According to a recent filing with the US Securities and Exchange Commission, Wipro Executive Chairman Rishad Premji voluntarily reduced his pay for the most recent fiscal year 2022–23.
He received $951,353 in yearly income this year, which is $8,67,669 ($50%) less than he did the year before. Premji received $1,819,022 in total salary in 2022.
Premji’s total pay included $15,390 in other sources, $74,343 in long-term compensation benefits, and $861,620 in salary and allowances. A cash bonus (part of his fixed pay) was also included in the overall remuneration, although he did not get any stock options for the 2023 fiscal year.
Premji, who joined Wipro in 2007, was named executive chairman of the organization in 2019. On July 30, 2024, his current five-year tenure as its executive chairman would come to an end.
For the fourth quarter that concluded in March 2023, Wipro’s net profit fell only 0.4% from the previous year to Rs 3,074.5 crore. While revenue of Rs 90,487.6 crore was 14.4% greater than the prior fiscal year, the net profit for the whole FY23 was 7.1% lower at Rs 11,350 crore.
“We expect revenue from our IT Services business, including the India State Run Enterprise (ISRE) segment, to be in the range of $2,753 million to $2,811 million,” the firm had said in a statement. In constant currency terms, this amounts to sequential forecast of 3.0 to -1.0 percent.
