DBT Bureau
Bengaluru, 3 June
Infosys Chief Executive Officer, Salil Parekh’s annual compensation grew by 17.3% to Rs 66.2 crore in FY24, annual report of the company released on Monday showed.
Parekh’s remuneration comprised of fixed pay, variable pay, retiral benefits, and the perquisite value of stock incentives exercised during the last financial year. While Parekh’s total fixed salary grew to Rs 7.47 crore in FY24 from Rs 7.12 crore in FY23, his bonus payout stood at Rs 19.75 crore in FY24. His remuneration for FY24 also included Rs 39.03 crore on account of exercise of 2,58,636 RSUs (restricted Stock Units).
The CEO of the Bengaluru-headquartered IT services firm drew a salary of Rs 56.4 crore in FY23. In FY22, Parekh drew a total remuneration of Rs 71.02 crore in FY22.
With the salary package of Rs 66.2 crore, Parekh became the second highest paid top executive of the Indian IT industry. As compared to Infosys, Wipro’s former CEO Delaporte, who resigned last fiscal, drew over $20 million (around Rs 166 crore) in FY24. However, this pay package included a severance-related package of Rs 92.1 crore for Delaporte. Delaporte’s successor and current CEO of Wipro, Srinivas Pallia will draw a salary of about Rs 58 crore for FY25.
Market leader, Tata Consultancy Services’ CEO, K Krithivasan’s overall remuneration in FY24 was at Rs 25.2 crore, which is marginally less than former CEO Rajesh Gopinathan’s at Rs 29.16 crore in FY23.
“During the year, our relentless focus on execution enabled us to deliver growth and operating margin resilience. We generated $2.9 billion of free cash flow. We worked closely with our clients on their cost, efficiency, automation, and consolidation programs to generate $17.7 billion of large deals, the highest we have had annually, which showcases the relevance of our service offerings for clients,” Parekh said in the annual report.
