In what turns out to be a dampener for the IT major TCS, the company’s workforce continued to decline for the third straight quarter in Q4FY24 as well, the company’s Q4 earnings revealed on Friday. This brings the company’s total workforce to its lowest level in 2 years, data showed. In Q4FY22, the total workforce of TCS stood at 592,195, against 606,331 in Q3FY24 and 616,171 in Q2FY24.
Milind Lakkad, Chief HR Officer, TCS, 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%, 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 reports better than expected numbers in its Q4 of FY24, with its profit and revenues coming higher than the street and analysts anticipated. The IT major posted a 9% growth in its net profit at Rs 12,434 crore against Rs 11,392 crore reported during the same period last year. The company’s total revenue also grew 3.5% in the quarter ended March 2024 to Rs 61,237 crore.
TCS in its exchange filing said that their operating profit margin expanded by 1.50% to 26% against 25% in the previous quarter. For the entire year of FY24, revenue for the company expanded by 6.8% YoY to Rs 240,893 crore, while its net profit for the year stood at Rs 46,585 crore.
TCS share price ended 0.45% higher at Rs 4,000.30 on the BSE on Friday ahead of its Q4 earnings.
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TCS