TCS sets a record by hiring over 1 lakh employees in FY22.
Tata Consultancy Services noted, “In Q4, TCS added 35,209 employees on a net basis, the highest ever net addition in a quarter.”
However, the firm’s attrition soared to 17.4% during the quarter.
The rise in attrition soared from 8.6% in early 2022 and 11.9% in December’s 2021 quarter.
TCS hires over 1 lakh employees and sets a record
The total number of employees hired by TCS by March-end 2022 was 5,92,195.
Furthermore, the employees varied across 153 nationalities, with 35.6% being women.
On Monday, TCS reported its fourth quarter ended March 31, 2022, soaring over 7% in its consolidated net profit at Rs 9,926 cr.
TCS’s rising attrition concerns
Compared to three months ago of Rs 43,705 cr, the IT major’s revenue for the quarter under review soared to Rs 50,591 cr.
The increase recorded soared to nearly 16%.
Furthermore, TCS posted earnings per equity share at Rs 26.85 in Q4 FY22 compared to Rs 24.97 in last year’s quarter.
Kotak Institutional Equities said that the talent shortage is likely to continue even as the industry added a record number of freshers.
“We expect attrition to start moderating and ease off by 2HFY23 given strong hiring plans of companies.”
However, TCS seems confident about addressing supply challenges given the fresher supply.
TCS’s continued growth
TCS reported Rs 191,754 cr in revenue for the fiscal soaring 16.8% y-o-y.
Moreover, TCS added a record incremental revenue of $3.5 billion.
Furthermore, the company signed the highest every order book of $11.3 billion in the year’s fourth quarter.
However, for the year, it stood at $34.6 billion.
Chief Executive Officer and Managing Director Rajesh Gopinathan said, “We are closing FY22 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.”
As TCS hired 1,03,546 employees in the first three-quarters of FY22, they hired 68,000 freshers, above the hiring target of 55,000.