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TCS Q3 net profit rises 5.1pc to Rs. 5,328 crore

Country’s largest software services Tata Consultancy Services (TCS) on Thursday reported a 5.1 per cent rise in its net profit at Rs. 5,328 and a revenue growth of 15.5 per cent at Rs. 24,501 crore in the December quarter.

The year-end holidays usually mean weaker third-quarter sales for IT services firms, and TCS said in December it expected quarterly profit to be “in line with seasonal trends”.

Meanwhile, TCS has asked 2,574 employees to leave in the first nine months of this fiscal, while the total layoffs in the full year may exceed 3,000.

While terming these exits “involuntary attrition”, TCS claimed it does not plan to initiate any large-scale layoffs of any section of its staff in any part of the organisation.

“The involuntary attrition for the nine months (April-December) of this year has been 2,574 employees, which represents 0.8 per cent of the total employee strength,” TCS said in a statement.

At the end of September 30, 2014, TCS had a total headcount of 3,13,757.

“The corresponding numbers for FY’14 and FY’13 were 2,203 and 2,132 respectively. The total involuntary attrition for the current fiscal year (ending March 31, 2015) will be around 1 per cent,” it said.

In the September 2014 quarter, the company’s headcount utilisation stood at 86.2 per cent, excluding trainees, while the figure after including trainees was 81.3 per cent.

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