Mumbai: K Krithivasan, the newly appointed Chief Executive Officer and managing director of TCS, took home a pay of over Rs 25 crore in FY24, the company said on Thursday.
Krithivasan took charge as the head of the country's largest IT services exporter in June 2023, after the surprising exit of Rajesh Gopinathan. His appointment is for a period of five years.
As per the company’s annual report, Krithivasan earned a salary of Rs 1.27 crore, with benefits, perquisites and allowances of Rs 3.08 crore and bagged a commission of Rs 21 crore during the fiscal year.
The earnings include his compensation as the global head of the largest vertical of banking, financial services and insurance at TCS, it said.
Interestingly, the Chief Operating Officer of the company, N G Subramaniam earned Rs 26.18 crore during the financial year.
Subramaniam, who is due to retire from the company soon, was in the role for the entire year and his emoluments included a salary of Rs 1.72 crore; Rs 3.45 crore in benefits, perquisites and allowances, and Rs 21 crore in commission.
The COO's remuneration increased by 8.2 per cent, the company said, adding that the increase in Krithivasan's earnings cannot be compared because of the change in the designation.
For his two months of service as CEO Gopinathan earned Rs 33.6 lakh in salary and Rs 76.8 lakh in benefits, perquisites and allowances, the annual report said.
The COO's remuneration is 346.2 times the median remuneration of its employees, which stood at Rs 6,01,546 as of March 31, 2024.
The average annual increase was in the range of 5.5-8 per cent, with top performers receiving double-digit increments in India, the report said.
Women constituted 35.6 per cent of the workforce at the end of the fiscal, the company added.
The company, which was among the first ones in the sector to nudge employees to shift back to working from offices, has approximately 55 per cent of its employees working from the office on all working days of the week.
The annual report said there is near-term uncertainty for the business because of a slew of global headwinds, but stressed that there is growth visibility over the medium to long term.
The annual report said the overall revenue growth slowed down to 6.8 per cent in FY24 from 17.6 per cent in the year-ago period.
"If the delayed decision-making and cash conservation seen in some segments through FY 2024 continues into the next fiscal year, it could lead to a moderation in growth in FY 2025", the annual report said.
Its chairman N Chandrasekaran said GenAI technologies will impact almost every sector and the country going forward and enterprises have already invested in cloud, data infrastructure and large processing power.
"GenAI will not only improve productivity but also create an impact we hitherto have not seen or imagined", he said.
Krithivasan said the all-time high order book, continued deal flow and pipeline velocity give it confidence in business momentum, and added, "We see greater opportunities ahead, as businesses become more technology-intensive and depend on technology to drive competitive differentiation and transform their industries." Shares of TCS were trading 0.45 per cent lower at Rs 3,954.80 apiece on the BSE, as against 1.23 per cent correction on the benchmark at 14:43 hrs.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks