Yesterday, India’s second-largest IT giant, Infosys reported its fourth quarter Q4FY24, March ending financial results.
The company delivered $18.6 billion in FY24 revenues with a growth of 1.4% in constant currency and an operating margin of 20.7%
Highlights
- 30 percent rise YoY in consolidated net profit at Rs 7,969 crore for the quarter ended March 31, 2024.
- The total headcount for the FY24 stood at 317,240, this is a 7.5 percent decrease from the previous year’s numbers.
- Attrition decreased to 12.6% in FY24 Q4 from 20.90% in Q4FY23
“We delivered the highest ever large deal value in the financial year 2024. This reflects the strong trust clients have in us. Our capabilities in Generative AI continue to expand. We are working on client programs, leveraging large language models with impact across software engineering, process optimization, and customer support.” said Salil Parekh, CEO and MD of Infosys
He added. “I would like to thank our 317,000 employees across the world who are working to create value for our clients.”
“Free cash flow of $848 million in Q4 was highest in the last 11 quarters driven by our relentless focus to improve working capital cycle. Consistent to give high and predictable returns to shareholders, the board has approved the capital allocation policy under which the company expects to return 85% over the next 5 years and progressively increase annual Dividend Per Share”, said Jayesh Sanghrajka, CFO of Infosys
“Operating margin expansion in the medium-term and improving cash generation continue to remain our priorities underpinned by early success in Project Maximus”, he added.
Headcount and Attrition Metrix at Infosys
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, the company’s headcount dropped by 25,994 as of Quarter ended Mar 31, 2023 the headcount was 343,234 and as of Quarter ended Mar 31, 2024.
This marks the first annual decline in headcount for the company in over twenty years, signaling a notable shift in its workforce dynamics.
| Infosys | Q4FY24 | Q3FY23 | Q4FY23 |
| Total employees | 317,240 | 322,663 | 343,234 |
| S/W professionals | 299,814 | 304,590 | 324,816 |
| Voluntary Attrition % (LTM – IT Services) | 12.6% | 12.9% | 20.9% |
| % of Women Employees | 39.3% | 39.3% | 39.4% |
In the January-March period, Tata Consultancy Services (TCS) also saw a sequential decrease in headcount by 1,759 employees. The company workforce stands at 6,01,546 as of March 31, 2024.
The company sees its first full-year decrease in headcount in 19 years, with a reduction of 13,772 employees in the Financial Year 2023-24.
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