Infosys: Employee attrition picked up in Q4 due to strong demand, says COO Rao

Infosys, the Information Technology major on Wednesday reported 15.2% voluntary attrition rate for the quarter ended 31 March. It was 10% during the October-December quarter, Infosys said in the regulatory filing. The total number of employees at Bengaluru-based company stood at over 2.59 lakh as on 31 March, 2021.

"While our employees continue to work from home through this health crisis, we remain focused on their wellness, including facilitating vaccination rollout for eligible employees," said Pravin Rao, chief operating officer, Infosys.

"Attrition has picked up, largely reflecting a strong demand environment, but we remain confident of our employee engagement initiatives, vast talent pool and training capabilities to ensure seamless execution,” he added.

Revenue for the March quarter grew 13.1% year-on-year to ₹26,311 crore, the company said. The IT behemoth reported a revenue of ₹100,472 crore for the financial year ended in March.

“I am very pleased with our performance this year and incredibly proud of our employees for the passion and commitment they displayed despite a very tough environment. We have crossed a milestone of ₹100,000 crore in revenue in FY21. Our intense focus on client relevance, growing our digital portfolio with differentiated capabilities like Infosys CobaltTM, and empowering employees have helped us emerge as a preferred ‘partner-of-choice’ for our global clients," said Salil Parekh, chief executive officer and managing director, Infosys.

Tata Consultancy Services (TCS), India's largest IT services firm added 19,388 employees between January and March 2021, highest ever in a quarter, the company said on 12 April. The company has also reported an all-time low attrition rate of 7.2% during March quarter. For FY21, it added over 40,000 employees.

Infosys also announced a share buyback of up to ₹9,200 crore at a maximum price of ₹1,750 per share, a premium of 25% to Tuesday’s closing price. The company also announced a final dividend of ₹15 per share.