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IT giant <keyword id="19950207" type="General" weightage="100" keywordseo="HCL-Tech" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Tech" meta.hostid="261" meta.entityid="HCL Tech">HCL Tech</keyword> declared its <keyword id="22373996" type="General" weightage="20" keywordseo="Q1FY25" source="keywords">Q1FY25</keyword> results today. The company's revenue for the quarter stood at Rs 28,057 crore, registering a 1.6% quarter-on-quarter (QoQ) decline and a year-on-year (YoY) growth of 6.7%. The company's <keyword id="20387237" type="General" weightage="20" keywordseo="EBIT" source="keywords">EBIT</keyword> (earnings before interest and tax) was Rs 4,795 crore, down 4.4% QoQ but up 7.5% YoY. The company also declared an <keyword id="397990" type="General" weightage="20" keywordseo="interim-dividend" source="Orion">interim dividend</keyword> of Rs 12 per share, making April–June 2024 the 86th consecutive quarter where the company paid out dividends. The company's net income also jumped from Rs 3,534 crore in June 2023 to Rs 4,257 crore in June, 2024. The company's new deals secured during the quarter, or total contract value (TCV), were around $1,960 million. Its employee workforce as of June 30th, 2024, stood at 2,19,401. The company let go of 8,080 employees during the quarter. However, its attrition rate came down to 12.8% during the quarter, down from 16.3% in Q1 FY24. At the close of trade today, HCL Tech's stock was trading at Rs 1,561.75, up by 3.30%. The company's operating cash flows (OCF) for the quarter stood at $2,722 million, while its free cash flows (FCF) were around $2,604 million. Revenues at HCLTech Services saw a dip of 1.9% on a QoQ basis but rose by 5.8% on a YoY basis, in constant currency terms. <h2>Looking ahead</h2>In FY25, the company expects its revenue growth to be in the range of 3-5% on a year-over-year basis, in constant currency terms. Its revenue from services is also set to grow within the same estimates. The company also anticipates its EBIT margins to be between 18 and 19% in FY25. Per its reports, the company's top 20 clients contributed 30.1% of its total revenue. Service revenue from the <keyword id="20049715" type="General" weightage="20" keywordseo="americas" source="keywords">Americas</keyword> saw the maximum jump of 8% on a year-on-year basis, in constant currency terms. As of June 30, 2023, the revenue mix from the Americas was at 64.5%, which grew to 66% this quarter. Opposed to this, the rest of the world's share of the revenue mix dipped by 6.8% as of June 30th, 2023, to 6.1% as of June 30th, 2024. Amidst the company's verticals, the telecommunications, media, publishing &amp; entertainment vertical registered the maximum YoY growth of 69.2%, jumping to 12.2% last quarter from 7.6% as of June 30th, 2023. During the quarter, the company lost 4 clients worth over $20 million and gained 9 clients worth over $5 million. On a year-on-year basis, the company added 14 clients worth $5 million to its base.

HCL Tech Q1 results: Company reports better than expected results, revenue jumps 6.7% YoY

Amid tough global market conditions, tech giant <keyword id="30331" type="General" weightage="50" keywordseo="hcl-technologies" source="Orion">HCL Technologies</keyword> has reportedly laid off 350 employees globally, including in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, <keyword id="77262" type="General" weightage="50" keywordseo="guatemala" source="Orion">Guatemala</keyword> and the <keyword id="3750" type="General" weightage="50" keywordseo="philippines" source="Orion">Philippines</keyword>, who were working on a <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> news project, media reports said. According to reports, the workers, who were employed by HCL's client Microsoft's news outlet <keyword id="6408055" type="General" weightage="50" keywordseo="msn" source="Orion">MSN</keyword>, reportedly learnt that they have been let go at a town hall meeting last week. The last day of employment is reportedly September 30 for the laid-off employees, who will receive severance compensation. Last month, a report said that at least half of the companies worldwide are planning to lay off people, with most reducing bonuses and rescinding job offers amid the economic downturn. As per the latest PwC 'Pulse: Managing business risks in 2022' survey released last month, in the US, 50 per cent of respondents are reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent. More than 32,000 tech workers have been laid off in the US till July, including at Big Tech companies like Microsoft and <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook), and the worst has not been over yet for the tech sector that has seen massive stock sell-off. In India, more than 25,000 startup workers have lost jobs since the pandemic began -- and more than 12,000 have been fired this year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pvt-companies-required-to-deduct-tax-at-source-while-issuing-bonus-or-rights-shares/articleshow/94190315.cms">Pvt companies required to deduct tax at source while issuing bonus or rights shares</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jaiprakash-power-ventures-avassa-ferro-alloys-among-successful-bidders-for-commercial-coal-blocks/articleshow/94190360.cms">Jaiprakash Power Ventures, Avassa Ferro Alloys among successful bidders for commercial coal blocks</a>

