India’s top 4 IT firms saw headcount drop by nearly 20,000 in Q1. Know more

Indian IT giants Wipro, Tech Mahindra, and Infosys lost nearly 20,000 employees in Q1 FY24, while Tata Consultancy Services saw a net addition of 523 employees.

Anwesha Mitra
First Published28 Jul 2023, 04:56 AM IST
An employees walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore
An employees walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore(REUTERS)

Indian biggest IT companies lost nearly 20,000 employees in the first quarter of FY24. According to Q1 data released over the past few days, three out of the countries four biggest tech companies - Wipro, Tech Mahindra and Infosys - lost employees in the quarter ended June 2023. Tata Consultancy Services meanwhile saw a net addition of 523 employees during the same period.

Infosys saw its attrition rate improve to stand at 17.3% at the end of June even as the company lost nearly 7,000 employees. According to a regulatory filing, the headcount of the employees at the firm stood at 3,36,294 at the end of June this year.

Wipro faced a similar scenario, losing nearly 9,000 employees even as voluntary attrition dropped to an 8-quarter low of 14% quarter-on-quarter. The IT services' voluntary attrition rate for the trailing 12-month period stood at 17.3%, compared to 19.4% QoQ.

In total Wipro's headcount declined by 8,812 in the June quarter - dropping from 258,570 at the end of FY23 to 249,758 at the end of Q1FY24.

Meanwhile reverses on the business front also impacted staffing at Tech Mahindra with the overall employee base declining by more than 6% when compared to the year-ago period. The the attrition rate however improved to 13% from the 23% in the year-ago period and 15% in the quarter-ago period.

In total the company appears to have lost 4,103 employees in the last quarter. The headcount - including software and professionals, BPO professionals, and sales and support - stood at 1,48,297 for the quarter ended June 30.

Only four of the well known Indian IT majors ended the quarter with headcount additions: Tata Consultancy Services, L&T Technology Services, Persistent, and Coforge

“Our attrition continues to trend down and we expect it to be back in our industry-leading, long term range in the second half of the year,” said TCS Chief HR Officer Milind Lakkad earlier this week.

India's largest software services exporter announced its April-June quarter results in mid-July, revealing that its attrition rate had declined to 17.8% for the last 12 months.

According to a regulatory filing the IT major added 523 people during the quarter, bringing its total workforce up to 6,15,318 on June 30. 

(With inputs from agencies)

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:28 Jul 2023, 04:56 AM IST
HomeCompaniesNewsIndia’s top 4 IT firms saw headcount drop by nearly 20,000 in Q1. Know more

Most Active Stocks

Bharat Electronics

313.50
03:59 PM | 18 JUL 2024
-12.85 (-3.94%)

Oil & Natural Gas Corporation

331.20
03:59 PM | 18 JUL 2024
8.8 (2.73%)

Zee Entertainment Enterprises

142.45
03:59 PM | 18 JUL 2024
-13 (-8.36%)

Tata Steel

166.35
03:56 PM | 18 JUL 2024
-0.7 (-0.42%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

India Cements

344.75
03:54 PM | 18 JUL 2024
21.7 (6.72%)

IDBI Bank

92.19
03:59 PM | 18 JUL 2024
4.27 (4.86%)

Endurance Technologies

2,679.00
03:29 PM | 18 JUL 2024
102.4 (3.97%)

Gillette India

8,002.75
03:29 PM | 18 JUL 2024
275 (3.56%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,099.00-147.00
    Chennai
    74,659.00-440.00
    Delhi
    74,512.00-294.00
    Kolkata
    75,539.0073.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts