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IT major Tata Consultancy Services (TCS) has honoured all job offers the company had made. It onboarded 35,000 freshers in the first half of FY23, the company announced in its second quarter results.

The company onboarded 20,000 freshers in the July- September quarter, IT giant TCS said.

The company had hired 43,000 freshers in the first half of FY22. During the full year, this number was over 1 lakh.

Tata Consultancy Services (TCS) had announced hiring target of 40,000 for FY23 at the end of FY22.

The company's net addition for the quarter was 9,840 employees, taking its headcount to 616,171. This is a decline from the last quarter where the net addition of the company was 14,136. In the year ago period, TCS’ net addition was 19,690 employees.

Chief HR Officer Milind Lakkad said in a statement that TCS has honoured all job offers the company had made

“Reflecting our culture of being committed to our employees, we have honored all the job offers we had made. Our investments in capacity building and organic talent development have allowed us to substantially grow our business ahead of headcount addition this quarter. We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate." said Chief HR Officer Milind Lakkad.

While the net addition had considerably increased in Q3FY22 to 28,238 and Q4FY22 to 35,209, it declined significantly in Q1FY23 where it was 14,136.

TCS on Monday reported a 8.3 per cent rise in consolidated net profit to 10,431 crore for the September 2022 quarter. The consolidated revenue of the IT major grew by 18 per cent to 55,309 crore.

IT services attrition was 21.5 per cent on the last twelve months’ basis. With normalizing wage expectations and talent supply catching up across the industry, the company expects attrition to start to taper down in H2.

The company's board recommended a final dividend of 8 per equity share.

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Updated: 10 Oct 2022, 05:45 PM IST
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