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Ashok Soota-promoted Happiest Minds Technologies is reportedly planning to hire 300 techies in each of the next three quarters. The Bengaluru-based IT firm has been facing rising attrition levels recently.
Hiring is necessitated by both by attrition and also to meet the rising demand which led to much higher utilisation level of the existing resources, company’s MD and CFO Venkatraman Narayanan said, adding that the firm is ready to budget for a net addition of 300 people in each of the
As of June quarter, the company’s net headcount stood at 3,538, while attrition rate was close to 15%. The employee retention level rose to 16.2% during the quarter ended 30 June against 14.7% during the same quarter of the previous year.next three quarters.
June Quarter performance
The Company reported nearly 29% drop in net profits to Rs 37.5 crore in the quarter that ended June, even as its revenues increased by 41% to Rs 331 crore compared to the corresponding three month period in the previous year. The decline in net income was primarily on a higher base — a deferred tax credit of Rs 18 crore and a Rs 9.5 crore tax claw back in the year-ago period. Revenue grew 41.4% to Rs 331.52 crore in the June quarter.
Rising attrition across IT companies
The overall attrition across the IT sector has increased of late. The attrition at US-based Cognizant was as high as 31% at the end of the given quarter. At Wipro, the employee strength weakened by 15.5% verus 12% in the previous quarter. TCS witnessed the lowest rise in attrition to 8.6% from 7.2% in the March quarter. Attrition rate at Infosys rose to nearly 14% from 10.9% sequentially.