Azim Premji’s salary drops 63% as Wipro sees slowdown in profits

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Latest NewsWipro Chairman Azim Premji took home 63 per cent less compensation this year as India’s third-largest software exporter saw a slowdown in profits due to changes in the business environment and technology.

Premji earned a compensation of $1,08,026 (around Rs 71.4 lakh) in financial year 2016-17, down from $2,92,991 (around Rs 1.93 crore) in the year before, according to its annual filings with the US Securities and Exchanges Commission. The compensation does not include long-term benefits such as provident fund and pension.

“Azim Premji is entitled to a commission at the rate of 0.5 per cent on incremental net profit of Wipro Limited for financial year 2017 over the previous year… For the year ended March 2017, commission paid to Premji is nil,” the company said in its filing.

Wipro saw profits drop by 4.69 per cent to Rs 8,514 crore on revenues of Rs 55,418 crore, which jumped 7.34 per cent. In dollar terms, Wipro’s revenue grew 4.9 per cent to $7.7 billion.

Recently, Vishal Sikka, the chief executive of Infosys, also saw his variable salary (Read More)

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