Here's How Much Tata Sons' N Chandrasekaran's Salary Rose In FY24

The company's financial position strengthened, with its net worth rising by 38 per cent to approximately Rs 1.25 trillion. Additionally, Tata Sons' cash balance exceeded its debt as of March 31, 2024

Tata Sons' Chairman N Chandrasekaran

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The annual remuneration for N. Chandrasekaran, Chairman of Tata Sons, increased by 19.8 per cent to Rs 135.3 crore for the fiscal year 2023-24, as per the details in the company's Annual Report. This rise is attributed to an increase in commission based on the profits of the unlisted holding company of the Tata Group. 

According to the report, Chandrasekaran received a commission of Rs 121.5 crore, with the remaining portion of his compensation comprising salary and other perquisites.

The total remuneration for all directors of Tata Sons increased by 16 per cent in the fiscal year 2023-24. The company disbursed Rs 200 crore to its top executives, compared to Rs 172.5 crore in the previous year, 2022-23. Additionally, the salary and overall remuneration for Tata Sons employees rose by 2.5 per cent, reaching Rs 441 crore during the same period.

Tata Sons' Chief Financial Officer, Saurabh Agrawal, received a total compensation of Rs 30.35 crore. Of this amount, Rs 24 crore was allocated as commissions.

In the fiscal year 2023-24, Tata Sons recorded exceptional items of Rs 1,303.35 crore, primarily due to provisions for the gross liabilities of Tata Teleservices and its subsidiary, Tata Teleservices (Maharashtra), related to adjusted gross revenues owed to the government. Despite these exceptional items, the company achieved a profit after tax of Rs 34,653.98 crore, marking a significant 57 per cent increase compared to the previous year.

The company's financial position strengthened, with its net worth rising by 38 per cent to approximately Rs 1.25 trillion. Additionally, Tata Sons' cash balance exceeded its debt as of March 31, 2024.

Tata Sons, registered as a Core Investment Company (CIC) with the Reserve Bank of India (RBI), has applied to voluntarily surrender its CIC registration and transition to operating as an unregistered CIC. This move follows the RBI's classification of Tata Sons as a non-banking financial company (upper layer) last year, necessitating the listing of its shares. In response to this requirement and having repaid Rs 21,813 crore of debt during the year, the company sought an exemption from listing.

The company also distributed a dividend of Rs 1,414 crore to its shareholders. Tata Trusts holds a 66 per cent stake in Tata Sons, while the Mistry family owns 18.4 per cent. The remaining shares are held by various Tata group companies.

Furthermore, Tata Sons increased its brand fees from group companies, generating brand and subscription income of Rs 1,830 crore in 2023-24, compared to Rs 1,007.96 crore in 2022-23.