P Balachandran Balaji’s pay package is more than many CEOs

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New Delhi: The country’s largest industrial conglomerate Tata Group recently revealed the salaries of its top executives. The group gave salary hike of up to 62 per cent to these executives in the last financial year. According to media reports, the salary of the chief financial officers of the group was increased by 35 percent. Interestingly, the highest paid CFO in the group is not from TCS or Tata Steel. This crown is decorated on the head of Tata Motors CFO P Balachandran Balaji (Pathamadai Balachandran Balaji). He joined Tata Motors in 2017. Prior to that he held this position in Hindustan Unilever Limited (HUL). His annual package increased by 21 per cent in the last financial year. In this way his total earning was Rs 16.73 crore. In this way, he was the highest paid employee of Tata Motors. Along with this, he was also the highest earning CFO in Tata Group. His package is more than many CEOs.

Last year Balaji’s pay package was Rs 12.73 crore. This includes basic salary of Rs 2.93 crore and allowances and allowances of Rs 4.94 crore. Along with this, he also includes a performance linked incentive of Rs 5 crore, retirement benefits of Rs 36 lakh and stock options of Rs 3.4 crore. Balaji has studied management from IIM Calcutta after graduating from IIT Madras. On the other hand, there was a marginal increase in the pay package of Kaushik Chatterjee, Executive Director and CFO of Tata Steel. In the last financial year, Chatterjee was the highest paid CFO of the Tata Group. He had then received Rs 15.17 crore. But this time his pay package decreased by six percent to Rs 14.21 crore.

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biggest package

The highest increase has been in the salary of CEOs of high growth businesses such as Trent, Indian Hotels and Tata Consumer. Tata Group’s sales revenue in 2022-23 was $ 97 billion, which is a record so far. During this period, the growth of most of the group companies was more than 20 per cent. The board of Tata Sons, the group’s holding company, rewarded the top executives of these companies for this stellar performance. The total package includes salary, commission and other benefits. The highest hike has been given to P Venkateslu, CEO of the group’s retail chain Trent. He has been given a total hike of 62% with a salary of Rs 5.12 crore.

Trent’s net profit grew 10 times last year to Rs 394 crore while revenue grew 80 per cent to Rs 8,242 crore. Puneet Chatwal, CEO of Indian Hotels, got a 37 per cent hike with a salary of Rs 18.23 crore. Tata Consumer CEO Sunil D’Souza has got a 24% hike and his salary has now reached Rs 9.5 crore. Pradeep Bakshi of Voltas got 22 per cent hike and R Mukundan of Tata Chemicals and Praveer Sinha of Tata Power got 16 per cent hike each. The lowest hike was given to Rajesh Gopinathan of TCS. His salary increased by 13 percent and reached 29.1 crores. However, Gopinathan has now left TCS.

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Where is the business spread

The business of Tata Group is spread in many sectors. These include technology, steel, automotive, consumer and retail, infrastructure, financial services, aerospace and defence, tourism and travel, telecom and media, trading and investment. The number of group companies has reached 30. A Tata Group official said that the year 2023 was very good for the group. In the last two years, 26 of Tata’s 28 listed companies have outperformed the market. During this period the market cap of the group increased by Rs 300,000 crore. 17 out of 28 listed companies achieved 11 to 90 per cent revenue growth in the last financial year.

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