HCL lays off 350 employees across India, Guatemala and the Philippines

<ul><li>TCS and HCL Tech said that they have over a 100 <keyword id="17930214" type="General" weightage="20" keywordseo="genai" source="Orion">genAI</keyword> opportunities in the pipeline.</li><li>They also won a few projects, most of which are in the proof-of-concept or pilot stages.</li><li>Tech companies said they built large-scale genAI capabilities, and are ready to take on projects. </li></ul>Less than a year after ChatGPT was launched, Indian tech majors have started bagging generative AI projects. Even in times when demand is slow, discretionary spends are elusive, the new-age technology is bringing work as well as excitement into the IT outsourcing market. Although the size of the deals is small at the moment, genAI has ‘captured the imagination’ of clients, say top executives of Indian IT companies. TCS and HCL Tech said that most of their <keyword id="19151325" type="General" weightage="20" keywordseo="genai-projects" source="Orion">genAI projects</keyword> are proof-of-concept or pilot stages. “Deal sizes are small and are mostly under $1 million where clients are trying them out. But there is potential to convert a part of our Jaguar Land Rover with AI and ML capabilities,” said N Ganapathy Subramaniam, COO of TCS at the company’s Q2 earnings press conference. HCL Tech’s MD C Vijayakumar too shared that most of the genAI deals they are bagging are either half a million or sub-$1 million deals. But they are currently working on a hundred such opportunities. “We have been selected as a partner by this very large software major for their product testing and sustenance efforts. We are providing GenAI on a private language model to improve resolution rate and speed efficiency,” said Vijayakumar. Infosys CEO Salil Parekh also shared that they are working on some proprietary large language models (LLMs). “AI is a part of almost every deal we do. And, GenAI is getting there. As it expands and more and larger enterprises get into it, it will be very exciting,” he added. A catalog of AI opportunities A few months back, all tech majors announced big moves in the generative AI space. Wipro announced that it will spend as much as $1 billion over three years to build capabilities. TCS, HCL Tech partnered with software major NVIDIA to skill their employees. As of September end, TCS said that they have 100,000-strong GenAI-ready workforce. They said they also have as many as 250 Gen AI opportunities in the pipeline. “When we started generative AI, they were all about knowledge discovery. As clients understand more, the genAI is getting more complicated. We are now working for a co-pilot for a financial advisor on what advice to give clients, help underwriting policies,” explaining K Krithivasan, CEO of TCS. TCS said that it has identified opportunities across various verticals, identified use cases and cataloged them per vertical. With that it says that it’s planning to go and engage with clients and have conversations on the same. “With this, we can have conversations with our clients – be in CRM or payments space and wealth advisory and other use cases,” explained Ganapathy. HCL Tech too is working on use cases related to banking and financial sector. “We signed a generative AI deal with a to improve their risk and compliance efforts – which is a very big effort in financial services. There are a lot of transactions happening on this front, and we have discussed how we can help,” said Vijayakumar. The buzz for cost optimization and automation deals has gone up in the last few months. Clients are looking to ramp down their expenses and intend to use tech to help with their overall cost reduction efforts. As automation gains ground, AI and ML will find more use cases – and most tech companies are confident that a little of it can spill into the new and emerging area of GenAI as well.

