The year ended March 2023 saw the heads of India’s top automobile and manufacturing companies earn spectacularly, with the top ten highest-paid executives bringing home more than ₹400 crore. This annual tally is illustrative of the magnitude of India’s industrial giants and their continued growth amidst global uncertainties.
Pawan Munjal, Hero MotoCorp
Coming in at number one is Hero MotoCorp’s chairman Pawan Munjal. In FY23 (April 2022-March 2023), Munjal took home a salary of ₹99.55 crore from the automobile major. This was an 18% increase from the ₹84.4 crore salary he drew in FY22.
Jayadev Galla, Amara Raja Batteries
Second, on the list is Jayadev Galla, who heads one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the Indian storage battery industry. For FY23, Galla’s salary was 52.63 crore, up 38.5% from the previous year.
Rajiv Bajaj, Bajaj Auto
Rajiv Bajaj, the head honcho of Bajaj Auto, received a salary of ₹47.6 crore for the financial year 2023, representing a year-on-year increase of approximately 4.5%. Rajiv Bajaj, who is the eldest son of the late business tycoon Rahul Bajaj, holds various significant positions within the Bajaj Group companies.
Arvind Poddar, Balakrishna Industries
Next on this list, is the Chairman and Managing Director of Balakrishna Industries. For FY23, Poddar’s salary stood at ₹38.53 crore from the Mumbai-based tyre manufacturing company. However, this was a 15.4% pay cut from the ₹45.5 salary he made in FY22.
Rajiv Poddar, Balakrishna Industries
Following him is his son Rajiv Poddar, who is the Joint Managing Director at Balakrishna Industries. Poddar took home ₹37.41 crore during FY23 as salary. He also took a 15.8% pay cut, as he made around ₹44.4 crore in FY22.
KM Mammen, MRF
At number six, is the Chairman and Managing Director of one of India’s biggest tyre companies KM Mammen. Mammen’s salary for the year ended March 2023 was ₹29.82 crore, around a 14.5% increase from the ₹26 crore he took home in FY22.
Neeraj Kanwar, Apollo Tyres
Following him is the Vice Chairman and MD of another tyre giant, Neeraj Kanwar. For the fiscal year 2023, Kanwar’s salary stood at ₹28.41. Kanwars, saw the biggest increase in his salary on the list, as his remuneration saw an over 100% jump in FY23.
Siddhartha Lal, Eicher Motors
Next on the list is the Managing Director & CEO of Eicher Motors- the company that manufactures Royal Enfield. For FY23, Siddhartha Lal’s salary stood at ₹27.49 crore, an 14.5% increase from the ₹24 crore he took home in FY22.
Onkar S Kanwar, Apollo Tyres
At number nine, we have another entrant from Apollo Tyres. The Chairman of the company, Kanwar is the father of Neeraj Kanwar. In FY23, his salary was 27.15 crore. He also saw a similar 93% bump in his salary in FY23.
Harshvardhana Gourineni, Amaraj Raja Batteries
Executive Director at the company, Harshvardhana Gourineni made around ₹26.32 in FY23. His salary grew 72.5% in FY23 from the ₹15.3 crore salary he made in FY22.
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Note: The list comprises employees of the listed Indian companies included in the Nifty 500.
Source: Trendlyne and Annual Reports of the companies.
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