IT major Infosys saw a significant decrease in attrition for the third quarter of FY23, with attrition falling from 27.1 percent to 24.3 percent on a trailing twelve-month basis, the company announced on January 12 as it released its Q3FY23 results.
Attrition has continued its downward trajectory. After reaching 28.4 percent in Q1FY23, it slipped to 27.1 percent in Q2FY23 on a trailing twelve-month basis.
“Attrition reduced meaningfully during the quarter and is expected to decline further in the near-term,” said Nilanjan Roy, Chief Financial Officer.
Also Read: Infosys appoints Govind Iyer as independent director
During the third quarter of the 2023 fiscal year, the company added 1,627 employees, a decrease from the previous quarter. With this, Infosys' headcount stands at 3,46,845 as of December 31, 2022.
Last quarter, Infosys added 10,032 net employees, a decrease of more than 50% from the previous quarter. In Q1FY23, the company added 21,171 employees.
At the start of the fiscal year, Infosys set a fresher hiring target of 50,000, and it hired 40,000 in H1FY23.
In this fiscal, the company rolled out salary hikes in April for most employees, and in July for senior employees.
Infosys’ rival Tata Consultancy Services, which released its quarterly results earlier this week, saw a net reduction in headcount of 2,197 employees from the previous quarter. Its attrition rate dropped slightly to 21.3 percent.
Infosys' net profit for the quarter increased 13.4 percent year-on-year. Revenue growth in constant currency for the company was 2.4 percent sequentially and 13.7 percent year on year.
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