Sajjan Jindal could be the highest paid promoter in FY22

With a salary of Rs 134.80 crore, JSW Steel’s Sajjan Jindal could be the highest paid chairman of a company in FY22 so far, according to the annual reports released by companies. His remuneration is nearly 84% higher over Rs 73.38 crore in FY21, as profit-linked commission to the chairman and managing director rises to Rs 121.70 crore, according to the company’s latest annual report.

In FY21, Kalanithi Maran, executive chairman, Sun TV, and Kavery Kalanithi, executive director of the company, both drew Rs 87.50 crore in annual pay package, making them the highest paid promoters in the country.

The salaries of top executives of India Inc has drawn significant attention this year. Wipro’s CEO Thierry Delaporte was the highest paid executive in India’s IT sector with an annual pay package of Rs 79.8 crore for FY22. Infosys CEO Salil Parekh’s total compensation in FY22 was Rs 71.02 crore. TCS CEO Rajesh Gopinathan’s pay package was nearly Rs 25.8 crore in FY22.

A recent Deloitte India executive remuneration survey highlighted that the average compensation of Indian CEOs touched a three-year high in FY22 at Rs 11.2 crore, and median at Rs 7.4 crore. This included compensation for both promoter CEOs as well as professional CEOs and takes long-term incentives into account.

The sharp rise in commodity prices like steel over the past one year has led to steep rise in profits of Indian steelmakers. JSW Steel’s consolidated net profit for the full year ended March 31, 2022, came in at Rs 20,938 crore, a near 2.7x rise over last year. The revenue from operations surged 83% over last year to Rs 1.46 trillion. The Ebitda during the year came in at Rs 39,007 crore, a sharp 94% rise versus FY21.

“Although the global growth expectations have moderated recently, the structural demand drivers for commodities like steel remain intact,” Jindal said in the company’s annual report.

He termed the recent duties levied on steel exports as “short-term headwind” and said that India is a cost-competitive exporter of steel, and has an opportunity to take on a larger role in the global steel trade. “We view the export duties imposed on steel in May 2022 as a short-term headwind, since they have been imposed with the objective of controlling inflation,” Jindal said.

Last month, the Indian government imposed a levy of 15% on steel exports to tackle high domestic steel prices. Crisil in a recent report said that India’s steel exports is expected to come down by 40% to 12 million tonne in the current financial year, as a result of duties imposed on exports.

The export of finished steel had reached a record high of 18.3 million tonne in FY22 and the prices were at their all-time high. “India’s steel exports will drop 35-40% to 10-12 million tonne this fiscal following the 15% export duty imposed on several finished steel products last month. Exports of iron ore and pellets will also fall this fiscal, and lower domestic prices,” a Crisil research note said.

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