India’s largest IT services company Tata Consultancy Services (TCS) reported a net decline of 5,370 employees in its workforce during the fiscal third quarter, marking a reversal after two consecutive quarters of headcount growth.
The Tata group company's headcount had increased by 5,726 employees sequentially in the October quarter.
With this decline, TCS now employs 6,07,354 people, the company said on January 9 as it shared the numbers for the third quarter of FY25.
“We promoted over 25,000 associates this quarter which brought the total promotions this financial year to more than 110,000. We continue to invest in employee upskilling and overall well-being. Our campus hiring for the year is going according to plan and preparations are afoot to onboard a higher number of campus hires next year," Chief Human Resources Officer Milind Lakkad was quoted as saying in the release.
Attrition for the quarter marginally rose to 13 percent, from the previous quarter’s 12.3 percent.
The Mumbai-based firm’s headcount fell for the first time in 19 years in FY24, marking a shift since the company listed on the bourses in 2004. The IT behemoth added 22,600 employees in FY23. The reversal is even steeper if one looks at FY22 numbers when it added a whopping net of 1.03 lakh employees.
For Q3, the IT major reported a consolidated net profit of Rs 12,380 crore, a rise of 12% compared to Rs 11,058 crore in the year-ago period.
Moneycontrol pegged the IT services bellwether's Q3 net profit at Rs 12,308 crore and revenue at Rs 64,218 crore.
The company's revenue rose 6% to Rs 63,973 crore in Q3FY25.
Ahead of the results, TCS shares on BSE fell nearly 1.5 percent today to end at Rs 4,046 apiece.
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