Titan released its annual report for the year ended March 2024 on Tuesday.
What Happened: As per the report, the jewellery giant’s managing director C K Venkataraman was paid a total remuneration of ₹12.50 crore. This is an around 8% increase from the ₹11.44 crore he was paid in FY23. His basic salary for the year ended March 2024 was ₹1.62 crore and he received perquisites and allowances worth ₹2.69 crore. He also had a commission income of ₹8.15 crore. His salary is 129 times greater than the median salary of the company.
During the year ended March 2024, the company also granted 46,000 performance-based stock units (PSUs) to Venkataraman. These PSUs can be exercised subject to the achievement of performance targets set by the Board Nomination and Remuneration Committee during the performance period (2023-26).
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During the tenure of Venkataraman as managing director, the consolidated revenue of the company increased from ₹21,052 crore in FY20 to ₹51,084 crore in FY24, reflecting a compound annual growth rate (CAGR) of 19.40%. Additionally, the consolidated Profit After Tax (after exceptional items) grew from ₹1,493 crore in FY20 to ₹3,496 crore in FY24.
Noel Naval Tata was paid around ₹65 lakh for the year. This included ₹61 lakh in commissions and the rest was sitting fees. He serves as the chairman of Trent, Tata International, Voltas, and Tata Investment Corporation.
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