Infosys sees net reduction of over 6,100 employees in December quarter

Tech services behemoth Infosys has seen a net reduction in its total headcount for the fourth consecutive quarter in the October to December 2023 period, the firm’s quarterly results showed on January 11.

The IT services giant’s employee count has declined by 6,101 staffers, which takes the total workforce strength to 322,663 at the end of the quarter under review. In the September 2023 ended quarter, the firm saw workforce strength reduce by over 7,500 employees.

The attrition rate, meanwhile, has eased to 12.9% at the end of the three-month period, as compared to 14.6% in the preceding September 2023 ended quarter.

Infosys’ peer Tata Consultancy Services (TCS), too, reported its quarterly results today. TCS, too, saw a decline in its workforce by 5,680 staffers.

Market expert Prakash Diwan is of the view that the Infosys hiring scenario suggests things should start to change from here on. The interim increment that Infosys announced a month back was the first indication there is a build-up in order values, new contracts or executions.

“So, the market would probably like that and start believing that things could improve for Infosys from here on,” he told CNBC-TV18.

Infosys has also revised its revenue growth guidance to 1.5% to 2% in constant currency terms for the financial year 2023-24. This is in comparison to the 1% to 2.5% guidance it had projected during the September quarter.