Tag: Infosys

Headcount at top-4 IT companies declines for the first time in over a decade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The headcount at India’s top four information technology companies–Tata Consultancy Services (TCS), Infosys, Wipro, and HCLTech–declined for the first time in over a decade.

From April 2023 to March 2024, the net headcount fell by over 62,000, following net increases of over 84,000 in FY23 and more than 240,000 in FY22–the year when IT companies hired aggressively in the post-pandemic digital boom.

January-March was the fifth consecutive quarter when the four leading IT companies reported an aggregate decline in headcount.

Except HCLTech, all the other three IT companies – TCS, Infosys, and Wipro reported a net headcount decline in FY24.

The biggest headcount cuts were seen in Wipro and Infosys at approximately 24,000-25,000 employees for the full year.

Let’s look at the reasons for the sharp drop in headcount

Growth slowed down materially:
As the discretionary spending environment turned adverse due to high-interest rates and cautious client consumer sentiment in their mainstay markets of the US and Europe, the growth rate declined from double-digits to low-single-digits. Wipro reported a decline in its revenue in FY24.

Companies overhired in FY22:

This was primarily due to elevated demand and elevated attrition. The FY22 hiring of 240,000 employees matched the total hiring by these companies from FY18 to FY21.

Attrition has meaningfully come down:

During the COVID period the great resignation gripped the tech sector. In FY22, the attrition was high, at nearly 20%. However, attrition rates have now treaded back to normal levels around low teens. Therefore, companies need to hire less to backfill.

The growth outlook continues to remain dim:

Both HCLTech and Infosys are guiding for low single-digit growth in FY25 and the current demand can be serviced by improving the utilisation of their employee base through productivity enhancement measures. The biggest reason to hire is growth, and demand so far hasn’t been forthcoming.

What the companies said during Q4 results:

TCS: “We have commenced fresher hiring from campuses and continue to recalibrate our lateral hiring focusing more on utilising the capacity that we have built over the prior years.”

Infosys: “We started the year with 77% utilisation including trainees and the demand environment was different. Our utilization has now gone up to 82%, including trainees. There is still some headroom because we have always said 85% is achievable utilisation. Attrition has significantly come down. Plus, we got some benefit from our value-based selling in terms of pricing. So, all of that has also resulted in lesser requirement in terms of headcount.”

For more, watch the accompanying video

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TCS, Infosys and Wipro employee count declines by more than 13,300 in three months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hiring at India’s top IT services companies has been moderating for the past two years. But, in the 2023-24 fiscal year, net hiring remained in the negative territory through all four quarters (barring one exception) at Tata Consultancy Services (TCS), Infosys and Wipro.

TCS, Infosys and Wipro saw a net reduction of 13,362 employees from January to March 2024. This, however, is still lower than the net loss of 16254, 18914 and 15229 staffers in the preceding three quarters of the financial year, respectively.

Overall, the three IT services giants have seen their workforce shrink by 63,759 employees in FY24.

At TCS, India’s largest IT services company by revenue and market cap, saw a net reduction of 1,759 employees in the January to March 2024 quarter, which takes the total workforce at the end of the 2023-24 fiscal to 601,546 — the lowest in the last two years.

At the end of FY23, outgoing TCS CEO Rajesh Gopinath had said the IT bellwether has been and will continue “disciplined” headcount addition in the coming quarters. Post that, only in the first quarter of FY24, the company saw a net addition of 521 employees whereas in the remaining three quarters, the number has remained negative.

A year after what Gopinath said, Samir Seksaria, Chief Financial Officer, after the fourth quarter earnings of FY 2024 said, “Our disciplined approach to operations has helped us expand our industry-leading margins. In a challenging environment, we persisted with our long-term investments in workforce reskilling, research and innovation. We will continue to drive efficiencies and competitiveness to capture opportunities for growth with profitability.”

At the same time, Chief Human Resources Officer (CHRO) Milind Lakkad explained the changing role of developers at firms like TCS. “At a basic level, you will always need programmers but a developer’s role will change. There will be an AI copilot which will work with you…it is now on the person to get the job done by the AI copilot and how. This role change is being reimagined at TCS and in the industry.”

Also Read: TCS explains the changing role of developers amid AI adoption

When asked how many people TCS would have hired if not for AI and other new technologies, Lakkad said it was too early to say that.

