 compared to the previous quarter.

Wipro:

Wipro made the lowest hiring in Q2 compared to its peers. The company’s headcount stood at 259,179 employees in Q2FY23 compared to the count of 258,574 employees as of June 30, 2022 – a net addition of merely 605 employees.

In Q1FY23, the company added 15,446 employees. While it onboarded more than 10,000 freshers during this period.

Noteworthily, Wipro’s attrition rate has moderated for the third consecutive quarter. The company’s voluntary attrition measured in the trailing twelve months for the quarter was at 23.0% — a moderation of 30 basis points from the June 2022 quarter where the attrition rate was at 23.3%. Meanwhile, in Q4FY22, the company’s attrition had breached the 23% mark and was at 23.8%.