TCS headcount dropped by over 13,000 in the previous fiscal: Report
Tata Consultancy Services reported a nine per cent growth in net profit at ₹12,434 crore in January-March quarter of FY24
Information technology giant Tata Consultancy Services (TCS) has reported a slump in its headcount for the third consecutive quarter, a first in 19 years. The company's total employee base now stands at 6,01,546, Business Standard reported.
As per the report, TCS headcount dropped by over 13,249 for the financial year, and on a sequential basis, the headcount was down by 1,759. As compared to financial year 2023-24, TCS had a headcount of 614,795 and a net addition of 22,600 employees for the entire year.
In fiscal 2022, the IT services provider had added 103,546 employees, while the number stood at 40,185 employees in FY21.
Milind Lakkad, chief human resources officer (CHRO), TCS, said that the company is still calibrating the total freshers to be hired for financial year 2024-25. The plan is to get to 40,000. He added that the TCS National Qualified Test will begin shortly and the company will hire students from there directly.
On Friday, the company reported a nine per cent growth in net profit at ₹12,434 crore in January-March quarter of FY24 due to strong domestic business even as the company struggled in its key markets overseas.
In the entire fiscal year, TCS net profit surged 9 per cent to ₹45,908 crore, while the revenue went up to ₹2,40,893 crore from ₹2,25,458 crore a year ago.
North America, the biggest market by geography, reported a 2.3 per cent dip in revenues, while continental Europe, the third biggest, witnessed a 2 per cent decline in revenues during the latest January-March period.
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However, its domestic business, which saw nearly 38 per cent growth in revenues, helped the company post a 3.5 per cent growth in revenues to ₹61,237 crore during the quarter.
"It is difficult to say when growth will return... but FY25 will be better than FY24," TCS chief executive K Krithivasan was quoted by PTI as saying.