India’s largest IT employer TCS has crossed the crucial revenue milestone of 25 billion USD in annual revenue for the year ended December 2021.
The company has announced its third-quarter results on January 12 and reported a 12.3 percent rise in consolidated net profit at Rs. 9769 crore.
During the earnings call, TCS announced the promotions of 1.1 lakh employees to retain quality talent and has plans to promote 40000 more in the next quarter of the fiscal.
It added 28238 people to its workforce during the reporting quarter, taking the total strength to 556986. The Tata Group IT firm has added 19690 employees in the previous quarter.
The addition was in line with its earlier commitment of hiring 78000 freshers in FY 2022, up from 40000 it had in the previous year.
Talking about talent acquisition, Milind Lakkad, Chief HRO, TCS, said, “We continue to set new records in talent acquisition. Along with the 43000 freshers we hired in the first half, we on-boarded 34000 graduates in Q3, higher than our full-year fresher hiring target in previous years.”
“On the talent retention side, we continue to be the industry benchmark, By investing in our people, preferring internal candidates for open positions, offering them global deployment opportunities, fast track career paths linked to learning, and promotions to over 1.1 lakh employees, we have been able to retain our best talent and overcome supply-side challenges,” said Lakkad.
However, high attrition remained a cause of concern for TCS. It increased to 15.3 percent in the reporting quarter from 8.6 percent at the beginning of the year and 11.9 percent in the previous quarter ended September 2021.
TCS had reported its revenues at Rs. 48885 crore with a surge of 16.3 percent yearly and Rs. 9769 crore in net profit, a growth of 12.3 percent Year-on-Year.
While talking at the earning call, CEO Rajesh Gopinathan said, “Our consistent growth is a validation of our collaborative, inside-out approach to our client’s business transformation needs. They love our engagement model, end-to-end capability, and our can-do approach to problem-solving. While mapping out their innovation and growth journeys, we are also supporting them execute new-age operating model transformations to help those journeys.”