Jayesh Sanghrajka, CFO of Infosys, said the firm’s hiring model has changed significantly in the last few years. “We are at 82% utilisation and there is headroom for growth there; 85% is our comfortable level.”

This is the second reporting quarter after Infosys said it won’t hire fresh talent from campuses in FY24 since it still has a “significant fresher bench” while there is a decline in demand in key markets like the US.

Wipro’s new MD and CEO Srini Pallia said that the financial year 2024 was a challenging year for the industry and the macroeconomic environment remains uncertain. “However, I am optimistic about the opportunities that lie ahead.” He also clarified that the company will honour its earlier made offers before it makes fresh offers.

When will IT hiring return to normal?

Before the earnings season kicked off, recruitment firm Teamlease’s CFO Ramani Dathi asked if hiring in the information technology space was back to normal.

Fresh hiring at entry and mid-level at IT companies hasn’t started yet. Most of the new hires are only replacements of people who have exited.

A pullback in discretionary spending amid a global slowdown coupled with the progress in artificial intelligence (AI) has led to muted demand for Indian IT services over the past year or so.

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Infosys shares fall 2% after subdued revenue guidance; 15% analysts have a ‘sell’ rating

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of technology bellwether Infosys Ltd. fell up to 2% on Friday, April 19, after the company missed revenue estimates and offered softer guidance for the financial year 2025. The US-listed shares of Infosys recovered to trade 1% down at open after falling 8% in pre-market trading on Thursday.

Infosys announced a muted constant currency (CC) revenue growth forecast of 1-3% for FY25 against analyst estimates of 2-6% in CC terms with operating margin guidance at 20-22%.

The Bengaluru-based company slashed its revenue guidance despite winning deal value of $4.5 billion in the quarter, with 44% of it being net new ones. FY24 deal value was the highest ever at $17.7 billion, which the management said will help them in the new financial year.

Weak revenue guidance despite record deal wins is owing to longer tenured deals and a weak discretionary spend environment, said Investec in its note with a ‘Hold’ call. The brokerage has cut its target price to ₹1,540 from ₹1,640 per share.

Investec said it is difficult to predict a recovery in discretionary spends, but based on history, it is usually sudden.

Infosys will be a big beneficiary when discretionary spends return, it noted.

Global brokerage Jefferies has maintained a ‘buy’ rating on the Infosys stock with a price target of ₹1,630. The brokerage said that a decline in CC revenue was due to an impact of contract renegotiation and reduction in scope even though net new deal wins were healthy.

The broking firm said that the FY25 CC revenue growth guidance of 1-3% year-on-year is weak, and it has slashed estimates by 7-8% to factor in the miss.

Citi wrote in its note that the fourth quarter results and guidance were impacted by one-time contract rescoping. It said that ex of one-off, the company’s numbers would broadly have been in line.

The brokerage lowered its Earnings per Share (EPS) estimates for FY25 and FY26 by 3% but added that it would buy dips at ₹1,350 levels, considering all things remain the same.

Citi is ‘neutral’ on Infosys with a price target of ₹1,550 per share.

Nomura in its note said that it sees no signs of discretionary demand revival. It expects the first half of FY25 to be strong for the company as usual seasonality to play out in FY25.

Also, the brokerage said that project Maximus’ impact on margin is expected to play out in the medium term. Nomura has lowered its FY25-26 EPS by 2-3%

Of the 46 analysts that track Infosys, 32 continue to have a ‘buy’ recommendation on the stock, 7 have ‘hold’, while another seven have a ‘sell’ rating.

Infosys shares fell 14% over the last three months and the gauge for IT stocks has emerged as one of the worst performers since the sector is seeking to emerge from a slowdown triggered by higher interest rates and inflation.

The Nifty IT index has also lost nearly 10% of its value in the last three months, compared to a 2% gain clocked by the benchmark Nifty50 during the same period.

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Infosys ADRs slump after muted revenue forecast for FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US-listed shares of Infosys plummeted as much as 8% in pre-market trading on Thursday, after the company projected tepid revenue growth for the fiscal 2024–25.

The Bengaluru-based information technology services company now forecasts revenue growth of 1% to 3% on a constant-currency basis in the current financial year through March 2025. That compares with the 2% to 6% revenue growth estimated by analysts in a CNBC-TV18 poll.

