How top Indian IT companies Infosys and TCS are fighting attrition
2 years, 6 months ago

How top Indian IT companies Infosys and TCS are fighting attrition

Live Mint  

Attrition rates have been high across IT companies through the last few quarters as demand for technology talent with digital skills continued to outstrip supply with increasing labor costs. “The companies have taken various measures such as offering competitive compensation, improving employee engagement, employee wellbeing, reskilling, and providing better opportunities to acquire and retain talent. Though attrition remained elevated, companies are seeing some moderation in attrition on a quarterly annualized basis,” said domestic brokerage and research firm Motilal Oswal in a note. With attrition moderating, an improvement in pricing, lower dependency on sub-contractors, higher fresher additions, and strong operating leverage, both companies should be able to sustain margins going forward.

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History of this topic

Infosys, LTIM, HCLTech, TCS: Why IT stocks are tumbling today
3 weeks, 6 days ago

Infosys, LTIM, HCLTech, TCS: Why IT stocks are tumbling today

India Today  

Shares of leading Indian IT companies faced significant pressure on Thursday, with stocks like Infosys, TCS, HCLTech, Tech Mahindra, LTIMindtree, and LTTS declining by 2-4%. This raised doubts about the pace of interest rate cuts by the US Federal Reserve, with traders now estimating a 65% chance of a rate cut next month. "The inflation numbers have renewed fears of …

This US tech firm is now bigger than some Indian IT companies. Here's how
1 month, 1 week ago

This US tech firm is now bigger than some Indian IT companies. Here's how

Live Mint  

US technology services firm EPAM Systems has emerged bigger than LTIMindtree Ltd and grown faster than Tech Mahindra Ltd with a simple hack: doubling its employee strength in India. In this period, Tech Mahindra, India’s fifth-largest information technology services provider by revenue, recorded a growth rate of 0.32%, reaching a revenue of $1.6 billion at the end of July-September 2024 …

MCap of top 8 companies slides ₹1.28 lakh crore, TCS and Infosys biggest losers among top 10 most valued companies
4 months, 3 weeks ago

MCap of top 8 companies slides ₹1.28 lakh crore, TCS and Infosys biggest losers among top 10 most valued companies

Live Mint  

Eight out of the top 10 most valued companies in India collectively lost ₹1,28,913.5 crore in market value last week, PTI reported. IT major TCS' value shrunk by ₹37,971.83 crore to ₹ ₹15,49,626.88 crore, making it the single biggest laggard among the top 10 companies. Further, telecom major Bharti Airtel's value declined by ₹11,821.5 crore to ₹ ₹8,50,389.88 crore; followed …

India's top 5 IT firms continue headcount decline for 7th straight quarter
4 months, 3 weeks ago

India's top 5 IT firms continue headcount decline for 7th straight quarter

Business Standard  

TCS led the ranking with total 606,998 employees, while Infosys came in second with 315,332 employees For the seventh consecutive quarter, India’s top five IT services firms have experienced a decline in headcount. The news report quoted Deepti S, business head of technology staff augmentation at staffing company Xpheno saying, “The gradual slowdown of the degrowth with the quantum of …

Market capitalisation of six of top-10 valued firms jumps ₹1.85 lakh crore; LIC, Infosys biggest winners
4 months, 3 weeks ago

Market capitalisation of six of top-10 valued firms jumps ₹1.85 lakh crore; LIC, Infosys biggest winners

The Hindu  

The combined market valuation of six of the top 10 valued firms jumped ₹1,85,186.51 crore last week, with Life Insurance Corporation of India and Infosys emerging as the biggest gainers. The market capitalisation of Tata Consultancy Services jumped from ₹30,826.1 crore to ₹15,87,598.71 crore and that of Bharti Airtel climbed from ₹30,282.99 crore to ₹8,62,211.38 crore. HDFC Bank’s valuation rallied …

TCS share price jumps after Q1 results, brokerages say 'worst is over' for the stock
5 months, 1 week ago

