While other companies are on a hiring freeze, this Indian IT firm seeks to increase its headcount by 50% in FY23

While other companies are on a hiring freeze, this Indian IT firm seeks to increase its headcount by 50% in FY23
  • Home
  • Articles
  • While other companies are on a hiring freeze, this Indian IT firm seeks to increase its headcount by 50% in FY23

Earlier this month, several tech companies such as Google, Microsoft, and Meta announced a hiring slowdown due to inflation concerns, recession fears, and the overall state of the global economy. 

Despite all of these, design and technology services provider Tata Elxsi announced its intent to increase its headcount by 50% within the current fiscal year.

This hiring spree includes the recruitment of 3,000 to 3,500 fresh graduates and 1,000 to 1,500 laterals, adding up to the India-based firm’s current 10,000 workers.

In contrast to tech giants, Chief Executive Officer Manoj Raghavan said that they have not heard any plans for budget reductions within the company, or from their major clients.

For the first fiscal quarter, the company’s operations revenue grew 6.5% quarter-on-quarter to ₹726 crores (US$90.9 million). At the same time, net profit went up 15.4% q-o-q to ₹184.7 crores (US$23 million).

Tata Elxsi shares have also risen a whopping 38% so far this year, hugely outperforming the benchmark Indian stock market Nifty IT index, which has suffered a decline. Meanwhile, its stock increased threefold this year, even as inflation concerns have battered the sector globally.

According to analysts, Tata Elxsi growth is driven by the strong demand for niche design services used in making electric vehicles. 

Raghavan stated that they are expecting orders to remain “robust” as the company prepares to expand its delivery presence to the city of Kozhikode, India.

Read more here.

Start your
journey today

  • Independent
  • Secure
  • Transparent

Access fantastic talent at world-leading prices

Scale your business fast while reducing costs —
the average all-in employment costs in the
Philippines are typically 70% less than its
Western counterparts

Philippines United Kingdom Australia United States
Software Developer
HR Manager
Team Leader
Copy Writer
Customer Service
Virtual Assistance
Select a role to view salaries
Philippines $7,221
United Kingdom $39,913
Australia $62,653
United States $81,994

Avoid guesswork. Talk to the experts, free.

Get 3 free quotes

You can save 70% on staff costs, whilst driving quality & growth. Connect with an outsourcing expert to see how outsourcing can transform your business.

Why choose us?
  • Independent and unrivalled expertise
  • We carefully match you from 2,300+ leading suppliers
  • Access to Outsourcing Savings Calculator & Report

Get Started

How many staff to outsource?

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO).

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between world-leading outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 450+ podcast episodes, and a comprehensive directory with 3,900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.