Last week, India’s second-largest IT services provider company, Infosys has announced its Q3 financial results for the quarter ending on December 31, 2021.
The company has reported an extremely strong quarter with 7% sequential growth and 21.5% year-on-year growth in constant-currency terms.
Salil Parekh, Chief Executive Officer and Managing Director of Infosys said, “Our year-on-year growth was the fastest we have had in 11 years. The growth was broad-based across industries, service lines, and geographies, driven by our differentiated digital and cloud capabilities. Our strong broad-based growth in a seasonally weak quarter is a clear testament to the enormous confidence clients have in us to help them accelerate their business transformation.”
During Q3FY22, IT giants TCS, Infosys, Wipro, and HCL have reported a healthy jump in financials in their respective releases a couple of days back, they also continued to witness high levels of attrition.
Infosys has reported a sharp rise in attrition to 25.5%, from 20.1% in the September quarter.
During the earning calls, Nilanjan Roy, Chief Financial Officer, Infosys said, “Return on equity increased further to 30.4%, an increase of 3% over Q3 of the prior year, driven by robust performance and consistent capital returns through share buyback and increased dividend payouts, “
Responding to a reporter on rising attrition and plan to overcome it, he said, “On the employee front, voluntary long-term 12-month attrition increased to 25.5%. And as Salil commented, while LTM attrition continues to increase due to the tail effect, quarterly annualized attrition was flattish compared to Q2.”
“We will continue to invest in all aspects of talent retention, including compensation, promotions, skill incentives, learning, and career progression,” he said
Explaining the company’s efforts he said, “We have also simultaneously increased the pace of hiring, talent reskilling, and the usage of subcons to prevent any impact on client commitments. We have added over 12,450 employees, talented employees, on a net basis in the last quarter which is the highest ever.
“Our global college graduate hiring program for this fiscal has been increased to over 55,000 versus the previous quarter number of 45,000. In India, over 93% of Infoscions have received at least one dose of the vaccine,” he added.
Nilanjan Roy further said, “Over 90% of our employees globally are presently working in a remote environment due to the heightened precautions against the new variant.”
Commenting on the Lateral, or Freshers hiring program he said, “I think we will continue to have a very robust fresher program. It’s always been there. We have an internal — strong internal rotation program,” he added.
“People will be based on the skills they’ve taken through our reskilling program, we will move them to new projects, promotions. So in that sense, we think it will be a combination of both laterals and freshers as well. I don’t think we see any change in that.” added.