TCS share price jumps after Q1 results, brokerages say 'worst is over' for the stock

Hindustan Times  

Tata Consultancy Services' shares gained today after India's top IT services firm reported first-quarter results which signalled early signs of revival for the sector. TCS' growth across all verticals, excluding telecom, coupled with net hiring at a seven-quarter high, are signs of a revival, Jefferies said after TCS Chief Executive K Krithivasan said that he expects FY25 to be better …

TCS Q1 Results Beat Estimates: Net Profit Up 9% to Rs 12,040 Crore, Rs 10 Dividend Declared
5 months, 1 week ago

TCS Q1 Results Beat Estimates: Net Profit Up 9% to Rs 12,040 Crore, Rs 10 Dividend Declared

News 18  

Tata Consultancy Services, India’s largest IT services company, on Thursday reported a 9 per cent rise year-on-year in its consolidated net profit to Rs 12,040 crore for first quarter of the financial year 2024-25 ended June 30. “We would like to inform you that at the Board Meeting held today, the Directors have declared an interim dividend of ₹ 10 …

More job losses? 10,000 freshers from major IT firms Infosys, Wipro and TCS await onboarding: Report
6 months, 1 week ago

More job losses? 10,000 freshers from major IT firms Infosys, Wipro and TCS await onboarding: Report

Live Mint  

India's major IT sector is causing major onboarding delay issues for freshers. The IT employee union Nascent Information Technology Employees Senate data revealed that at least 10,000 freshers who were offered jobs in the past two years have not yet been onboarded by IT companies, Times of India reported. As per the report, Harpreet Singh Saluja, the President of the …

Silent layoffs in Indian IT sector affect over 20,000 techies: Which companies cut most jobs?
6 months, 3 weeks ago

Silent layoffs in Indian IT sector affect over 20,000 techies: Which companies cut most jobs?

Hindustan Times  

India’s IT sector laid off around 20,000 techies during the calendar year 2023, in a manner known as a “silent layoff,” according to data shared by All India IT & ITeS Employees' Union, as reported by Moneycontrol. A “silent layoff” refers to a situation where employees are let go or have their employment terminated in a discreet or unannounced manner, …

Job growth in IT sector may come back in 2nd half of FY25
8 months ago

Job growth in IT sector may come back in 2nd half of FY25

New Indian Express  

BENGALURU: The IT sector has been witnessing a decline in employee headcount for at least five quarters now, but projections suggest a notable increase in hiring activity, with expectations of an 8-10% rise in recruitment throughout this calendar year. “The overall hiring landscape within the IT industry is forecasted to experience a surge of 12-15% in CY2024, driven primarily by …

In a first in 20 years, TCS, Infosys, Wipro together report huge loss in employee strength in FY24 - 63,759
8 months ago

In a first in 20 years, TCS, Infosys, Wipro together report huge loss in employee strength in FY24 - 63,759

Hindustan Times  

In an eye-ball grabbing figure, employee loss by the top 3 IT companies in India, TCS, Infosys and Wipro, for the full-year together stands at 63,759. Wipro's FY24 employee strength was 2,34,054 as on March 2024 - 9.1 per cent lower than the year-ago period. Wipro Q4 results Notably, today, the Bengaluru headquarered IT major, Wipro reported a 7.8 per …

Infosys Q4 results announcement soon; revenues to margins, here is what to expect
8 months, 1 week ago

Infosys Q4 results announcement soon; revenues to margins, here is what to expect

Hindustan Times  

After the largest IT services company in India, Tata Consultancy Services last week, now it is the turn of the next tech biggie, Infosys, to reveal its 4th quarterly numbers and that will happen this week on April 18. Expectations are that revenue may drop sequentially, EBIT margins are likely to stay flat. Infosys net profit is likely to be …

TCS headcount dropped by over 13,000 in the previous fiscal: Report
8 months, 1 week ago

TCS headcount dropped by over 13,000 in the previous fiscal: Report

Hindustan Times  

Information technology giant Tata Consultancy Services has reported a slump in its headcount for the third consecutive quarter, a first in 19 years. In fiscal 2022, TCS had added 103,546 employees, while the number stood at 40,185 employees in FY21 As per the report, TCS headcount dropped by over 13,249 for the financial year, and on a sequential basis, the …

TCS salary hike: Offsite employees may get 7-8%, onsite much less appraisal while top performers can expect this
9 months ago

TCS salary hike: Offsite employees may get 7-8%, onsite much less appraisal while top performers can expect this

Hindustan Times  

Tata Consultancy Services may increase the salaries for its offsite employees by an average of 7-8 percent and for its onsite employees 2-4 percent in 2024-25, it was reported. TCS salary hike: A man walks past a logo of Tata Consultancy Services before a press conference. A source quoted by the report said, “The salary increment process is nearing completion, …

TCS offers Rs 40,000 incentives for rapid hiring, requires 6-month continuity
9 months, 1 week ago

TCS offers Rs 40,000 incentives for rapid hiring, requires 6-month continuity

India TV News  

Tata Consultancy Services has rolled out the 'Quick Joiner Incentive Plan' under which the company offers candidates an additional Rs 40,000 for senior roles with the concern that they join within a month. Earlier, the company ruled out cutting down on hiring, saying it has no plans of doing so but it may have to pace hiring according to the …

TCS, Infosys, other IT majors add $22 bln in market value in 2 sessions: Report
11 months, 1 week ago

TCS, Infosys, other IT majors add $22 bln in market value in 2 sessions: Report

Live Mint  

With last quarter's higher-than-expected sales surprising investors and improving the outlook for the industry, shares of Indian software giants got off to a roaring start in the new year. The four major software companies have added roughly $22 billion in market value in just two trading sessions since Thursday, when the earnings season began, led by industry heavyweights Tata Consultancy …

TCS Q3 Results: Net Profit Rises 8.2% To Rs 11,735 Crore, Revenue Up 4%; Rs 18 Special Dividend Declared
11 months, 1 week ago

TCS Q3 Results: Net Profit Rises 8.2% To Rs 11,735 Crore, Revenue Up 4%; Rs 18 Special Dividend Declared

News 18  

Tata Consultancy Services, India’s largest IT services company, on Thursday posted a growth of 8.2 per cent year-on-year in its net profit to Rs 11,735 crore for the third quarter ended December 2023. Its revenue during October-December 2023 rose 4 per cent year-on-year to Rs 60,583 crore driven by strong double-digit growth in emerging markets, led by India. “We would …

TCS, Infosys, Wipro, HCL Tech: Hiring In IT Sector To Remain Slow For 2-3 Quarters, Says Report
1 year ago

TCS, Infosys, Wipro, HCL Tech: Hiring In IT Sector To Remain Slow For 2-3 Quarters, Says Report

News 18  

IT companies in India, including TCS, Infosys, HCL Tech and Wipro, have hired fewer employees in the past four quarters, due to demand slowdown, reduction in attrition levels and excessive hiring during the pandemic, according to a report by ratings agency ICRA. However, the average last twelve-month attrition for IT companies declined to 14 per cent as of September 2023, …

Market capitalisation of top 10 companies decreases: TCS, Infosys erode most
1 year, 1 month ago

Market capitalisation of top 10 companies decreases: TCS, Infosys erode most

Live Mint  

The combined market valuation of four leading firms in the top-10 list decreased by ₹23,417.15 crore last week, with Infosys and Tata Consultancy Services facing significant declines, PTI reported. While, fellow sector player TCS saw a decline of ₹6,604.59 crore in its market valuation, reaching ₹12,19,488.64 crore. Followed by fellow banking sector major ICICI Bank, which added ₹3,520.92 crore, reaching …

Infosys Q2 net rises 3.2%, firm lowers revenue growth guidance
1 year, 2 months ago

Infosys Q2 net rises 3.2%, firm lowers revenue growth guidance

The Hindu  

Tech major Infosys reported a 3.17% increase in second-quarter net profit to ₹6,212 crore, and revised revenue growth guidance for this fiscal to 1% to 2.5% against the earlier estimate of 1% to 3.5%. “With large wins in the last two quarters, we are winning market share in the areas of cost and efficiency,” CEO and MD Salil Parekh said …

TCS Q2 Results: Net Profit Rises 8.7% YoY To Rs 11,342 Crore, Rs 9 Interim Dividend Declared
1 year, 2 months ago

TCS Q2 Results: Net Profit Rises 8.7% YoY To Rs 11,342 Crore, Rs 9 Interim Dividend Declared

News 18  

Tata Consultancy Services, India’s largest IT services company, on Wednesday kick-started India’s Q2FY24 earnings season. The company posted an 8.73 per cent growth in its net profit to Rs 11,342 crore for the September 2023 quarter. The board of directors also approved a proposal to buyback up to Rs 4,09,63,855 equity shares of the company for an aggregate amount not …

Infosys shares tumble 10% after cut in full-year revenue guidance; mcap falls by ₹43,776 crore
1 year, 5 months ago

Infosys shares tumble 10% after cut in full-year revenue guidance; mcap falls by ₹43,776 crore

The Hindu  

Shares of Infosys tanked nearly 10% on Friday morning after the company reported a lower-than-expected 11% rise in net profit for the June quarter and slashed its FY24 growth outlook. Infosys on Thursday reported a lower-than-expected 11% rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5%t on delayed …

Infosys attrition rate drops in Q1, employee headcount falls marginally
1 year, 5 months ago

Infosys attrition rate drops in Q1, employee headcount falls marginally

Live Mint  

IT services company Infosys on Thursday declared its Q1 results. The firm also shared an update on the attrition rate at the company which has shown an improvement and stands at 17.3% at the end of June 2023 quarter. Attrition eased to 17.3 per cent from 20.9 per cent in the March quarter and 28.4 per cent in the year-ago …

TCS gives 12 to 15 per cent salary hikes to best performing employees, commences promotion cycle
1 year, 5 months ago

TCS gives 12 to 15 per cent salary hikes to best performing employees, commences promotion cycle

India Today  

It’s the appraisal season and some IT companies have started rolling out hikes. While some companies like Infosys and HCLTech have deferred salary hikes, TCS has given good pay raises to employees. As per ET Markets report, Tata Consultancy Services has decided to give its employees a raise in salary, even though it caused a slight drop in the amount …

TCS Q1 Results: Net profit jumps 16% on year to ₹11,074 cr; declares dividend
1 year, 5 months ago

TCS Q1 Results: Net profit jumps 16% on year to ₹11,074 cr; declares dividend

Live Mint  

Information Technology services major, Tata Consultancy Services Ltd on Wednesday reported an 16.84% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June to ₹11,074 crore. The IT company's consolidated revenue from operations stood at ₹59,381 crores during the quarter ended June from ₹52,758 crore in Q1FY23. The company's consolidated total income for the quarter ended …

Krithivasan takes charge as TCS CEO
1 year, 6 months ago

Krithivasan takes charge as TCS CEO

Live Mint  

K. Krithivasan, who was unveiled as the chief executive officer-designate for Tata Consultancy Services on 16 March, will on Thursday assume full-time charge of India’s largest information technology services firm by market cap. Ruchi Mukhija, vice-president at financial services firm Elara Capital, said, “With Krithivasan being an internal person, combined with how we’ve seen TCS handle past leadership changes, we …

IT firms may see a sharp decline in attrition rate
1 year, 8 months ago

IT firms may see a sharp decline in attrition rate

Live Mint  

India’s software services companies are expected to see a sharp drop in attrition rates in the coming quarters, from the current 20%-plus to as low as 16%, as the impact of hiring freezes and retrenchments takes effect. This slowdown of hiring started from November 2020 onwards and will continue to till September 2023,” said Saran Balasundaram, founder of HanDigital, a …

TCS HR head says top performing employees will get 10 - 12 per cent salary hike this year
1 year, 8 months ago

TCS HR head says top performing employees will get 10 - 12 per cent salary hike this year

India Today  

One of India's largest IT firm, Tata Consultancy Services, is planning to give a salary hike of 12-15 per cent this year to its top-performing employees in an effort to retain them. TCS hopes that this move, along with the slowdown in the job market, will reduce attrition from the current 20 per cent to 13-14 per cent in the …

TCS to give 12-15% salary hikes to top performers
1 year, 8 months ago

TCS to give 12-15% salary hikes to top performers

Live Mint  

Mumbai: Tata Consultancy Services Ltd, India’s largest IT firm, is set to give its top-performing employees a 12-15% salary hike to keep them on board. Despite a shrinking job market in the IT sector, TCS hired 44,000 from campuses last fiscal year and plans to hire another 40,000 in the current fiscal. TCS saw attrition of 21.3% in the December …

Infosys Q4 Results Today: After TCS results, 5 key metrics to watch out for
1 year, 8 months ago

Infosys Q4 Results Today: After TCS results, 5 key metrics to watch out for

Live Mint  

Infosys, an IT company, is slated to announce its fourth-quarter earnings for FY23 today, which may be impacted by seasonal weakness and macroeconomic uncertainties. Revenue growth According to media reports, Infosys is anticipated to experience a revenue growth of approximately 1-2.4 per cent, which may be hindered by macroeconomic challenges. During the third quarter, Infosys experienced a decrease in attrition, …

TCS attrition continues to lower at 20.1%, net addition of 821 employees in Q4
1 year, 8 months ago

TCS attrition continues to lower at 20.1%, net addition of 821 employees in Q4

Live Mint  

IT bellwether Tata Consultancy Services has made a net addition of 821 in its employees' headcount for the quarter ended March 2023 period. This would be a net reduction of 2,197 employees compared to a headcount of 616,171 employees in the September 2022 quarter. During the September 2022 quarter, TCS made the second highest hiring among its peers after Infosys …

India IT services biz set to sink to three-year lows in March qtr
1 year, 8 months ago

India IT services biz set to sink to three-year lows in March qtr

Live Mint  

NEW DELHI : Homegrown IT services firms are likely to close the last financial year on a sombre note, with analysts predicting three-year lows for the sector on various metrics such as deal bookings and revenue growth. The March quarter performance could also set the tone for FY24, in which experts expect deferred deals for the industry leading to slower …

IT giant TCS not looking at layoffs, likely to announce hikes for employees soon
1 year, 10 months ago

IT giant TCS not looking at layoffs, likely to announce hikes for employees soon

Live Mint  

Amidst layoffs over the world especially from tech biggies, Indian IT giant, Tata Consultancy Services is not considering the same. While shunning the layoff plan, TCS chief Human Resources officer Milind Lakkad on Sunday hinted that the company will be announcing hikes that will be similar to earlier years. Whereas TCS, he cited as "cautious", believes that once staff member …

Watch | Business Matters: Will global layoffs jolt India’s IT industry?
1 year, 10 months ago

Watch | Business Matters: Will global layoffs jolt India’s IT industry?

The Hindu  

There has been a slew of layoff announcements in the Western corporate world these past months, gathering pace over recent weeks. E. Balaji, currently Global chief HR officer at TVS Supply Chain Solutions, who has also been a senior leader in the manpower placement industry for more than a decade prior to this position, says fear of reputation loss and …

’Uncertain times ahead..’: Jefferies on Indian IT companies
1 year, 11 months ago

’Uncertain times ahead..’: Jefferies on Indian IT companies

Live Mint  

A sharp slowdown in net hiring, muted growth outlook in 4Q and a potentially slower conversion of bookings to revenues points to a sharp growth moderation for Indian IT firms, highlighted Jefferies in a note on Indian IT firms who sees ‘uncertain times ahead’ for the sector. “After the Q3 results so far, the brokerage house expects aggregate revenue for …

