Gautam Adani's FY24 salary of Rs 90.26 mn less than executives, peers

24 Jun 2024 CW Team

India's second richest person, Gautam Adani, received a total remuneration of Rs 90.26 million in the fiscal year ending March 31, 2024. This amount is lower than that of most industry peers and even some of his own key executives. According to the annual reports of the 10 listed entities in his ports-to-energy conglomerate, the 61-year-old Adani drew a salary from only two out of these ten companies.

His remuneration for 2023-24 from the group's flagship firm, Adani Enterprises (AEL), included a salary of Rs 20.19 million along with perquisites, allowances, and other benefits worth Rs 2.7 million. The total remuneration of Rs 20.46 million was 3 percent higher than the previous financial year, as stated in AEL's 2023-24 annual report. Additionally, he received Rs 60.8 million from Adani Ports and SEZ (APSEZ).

Adani's salary is lower than the heads of almost all large family-owned conglomerates in India. The richest Indian, Mukesh Ambani, has been foregoing his entire salary since the Covid-19 outbreak, prior to which he had capped his remuneration at Rs 150 million. Adani's remuneration is significantly lower compared to other industry leaders such as telecom czar Sunil Bharti Mittal (Rs 160.7 million in 2022-23), Rajiv Bajaj (Rs 530.7 million), Pawan Munjal (Rs 800 million), L&T Chairman S N Subrahmanyan, and Infosys CEO Salil S Parekh.

Adani, with a net worth of $ 106 billion, has been competing with Ambani for the title of the richest person in Asia. He became the richest Asian in 2022 but lost that position after a critical report by US short-seller Hindenburg Research resulted in a significant loss of market value for his group?s stocks, wiping out almost $ 150 billion at its lowest point last year. Although Adani regained the top spot twice this year, he eventually ceded the position to Ambani again. Currently, Ambani is ranked 12th on the world's richest list with a net worth of $ 111 billion, while Adani is ranked 14th.

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