Infosys reports first annual headcount decline in nearly 23 Years, drops by 7.5% in FY 2023-24

Infosys, a major IT firm, witnessed its first full-year headcount decline in nearly 23 years, shedding 25,994 employees during the financial year 2023-24.

 

The company's total headcount for the fiscal year stood at 317,240, marking a 7.5% decrease from the preceding year.

 

Jayesh Sanghrajka, Infosys' CFO, remarked during the fourth-quarter results announcement on Thursday, “Our utilisation rate has improved from 77 per cent utilisation including trainees at the beginning of the year. The growth environment was also very different at that point so we had guided differently.”

 

“We had to realign some of those factors as the growth environment changed. Our utilisation has changed to 82 per cent now. Our attrition has also come down significantly. That’s the reason you see a net headcount reduction,” he further added.

 

Quarterly data revealed a decrease of 5,423 employees, with Sanghrajka explaining that, "We've substantially altered our hiring approach. Instead of recruiting all freshers from campuses, we now hire less than half from campuses and more than half from off-campus sources."

 

For the January-March quarter, the IT giant reported a 30 per cent surge in net profit to Rs 7,969 crore, compared to Rs 6,128 crore in the corresponding quarter last year.