As per Wipro’s financial results for Q4, the company witnessed a dip in employee count in the January to March quarter of 2023. The voluntary attrition rate also fell to 14.1 per cent on a quarterly annualized basis. On a trailing 12-month basis, it stood at 19.2 per cent.
At the end of March 2023, the workforce strength stood at 2,56,921, whereas in the previous quarter it was 2,58,744. That means, the fourth quarter of FY23 saw a net reduction of about 1,823 employees, whereas in the previous quarter it had seen a reduction of 435 employees.
The voluntary attrition, on the other hand, weakened by 330 basis points (bps) from the previous quarter, when it was 21.2 per cent.
About four quarters ago, the headcount had witnessed a surge, which led to a fall in utilisation. This, in turn, had affected Wipro’s margin. However, the company intends to continue hiring as the business is clearly growing. In financial year 2023, more than 22,000 freshers were hired to help in business growth.
Not only is the company bagging lucrative transformation deals, it is also enjoying the advantages of a consolidating market, and further strengthening its relationships with its existing clients.
The IT major reported a consolidated net profit of Rs 3,074.5 crore in Q4. Although it is a little less than the profit of Rs 3,087.3 crore it earned during the same quarter last year, the company has posted extraordinary bookings, the best in a year. Total bookings exceeded $4.1 billion in two quarters consecutively. There was 155 per cent growth, year-on-year for the quarter, in terms of large deal order booking too.
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