Wipro Chairman Rishad Premji takes 50% compensation cut: Report
1 min read 25 May 2023, 12:43 PM ISTThe reduction in the compensation of Wipro's Chairman Rishad Premji is seen for the first time since the pandemic
PremiumIT major Wipro Chairman Rishad Premji has taken almost 50 per cent cut in his remuneration for financial year ended March 2023. He will receive a total compensation of $951,353 which is almost 50 percent less than that of his remuneration in the last fiscal, according to media report.
Rishad Premji's remuneration in the last fiscal stood at $1,819,022 as per Form 20-F filed with U.S. Securities and Exchange Commission by Wipro, reported CNBC.
The reduction in the compensation of Wipro's Chairman is seen for the first time since the pandemic. In the pandemic he had a cut of 31 per cent. For the year 2019-20, he was compensated a total $0.68 million against $0.98 million in the previous year.
Besides the compensation, Rishad Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits. However, in light of the fact that the incremental consolidated net profit for fiscal year 2023 was negative, the company determined that no commission was payable for fiscal year 2023.
Wipro’s Chief Financial Officer Jatin Pravinchandra Dalal has also seen a reduction in his compensation. For FY2022-23, he has been compensated a total $1.1 million as against $1.6 million ( ₹12.1 crore) in the previous year, a cut of almost 32 percent.
Wipro CEO and MD Thierry Delaporte remuneration for FY23 stood $10 million against $10.52 million in the year 2022.
The IT giant posted a consolidated net profit of ₹3,074.5 crore in Q4FY23, which is a couple of crores lower than a profit of ₹3,087.3 crore a year ago same period. However, Q4 PAT inched up by 0.71% from ₹3,052.9 crore in the preceding quarter. These profits are attributable to the owners of the company.
Consolidated revenue from operations came in at ₹23,190.3 crore in Q4FY23, registering a growth of 11.2% from ₹20,860 crore in the same quarter last year. Revenue however is marginally down from ₹23,229 crore in December 2023 quarter.
