Tata Consultancy Services (TCS) on Monday said the company will be hiring 1.25 lakh to 1.5 lakh employees in the financial year 2023-24 (FY24).
Surprisingly, the IT giant also reported a decline in overall number of employees in the third quarter ended December 31, 2023. At 613,974 overall workers as of Q3FY23 end, India’s largest IT services company’s employee base had declined by 2,197 during the period. The company attributed the decline to excessive hiring in the last 18 months.
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TCS to hire 125,000-150,000 employees in FY24: CEO Gopinathan
“The improved productivity was achieved by focusing on utilizing the excess capacity built up over prior quarters and through investments in organic talent development. The workforce continues to be very diverse, comprising 153 nationalities and with women making up 35.7% of the base. IT services attrition on an LTM basis trended down to 21.3% and is expected to fall further in the coming quarters,” the company said in a statement.
After TCS released its quarterly results for Q3 on Monday, the company’s chief executive and managing director Rajesh Gopinathan told reporters that the overall hiring trend indicates almost the same level of hiring as previous quarters.
“We should be hiring 125,000-150,000 people next year. It’s an ongoing confidence in the medium-term, long-term view that we have,” he added.
TCS latest dividend
The company also announced a third interim dividend of Rs 8 and a special dividend of Rs 67 per Equity Share of Rs 1 each of the company. The third interim dividend and the special dividend shall be paid on Friday, February 3, 2023, to shareholders. The record date for the same was fixed at January 17, 2023.
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TCS Q3: Hits & misses
TCS posted an 11% yearly increase in Q3 consolidated net profit at Rs 10,846 crore as compared toRs 9,769 crore in third quarter of FY22. On a sequential basis, the company’s net profit grew 4% from Rs 10,465 crore in September quarter of FY23.
Revenue from operations in the quarter under review jumped 19 percent year-on-year to Rs 58,229 crore from Rs 48,885 crore in the same quarter a year ago. Sequentially, the Tata-group firm saw its revenue grow 5.3 percent in the December quarter from Q2FY2022-23. The revenue has come above the ET Now poll of Rs 56,893 crore. The company’s board has announced interim dividend of Rs 8 per share and special dividend of Rs 67 per share for FY 2022-23.
