Wipro’s executive chairman Rishad Premji’s salary has halved
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.
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.