Gautam Adani Receives Rs 9.26 Crore Salary in FY24; Lower Than His Executives, Industry Peers

Gautam Adani, India’s second richest person, received a total remuneration of Rs 9.26 crore for the financial year ending March 31, 2024. This compensation is notably lower than that of many industry peers and even some key executives within his own conglomerate. The details were disclosed in the annual reports of the 10 listed entities within his extensive ports-to-energy business empire.

Breakdown of Adani’s Salary

Adani, 61, drew his salary from only two out of the ten companies in his group:

Adani Enterprises Ltd (AEL):

• Salary and Perquisites: Rs 2.19 crore
• Allowances and Other Benefits: Rs 27 lakh
• Total Remuneration: Rs 2.46 crore

This represents a modest increase of 3 per cent compared to the previous financial year, as per AEL’s 2023-24 annual report.

Adani Ports and SEZ Ltd (APSEZ):

• Total Remuneration: Rs 6.8 crore

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

While the richest Indian, RIL Chairman and Managing Director 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 became the richest Asian in 2022 but lost that position after a damning report by US short-seller Hindenburg Research wiped out almost $150 billion of market value of his group stock at its lowest point last year.

Gautam Adani is ranked 14th on the world’s richest list.

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.

(With Inputs From PTI)