TCS Results: IT giant's attrition rate dips marginally to 20.1% on sequential basis, workforce strength at 614,795 in Q4

TCS Q4 Results: The attrition rate of Tata Consultancy Services (TCS) — the Tata group IT major which is India's second largest company by market value — declined marginally to 20.1 per cent on a sequential basis in the January-March quarter of this fiscal. The attrition rate stood at 21.3 per cent in the previous quarter. The company has hired 22,600 employeesin this financial year.

As per the exchange filings, the employees have been hired across 150 countries and currently women constitute more than 35 per cent of the total work force.

The company kicked off the corporate earnings season for India Inc by reporting its financial results for the January-March quarter on April 12. Tata Consultancy Services' net profit increased five per cent to Rs 11,390 crore for the quarter ended March 2023 compared with the previous three months, slightly below analysts' estimates.

According to Zee Business research, TCS was estimated to report 6.9 per cent quarter-on-quarter growth in net profit to Rs 11,600 crore for the final quarter of the financial year gone by. The TCS earnings report comes at a time when Indian IT companies are struggling to protect their margins owing to higher attrition, inflation and employee costs, despite robust demand for technology.

TCS reported a revenue of Rs 59,162 crore for the three-month period, marking an increase of 16.9 per cent compared to the corresponding period a year ago. Revenue growth in constant currency terms stands at 10.7 per cent, according to the exchange filing of the company.

The company informed that there has been an addition of 821 new employees in this quarter. 

Shares of the company hit a low of Rs 3,205.0 on NSE, even as the IT firm is expected to report double-digit profit growth.