Infosys Q1 Results 2023: Attrition Declines To 17.3%, Workforce Reduces By 6,940

Infosys Q1 Results: India’s IT major Infosys on Thursday reported a 10.9 per cent year-on-year jump in its net profit to Rs 5,945 crore, compared with Rs 5,362 crore a year ago. Its revenue during April-June 2023 rose 10 per cent to Rs 37,933 crore, against Rs 34,470 crore in the year-ago period.

Infosys Attrition Rate

The company reported attrition declining further to 17.3% during the first quarter of the current financial year 2023-24. In the last quarter of FY 2022-23, the attrition rate was 20.9%. This voluntary attrition rate had dropped from the 24.3% recorded at the end of the third quarter FY22.

The company saw its workforce declined by 6,940 QoQ, however, on an YoY basis the reduction is 1,108 in the total workforce.

Total employees of the company as on June 30, 2023 stand at 3,36,294.

This quarter, both HCLTech and Wipro experienced a decline in their headcounts compared to the previous period. However, TCS managed to increase its net headcount by 523 employees. On the other hand, HCLTech’s employee count reduced by 2,506, while Wipro’s declined by 8,812 employees.

According to the regulatory filing, Infosys reported a 3 per cent decrease in its net profit on a quarterly basis. TCS also experienced a nearly 3 per cent decline in profit from the March quarter on a quarter-on-quarter basis. Wipro’s net profit witnessed a sequential fall of 6.6 per cent. HCL Tech’s net profit dropped by 11.3 per cent on a quarter-on-quarter basis.

In Q1 FY24, Infosys’s operating profit increased by 14.1 per cent to Rs 7,891 crore, compared to Rs 6,914 crore in the corresponding quarter of the previous year.

“We had a solid Q1 with a growth of 4.2% and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our generative AI capabilities are expanding well, with 80 active client projects. Topaz, our comprehensive AI offering, is resonating well with clients. We see this being transformative for clients and enhancing our overall service portfolio,” said Salil Parekh, CEO and MD.

“We have expanded the margin improvement program with a holistic set of actions for the short, medium and long-term, working on five key areas, supported by our leadership team”, he added.