Wipro CEO’s salary rises 41% in 2018-19

Abidali Neemuchwala takes home a remuneration of Rs 27 crore in FY19.

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Abidali Z Neemuchwala, chief executive officer (CEO), Wipro, has witnessed a 41 per cent increase in salary, with the Company reporting a 37.74 per cent year-on-year (YoY) growth in consolidated net profit, at Rs 2,483 crore, for the fourth quarter that ended on 31 March, 2019. Neemuchwala earned Rs 18.23 crore ($2.8 million) in the year 2017-18.

While the salary of Rishad Premji, chairman-designate, went up by nine per cent, Jatin Lal, chief financial officer (CFO), saw his salary jump by 23 per cent during FY 2018-19, as per the Company’s filings.

Last year, during the same period, the Company had posted a consolidated net profit of Rs Rs 1,803 crore.

With the IT services business of the Company growing by 11.1 per cent, the consolidated revenue of Wipro increased 8.98 per cent to Rs 15,006.30 crore in March quarter, as compared to Rs 13,768.60 crore during the same period last year.

Wipro’s growth is attributed to its investement in digital, cybersecurity, engineering services and cloud. The Company has managed to win the market by enabling its clients to undergo digital transformation and modernise their IT infrastructure.

By the end of next month, Azim Premji, founder, Wipro, will step down as executive chairman and managing director allowing his son to take his place. However, AzimPremji, who will henceforth be referred to as the Founder Chairman, will continue as the non-executive chairman till 2024.

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