HCLTech CEO's Rs 154 crore salary leaves TCS and Infosys chiefs behind

New Delhi: HCLTech CEO C Vijayakumar earned USD 10.85 million (about Rs 94.6 crore) in the financial year 2024-25, making him the highest-paid executive in the Indian IT sector and surpassing his counterparts at larger peers TCS and Infosys.

According to HCLTech's latest annual report, the company’s board has cleared an over 71% increase in his current remuneration, setting his pay package at USD 18.6 million (about Rs 154 crore) for the next financial year.

Vijayakumar’s FY25 compensation puts him ahead of TCS CEO K Krithivasan, who drew Rs 26.52 crore, and Infosys CEO Salil Parekh, who received Rs 80.62 crore. His remuneration also exceeded the earnings of Wipro CEO Srinivas Pallia (USD 6.2 million or about Rs 53.64 crore) and Tech Mahindra CEO Mohit Joshi (Rs 53.9 crore) for the same period.

For FY25, Vijayakumar’s total remuneration comprised a base salary of USD 1.96 million and a performance-linked bonus of USD 1.73 million. The largest portion of his earnings came from long-term incentives, with exercised Restricted Stock Units (RSUs) valued at USD 6.96 million. In addition, benefits and perquisites totalled USD 0.20 million.

Vijayakumar, who has led HCLTech since 2016, is based in the US and draws his pay from HCL America Inc., the company's wholly-owned US subsidiary.

"Under C Vijayakumar's leadership, HCLTech's market capitalisation has increased from Rs 1,15,000 crore on March 31, 2016, to Rs 4,32,000 crore on March 31, 2025, reflecting a growth of 3.8 times since FY16. Over the same period, the market capitalisation of the other four leading Indian listed IT services firms among the top five has grown by approximately 2.5 times," the company stated.

Effective April 1, 2025, Vijayakumar’s revised annual salary is set at USD 18.6 million, marking a 71% increase over his FY25 earnings. The new package substantially boosts both fixed and performance-linked components.

"The revised compensation acknowledges C Vijayakumar's successful and long-tenured leadership as CEO, recognising his significant contributions to the company's growth and sustained performance over the years," HCLTech said in its report.

In the June quarter, HCL Technologies reported a 9.7% drop in consolidated net profit to Rs 3,843 crore, impacted by higher expenses and a one-time effect of a client bankruptcy. However, the company raised the lower end of its revenue growth outlook for FY26 to 3-5%, up from 2-5% earlier, based on expectations of improved deal bookings.

Shares of HCLTech ended 0.98% lower at Rs 1,452.95 apiece on the BSE on Friday.