HCL Tech margin under pressure over talent crunch as Q1 attrition hits 24%

Top management, while reporting results for HCL Tech Q1FY23 on Tuesday, said attrition rate was "expected to remain high in coming months"

The profit margins of HCL Technologies’ service business came under pressure in the quarter ended on June 30, with the attrition rate growing to 23.8 per cent from 21.9 per cent in the preceding quarter. The company’s top management, while reporting results for Q1FY23 on Tuesday, said the attrition rate was “expected to remain high in coming months.”

HCL Technologies has joined other IT majors, including Accenture and Tata Consultancy Services, that recently reported attrition rates nearing 20 percent in the previous quarter. TCS had reported an attrition rate of 19.7 per cent, while that of Accenture’s stood at 20