Wipro’s former CEO took home $20 mn in FY24; executive chairman Rishad Premji takes pay cut

He took a pay cut of around 19% in FY24 with a compensation package of $769,456 (about Rs 6.4 crore) from $951,353 (about Rs 7.9 crore) in FY23.

The company’s selling and marketing expenses as a percentage of total revenue increased from 7.17% for the year ended March 31, 2023 to 7.79% for the year ended March 31, 2024. In its filings, the company also mentioned that in absolute terms, cost of revenues decreased by 2.16%, primarily due to a decrease in sub-contracting costs as a percentage of IT Services revenue from 12.50% for the year ended March 31, 2023 to 11.32% for the year ended March 31, 2024 and enhanced operational efficiencies, and a decrease in the depreciation charge for its property, plant and equipment and right-of-use assets.

“Further improvement in key operational parameters, such as utilization rates for our employees and higher offshoring also contributed to the decrease in cost of revenues. These decreases have been partially offset by an increase in employee compensation due to the impact of salary increases and the employee restructuring, and an increase in facility expenses as an increased number of employees return to office,” it added.

Wipro’s employee compensation in FY24 stood at Rs 45,946.6 crore, compared to Rs 45,676 crore in FY23.