Wipro Limited a leading technology services and consulting company, announced financial results on Q3 under International Financial Reporting Standards (IFRS) for the quarter that ended December 31, 2022.
Wipro’s net headcount has decreased by 435 employees during the December quarter. The company’s voluntary attrition moderated 180 bps from the previous quarter, which stood at 21.2% for the trailing twelve months for the quarter.
Wipro added 3,000 freshers in the third quarter and plans to add 5,000 in the current quarter, according to Chief Human Resources Officer Saurabh Govil.
Thierry Delaporte, CEO and Managing Director, said, “I am pleased to report that we have delivered another quarter of double-digit revenue growth.”
“Our Total Bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row”, Thierry Delaporte added.
Jatin Dalal, Chief Financial Officer, said, “Our Operating margins are now at 16.3%, which is an expansion of 120 basis points from last quarter. This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions, and long-term incentives for our senior leadership.”
“Margin growth was led by strong operational improvements and automation-led efficiencies. We generated strong operating cash flows at 143% of our net income for the quarter and our EPS increased by 14.6% quarter-over-quarter”, Jatin Dalal added.
The company’s attrition rate has also continued to ease to 21.2% from 23% in the previous quarter. The firm’s total headcount at the end of the December quarter slipped to 258,744 from 259,179 in the last quarter.
As of September 30, 2022, Wipro added 605 new employees. In the second quarter, the company promoted more than 10,000 colleagues and increased salaries across bands.
HCL’s third-quarter net addition was 2,945 during the third quarter. The closing headcount was 222,270. The company added 5,892 freshers during this quarter. The LTM Attrition was 21.7% which was slightly lower as compared to the September quarter of the fiscal year where it was at 23.8 percent. Women’s workforce contribute is 29.2% of the total workforce.
TCS said that it will be hiring 1.25 lakh to 1.5 lakh employees in the financial year 2023-24 (FY24). Since the company posted a decline of 2,197 people in its employee base, TCS headcount stood at 613,974 as on December 31, 2022. TCS has reported attrition in Q3FY23 stood at 21.3 percent, a slight decline from 21.5 percent in Q2FY23 on a last-twelve-month basis.
Infosys’ total headcount stood at 3,46,845 in Q3FY23 a net addition of 1,627 employees compared to 3,45,218 employees in Q2 of FY23. The current attrition rate in Q3FY23 stood at 24.3% down from 27.1% in the September 2022 quarter. During the June 2022 quarter, the attrition rate was 28.4%.