New Delhi– Tech Mahindra reported a reduction of 1,757 employees in the quarter ending March 31, 2024, marking the second consecutive quarterly decline in its workforce as the company navigates a challenging business environment and adopts a cautious hiring approach.
Despite the quarterly drop, Tech Mahindra added 3,276 employees year-on-year, reflecting a 2.3 percent increase in overall headcount, which stood at 1,48,731 at the end of FY25.
The company’s attrition rate also edged higher, with last twelve-month (LTM) attrition rising to 11.8 percent from 11.2 percent in the previous quarter.
In FY24, Tech Mahindra successfully hired 6,100 fresh graduates, surpassing its target of 6,000. However, for FY26, the company has not disclosed specific hiring plans, citing uncertainty in demand.
“The number of new hires this year will depend on how demand evolves. Visibility is currently unclear, but we hope for improvement over time,” Tech Mahindra CEO Mohit Joshi said following the company’s earnings announcement.
While Tech Mahindra remains cautious, larger Indian IT firms are showing early signs of recovery. Industry giants TCS, Infosys, HCLTech, and Wipro, which had cut a combined 63,759 jobs in FY24 due to weak revenue growth, collectively added around 9,400 employees in FY25.
Among them, TCS hired 6,433 employees, Infosys added 6,388, and Wipro increased its headcount by 732. HCLTech, however, continued to cut jobs, reducing its workforce by about 4,000 positions. (Source: IANS)
