Infotech Enterprises Limited, a Hyderabad-based engineering solutions provider, is planning to have a net addition of 700-1,000 associates during the current financial year, according to its president (global human resources and corporate affairs), B Ashok Reddy.
“We planned to have a net addition of at least 1,500 people this fiscal. While we have already added close to 700 people in the first half of the year, we should be adding another 700-1,000 in the next two quarters,” he said, adding that most of the hirings were freshers from campuses.
Speaking to Business Standard on the sidelines of a meeting with the Innovation Norway delegation organised by the Confederation of Indian Industry (CII) in Hyderabad on Thursday, Reddy said these net additions were with an attrition of 12 per cent that it was looking at, as against the attrition rate of 14 per cent last year.
“Besides initiatives like employee engagement and employee motivation, we are giving opportunities for their career progression. We are also looking at a reward and recognition mechanism to retain people in the organisation,” he added.
Infotech Enterprises currently employs 11,000 associates, of which about 1,500 work out of North America, 500 in Europe and 300 in Australia.
The company has seen a gross addition of 1,195 employees during the second quarter of FY14. Stating that the company had entered the Japan market almost a year ago and already had 10 sales and marketing staff, Reddy said they were seeing good traction in the region for engineering services.
“Though Japan takes time (to adapt technologies), they are also changing now. We are looking at tapping this market as quickly as possible,” he said.
Infotech Enterprises saw a 44.1 per cent increase in its net profit to Rs 72.5 crore for the second quarter ended September 2013, as compared with Rs 50.31 crore in the corresponding quarter last year. Its revenues for the quarter under review stood at Rs 549.28 crore, as against Rs 477.13 crore during the same period last year, reflecting a growth of 15.12 per cent.
The company’s scrip ended the trade at Rs 244 on the BSE on Friday, down 2.77 per cent, over the previous close of Rs 250.95.
