HCLTech: HCLTech CEO Vijayakumar salary climbed to over $10 million

The annual compensation of HCLTech chief executive officer and managing director, C Vijayakumar, climbed 190% to reach $10.06 million (around Rs 84.17 crore) in FY24 ending March, data from the annual report of the company said. In FY23, he drew $3.46 million as total compensation. This makes him the second highest paid CEO of an Indian IT company after Wipro’s former chief Thierry Delaporte’s $20 million (around Rs 166 crore) compensation for FY24.

Vijayakumar or CVK as he is known, based in the US, draws remuneration from HCL America Inc, a wholly owned step-down subsidiary of the Company. “There has been no change in the overall remuneration of Mr. C. Vijayakumar, as approved by the shareholders, since his appointment,” the annual report stated.

However, as part of the compensation, he received a payout that included a cash component of $2.36 million as LTI (long term incentives) from HCL America. The perquisite value of the performance based RSUs (restricted stock units) exercised by him during FY24 was $4.56 million.

The performance-linked bonus of $1.14 million paid in FY24 was related to performance for the previous financial year FY23.

In FY24, HCLTech led revenue growth for the industry at Rs 109,913 crore, up 8.3% YoY, and net profit at Rs 15,702 crore, up 5.7% YoY. In dollar terms, the revenue stood at $13.7 billion.

During the financial year, the percentage increase in the median remuneration of employees was at 7.07%. There were 119,035 permanent employees on the rolls of the company and 108,446 on the rolls of its subsidiaries.CVK said, The Verizon deal win marked a major milestone as the largest services deal in HCLTech’s history and underscored our ability to engineer solutions and execute at scale. “In FY25, we aim to upskill 50,000+ employees in GenAI and adjacent capabilities.”

He added, “Our services business saw good growth of 5.4% YoY in constant currency, led by 12.1% YoY growth in Financial Services and 9.8% YoY increase in the Manufacturing verticals. Digital revenue in constant currency grew by 5.3% and now contributes 37.3% of the overall services revenue. Cloud and Cybersecurity were key contributors to the healthy growth in digital revenue.”

“The technology landscape today is perhaps the most exciting in over a decade… With our comprehensive portfolio, strong engineering heritage and ecosystem of partners, we are well equipped to help clients thrive as GenAI begins to touch almost every aspect of business,” said Roshni Nadar Malhotra, chairperson of HCLTech.

She added that upskilling has become more important than ever as GenAI-led technology transformation takes shape.