The country’s largest IT services exporter Tata Consultancy Services (TCS) has ‘good news’ for existing and new employees. TCS’ chief human resources officer Milind Lakkad said that the company is maintaining the 40,000 freshers-hire target for FY24 and has already made 46,000 offers. Lakkad further added that TCS is honouring all the offers made. He, however, did concede that there are delays of one or two months in onboarding people.
As for the existing employees, the global HR head of TCS said that the salary revisions will be like usual, and the top performers will get a 12-15 per cent hike. Lakkad also said that the company will be paying the full variable pay to its associates for the fiscal.
Employee attrition during the fourth quarter was at 20.1 percent, up from 15.3 percent in the previous quarter. TCS, the largest private sector employer in the country with over 5 lakh payrolls, said that it has added a net of 821 employees during the quarter.
TCS posts 14.8% rise in net profit during Q4
TCS reported net profit of Rs 11,392 crore during the fourth quarter of the fiscal year 2023, a rise of 14.8 per cent. When compared to the year-ago period, the revenues jumped 16.9 per cent to Rs 59,162 crore. For FY23, the company reported a 17.6 per cent growth in revenues at Rs 2.25 lakh crore while the profit after tax was 10 per cent higher at Rs 42,147 crore. The company said that its operating margins stood at 24.5 per cent in the fourth quarter against 24.1 per cent a year ago.
Flags concerns over North America market
The company flagged worries from its key market of North America. Events like the fall of Silicon Valley Bank (SVB) and fears of a contagion have impacted client sentiments in North America and the banking, financial services and insurance sector in particular, leading to clients deferring spends, the Tata Group company said. Its outgoing CEO Rajesh Gopinathan said that the 0.6 per cent growth in the topline over the December quarter has been “weaker than anticipated” largely due to setbacks in North America. K Krithivasan, the CEO-designate who presently heads the BFSI vertical said that there has been a “greater rush” among clients to conserve cash and delay spends. The BFSI sector contributes a third of the company’s overall revenues. Krithivasan, the CEO and MD-designate from mid-March, will formally take over from the incumbent Gopinathan from June 1, the company said in a statement.
As for the existing employees, the global HR head of TCS said that the salary revisions will be like usual, and the top performers will get a 12-15 per cent hike. Lakkad also said that the company will be paying the full variable pay to its associates for the fiscal.
Employee attrition during the fourth quarter was at 20.1 percent, up from 15.3 percent in the previous quarter. TCS, the largest private sector employer in the country with over 5 lakh payrolls, said that it has added a net of 821 employees during the quarter.
TCS posts 14.8% rise in net profit during Q4
TCS reported net profit of Rs 11,392 crore during the fourth quarter of the fiscal year 2023, a rise of 14.8 per cent. When compared to the year-ago period, the revenues jumped 16.9 per cent to Rs 59,162 crore. For FY23, the company reported a 17.6 per cent growth in revenues at Rs 2.25 lakh crore while the profit after tax was 10 per cent higher at Rs 42,147 crore. The company said that its operating margins stood at 24.5 per cent in the fourth quarter against 24.1 per cent a year ago.
Flags concerns over North America market
The company flagged worries from its key market of North America. Events like the fall of Silicon Valley Bank (SVB) and fears of a contagion have impacted client sentiments in North America and the banking, financial services and insurance sector in particular, leading to clients deferring spends, the Tata Group company said. Its outgoing CEO Rajesh Gopinathan said that the 0.6 per cent growth in the topline over the December quarter has been “weaker than anticipated” largely due to setbacks in North America. K Krithivasan, the CEO-designate who presently heads the BFSI vertical said that there has been a “greater rush” among clients to conserve cash and delay spends. The BFSI sector contributes a third of the company’s overall revenues. Krithivasan, the CEO and MD-designate from mid-March, will formally take over from the incumbent Gopinathan from June 1, the company said in a statement.
Related Posts
Denial of responsibility! TechnoCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.
