Tech Mahindra CEO and MD Mohit Joshi earned Rs 52.1 crore in FY25, the company’s annual report stated.
Joshi’s total compensation—which includes the perquisite value of the employee stock ownership plan (ESOP)—was 840.22 times the median salary of employees. The median salary is calculated as the midpoint of all employee salaries.
The report also noted a 6.52% decline in the median remuneration of employees during FY25.
The annual report did not specify the year-on-year change in Joshi’s salary. “Mohit Joshi was associated for part of FY24 i.e. from 19th June, 2023 to 31st March 2024. Hence, the percentage increase in remuneration is not comparable reported. Since associated for part of the financial year 2024–25 percentage increase in remuneration is not comparable and hence not reported,” the report stated.
Joshi’s earnings surpassed those of K Krithivasan, CEO of Tata Consultancy Services (TCS), who saw his pay increase by 4.6% to Rs 26.5 crore in FY25. Infosys CEO Salil Parekh earned Rs 80.6 crore, marking a 22% rise in compensation.
Wipro’s CEO and MD Srinivas Pallia received Rs 53.6 crore in FY25, reflecting a 10% hike. C. Vijayakumar of HCLTech remained the highest-paid Indian IT CEO in the previous fiscal year, with total earnings of Rs 84.16 crore.
Joshi was appointed CEO designate in March, with a base salary set at Rs 6.5 crore and an equivalent amount earmarked as annual variable compensation. As per the previous fiscal year’s annual report, his variable pay was guaranteed for the first year.
He is also eligible for an “overperformance bonus” of up to 70% of the variable component. Additionally, he received a joining bonus of $848,951 (Rs 6.96 crore).
As part of his stock-based compensation, Joshi was granted a one-time stock option award of $2.5 million, with 60% vesting after one year at the company and the remaining 40% after two years. He is also entitled to an annual stock option grant worth $3.5 million, which vests in equal parts over three years, starting after his first year of employment.