Major Indian IT companies saw a sharp contraction in headcount in Q1 FY24

As the Indian IT industry faces a subdued demand environment, companies are adopting a cautious approach to hiring, with a focus on optimizing their resources and strengthening their core capabilities.

The first quarter of FY24 ended June 2023 saw a notable decline in headcount among major Indian IT companies with four out of the top six IT firms, including Infosys, HCLTech, Wipro, and LTIMindtree reporting a reduction in staff numbers, down 6,940, 2,506, 8,812, and 1,808 respectively.