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Yahoo
5 days ago
- Business
- Yahoo
Infosys CEO among highest paid in Indian IT as compensation rose 22% to $9.4 million last fiscal
By Haripriya Suresh and Sai Ishwarbharath B BENGALURU (Reuters) -Infosys CEO Salil Parekh's compensation rose 21.7% to 806.2 million rupees ($9.44 million), the company said in its annual report on Monday, making him one of the highest-paid Indian IT chiefs currently in office. Parekh, the longest-serving non-founder CEO at the IT company, earned a fixed salary of 79.4 million rupees and bonuses of 231.8 million rupees. The largest portion, 495 million rupees, resulted from the chief executive of India's No. 2 IT services firm exercising his stock options. In comparison, Parekh earned $7.9 million in 2024 and $6.76 million in 2023, with the rise in pay, mainly due to a greater number of stock options exercised during the year. For the financial year 2025, Infosys reported a revenue growth of 4.2% in constant currency terms, falling short of its forecast of 4.5%-5%. For the current fiscal year, it forecast a flat to 3% growth in revenue, signalling a weaker business environment. India's $283-billion IT sector is facing another year of slowing growth, partly due to the U.S. tariff policies, which complicate forecasting market conditions in key markets and client segments. "Majority of Infosys revenue is from the U.S. and other global markets. The compensation is in line and consistent with what companies of this scale and size pay globally. Boards of Indian tech companies are indeed aware and need their leaders to be retained and paid appropriately in this challenging environment," said K Sudarshan, managing director at executive search firm EMA Partners. K Krithivasan, CEO of Infosys' larger rival Tata Consultancy Services earned $3.11 million, and smaller rival Wipro's CEO Srinivas Pallia earned $6.28 million, according to their latest annual report. Infosys is one of the two among India's top five IT companies that have retained their CEO at the helm over the last 18–24 months, with HCLTech being the other. ($1 = 85.3600 Indian rupees)
Yahoo
5 days ago
- Business
- Yahoo
Infosys CEO among highest paid in Indian IT as compensation rose 22% to $9.4 million last fiscal
By Haripriya Suresh and Sai Ishwarbharath B BENGALURU (Reuters) -Infosys CEO Salil Parekh's compensation rose 21.7% to 806.2 million rupees ($9.44 million), the company said in its annual report on Monday, making him one of the highest-paid Indian IT chiefs currently in office. Parekh, the longest-serving non-founder CEO at the IT company, earned a fixed salary of 79.4 million rupees and bonuses of 231.8 million rupees. The largest portion, 495 million rupees, resulted from the chief executive of India's No. 2 IT services firm exercising his stock options. In comparison, Parekh earned $7.9 million in 2024 and $6.76 million in 2023, with the rise in pay, mainly due to a greater number of stock options exercised during the year. For the financial year 2025, Infosys reported a revenue growth of 4.2% in constant currency terms, falling short of its forecast of 4.5%-5%. For the current fiscal year, it forecast a flat to 3% growth in revenue, signalling a weaker business environment. India's $283-billion IT sector is facing another year of slowing growth, partly due to the U.S. tariff policies, which complicate forecasting market conditions in key markets and client segments. "Majority of Infosys revenue is from the U.S. and other global markets. The compensation is in line and consistent with what companies of this scale and size pay globally. Boards of Indian tech companies are indeed aware and need their leaders to be retained and paid appropriately in this challenging environment," said K Sudarshan, managing director at executive search firm EMA Partners. K Krithivasan, CEO of Infosys' larger rival Tata Consultancy Services earned $3.11 million, and smaller rival Wipro's CEO Srinivas Pallia earned $6.28 million, according to their latest annual report. Infosys is one of the two among India's top five IT companies that have retained their CEO at the helm over the last 18–24 months, with HCLTech being the other. ($1 = 85.3600 Indian rupees) Sign in to access your portfolio
Yahoo
07-05-2025
- Business
- Yahoo
Trump's movie tariff threat alarms India's film makers
By Haripriya Suresh, Saurabh Sharma and Rishika Sadam BENGALURU/NEW DELHI/HYDERABAD (Reuters) -India's film industry, which earns roughly 40% of its overseas revenue from the United States, sounded the alarm this week about higher costs after President Donald Trump threatened a tariff of 100% on all movies produced beyond American soil. Film makers, producers and distributors in one of the world's largest film industries by output struggled to weigh the likely impact of such a tariff as Trump provided scant details, stirring more questions than answers. "The real question is how the term 'foreign produced' will be defined, and until that's clear, it's hard to say anything," said film maker Anubhav Sinha, known for his Netflix streaming series, "IC 814: The Kandahar Hijack". "It's not yet clear whether services like post-production will be affected." India's film industry employs 272,000 people, with overseas box office takings of about 20 billion rupees ($237 million) in fiscal 2024, or a tenth of total earnings, Deloitte and studio grouping the Motion Picture Association said in a report. Key Hollywood films with India scenes are Oscar-winners such as the rags-to-riches tale "Slumdog Millionaire", and the Osama bin Laden manhunt thriller, "Zero Dark Thirty", along with rom-com "Eat, Pray Love", and Batman outing "The Dark Knight Rises". In the absence of details on the planned levy, film producers worry it could double the cost of exporting their films to the United States, where people of Indian descent are estimated to number 5.2 million. "The United States is one of the most important overseas markets for Indian cinema, largely due to the substantial diaspora," said producer Madhu Bhojwani, reponsible for hits such as "Airlift", on workers evacuated from Kuwait during the Gulf War. "Any increase in ticket prices resulting from these tariffs would directly affect audience turnout, compounding the challenges posed by evolving consumer behaviour and broader industry headwinds." The cost-effective South Asian nation has