Infosys CEO Salil Parekh Draws Rs 34.27 Crore Pay Package In FY20
Salil Parekh, chief executive officer of Infosys Ltd., speaks during a news conference in Bengaluru, India. (Photographer: Karen Dias/Bloomberg)

Infosys CEO Salil Parekh Draws Rs 34.27 Crore Pay Package In FY20

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Infosys Ltd. CEO Salil Parekh saw his pay package growing about 39% to Rs 34.27 crore in 2019-20, according to the company's annual report.

Parekh's compensation was at Rs 24.67 crore in 2018-19.

The company's annual report for 2019-20 showed that his compensation included Rs 16.85 crore in salary, Rs 17.04 crore in stock options and Rs 38 lakh (others).

Infosys Chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services, the report said.

Also read: Infosys Joins a Growing List of Companies Ditching Outlooks

Chief Operating Officer UB Pravin Rao's compensation rose 17.1% to Rs 10.6 crore in FY20 from Rs 9.05 crore in the previous fiscal.

Interestingly, TCS CEO and MD Rajesh Gopinathan had seen his pay package shrinking more than 16% to Rs 13.3 crore in 2019-20 compared to the previous fiscal.

While Wipro CEO Abidali Z Neemuchwala saw his compensation rise 11.8% to $4.42 million (about Rs 33.38 crore) in fiscal 2020 from the previous year.

In his note to shareholders in the annual report, Infosys CEO Parekh said the company will closely monitor the impact of the pandemic as the market and client activity evolve.

Also read: Stocks To Watch: Infosys, Linde India, Tata Elxsi, TTK Healthcare

"We can already see several European countries and U.S. states starting to re-open. We see stability and expansion in our work in the global telecommunications, high technology and life sciences industries," he said.

Parekh noted that while methods like wearing masks, regular hand washing, and keeping safe distance help in increasing individual safety, the critical medical milestones of therapeutic and vaccine solutions are in the future.

"We remain extremely focused on the needs of our clients in this environment and even more ready to expand our support to our clients as the world collectively emerges from the unprecedented situation," he said.

Nilekani, in his address, also emphasised that the post-cloud era characterised by increasingly intelligent, autonomous and self-healing digital infrastructure is bringing the industry the opportunity to do more.

Also read: Analysts Expect Infosys Sales to Fall After Firm Drops Guidance

"Our strong balance sheet, great growth momentum, scaled digital systems for our people to deliver collaboratively and an executive management team relentlessly focussed on executing our digital strategy, uniquely position Infosys to deal with the unprecedented challenges of these times and help our clients navigate to the next normal," he added.

Infosys' 39th Annual General Meeting will be held on June 27 through video conference and other audio visual means.

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