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Tata Sons Chairman Natarajan Chandrasekaran was paid Rs. 113 crore as remuneration for 2022-23 (FY23), including Rs. 100 crore as commission on profit. Chandrasekaran, 60, often referred to as Chandra, received a remuneration of Rs. 109 crore in 2021-22 (FY22).
With this, Chandra has emerged as one of the highest-paid chief executive officers (CEO) in Corporate India for FY23.
Pawan Munjal, chairman and whole-time director of Hero MotoCorp, a two-wheeler manufacturer, earned a salary of Rs. 99.6 crore, while Thierry Delaporte, managing director (MD) of the software exporter Wipro, received a salary of Rs. 82.4 crore.
Abhay Bhutada, MD of Poonawalla Fincorp, earned a salary of Rs. 78.1 crore in FY23.
Mukesh Ambani, chairman and MD of Reliance Industries, capped his salary at Rs. 15 crore, while Gautam Adani, chairman of Adani Enterprises, received a salary of Rs. 2.39 crore from Adani Enterprises, the flagship company of Adani Group, in FY23.
Sajjan Jindal, chairman of JSW Steel, earned a salary of Rs. 51.3 crore in FY23. S N Subrahmanyan, CEO and MD of the company, took home 41 per cent less remuneration at Rs. 35.67 crore in FY23.
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Several companies have not yet released their annual reports for FY23, and as a result, the remuneration of many CEOs is not included.
Sourabh Agrawal, executive director, received a remuneration of Rs. 27.82 crore, including Rs. 22 crore as commission, according to the annual report of Tata Sons, the holding company of Tata Group.
Venu Srinivasan, chairman of TVS Group, has not received any compensation from Tata Sons since his appointment as a non-executive director in 2016.
Ajay Piramal, the billionaire owner of Piramal Group, received a remuneration of Rs. 2.8 crore in FY23 as a non-executive director of Tata Sons.
Among other Tata Sons directors, Vijay Singh, Harish Manwani, Leo Puri, Bhaskar Bhat, and Ralf Speth each received a remuneration of Rs. 2.8 crore for FY23 as commission. Anita George, appointed as an independent director in July 2022, earned Rs. 2.1 crore as remuneration.
Tata Sons reported Rs. 35,058 crore in revenue for FY23 and a profit of Rs. 22,132 crore on a standalone basis. In FY22, the company earned Rs. 24,132 crore in revenue and made a profit of Rs. 17,171 crore.
Among subsidiaries, Tata Consultancy Services paid the highest dividend to Tata Sons. Tata Sons reduced its net debt to Rs. 20,642 crore in FY23, compared with Rs. 27,516 crore in FY22.
Tata Sons stated that it is registered as a core investment company with the Reserve Bank of India and transferred Rs. 4,426.5 crore to a special reserve created in accordance with the law in FY23.
