Sunil Mittal's remuneration returns to Rs 32 cr in FY24, shows Airtel annual report

New Delhi, July 30 (PTI) After a gap of almost three years, Bharti Airtel Chairman Sunil Mittal's gross remuneration has been restored to about Rs 32.27 crore in FY24, the telco's annual report shows.

The gross remuneration of the Airtel top boss was nearly Rs 16.72 crore in 2022-23, which was in line with HR and Nomination Committee's (HRC) past decision for a downward revision (effective from April 01, 2020).

However, after the telco's business showed marked improvement and demonstrated strong and sustained growth, the HRC, keeping in view of the Chairman’s role and contribution, had revisited its decision and had recommended that the annual remuneration be restored to Rs 30 crore (from April 1, 2023).

The same had been approved by Airtel shareholders at the company's AGM held in August 2023.

The total remuneration of Mittal in FY24 reflects the decision to restore the salary and accordingly, his total compensation has returned to about Rs 32 crore.

According to the company's latest annual report for 2023-24, Mittal's salary and allowances stood at an estimated Rs 21.57 crore, while performance linked incentive (PLI) were at Rs 7.5 crore. These alongside Rs 3.19 crore of perquisites, took Mittal's total gross remuneration to an estimated Rs 32.27 crore for financial year 2023-24.

"The salary and allowance includes the company’s contribution to the Provident Fund. Above doesn’t include liability for gratuity and leave encashment as it is provided on actuarial basis for the company as a whole, the amount pertaining to the Directors is not ascertainable; and interest on provident fund," the annual report said.

The Value of Performance Linked Incentive (PLI) is based on mix of short term and long-term goals.

On the 2023-24 numbers, the latest annual report said that PLI represents incentive which accrued at 100 per cent performance level for FY 2023-24 and will get paid on the basis of actual performance parameters.

"At 100 per cent performance level, the gross remuneration of Sunil Bharti Mittal is Rs 322,714,541 for FY 2023-24 and Rs 167,729,002 for FY 2022-23 and that of Gopal Vittal (CEO) is Rs 185,508,865 for FY 2023-24 and Rs 168,434,184 for FY2022-23," Airtel report said.

During the year, Mittal and Vittal were paid Rs 47,250,000 and Rs 70,826,394, respectively, as PLI for previous year 2022-23.

"During the FY 2023-24, Sunil Bharti Mittal has received the remuneration of GBP 2.20 million from overseas subsidiary of the Company, Network i2i (UK) Limited," the annual report said.

For 2023-24, the total remuneration of CEO Gopal Vittal stood at Rs 18.55 crore, which included Rs 11.11 crore drawn under `salary and allowances' head. PTI MBI MBI MR