“HCLTech CEO C Vijayakumar Tops List of Highest-Paid Indian IT CEOs “
HCL Technologies CEO C Vijayakumar has been revealed as the highest-paid Indian IT services CEO for FY 2023-24, according to the company’s annual report. His total remuneration for the fiscal year amounted to approximately $10.06 million (around ₹84.16 crore), marking a substantial increase of 190.75% from the previous year.
HCL Technologies CEO C Vijayakumar has been revealed as the highest-paid Indian IT services CEO for FY 2023-24, according to the company’s annual report. His total remuneration for the fiscal year amounted to approximately $10.06 million (around ₹84.16 crore), marking a substantial increase of 190.75% from the previous year.
Vijayakumar’s salary package includes a base salary of around $1.96 million (₹16.39 crore), a performance-linked bonus of $1.14 million (₹9.53 crore), and a long-term incentive (LTI) cash component of approximately $2.36 million (₹19.74 crore). Additionally, he received $4.56 million (₹38.15 crore) in LTI – perquisite value from restricted stock units (RSUs) exercised, along with $0.04 million in benefits, perquisites, and allowances.
The disparity in remuneration is notable, with Vijayakumar’s salary being 707.46 times the median employee salary at HCLTech. In contrast, other leading Indian IT CEOs have lower base salaries: Infosys CEO Salil Parekh earned around ₹66 crore, Wipro’s new CEO Srini Pallia received about ₹50 crore, and TCS CEO K Krithivasan earned approximately ₹25 crore.
In his letter to shareholders, Vijayakumar highlighted HCLTech’s performance, noting a revenue of $13.3 billion, up 5.4% year-on-year, and an EBIT margin of 18.2%. He emphasized that the company achieved the highest revenue growth rate among tier 1 global IT services firms and identified opportunities for growth in emerging technologies such as generative AI, cloud computing, data analytics, and cybersecurity.
Looking ahead, Vijayakumar expressed optimism about the demand environment, despite a backdrop of “soft discretionary spends.” HCLTech plans to capitalize on market opportunities with a robust portfolio spanning digital, engineering, cloud, AI, and software. The company is set to train over 50,000 employees in generative AI and similar capabilities in FY25.
Among the top four Indian IT companies, HCLTech’s revenue for FY24 stood at ₹1,09,913 crore, placing it third behind TCS, which led with ₹2,40,893 crore, and Infosys, which recorded ₹1,53,670 crore. Wipro followed with ₹89,794 crore in revenue.
Sources By Agencies
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