Infosys Chief Executive Officer Salil Parekh’s annual compensation declined by 21% in the Financial Year 2022-23. Parekh drew a salary of ₹56.44 crore in FY23 as compared to ₹71.02 crore in FY22, the company’s annual report showed.
His remuneration for FY23 included ₹30.60 crore on account of exercise of 1,24,783 restricted stock units (RSU). In the previous fiscal year, Infosys CEO’s salary rose by 43%.
Meanwhile, the median remuneration of employees (MRE) at Infosys in FY23 rose to ₹9,00,012 from ₹8,14,332 in FY22.
The average annual increase in the salaries of employees was 9.9% in India, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase in line with the market trends in the respective countries, the annual report said.
“In the past few quarters, we have seen the global economy dealing with inflation, interest rate increases, and changes in demand environment for companies in various industries. Our strength in digital, cloud, and in automation, along with cost efficiency capabilities have held us in good stead. These will continue to be critical in the evolving economic environment,” Parekh said in a letter to shareholders.
Infosys reported a weak quarter in the period ending March 31, 2023, as the IT giant’s net profit in Q4FY23 declined by nearly 16% sequentially to ₹6,128 crore, missing Street estimates.
The company’s revenue also dropped by 2.2% QoQ to ₹37,441 crore. In constant currency, revenue growth was at 3.2% QoQ and 8.8% YoY. The operating margin was 21% in during the quarter.
For FY23, Infosys delivered $18.2 billion revenues with a growth of 15.4% in constant currency and operating margins of 21%. Growth was broad-based across industry verticals and geographical regions.
“Financial year 2023 was a strong year for our business. In FY23, we saw growth of over 15%, operating margins of 21%, and free cash flow of $2.5 billion. Our attrition reduced for each quarter of the year. With the changing economic environment, we positioned our Company to work with clients for their digital transformation as well as their cost efficiency and automation programs, enabling us to support them in two critical areas of interest,” Parekh added.
Infosys share price has fallen more than 13% in the last one year. On Friday, the stock ended 1.58% lower at ₹1,298.65 apiece on the BSE.
