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Monday, March 8, 2021
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COVID-19 crisis: Infosys CEO Salil Parekh’s compensation rises 27% to ₹46 crore

Infosys CEO Salil Parekh's compensation rose 27% to $6.1 million (around ₹46 crore) in fiscal year 2020, the IT services exporter said in a filing with the US Securities and Exchange Commission. This includes salary, bonus/incentives and restricted stock units.

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Infosys Ltd chief executive officer Salil Parekh’s total compensation, including bonus and incentives and restricted stock units, rose 27% annually to $6.1 million in the fiscal year 2019-20, according to form 20F filed by the company with the US Securities and Exchange Commission (SEC).

“Overall segment profitability has decreased primarily on account of compensation increase, higher visa cost for H1 visas and cross-currency fluctuations partially offset by benefit on account of rupee depreciation and cost optimization benefits,” Infosys said in a filing.

Infosys said its profitability this year may be marginally impacted as some clients have sought price reductions or discounts due to the impact of COVID-19. “Lower profitability and prolonged payment terms requests from clients can impact our cash flows negatively and may impact our ability to provide a dividend to shareholders.

The Bengaluru-based company said that the COVID-19 crisis could hit its business as some of its verticals are highly exposed to the impact of the pandemic. “Any future global economic uncertainty, arising out of various factors including the COVID-19 Pandemic impacting the financial services industry, retail, consumer goods, energy and manufacturing on which we depend for a substantial portion of our annual revenues, may result in the reduction, postponement or consolidation of IT spending, contract terminations, deferrals of projects or delays in purchases by our clients,” the company said.

Infosys raised concerns on risks resulting from climate change across industry sectors in which its clients operate. “Our current or future clients in affected sectors may need to transition from climate impacting solutions to climate-friendly solutions, resulting in transition or investment risks to their businesses. For instance, our clients in mining and oil exploration related businesses may come under severe financial stress due to investments in climate-friendly solutions.”

Infosys said oil price volatility may lead to economic pressure on clients and in turn impact revenues and profitability. “Some of the consequences of Covid-19 may include heightened nationalism and anti-outsourcing sentiments due to job losses in the key geographies of U.S. and UK which may impact our growth and profitability. Heightened geopolitical situations amongst the major economies may impact our ability to grow holistically across regions.”

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