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TCS, Infosys, Wipro Report Rare Decline in Employee Numbers After 20 Years – 63,759 Job Losses in FY24

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

In a surprising development, India’s top three IT companies, TCS, Infosys, and Wipro, collectively reported a significant drop in employee strength for the full year, totaling a loss of 63,759 employees. This marks the first time in 20 years that the three companies have experienced a decline in headcount, as reported by MoneyControl.

Wipro revealed that they saw a decrease of 6,180 employees in the fourth quarter, with a total loss of 24,516 employees for the fiscal year. Their employee count for FY24 was 2,34,054, reflecting a 9.1% decrease from the previous year. Meanwhile, at TCS, the employee count for fiscal 2024 decreased by 13,249, with a loss of 1,759 employees in Q4.

Infosys experienced a significant decline as well, with a total loss of 25,994 employees, including 5,423 in Q4. The company’s employee headcount fell by 7.5% to 3,17,240 at the end of FY24 from 3,43,234 in FY23. Infosys CFO Jayesh Sanghrajka attributed the changes to a shift in their hiring model towards more agile campus hiring practices.

Additionally, Wipro reported a 7.8% year-on-year decline in consolidated net profit for the March quarter, totaling around ₹2834.6 crore. The company also provided a subdued revenue growth guidance for the June quarter. New Wipro CEO, Srinivas Pallia, emphasized the company’s readiness for the technological shift towards artificial intelligence.

In response to Wipro’s quarterly numbers, Sanjeev Hota, Head of Research at Sharekhan by BNP Paribas, acknowledged the continued decline in headcount and noted that while the quarterly results were mixed, the weaker-than-expected guidance was disappointing.

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