According to information from HCLTech’s annual report, the yearly salary of C Vijayakumar, the chief executive officer and managing director of HCLTech, increased by 190% to $10.06 million (about Rs 84.17 crore) in FY24 that ended in March. He received $3.46 million in total salary in FY23.
With $20 million (about Rs 166 crore) in salary for FY24, former Wipro CEO Thierry Delaporte is the highest-paid CEO of an Indian IT company. Based in the US, Vijayakumar, also known as CVK, receives compensation from HCL America Inc., a fully owned step-down subsidiary. The annual report said, “There has been no change in the overall remuneration of Mr. C. Vijayakumar, as approved by the shareholders, since his appointment.”
He did, however, get a payout from HCL America that included a $2.36 million cash component as long-term incentives (LTI) as part of the compensation. The performance-based restricted stock units (RSUs) he executed during FY24 had a total value of $4.56 million.
The $1.14 million performance-linked bonus given out in FY24 was based on how well the prior fiscal year, FY23, performed. HCLTech led the industry in FY24 revenue growth, up 8.3% YoY to Rs 109,913 crore, and net profit growth, up 5.7% YoY to Rs 15,702 crore. The revenue was $13.7 billion in US dollars. The percentage rise in employee median pay over the fiscal year was 7.07%. The corporation employed 119,035 people permanently, while its subsidiaries employed 108,446 people.
“In FY25, we aim to upskill 50,000+ employees in GenAI and adjacent capabilities,” CVK stated. “The Verizon deal win marked a major milestone as the largest services deal in HCLTech’s history and underscored our ability to engineer solutions and execute at scale,” he added.