TECH MAHINDRA EARNED 28% MORE IN 2020; CEO SPEAKS ON 'INCREASE IN SALARY': REPORT 

In its recent annual report, Tech Mahindra chief executive CP Gurnani said that the company has earned 28 percent more in fiscal year 2020. This rise comes with annual salary and exercise of stock options taking it to Rs 28.57 crore. 

Further giving details about the report, Gurnani stated that while his base salary was Rs 2.79 crore, 21 percent lower than the previous financial year, but after vesting of stock options worth Rs 25 crore during the year took CEO's total salary higher. Meanwhile, when compared the ratio of Gurnani’s remuneration to the median remuneration of employees it was 618.46 and 77.16 if compared with only gross salary. 

Currently, the company said the average increase in employee remuneration during the year was 12 percent, the report added. 

“An increase of 4.3 percent was given to the employees during the year under review as against an increase of 10 percent in the remuneration of Managerial Personnel. The increase in remuneration of Managerial Personnel is due to exercise of stock options granted over the years. While all managerial persons are India-based, about 25 percent employees are based overseas where inflation and consequent salary increase tends to be low," Gurnani said.  

According to an Economic Times report, most of the top executives in the company have had to steer IT services providers for growing their business amid disruption in technology and rising protectionism in their main markets. 

Looking at the recent growth in the IT sector, India's software exports grew 8.1 percent to $147 billion in fiscal year 2020, with nearly 40 percent from the top five companies which are Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro and Tech Mahindra.

Tech Mahindra also announced net new deal wins worth $3.7 billion this year, which was higher than $1.67 billion in the year before. However, the firm expects the pandemic to accelerate technology adoption and is focusing on areas like artificial intelligence and machine learning, cybersecurity, 5G and business by design to make the most of this, Economic Times further reported. 

“Consumer-facing industries such as travel, transport and banking will see the emergence of contact-less solutions such as drone-based delivery, autonomous vehicles, contactless payments. IT infrastructure will transform with more virtual call centres, cloud migrations or data centres in the cloud. The need for ever-faster access to data and automation will enhance the focus on network equipment and communications and speed up 5G network deployments,” it said in the report. 

With rise in growth, three mega trends are expected to provide it with increased opportunities – 20 billion IoT connected devices by 2023, 70 percent of data consumption by video and enablement of 5G networks, which will help employees and the company.