Bharti Airtel CEO Sunil Mittal got 92% salary raise last year: Here's how much he took home
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Salary hike for Airtel CEO
Bharti Airtel chairman Sunil Mittal’s remuneration for FY24 increased by 92%, aligning with a correction due to the telco’s improved performance over the past two fiscal years.
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How much did Mittal get?
After his hike, Sunil Mittal took home Rs 32.27 crore in FY 24. Airtel’s managing director Gopal Vittal’s annual salary on the other hand rose to Rs 18.5 crore, after a hike of 10%.
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Reduced salary for 3 years
For the past three years since FY21, Mittal received a reduced remuneration of Rs 15 crore, as the company faced multiple challenges, including industry turbulence, regulatory setbacks, and the pandemic.
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Salary breakup
According to the company's notice to shareholders for the annual general meeting, pay and benefits account for Rs 21.57 crore of Mittal's total compensation, which is Rs 32.27 crore for FY24. Performance-linked incentives account for Rs 7.5 crore, and perks for Rs 3.19 crore.
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Notice of hike
“Accordingly, the HRC (HR and Nomination Committee) made a recommendation to rationalize and correct his annual remuneration from ?15 crore to ?30 crore effective April 1, 2023,” the notice said. Mittal was getting a total salary of Rs 30 crore before FY21.
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Airtel's business
Due to robust and consistent growth in all business areas, Airtel's India business has significantly improved over the past two years and is now profitable, the company said. The announcement also said that the company's recent fundraising efforts have attracted significant involvement from renowned international investors, all under Mittal's general direction.