Total Employee Benefits Expenses for FY20 were lower than FY19, even as head count must have increased (due to organic hiring itself, EvoSys acquisition happened in Feb-March), implying salaries were decreased:
From FY20 annual report:
"The percentage decrease in the median remuneration of all employees in the financial year was 14.
Average percentage decrease in the salaries of the employees other than the Managerial Personnel in the financial year was 4% vis a vis decrease of 14% in the salaries of Managerial Remuneration."
The profits were growing and the company didn’t seem to be under any financial pressure. Anybody know why this happened?