WIPRO ,one of the leading Big Tech companies who works as a master in providing tech solutions, hasn’t been able to find solutions for its net profits and answers to global recessions in recent times. The company fillings have been reported on 23rd of May which have reported a negative response from the IT Services sector. As a result of this , company’s chairman Rishad Premji has to take a 50% cut in his compensation.
According to the company’s annual report to the exchanges, under International Financial Reporting Standards (IFRS) for American depository shareholders (ADS), Premji’s salary in the fiscal year 2023 was reported at $951,353. This figure represents a 47% decrease from the previous fiscal year (FY22) when his salary was $1,819,022.
“In light of the fact that the incremental consolidated net profits for fiscal year 2023 were negative, the company determined that no commission was payable for fiscal year 2023 to Mr. Rishad A. Premji,”
the report informed shareholders.
In the fourth quarter of FY23, the IT giant reported a consolidated net profit of ₹3,074.5 crore. This figure represents a slight decrease of a couple of crores compared to the profit of ₹3,087.3 crore achieved during the same period the previous year. However, the profit after tax (PAT) for Q4 showed a modest increase of 0.71% from ₹3,052.9 crore in the preceding quarter. It’s important to note that these profits belong to the owners of the company.
Like Premji, Wipro’s Chief Financial Officer, Jatin Pravinchandra Dalal, also experienced a decrease in his compensation. In the financial year 2022 to 2023, Dalal received a total compensation of $1.1 million, which is lower than the $1.6 million (approximately Rs 12.1 crore) he received in the previous year. This reduction amounts to approximately 32%. The specific reasons for the decrease in remuneration have not been disclosed.
