New Delhi: UltraTech's Chairman and Non-Executive Director Kumar Mangalam Birla received an annual remuneration 15.53 crore in FY 2018-19, down 18.82 per cent over the year-ago period, even as the largest cement producer posted a double digit growth in its topline.

Birla, 52, had received an annual salary of 19.13 crore in FY 2017-18.

Since the last two years, Birla's remuneration is on a decline. In FY 2016-17, Birla had received 22.50 crore.

Notwithstanding this decline, Birla's salary was 202.9 times higher than the median remuneration paid to UltraTech employees in FY 2018-19, according to the company's latest annual report.

Earlier, it was 387.9 times higher in FY 2016-17 and 375.2 times in FY 2017-18 respectively, against the median remuneration of UltraTech employees.

"The median remuneration of employees of the company during the financial year was 7.65 lakh," said the annual report adding "in the financial year, there was an increase of 8.5% in the median remuneration of employees."

Besides, UltraTech Managing Director K K Maheshwari also took 4.76% lesser salary at 12.96 crore in the last fiscal year, ended March 31, 2019.

"Average percentage increase made in the salaries of employees other than the managerial personnel, in the last financial year 2018-19 was 8.8% whereas decline in the managerial remuneration for the same financial year was 11.8%," the UltraTech Annual Report 2018-19 said.

UltraTech, had 19,557 permanent employees on its rolls as on March 31, 2019.

The company has 21 integrated plants in 2019 with a installed capacity of 102.8 million tons per annum (MTPA).

For FY 2018-19, UltraTech net turnover on consolidated basis was at 36,775 crore and profit after tax was at 2,432 crore.

The company has acquired Binani Cement, which has an installed capacity of 6.25 mtpa and renamed as UltraTech Nathdwara Cement in FY 2018-19.

"In the next fiscal, with the acquisition of Century Cement, we expect UltraTech's installed capacity to scale up to over 113 mtpa," Birla said.

Read Also | Ultratech to complete Century Cement merger by September: Kumar Mangalam Birla

The company expects a growth of around 8% in this ongoing fiscal led by government's renewed thrust on infrastructure development through the construction of roads, metro rail projects, airports renovation, irrigation projects.

"We remain optimistic in our outlook for the cement sector in FY20 and expect the industry to grow at 7 to 8%," said Birla.

This story has been published from a wire agency feed without modifications to the text.

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