The IT sector, which provides the maximum number of jobs in the country, is currently facing many challenges. For the past one year, companies in the IT sector have adopted various strategies regarding retrenchment and recruitment. Its effect is likely to be visible in the future as well. It has been said in a report that IT companies have reduced hiring significantly in the current financial year and there is a possibility of a similar environment in the future.

It has been said in the report that the crisis on the country’s $ 245 billion (about Rs 20 lakh crore) IT industry has increased so much that there is a plan to give about 40 percent fewer jobs than last year. According to the Economic Times report, Bangalore-based data company Xpheno has told that companies have reduced hiring in the first quarter itself.

Scissors on 22 thousand jobs

The report states that companies like TCS, Infosys, HCL Tech, Wipro and Tech Mahindra (TCS, Infosys, HCL Tech, Wipro and Tech Mahindra) have reduced hiring in the first quarter of 2023-24. In the first quarter, these companies have cut 21,838 vacancies. Last year, the total hiring of these companies was 2.50 lakh people, while in the current financial year there is a preparation to give jobs to only 50 thousand to 1 lakh people.

TCS gave jobs to only 500

It has been clearly stated in the report that the country’s largest IT company TCS has given jobs to only 500 people in the first quarter of the financial year. Not only this, global IT companies Accenture, Capgemini and Cognizant have reduced hiring by 5,000 in the first quarter. In such a situation, the financial year is going to be very difficult in terms of IT services. Sunil C, CEO of TeamLease Digital, says that companies are finding it difficult to get new projects. This is the reason why there is such a big impact on hiring.

Hiring halved till August

IT companies may reduce their hiring by up to 40 per cent this year as they reorient their strategy to utilize their workforce. The intention of the companies is to make minimum use of the employees and instead they are giving more emphasis on technology. If we look at the August figures, then the companies have done 50 percent less hiring than last year. Not only Indian companies, but world’s leading tech companies such as Meta, Apple, Amazon, Microsoft, Netflix and Alphabet have hired only 1,400 people till July 2023.

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The company’s consolidated profit on a quarter-on-quarter basis has been lower than the December 2022 quarter. The company’s consolidated net profit in the December 2022 quarter was Rs 6586 crore.

The income of the country’s second largest IT company has also increased. It has increased by 16 percent to Rs 37,441 crore in the March quarter, from Rs 32,276 crore in the same quarter a year ago. The company’s revenue in the December quarter was Rs 38,318 crore.

Decline in operating profit margin

The company’s operating profit margin registered a decline of 0.5 per cent on quarterly and annual basis and stood at 21 per cent. The company’s revenue at constant currency grew by 8.8 per cent year-on-year in the December quarter and 15.4 per cent in the entire financial year.

With several deals in the pipeline, the company’s Chief Executive Officer and Managing Director Salil Parekh said, “We are seeing a strong trend from our clients towards efficiency and cost improvements and integration. So many deals are in the pipeline.

Gadgad has made the investors proud.

Along with earning profits, the company has also given good news to the investors. The company’s board announced a final dividend of Rs 17.50 per share for FY2023. The record date of dividend has been fixed on June 2, 2023 and by July 3, 2023, the amount of dividend will be transferred to the account of eligible shareholders.

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The government has amended the rules of Special Economic Zones (SEZs) to allow IT employees in SEZs to work from home till December 31, 2023, subject to certain conditions.

According to the amended Rule 43A of the SEZ Act, employees of IT and information technology services, traveling employees as well as employees working offsite will be allowed to work from home i.e. WFH or any place outside the SEZ.

WFH exemption given to 50 percent employees in July Let us tell you, in July, the Center had allowed 50 percent employees, including contract employees in SEZs, to work from home. Till now, work from home was permitted in Special Economic Zones for a maximum period of one year. At the same time, to approve more number of people in WFH, the development commissioners of SEZ were given the freedom to bring flexibility in the rules.

List of employees working in WFH will have to be made The Ministry of Commerce said in a notification issued on Thursday that a unit can allow its employees to work from home or from any place outside the SEZ. The new rule states that a unit will have to maintain a list of only those employees who are permitted to work from any location outside the WFH or SEZ and submit the list to the Development Commissioner, as and when required.

In addition, the new rule states that such employees may be allowed to work from home on a temporary basis without payment of IGST or service tax, or to purchase laptops, desktops, and laptops for work from home or any location outside special economic zones . Other electronic equipment to be provided at no charge.

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