While the American Depository Receipt (ADR) of Infosys had fallen more than 6% on three occasions in 2023, Thursday’s fall is the biggest for the year so far. It had fallen 9.8% on April 13, 2023, after a disappointing outlook for FY24. Similarly, it slumped 8.4% on July 20, 2023, after cutting the revenue forecast for last year.

The fourth quarter net profit of Infosys increased by 30.5% sequentially to ₹7,969 crore, largely driven by other income, which went up almost four-fold. The other income for the quarter stood at ₹2,619 crore, which includes interest income of ₹1,933 crore and an income tax refund of ₹38 crore. While the revenue of Infosys declined 2.3% to ₹37923 crore on a quarter-on-quarter basis (Q-o-Q), its operating margin came off 40 basis points to 20.1% in Q4FY24.

However, at $17.7 billion, the country’s second-largest IT company delivered its highest-ever large deal value in the financial year 2024. Further, the management sounded more optimistic about its outlook for its BFSI segment, though the manufacturing segment is growing at a slower pace.

“We have a good sense of the early part of the year and will have to see how the second half of the year develops,” said Salil Parekh, CEO and MD of the company post results.

Shares of Infosys have declined 14% over the last three months and the gauge for IT stocks has emerged as one of the worst performers since the sector is seeking to emerge from a slowdown triggered by higher interest rates and inflation. The Nifty IT index has lost almost 10% of its value over the last three months against 2% gains clocked by the benchmark Nifty50 during the same period.

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Infosys McCamish Systems reports a $38 million losse following cybersecurity breach

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys McCamish Systems — a software and services company to the life insurance industry — grappling with the fallout from a cybersecurity breach in November 2023, disclosed on Thursday that it incurred losses amounting to $38 million (approximately ₹316 crore) for the fiscal ending March 31.

These losses encompass various expenses, including those incurred for remediation efforts, communication initiatives, legal services, and investigative processes.

By December 31, 2023, McCamish, with the assistance of external specialists, had made progress in remediation and restoration activities.

“Actions taken by McCamish also included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which data was subject to unauthorised access or exfiltration and engaging a third-party eDiscovery vendor in assessing the extent and nature of such data,” the company added in a statement.

In coordination with the eDiscovery vendor, McCamish said that it has identified approximately 6.5 million individuals whose information was subject to unauthorised access and exfiltration during the November 2023 incident.

The compromised data is said to vary for each individual but may include email and mailing addresses, phone numbers, birth dates, social security numbers, usernames, passwords, financial and customer account details, policy numbers, salaries, and personal medical information.

However, McCamish clarified that not all affected individuals had all categories of information accessed and exfiltrated. Additionally, the breach extended to corporate customers whose business data was similarly compromised.

“McCamish will be notifying its impacted customers and intends to work with these customers to support their respective reporting obligations, as appropriate,” it added.

Additionally, McCamish said that its review process is ongoing, with the possibility of incurring further costs, including indemnities or damages/claims, which are currently undetermined.

Also Read: Infosys is committed to ethical and responsible use of AI, says CEO Salil Parekh

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Infosys is committed to ethical and responsible use of AI, says CEO Salil Parekh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys CEO Salil Parekh said that the company is committed to the ethical and responsible use of artificial intelligence (AI).  He was speaking during a media briefing after the IT major announced its January-March quarter results.

Parekh highlighted the progress Infosys has made in AI-driven initiatives, showcasing the substantial traction gained among clients for generative AI endeavours.

“We are working with market-leading open access and closed large language models. As an example in software development, we have generated over three million lines of code using one of the generative AI large language models in the public domain,” he said.

Moreover, Infosys has tailored its AI solutions by training these large language models with client-specific data, showcasing a nuanced approach to project execution.

Parekh underscored the integration of generative AI into Infosys’ service offerings, highlighting the development of comprehensive playbooks for each service category.

“We became the first IT services company globally to achieve the ISO 42,001-2023 certification, testifying to our commitment to excellence in AI management,” he added.

All of Infosys’ efforts in AI are part of its Topaz offering and capability. Topaz is an AI-first set of services, solutions and platforms that helps enterprises accelerate business value using generative AI technologies.

