The increase was due to stock incentives granted in previous years and exercised by Parekh in the just concluded financial year, and because of an increase in his performance-based variable pay.
Parekh’s compensation included Rs 30.99 crore in stock options and Rs 38 lakh in retiral benefits.
In the financial year 2019-20, Parekh’s income was Rs 34.27 crore.
Chief operating officer UB Pravin Rao took home Rs 17 crore, compared to Rs 10 crore in FY20.
The annual report showed that the overall wages at leadership levels remained constant and there were no promotions during the fiscal year at that level.
Managerial personnel did not receive any compensation increase in the financial year, it said.
In comparison, IT bellwether TCS chief executive Rajesh Gopinathan’s compensation increased by 52% in FY21 to Rs 20.3 crore, from 13.3 crore in FY20, the company’s annual report released last week showed.
Parekh said in his letter to shareholders that digital and cloud technology “continue to be at the centre of change for large enterprises globally” and that Infosys is “among the best-positioned companies to partner with these enterprises”.
Chairman Nandan Nilekani said the company was investing in designing and developing the solutions required for digital transformation.
“Be it Infosys Cobalt for cloud solutions, modernization without disruption, big data and analytics, applied AI and automation, cybersecurity, consumerization of user experience, or a robust innovation ecosystem – these have struck the right chord with our clients who are keen to assimilate new ideas to reinvent themselves,” Nilekani said.