The total pay of Azim Premji, chairman of Wipro, Indias third-largest IT services exporter, crossed the Rs 10-crore mark in financial year (FY) 2013-14, rising over 150% from FY13.
Azim Premjis FY14 remuneration stood at Rs 10,24,31,219 (Rs 10.2 crore) against Rs 4,00,08,214 (Rs 4 crore) in FY13, a 156% rise, according to Wipros 2013-14 annual report. Remuneration comprises salary, commission, performance-based payments, allowances, medical allowances, perks and companys contribution to PF and superannuation.
In contrast, the remuneration of CEO & executive director TK Kurien rose 7% in FY14 from FY13. His total compensation stood at Rs 6,57,31,368 (Rs 6.57 crore) in FY14 compared to Rs 6,13,17,674 (Rs 6.13 crore) in the previous fiscal.
Among other top executives, the compensation of CFO and executive director Suresh Senapaty dipped marginally, by 2%, at the end of FY14. He was paid Rs 3,13,09,160 (Rs 3.1 crore) in FY14 compared with Rs 3,20,37,560 (Rs 3.2 crore) in FY13.
In FY14, Wipro reported a consolidated revenue of R43,762 crore with annual growth of 16.12%. Net profit touched R7,796 crore, rising 27%. The IT services exporter saw its operating profit margins hit 20.42% in FY14 against 18.57% in FY13.
The highest paid executive among technology companies in India is Tata Consultancy Services CEO N Chandrasekaran, who drew a total compensation of R18.7 crore in FY14 against R11.7 crore in FY13, a rise of 60%.
In Infosys, the highest-paid executive was BG Srinivas, its president, whose total compensation was $1.2 million (R7.8 crore), but he resigned in May. The company will soon decide on the compensation of Vishal Sikka, the new CEO, who will take over in August.
On the outlook for Wipro, Kurien, in his letter to shareholders, said, The macro-economic activity showed signs of pick-up, particularly in the US. Reflecting this mood, we are witnessing an improvement in client confidence. Clients are excited about technology and its value to their business, which augurs well for us.
In his letter to shareholders, Premji reiterated Wipros commitment to improving education in information, communication and technology. Our commitment to contributing to improving education in our communities will only increase. We think of this as our responsibility, being part of these communities; it also has a direct impact on the world of ICT, which is the world of our business, he said.
Wipro has been engaged with schools and colleges in India, after having taken similar initiatives