Sunil Mittal's remuneration drops by 2% to Rs 23.8 cr

The annual remuneration of telecom major Bharti Airtel's founder-Chairman Sunil Bharti Mittal dropped by about Rs 45 lakh (Rs 4.5 million) or 1.8 per cent to Rs 23.88 crore (Rs 238.8 million) in last financial year.

It was Rs 24.33 crore (Rs 243.3 million) in the previous fiscal.

While Airtel's financial performance started improving from third quarter of 2013-14, the the drop in the total remuneration of Mittal has been mainly because of Rs 75 lakh (Rs 7.5 million) reduction in performance-linked incentive, as per the latest Annual Report of the company.

The company posted first increase in net profit at Rs 610 crore (Rs 6.1 billion) in the third quarter of 2013-14 ended December 31, 2014 and the momentum is still on.

The perquisites given to Mittal increased to about Rs 79 lakh (Rs 7.9 million) in 2013-14, from about Rs 49.6 lakh (Rs 4.96 million) a year.

The remuneration paid to Mittal in 2013-14 was almost double of the remuneration paid to all directors on the Airtel board.

The total remuneration paid to all directors, including Mittal, stood at Rs 35.84 crore (Rs 358.4 million).

Image: Sunil Mittal