TCS fights against the business uncertainities
The pandemic created a rapid impact in each and every segment of the business. The economy of developing countries like India are suffering badly and likely to suffer in the future too. As the business faced many uncertainties in recent times, the salary of top executives of the TCS has dropped down. The salary of Chief executive Rajesh Gopinath has dropped by 16.5% from Rs 16.04 crore in the last financial year to Rs 13.3 crore this year.
The salary of Chief operating officer Subramanian’s income also dropped by 12.9% from Rs 11.6 crore in the last financial year to Rs 10.1 crore this year. And Ramakrishnan’s salary dropped by 3.63%. The company’s annual report says that the executive remuneration for FY20 is lower than FY19.
The pay cut off also extends to TCS’s directors and HDFC CEO Keki Mistry. The report also says that the directors of the company have decided to moderate the executive remuneration for the current financial year to express solidarity and conserve resources. But the salary of non-managerial staff includes a hike of 6% and the employees abroad are provided with a wage increase of 2-6%.
TCS addressed that the challenges by pandemic are short term and the company will surely do well in the future. Because society has to invest more in technology to accept the new normal. The chairman of TATA sons addressed the shareholders that the company has positioned itself to fight all the uncertainties and the shareholders will regain their profit.
Till March 31 the doubtful trade receivables of the company account to Rs 1137 crore. The analysis says that it was not simply the output of the mathematical model. It considers all other factors like transportation, consumers retail, hospitality, manufacturing, and energy verticals. The provision amount has arrived as a result of considering unbilled receivables and contact assets of worth Rs 10545 crore.
For more interesting articles click HOME