Info Edge says IT hiring will slowly return to normal while non-IT hiring is strong

Pure play internet firm Info Edge expects hiring in the tech sector to moderate in the upcoming quarters while the non-IT hiring market continues to be on fire, Hitesh Oberoi, Chief Executive Officer, and Managing Director said on Monday.

The last seven quarters have been fabulous for the company and things are beginning to stabilise on the IT front a bit as attrition rates are coming down at companies and some may have even overhired, he told CNBC-TV18.

According to Oberoi, many sectors are benefitting because of the economy opening up post-COVID. He sees strong hiring momentum in tourism, travel, hospitality, banking, financial services, insurance, retailing, real estate, construction and telecom. “Healthcare and education also look solid,” he added.

However, big tech firms around the world including Twitter and Meta have lately been laying off in massive numbers to cut costs.

Info Edge’s Naukri Jobspeak index earlier showed that hiring in the IT sector slowed down as there was a drop of 18 percent in October compared to the same month last year. Other sectors that recorded a notable decline in hiring sentiments included telecom and healthcare.

Oberoi’s remarks come after Info Edge reported its earnings numbers for the July to September quarter during which its revenues grew more than 50 percent for the fourth consecutive quarter and margins expanded 440 basis points (bps) versus last year.

While the recruitment business was strong with an over 60 percent revenue growth, the management acknowledged moderation in IT hiring, which is around 50 percent of Info Edge’s recruitment business revenue.

Meanwhile, Info Edge was the top Midcap gainer after the strong set of earnings.

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