TCS Crosses Rs 50,000 Cr Revenues 1st Time Ever, Earned Rs 110 Crore/Day! Hires 100,000 Freshers In A Year

TCS reported consolidated net profit of Rs 9,926 crore for the quarter ending 31 March, 2022, up 7% from Rs 9,246 crore a year ago.

Productive Quarter

Its revenue from operations stood at Rs 50,591 crore in the fourth quarter, up 16% from Rs 43,705 crore in the same period last year.

In constant currency terms the revenue for the March quarter has grown by 14%.

In dollar terms, the company’s revenue came in at $6,696 million, showing a growth of 12% year-on-year.

It has also recorded its highest-ever order book TCV (total contract value) at $11.3 billion in Q4 and $34.6 billion in FY22.

Skills In Demand

TCS and peers Infosys, Wipro and HCL Technologies have been winning more large contracts from businesses involved in cloud computing, digital payment infrastructure, crypto platforms to cyber-security.

Demand continued to be strong during the quarter across all markets, industries, and services, with growth led by Cloud, Cyber Security, Enterprise Application Services and IoT & Digital Engineering.

Attrition

The company’s attrition rose further to 17.4% compared to 15.3% in the previous quarter.

Milind Lakkad, Chief HR Officer said that the company boasts of “consistently highest talent retention, benchmark talent development metrics, continued focus on health and well being and numerous industry awards” which make it the top employer of choice.

The management also said that the attrition rate is cooling off and expects it to reduce after a few quarters.

Net Addition

At the same time it added the highest ever number of employees in a quarter during the January-March period, with net additions of 35,209 employees.

The total net addition during the year has been 103,546.

The workforce is diverse with 153 nationalities represented and women making up 35.6% of the workforce.

Hiring

It has set the hiring target for FY23 of 40,000.

It has already on-boarded close to 78,000 freshers in FY22, up from 40,000 it had in the last year.

The company will use its fresher hires to address the supply side challenges.

The company’s total employee count stood at 592,195 at the end of the fiscal.