IT attrition rate at TCS decreased to 14.9% in the September quarter, according to Q2 results

 IT attrition rate at TCS decreased to 14.9% in the September quarter, according to Q2 results

Tata Consultancy Services reported a net profit of 11,342 crore between July and September of this year in its second quarter results, which were released on Wednesday. During the same time, the attrition rate further decreased to 14.9%. 

Our attrition rate is becoming better. According to LTM (last twelve months) data, the company's IT attrition dropped from 17.8% in the first quarter to 14.9%.

The TCS workforce was 608,985 on September 30 due to gross additions being higher than exits. There were 152 different nationalities and 35.8% women in the workforce. Till this point in the year, TCS workers have accrued 26.4 million learning hours and 2.6 million skills, including 350,000 high demand abilities.

The corporation had already started the promotions cycle and provided a 12% to 15% raise for top performers in its most recent annual salary review.  TCS began rolling out its yearly compensation rise to the whole employees in April of this year.

"Our proactive employment of talented new graduates and investment in their skill development is paying dividends. We were able to adjust our gross additions, keeping it below the departures throughout the quarter, driving up productivity, and improving project results thanks to that talent coming on stream and lower attrition, said Chief HR Officer Milind Lakkad.

Revenue increased by 7.9%, and the second-most valuable corporation in India by market capitalization made major inroads into foreign markets during the quarter. Due to the tough global economic environment, analysts had generally anticipated India's biggest software service exporter to record single-digit revenue and profit growth.

The board also gave the go-ahead for the sixth share repurchase in six years, which cost $2.04 billion and included a 15% premium.