NEW DELHI: Chairman and managing director (CMD) SN Subrahmanyan of L&T took home a total salary of Rs 51 crore in 2023-24, as much as 43.11% higher than the previous year.
Subrahmanyan was appointed as CMD of the company with effect from October 1, 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 the 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.
AM Naik, 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 fiscal was Rs 9.55 lakh.
In the fiscal, there was a hike of 1.32% in median remuneration of employees. There were 59,018 permanent employees on the rolls of the company as of March 31 ,2024.