TCS Q3 results: Employee attrition rate marginally rises to 13%, headcount declines by 5,370 | Stock Market News
Source: Live Mint
IT major Tata Consultancy Services (TCS), reported a reduction of 5,370 employees in its workforce during the fiscal third quarter, ending a trend of headcount growth observed in the previous two quarters. Attrition for the quarter saw a slight increase, reaching 13 percent compared to 12.3 percent in the previous quarter.
In the October quarter, the Tata Group company had added 5,726 employees to its workforce.
Following this decline, TCS’s total employee count now stands at 6,07,354, as announced on January 9 with the release of its third-quarter FY25 figures.
“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.
The Mumbai-based company experienced its first headcount reduction in 19 years during FY24, a significant change since its stock market debut in 2004. In contrast, the IT giant had added 22,600 employees in FY23 and an impressive net addition of 1.03 lakh employees in FY22.
TCS Q3 results
In Q3, TCS posted a consolidated net profit of ₹12,380 crore, reflecting a 12 per cent increase from ₹11,058 crore in the same quarter last year.
The company’s consolidated operational revenue increased by 5.6 per cent year-on-year, reaching ₹63,973 crore compared to ₹60,583 crore in the same quarter of the previous year. When adjusted for constant currency, the revenue grew by 4.5 per cent.
The IT bellwether has announced a third interim dividend of ₹10 and a special dividend of ₹66 per share, both applicable to its equity shares of ₹1 each. These dividends are set to be distributed to shareholders on Monday, February 3, 2025. The record date to determine eligibility for these dividends is Friday, January 17, 2025123.
