MUMBAI: Larsen & Toubro chairman and managing director (CMD) SN Subrahmanyan took home Rs 51 crore in total compensation in the last financial year, a 43.11% increase from the previous year, according to the FY24 annual report of the engineering and construction company.
Subrahmanyan, who was appointed L&T’s CMD with effect 1 October 2023, had taken home Rs 35.67 crore in FY23.
The remuneration included Rs 3.6 crore in base salary, Rs 1.67 crore of prerequisites, and Rs 35.28 crore in commission. Retirement benefits totaled Rs 10.5 crore.
L&T chief financial officer R Shankar Raman received Rs 31.66 crore in total compensation during in FY24, nearly 43% higher compared with Rs 22.17 crore the previous year. This included Rs 21.83 crore in commission and Rs 6.5 crore of retirement benefits.
Last month L&T elevated Shankar Raman as its president. He also remains a full-time director and CFO.
AM Naik, who retired as non-executive chairman in September 2023, received Rs 1.69 crore as salary and Rs 1.5 crore in pension during the year.
In his note to shareholders, Subrahmanyan said: “Among the transformational shifts happening throughout the world, L&T is well-positioned to ride the waves and reap the rewards … all the businesses are aligned with the larger goals of transitioning into a cleaner, greener economy.”
