Gautam Adani drew Rs 9.26 cr salary in FY24 – lower than his executives, industry peers

PTI, Jun 23, 2024, 10:40 AM IST

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

Adani, 61, drew salary from only two out of the 10 companies in his ports-to-energy conglomerate, annual reports of the 10 listed entities of the group showed.

His remuneration for 2023-24 from the group’s flagship firm Adani Enterprises Ltd (AEL) included Rs 2.19 crore salary and perquisites, allowances and other benefits worth Rs 27 lakh. The total remuneration of Rs 2.46 crore was 3 per cent more than the previous financial year, according to AEL’s 2023-24 annual report.

Besides, he drew Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ).

Adani’s salary is lower than heads of almost all large family-owned conglomerates in India.

While the richest Indian, Mukesh Ambani has been foregoing his entire salary since Covid-19 broke out prior to which he had capped his remuneration at Rs 15 crore, Adani’s remuneration is much lower than telecom czar Sunil Bharti Mittal (Rs 16.7 crore in 2022-23), Rajiv Bajaj (Rs 53.7 crore), Pawan Munjal (Rs 80 crore), L&T Chairman S N Subrahmanyan and Infosys CEO Salil S Parekh.

Adani, who is worth USD 106 billion according to the Bloomberg Billionaire Index, has been jostling with Ambani for the spot of the richest person in Asia. He became the richest Asian in 2022 but lost that position after a damning report by US short-seller Hindenburg Research wiped out almost USD 150 billion of market value of his group stock at its lowest point last year.

He regained the top spot on two occasions this year but again ceded the position to Ambani.

Ambani is ranked 12th on the world’s richest list with a networth of USD 111 billion. Adani is ranked 14th.

Adani’s younger brother Rajesh got Rs 8.37 crore, including Rs 4.71 crore commission on profit from AEL, while his nephew Pranav Adani drew Rs 6.46 crore, including Rs 4.5 crore commission, the annual report showed.

Gautam Adani did not draw any commission from AEL but got Rs 5 crore from APSEZ. The remuneration from APSEZ included Rs 1.8 crore salary and Rs 5 crore commission that will be payable in 2024-25 fiscal, the company’s annual report said.

His son, Karan earned Rs 3.9 crore from APSEZ.

Gautam Adani’s brother, nephew and son did not draw salaries from more than one company.

Vinay Prakash, key executive and director on AEL board, received a total remuneration of Rs 89.37 crore. Group CFO Jugeshinder Singh got Rs 9.45 crore salary.

The group’s renewable energy firm, Adani Green Energy Ltd CEO Vneet S Jaain was paid Rs 15.25 crore while Adani Total Gas Ltd (ATGL) CEO Suresh P Manglani earned Rs 6.88 crore. Adani Wilmar CEO Angshu Mallick got Rs 5.15 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.

S B Khyalia, CEO of Adani Power got Rs 5.63 crore.