Infosys Reverses Headcount Trend, Adds 2,456 Employees In Q2

Infosys Ltd.'s headcount increased in the quarter ended Sept. 30, 2024, with the company adding 2,456 employees during the period, according to an exchange filing on Thursday.

Among Infosys' rivals, Tata Consultancy Services Ltd. added 5,726 employees, whereas HCL Technologies Ltd. lost 780 employees during the second quarter.

Infosys' attrition rate stood at 12.9% during the quarter under review, higher as compared to 12.7% as of June 30, 2024. The attrition rate, however, is lower from 14.6% in the year-ago quarter.

The total number of persons employed by the IT major as of Sept. 30 stood at 3,17,788. In comparison, the company's headcount stood at 3,15,332 as of June 30.

The increase in headcount marks a reversal of the trend seen over the past six quarters, when the company reported a consecutive decline in its overall workforce.

Although the headcount during the quarter under review has grown sequentially, it is down by 10,976 as compared to the year-ago period. The company had employed a total of 3,28,764 employees as of Sept. 30, 2023.

The female participation in Infosys' overall workforce has remained stable over the past year. As of Sept. 30, 2024, women employees constituted 39% of the overall headcount, which is nearly the same as 39.2% in the June quarter and 39.4% in the year-ago period.

Infosys has raised its revenue forecast in constant currency terms for fiscal 2025 to 3.75-4.5%, up from its earlier projection of 3-4% for the period. The margin guidance for the fiscal was retained at 20-22%. 

The company posted a 4.3% sequential increase in revenue to Rs 40,986 crore for the September quarter, which is in line with the estimate of Rs 40,820 crore shared by analysts tracked by Bloomberg.

The net profit during the same period increased 2.2% quarter-on-quarter to Rs 6,506 crore, which is lower than the estimate of Rs 6,831 crore.

On Thursday, Infosys shares settled 2.58% higher at Rs 1,969.5 apiece on the BSE, even as the benchmark Sensex ended the day 0.61% lower. The quarterly results were declared after market hours.