Bharti Airtel chairman Sunil Bharti Mittal’s remuneration rose 92% to Rs 32.27 crore in FY24, while managing director and CEO, Gopal Vittal’s salary rose 10% to Rs 18.5 crore, according to the annual report of the company.
Mittal was drawing close to Rs 15 crore for the last three years since FY21 owing to weakness in the business environment. On August 24, 2023, with shareholders approval, his remuneration was restored to Rs 30 crore.
“At 100% performance level, the gross remuneration of Sunil Bharti Mittal is Rs 32.27 crore for FY 2023-24 and Rs 16.77 crore for FY 2022-23 and that of Gopal Vittal is Rs 18.55 crore for FY 2023-24 and Rs 16.8 crore for FY 2022-23,” the company said in its annual report.
During the year, Mittal and Vittal were paid Rs 4.7 crore and Rs 7 crore, respectively, as performance linked incentive for previous year 2022-23.
In FY24, Airtel’s consolidated revenue from operations rose 7.8% to Rs 1.5 trillion. The company’s net profit fell 10% to Rs 7,467 crore.
“As India moves towards the ambitious goal of being a $35 trillion economy by 2047, your company will have tremendous opportunities for growth and new avenues of business,” Mittal said in the report.
5G will play a critical role in accelerating the vibrant growth of India’s digital landscape, Mittal said, adding that Airtel is committed to being at the forefront of this intersection and working with policymakers and multiple stakeholders for achieving this goal.