Mphasis says will honour all job offers as freshers await onboarding

Mphasis, the Indian multinational IT company, told Business Today that it would honour all the job offers made to fresher recruits who are waiting to be onboarded at the company.

This development comes after Business Today reported last Friday that fresher job claimants are facing the possibility of losing their job offers as the expiration date on the Letter of Intent (LoI) between the company and the recruits comes close to expiry.

In response to Business Today's queries, Mphasis said: “We look forward to honoring LoI that have been accepted by candidates. Candidates are requested to await the onboarding notification.”

As per Business Today's previous report on this issue, job offers made by the company in late 2021 for the position of Trainee Associate Software Engineer are slated to expire in March 2023 and job offers for the position of Associate Software Engineer will expire in April 2023.

Although Mphasis did not pointedly clarify Business Today's queries regarding the expiration dates present in the LoI -- dates which are fast approaching -- it, however, noted that the company is committed to hiring more people across the world.

"Mphasis continues to be committed to hiring and creating new job opportunities globally," the company's statement read.

Fresher recruits are waiting to be onboarded at Mphasis for over a year now. Thousands of freshers were given job offers at the company in late 2021 but they have not been given a joining date yet.

As per regulatory filings, the company’s net profit went down 1.5 per cent quarter-on-quarter (QoQ) basis to Rs 4,123 million for the December ended quarter of FY22-23. Moreover, the gross revenue grew 0.2 per cent on a QoQ basis in Q3 FY 2022-23. In constant currency terms, the revenue declined 2.5 per cent QoQ in Q3 FY 2022-23.

During the earnings call, Nitin Rakesh, the Chief Executive Officer and Managing Director of the company said, “This quarter reflects the duality in our current business environment. On one hand, our core business continues to perform well. On the other hand, there are cyclical headwinds due to market hypersensitivity in our mortgage business, with interest rate movements.”

Also Read: After Wipro, Infosys, Deloitte, new recruits say Mphasis delays onboarding by up to 10 months - BusinessToday

Also Read: Freshers left stranded as offer letter from Mphasis expires amid delay in onboarding - BusinessToday