TCS adds over 1 lakh freshers in FY22, to hire 40,000 freshers in FY23

A man walks out of the office of Tata Consultancy Services in Mumbai. | File image (PC-Reuters)

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India's largest IT services firm Tata Consultancy Services (TCS) hired over 1,00,000 freshers in FY22 and will start FY23 with the hiring target of 40,000.

In addition, the company made a record hiring by adding 1,03,546 people for the year ending March 2022, up from over 40,000 people it hired in FY21.

The company also made the highest-ever net addition of 35,209 employees in a quarter.

Hiring

TCS on-boarded close to 78,000 freshers in FY22, up from 40,000 it had in the last year. However, attrition continues to be a concern for the firm. The company’s attrition increased to 17.4 percent in the quarter, from 8.6 percent in the beginning of the year and 11.9 percent in the December 2021 quarter.

Kotak Institutional Equities, in its note, said that the talent shortage is likely to continue even as the industry added record number of freshers.  "We expect attrition to start moderating and ease off by 2HFY23 given strong hiring plans of companies," the note added.

The company's total employee count stood at 592,195 at the end of the fiscal. However, the company is confident about addressing the supply side challenges given the fresher supply.

Financial performance

TCS registered  Rs 50,591 crore in revenues for the quarter ending March 2022, up 15.8 percent year-on-year (YoY). The company registered Rs 191,754 crore in revenue for the fiscal, up 16.8 percent year-on-year.  The company also added the record incremental revenue of $3.5 billion.

Rajesh Gopinathan, Chief Executive Officer and Managing Director, said in a statement, “We are closing FY 22 on a strong note, with mid-teen growth and adding the maximum incremental revenue ever. Increasing participation in our customers’ growth and transformation journeys, and an all-time high order book provide a strong and sustainable foundation for continued growth ahead.”

The company signed highest every order book of $11.3 billion in the fourth quarter of the year, and for the year it stood at $34.6 billion.