"Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider.
They see the decline more as the market returning to the brink of normalcy, and said there's still hope for laid-off tech workers — as long as they've been active in their jobs.
In the same quarter, Infosys, which hires a 345,000-strong workforce, reported a $65.6 million net profit.
Menon of CIEL believes demand for tech workers will pick up again in the second quarter of next year, after a "much-needed correction" in the industry.
It suffered a $575 million net loss in the year ending March 2021, per Bloomberg.