Industrialist Naveen Jindal took a whopping ₹18 crore hit on account of a sharp dip in Jindal Steel and Power Ltd’s profit in 2013-14, when his total pay package stood at ₹36.96 crore.
The Chairman of JSPL had in the previous fiscal taken ₹54.98 crore as remuneration that included ₹12.10 crore salary, ₹40 lakh perquisites and ₹42.88 crore as shares in company’s profit.
According to JSPL’s latest annual report, Jindal got ₹12.10 crore salary and ₹24.86 crore as share in company’s profit in 2013-14.
Jindal was country’s top-paid executive both in 2010-11 and 2011-12 with a package of ₹67 crore and ₹73.42 crore, respectively. While there were no change in Jindal’s salary in 2013-14 and 2012-13, his pay package was down primarily due to a dip in JSPL’s net profit last fiscal. JSPL clocked ₹1,894 crore net profit in 2013-14, down from ₹2,912 crore in the previous fiscal.
The dip in net profit, according to the annual general report, was due to a rise in depreciation and financial cost of its debt and for funding various expansion projects.
The company’s MD, Ravi Uppal, had got the second highest remuneration at ₹5.05 crore, which includes ₹3.19 crore salary and ₹1.86 crore as share in company’s profit.
The company is set to enhance steel production capacity to 16.2 mtpa and power generation capacity to 8,100 MW by 2020.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.