Tech Mahindra (TechM) chief executive officer (CEO) and managing director (MD) Mohit Joshi’s total compensation in the financial year 2024-25 stood at Rs 53.9 crore, the company said in its annual report.
The pay package includes a salary of Rs 11.4 crore, Rs 30.8 crore of perquisite value of the employee stock ownership plan (ESOP), and a variable pay of Rs 11.7 crore, the report showed.
Joshi’s package was significantly higher than the CEO of India’s largest IT company, Tata Consultancy Services ( TCS), K Krithivasan’s earnings at Rs 26.5 crore (up 4.6%).
This compares with immediate larger rivals Wipro CEO Srinivas Pallia’s annual earnings at Rs 53.6 crore (up 10%), Infosys’ Salil Parekh’s pay at Rs 80.6 crore (up 22%), and HCLTech’s C Vijayakumar getting paid Rs 84.16 crore, being the highest in the industry so far. Vijayakumar and Joshi are based in the US.
Joshi’s earnings were 840.22 times the median employee salary, which represents the average of all employee salaries in the company.
According to the annual report, there was a 6.52% reduction in the median remuneration of employees in FY25.
His exact year-on-year (YoY) salary jump could not be directly compared due to his partial tenure in the previous year.
Joshi joined as MD designate of TechM, the country’s fifth-largest IT services, on June 20, 2023, and took over as MD & CEO with effect from December 20, 2023, following the retirement of former chief CP Gurnani.
Joshi’s initial base salary was decided as Rs 6.5 crore, with an equal annual variable compensation.
The TechM chief is also entitled to an annual stock option grant of $3.5 million (approximately Rs 29 crore), vesting over three years, taking the likely total compensation even higher.
Besides, as part of his stock-based compensation, he gets a one-time stock option grant of $2.5 million, 60 percent of which will vest once he finishes a year with the company, and the remaining at the end of two years.
He also gets an annual “overperformance bonus” of up to 70 percent of his variable compensation. He is also entitled to a joining bonus of $848,951 (Rs 6.96 crore).
The pay package includes a salary of Rs 11.4 crore, Rs 30.8 crore of perquisite value of the employee stock ownership plan (ESOP), and a variable pay of Rs 11.7 crore, the report showed.
Joshi’s package was significantly higher than the CEO of India’s largest IT company, Tata Consultancy Services ( TCS), K Krithivasan’s earnings at Rs 26.5 crore (up 4.6%).
This compares with immediate larger rivals Wipro CEO Srinivas Pallia’s annual earnings at Rs 53.6 crore (up 10%), Infosys’ Salil Parekh’s pay at Rs 80.6 crore (up 22%), and HCLTech’s C Vijayakumar getting paid Rs 84.16 crore, being the highest in the industry so far. Vijayakumar and Joshi are based in the US.
Joshi’s earnings were 840.22 times the median employee salary, which represents the average of all employee salaries in the company.
According to the annual report, there was a 6.52% reduction in the median remuneration of employees in FY25.
His exact year-on-year (YoY) salary jump could not be directly compared due to his partial tenure in the previous year.
Joshi joined as MD designate of TechM, the country’s fifth-largest IT services, on June 20, 2023, and took over as MD & CEO with effect from December 20, 2023, following the retirement of former chief CP Gurnani.
Joshi’s initial base salary was decided as Rs 6.5 crore, with an equal annual variable compensation.
The TechM chief is also entitled to an annual stock option grant of $3.5 million (approximately Rs 29 crore), vesting over three years, taking the likely total compensation even higher.
Besides, as part of his stock-based compensation, he gets a one-time stock option grant of $2.5 million, 60 percent of which will vest once he finishes a year with the company, and the remaining at the end of two years.
He also gets an annual “overperformance bonus” of up to 70 percent of his variable compensation. He is also entitled to a joining bonus of $848,951 (Rs 6.96 crore).
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