The Indian Institute of Technology (IIT) Bombay has concluded Phase I of placement season 2022-23. The institute witnessed an all-time high number of accepted job offers in Phase I this year.

A total of 1,431 students have been placed in 293 companies. As many as 63 international offers were accepted in this phase of which 25 were above Rs 1 crore per annum (CTC basis), IIT Bombay said in a statement.

The highest annual salaries on CTC basis for domestic and international offers were Rs 1.31 crore and Rs 3.67 crore, respectively. Considering all offers accepted at IIT Bombay, the average annual salary for Phase I this year was Rs 23.26 lakh (CTC basis).

Compared to last year, average salaries in the finance and R&D sectors saw a significant increase while those in IT/software saw a reduction.

The Phase I of this year also saw an all-time high in the placement of PhD scholars at IIT Bombay. As many as 36 offers were accepted with an average CTC package of Rs 16 lakh per annum with the highest salary package at Rs 29 lakh per year.

The substantial number of job offers for PhDs in Phase I as well as the increase in R&D sector salaries show that IIT Bombay is a preferred institute by recruiters, not only for its highly sought-after undergraduate and master’s students but also for its PhD scholars.

The Phase I of placement season 2022-23 at IIT Bombay started on December 1 and was extended till December 16.