Adani draws Rs 9.26 cr salary in FY24, lower than his executives, peers

MUMBAI: Gautam Adani, a titan of Asian industry, took home a total salary of Rs 9.26 crore for the fiscal year ending March 31, 2024. This figure stands modestly against the hefty paychecks of his Indian industry peers and even some of his top executives.

Adani's earnings pale in comparison to other leaders of large Indian family-owned conglomerates. Mukesh Ambani, India's wealthiest individual, has forgone his salary since the COVID-19 pandemic began, previously capping it at Rs 15 crore. In contrast, telecom mogul Sunil Bharti Mittal earned Rs 16.7 crore in 2022-23, Rajiv Bajaj made Rs 53.7 crore, and Pawan Munjal commanded an impressive Rs 80 crore, according to a PTI report. Executives like L&T Chairman S N Subrahmanyan and Infosys CEO Salil S Parekh also draw significantly higher compensations, the report added.

At 61, Adani draws his salary from only two of the ten companies in his sprawling ports-to-energy conglomerate. Specifically, he earned Rs 2.19 crore in salary and Rs 27 lakh in perquisites and other benefits from Adani Enterprises Ltd (AEL), totalling Rs 2.46 crore—3% higher than the previous year. Additionally, he received Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ).

Despite this relatively modest salary, Adani's net worth is a staggering $106 billion, positioning him in a fierce battle with Ambani for the title of Asia’s richest person. Adani briefly held this title in 2022 but faced a significant blow when a report by US short-seller Hindenburg Research slashed $150 billion from his group’s market value. Although Adani reclaimed the top spot twice this year, Ambani currently leads with a net worth of $111 billion, ranking 12th globally, while Adani is 14th.

Examining the financials of his family members and top executives reveals interesting dynamics. Adani’s younger brother Rajesh, Executive Promoter Chairman, earned Rs 8.37 crore, including a Rs 4.71 crore commission from AEL, while his nephew Pranav received Rs 6.46 crore, with Rs 4.5 crore in commission. Gautam Adani notably did not draw any commission from AEL but secured Rs 5 crore from APSEZ, which includes Rs 1.8 crore in salary and a Rs 5 crore commission payable in the 2024-25 fiscal year. His son Karan earned Rs 3.9 crore from APSEZ.

Unlike Gautam Adani, his brother, nephew, and son did not draw salaries from more than one company within the group. Meanwhile, the CEO of Adani Green Energy Ltd, Vneet S Jaain, received a substantial Rs 15.25 crore, and Adani Total Gas Ltd (ATGL) CEO Suresh P Manglani earned Rs 6.88 crore. Angshu Mallick, CEO of Adani Wilmar, was paid Rs 5.15 crore. Adani Power's CEO, S B Khyalia, drew a salary of Rs 5.63 crore.

According to the AEL annual report, the company saw an average remuneration increase of 12% for employees, excluding key managerial personnel (KMPs), while KMPs received a slightly higher increase of 5.37%.