Tech Mahindra Ltd, which is India's fifth largest software services provider, has turned out to be the best paymaster to its top executives at time when the IT industry is reeling under global protectionism.
Tech Mahindra's MD and Chief Executive Officer C P Gurnani took home a salary of Rs 150.7 crore in FY 2017.
According to a VCCircle study on most paid executives at public companies, Gurnani's pay package for FY17 trumped the salaries of the entire boards of TCS, Infosys and Wipro.
However, Gurnani remuneration for FY17 had a huge chunk from the value of the stock options which were granted to him before and were exercised during the last year.
While Gurnani's total package rose remarkably, he received a 54 per cent increase in salary, excluding stock options from Rs 2.37 crore in FY16 to Rs 3.65 crore in FY17.
Gurnani's compensation in FY16 stood at Rs 45.3 crore, inclusive of stock option perquisite value, according to disclosures in the annual report for FY16.
In May, Tech Mahindra Ltd posted a lower-than-expected fourth-quarter consolidated profit weighed down by weak margins and higher cost of services.
Consolidated profit for the quarter ended March 31, fell 33 per cent to Rs 5.90 billion ($91.53 million).
At the end of December 2016, the company had over 1.17 lakh employees.