About 50% of our revenues are now from IT related positions and openings and most of these are from IT services companies. These are the companies which employ millions of people. We have maybe 8,000 IT services companies in some shape or form,” says Hitesh Oberoi, CoPromoter MD and CEO, Info Edge (India)
Even as we are seeing so much volatility and big sell off in tech and investors ending their love affair with tech stocks, a good performance has come in from Info Edge India. When it comes to Naukri, what is the larger message for attrition? Is high wage inflation here to stay?
That’s what it looks like at least in the IT space. We have delivered stellar results for the last almost three or four quarters and we have seen attrition rates climb up with almost all our customers. I have not seen a market like this in over 15 years. The last time we saw a market like this may be just before we went public. Then clients used to talk about IT professionals resigning via SMSes. Today they are resigning on whatsapp. That is the only difference. Otherwise it is a hot market and hopefully it will continue to stay this way.