June, 19

Midcap IT companies like Persistent, LTTs, Happiest Minds eye staff addition; set to keep hiring momentum going

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Mid-cap IT companies, including Persistent, LTTS, Coforge, and Happiest Minds, are gearing up for an influx of both lateral and fresh hires in the upcoming quarters, according to an ET report. These firms have managed to secure positive albeit subdued revenue growth in the last quarter, even as larger macroeconomic challenges loom.
In stark contrast, large players in the IT sector have reported lackluster figures and are bracing themselves for a decline in headcounts. This caution is primarily attributed to the prevailing uncertainties in the macroeconomic landscape.
While the IT giants tread cautiously, the midcap companies are strategically aligning their resources to welcome a wave of new talent. Their approach is marked by an emphasis on recruiting freshers to balance out the overall employee expenditure.
Happiest Minds, for instance, intends to augment its workforce by approximately 1,300 employees during this fiscal year. Similarly, Persistent is poised to onboard nearly 800 freshers by December.
In a recent earnings call, Coforge’s management revealed that out of the 1,000 individuals incorporated during the initial quarter, 200 were graduate engineer trainees. Despite encountering delays in deal closures, the company remains steadfast in its projection of a 13-16% annual revenue growth in constant currency terms.
Notably, Coforge’s performance in the US exhibited robust growth of about 5.6% in the last quarter, despite the less favorable economic backdrop. Coforge’s CEO, Sudhir Singh told ET that given the expansive scope of the US tech services market relative to the company’s size, significant opportunities are still there.
To accommodate the substantial projects they have secured, Coforge has strategically built a robust bench strength of employees.
Persistent’s figures for the April-June quarter were in line with expectations, driven by significant expansion within its prime client base and marquee deals. The company’s workforce saw an increase of 241 individuals, reaching a total of 23,130. Attrition rates reduced considerably to 15.5% from the previous quarter’s 19.8%.
Sandeep Kalra, CEO of Persistent Systems, affirmed the company’s commitment to a steady influx of freshers, with approximately 800 slated to join between August and December. Kalra emphasized that freshers will be seamlessly integrated, alongside optimization of existing talent.
Kalra remains optimistic, asserting that despite prevailing uncertainties, companies are poised for a resurgence within the next two to three quarters.
Amidst this backdrop, midcap IT companies are steadfastly maintaining their recruitment pace, including augmentations through mergers and acquisitions. Although they are not achieving record-breaking recruitment numbers, they are concurrently exploring avenues for cost optimization.
Larsen and Toubro Technology Services (LTTS) reported an upswing of 318 individuals in their Q1 headcount, reaching 23,392. Attrition rates reduced to 18.9% from the prior quarter’s 22.2%.
LTTS anticipates welcoming around 750 new employees in the ongoing second quarter. Amit Chadha, CEO of LTTS, affirmed the company’s commitment to honoring their recruitment offers.
Joseph Anantharaju, Executive Vice Chairman of Happiest Minds, outlined a phased approach to onboarding freshers this quarter, ensuring agility to align with market conditions.
Happiest Minds plans to recruit approximately 450 freshers this year, with the remaining additions consisting of laterals and inclusions stemming from mergers and acquisitions.

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