HCLTech CEO C Vijayakumar's base salary surpassed counterparts at Infosys, Wipro and TCS.
HCLTechnologies CEO C Vijayakumar's total salary for FY 2023-24 was approximately $10.06 million (around Rs 84.16 crore), a company report has revealed. This makes him the highest-paid among Indian IT services companies' CEOs for the year.
According to the HCLTech annual report 2023-2024, Mr Vijayakumar's remuneration saw a significant increase of 190.75 per cent year-on-year.
His salary package consisted of a base salary of around $1.96 million (Rs 16.39 crore), a performance-linked bonus of $1.14 million (Rs 9.53 crore), and a long-term incentive (LTI) cash component of around $2.36 million (Rs 19.74 crore).
He also received $4.56 million (Rs 38.15 crore) in LTI - perquisite value of restricted stock units (RSUs) exercised, and a remaining $0.04 million in benefits, perquisites and allowance.
Mr Vijayakumar's remuneration was 707.46 times the median salary of employees, with a median increase in remuneration of 7.07 per cent for the year. In terms of base salary, he surpassed Infosys CEO Salil Parekh, who earned around Rs 66 crore, Wipro's new CEO Srini Pallia, who received around Rs 50 crore, and TCS CEO K Krithivasan, who earned around Rs 25 crore.
In his letter to shareholders, Mr Vijayakumar talked about the company's performance, saying, "We closed the year with revenue of $13.3 billion, up 5.4 per cent YoY, and an EBIT margin of 18.2 per cent." HCLTech achieved the highest revenue growth rate among tier 1 global IT services companies.
He also mentioned that the company is seeing "green shoots" in certain areas. He expects the demand environment to remain unchanged, with "soft discretionary spends", but sees opportunities for growth in emerging technologies like GenAI, cloud, data and cybersecurity.
HCLTech is well-positioned to take advantage of market opportunities with its portfolio across digital, engineering, cloud, AI and software. The company has already delivered over 200 proofs of concept in generative AI and plans to train over 50,000 employees in FY25 in Gen AI and similar capabilities.
Among the top four Indian IT companies, TCS led the pack with the highest revenue for FY24 at Rs 2,40,893 crore. Following closely were Infosys with Rs 1,53,670 crore, HCLTech with Rs 1,09,913 crore, and Wipro with Rs 89,794 crore.