2023-07-20 15:01:21
Infosys Reports Rs 5,945 Crore Profit in Q1 FY2023-24, Witnesses Decline in Employee Count
Bangalore, India – Infosys, the leading provider of software services to foreign companies in the IT services sector, announced its financial results for the first quarter of the fiscal year 2023-24 on Thursday. This makes it the fourth IT services company to release its quarterly reports after TCS.
In the June quarter, Infosys recorded a total profit of approximately Rs 5,945 crore, marking an 11 percent increase compared to the same quarter last fiscal year. Furthermore, the company reported a 9.5 percent rise in total income, which reached Rs 38,494 crore.
One notable statistic from Infosys’ Q1 report is the decrease in the attrition rate. On a positive note, the attrition rate dropped by over 3 percent to 17.3 percent at the end of the June quarter. Alongside this decline, there has also been a reduction in the overall number of employees at Infosys.
During the first quarter of FY2024, Infosys employed 3,36,294 individuals, whereas the figure stood at 3,43,234 employees in the preceding March quarter. This reduction of 6,940 employees in just three months comes as a surprise, as Indian IT companies are known for their consistent headcount growth quarter after quarter.
Comparatively, in the June quarter of the previous fiscal year, Infosys reported an attrition rate of 28.4 percent. This figure dropped to 20.9 percent in the March quarter before reaching 17.3 percent in the June quarter of fiscal 2024. This decline in attrition rate has proven to be a significant achievement for Infosys.
Providing further insights, Infosys disclosed the total number of employees on various dates. As of June 30, 2023, the company had 3,36,294 employees, compared to 3,35,186 employees on June 30, 2022, and 3,43,234 employees on March 31, 2023. Consequently, the employee count for the June quarter of FY2024 remained steady at 3,36,294.
These results reflect Infosys’ success in the first quarter of the financial year 2023-24. With increased profits and a significant reduction in attrition rate, the company has showcased its ability to adapt and thrive in a competitive market. The decline in employee count, however, raises questions about the potential causes and implications for the future.
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