K Krithivasan, who assumed the position of chief executive officer and managing director of TCS in June 2023 following Rajesh Gopinathan’s departure, has drawn attention to his hefty pay package. According to the company’s announcement today, Krithivasan’s earnings for the fiscal year 2023-24 exceeded ₹25 crore.
The breakdown of his compensation, as detailed in the annual report, reveals that Krithivasan received a salary of ₹1.27 crore, along with benefits, perquisites, and allowances amounting to ₹3.08 crore. The major portion of his earnings, a commission of ₹21 crore, contributed significantly to his total remuneration. Notably, Krithivasan’s responsibilities as the global head of TCS’s largest vertical, banking, financial services, and insurance, were also factored into his compensation package. In comparison, the company’s chief operating officer, NG Subramaniam, earned ₹26.18 crore during the same period. Despite an 8.2 per cent increase in Subramaniam’s remuneration, the report highlights that direct comparisons with Krithivasan’s earnings are challenging due to differences in their roles.
The annual report further disclosed that Rajesh Gopinathan, who served as CEO for two months in FY24, received a salary of ₹33.6 lakh, along with ₹76.8 lakh in benefits, perquisites, and allowances. Additionally, it was revealed that Subramaniam’s remuneration stands at 346.2 times the median remuneration of TCS employees, which averaged ₹6,01,546 as of March 31, 2024. The company reported a workforce where women constitute 35.6 per cent. Despite facing global headwinds and a slowdown in revenue growth to 6.8 per cent in FY24, TCS remains optimistic about its long-term prospects. Chairman N Chandrasekaran emphasized the potential of GenAI technologies to revolutionize various sectors, while Krithivasan expressed confidence in the company’s business momentum, citing a strong order book and continued deal flow.
TCS shares were trading marginally lower at ₹3,954.80 on the BSE, reflecting a minor decline compared to the broader market correction.