TCS attrition continues to lower at 20.1%, net addition of 821 employees in Q4

The total workforce stood at 614,795 as on 31 March, 2023. IT services attrition on an LTM basis continued to trend down and was at 20.1%.

TCS said that for FY23, it has added 22,600 employees on a net basis. It has onboarded over 44,000 freshers and honored all job offers.

“As we grow the TCS family, I want to call out the stellar role played by our recruitment team in swiftly scaling up hiring, and onboarding the best available talent, enabling TCS to meet its delivery commitments and capture growth. We are honoring all job offers, and have added 22,600 employees on a net basis in FY 23. During the year, we onboarded over 44K freshers and our highest-ever number of experienced professionals. We also doubled down on organic talent development, obtaining over 53K cloud certifications during the year, bringing the total to over 110K employees certified on hyperscaler platforms. This places us among the top 2 partners for the largest cloud providers.” said Milind Lakkad, Chief HR Officer.

TCS total workforce in the December quarter (Q3FY23) stood at 613,974 employees. This would be a net reduction of 2,197 employees compared to a headcount of 616,171 employees in the September 2022 quarter.

During the September 2022 quarter, TCS made the second highest hiring among its peers after Infosys with a net addition of 9,840 employees compared to the June 2022 quarter where headcount stood at 606,331 employees.

IT giant Tata Consultancy Services’ (TCS) attrition rate for the quarter ending December 2022, inched lower to 21.3%.

TCS reported a 14.8 percent year-on-year increase in consolidated net profit at ₹11,436 crore for the quarter ended March 31, 2023. The consolidated revenue from operations came in at ₹59,162 crore, up 16.9 percent from ₹50,591 crore in the year-ago quarter.

The company has declared a final dividend of ₹24 per equity share. On Wednesday, the company’s scrip ended 0.87 per cent higher at ₹3,242.10 on BSE.