Infosys India sees a spike of millionaires for the FY20

indica News Bureau-

On one side of the world, we hear the news of people are losing money and shutting their business. On another side, there are new millionaires more than ever.

For the financial year 2019-20 (FY20), more than 14 executives at Infosys took home 8 figures. From 66 staff in the year 2018-19 to 77 in FY20, revealed a regulatory disclosure by the Bengaluru headquartered information technology (IT) services company.

In the year before that, in FY8, only 40 employees were in the millionaire bracket. The company has seen a 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.

In fact, this growth is based on employees living only in India. The data does not include employees stationed outside the country as well as the top 10 employees in terms of salary – those 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.

Salil Parikh, the CEO and managing director of Infosys saw his salary increase to $6.1 million in the financial year ending March 2020, a 27% jump over the $4.84 million remunerations he received in the previous financial year.

Under Parekh, the company grew 9% for the FY19 in constant currency. The company has given a revenue guidance of 7.5-9.5 for the FY20. Last fiscal marked Parekh’s first full year as the CEO of the company after Vishal Sikka quit in 2017.

“A significant part of the increase in remuneration of the above-mentioned employees in FY20 compared to FY19 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.

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.