TCS announces salary hike for employees, effective October 1

India's biggest IT company today said that salary hike for its employees will be rolled out effective October 1. TCS consolidated headcount stood at 453,540 as of September 30, 2020.

TCS said it is continuing investments in organic talent development, with focus on upskilling and innovative training methods. TCS employees logged in 10.2 million learning hours in Q2, a 29% increase over the prior quarter, the company said. Over 352,000 employees have been trained on multiple new technologies, and over 427,000 have been trained on Agile methods.

IT services attrition rate hits an all-time low at 8.9%, it said.

"We want to thank all TCSers for the incredible resilience they have shown during these trying times. We are happy to announce that we will be rolling out salary increases, effective October 1st. We started onboarding freshers, and increased our recruitment globally in Q2, in anticipation of the growth trajectory we see ahead, said Milind Lakkad, Global Head, Human Resources.

India's top software exporter TCS today said it would buy back shares worth up to ₹16,000 crore while reported a 7.1% fall in quarterly profit.

Consolidated net profit for the September quarter fell to ₹7,475 crore from ₹8,042 crore a year earlier, as the company set aside ₹1,218 crore under exceptional items related to a U.S. lawsuit.

Analysts on average had expected a profit of ₹7805 crore, according to Refinitiv data.

TCS said its consolidated revenue for the period rose 3% to ₹40,135 crore.

Commenting on its results, Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: "Driving accelerated business value realization of our customers' digital investments has resulted in broad-based revenue growth. The strong order book, a very robust deal pipeline, and continued market share gains give us confidence for the future."

India's biggest IT company today said that salary hike for its employees will be rolled out effective October 1.

(With Agency Inputs)