L&T CMD got Rs 51 crore salary in FY24, up 43%

L&T CMD got Rs 51 crore salary in FY24, up 43%

NEW DELHI: Chairman and managing director (CMD) SN Subrahmanyan of L&T took home a total salary of Rs 51 crore in 2023-24, 43.11% higher than the previous year. Subrahmanyan was appointed as CMD of the company with effect from 1 October 2023.

The CMD’s remuneration includes Rs 3.6 crore as base salary, Rs 1.67 crore as prerequisites and Rs 35.28 crore as commission. He also received Rs 10.5 crore as retirement benefits.

The CMD’s salary is 534.57 times the median salary of employees of L&T.

The company’s chief financial officer R Shankar Raman received Rs 31.66 crore in total salary that includes Rs 21.83 crore in commission and Rs 6.5 crore in retirement benefits. Shankar Raman got a raise of 42.84% during the year.

L&T chairman and managing director SN Subrahmanyan (Photo | Twitter, @larsentoubro)

AM Naik, who retired as non-executive chairman of the company in September 2023, received Rs 1.69 crore as salary during the year. Naik also received Rs 1.5 crore as pension during the year.

The median remuneration of employees of the company during the financial year was Rs 9.55 lakh. In the financial year, there was an increase of 1.32% in the median remuneration of employees. There were 59,018 permanent employees on the rolls of the company as on 31 March 2024.

Average percentage increase made in the salaries of employees other than managerial personnel for 2023-24 was 1.74% whereas there is an increase in the managerial remuneration by 20.38%. Increase in managerial remuneration is mainly on account of higher profits and increase in commission rates.

The company clocked Rs 2,21,113 crore in revenue, and Rs 13,059 crore in profit after tax registering a 21% and 25% growth, respectively during FY24. The company spent Rs 7,847 crore in salaries and wages during the year, up from Rs 7,410 crore in the previous year.