Beyond just chats: Indian tech majors start bagging deals in GenAI space

<ul><li>Shares plunged nearly 7% as the shrinking margin disappointed investors.</li><li>Revenue for the Noida-based IT services firm grew a strong 7% after adjusting foreign exchange fluctuations. This is better than that of TCS and Wipro.</li><li>The reason for the street’s disappointment was the operating profit margin at 19% which didn’t grow at all despite the strong growth in revenue.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="30331" type="General" weightage="20" keywordseo="hcl-technologies" source="Orion">HCL Technologies</keyword> clocked a 7% growth in revenue (after adjusting for foreign exchange changes) between October and December 2021. Now, that’s better than <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms#slideid=88860749">TCS and Wipro</a> and it should have been a reason for the stock market to cheer. However, the stock slipped nearly 7% when the market opened for trade on Monday (Jan 17). <div type="image" title="hcl tech share" height="900" width="1200" msid="88944640" hostid="261"></div>The reason for the street’s disappointment was the operating profit margin of 19% which didn’t grow at all, compared to three months earlier, while the revenue grew sharply. Salary hikes and cost of hiring and retaining employees are eating into the profit, according to analysts at Sharekhan, a Mumbai-based broking firm. So much so that the company has cut its operating margin (earnings before interest and taxes) guidance for the full year ending March 2022 to 19% from the earlier estimate of 19-21%. The reason is the sharp jump in attrition, which has more than doubled since the end of March 2021. <div type="image" title="hcl tech attrition" height="900" width="1200" msid="88944657" hostid="261"></div>While the costs are rising, the business is growing too. The management at HCL Tech expects a double digit growth i.e anything above 10%, for the full year ending March 2022. That’s quite encouraging. <div type="image" title="hcl tech reve" height="900" width="1200" msid="88944667" hostid="261"></div>The question is whether this will result in higher profits as well. Analysts at Motilal Oswal believe that all the growth on the topline will trickle down to profit next year onwards. In a report dated Jan 17, Motilal Oswal has increased the earnings estimate for the year ending March 2023 by 2%. Here are target prices set by several brokerage firms for the company’s share price. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Implied change from Friday’s closing price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,385 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹925 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JP Morgan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,580 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,450 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,450 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Suisse </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,650 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,460 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharekhan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,550 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,690 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/even-after-the-lic-ipo-indian-government-may-be-well-short-of-its-divestment-target/articleshow/88938799.cms">Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tesla-india-prospects-get-a-boost-as-states-compete-with-each-other-to-invite-elon-musk-to-their-backyard/articleshow/88890951.cms">Tesla India prospects get a boost as states compete with each other to invite Elon Musk to their backyard</a>

The street is dumping HCL Tech shares because its employees are leaving at a faster rate than ever before

<ul><li><keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword>’s March quarter net profit for March quarter grew 3% on year to $580 million.</li><li>Meanwhile, its revenue declined 0.3% on year to $4.8 billion during the quarter.</li><li>Adding to the woes, Cognizant says full year guidance of 2023 is expected to be $19.2 - $19.6 billion, which would mean a decline of 1.2%.</li><li>Cognizant reported an operating margin of 14.6% for March quarter, which is lower than Indian IT giants TCS, Infosys, HCL Technologies and Tech Mahindra.</li></ul>The trend of weak quarterly numbers continued for IT services companies and the latest one to disappoint the markets is Cognizant. The company also announced that it would layoff 3500 employees as it sees revenues slowing further in 2023. The Nasdaq-listed company’s March quarter net profit grew 3% on year to $580 million. Meanwhile, its revenue declined 0.3% on year to $4.8 billion during the quarter. The company follows a January to December accounting year. Adding to the woes, Cognizant says full year guidance of 2023 is expected to be $19.2 - $19.6 billion, which would mean a decline of 1.2%. The next quarter revenue is expected to be at $4.83 - $4.88 billion, showing a decline of 0.6% to 1.6%, or a decline of 1.0% to flat in constant currency. Cognizant reported an operating margin of 14.6% for March quarter, which is lower than Indian IT giants TCS, Infosys, HCL Technologies and Tech Mahindra. For the full year 2023, the company has guided for adjusted operating margin to be in the range of 14.2%-14.7%. Following the peer IT major’s mixed bag of earnings which expects a decline in 2023 revenues, shares of most Indian IT companies were trading lower. Indian companies monitor Cognizant’s earnings as the company is listed in the US but a majority of its operations are based in India. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.98% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.56% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTIMindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.47% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.42% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.27% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.09% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.03% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: NSE Moreover, the company informed investors that it will be laying off 3,500 employees and also reduce office space as part of the cost cutting measures. It attributed the move to its NextGen program through which it expects to simplify its operating model and optimise corporate functions. “In the second quarter of 2023, we initiated the NextGen program aimed at simplifying our operating model, optimizing corporate functions and consolidating and realigning office space to reflect the post-pandemic hybrid work environment. Our drive for simplification will include operating with fewer layers in an effort to enhance agility and enable faster decision making,” the company said in a statement. Cognizant has a total headcount of 3.51 lakh in the March quarter, which is a decrease of 3,800 from the previous quarter. Its voluntary attrition rate declined to 23% in Q1 FY23 from 30% in Q1 FY22. "Our accelerated bookings growth in the quarter, which included several large deals and a healthy mix of new and expansion work, reflects the strengths of our services, our brand, and the longstanding relationships we have with our clients. I am also encouraged by the continuing reduction in our voluntary attrition," said Ravi Kumar S, CEO at Cognizant. “Having spent more than three months assessing the business, meeting with over a hundred clients and thousands of employees, I firmly believe Cognizant has a strong foundation for accelerating growth," said Kumar S in a statement. This was the first quarter for new CEO Ravi Kumar S who assumed control on January 12 following the "involuntary termination" of former CEO Brian Humphries at a time when the industry is facing several challenges. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hiring-in-it-companies-like-tcs-wipro-infosys-hcl-tech-plunges-by-66-in-fy23/articleshow/99960690.cms">Hiring in the IT sector plunges by 66% in FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/titan-q4-net-profit-rises-50-to-734-crore-as-wedding-segment-makes-a-comeback/articleshow/99964029.cms">Titan Q4 net profit rises 50% to ₹734 crore as wedding segment makes a comeback</a>

