HCL Technologies CEO C Vijayakumar emerged as the highest-paid chief executive among Indian IT services companies for the fiscal year 2023-24, with a total remuneration of approximately $10.06 million (around ₹84.16 crore), according to the company's annual report.
The report highlighted that Vijayakumar's salary saw a substantial increase of 190.75 per cent compared to the previous year. His compensation package included a base salary of $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 $2.36 million ( ₹19.74 crore). Additionally, he received $4.56 million ( ₹38.15 crore) in LTI from the exercised perquisite value of restricted stock units (RSUs), along with $0.04 million in benefits, perquisites, and allowances.
Vijayakumar's earnings were 707.46 times the median salary of HCL employees, which saw a median increase of 7.07 per cent for the year. His base salary surpassed that of other top executives in the industry, including Infosys CEO Salil Parekh ( ₹66 crore), Wipro's new CEO Srini Pallia ( ₹50 crore), and TCS CEO K Krithivasan ( ₹25 crore).
In a letter to shareholders, Vijayakumar commented on the company's performance, stating, "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 noted that HCL Tech achieved the 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.
HCLTech plans to capitalise 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 FY25 in Gen AI and similar capabilities.
Among the top four Indian IT companies, TCS led with the highest revenue for FY24 at ₹2,40,893 crore, followed by Infosys at ₹1,53,670 crore, HCL Tech at ₹1,09,913 crore, and Wipro at ₹89,794 crore, as per various media reports.
