Infosys To Give Employees 60% Variable Pay For March Quarter: Report

Infosys will rolll out a 60% average variable payout to its employees for the March quarter of Financial Year 2023, Times of India reported. 

Employees will start receiving emails regarding the payout on May 19 which will be given along with the salary for the month of May, sources quoted by TOI said.

The IT firm had missed its revenue guidance goal for FY23, with the company guiding for 4%-7% growth in the current fiscal. 

The company also posted Rs 6,128 crore net profit in the quarter ended March, a 7.8% increase compared to the year ago period. 

Infosys variable payout is lesser compared to TCS, which handed 100% variable pay to majority of its workforce throughout the fiscal year, the report added. 

Economic Times reported that Infosys had recently informed the stock exchanges that it has allotted 5,11,862 equity shares on May 12, 2023. The market value of the shares stands at Rs 64 crore.

The company also informed that  1,04,335 equity shares are alloted under the 2015 Stock Incentive Compensation Plan and 4,07,527 shares have been alloted under Infosys Expanded Stock Ownership Program 2019.

Brokerage firm Emkay’s report cited by ET claimed that rival Wipro will give employees 80% variable pay while a wage is likely in second quarter of Financial Year 2024. 

Kotak Institutional Equities report commenting on the earnings of IT giants said that a slowdown was expected but it was “far sharper” than expected. 

It also added that the upcoming June quarter can also be weak considering the fact that the full impact of banking crisis will be seen in the results.