India’s largest IT services company TCS’ headcount during the December 2022 quarter fell by 2,197, according to its regulatory filing on Monday. Its workforce strength as of December 31, 2022, stood at 6,13,974. However, the attrition rate of its IT services segment stood at 21.3 per cent during the December 2022 quarter, which is marginally better than 21.5 per cent in the previous quarter.
TCS headcount has declined for the first time in 10 quarters. A contraction in the company’s net employee addition was last seen in the June 2020 quarter, which was the first full quarter after the pandemic was declared in March 2020.
Milind Lakkad, chief HR Officer, said, “Our focus over the last few quarters on bringing in fresh talent at scale, training them on new technologies and making them productive is paying off. We are particularly proud of having 125,000 TCSers at middle and senior levels who have been with the company for more than 10 years on average.”
He said they have been central to the successful cultural integration of all the fresh talent TCS has onboarded in the last couple of years, and their contextual knowledge and customer-centricity have been key to the high level of customer satisfaction that TCS is known for.
During July-September 2022, TCS had reported a net addition of 9,840 employees. With this, the company’s workforce as of September 30, 2022, had stood at 6,16,171.
For the December 2022 quarter, TCS has reported a consolidated net profit of Rs 10,846 crore, a jump of 11 per cent on a year-on-year basis. During October-December 2022, TCS’ revenue rose 19.1 per cent year-on-year to Rs 58,229 crore.
The company’s operating margin during October-December 2022 stood at 24.5 per cent, which a contraction of 50 basis points (100 bps is equal to 1 percentage point) as compared to last year. Its net margin during the quarter stood at 18.6 per cent.
It also announced a third interim dividend of Rs 8 and a special dividend of Rs 67 per equity share of Rs 1 each. In the last quarter ended September 2022, the company had declared its second interim dividend of Rs 8 per equity share.
The third interim dividend and the special dividend shall be paid on February 3 to the equity shareholders of TCS whose names appear on the company’s register of members or in the records of the depositories as beneficial owners of the shares as on Tuesday, January 17, 2023, which is the record date fixed for the purpose, according to the BSE filing.
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