TCS Q2 Results: IT attrition rate drops further to 14.9% in September quarter

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₹11,342 crore between July and September this year. Meanwhile the attrition rate declined further to 14.9% during the same period. “Our attrition rate continues to improve.

On LTM (last twelve months) basis our IT attrition has reduced to 14.9% from 17.8% in the first quarter," the company revealed. As gross additions remained below departures, the TCS workforce stood at 608,985 on September 30. The employee base included 35.8% women and 152 nationalities.

TCS employees have clocked 26.4 million learning hours till date this year and acquired 2.6 million competencies – including 350,000 high demand competences. The company had previously given a 12% to 15% hike for exceptional performers in its latest annual compensation review and also commenced the promotions cycle. In April this year, TCS rolled out its annual salary increase across the workforce.

“Our strategy of proactively hiring bright freshers and investing in training them with the right skills is paying off. With that talent coming on stream and with reduced attrition, we were able to recalibrate our gross additions, keeping it below the departures during the quarter, driving up productivity and enhancing project outcomes," said Chief HR Officer Milind Lakkad. India's second most valuable company by market capitalisation saw revenue rise 7.9% and made significant inroads into overseas markets during the quarter.

Analysts had widely expected India's largest software service exporter to report single-digit revenue and profit growth owing to a challenging global economic outlook. The board also approved its fifth share buyback in six years at a spend of $2.04 billion with a 15% premium. (With inputs from agencies) "Exciting news! Mint is now on WhatsApp Channels