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In a disclosure from Infosys, India’s second-largest software maker, it has been revealed that CEO Salil Parekh’s compensation for fiscal year 2024 totaled a staggering 662.4 million rupees ($7.9 million). This places him among the highest-paid Indian IT chiefs currently leading major tech firms.
Parekh’s compensation package included 74.7 million rupees in fixed pay and a substantial 197.5 million rupees in bonuses, incentives, and variable pay, as outlined in the company’s annual report released on Monday. Additionally, 390.3 million rupees were attributed to him as perquisites from stock options exercised during the fiscal year.
The 17.3% increase in Parekh’s pay compared to the previous year was primarily driven by the higher number of stock options exercised during the period. However, this significant rise in compensation comes at a time when Infosys recorded its slowest annual revenue growth rate ever in fiscal year 2024, as reported in constant currency terms.
Looking ahead, Infosys has forecasted revenue growth between 1% and 3% in constant currency for fiscal year 2025, a projection that falls below expectations set by most analysts who anticipated growth rates of 2% to 5%.
Comparatively, Tata Consultancy Services (TCS), India’s largest IT firm, disclosed that its CEO, K Krithivasan, earned 253.6 million rupees in fiscal year 2024, positioning him as potentially the lowest-paid CEO among the top four Indian IT firms.
Meanwhile, Wipro’s newly appointed CEO, Srinivas Pallia, is expected to earn between $4.5 million and $7 million annually over the next two years. Pallia, a veteran within the company, assumed the top role in April following the resignation of outgoing CEO Thierry Delaporte, who earned $20.1 million in fiscal year 2024.
Parekh’s substantial compensation package amidst challenging revenue growth underscores the complexities and dynamics of executive remuneration in India’s competitive IT sector, where leadership changes and strategic shifts continue to shape industry benchmarks and expectations.
Sources By Agencies
