Gautam Adani’s pay lags behind his own executives in FY24. Here’s what salary the billionaire got

India's second richest person Gautam Adani received a total remuneration of 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.

Written By Alka Jain
First Published24 Jun 2024, 09:40 AM IST
Gautam Adani drew  <span class='webrupee'>₹</span>9.26 cr salary in FY24 - lower than his executives, industry peers.
Gautam Adani drew ₹9.26 cr salary in FY24 - lower than his executives, industry peers.

India's second richest person, Gautam Adani, received a total remuneration of 9.26 crore in 2024, lower than his key executives and other industry peers. An annual report of the Adani Group's 10 listed entities showed that the industrialist drew a salary from only two of his 10 companies in the ports-to-energy conglomerate.

For the 2023-24 period, his compensation from Adani Enterprises Ltd (AEL), the group's flagship company, comprised a salary of 2.19 crore and perquisites, allowances, and other benefits amounting to 27 lakh. This brought his total remuneration to 2.46 crore, reflecting a 3% increase from the previous financial year. In addition, he drew 6.8 crore from Adani Ports and SEZ Ltd (APSEZ), as per AEL's 2023-24 annual report.

Also Read | Adani Group plans $3-billion push for new clean-energy business

Adani's younger brother, Rajesh, received 8.37 crore, which included a 4.71 crore profit commission from AEL. His nephew, Pranav Adani, earned 6.46 crore, including a 4.5 crore commission, PTI reported.

Gautam Adani did not receive any commission from AEL but was awarded 5 crore from APSEZ. His remuneration from APSEZ comprised a 1.8 crore salary and a 5 crore commission, which will be payable in the 2024-25 fiscal year, as stated in the company's annual report.

Also Read | From investment to stock market - Gautam Adani highlighted these 4 things

His son, Karan, earned 3.9 crore from APSEZ. Gautam Adani's brother, nephew, and son did not receive salaries from multiple companies. Vinay Prakash, a key executive and director on the AEL board, received total compensation of 89.37 crore. Group CFO Jugeshinder Singh's salary was 9.45 crore.

"We reported an average remuneration increase of 12 per cent for employees, excluding key managerial personnel (KMPs), with a slightly higher increase of 5.37 per cent for KMPs," the AEL annual report said as quoted by PTI.

Also Read | Adani Ports or JSW Infra: Which is the better ports stock?

While Mukesh Ambani, India's wealthiest businessman, has forgone his entire salary since the onset of COVID-19—previously capping it at 15 crore—Adani's pay is significantly lower than that of telecom magnate Sunil Bharti Mittal ( 16.7 crore in 2022-23), Rajiv Bajaj ( 53.7 crore), Pawan Munjal ( 80 crore), L&T Chairman S N Subrahmanyan, and Infosys CEO Salil S Parekh.

Adani, valued at USD 106 billion by the Bloomberg Billionaire Index, has been competing with Mukesh Ambani for the title of Asia's richest person. Adani briefly held the top spot in 2022 but lost it after a critical report from US short-seller Hindenburg Research led to a significant drop in his group's market value, erasing nearly USD 150 billion at its lowest point last year.

 

(With PTI inputs)

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:24 Jun 2024, 09:40 AM IST
HomeCompaniesPeopleGautam Adani’s pay lags behind his own executives in FY24. Here’s what salary the billionaire got

Most Active Stocks

Indian Oil Corporation

166.90
03:58 PM | 12 JUL 2024
-7.6 (-4.36%)

Tata Steel

168.70
03:58 PM | 12 JUL 2024
-0.3 (-0.18%)

Bharat Electronics

333.30
03:59 PM | 12 JUL 2024
-2.25 (-0.67%)

Wipro

560.05
03:56 PM | 12 JUL 2024
25.7 (4.81%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

KPIT Technologies

1,864.00
03:57 PM | 12 JUL 2024
154.25 (9.02%)

Inox Wind

171.90
03:59 PM | 12 JUL 2024
13.85 (8.76%)

Zensar Technologies

768.20
03:29 PM | 12 JUL 2024
50.45 (7.03%)

Coforge

5,950.05
03:29 PM | 12 JUL 2024
386.65 (6.95%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,481.00218.00
    Chennai
    73,972.00-727.00
    Delhi
    74,771.00-218.00
    Kolkata
    73,972.00-218.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts