However, it is to be stated that Krithivasan’s remuneration “includes compensation for the full year, i.e. as Global Head of Banking, Financial Services and Insurance (BFSI) for April 1, 2023 to May 31, 2023 and as CEO and MD from June 1, 2023 to March 31, 2024”, reads the annual report of TCS that the company filed with the BSE on Thursday.
N G Subramaniam, the COO and ED at TCS, drew a total compensation of Rs 26.1 crore in the fiscal 2024. Subramaniam, also known as NGS, will be retiring from TCS this month.
“NGS has led the organisations across key roles over four decades providing immense selfless and valuable service to the company. Many of us, including myself, have benefitted from his mentorship or have served in his team and the units he nurtured”, Krithivasan wrote in a letter to employees recently.
While Subramaniam’s remuneration jumped by 8.2% in FY24, the ratio of his remuneration to the median remuneration of the employees was at 346.2.
Gopinathan, who quit the IT behemoth last year, also received about Rs 1 crore as remuneration for part of the year.
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In his letter to shareholders, TCS chairman N Chandrasekaran said, “Your company has crossed annual revenues of Rs 240,893 crore, a growth of 6.8%, over the previous year. With relentless focus on operational excellence, this growth has come at an industry-leading operating margin of 24.6%, an increase from 24.1% last year.”“After two years of recessionary fears, persistently high inflation, and unprecedented monetary tightening, the global macro-outlook looks relatively better now with improving growth, disinflation, and monetary easing in sight,” he added.
