HCL Technologies CEO C Vijayakumar emerged as the highest-paid chief executive among Indian IT services companies for the fiscal year 2023-24, with a total remuneration of approximately $10.06 million (around ₹84.16 crore), according to the company's annual report.
The report highlighted that Vijayakumar's salary saw a substantial increase of 190.75 per cent compared to the previous year. His compensation package included a base salary of $1.96 million ( ₹16.39 crore), a performance-linked bonus of $1.14 million ( ₹9.53 crore), and a long-term incentive (LTI) cash component of $2.36 million ( ₹19.74 crore). Additionally, he received $4.56 million ( ₹38.15 crore) in LTI from the exercised perquisite value of restricted stock units (RSUs), along with $0.04 million in benefits, perquisites, and allowances.
Vijayakumar's earnings were 707.46 times the median salary of HCL employees, which saw a median increase of 7.07 per cent for the year. His base salary surpassed that of other top executives in the industry, including Infosys CEO Salil Parekh ( ₹66 crore), Wipro's new CEO Srini Pallia ( ₹50 crore), and TCS CEO K Krithivasan ( ₹25 crore).
In a letter to shareholders, Vijayakumar commented on the company's performance, stating, "We closed the year with revenue of $13.3 billion, up 5.4 per cent YoY, and an EBIT margin of 18.2 per cent."
He noted that HCL Tech achieved the highest revenue growth rate among tier 1 global IT services companies and expressed optimism about the company's prospects in emerging technologies such as generative AI, cloud, data, and cybersecurity.
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