Tata Consultancy Services (TCS) on Friday revealed that its headcount dropped by 13,249 employees (year-on-year) during the financial year 2023-24 (FY24).
This is the first time in 19 years that the leading IT software company witnessed a drop in headcount.
The company ended FY24 with 601,546 employees, according to TCS's stock exchange filing.
TCS saw a decrease of 1,759 employees in the fourth quarter (Q4) of FY 2024 (January to March).
This marks the third consecutive quarter in which the company's headcount has declined.
In the previous quarter, the number of employees dropped by 5,680 employees (quarter-on-quarter), and in Q2, the company witnessed a net reduction of 6,333 employees.
TCS reported a 9 per cent increase in net profit at Rs 12,434 crore for the January-March quarter of FY24, up from Rs 11,392 crore in the same period of the previous year.
"The reduced attrition at 12.5 per cent, enthusiastic response to our campus hiring, increased customer visits and employees returning to the office have resulted in great vibrancy in our delivery centres and elevated morale of our associates," Milind Lakkad, chief HR officer, said in a statement.
The revenue of the company increased 3.5 per cent to Rs 61,237 crore during the quarter.