New Labour Code Dent Q3 Profits of TCS, Infosys, HCLTech by Over INR 4,000 Crore
The new labour code has resulted in exceptional costs totalling more than INR 4,373 crores for Tata Consultancy Services (TCS), Infosys, and HCLTech. As a result, the third quarter ending December 31 saw a sharp double-digit drop in profitability for the three largest IT services companies in the nation.