tata consultancy services: TCS chief Rajesh Gopinathan’s compensation jumps 26% to Rs 26 crore in FY22
TCS’s chief operating officer (CEO) N Ganapathy Subramaniam earned over Rs 20.69 crore in FY22 as compared to Rs 16 crore in FY21—up 29.3%. This includes a salary of Rs 1.44 crore, benefits and allowances amounting to Rs 2.25 crore and Rs 17 crore in commission.
Gopinathan, who was earlier the chief financial officer (CFO) of the largest IT services firm TCS stepped into this role in 2017, following the elevation of then CEO N Chandrasekharan as the chairman of the Tata Group. Both Gopinathan and Subramaniam were reappointed to their respective roles last year.
The average annual increase was in the range of 5-8% in India. However, during the course of the year, the total increase is approximately 10.5%, after accounting for promotions and other event based compensation revisions. Employees outside India received a wage increase varying from 1.5 to 6%. The percentage increase in the median remuneration of employees in the financial year is 4.24%.
“The past couple of years have been a period of intense action and reflection. We have seen a global pandemic, geopolitical tensions, supply chain disruptions, the rise of cryptocurrency and many other public and private upheavals,” wrote chairman N Chandrasekharan addressing shareholders.
“As the dust settles, and a clearer picture of the world ahead emerges, I believe we are standing at the threshold of a period of great opportunity and growth…The supply chain upheavals during the past couple of years are driving a shift towards rebalancing and resilience…your company is helping,” he added.
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The company reported that the total contract value of deals signed in the first three quarters averaged between $7-8 billion per quarter, capped by an all-time high order book of $11.3 billion in the fourth quarter.
“The geo-political tensions in Europe and the resultant impact on global economic growth are real threats. However, the pandemic has shown us that enterprise spending on technology is far more resilient than most people credit it for. It is central to organizations’ ability to innovate and differentiate in good times, and to survive and adapt in tough times,” noted Gopinathan.
He added that it is only a matter of time before
doubles its revenues and hits the $50 billion mark. For this, it is working on a balanced portfolio with a much larger proportion of business transformation revenues.