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Decline in Headcount Top Four IT Companies in India Witness a Drop in Employee Numbers in Q2 of FY24

Business BytesBusiness Bytes ยท 1y ago
Decline in Headcount Top Four IT Companies in India Witness a Drop in Employee Numbers in Q2 of FY24
Medial

The top four IT companies in India, including TCS, Infosys, HCL Technologies, and Wipro, experienced a decline in their workforce during the second quarter of the fiscal year 2024. TCS recorded the largest reduction with 6,333 fewer employees, marking the largest drop in their employee numbers in years. Infosys saw a decline of 7,530 employees, HCL Technologies had a reduction of 2,299 employees, and Wipro witnessed 5,051 employees leaving the company. While the exact reasons are unclear, factors such as economic uncertainties and shifts towards automation and digitalization may have played a role. The companies also focused on improving employee retention strategies.

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Why tech workers are earning less for their employers

LivemintLivemint ยท 1y ago
Why tech workers are earning less for their employers
Medial

The revenue contributed by each employee in top IT services companies such as TCS, Infosys, Wipro, HCL Technologies, Accenture, and Cognizant has been steadily declining since the end of the COVID-19 pandemic. The increase in offshoring and preference for the offshoring model by clients has led to lower billing per employee and subsequently reduced revenue. HCL Tech witnessed the highest Revenue Per Employee (RPE) at $58,532 but also saw the steepest drop of 12.5%. Infosys, on the other hand, reported a 3% increase in RPE. The impact of offshoring has also affected foreign companies like Accenture, which experienced a 3% decline in RPE between FY19 and FY23. Profitability per employee has also decreased for most companies except for Accenture. Wipro experienced the largest drop in profitability per employee due to lower margins after the acquisition of Capco. The depreciation of the Indian rupee against the US dollar did not aid profitability either.

Ixigo ends Q2 FY25 with Rs 206 Cr revenue and Rs 13 Cr PAT

EntrackrEntrackr ยท 8m ago
Ixigo ends Q2 FY25 with Rs 206 Cr revenue and Rs 13 Cr PAT
Medial

Online travel aggregator (OTA) Ixigoโ€™s revenue from operations grew 26% to Rs 206.47 crore in Q2 FY25 as compared to the same quarter of FY24. The growth was steered by the flight and bus segment. The flight gross transaction value grew by 43% YoY, while the bus GTV increased by 46%. The companyโ€™s contribution margin also improved by 24% to Rs 91.08 crore in Q2 FY25, compared to Rs 73.67 crore in Q2 FY24, the company said in a stock exchange filing. However, the contribution margin as a percentage of revenue from operations slightly decreased from 45% in Q2 FY24 to 44% in Q2 FY25. The Gurugram-based company generated the majority (53.5%) of its operating revenue from train ticketing amounting to Rs 110.4 crore in Q1 FY25. Flight and bus booking services contributed 27% and 19.3% to the companyโ€™s coffers, respectively. The firmโ€™s operating expenses rose in Q2 FY25, reflecting increased investments in growth. Employee expenses and marketing costs contributed to this spike, which was necessary to support the companyโ€™s expansion in user acquisition and market penetration. Despite the rise in costs, EBITDA saw a sharp increase of 655%, reaching Rs 22.4 crore in Q2 FY25, compared to Rs 2.96 crore in Q2 FY24. Adjusted EBITDA also jumped 326% to Rs 20.99 crore in Q2 FY25. Ixigo profit after tax (PAT) declined by 51%, from Rs 26.70 crore in Q2 FY24 to Rs 13.08 crore in Q2 FY25. This decline was primarily due to a deferred tax charge of Rs 5.26 crore in Q2 FY25.

IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023

Economic TimesEconomic Times ยท 1y ago
IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023
Medial

The hiring numbers for major IT companies Cognizant and Capgemini have declined by 151,607 employees globally in 2023 compared to the previous year. This decrease in recruitment is attributed to factors such as over-hiring during the pandemic, industry contraction, and the belief that advancements in AI technology will reduce the need for entry-level positions. Other Indian IT service providers like Tata Consultancy Services, Infosys, and Wipro have also experienced a decline in their headcount. Companies are now focusing on inorganic growth through acquisitions rather than organic growth. The market is also facing a shortage of talent with the right skills for emerging technologies.

BillDeskโ€™s growth slows in FY24; PAT drops to Rs 121 Cr

EntrackrEntrackr ยท 2m ago
BillDeskโ€™s growth slows in FY24; PAT drops to Rs 121 Cr
Medial

BillDeskโ€™s revenue from operations decreased to Rs 2,334 crore during the fiscal year ending March 2024 from Rs 2678 crore in FY23, as per the companyโ€™s consolidated financial statements with the Registrar of Companies. BillDesk makes money by charging fees for processing and settling electronic transactions, which contributed over 70% of its total operating revenue of Rs 1,591 crore in FY24. Around 16% of its earnings came from managing loyalty programs for clients, while the remainder was generated through the sale of products such as PINS and e-top-up subscriptions, along with other operating activities. Billdesk earned Rs 112 crore in non-operating income from interest and gains on financial assets. Its total revenue stood at Rs 2,446 crore in FY24, down from Rs 2,765 crore in FY23. For the payment company, bank fees and services had been the largest cost center, accounting for 78.8% of the overall expenditure. In line with the drop in scale, this cost declined by 16% to Rs 1,804 crore in FY24. Despite the reduced scale, employee benefit expenses rose by 22.4% to Rs 300 crore. Spending on data, communication, legal, and information technology pushed the companyโ€™s total expenses to Rs 2,289 crore during the fiscal year. The decline in scale, coupled with higher employee expenses, led BillDesk to report a 14.8% drop in profit to Rs 121 crore in FY24 from Rs 142 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margins also dipped slightly, settling at 5.77% and 9.24%, respectively. On a per-unit basis, the company spent Rs 0.98 to earn every rupee during the year. By the end of FY24, BillDesk's total current assets stood at Rs 2,612 crore, which included Rs 930 crore in cash and bank balances.

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