Wipro’s Chairman Rishad Premji took home $9,51,353 in FY23, around 50 per cent lesser than the previous year. This comes as the company posted earnings, which lagged estimates amid a global slowdown.
Wipro’s Form 20-F filing with the US Securities and Exchange Commission showed that the pay stood at $9,51,353 compared to $18,19,022 in FY22. He is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro over the previous fiscal year.
“However, in light of the fact that the incremental consolidated net profits for FY23 was negative, the Company determined that no commission was payable for the fiscal year to Premji,” the filing further read. Since Covid-19, this is the first time Premji has taken a pay cut. His salary was reduced by about 31 per cent in FY20.
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While Premji’s salary was reduced by 50 per cent, CEO Thierry Delaporte saw a marginal increase in his total pay. His total pay stood at $1,00,26,942 in FY23 from $1,05,19,174, last year. CFO Jatin Dalal’s salary dived 31 per cent from $15,91,142 last year to $10,84,693 in FY23.
Quarterly result
The company in Q4, reported a 0.4 per cent YoY decline in net profit at ₹3,074.5 crore, owing to the worsening of the macro-environment. On a sequential basis, profit rose a meagre 0.7 per cent from ₹3,052.9 crore last quarter, missing street expectations.
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Revenue from operations stood at ₹23,190 crore, an 11 per cent YoY growth and 0.2 per cent QoQ decline. The management attributed the decline to uncertainty in the market and a slowdown in discretionary spending. Margins remained flat sequentially at 16.3 per cent, falling in line with market expectations.
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Published on May 25, 2023
