TCS Q3 Results: IT attrition rate drops further to 13.3% in third quarter; commences campus hiring

IT firm Tata Consultancy Services( ) on Thursday announced its third quarter results. The company reported a net profit of 11,432 crore in the September quarter, registering a growth of 8.7 per cent, compared to 10,431 crore in the corresponding period last year. Meanwhile the attrition rate declined further to 13.3% during the same period.

Milind Lakkad, Chief HR Officer, said: “The vibrancy and energy levels in our offices are increasing as more and more of our employees are back in the offices. We expect to be back to our normal operating mode by the end of the current fiscal year. Parallelly, attrition is trending down and at 13.3%, is now in our range of comfort.

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." TCS’ workforce stood at 603,305 as on December 31, 2023. The employee base is very diverse, with 35.7% women and with 153 nationalities.

Also Read: In Q2, the attrition rate was 14.9% . K Krithivasan, Chief Executive Officer and Managing Director, said: “Our strong performance in a seasonally weak quarter buffeted by macro economic headwinds, demonstrates the strength of our business model with a well diversified portfolio and a customer centric strategy.

We are seeing strong deal momentum across markets resulting in a solid order book providing visibility into our long term growth. We are seeing tremendous interest in Generative AI and are leading the innovation and exploratory efforts for our customers in this area." N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “The quarter saw us make significant progress in many projects of national importance, demonstrating our execution strength.

Our products and platforms had a strong quarter with new wins and go lives. The MCX platform is scaling well and processing record transaction volumes. We are on course with the BSNL 4G/5G network roll out. We are making good progress in upskilling our employees in Generative AI through our AI playground platform." Samir Seksaria, Chief Financial Officer, said: “Our disciplined execution and operational rigor drove strong improvement in our industry leading margins despite seasonal headwinds.

We are making the right investments in our people, innovation and infrastructure to differentiate ourselves and create long term value for all our stakeholders." Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.