On April 25th, Tech Mahindra, a leading global provider of technology consulting and digital solutions to enterprises across industries, announced the audited consolidated financial results for its quarter and year ended March 31st, 2024.
Key Highlights
- Total headcount stood at 145,455 down 795 QoQ, a decline of 1% QoQ and 4.6% YoY
- Revenue at Rs. 51,996 crores; down 2.4% YoY
- The attrition rate stood at 10%, down from 15% in the previous quarter.
Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, “As we step into FY’25, we look forward to improvement in clients’ spending, which fuels our optimism for a better revenue performance ahead.”
“Our unique ability to enable customers with transformative scale at unparalleled speed differentiates us from competitors. FY’24 posed its fair share of challenges for the IT services sector; yet, amidst the global economic uncertainties, we continue to observe a notable push towards digital adoption”, Mohit Joshi added.
The company reported a net employee decline of 795 sequentially for the fourth quarter ended March 31. The total headcount stood at 145,455, marking a 1% decline QoQ and a 4.6% decrease YoY.
In the last quarter, Tech Mahindra’s headcount went down by 4,354 employees compared to the previous quarter. The total headcount in the third quarter stood at 146,250.
IT attrition remained steady at 10% compared to the previous quarter, but notably lower than the 15% recorded in Q4 FY23.
According to media reports, Tech Mahindra aims to recruit from campuses this fiscal year, adding 6,000 freshers to its FY25 workforce. With a consistent intake of over 1,500 graduates quarterly, it sustains a robust recruitment pace.
Furthermore, the company plans extensive artificial intelligence (AI) training for over 50,000 employees, enhancing their skills to align with emerging technologies and industry demands.
Wipro reported a net reduction of 6,180 employees, total headcount at the end of March 2024 stood at 234,054. The company’s headcount was reduced by 24,516 in FY24.
In the January-March period, Tata Consultancy Services (TCS) saw a sequential decrease in headcount by 1,759 employees and the total workforce stood at 6,01,546 as of March 31, 2024.
In Q4FY24 and FY24, Infosys witnessed decreased hiring compared to previous quarters and fiscal years, reflecting a shifting trend.
Despite a 1.4% year-on-year revenue increase in constant currency. In Fiscal Year 24, Infosys’s headcount dropped by 25,994 YoY basis.
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