INDIA'S TOP IT COMPANY ANNOUNCES SALARY HIKE FOR EMPLOYEES; TO BE EFFECTIVE FROM 'THIS' MONTH - REPORT 

Amid the global COVID-19 crisis, India's biggest IT company Tata Consultancy Services (TCS) announced happy news for its employees. The company said that a salary hike for its employees will be rolled out that will be effective from October 1. 

Currently, TCS total headcount stands at 4,53,540 as of September 30, 2020. 

According to LiveMint report, TCS said it is continuing investments in organic talent development, with focus on upskilling and innovative training methods. Also, the TCS employees brought in 10.2 million learning hours in Q2, which was a 29 percent increase over the prior quarter.

With its new training method, there are over 3,52,000 employees who have been trained on multiple new technologies, and over 427,000 have been trained on Agile methods. The company further said that IT services attrition rate hits an all-time low at 8.9 percent. 

"We want to thank all TCSers for the incredible resilience they have shown during these trying times. We are happy to announce that we will be rolling out salary increases, effective October 1st. We started onboarding freshers, and increased our recruitment globally in Q2, in anticipation of the growth trajectory we see ahead," said Milind Lakkad, Global Head, Human Resources.

Meanwhile, TCS stated that it would buy back shares worth up to Rs. 16,000 crore while reporting a 7.1 percent fall in quarterly profit. Taking a look into the consolidated net profit for the September quarter, it fell to Rs, 7,475 crore from Rs. 8,042 crore a year earlier, as the company set aside Rs. 1,218 crore under exceptional items related to a U.S. lawsuit, LiveMint further reported. 

However, as per Refinitiv data reports, TCS on an average had expected a profit of Rs. 7805 crore and its consolidated revenue for the period rose 3 percent to Rs. 40,135 crore.

Highlighting about the results and effect on the company, Rajesh Gopinathan, Chief Executive Officer and Managing Director said: "Driving accelerated business value realization of our customers' digital investments has resulted in broad-based revenue growth. The strong order book, a very robust deal pipeline, and continued market share gains give us confidence for the future."