Q4 results: Infosys’ full-year headcount declines for the first time in 23 years. Here's why - Hindustan Times
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Q4 results: Infosys’ full-year headcount declines for the first time in 23 years. Here's why

Apr 18, 2024 06:18 PM IST

This is a drop for the fifth consecutive quarter while the attrition rate for Q4 on the last twelve-month basis was down to 12.6 per cent, from 12.9 per cent.

Infosys’ headcount for the financial year 2024 declined by 25,994, for the first time in at least 23 years since 2001, it said as the company announced quarterly results. The total headcount for the FY24 stood at 317,240 which is a 7.5 percent decrease from the previous year’s numbers. On a quarterly basis, Infosys added 5,423 fewer employees. This is a drop for the fifth consecutive quarter while the attrition rate for Q4 on the last twelve-month basis was down to 12.6 per cent, from 12.9 per cent.

The attrition rate for Q4 on the last twelve-month basis was down to 12.6 per cent, from 12.9 per cent.(Bloomberg)
The attrition rate for Q4 on the last twelve-month basis was down to 12.6 per cent, from 12.9 per cent.(Bloomberg)

Similar to TCS?

Read more: Q4 results: Infosys announces final dividend of 20, special dividend of 8

Tata Consultancy Services (TCS) reported its Q4 earnings last week in which the company had a similar pattern with respect to their headcount. TCS' headcount also shrunk by 13,249 employees on a YoY basis in FY24, a first in 19 years since the company got listed in 2004. Sequentially headcount was down by 1,759 as of the January-March quarter, the company said. 

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What Infosys' quarterly results showed?

Infosys slashed its revenue guidance for the fiscal 2025 to 1-3 percent after it has revised its annual revenue growth guidance five times in the previous five quarters. 

Read more: Elon Musk on layoffs: ‘Tesla needs a complete organizational overhaul’

In January, the company narrowed its revenue growth guidance for the full year to 1.5-2 percent for the full year after it had previously slashed it in September to 1-2.5 percent from 1-3.5 percent.

Read more: Bill Gates sells one of his properties in less than two weeks. It costed only…

Infosys' chief executive officer Salil Parekh said, “Good traction with cost efficiency and consolidation nature of large deals, we are yet to see visibility in digital and discretionary deals.”

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