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Industrialist Naveen Jindal took a whopping ₹18 crore hit on account of a sharp dip in Jindal Steel and Power Ltd’s profit in 2013-14, when his total pay package stood at ₹36.96 crore.
The Chairman of JSPL had in the previous fiscal taken ₹54.98 crore as remuneration that included ₹12.10 crore salary, ₹40 lakh perquisites and ₹42.88 crore as shares in company’s profit.
According to JSPL’s latest annual report, Jindal got ₹12.10 crore salary and ₹24.86 crore as share in company’s profit in 2013-14.
Jindal was country’s top-paid executive both in 2010-11 and 2011-12 with a package of ₹67 crore and ₹73.42 crore, respectively. While there were no change in Jindal’s salary in 2013-14 and 2012-13, his pay package was down primarily due to a dip in JSPL’s net profit last fiscal. JSPL clocked ₹1,894 crore net profit in 2013-14, down from ₹2,912 crore in the previous fiscal.
The dip in net profit, according to the annual general report, was due to a rise in depreciation and financial cost of its debt and for funding various expansion projects.
The company’s MD, Ravi Uppal, had got the second highest remuneration at ₹5.05 crore, which includes ₹3.19 crore salary and ₹1.86 crore as share in company’s profit.
The company is set to enhance steel production capacity to 16.2 mtpa and power generation capacity to 8,100 MW by 2020.
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