Tata Consultancy Services (TCS), the largest Information Technology (IT) services company in India, made record by hiring a whopping 103,546 employees in the financial year ended on March 31, 2022. Hiring was increased by 40,000 compared to FY21. TCS has added 35,209 employees on a net basis for the quarter ended in March. This was the highest ever net addition in any quarter and in any year, the IT behemoth added. The total number of employees stood at stood 592,195 at the biggest employer in India.
Commenting on this achievement, Milind Lakkad, chief HR Officer, said: “With the highest ever net addition this year, consistently highest talent retention, benchmark talent development metrics, continued focus on health and well-being and numerous industry awards, we have reaffirmed TCS’ position as the #1 employer of choice.”
TCS has added nearly 78,000 freshers in FY 22, up from 40,000 added in the last financial year.
“The Omicron Covid-19 wave and recent Russia/Ukraine war would have very limited impact on the performance of the IT companies. The work from home model continue to serve them well and they are planning to implement hybrid work model,” said YES Securities in a report earlier. “The company’s philosophy of investing in people, and its progressive workplace policies have resulted in
industry leading retention in an environment of increased churn,” the company said while announcing the financial results.
“Our continued investments in building newer capabilities, our passion for innovation, our contextual knowledge and most importantly, our self-belief have been key to this, and these position us very well for continued success ahead,” said N Ganapathy Subramaniam, chief operating officer and executive director.
Attrition at TCS
Attrition rate at TCS, however, remained high during the quarter under review. The attrition rate jumped to 17.4 per cent in the fourth quarter, against 11.9 per cent in the third quarter. The company mentioned that incremental attrition has moderated in the March quarter.
TCS Q4 Results
TCS reported a 7.35 per cent year-on-year rise in net profit to Rs 9,926 crore for the fourth quarter ended in March, 2022. The company posted a net profit of Rs 9,246 crore in the corresponding quarter last year. The consolidated revenue of TCS, jumped 16 per cent year-on-year to Rs 50,591 crore during the quarter under review. It was at Rs 43,705 crore in the corresponding quarter a year ago.
All verticals grew in the mid to high teens during fourth quarter. Growth was led by Retail and CPG (+22.1 per cent), Manufacturing vertical (+19 per cent) and Communications & Media (+18.7 per cent). Technology & Services grew (+18 per cent) and Life Sciences and Healthcare grew (+16.4 per cent) while BFSI grew (+12.9 per cent).
Rajesh Gopinathan, chief executive officer and Managing Director, said: “We are closing FY 22 on a strong note, with mid-teen growth and adding the maximum incremental revenue ever. Increasing participation in our customers’ growth and transformation journeys, and an all-time high order book provide a strong and sustainable foundation for continued growth ahead.”
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