Gautam Adani, India’s second-richest individual and the driving force behind the sprawling Adani Group, received a total remuneration of Rs 9.26 crore in the fiscal year ending March 31, 2024. This figure is notably lower than that of most of his industry counterparts and even some of his own key executives, according to the annual reports of the ten listed entities within his conglomerate.
Limited Salary Drawn from Only Two Companies
Gautam Adani received his remuneration from just two of the ten companies within his vast empire. From Adani Enterprises Ltd (AEL), the group’s flagship firm, he earned a total of Rs 2.46 crore. This includes a salary of Rs 2.19 crore and perquisites, allowances, and other benefits worth Rs 27 lakh. This represents a modest 3% increase from the previous financial year, as highlighted in AEL’s 2023-24 annual report.
In addition to his earnings from AEL, Adani drew Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ). His total remuneration is relatively modest compared to other heads of large family-owned conglomerates in India.
Gautam Adani’s Comparison with Other Industry Leaders
Mukesh Ambani, India’s richest individual, has been foregoing his entire salary since the onset of the Covid-19 pandemic. Before this, he had capped his remuneration at Rs 15 crore. Adani’s earnings also fall short when compared to other business magnates. For instance, telecom mogul Sunil Bharti Mittal earned Rs 16.7 crore in 2022-23, Rajiv Bajaj of Bajaj Auto drew Rs 53.7 crore, Pawan Munjal of Hero MotoCorp received Rs 80 crore, and L&T Chairman S N Subrahmanyan and Infosys CEO Salil S Parekh were also among the higher earners.
The Impact of Market Volatility on Adani’s Wealth
Adani, with a net worth of USD 106 billion according to the Bloomberg Billionaire Index, has frequently competed with Ambani for the title of Asia’s richest person. In 2022, Adani briefly held the top spot but later lost it following a critical report by US short-seller Hindenburg Research, which led to a dramatic drop in the market value of his group’s stocks, wiping out nearly USD 150 billion at their lowest point.
Despite regaining the top spot twice this year, Adani currently holds the 14th position on the global rich list, while Ambani is ranked 12th with a net worth of USD 111 billion.
Remuneration Details of Adani’s Family and Key Executives
Gautam Adani’s younger brother, Rajesh Adani, earned Rs 8.37 crore, which included a commission of Rs 4.71 crore on profits from AEL. His nephew, Pranav Adani, received Rs 6.46 crore, including a Rs 4.5 crore commission. Gautam Adani himself did not draw any commission from AEL but received Rs 5 crore from APSEZ, comprising a Rs 1.8 crore salary and a Rs 5 crore commission payable in the 2024-25 fiscal year.
His son, Karan Adani, earned Rs 3.9 crore from APSEZ. Unlike Gautam Adani, his brother, nephew, and son did not receive salaries from more than one company within the conglomerate.
Salaries of Key Executives
Notably, some of Adani’s key executives earned significantly more than him. Vinay Prakash, a key executive and director on the AEL board, received a total remuneration of Rs 89.37 crore. Group CFO Jugeshinder Singh earned Rs 9.45 crore. CEOs of various group companies also received substantial remuneration, with Adani Green Energy Ltd CEO Vneet S Jaain earning Rs 15.25 crore, Adani Total Gas Ltd CEO Suresh P Manglani earning Rs 6.88 crore, and Adani Wilmar CEO Angshu Mallick earning Rs 5.15 crore.
Employee Remuneration Increase
The AEL annual report also noted that there was an average remuneration increase of 12% for employees, excluding key managerial personnel (KMPs), while KMPs received a slightly higher increase of 5.37%.
Despite his vast wealth and influential position within the business world, Gautam Adani’s personal remuneration remains modest compared to his peers and even some of his executives. This discrepancy highlights the unique financial dynamics within the Adani Group and the broader corporate landscape in India.
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