64,000 employees exit India's IT majors in FY24. How many TCS, Infosys, Wipro lost?

India’s three IT sector behemoths – Tata Consultancy Services (TCS), Infosys and Wipro – cumulatively witnessed 64,000 employees leaving during financial year 2023-24, as per the financial performance data shared in recent days.

The staggering loss in employee headcount was a result of a weak demand environment globally and tighter tech spends by clients, analysts said.

The IT services industry of India, worth an estimated $254 billion powerhouse, has been feeling the heat of global macroeconomic uncertainties and geopolitical headwinds, which have turned clients cautious over their IT spends, the analysts pointed out.

How many employees TCS, Infosys and Wipro lost in FY24?

• Infosys: While the cumulative count of employee exits stood at 64,000, the largest headcount reduction was reported by Infosys. The country’s second largest IT firm reported total headcount of 317,240 employees as of March 2024, down by 25,994 from 343,234 employees in the same period of the previous year. The company registered an attrition of 12.6%.

"When we started, we were at 77% utilisation including the trainees. The growth environment was different at that time. Our utilisation has gone up to 82-83 per cent. Our attrition has also come down significantly. That is the reason for net headcount reduction," Infosys CFO Jayesh Sanghrajka had said on Thursday during the company's Q4 results.

• Wipro: Wipro, which announced its Q4 earnings on Friday, reported a fall in headcount numbers to 2,34,054 as of March 2024, against 2,58,570 in the year-ago period. Headcount declined by 24,516 during the financial year ended in March 2024.

"...immediate headcount reduction has happened primarily driven by the market and demand environment as well as the operational efficiency which we have driven, which is reflective in our margins," Saurabh Govil, Chief Human resources officer at Wipro said.

• TCS: The country’s largest IT services provider, TCS, also saw a decline in its headcount by 13,249 employees to end the fiscal with 601,546 employees.