Infosys CEO Salil Parekh received a total compensation of Rs 56.44 crore in the financial year 2022-23, which was lower than the Rs 71 crore he got in the previous year 2021-22, according to the company’s annual report.
Parekh’s remuneration comprises fixed pay, variable pay, retiral benefits and the perquisite value of stock incentives exercised during the period. Infosys said that Parekh’s remuneration dropped 21 per cent from the previous year.
The fall in the compensation in FY23 was mainly due to fewer restricted stock units (RSUs) during the year. RSU is a form of equity compensation offered to employees. The RSUs are allotted under two programmes — the 2015 Stock Incentive Compensation Plan and the Infosys Expanded Stock Ownership Program 2019.
Under the 2019 plan, the RSUs granted shall vest based on the following three performance parameters, the relative weightage of which shall be determined by the Administrator provided that each parameter shall have a weightage of at least 25 per cent and no single parameter shall have a weightage of more than 50 per cent.
In Q4 FY23, Infosys posted a net profit at Rs 6,128 crore, a jump of 7.8 per cent over the year-ago period. Its revenues during January-March 2023 increased 16 per cent to Rs 37,441 crore, compared with Rs 32,276 crore a year ago. The net profit of Infosys had stood at Rs 5,686 crore in the corresponding period last year.
Infosys’ cross-town rival Wipro’s CEO Thierry Delaporte drew Rs 82.4 crore during the year, a fall of 5 per cent from the financial year 2021-22.
In his letter to shareholders, Parekh said FY23 was a strong year for the company’s business, with a growth of over 15 per cent and operating margins at $2.5 billion.
“Last year we returned US$3.1 billion to our shareholders – US$1.7 billion as dividend and US$1.4 billion through our share buyback program. At the end of the financial year, we were the leading company among our peers in total shareholder return over the past five years,” he said.
Comments
0 comment