In a first in 20 years, TCS, Infosys, Wipro together report huge loss in employee strength in FY24 - 63,759
In a first in 20 years, the top three Indian IT companies, TCS, Infosys and Wipro together have reported huge loss in employee count that adds up to 63,759.
In an eye-ball grabbing figure, employee loss by the top 3 IT companies in India, TCS, Infosys and Wipro, for the full-year together stands at 63,759. This is the first time in 20 years that they have together reported a drop in headcount, MoneyControl reported.
The numbers as revealed during their quarterly results announcements indicated that Wipro registered a drop of 6,180 employees in Q4. This was reported today, April 19. For the full fiscal, Wipro total employee strength dropped by 24,516. Wipro's FY24 employee strength was 2,34,054 as on March 2024 - 9.1 per cent lower than the year-ago period.
At India's biggest IT company, the Tata Consultancy Services (TCS), the employee count in fiscal 2024 dropped by 13,249 - there was a loss of 1,759 employees in Q4.
Infosys headcount fell by 25,994 - in Q4 the loss was 5,423 staffers. The company's employee headcount fell 7.5 per cent to 3,17,240 at the end of FY24 from 3,43,234 in FY23.
Infosys CFO Jayesh Sanghrajka said, “Hiring model has changed in last few years. We are now on more agile model of campus hiring. At this point of time we are at 82 per cent utilisation. We still have headroom over that and attrition is very low so we have not decided on campus hiring numbers at this point of time”.
Wipro Q4 results
Notably, today, the Bengaluru headquarered IT major, Wipro reported a 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about ₹2834.6 cr. It also provided its IT Services revenue growth guidance in the (-)1.5 per cent to 0.5 per cent band for June quarter on a constant currency basis. Wipro revenue n Q4 from operations dropped 4.2 per cent on-year to ₹22,208.3 crore and the net profit declined to ₹2,834.6 crore from ₹3074.5 crore in the year ago period - a fall of 7.8 per cent.
Looking ahead athe opportunities, the new Wipro CEO, Srinivas Pallia, said, "We are on the brink of a major technological shift. Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value. At Wipro, we have been gearing up for this moment.”
Sanjeev Hota, Head of Research, Sharekhan by BNP Paribas brought it all together on Wipro and said, “Headcount continued to decline for the sixth consecutive quarter...The quarterly numbers are a mixed bag, however, weaker than expected guidance continues to disappoint.”