Infosys chairman Nilekani says GenAI has enormous potential, plays down risks

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₹66.25 crore) for the financial year ended March 2024, making him Indian IT industry's fourth-highest paid CEO.According to Infosys’ annual report for FY24, Parekh’s salary was 16% higher than $6.8 million he earned as remuneration in FY23.For homegrown Indian IT firms, Parekh's FY24 remuneration follows the likes of Wipro Ltd’s former CEO Thierry Delaporte, who earned upwards of $20.4 million for the year ended March 2024, and HCL Technologies Ltd’s C Vijayakumar, who is expected to earn $10.6 million for the said period.However, Nasdaq-listed Cognizant Technology Solutions Corp CEO Ravi Kumar Singisetti bagged the biggest salary among Indian IT bosses, taking home $22.6 million in the year ended December 2023. Cognizant follows a January-December accounting year, whereas Indian software exporters follow an April-March financial calendar.Tata Consultancy Services Ltd, India’s largest IT company, paid $3.1 million to CEO K.

Krithivasan for the financial year ended March 2024.Parekh’s salary made up 0.04% of Infosys' revenue of $18.6 billion in FY24.Accenture Plc, which is more than thrice the size of Infosys, paid $31.55 million in remuneration to chair and CEO Julie Sweet. This implies that Sweet’s remuneration is 0.05% of the $64.1 billion in revenue at Accenture, which follows a September-August fiscal year.Indian IT companies’ chief executives earn hefty compensations because a large part of the money they take home is on account of the shares awarded to them.

Infosys is no different. The Bengaluru-based IT company granted 4.23 lakh shares to Parekh in the year ended March 2024, compared to 3.5 lakh in the financial year ended March 2023.