On April 10, Infosys announced its partnership with US chipmaker Intel wherein it will adopt Intel-based solutions, including Intel Xeon processors, Intel Gaudi accelerators, Intel Core Ultra processors, software, and future-generation products, to enable customers to integrate Generative AI into their businesses and adhere to the emerging guardrails of AI.

Speaking to CNBC-TV18 Managing Editor Shereen Bhan on the sidelines of the annual World Economic Forum (WEF) 2024 at Davos in January, Parekh said that Infosys has positioned itself as an AI-first company.

“We have AI assistants now for each of our functions, whether you look at HR, recruiting, sales delivery, so that is a transformation inside. We have 100,000 employees trained on generative AI, different large language models, and various ways to look at the data architecture, which is going to become the key,” he said.

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Infosys to acquire 100% stake in German firm in-tech for €450 million

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys Ltd’s subsidiary will acquire 100% of the equity share capital in German company in-tech in an all-cash deal for €450 million. The acquisition of in-tech is expected to be wrapped up during the first half of fiscal year 2025, subject to customary closing conditions, the company said in a filing.

“Very excited about the in-tech acquisition. The in-tech acquisition is not included in our guidance of 1-3% for FY25,” said Infosys CEO Salil Parekh at a company presser.

For this acquisition, Infosys has received approvals from regulatory authorities in Germany, Romania, Austria, India and such other regulatory approvals as required.

in-tech brings to Infosys, marquee German OEMs deep client relationships, and extensive industry expertise, the company’s statement read.

Founded in 2002, in-tech is touted to be one of the fastest-growing engineering R&D services providers that shape digitisation in the automotive, rail transport and smart industry sectors. It develops solutions in e-mobility, connected and autonomous driving, electric vehicles (EVs), off-road vehicles and railroads.

Headquartered in Germany, in-tech has been consistently growing. The company currently employs around 2,200 people in Germany, Austria, China, the UK, the Czech Republic, Spain, Romania and India.

in-tech’s three years’ revenues (fiscal year ending December 31): FY23: €169.8 million (unaudited), FY22: €140.5 million, FY21: €115.2 million.

Shares of Infosys settled over 1% higher on Thursday at ₹1,429 ahead of the company’s fourth-quarter results. The stock has declined nearly 9% over the last month. US-listed shares of Infosys are down 7.5% in pre-open trading.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Infosys headcount declines for the fifth straight quarter in Q4 with net reduction of 5,423 employees

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys saw a net reduction of 5,423 employees in the January to March 2024 quarter which took its total strength to 317,240 at the end of the 2023-24 fiscal year, according to the firm’s financial results released on April 18.

This is the fifth quarter in a row that the IT services giant has witnessed a net decline in the total workforce. In these five quarters, the firm has seen a net drop of more than 29,000 employees.

This is also the second reporting quarter after Infosys said it won’t hire fresh talent from campuses this year since it still has a “significant fresher bench” while there is a decline in demand in key markets like the US.

Meanwhile, the attrition rate — employees leaving an organisation — continued to ease in the fourth quarter of the fiscal to 12.6% at Infosys.

In the press briefing after announcing the results, Jayesh Sanghrajka, CFO, Infosys said the firm’s hiring model has changed significantly in last few years. “We are at 82% utilisation and there is headroom for growth there; 85% is our comfortable level,” he said.

Last week, Infosys’ peer Tata Consultancy Services (TCS) also reported a net drop of 1,759 employees in the January to March 2024 quarter, which took its total workforce at the end of the 2023-24 fiscal to 601,546 — the lowest in the last two years.

At a time when Infosys had implemented a campus hiring freeze, TCS boasted of being the first one to hire from institutes. “We have already gone to private institutions and made 1,000s of offers,” TCS CHRO Milind Lakkad said, adding that experienced talent is hired every quarter based on the required demand.

Also Read: TCS explains the changing role of developers amid AI adoption

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Infosys Q4 Results: FY25 revenue growth seen between 1% and 3%; Deal wins at $4.5 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys Ltd. expects revenue growth for the financial year 2025 to be between 1% and 3%. A CNBC-TV18 poll of analysts had expected the company to guide for revenue growth to be between 2% and 6% for the current financial year.

For the financial year 2025, Infosys guided for EBIT margin to be in the range of 20% to 22%.