also grown in stature as Hollywood's preferred hub for on-ground production and post-production services, especially in visual effects, since it offers a skilled talent pool. "Almost 10 to 15 (foreign) movies are shot in India every year, and our movie industry will be impacted very badly," said film trade analyst Komal Nahta. LIKELY HIT TO REVENUE Prominent Indian actor and producer Prakash Raj called Trump's move "tariff terrorism". If the tariff covers post-production services, the consequences will be bigger, added Bhojwani, the co-founder of Emmay Entertainment and Motion Pictures. "We can expect a potential decline in outsourced work from U.S. studios to Indian vendors, which could have notable implications for the Indian media services sector," she said. "If revenue from the U.S. drops, it could affect budget planning and profitability for Indian production houses," said Pradeep Dwivedi, chief executive of Eros International Media. "Big-budget films counting on overseas revenue could be restructured or scaled back." The move will also hurt smaller releases in the United States. "Even a 30% drop in revenue for such mid-scale movies would be a significant dent," said Raj Kandukuri, producer of a well-regarded film, "Pelli Choopulu", in India's southern language of Telugu. "There are a sizeable number of students in the United States who watch movies, they will not spend high on ticket prices." The planned levy might also drive a broader shift to digital platforms. "U.S. distributors might be less inclined to pick up Indian titles due to the increased cost," Dwivedi said. "This could result in fewer screens, smaller releases, and a shift toward digital platforms instead of theatrical. The tariff would likely accelerate a move toward direct-to-digital releases on platforms like ErosNow, Netflix, Amazon Prime, and Hulu." ($1=84.2560 rupees) (Reporting by Haripriya Suresh in Bengaluru, Saurabh Sharma in New Delhi, and Rishika Sadam in Hyderabad; Editing by Dhanya Skariachan and Clarence Fernandez)
Yahoo
13-04-2025
- Business
- Yahoo
India's TCS says retail, travel clients more exposed to US tariff turmoil
By Haripriya Suresh and Sai Ishwarbharath B BENGALURU (Reuters) - Clients of India's Tata Consultancy Services in the retail, travel and automobile sectors are more exposed to fallout from U.S. tariffs and they may resort to cost-cutting if uncertainty persists, the company's CEO told Reuters. The banking and financial services sector - which makes up nearly a third of revenue for India's biggest software exporter - remains unaffected, TCS top boss K Krithivasan said in an interview. The global trade war and U.S. President Donald Trump's back-and-forth on tariffs have made it difficult to forecast market conditions, making businesses hesitant about signing off on big spending decisions. "The consumer business, hospitality business, travel, auto industry are the businesses that we have to watch out for. If the uncertainty continues for longer, those businesses may have to focus more on cost optimisation, but at this time, I have not heard anything," Krithivasan said. Retail and manufacturing are the company's second- and fourth- largest revenue contributors, while banking remains the largest. TCS earns roughly half of its revenue from North America, a crucial market for Indian IT service providers that are exposed to the tariff fallout through their U.S. clients. The company missed fourth-quarter earnings estimates on Thursday and warned about clients delaying decision-making in discretionary projects. TCS, however, expects the uncertainty to be "shortlived". Krithivasan maintained he expects fiscal year 2026 to be better than 2025, as there were still legacy software and systems clients may have to replace in the medium- to long-term. TCS also said a trend of clients consolidating their IT vendors has helped the company gain market share. "Particularly when customers look at cost optimization as a key focus area, they will try to reduce the number of service providers. TCS has been a beneficiary of these consolidations that have happened in FY25," Krithivasan said. Sign in to access your portfolio
Yahoo
11-04-2025
- Business
- Yahoo
India's TCS warns US tariff chaos hurting client sentiment
By Haripriya Suresh and Sai Ishwarbharath B BENGALURU (Reuters) -India's top software-services exporter Tata Consultancy Services reported weaker-than-expected quarterly results on Thursday and warned uncertainty around U.S. tariffs was prompting clients to rethink discretionary projects. The $283 billion Indian IT sector was counting on the Trump administration's business-friendly policies to revive client confidence and spending in its biggest market, but the U.S. tariff saga has soured expectations of any immediate upswing in fortunes. "We had spoken about improving market sentiments and early signs of discretionary spend revival in January. This was not sustained due to many of the discussions around tariffs," TCS CEO K Krithivasan said in a press conference. "We are observing delays in decision-making and project-starting with respect to discretionary investments." Krithivasan said the uncertainty was likely to settle over the "next few months" and he expects fiscal 2026 to be better than the prior year. The comments came a day after Trump said he would temporarily lower the hefty duties imposed on dozens of countries while ramping up pressure on China. Industry watchers agreed. "There should be some stability after two quarters as the dust from tariffs settle," NelsonHall analyst Gaurav Parab told Reuters. TCS is the first major Indian IT firm to announce results for the fourth quarter. Smaller rivals Infosys, HCLTech, Wipro and Tech Mahindra will report in the coming weeks. The Tata Group firm's net profit fell 1.69% to 122.24 billion rupees ($1.42 billion), while analysts on average expected 126.54 billion, per data compiled by LSEG. Revenue rose 5.3% to 644.79 billion rupees, missing analysts' estimates of 647.58 billion rupees. Deal wins for the quarter stood at $12.2 billion, down from a record $13.2 billion in the same period last year. Citing the uncertain business environment, TCS said it was yet to decide on annual wage hikes. The company named Aarthi Subramanian as its chief operating officer and Mangesh Sathe as its chief strategy officer, effective May 1. ($1 = 86.2220 Indian rupees) Sign in to access your portfolio
