Tata Consultancy Services (TCS), India’s largest IT services company, on Friday reported a net reduction of 1,759 employees during January-March 2024. With this, the company’s workforce as of March 31, 2024, stood at 6,01,546. The total headcount of TCS is the lowest in the last two years, according to a regulatory filing by the company.
The March 2024 quarter is the third consecutive quarter of declining total headcount at the company. In the preceding October-December 2023 quarter, TCS’ workforce fell by 5,680 employees, bringing the total headcount to 603,305. Overall, in the fiscal year 2023-24, TCS has reduced its workforce by 13,249 employees.
The attrition rate in IT services continues to decline and stood at 12.5 per cent during the March 2024 quarter.
Milind Lakkad, chief HR officer of TCS, said, “The reduced attrition rate of 12.5 per cent, along with a positive response to our campus hiring, increased customer engagements, and employees returning to the office, has fostered a vibrant atmosphere in our delivery centres and boosted the morale of our associates.”
The CHRO also announced annual increments for the TCS workforce with top performers receiving double-digit hikes.
Samir Seksaria, chief financial officer of TCS, said, “In FY 2024, our disciplined approach to operations has helped us expand our industry-leading margins. In a challenging environment, we persisted with our long-term investments in workforce reskilling, research and innovation. We will continue to drive efficiencies and competitiveness to capture opportunities for growth with profitability.”
TCS’ workforce stood at 601,546 as on March 31st. The employee base is very diverse, with 35.6% women and with 152 nationalities, the IT company said in the regulatory filing on April 12.
Year to date, TCSers have clocked 51 million learning hours and acquired five million competencies. IT services’ attrition was at 12.5 per cent for the last 12 months.
TCS Salary Hikes
Milind Lakkad said, “We are pleased to announce the annual increments for our
workforce, as we have done consistently every year, with top performers receiving double-digit hikes. The reduced attrition at 12.5 per cent, enthusiastic response to our campus hiring, increased customer visits and employees returning to the office have resulted in great vibrancy in our delivery centres and elevated morale of our associates.”
TCS Q4 Earnings
Tata Consultancy Services on Friday reported a 9.1 per cent growth in its March quarter net profit at Rs 12,434 crore. In the fiscal year 2023-24, the company’s net profit grew 9 per cent to Rs 45,908 crore, as per an exchange filing.
The Tata Group company’s post-tax profit during the January-March period last year stood at Rs 11,392 crore. In the March quarter, its revenue grew 3.5 per cent to Rs 61,237 crore year on year.
Its operating profit margin expanded by 1.50 per cent to 26 per cent.
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