TCS Records Positive Q1FY24 Results with 17.8% Attrition Rate and Net Addition of 523 Employees

Rajesh
0

Tata Consultancy Services (TCS), the renowned IT behemoth, recently released its April-June quarter results, showcasing a notable decline in its attrition rate to 17.8% compared to the previous quarter's 20.9%. Furthermore, TCS experienced substantial growth by adding 523 employees during Q1FY24. This blog post highlights the company's accomplishments, its commitment to employee development, and the positive financial indicators.

TCS Records Positive Q1FY24 Results with 17.8% Attrition Rate and Net Addition of 523 Employees

TCS' Attrition Rate Progress:

In Q4FY23, TCS' attrition rate stood at 20.9%, but it significantly dropped to 17.8% in Q1FY24, showcasing the company's ability to retain its talent pool. This improvement is commendable considering the high attrition rate of 28.4% in Q1FY23 and 27.1% in Q2FY23. These positive trends are expected to continue, with TCS aiming to regain its position as an industry leader in attrition rates during the second half of the year.

Employee Growth and Diversity:

As of June 30, 2023, TCS had a total workforce of 615,318 employees, and it welcomed 523 new employees during Q1FY24. The company takes pride in its diverse workforce, comprising individuals from 154 nationalities. Additionally, TCS has been committed to promoting gender diversity, with women accounting for 35.8% of its employee base.

Investment in Employee Upskilling:

TCS emphasizes the importance of continuous employee development and upskilling. During the quarter, TCS employees dedicated a remarkable 12.7 million learning hours to enhance their expertise in market-relevant skills such as generative AI, cloud computing, and data analytics. The company has also trained 103,000 employees in high-demand competencies since the beginning of the year, further enhancing their skill sets.

Financial Performance:

TCS reported impressive financial results for Q1FY24. Its net profit after tax (PAT) increased by 16.84% YoY, reaching Rs 11,074 Crores compared to Rs 9,478 Crores in Q1FY23. Moreover, the company's revenue from operations experienced a growth of 12.5% YoY, amounting to Rs 59,381 Crores in the June 2023 quarter, up from Rs 59,162 Crores in the corresponding quarter of FY23. In full FY23, TCS achieved consolidated revenue from operations of Rs 2,25,458 Crores and a net profit of Rs 42,147 Crores in 12MFY23.

Market Outlook and Dividend Announcement:

Despite a challenging environment in the IT industry, TCS outperformed many of its peers and announced an interim dividend of Rs 9 per share. This dividend payout demonstrates the company's strong financial position and its ability to provide returns to its shareholders. TCS' consistent growth and resilience have set a benchmark for the upcoming dividend payouts in the industry.

Conclusion:

TCS' Q1FY24 results indicate promising growth and stability. With a reduced attrition rate and significant employee additions, the company remains committed to talent retention and development. TCS' impressive financial performance and dividend announcement further reinforce its position as a market leader. Investors and industry analysts are keeping a close eye on TCS, recognizing its potential for future success.

Disclaimer: 

Please note that the above recommendations are made by market analysts and not by the author. The author cannot be held responsible for any financial losses resulting from decisions based on this article. It is advised to consult certified experts before making any investment decisions.

Also Read : Unveiling Cyient DLM: Exciting IPO to Launch on June 27 with Key Details

Post a Comment

0Comments
Post a Comment (0)