Wage cost grew faster than revenue for top four IT firms in Q1

The country’s top four IT companies saw their combined revenues for the June quarter at about Rs 1.47 trillion, up by a meagre 0.2% sequentially. In the March quarter of FY23, their combined revenue was at about Rs 1.46 trillion.

While their combined employee benefit cost in Q4FY23 was Rs 82,470 crore, it increased by 0.5% sequentially to Rs 82,925 in Q1FY24. Unsurprisingly, all the top four IT giants have seen their operating margin falling in the first quarter of FY24.