Tata Consultancy Services (TCS) CEO and MD K Krithivasan took home annual remuneration worth ₹25.36 crore in the financial year 2023-24, which is lower than his peers in the country's big IT services companies.
K Krithivasan, who was appointed the CEO & MD of TCS with effect from June 1, 2023, received an annual salary worth ₹1.27 crore and benefits, perquisites and allowances worth ₹3.08 crore. His yearly commission stood at ₹21 crore.
Krithivasan's remuneration includes compensation for the full year, i.e. as global head of banking, financial services and insurance (BFSI) for April 1, 2023, to May 31, 2023, and as CEO & MD from June 1, 2023, to March 31, 2024.
N.G. Subramaniam, who's the TCS COO and ED, received slightly higher total compensation than Krithivasan at over ₹26.1 crore. His salary stood at ₹1.7 crore, while benefits, perquisites and allowances were ₹3.4 crore and commission came out to be ₹21 crore.
Rajesh Gopinathan, erstwhile CEO & MD, received ₹33.6 lakh as yearly salary and benefits, perquisites and allowances worth ₹76.8 lakh. His previous year's remuneration (₹29 crore) was higher than Krithisasan's pay package in FY23.
Comparatively, Infosys CEO Salil Parekh took home the highest annual compensation among the top CEOs at ₹56,44,69,740 (₹56.4) crore in FY23. Wipro's newly appointed CEO and MD Srini Pallia will get up to $6 million (over ₹50 crore) in annual salary in FY25. C. Vijayakumar of HCLTech earned an annual pay package worth ₹28.4 crore in FY23.
In his letter to shareholders, Krithivasan says TCS had a strong finish to the fiscal year FY 2024, with revenue at ₹240,893 crore. This is a growth of 6.8% over the previous year (3.4% in constant currency), and came with a margin of 24.6%. "Our all-time high order book, continued deal flow and pipeline velocity give us confidence in our business momentum. Looking forward, we see greater opportunities ahead, as businesses become more technology-intensive and depend on technology to drive competitive differentiation and transform their industries," says the TCS CEO.
TCS Chairman N Chandrasekaran, in his letter to shareholders, says that in FY 2024, TCS consolidated AI and cloud expertise with the creation of the AI.Cloud unit. "In addition, each of the business groups are developing domain-specific AI/GenAI offerings relevant to the industry value chain. Over 300,000 employees have been upskilled on GenAI technologies in FY 2024," he says.
The IT major's Q4 FY24 profit was recorded at ₹12,434 crore, up 9% from ₹11,392 crore a year ago. The company's revenue came in at ₹61,327 crore, a marginal 3.5% on-year growth. TCS' net profit for the full fiscal year was recorded at ₹46,585 crore, up 10.5% YoY.
