India’s top three IT companies’ headcount drops by 16,162 in September quarter
These companies said they are not backfilling most attrition, which is in the 14% range on the past 12-month basis for them.
Shares of Tata Consultancy Services declined over 4 per cent in morning trade on Tuesday as the company’s March quarter earnings failed to cheer investors.
The stock tumbled 4.36 per cent to Rs 3,100.05 on the BSE.
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At the NSE, it dipped 4.51 per cent to Rs 3,100.
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The country’s largest tech exporter TCS on Monday reported a 14.9 per cent jump in its consolidated net profit for the March quarter to Rs 9,246 crore on higher profit margins and revenue growth.
It posted a marginal increase in reported post-tax profit at Rs 32,430 crore for FY21, despite a 4.6 per cent jump in revenue to Rs 1.64 lakh crore in the last fiscal.
The company, a cash-cow for the over USD 100 billion Tata Group, said it is optimistic from a demand perspective and is targeting to grow the topline in double-digits in the next few years.
TCS chief executive and managing director Rajesh Gopinathan on an analyst call said that FY22 will be an “aberration” from a revenue growth perspective, hinting at the low base throwing up a higher growth number.
Its overall revenues in Q4 FY21 stood at Rs 43,705 crore, 9.4 per cent higher when compared to the year-ago quarter’s 39,946 crore, and the operating profit margin widened by 0.2 per cent to 26.8 per cent.
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