Infosys CEO takes home ₹66.25 crore salary in FY-24: Salil Parekh becomes second highest paid CEO in IT sector

Infosys’ Salil Parekh has become the second highest paid CEO in the Indian IT sector. The company’s CEO and MD Parekh has taken an annual compensation of Rs 66.25 crore in the financial year 2024. This information has been given in the company’s latest annual report. The highest paid CEO during the last financial year i.e. FY24 was former Wipro chief Thierry Delaporte, who took a salary of $ 20 million (about Rs 166 crore). Thierry Delaporte resigned from Wipro on 6 April. Then the company appointed Srinivas Palliya as the new CEO and MD of the company in his place. Srinivas will get a salary of about Rs 50 crore in the financial year 25. TCS CEO took a salary of Rs 25.36 crore in FY-24, while Tata Consultancy Services (TCS) CEO and MD K Krithivasan received an annual compensation of Rs 25.36 crore during FY24, which is the lowest among big IT companies. Salil Parekh’s annual compensation includes Rs 7 crore base pay Salil Parekh’s FY24 annual compensation of Rs 66.25 crore includes Rs 7 crore base pay, Rs 47 lakh retirement benefits, Rs 7.47 crore variable pay and bonus. Apart from this, Parekh has earned Rs 39.03 crore by using his restricted stock units (RSUs). In a letter to shareholders, Parekh said that the company’s continued focus on execution during FY24 has helped in growth and operating margin resilience. IT company Infosys released the results of Q4FY24 i.e. the fourth quarter of the financial year 2024 on 18 April. In the January-March quarter, Infosys’ net profit increased by about 30% year-on-year to ₹ 7,969 crores. In the same quarter last year (Q4FY23), the company’s net profit was ₹ 6,128 crores. At the same time, in Q3FY24 i.e. the third quarter, Infosys’ net profit was ₹ 11,058 crores. Infosys had announced a dividend of ₹ 28 Along with releasing the results, Infosys also announced a final dividend of Rs 20 per equity share and a one-time dividend of Rs 8 per share, i.e. a total dividend of Rs 28. Infosys’ revenue from operations in the fourth quarter grew 1% to ₹ 37,923 crore, as against ₹ 37,441 crore in the same quarter last year. The company hired 25,994 fewer employees in FY24 The number of employees hired by IT services giant Infosys for the financial year 2024 declined by 25,994. This has happened for the first time in at least 23 years since 2001. The total number of employees for FY24 was 3,17,240, which is 7.5% less than last year’s number. Infosys also added 5,423 fewer employees on a quarterly basis, which is a decline for the fifth consecutive quarter. On a last 12-month basis, the attrition rate in the fourth quarter came down to 12.6% from 12.9% in the previous quarter. Infosys has not been doing campus hiring for the last four quarters This has happened at a time when Infosys has not been doing campus hiring for at least the last four quarters. Because the company wants to monitor utilization rates and follow a flexi hiring model.

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