Infosys plans to hire 15,000-20,000 freshers in FY25
Infosys plans to hire 15,000-20,000 freshers in FY25
Announcement offers hope amid declining IT job opportunities
Bengaluru: Infosys CFO Jayesh Sanghrajka announced during the Q1 results press briefing that the IT giant plans to hire 15,000-20,000 freshers for FY25.
Key Points:
• Infosys to hire 15,000-20,000 freshers in FY25
• Workforce reduced by 1,908 in Q1
• Infosys has hit all-time high post-Q1 results
“We are looking to hire 15,000-20,000 freshers this year depending on how we see the growth,” said Sanghrajka, emphasizing the shift to an agile hiring model. The company recruits both on and off-campus. This quarter saw a net decline of 2,000 employees. It is lower than previous quarters, with a current utilization rate of 85%, leaving limited headroom for additional workforce.
In a contrasting trend, Tata Consultancy Services (TCS) plans to hire around 40,000 new graduates in FY25, having onboarded approximately 11,000 trainees in Q1. Infosys witnessed a net reduction of 1,908 employees in Q1, marking the sixth consecutive quarter of workforce decline. Meanwhile, TCS added a net total of 5,452 employees. However, TCS’s total headcount fell by 1,759 compared to the March period, and HCLTech also experienced a sequential decline, reducing its workforce by 8,080 employees in Q1FY25.
Infosys’s employee utilization rate increased to 83.9% from 78.9% year-on-year. Despite the workforce reduction, the attrition rate slightly increased to 12.7% in the June 2024 quarter from 12.6% in the previous quarter. The total headcount at Infosys now stands at 315,332, down from 317,240 at the end of March 2024.
Infosys shares hit an all-time high of Rs 1,843 on the Bombay Stock Exchange (BSE), surging by 5% post-Q1 results. The company’s consolidated Profit After Tax (PAT) for the quarter ending June 30, 2024, was Rs 6,368 crore. This reflects a 7% year-on-year increase. Several brokerages have adjusted their target prices for Infosys stock upward, and the company has increased its revenue guidance for FY25.
