Info-tech

HCL Tech to hike wages by up to 8%

Our Bureau New Delhi | Updated on March 12, 2018 Published on July 25, 2012

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Following Tata Consultancy Services (TCS) and Wipro, HCL Technologies on Wednesday said it will hike employee wages.

HCL would give 8 per cent hike for offshore employees and a 2 per cent increase for the onshore workers in July and October respectively.

“We do not give at one go…70 per cent of our employees will be given hikes in July, while rest 30 per cent, majorly comprising of sales and management, will get hikes in October,” Mr Nayar said.

TCS and Wipro have also announced similar hikes for their employees this year.

HCL had gross and net additions of 7,008 people and 1,855 employees respectively. Total headcount as of June 30 was 84,319 people. Attrition rate of the company was at 14 per cent during the quarter against 16.5 per cent during April-June, 2011.

As of June 30, cash and cash equivalents stood at Rs 667.3 crore. The board of directors of the company has recommended a final dividend of Rs 4 per equity share of Rs 2 each for the year ended June 30, 2012.

The Board has also hired Mr Srikant M Datar and Mr S. Shankar Sastry to HCL’s board of directors.

HCL’s fourth quarter results, announced on Wednesday, were ahead of the industry expectations.

“HCL Tech reported strong set of results, beating market as well as our expectations on all fronts. The dollar revenues grew by 3 per cent q-o-q, which is in line with what TCS reported,” Ms Ankita Somani Research Analyst-IT, Angel Broking said.

“Contrary to other IT major HCL Tech has been able to win deals and maintain margins. Going forward deals flow and margin sustenance would be looked out for,” Mr Rikesh Parikh, Vice-President-Markets Strategy and Equities, Motilal Oswal Securities said.

> ronendrasingh.s@thehindu.co.in

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Published on July 25, 2012
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