Wipro's executive chairman Rishad Premji's salary has halved

New Delhi: Rishad Premji, the executive chairman of Wipro, one of the country’s largest IT companies, got half his salary last year. Rishad Premji is the son of the company’s founder, Azim Premji. The company has disclosed this in the information given to the US Securities and Exchange Commission. Accordingly, Premji has taken a voluntary cut in his compensation in the financial year 2023. Last year he got $ 951,353 (about Rs 7,87,13,329), while in the financial year 2022 he got a compensation of $ 1,819,022 (about Rs 15,05,02,787). In this way, compared to the year 2022, he got about 50 percent (8,67,669) less compensation. Premji’s package included salary and allowances of $861,620, long-term compensation benefits of $74,343 and other income of $15,390.

According to the information given by the company, Premji’s compensation includes cash bonus but no stock options were given to him in the financial year 2023. According to the filing, he was not paid any commission last year as the company’s incremental consolidated net profit was in the negative. Rishad Premji joined the company in 2007 and became the executive chairman of the company in 2019. His five-year term is till July 20, 2024. Prior to this, he was the Chief Strategy Officer in the company.

Banking Crisis: India’s ₹ 20 lakh crore business in crisis, threat to millions of jobs, know what is the reason

company result

Wipro’s net profit declined by 0.4 per cent to Rs 3,074 crore in the fourth quarter. 3,087 crore in the same quarter last year. However, the company’s revenue from operations rose by 11 per cent to Rs 23,190 crore during this period. Indian IT companies are also likely to be affected by the deepening banking crisis in America. At the same time, the sound of recession is also being heard in Europe. In Germany, Europe’s largest economy, GDP has declined for the second consecutive quarter. A decline in two consecutive quarters is called a recession. Analysts say that if the banking crisis deepens, it could have the biggest impact on TCS, Infosys, Wipro and LTIMindtree. The reason for this is that these companies have the most business with the Financial Institution of America.

According to Peter Bendor-Samuel, founder of IT consultancy research firm Everest Group, TCS, Infosys, Wipro and Mindtree have exposure to regional banks in North America through their banking verticals. The banking crisis will impact their BFSI growth in the short term. 35% of Wipro’s revenue is from BFSI. Vineet Nair, IT veteran and former CEO of HCL Technologies, said it is difficult to predict what will happen next, but new projects will be affected by the uncertain environment. This will increase cost pressure.

Source link