Infosys vs HCL Tech vs TCS: Which Firm Hired the Most During F23?

Here is the comparison of the hirings during FY23 of companies including Infosys, HCL Tech, and TCS

With the beginning of the new fiscal year, the Indian IT behemoths Infosys, Tata Consultancy Services (TCS), and HCL Tech began their earnings seasons. These three titans of the IT industry revealed their results for the three months ending in March 2023, each of which saw a rise in quarterly net profit. However, their hiring rates decreased in the fourth quarter of the 2023 fiscal year as a result of global tech layoffs and challenges faced by IT organizations due to the macroeconomic environment.

In comparison to the financial year 2022, fewer people were hired in 2023. The three IT businesses saw a reduction in hiring by up to 78%, with TCS, the largest IT company in India, experiencing the sharpest decline.

TCS, Infosys, HCL Tech Hiring Numbers in FY23

TCS – Tata Consultancy Services' personnel increased to 614,795 during the just-ended fiscal year, while its attrition rate slightly decreased to 20.1%. The net addition for the IT major in FY23 was 22,600 personnel as opposed to a massive 1,03,000 hired during FY22, a 78% decrease. TCS added 821 net new employees over the course of the quarter.

Tata Consultancy Services reported a 5% increase in net profit for the fourth quarter of the just-ended fiscal year at Rs 11,392 crore QoQ.

Infosys – Bengaluru-based Infosys, a global leader in information technology, hired 29,219 new employees in FY23, and its attrition rate decreased to 20.9% from 24.3% in Q3. In FY22, the corporation hired 54,396 more individuals, 46% more than it did in Q4FY23.

During Q4 FY23, the company recorded an 8% year-over-year (YoY) increase in net profit of Rs 6,128 crore. For the same period, total revenues increased by 16% YoY to Rs 37,441 crore.

HCL Tech

The company recorded a 57% decrease in yearly recruiting as 17,067 employees were hired in FY23 compared to 39,900 during the prior fiscal year. In FY23, HCL Tech hired 26,734 new employees, bringing its total headcount to 225,944.

In the final quarter of the fiscal year that ended in March 2023, the IT company reported an increase in its consolidated net profit of 10.85% to Rs 3,983 crore.