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Report shows TCS headcount decreased by more than 13,000 in the last fiscal year

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

In a recent report by Business Standard, Tata Consultancy Services (TCS) has disclosed a significant decrease in its headcount for the third consecutive quarter, marking the first occurrence in 19 years. The company’s current total employee base stands at 6,01,546, reflecting a decline of over 13,000 employees.

According to the report, TCS witnessed a reduction of over 13,000 employees in the previous fiscal year, with a sequential decrease of 1,759 employees. In comparison to the financial year 2023-24, TCS had a headcount of 614,795 with a net addition of 22,600 employees throughout the year. This is a notable contrast to fiscal 2022, where TCS added 103,546 employees.

Milind Lakkad, the Chief Human Resources Officer (CHRO) of TCS, mentioned that the company is in the process of determining the number of freshers to be recruited for the financial year 2024-25, aiming for around 40,000 new hires. The TCS National Qualified Test will soon commence to facilitate direct recruitment of students.

In the latest financial report, TCS reported a nine percent growth in net profit, amounting to ₹12,434 crore in the January-March quarter of FY24, primarily driven by strong domestic business performance. Despite facing challenges in overseas markets, TCS witnessed a nine percent increase in net profit for the entire fiscal year, reaching ₹45,908 crore. Additionally, the revenue surged to ₹2,40,893 crore from ₹2,25,458 crore the previous year.

While North America and continental Europe experienced declines in revenues, TCS’s domestic business displayed significant growth, contributing to a 3.5 percent increase in revenues to ₹61,237 crore during the quarter. TCS CEO K Krithivasan expressed optimism for the upcoming fiscal year, stating that FY25 is expected to outperform FY24.

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