IT jobs FY24 review: Headcount crashes by 63,759 in TCS, Infosys, and Wipro; attrition down sequentially
Wipro recently announced their January-March quarter results for fiscal 2023-24 (Q4FY24) and reported a full-year decrease in their total employee headcount for the entire fiscal. Cumulatively, the three software services exporters reported a full-year decline of 63,759 in headcount numbers during the entire financial year 2023-24 (FY24) The IT majors also reported a sequential decline in attrition rates, painting a grim picture for employment and hiring trends amid weak global demand and falling discretionary spending.
The major trend observed in the three tech giants has been the full-year drop in headcount for the first time historically. Also Read: Wipro Q4 Results: Large TCV up 9.5% YoY, Q1FY25 revenue guidance pegged at -1.5 to 0.5%; 5 key highlights Market analysts said that the current macro environment is unfavorable for software service exporters, which has resulted in softer numbers of tech majors in the quarter ended March 31.
Let's take a glance at the latest quarterly numbers of TCS, Infosys, and Wipro along with their headcount figures:
India's largest software services exporter reported a nine per cent rise in net profit at ₹12,434 crore, compared to ₹11,392 crore in the corresponding period last year. The IT major's revenue from operations in the fourth quarter rose 3.5 per cent to ₹61,237 crore, which missed D-Street estimates.
TCS reported a decline in full-year headcount for the first time in 19 years since the tech giant was listed in 2004. The FY24 headcount dropped by 13,249 employees and the total workforce stood at 6,01,546 employees as of March 31.
On a sequential basis, the headcount declined by 1,759 employees in January-March 2024, reporting a drop for the third consecutive quarter. The
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