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BANGALORE: Tata Consultancy Services (TCS) CEO, N Chandrasekaran received Rs 18.7 crore as compensation in 2013-14, up 59.7% from Rs 11.7 crore last year. It also makes him perhaps the highest paid CEO of an Indian IT services company. His compensation does not include dividends from the 88,528 shares he owns in the country’s largest IT services company.
Chandrasekaran’s remuneration is more than twice as much as former Infosys president BG Srinivas’s salary of $1.2 million (Rs 7.8 crore) and Wipro CEO TK Kurien’s $1.1 million (Rs 6.5 crore). Wipro chairman Azim Premji’s compensation more than doubled to $1.7 million (Rs 10.2 crore) in 2013-14.
The sharp rise in Chandrasekaran’s compensation is a reflection of the company’s robust performance, surpassing the industry growth of about 13%. For the 2014 fiscal, TCS’s revenue grew 16.2% to $13.4 billion and its net income was up 22.9% to $3.1 billion.
“At a macro level, global IT spending continues to grow year-on-year and it is my belief that the Digital Five Forces (mobility, big data, cloud computing, social media and robotics) are going to accelerate this trend, as IT usage increases across industries. The ongoing investments in your company will enable it to play an impactful role in this technology evolution,” said Chandrasekaran in a letter to shareholders.