India’s top three IT service providers by revenue — Tata Consultancy Services (TCS), Infosys and HCL Technologies — have added nearly 198,000 people (net recruits) in the financial year 2022 (FY22), data analysed by the report.

This is 56% more than what these three companies added in the preceding two fiscal years cumulatively and only slightly lower than in the preceding three financial years cumulatively. Analysis showed that the top three have contributed almost two-thirds to the total projected hiring for the IT industry in FY22.

The data underscores strong revenue growth on the back of robust demand leading to workforce expansion. At the same time, it has also fuelled alarming attrition rates.

In fact, net hiring by TCS alone – at 103,000 for FY22 — has trumped the cumulative net recruitment by the top three in any of the previous years. “They (new hires) reflect growth numbers and companies want to leverage on the growing demand. It has to be seen in line with the deal wins and revenue growth shown by the companies over the last couple of years,” said Gaurav Vasu, founder and chief executive of UnearthInsight.

The trend of massive hiring by the IT industry is likely to continue in the current fiscal year as well due to the robust demand outlook shared by the top companies.

TCS and Infosys have guided for 45,000 and 50,000 campus hires, respectively, for financial year 2023 (FY23).

Last year, too, companies had forecast similar numbers but had significantly overreached their targets. Hiring from campuses was close to 100,000 and 85,000 for TCS and Infosys, respectively, in the just concluded financial year.

HCL Tech, which hired 23,000 freshers in FY22, has stuck to its previous guidance of increasing the number by 50% for the ongoing financial year.