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
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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.

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