
BENGALURU: The recent Free Trade Agreement (FTA) between India and the UK, skillfully negotiated by both sides, is a signpost to the future, said Anand G. Mahindra, Chairman of the Mahindra Group, in his letter to Tech Mahindra shareholders.
"It gives a heartening fillip to the services sector in India and will accelerate the IT industry’s global growth momentum," he wrote in the letter, published in the company’s annual report.
Mahindra also touched upon the growing relevance of artificial intelligence (AI). He noted that while it's tempting to view AI as a fully developed tool capable of solving problems and driving growth, it still requires thoughtful use.
"As with every gifted child, it requires care, nurture, guidance and a purposeful use of its brilliance to ensure that its potential is used productively. Used well, it can create extraordinary value, particularly for businesses like TechM (Tech Mahindra)," he said.
The annual report also detailed changes in compensation across the company, including for top leadership.
Tech Mahindra's CEO & MD Mohit Joshi took home over Rs 52 crore in FY25. The country's fifth largest IT services firm's annual report points out that the CEO's ratio of remuneration (including ESOPs) to median remuneration of employees in FY25 stood at 840.22.
There was a reduction of 6.52% in the median remuneration of employees in FY25.
Joshi joined the company from June 19, 2023; hence, the percentage increase in remuneration is not comparable with previous year. Tech Mahindra's CEO compensation is more than that of the country's largest IT services firm Tata Consultancy Services (TCS) CEO and MD K Krithivasan's salary package, which was Rs 26.52 crore in FY25. In FY25, Infosys paid its CEO Salil Parekh Rs 80.62 crore as salary.
The company’s former CEO & MD C P Gurnani has exercised stock options during the year. The perquisite value of such stock options exercised is Rs 24.8 crore, the annual report mentioned.
Joshi holds 2,00,390 equity shares (0.02%) of the company. Prior to joining the firm, Joshi was President at Infosys and has served as the CEO of the Mexico business at Infosys.