Bharti Airtel chairman Sunil Mittal’s remuneration jumps 92%, what company’s note to shareholders said

Bharti Airtel chairman Sunil Mittal‘s compensation skyrocketed by 92% to Rs 32.27 crore in the financial year 2023-24. This significant increase comes after a three-year period of reduced pay, during which the telecom giant grappled with industry challenges, regulatory setbacks, and the pandemic.
The company’s annual report reveals that Mittal’s salary was intentionally lowered to Rs 15 crore from FY21 to FY23 to align with Airtel’s financial performance.However, with the company’s India operations turning profitable and delivering strong growth across all segments, the HR and Nomination Committee deemed it appropriate to restore Mittal’s remuneration to pre-pandemic levels of Rs 30 crore. Airtel’s managing director Gopal Vittal also saw a 10% increase in his compensation, reaching Rs 18.5 crore for the fiscal year.

What Bharti-Airtel’s note to shareholders said

Over the last two years, Airtel’s India business has witnessed noteworthy improvement, and has now become profitable, driven by strong and sustained growth across all the business segments, the notice to shareholders for the annual general meeting said.
“Accordingly, the HRC (HR and Nomination Committee) made a recommendation to rationalize and correct his annual remuneration from Rs 15 crore to Rs 30 crore effective April 1, 2023,” the notice added. Before FY21, Mittal had been receiving a total remuneration of Rs 30 crore.

What Sunil Mittal told shareholders

In his address to shareholders, Mittal said as India aims to move towards the ambitious goal of being a $35 trillion economy by 2047, Bharti Airtel will have tremendous growth opportunities and new avenues of business.
Airtel chairman expressed optimism about Airtel’s future, citing India’s ambitious goal of becoming a $35 trillion economy by 2047. He emphasized the company’s commitment to leading the country’s digital transformation through 5G technology.