Wipro Chairman Rishad Premji has taken almost a 50% pay cut for the financial year ending March 2023. He will receive a total remuneration of 951353 USD which is almost 50% less than that of his compensation in the last year, according to a media report.
Rishad Premji's pay in the last fiscal stood at 1819022 USD as per Form 20-F filed with U.S. Securities and Exchange Commission by Wipro.
The reduction in his pay is seen for the first time since the pandemic. In the pandemic, he had a cut of 31%. For the year 2019-20, he was compensated a total of 0.68 million USD against 0.98 million USD in the previous year.
Besides the compensation, Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits. However, because the incremental consolidated net profit for the financial year 2023 was negative, the company determined that no commission was payable for 2023.
Jatin Pravinchandra, Chief Financial Officer of Wipro, has also seen a reduction in his compensation. For 2022-23, he has been compensated 1.1 million USD against 1.6 million USD ( nearly 12.1 crores) in the previous year, a cut of almost 32%.
CEO and MD Thierry Delaporte's pay for the financial year 2023 stood at 10 million USD against 10.52 million USD in the year 2022.
The company reported a consolidated net profit of Rs. 3074.5 crores in the fourth quarter of FY2023, as compared to Rs. 3087.3 crores in the year-ago period.
However, PAT (profit after tax) in the fourth quarter inched up by 0.71% from Rs. 3052.9 crores in the previous quarter. These profits are attributable to the owners of the company.
Consolidated revenue from operations came in at Rs. 23190.3 crores in the fourth quarter, a growth of 11.2% from Rs. 20860 crores in the same quarter of the previous year. However, revenue was down from Rs. 23229 crores in the third quarter ended December 2023.
