Bengaluru-based IT major Wipro unveiled its financial results for the first quarter of the financial year 2024 on Thursday. Notably, the company witnessed a moderation in its attrition rate during this period. However, to manage its operations effectively, Wipro took measures to reduce its employee headcount.
The total employee count at Wipro experienced a decline, reaching 249,758 by the end of the first quarter,
in comparison to 258,570 at the end of the previous fiscal year, FY23. Despite the reduction in headcount, Wipro demonstrated positive progress in net utilisation, excluding trainees, which increased to 83.7 percent in Q1. This improvement marked a rise from the 81.7 percent net utilisation recorded in Q4 of FY23.
Voluntary attrition, measured on a trailing 12-month (TTM) basis, showed a decline for the IT services company. The attrition rate dropped to 17.3 percent in the first quarter, compared to the figure of 19.4 percent in the previous quarter. Wipro's efforts to enhance employee retention and engagement yielded results, reflecting the positive impact on attrition.
During the quarter, Wipro strategically managed its workforce, leading to a decrease in headcount by 8,812 employees. This reduction in staff resulted in Wipro achieving an eight-quarter low in voluntary attrition at 14 percent, as stated in the company's earnings release.
Wipro's margin at 16.05 percent, meanwhile, came in slightly higher than the projection of 16 percent.
(Will be updated)
