Yesterday, Friday, April 12, Tata Consultancy Services (TCS), India’s leading IT services firm announced its fourth quarter, Q4FY24 March ending financial results.
Highlights
- The IT giant reported a consolidated net profit of Rs 12,434 crore in Q1FY25, marking a 9% increase from the previous year. Sequentially, there was a 12.44% rise from the previous quarter’s net profit of Rs 11,058 crore in Q3FY24.
- As of March 31, the company’s workforce stood at 601,546, boasting diversity with 35.6% women and representatives from 152 nationalities, as stated in their press release.
- The IT giant reported a decrease in attrition, with rates dropping to 12.5% in the January-March period from 13.3% three months prior.
Commenting on Q4FY24, K Krithivasan, Chief Executive Officer and Managing Director said, “We are very pleased to close Q4 and FY24 on a strong note with the highest ever order book and a 26% operating margin, validating the robustness of our business model and execution excellence.”
Milind Lakkad, Chief HR Officer 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”, he added.
Samir Seksaria, Chief Financial Officer said, “In FY 2024, our disciplined approach to operations has helped us expand our industry-leading margins. In a challenging environment, we persisted with our long-term investments in workforce reskilling, research, and innovation.”
“We will continue to drive efficiencies and competitiveness to capture opportunities for growth with profitability”, Samir Seksaria added.
Also Watch- Accenture Q2FY24 Results and IT Hiring Trends in India- 2024
In the January-March period, Tata Consultancy Services (TCS) saw a sequential decrease in headcount by 1,759 employees. The company workforce stands at 6,01,546 as of March 31, 2024.
The company sees its first full-year decrease in headcount in 19 years, with a reduction of 13,772 employees in the Financial Year 2023-24.
| Company | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 |
| TCS | 6,15,318 | 6,08,985 | 6,03,305 | 6,01,546 |
The employee base is very diverse, with 35.6% women and with 152 nationalities. Till March 31, TCSers have clocked 51 million learning hours and acquired 5 million competencies.
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