The technology services giant reported a US Dollar revenue decline of 2.1% in constant currency terms. This was lower than the 0.3% decline that the CNBC-TV18 poll had projected. In constant currency terms, revenue declined by 2.2% sequentially, better than the 0.5% decline projected in the analyst survey.

Infosys reported US Dollar revenue of $4,564 million, compared to a CNBC-TV18 poll of $4,650 million.

This is the second consecutive quarterly decline in revenue for Infosys, after the 1% drop in the December quarter.

In Rupee terms, revenue for the quarter stood at ₹37,923 crore, which was lower by 2.3% sequentially, and lower than the ₹38,640 crore estimate.

EBIT margin narrowed by 40 basis points to 20.1% from 20.5% in the December quarter and 60 basis points lower than the CNBC-TV18 poll of 20.7%.

Net profit for the quarter stood at ₹7,975 crore, which was higher by 30% compared to the December quarter, and also higher than the CNBC-TV18 poll estimate of ₹6,180 crore. The profit was aided by an other income component, which stood at ₹2,789 crore, compared to a ₹789 crore figure in the October-December period. This includes the ₹1,916 crore refund it received from the income tax department.

The attrition rate during the quarter stood at 12.6% from 12.9% during the December quarter.

Infosys’ management said that the large deals the company won in financial year 2024, will help them in the new financial year.

For the BFSI segment, MD & CEO Salil Parekh said that he sees the segment doing better in the current financial year compared to the previous one. The BFSI segment contributed 26.4% to Infosys’ topline in the March quarter. Parekh also mentioned that the manufacturing segment may see lower growth this year. The manufacturing segment had a 14% contributing to the March quarter revenue.

Shares of Infosys had ended 1% higher on Thursday at ₹1,429 ahead of the company’s results. The stock has declined nearly 9% over the last month. US-listed shares of Infosys are down 7.5% in pre-open trading.

Track Infosys Q4 results live updates here 

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Infosys declares final dividend of ₹20, special dividend of ₹8; sets record date

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s second-largest software exporter Infosys on Thursday, April 18, announced a final dividend of ₹20 per share for the financial year 2023-24. The IT major has also announced a special dividend of ₹8 per equity share.

Along with ₹35.5 per share dividend announced earlier, the total Infosys dividend for FY24 stood at ₹63.5 per share.

The record date for the payment of the final and special dividends has been fixed as May 31, 2024. The dividend will be paid on July 1, 2024, the company said in a filing.

The Infosys board approved the dividend proposal while announcing the IT giant’s March quarter (Q4FY24) results.

Before this, Infosys declared an interim dividend of ₹18 per share on October 25, 2023, followed by a ₹17.5 final dividend on June 2023.

Shares of Infosys will likely trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.

An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.

Infosys Q4 results

Infosys reported a net profit of ₹7,975 crore for the quarter, which was higher by 30% compared to the December quarter, and also higher than the CNBC-TV18 poll estimate of ₹6,180 crore.

The IT giant expects revenue growth for the financial year 2025 to be between 1% and 3%. According to a CNBC-TV18 poll of analysts, the company was expected to guide for revenue growth to be between 2% and 6% for the current financial year.

Infosys reported a US Dollar revenue decline of 2.1% in constant currency terms. This was lower than the 0.3% decline that the CNBC-TV18 poll had projected. In constant currency terms, the company’s revenue declined by 2.2% sequentially, better than the 0.5% decline projected in the analyst survey.

The IT major reported US Dollar revenue of $4,564 million, compared to a CNBC-TV18 poll of $4,650 million.

This is the second consecutive quarterly decline in revenue for Infosys, after the 1% drop in the December quarter.

In Rupee terms, revenue for the quarter stood at ₹37,923 crore, which was lower by 2.3% sequentially, and lower than the ₹38,640 crore estimate.

EBIT margin narrowed by 40 basis points to 20.1% from 20.5% in the December quarter and 60 basis points lower than the CNBC-TV18 poll of 20.7%.

The result was announced after market hours and Infosys shares on Thursday ended at ₹1,429.50 on the NSE, up by ₹15.05 or 1.06%.

After falling about 8% so far this year, the stock is now at an important support level but the underlying trend remains bearish. The stock has an important support at ₹1,350 and resistance at ₹1,500. Heavy short positioning ahead of results, with OI up 16% and stock down 2% this expiry, according to domestic brokerage Emkay Global.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow