HCLTech’s C Vijayakumar becomes highest-paid Indian IT CEO
NOIDA, INDIA — HCL Technologies CEO C Vijayakumar emerged as the highest-paid chief executive among Indian IT services companies for the fiscal year 2023-24.
According to the firm’s annual report, Vijayakumar’s total remuneration reached around $10.06 million, marking a substantial 190.75% increase from the previous year.
Breakdown of Vijayakumar’s salary package
The significant rise in Vijayakumar’s compensation includes various components:
- Base salary: $1.96 million (₹16.39 crore)
- Performance-linked bonus: $1.14 million (₹9.53 crore)
- Long-term incentive (LTI) cash component: $2.36 million (₹19.74 crore)
- LTI from exercised restricted stock units (RSUs): $4.56 million (₹38.15 crore)
- Benefits, perks, and allowances: $40,000 (₹33 lakh)
This comprehensive package highlights Vijayakumar’s pivotal role in steering HCLTech’s strategic initiatives and delivering significant value to shareholders.
Comparison with industry peers
Vijayakumar’s earnings are notably higher than those of other top executives in the Indian IT sector. For instance:
- Infosys CEO Salil Parekh earned ₹66 crore ($7.8 million).
- Wipro‘s new CEO Srini Pallia received ₹50 crore ($5.97 million)
- TCS CEO K Krithivasan earned ₹25 crore ($2.98 million)
Vijayakumar’s remuneration is 707.46 times the median salary of HCLTech employees, who saw a median increase of 7.07% for the year.
HCLTech’s financial performance
Under Vijayakumar’s leadership, HCLTech reported strong financial results for FY24:
- Revenue: $13.3 billion, up 5.4% year-on-year (YoY)
- EBIT Margin: 18.2%
- Net profit: ₹15,702 crore, up 5.7% YoY
In a letter to shareholders, Vijayakumar commented, “We closed the year with revenue of $13.3 billion, up 5.4 per cent YoY, and an EBIT margin of 18.2 per cent.”
He emphasized HCLTech’s highest revenue growth rate among tier 1 global IT services companies and expressed optimism about the company’s prospects in emerging technologies such as generative AI, cloud, data, and cybersecurity.
Future plans and market opportunities
HCLTech plans to capitalize on market opportunities with its diverse portfolio in digital, engineering, cloud, AI, and software.
The company has already delivered over 200 proofs of concept in generative AI and intends to train over 50,000 employees in GenAI and similar capabilities in FY25.
