India’s largest IT services company TCS has said its board meeting is scheduled to be held on Monday (January 9, 2023) to approve its audited standalone and consolidated financial results and its subsidiaries for the quarter and the nine-month period ended December 31, 2023. It said it will also consider the declaration of third interim dividend to the equity shareholders.
“The third interim dividend, if declared, shall be paid to the equity shareholders of the company whose names appear on the Register of Members of the company 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 this purpose,” TCS has said in a regulatory filing.
For the September 2022 quarter, TCS had reported a consolidated net profit of Rs 10,431 crore, a jump of 8.4 per cent on a year-on-year basis. The company’s revenue during April-June 2022 also rose 18 per cent to Rs 55,309 crore, compared with Rs 46,867 crore in the year-ago period.
During July-September 2022, Tata Consultancy Services (TCS) reported a net addition of 9,840 employees. With this, the company’s workforce as of September 30, 2022, stood at 6,16,171. The net addition during Q2FY23 is lower than the 14,136 net addition recorded in the previous quarter.
TCS’ workforce was at 616,171 as on September 30, 2022, a net addition of 9,840 during the quarter. The workforce continues to be very diverse, comprising 157 nationalities and with women making up 35.7 per cent of the base. TCS has been meeting demand for services around new technologies by continually investing in organic talent development.
Its attrition rate in IT services stood at 21.5 per cent during the September 2022 quarter, which is higher than the 19.7 per cent registered in the previous quarter. The attrition rate in the March quarter was 17.4 per cent.
Recently, media reports also said that TCS is giving a 20 per cent Christmas salary hike to 70 per cent of its employees, and a performance-based hike to the remaining staff. However, a senior company company official has rejected the reports saying these are “false”.
The company is also rolling out a 100 per cent variable pay for 70 per cent of its staff, compared with 10-20 per cent as variable compensation earlier. Variable pay, better understood as performance pay, depends primarily on the company’s performance.
After announcing the company’s financials for the September 2022 quarter, TCS chief human resource officer Milind Lakkad had said, “We are going to pay 100 per cent variable pay for 70 per cent of employees… the remaining 30 per cent will get paid based on their business unit performance. This is for Q2 (July-September).”
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