A total of 77 Infosys employees took home more than Rs 1 crore in compensation in the financial year 2019-20 (FY20) compared to 63 staffers who made eight-figure salaries in 2018-19, according to a regulatory disclosure by the Bengaluru headquartered information technology (IT) services company.
Most of the executives among the 77 are at the vice president rank.
In 2017-2018, only 40 employees were in the crorepati bracket. The 28% growth comes on the back of the company outperforming its larger peers Mumbai-based Tata Consultancy Services (TCS) and New Jersey-based Cognizant. Infosys had posted an 8% growth in topline for FY20.
The data does not include employees stationed outside the country as well as the top 10 employees in terms of salary, whose numbers were disclosed separately. These were top management executives including the CEO, COO, CFO and others. All top management officials got salary hikes of more than 25% in FY20.
CEO and managing director Salil Parikh saw his salary increase to $6.1 million in the financial year ending March 2020, a 27% jump over the $4.84 million remuneration he received in the previous financial year.
"A significant part of the increase in remuneration of the above-mentioned employees in fiscal 2020 compared to fiscal 2019 is on account of the increase in perquisite value of stock incentives previously granted and exercised during the year," the company said in the disclosure on Tuesday.
These 77 employees have permanent employment contracts with Infosys. Out of the 77 employees, 74 were with the company for the full financial year while three joined during the financial year. Among those who joined through the year, two were paid over Rs 90 lakhs each.
According to Infosys, these employees are neither relatives of any directors of the company, nor hold 2% or more of the paid-up equity share capital of the firm. Their remuneration included fixed pay, variable pay, retiral benefits and the perquisite value of stock incentives exercised during the period.
However, the value of stock incentives granted during the period is not included.
Infosys had said that the Covid-19 crisis could have a significant impact on the revenue and profit as the economic slowdown has affected its customers, which could result in postponement, termination or suspension of some ongoing projects, the company said in a disclosure to regulatory bodies.