The company’s voluntary attrition has increased from 12 percent to 13 percent on a quarterly annualised attrition basis. “The actual amount and timing of severance and other personnel costs are dependent in part upon local country consultation processes and regulations and may differ from our current expectations and estimates,” the company said. Of this, during the quarter ending May 30, the company recorded business optimisation costs $3,46,873, primarily pertaining to severance. Towards this end, the company had expected to incur $1.2 billion in employee severance and other personnel costs - $500 million in FY23 and $700 million in FY24. Last quarter, Accenture had said that it would be cutting 19,000 jobs - or 2.5 percent of workforce - in 18 months, including over 800 of its 10,000-plus leaders as a manner of slashing its structural costs. Analysts said that the demand weakness across the sector was expected to intensify, with deferrals, halts and cancellations of projects with no green shoots so far.
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Julie Sweet, chair and CEO, Accenture, said in a statement, “Our third quarter results reflect solid bookings and revenue and very strong adjusted operating margin, earnings per share and free cash flow, which demonstrates the rigor and discipline with which we run our business.”Īnalysts had expected a tough road ahead for Indian IT, particularly after guidance was cut by EPAM Systems earlier this month, amid a worsening macroeconomic environment, with no signs of pickup in the months of April and May either. It had narrowed the upper end last quarter from 11 percent to 10 percent.
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With this, Accenture has met its revenue guidance for the quarter of $16.1-16.7 billion.Īccenture is seen as a bellwether for the Indian IT sector, and gives an indication of how Indian IT companies’ numbers are likely to fare in the quarter ending June 30.Īccenture saw new bookings in Consulting of $8.93 billion and $8.32 billion in managed services.Īdditionally, its guidance update for the full year too may raise signs of concern of worsening stress as clients pull back on spending, as Accenture has reduced its guidance at the upper end, now forecasting it to be at 8-9 percent. Accenture follows a September-August financial year, and over 3 lakh of its 7.32 employees are based in India. It reported revenue of $16.6 billion for the quarter ended May 30, up from 4.7 percent sequentially.
For the fourth quarter, Accenture’s revenue guidance is at $15.75-16.35 billion, an increase of 2 percent to 6 percent in local currency year-on-year. The company’s headcount now stands at 7.32 lakh.Īccenture's fourth-quarter guidance is also below expectations. The company also saw its headcount reduce by roughly 6,000 people from last quarter, a part of which is the impact of the 19,000 layoffs announced last quarter. However, the results for the quarter did beat analyst estimates. This comes at a time when several companies have spoken about uncertainty, as well as cuts in discretionary spending and delays in bookings as well.
In what signals turbulent times ahead for the Indian IT sector, US-based IT services firm Accenture saw its bookings for the third quarter fall by 22 percent sequentially to $17.2 billion, after the company saw record bookings of $22.1 billion last quarter.
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