Infosys Technologies, India’s No 2 software exporter, pleasantly surprised all with its results and raised revenue guidance, but its hiring plans don’t give much hope to freshers.
The company shed as many as 6,522 workers between October and December 2011, after keeping salary hikes on hold for two quarters. Net hirings were only 977 people. The company said it plans to promote 6,000-9,000 staff in the next quarter, besides hiking wages for onsite and offshore employees by 3%.
“Our hirings reflect our business needs and are adjusted with our plans. Regarding exits, a lot of them happen round the year, some voluntarily and some involuntarily, wherein poor performers are weeded out,” said Nandita Gurjar, HR head of Infosys. The company said its attrition rate was flat 15.1%. Utilisation rate was 69%, down 1% over the previous quarter – meaning only slightly more than two-thirds of employees are being billed for, while others are benched.
The Bangalore-based company unexpectedly raised its sales forecast for the year ending March 31 to at least $7.45 billion, including $104 million in additional revenue following its acquisition of Switzerland-based consultancy Lodestone Holdings.
Pleased with the results, MD&CEO SD Shibulal said, “We are seeing the impact of strategic execution over the last few quarters. Some of the deals we won in the past gave us additional revenue in Q3.”