Top IT firms report headcount drop amid weak demand, delayed deal cycle

Major Indian IT companies like TCS, Infosys, and Wipro saw a significant drop in employees during FY24 due to reduced client budgets and delayed deal cycles

A weak demand environment, weakness in discretionary spending, and prolonged decision-making from clients to sign deals led top Indian IT services companies to report a decline in headcount during the financial year 2023-24 (FY24).

India’s largest IT company Tata Consultancy Services (TCS) reported a total employee headcount of 601,546 as of March 2024, a drop of 13,249 employees from the same period last year. Infosys reported a total employee headcount of 317,240 as of March 2024, down by 25,994 employees from the same period last year, while Wipro saw a headcount decline of 24,516 employees in FY24 on