Raymond‘s chairman and managing director Gautam Singhania took over reins of the company in 2000.
What Happened: As per the company’s annual report earlier today, Singhania was paid ₹19.93 crore as salary for the year ended March 2024, up around 22%. His salary for the previous year stood at ₹16.26 crore.
The 59-year-old’s salary is around 474.25 times the media remuneration. The median remuneration of all the employees of
the company was ₹4.18 lakh. The company has around 6,700 employees. The average increase in remuneration was 5.72% for employees other than managerial positions.
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Singhania is currently embroiled in a contentious divorce battle with his wife, Nawaz Modi Singhania, who is reportedly demanding 75% of his wealth as part of the settlement. The couple has two daughters, Niharika and Nisa.
His granddad Lala Kailashpat Singhania took over The Raymond Woolen Mill in the year 1944. The textile and apparel company’s consolidated profit after tax stood at ₹229 crore for the March quarter, compared to ₹194 crore in the same quarter of the previous year. The March quarter also saw a rise in consolidated net revenue, which increased by 23% to ₹2,688 crore from ₹2,192 crore in the corresponding period last year.
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