As an indicator of the weakening market, Infosys chief executive Salil Parekh took a pay cut of 21% in FY23 whereas outgoing TCS chief executive Rajesh Gopinathan saw a pay hike of 13%.
By ETtech |
ETtech
Wipro had locked in a margin of 15.7% — the lowest among the three top firms — while profit growth fell by 7% in rupee terms in FY23
As the financial year 2023 drew to a close, IT majors announced tepid revenue growth projections for FY2024 on macroeconomic headwinds and challenges dogging the BFSI sector — their largest revenue driver. ET analysed the annual reports of top IT firms, TCS, Infosys, and Wipro, to highlight a few key metrics.
As an indicator of the weakening market, Infosys chief executive Salil Parekh took a pay cut of 21% in FY23 whereas outgoing TCS chief executive Rajesh Gopinathan saw a pay hike of 13%. Wipro CEO Thierry Delaporte, the highest paid in the Indian IT sector during FY22, remains the highest paid among the three with Gopinathan, an internal hire, being paid the lowest.
Wipro had locked in a margin of 15.7% — the lowest among the three top firms — while profit growth fell by 7% in rupee terms in FY23. TCS led the pack in revenue and profit growth, rising by 10% over the year in rupee terms.
Infosys saw the highest growth in revenue, driven by its digital and cloud transformation deals done post-pandemic. However, for FY24, the 4-7% growth projection for FY24 is the company's lowest expansion forecast in six years.
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