Cognizant braces for slow year ahead, to cut 3,500 jobs and slash office spaces

Talent from large IT firms has been flowing towards India's tech startups

<ul><li><keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> is encouraging its employees to come into the office for work, at least one day a week over the next three months. </li><li>By the end of December, they hope to achieve 20% workforce occupancy in their offices. </li><li>In an exclusive interview with Business Insider India, <keyword id="30331" type="CITY" weightage="20" keywordseo="HCL-Technologies">HCL Technologies</keyword> CHRO Apparao VV explains who can come back to work, precautionary measures, and whether or not the canteen will be open. </li></ul>COVID-19 may still be looming large but HCL Technologies believes it has the right tools in place to help its employees come back to offices — one day a week at a time. “We’re telling employees to come at least once in a week to start with, and probably by December, you can do one or two days in a week,” Chief Human Resources Officer (CHRO) Apparao VV told Business Insider in an exclusive interview. The company is currently operating with around 5% to 6% of its staff in office. By December, they hope to bring the overall number up to 20%. Not everyone is being asked to come back to work HCL Tech may be looking to get its offices hustling with activity again, but they’re not asking everyone to come back to work. Employees who have children below the age of five, or parents older than 50 years old can continue to work from home. And employees who are older than 50 to 55 years are also exempt. Apparao explained that this plan will be implemented in phases. And, on no given day will any of the company's development centres exceed 20% capacity. Floor marshalls and pre-ordered meals In preparation for people returning to work, HCL Tech has removed chairs to ensure that at least 3 feet of distance is maintained. Common rooms are getting cleaned up, cabs are being arranged and even ‘floor marshalls’ have been designated to ensure enforcement of discipline. “We won’t be leaving anything to chance,” said Apparao. Even when it comes to eating food, employees have to log in the previous night, and share their preferences. Because of the pandemic, only vendors will provide the food. The options may be a little limited, but it’s a necessary precaution. HCL Tech is also looking to hire ‘<a href="https://www.businessinsider.in/careers/news/hcl-to-hire-more-jobs-and-increase-wages-over-next-three-months-9000-more-freshers-to-be-onboarded-by-march/articleshow/78696285.cms">significantly</a>’ over the next three months with the aim of onboarding another 9,000 freshers by the end of March. In October, the company started to dole out wage hikes as well. “Wage hikes were only deferred by one quarter from the company’s regular increment cycle,” said <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-beats-guidance-clocks-in-4-5-jump-in-revenue-during-second-quarter/articleshow/78693542.cms">CEO C Vijayakumar</a>, during the second-quarter earnings call. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/amazon-ai-executive-explains-three-things-every-business-needs-to-address-before-using-machine-learning/articleshow/78769249.cms">EXCLUSIVE: Amazon AI executive explains three things every business needs to address before using machine learning</a> <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms">EXCLUSIVE: Kumar Mangalam Birla says cement industry is recovering and analysts find evidence of it outside UltraTech too</a> <a href="https://www.businessinsider.in/thelife/news/luxury-icons-sabyasachi-and-oberoi-open-up-about-their-perfectionist-quirks-like-checking-the-color-of-egg-yolks-and-slashing-clothes-so-they-cant-hit-the-edit-table/articleshow/78771113.cms">Luxury icons Sabyasachi and Oberoi open up about their 'perfectionist quirks' like checking the colour of egg yolks and slashing clothes so they can’t hit the edit table</a>

