Infosys’ consolidated attrition rises 21%, standalone figure too up at 16.9%
Attrition in business can mean the reduction in staff and employees in a company through normal means, such as retirement and resignation.
Attrition rate at IT bellwether Infosys registered 21 percent increase on an annualised consolidated basis from 17.1 percent in March 2017 and the same on standalone basis rose to 16.9 percent from 13.5 percent QoQ.
Attrition in business can mean the reduction in staff and employees in a company through normal means, such as retirement and resignation, the loss of customers or clients to old age or growing out of the company's target demographic, investor education portal Investopedia explained.
Against 800 personnel added to its staff in March 2017, around 1800 people had quit the firm for the June quarter.
The company further added that utilisation (excluding trainees) grew by 2 percent to 84 percent and utilisation (including trainees) increased to 80.2 percent from 78.2 percent on sequential basis.
The IT major’s first quarter earnings beat analysts' expectations on all counts on Thursday, with the company retaining its full year constant currency revenue growth guidance.
Consolidated profit during the quarter fell 3.3 percent sequentially to Rs 3,483 crore and revenue declined 0.2 percent to Rs 17,078 crore.
Dollar revenue growth was 3.2 percent at USD 2,651 million against expectations of 2.6 percent increase and constant currency revenue growth came in at 2.7 percent against estimates of 2 percent.
"Our persistent focus on execution in Q1 is reflected in broad-based performance on multiple fronts revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results," Vishal Sikka, CEO & MD said.
The IT bellwether has maintained its constant currency revenue growth guidance at 6.5-8.5 percent (which was 8.3 percent in FY17 and 13.3 percent in FY16) and also retained operating margin guidance at 23-25 percent for the current financial year.It raised its FY18 dollar revenue growth guidance to 7.1-9.1 percent from 6.1-8.1 percent earlier.