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TCS to hire 40,000 freshers this financial year

Tata Consultancy Services (TCS), the largest software services exporter in India added a net 523 employees during the first quarter of FY24, said it is not cutting its fresher intake target for the full year. Milind Lakkad, Chief HR Officer of the company said, hiring experienced professionals will be decided based on how the business situation is every quarter. However, hiring trainees straight from the campus was important to the firm so it would continue to do so.

The company is expected to hire around 40,000 freshers this year, slightly below the 44,000 freshers it had onboarded last financial year.

“Hiring will be on the lower side, but that doesn’t mean that we are going to stop hiring trainees or we are going to stop honouring offers… We will continue to hire trainees, the current number (freshers’ hiring target for FY24) stands at 40,000,” TCS CHRO said in a post-earnings interview.

In addition, TCS is reportedly delaying the onboarding of lateral hires with experience ranging from 1.8 to up to 15 years by three months following delays in the start of projects. In addition to macroeconomic headwinds, the Indian IT sector is also experiencing project deferrals and ramp-downs due to a reduction in tech budgets from clients.

This development is happening while TCS is already grappling with another major hiring scam that came to light less than a month ago. Over 200 lateral recruits across cities (Bangalore, Pune, Kochi, Bhubaneswar, Delhi NCR, and Indore) to name a few are impacted by the delays.

TCS reported a consolidated net profit of 16.8% at Rs 11,074 crore for the June 2023 quarter. The IT services major had reported a net profit of Rs 11,392 crore in the year-ago period. The IT major’s consolidated total income for the quarter ended June increased 13.5% year-on-year to Rs 60,778 crore. The company has given a 12-15% raise for exceptional performers.

The board has approved an in terim dividend payout of Rs 9 a share. “The interim dividend shall be paid on Monday, August 7, 2023, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Thursday, July 20, 2023, which is the Record Date, fixed for the purpose,” TCS said in a regulatory filing.

Samir Seksaria, Chief Financial Officer, TCS said the company has rolled out its annual salary increase with effect from April 1. TechGig

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