L&T's SN Subrahmanyan Sees Salary Jump 43% In FY24

SN Subrahmanyan was appointed as chairman & managing director of Larsen and Toubro with effect from October 1, 2023.

As per the company’s annual report, Subrahmanyan was paid a whopping ₹51.05 crore for the year ended March 2024, a 43% increase from what he made last year. His basic salary was ₹3.60 crore and he received perquisites worth around ₹1.67 crore. He was paid retirement benefits of ₹10.50 crore. His commission for the year ended March 2024 stood at ₹35.28 crore. He was paid around ₹35.67 crore for the year ended March 2023.

His predecessor AM Naik, who is the chairman emeritus of the company was paid ₹1.69 crore for the year. As per the report, he was also paid ₹1.5 crore during the financial year towards pension. Joining the company as a junior engineer in 1965, Naik rapidly advanced through positions of increasing responsibility, progressing from general manager to managing director and CEO.

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He was appointed chairman and managing director on December 29, 2003. He served as the group executive chairman of L&T from 2012 to 2017. In October 2017, he relinquished his executive responsibilities and was appointed group chairman. Six years later, in 2023, Naik stepped aside to make way for Subrahmanyan.

Subrahmanyan embarked on his professional journey with L&T in 1984 as a project planning engineer. He holds a degree in civil engineering from the National Institute of Technology, Kurukshetra, and a postgraduate degree in business management from the Symbiosis Institute of Business Management, Pune. He further enhanced his education with an Executive Management Programme from the London Business School. Mentored by industry stalwarts, he took on roles of increasing responsibility across various business verticals and joined the L&T Board in 2011.

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