Infosys chief Salil Parekh will receive up to ?79.75 crore per annum, the company revealed in its latest annual report. Of this, only ?11 crore is fixed while ?68.75 crore is performance-based remuneration.
In comparison, Rajesh Gopinathan, chief executive of Tata Consultancy Services Ltd (TCS) received a total compensation of ?25.8 crore during FY22.
Parekh was recently reappointed to the top job at the IT giant, commencing on 1 July, 2022 and ending on 31 March, 2027.
Interestingly, the average hikes at Indian IT services companies range between 4-8%.
Infosys said that under Salil’s leadership, the company’s total shareholder return (TSR) was up 314%, the highest among peers and was well above the TSR (in rupee terms) of benchmark indices of Nifty at 77% and S&P 500 at 117%.
Under Parekh’s leadership, Infosys said it has executed its ‘market-differentiating’ strategy by more than doubling the share of digital revenue from 25.5% (fiscal 2018) to 57.0% (fiscal 2022). It has signed large deals with a total value of about $39 billion for the four-year period from FY 2019-22.
‘These results were delivered under the Navigating your Next strategy, led by Salil, comprising scaling digital revenue, accelerating the core, localization and reskilling, which has resulted in an increased market share in a highly competitive environment,’ Infosys said.
Parekh said in a letter to shareholders, ‘We are starting to see inflation across several markets in the world, interest rate increases, with the European conflict and continuing covid-19 impact in some geographies creating supply chain constraints. While our demand outlook is strong, we remain vigilant to ensure we are agile and evolve our approach with the changing dynamics.’
‘As I look ahead, nonetheless, I remain more optimistic than ever. Large enterprises and governments everywhere are adopting digital and driving transformation to make them more connected with their customers, employees, and partners. We are especially well-positioned to be the provider of choice with the set of capabilities that are most relevant to our clients.’ he added.
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