HCLTech CEO C Vijayakumar’s salary dips 80% in FY23

The sharp fall in his remuneration was due to the absence of the long-term incentive component, which will be paid next fiscal year, the company said in its annual report.

“The long-term incentive (LTI) is paid at fixed intervals (at the end of two years) based on the achievement of milestones / parameters decided by the board. Accordingly, the LTI related to performance for FY 2021-22 and for FY 2022-23 shall be paid during FY 2023-24,” said the report.

Vijakumar had earned around $12.5 million under LTI in FY22.

In FY21, when he did not receive the long-term incentive, Vijayakumar took home Rs 30.6 crore.

Vijayakumar’s salary was 254 times the median remuneration of HCLTech employees during the FY23 fiscal, said the report. He was the least paid CEO among India’s top five IT companies last fiscal year.

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“In FY24, we continue to operate in an environment of high volatility. A combination of factors including geopolitical uncertainties, rising inflation and softening of consumer spending in a few sectors are creating some turbulence in the market,” Vijayakumar wrote in a note to shareholders.

On average, the salary increase of HCLTech employees during the year was 5.14%. Managerial personnel — executive director, non-executive director and independent director — saw a decrease of 5.28% in remuneration, the report said.

HCLTech chairperson Roshni Nadar Malhotra took home Rs 1.03 crore, the same as the previous fiscal year.

India’s third largest IT firm said during its first-quarter earnings call that senior employees would not get annual increments for this fiscal year and that hikes would be deferred by a quarter for other staff.

Wipro CEO Thierry Delaporte’s compensation fell to Rs 83 crore ($10 million) from Rs 79.8 crore in FY22. In dollar terms, his compensation was reduced by 5%. Infosys CEO Salil Parekh earned Rs 71.02 crore, down 21%.

Tech Mahindra chief executive CP Gurnani earned about Rs 32 crore in salary and other compensation in fiscal 2023, about half compared with Rs 63.4 crore the previous year, the company said in its annual report. Former Tata Consultancy Services CEO Rajesh Gopinathan earned Rs 29.16 crore, up 13.17% on year.

TCS chairman N Chandrasekaran earned only sitting fees. Infosys non-executive chairman Nandan Nilekani did not take any payment, while Wipro chairman Rishad Premji’s compensation halved.