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What employee attrition, hiring indicate about health of Indian IT companies

Attrition rates have been high across IT companies through the last few quarters as demand for technology talent with digital skills continued to outstrip supply with increasing labor costs. With rising demand, attracting talent, training, and retention gained paramount importance. Investor focus has shifted to a potential demand slowdown, while IT companies are dealing with a separate challenge i.e.

talent shortage to meet demand. Companies are incurring high talent retention costs (retention bonus, out-of-cycle wage revision etc.). The challenge exists, in India as well as onsite.

e. This pressure will seep into margins. Hiring is considered to be a good proxy on demand and will receive attention.

Hiring has been strong over the past few quarters. India's top Indian IT companies like Tata Consultancy Services (TCS) and Infosys hired in record numbers in FY22. Companies were hoping for price increase to offset high salary inflation.

They have secured some level of revision though not enough to offset wage inflation. Securing price increase in the second half could become challenging. For now, a more reasonable assumption will be stable pricing rather than a view of pricing increase, the report said.

“We expect divergent performance across companies on a sequential basis due to seasonal factors, while yoy growth will be strong. Margins remain pressured as companies deal with elevated attrition resulting in high retention costs and increase in travel and discretionary expenses," Kotak's report on Indian IT services added. It believes that Infosys and TCS will perform well but many others face risk of growth downgrades.

Health Digital reports

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