TCS Q2 Results FY2023: Attrition rate at 21.5% for September quarter

TCS Results Q2 FY2023: India's largest IT services company Tata Consultancy Services (TCS) added 9,840 people in its work force during the July-September quarter, taking the overall headcount to 616,171 as on October 10, the company said in its filing to the exchanges.

The attrition rate for the IT services was at 21.5 per cent for the Last Twelve Months (LTM), the exchange filing said. 

“We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate,” stated Milind Lakkad, Chief HR Officer in the press release.

With normalizing wage expectations and talent supply catching up across the industry, the company expects attrition to start to taper down in H2, the exchange filing stated.

TCS' workforce continues to be very diverse, comprising 157 nationalities and with women making up 35.7 per cent of the base, the press release further said.

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Tata Consultancy Services also reported a consolidated net profit crossing Rs 10,000 crore mark for the last quarter. The company witnessed a growth of 18 per cent on year-on-year basis.

Apart from that, the largest Indian IT company reported a net profit of Rs 10,431 crore for the quarter ended on September 30, 2022, recording an 8.3 per cent rise as compared to the previous quarter.