Yesterday, January 11, IT giant Infosys announced its Third Quarter results for the financial year 2023-24.
Key highlights
- 7.3% YoY decline in net profit to Rs. 6,106 crore in Q3FY24, revenue rises 1.3%
- Improvement in attrition with a drop to 12.9 percent in Q3FY24
- A drop of 6,101 in the total headcount, which stood at 322,663 in Q3FY24
- No immediate campus requirement
Commenting on the Q3FY24, Salil Parekh, CEO & MD at Infosys said, “Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71 per cent of this as net new, reflecting the relevance and strength of our portfolio of offerings ranging from generative AI, digital and cloud to cost, efficiency and automation,”
According to Q3FY24 announcements, Infosys’ headcount crashed by 6,101 in Q3FY24. The Total number of employees in the Q3 ended on Dec 31, 2023, stood at 322,663.
Infosys Chief Financial Officer Nilanjan Roy said, “We continue to monitor the utilization and our flexi hiring model and at this stage of course we’re not seeing any immediate campus requirement.”
In the previous Quarter, the company said that it would skip campus hiring this year as it has a ‘way to go’ on utilization. However, it is monitoring the situation every quarter.
Employee Metrics
| Total Headcount | Q3FY24 | Q2FY24 | Q1FY24 |
| Total employees | 322,663 | 328,764 | 346,845 |
| S/W professionals | 304,590 | 310,375 | 329,296 |
| Voluntary Attrition % (LTM – IT Services) | 12.9% | 14.6% | 24.3% |
| % of Women Employees | 39.3% | 39.4% | 39.4% |
However, the attrition of the company improved to 12.9 per cent from 14.6 per cent in the last quarter ending on Sept 30, 2023.
Recently, Infosys has inaugurated a development center (DC) at the Mihan-SEZ in Nagpur, Maharashtra. The new state-of-the-art development center (DC) will accommodate over 3,000 employees.
The company has invested over INR 230 crore in the development of this facility, which will provide greater flexibility for employees to work in a hybrid mode and enable re-skilling and up-skilling of local talent.
Peer company, TCS headcount dropped by 5,680 employees workforce stood at 603,305 as of December 31 with attrition at 13.3% for the last twelve months. The company’s workforce stood at 608,985 as of September 30, reported a dip of 6333 employees from the last quarter.
Milind Lakkad, Chief HR Officer, said: “We are committed to hiring from college campuses and growing talent organically. We have commenced our campus hiring process for the next year and see tremendous excitement among freshers to join TCS.”
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