C Vijayakumar, the Chief Executive Officer of HCL Technologies Ltd, became the highest paid chief executive of IT companies in India last year with a total profit of $16.52 million (Rs 131.08 crore), including LTI (Long Term Bonus). He received $4.13 million in salary.
“Mr. Vijayakumar, Chief Executive Officer, did not receive any compensation from the company. However, he received $4.13 million (equivalent to Rs 30.60 crores) in compensation from HCL America Inc., a wholly retiring subsidiary of the company, during the 2020-21 fiscal year,” according to the company’s annual report.
Mr. Vijayakumar received $2 million in base salary, $2 million in variable compensation and $0.02 million in fringe benefits during the past fiscal year. However, his remuneration during the 2021-22 financial year remained unchanged.
The LTI is paid every two years based on the achievement of milestones set by the board, the report said. Of the total two-year LTI amount ended March 31, 2021, $6.25 million was paid for each fiscal year of FY 2019-20 and FY2020-21.
Vijayakumar was appointed general manager on July 20 last year after HCL founder Shiv Nadar stepped down.
According to the annual report, HCL Technologies recorded an 8.6 percent sequential decline in consolidated net profit to Rs 3,283 crore for the quarter ended June 30 for FY 23.
However, for the June 2022 quarter, it saw a 2.4 percent increase in its year-over-year net profit (YoY) compared to Rs 3,218 crore in the corresponding quarter last year.
HCL’s operating revenue in the April-June 2022 period increased by 16.9 percent year-on-year to Rs 23,464 crore.
In May, another IT chief, Infosys CEO Salil Parekh, received an 88 percent salary increase from his previous 5-year term following his reappointment to the top position on July 1. The board of Infosys approved a salary of Rs 79.75 crore for Parekh. .
TCS CEO Rajesh Gopinathan earns an annual salary of Rs 25.76 crore while Wipro’s Thierry Delaporte has a salary package of Rs 64.34 crore. Tech Mahindra CEO CP Gurnani earns Rs 22 crore.