Wipro chief executive officer (CEO) Thierry Delaporte earned an annual compensation of ₹79.8 crore ($10.5 million) in the financial year 2021-22, which makes him the highest-paid executive in India's IT sector, the FY22 annual report submitted by Wipro to the US Securities and Exchange Commission shows. For FY 2020-21, Delaporte earned the annual salary compensation of ₹64.3 crore ($8.7 million), though it was for nine months since he joined in July 2020.
Delaporte's annual compensation included salary and allowances of $1,74 million; commission or variable pay of $2,55 million; other benefits of $4.1 million; and long-term compensation of over $2 million.
The compensation disclosed for Delaporte includes components such as a one-time cash award, as per the terms approved by the shareholders at the Annual General Meeting of the shareholders in July 2020, says Wipro.
In comparison, Infosys CEO Salil Parekh received total compensation of ₹71 crore in FY22, a 43% rise from the previous fiscal year. TCS, which is India's biggest tech services major, gave its CEO Rajesh Gopinathan ₹25.77 crore in FY22, around a 27% rise from the previous fiscal year.
Wipro chairman Rishad Premji, on the other hand, got an annual compensation of $1.8 million (₹13.8 crore) from $1.62 million (₹1.8 crore) a year before. Rishad Premji’s compensation also included a cash bonus -- part of his fixed salary -- on an accrual basis, which is payable over a period of time. He is entitled to a commission at the rate of 0.35% on incremental consolidated net profits of Wipro for the fiscal year 2022 over the previous fiscal year, says the annual statement, adding there were no stock options granted to Rishad Premji in the fiscal year 2022.
Delaporte, who joined as CEO and MD of Wipro on July 6, 2020, has 27 years of experience in the IT services industry.
Prior to joining Wipro, he held various leadership positions in Capgemini since 1995, including that of COO from September 2017 to May 2020, and was a member of the group executive board. He led Capgemini’s strategic planning and operations for several key businesses and led the group’s transformation agenda. On March 24, 2022, the Compagnie de Saint-Gobain board approved the appointment of Delaporte as an independent director for four years.
Wipro’s consolidated net profit of ₹3,087 crore for the January-March quarter of FY22 grew 3.8% year-on-year over ₹2,972 crore profit during the same period last year. For the full fiscal year 2021-22, the net profit rose 13.2% to ₹12,219 crore vs ₹10,794.6 crore during the previous year.
Wipro's revenue for the January-March quarter grew 28% to ₹20,860 crore as compared to ₹16,245 crore in the same quarter last fiscal. Its revenue for the full fiscal year stood at ₹79,090 crore vs ₹61,943 crore, recording a 26.9% growth on a constant currency basis. The company attributed strong double-digit growth across all markets, sectors and global business lines to high revenues.
Wipro's board had also declared an interim dividend of ₹1 and ₹5 on January 14 and March 25, 2022, which will be considered as the final dividend for the financial year 2021-22.
Amid the global downtrend, the Wipro stock is trading at a 3.18% decline at ₹459.95 on the NSE today. The stock is down 3.74% in the past one month; 27.96% in the past six months; and 36.02% in the year-to-date period.
