Amid the global layoffs and economic uncertainty, recently, India’s top four IT companies TCS, Infosys, Wipro, and HCL Tech have released their fourth-quarter results ending on March 31, 2024.
Here we’re sharing a comparative analysis based on Revenue, Attrition, Headcounts, and Hiring pattern of IT services major TCS, Infosys, Wipro, and HCL Tech in India.
Revenue
| Company | Q4FY23 | Q3FY23 | FY23 | FY22 |
| TCS | Rs. 59,162 | Rs. 58,229 | Rs. 2,25,458 | Rs. 1,91,754 |
| Infosys | Rs. 37,441 | Rs. 38,318 | Rs. 1,46,767 | Rs.1,25,525 |
| Wipro | Rs. 23,190 | Rs. 23,229 | Rs 89,747 | Rs. 79,748 |
| HCL Tech | Rs. 26,606 | Rs. 26,700 | Rs. 1,01,456 | Rs. 85,651 |
- The comparison of revenue clearly indicates that revenue increased from FY22 to FY23 for all four IT companies.
- TCS revenue increased slightly in Q4 from Q3.
- There is a slight dip in Infosys Revenue in Q4 from Q3
- There is a slight dip in Wipro Revenue in Q4 from Q3
- There is a nominal dip in HCL Revenue in Q4 from Q3
Attrition
| Company | Q4FY23 | Q3FY23 | Q2FY23 | Q1FY23 |
| TCS | 20.1% | 21.3% | 21.5% | 19.7% |
| Infosys | 20.9% | 24.3% | 27.1% | 28.4% |
| Wipro | 19.2% | 21.2% | 23.0% | 23.3% |
| HCL Tech | 19.5% | 21.7% | 23.8% | 23.8% |
- For all four IT companies, the attrition rate continues to trend downwards from Q1 to Q4.
- It is decreasing now for three quarters on a quarterly annualized basis.
- It indicates that attrition is easing up from a peak of 25% seen during the first half of 2022.
- However, attrition is still high which may settle down in the next few quarters.
Headcounts
| Company | Q4FY23 | Q3FY23 | Q2FY23 | Q1FY23 |
| TCS | 6,14,795 | 6,13,974 | 6,16,171 | 606,331 |
| Infosys | 3,43,234 | 3,46,845 | 3,45,218 | 3,35,186 |
| Wipro | 2,56,921 | 258,744 | 258,574 | 2,58,574 |
| HCL | 2,25,944 | 2,22,270 | 219,325 | 2,10,966 |
- The total workforce of TCS stood at 6,14,795 as on March 31, 2023. This is lower than the 6,16,171 employees recorded in the September 2022 quarter. But Total Headcouts are higher in Fy23 than Fy22.
- Infosys reported a total headcount of 3,43,234 in Q4 ending on March 31, higher in Fy23 than Fy22.
- As of March 31, 2023, Wipro’s total headcount stood at 2,56,921 employees.
- HCL’s workforce stood, at 2,25,944 which is increasing in every quarter in FY23.
The Future of IT Sector in India
Based on the above data, we can see a little drop in revenue with a couple of IT industries in the q4 quarter in comparison to Q3 but this is not a loss.
Companies are doing well and making profits, just a drop in demand which was gone up unexpectedly during COVID times.
Now IT services demand is getting normalized. We don’t see any slowdown in the IT sector in India in FY24.
