IT jobs bleak in near-term after headcount crashes by 16,162 in top 3 companies; What's weighing on the sector?
₹11,342 crore in the September quarter, compared to ₹10,431 crore in the corresponding period last year. The board approved a buyback of ₹17,000 crore at a price of ₹4,150 per equity share at a premium of about 15 per cent. This is the company's fifth share buyback for the IT behemoth in a span of six years.
TCS reported a sequential decline of 14.9 per cent in attrition rate and its total workforce stood at 6,08,985 as on September 30 compared to 6,15,318 as on June 30, 2023. This means the headcount in the September quarter reduced by 6,333 (6,08,985-6,15,318 = -6,333). India's second-largest IT major's net profit rose 3.17 per cent to ₹6,212 crore, compared to ₹6,012 crore in the corresponding period last year.
The Bengaluru-based company has narrowed its revenue growth guidance for the full year at the upper end to 1-2.5 per cent. Infosys announced that it will skip campus hiring for now and honour all the offers made so far. “Last year, we hired 50,000 freshers and hired ahead of demand...we still have a significant fresher bench...
we are, of course, training them on Gen AI etc, but we still have way to go on utilisation, and at the moment are not going to campuses as yet...we will monitor this every quarter looking at our future projections," said Nilanjan Roy, Chief Financial Officer (CFO), Infosys. That said, the company will honour all the offers made, onboarding them as projects come up, he added.
Infosys reported a sequential decline of 14.9 per cent in attrition rate and its total workforce stood at 3,28,764 as on September 30 compared to 3,36,294 as on June 30, 2023. This means the headcount in the September quarter reduced by 7,530 (3,28,764-3,36,294 = -7,530).
