10.4 C
Thursday, June 1, 2023

100,000 TCS Employees Quit In 90 Days As Attrition Soars To 17.4%

TCS reported its consolidated financial results for the quarter ending 31 March 2022 in accordance with Ind AS and IFRS.

The TCS order book TCV in Q4 was $11.3 billion, while the TCS order book TCV in FY22 was $34.6 billion.

FY 2021-22 Highlights 

TCS added 10 clients in the $100Mn+ bucket, 19 in the $50Mn+ bucket, 40 in the $20Mn+ bucket, and 52 in the $10Mn+ bucket during the FY 2021-22.

Based on employee metrics, net addition amounted to 103,546 employees, with a total headcount of 592,195.

Diversity was at 153 nationalities with 35.6% women, and IT Services Attrition (LTM) came in at 17.4%.

TCS has acquired 3.5 million digital competencies, as well as crossing the 50,000 mark for Contextual Masters.

During this time period, the iT maor has achieved $ 5.257 billion Free Cash Flow. Over $ 4.179 billion of cash returned to shareholders through buybacks and dividends.

Quarter Ended March 31, 2022 Highlights

During this time Operating Margin stood at 25% and Net Margin at 19.6% with Net Income at $1.314 billion, +3.7% YoY.

This quarter saw a strong cash conversion with operating cash flow 111.3% of net income.

Further, the net addition of 35,209 employees is the highest ever in a quarter.

During this time, the IT service provider is recognized as the 2022 Global Top Employer for the seventh year in a row by the Top Employers Institute.

Besides this, TCS also Ranked #1 in India Top Company by LinkedIn, #11 in Australia and #19 in the Netherlands, among the best workplaces for career growth.

Also the company has Ranked #3 in the BT-Taggd survey of the Best Companies to Work For in India.

Other Achievement In FY 22

The IT maor has applied for 6,583 patents, including 187 applied during the quarter, and has been granted 2,287 patents, as on March 31, 2022.

Out of that TCS filed for 704 patents and was granted 437 in FY 22.

It seems that TCS’ focus on organic talent development continues to produce best in class outcomes.

Further, the company’s investments in learning and development resulted in the workforce acquiring 3.5 million digital competencies for the full year.

During this year, IT services attrition continued to climb, reaching 17.4% but the incremental attrition has moderated.

According to the company’s management, the attrition rate is cooling off and may come down after a few quarters.

Latest news
Related news