EXCLUSIVE: HCL Tech is bringing employees back to offices — once a week to begin with

<ul><li><keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS), <keyword id="30331" type="CITY" weightage="20" keywordseo="HCL-Technologies">HCL Technologies</keyword>, and other Indian IT behemoths plan to onboard more freshers than lateral hires over the next six months. </li><li>With attrition rates at an all-time low, there is less need to replace the loss of workforce, explained HCL Technologies’ CHRO VV Apparao.</li><li>TCS is looking beyond India’s border and plans to hire another 10,000 employees in the US amid H-1B visa ban issues.</li></ul>Freshers have a better shot at getting hired at one of the big-wig Indian IT companies in the second half of the year than those looking for a job change. The churn of employees at Indian IT companies is settling down as the likes of Tata Consultancy Services (TCS), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, HCL Technologies, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, and Tech Mahindra are witnessing some of the lowest attrition rates that they’ve seen in a while. “A large amount of lateral hiring happens because of attrition replacement. If I’m losing 20 people, I have to hire 20 people. To that extent, lateral hiring will come down,” HCL Tech CHRO Apparao VV told Business Insider. The company’s attrition rate was 12.2% this quarter — the lowest it has been in at least the last two years. <div type="image" title="attrition rates it companies" msid="79014772" hostid="261" caption="&amp;lt;p&amp;gt;Attrition rate at India&amp;#39;s IT companies over the last six quarters&amp;lt;/p&amp;gt;"></div> Indian IT companies are on the hunt for freshers HCL Tech plans to onboard another 9,000 freshers before March 31, bringing the total of new hires to 12,000 in the current fiscal year. But, it is yet to make up its mind about the coming year. “We have not yet finalised. We’re doing a bottom-up exercise where we ask each of the businesses, what is the growth they see. Part of it will be based on form booking and a part of it will be based on anticipation — past number. But it won’t be less than 10,000,” said Apparao. <div type="image" title="it companies headcount" msid="79014798" hostid="261" caption="&amp;lt;p&amp;gt;Net loss of employees in Q1 compared to net addition in Q2&amp;lt;/p&amp;gt;"></div> Infosys, which already onboarded close to 16,000 freshers this year, is planning on recruiting another 15,000 for the next year. With attrition at an all-time low of 8.9%, India’s biggest IT firm TCS too has been focused on onboarding freshers since July. “We started onboarding freshers and increased our recruitment globally in Q2 in anticipation of the growth trajectory,” said TCS CHRO, Milind Lakkad, during the second-quarter earnings call. The company is looking to onboard 10,000 employees over the next year in the US amid the uncertainty around H-1B visa regulations. Over the last five years, TCS has hired around 21,500 employees in the country in its efforts to localise. Wipro, which recently saw a change in leadership with Thierry Delaporte at the helm, did not disclose any exact numbers but does have ‘robust’ hiring plans for the second half of the current fiscal. “Very robust hiring this quarter, both laterally and campuses. We continue to see the same momentum going forward,” said the company’s CHRO Saurabh Govil during the second-quarter earnings call. He added that given the company’s current growth momentum, hiring — laterally and via campuses — is an important part of managing that growth. This includes hiring across geographies, including India and in the new business areas, especially cloud and cybersecurity, where the demand lies. India’s IT sector is among the first to recover from the economic impact of the coronavirus pandemic. Hiring freshers, rather than laterally, allows companies to pick up talent that’s relatively cheaper. It’s also easier to train fresh minds in-house for specific skills, especially because they are in short supply in the market. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms">Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms">COVID-19 vaccine tracker: German CureVac shows an immune response, Aspen Pharmacare and J&amp;J sign pact to make vaccine in South Africa</a>

You Searched For "HCL employees" and got 8 results

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Talent from large IT firms has been flowing towards India's tech startups

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EXCLUSIVE: HCL Tech is bringing employees back to offices — once a week to begin with

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