Infosys attrition rate drops in Q3, net employee addition slows down
1 year, 11 months ago

Infosys attrition rate drops in Q3, net employee addition slows down

Live Mint  

Infosys has announced its financial results for the third quarter ending December 31, 2022 period. During Q3, the IT giant continued to record a sharp decline in its attrition rate, however, its net addition of employees slowed down drastically on a quarter-on-quarter basis. As per the regulatory filing, Infosys' attrition rate of IT services stood at 24.3% in the December …

TCS’ employees count goes down. What the management says
1 year, 11 months ago

TCS’ employees count goes down. What the management says

Live Mint  

Apart from missing estimates in terms of profitability, IT giant Tata Consultancy Services surprisingly also reduced its employees' headcount for the third quarter ending December 31, 2022 period. During the September 2022 quarter, TCS made the second highest hiring among its peers after Infosys with a net addition of 9,840 employees compared to the June 2022 quarter where headcount stood …

TCS’ attrition rate inches lower to 21.3% in Q3, employees headcount dips
1 year, 11 months ago

TCS’ attrition rate inches lower to 21.3% in Q3, employees headcount dips

Live Mint  

IT giant Tata Consultancy Services' attrition rate for the quarter ending December 31, 2022, inched lower to 21.3%. TCS had made the second highest hiring among its peers after Infosys in Q2FY23 with a net addition of 9,840 employees compared to the June 2022 quarter where headcount stood at 606,331 employees. Coming to IT services attrition, the Tata Group-backed company …

Amid slowdown & rising caution, will IT firms deliver another weak quarter?
1 year, 11 months ago

Amid slowdown & rising caution, will IT firms deliver another weak quarter?

Live Mint  

Indian IT stocks underperformed in 2022 amid warnings of a potential slowdown in business on global recession fears and earnings downgrades. The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing growth momentum led by uncertainties in the US and UK. The brokerage expects large caps to outperform …

Cooling hiring frenzy is good news for IT firms
2 years ago

Cooling hiring frenzy is good news for IT firms

Live Mint  

High attrition rates have been a headache on the margin front for Indian information technology services providers. Industrial policy eyes forex pile for finance Cartels may get to settle cases without admitting offence A further sequential moderation would be on the back of a slowdown in hiring trends. In Q2, net employee hiring for IT services companies halved year-on-year to …

If you have Indian IT stocks, should tech layoffs worry you?
2 years ago

If you have Indian IT stocks, should tech layoffs worry you?

Live Mint  

Many major US IT companies felt the burn of macroeconomic headwinds and prepared by trimming their employee strength through massive layoffs to improve margins. However, the revenue of the major Indian IT companies in the last quarter was consistent with the estimates with healthy outlook commentary, as per analysts. Going forward, healthy deals in the areas are estimated to drive …

Infosys, TCS shares: Why BNP Paribas is bullish on these 2 Indian IT stocks
2 years, 1 month ago

Infosys, TCS shares: Why BNP Paribas is bullish on these 2 Indian IT stocks

Live Mint  

The BNP Paribas IT services industry outlook index indicates that near-term revenue growth outlook remains strong, helped by strong deal wins. “Downside risks to the DCF-based TP are sharper-than-expected decline in global economic activity and GDP growth, margin pressure from increased competition, sustained INR appreciation vs the USD, and current cost inflation seen by IT services companies not getting fully …

TCS, Infosys, Wipro, HCL Tech Face High Attrition Rates; Know What Experts Say On The Issue
2 years, 2 months ago

TCS, Infosys, Wipro, HCL Tech Face High Attrition Rates; Know What Experts Say On The Issue

News 18  

IT companies — Tata Consultancy Services, Infosys, Wipro and HCL Tech, among others — are facing high attrition rates and the IT sector’s average attrition rate is currently as high as 25 per cent. HCL Tech’s attrition remained at 23.8 per cent in Q2FY23, TCS attrition rate in IT services was 21.5 per cent during the September 2022 quarter. Wipro’s …

