Vishal Sikka received Rs 43 crore pay from Infosys in FY17
The salary drawn by Sikka this year was lower than what he earned in the previous year as he took home Rs 48.73 crore.
Infosys' CEO Vishal Sikka in FY17 received a salary of Rs 43 crore. This was 61% of the promised compensation for the fiscal year. Sikka was eligible for a Rs 70 crore ($11 million) salary which included basic salary, variable pay, restricted stock units (RSUs) and performance stock options for the year.
However, the salary drawn by Sikka this year was lower than what he earned in the previous year as he took home Rs 48.73 crore. Sikka received only Rs 23.7 crore of the Rs 51.57 crore variable pay that he was promised.
He is one of the highest paid executives in the Indian IT industry. The $3.68 million in variable pay consisted of $0.82 million variable pay, $1.9 million in RSUs, and ESOPs worth $0.96 million.
In April 2016, Sikka's salary was revised from $7.08 million (Rs 45.6 crore) to a large $11 million (Rs 70 crore). This move did not go too well with the founders which includes NR Narayana Murthy.
Despite the founders raising concerns about the large hike in Sikka's salary, the Board of Directors has maintained that the variable component was tied to his steep performance goals.
Infosys' performance in FY17 was below the street's expectations and this was especially after the company lowered its revenue guidance thrice last fiscal. The company posted a revenue of $10.2 billion in FY17. In FY18 Infosys expects its revenues to grow by 6.1-8.1% in dollar terms.
It has targeted to achieve $20 billion revenue by 2020 set by Infosys looks very achievable considering it has lowered its revenue guidance.