TCS Adds Net 9,840 Employees in Q2FY23, Lower Than Q1; Attrition Rate Continues To Rise
2 years, 2 months ago

TCS Adds Net 9,840 Employees in Q2FY23, Lower Than Q1; Attrition Rate Continues To Rise

News 18  

India’s largest IT services company Tata Consultancy Services on Monday reported a net addition of 9,840 employees during July-September 2022. TCS has been meeting demand for services around new technologies by continually investing in organic talent development,” TCS said in a BSE filing on Monday. Its attrition rate in IT services stood at 21.5 per cent during the September 2022 …

TCS Q2: Net profit rises by 8.3% to ₹10,431 cr
2 years, 2 months ago

TCS Q2: Net profit rises by 8.3% to ₹10,431 cr

Live Mint  

The country's largest software services firm, Tata Consultancy Services, on Monday reported a 8.3 per cent rise in consolidated net profit to ₹10,431 crore for the September 2022 quarter. This is against a net profit of ₹9,624 crore in the year-ago period, TCS said in a regulatory filing. The consolidated revenue of the IT major grew by 18 per cent …

TCS attrition rate spikes to 21.5%, adds 9,840 new employees in Q2FY23
2 years, 2 months ago

TCS attrition rate spikes to 21.5%, adds 9,840 new employees in Q2FY23

Live Mint  

IT services firm Tata Consultancy Services saw attrition for the September quarter come in at 21.5%. While announcing its results for the second quarter of FY23, TCS' workforce stood at 616,171, a net addition of 9,840 employees during the quarter. In the June quarter, TCS had said that the rate of attrition was at 19.7% while in the March quarter, …

IT Hiring Likely To Be Cut By 20% In Next Financial Year 2023-24, Says Report
2 years, 2 months ago

IT Hiring Likely To Be Cut By 20% In Next Financial Year 2023-24, Says Report

News 18  

After a hiring boom in the software services sector during the pandemic, companies are likely to cut campus and entry-level hiring by as much as 20 per cent in the next financial year 2023-24, according to a livemint report. In the June 2022 quarter, TCS’ attrition rate stood at 19.7 per cent on a last twelve-month basis. The attrition rate …

TCS, Infosys Downgraded By Goldman Sachs From 'Buy' To 'Sell', Wipro Upgraded; Check Details
2 years, 3 months ago

TCS, Infosys Downgraded By Goldman Sachs From 'Buy' To 'Sell', Wipro Upgraded; Check Details

News 18  

Goldman Sachs has downgraded India’s major IT services companies Tata Consultancy Services and Infosys from ‘buy’ to ‘sell’ citing a potential slowdown in their dollar revenue growth amid impending global macroeconomic stress. For the June 2022 quarter, TCS reported a consolidated net profit of Rs 9,478 crore, a jump of 5.2 per cent on a year-on-year basis. The company’s revenue …

Indian IT firms cut staff bonuses as U.S., European clients tighten budgets
2 years, 3 months ago

Indian IT firms cut staff bonuses as U.S., European clients tighten budgets

The Hindu  

India's top IT services firms are freezing or cutting staff bonuses, worried that tightening budgets at U.S. and European clients who are bracing for a recession will sharply hit their own profits after a pandemic-led boom. Infosys Ltd., India's second-biggest IT company, and smaller rival Wipro recently told their employees they reduced the variable pay portion of employee compensations, according …

Tech Mahindra’s attrition rate to ease further, says CP Gurnani
2 years, 4 months ago

Tech Mahindra’s attrition rate to ease further, says CP Gurnani

Live Mint  

IT investors have been concerned about the elevated attrition levels that listed Indian technology firms are witnessing amid robust demand. Large cap IT companies Infosys Ltd, Tata Consultancy Services Ltd and HCL Technologies Ltd saw a futher increase in attrition rate in Q1FY23. The company saw attrition rate, measured on the last 12 months basis come down by 200 basis …

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