Tata Sons, the holding company of the Tata Group, released its annual report for the financial year 2022-23.
Tata Sons Chairman, N Chandrasekaran, saw his remuneration rise to ₹113 crore for FY23, an increase from ₹109 crore in FY22. Notably, this included a commission of ₹100 crore based on the company's profits.
In addition to Chandrasekaran's compensation, the report disclosed that other key executives received noteworthy remuneration as well. Executive Director Sourabh Agrawal received a total remuneration of ₹27.82 crore, with a commission of ₹22 crore. Ajay Piramal, the billionaire owner of the Piramal Group, received a remuneration of ₹2.8 crore for his role as a non-executive director.
On the financials front, Tata Sons' revenue surged by 45% to reach ₹35,058 crore in FY23, driven by dividends from its various subsidiary companies. The profit increased by 29% to ₹22,132 crore.
Among these, Tata Consultancy Services (TCS) played a pivotal role, delivering the highest dividend to Tata Sons. TCS distributed a dividend of ₹42,090 crore to its shareholders, significantly contributing to Tata Sons' strong financials.
Tata Sons managed to decrease its debt by 25% during FY23, marking a reduction from ₹27,516 crore to ₹20,642 crore. Additionally, the company announced an increased dividend payout of 1,750% for FY23 compared to 1,000% in the previous year.
Despite facing challenges within certain sectors, Tata Group stocks experienced a resurgence since April 1, with the group's market capitalization rising by 15% to ₹23.99 lakh crore.
The annual report also highlighted Chairman N Chandrasekaran's announcement of a substantial $90 billion investment over the next five years, aiming to bolster both existing and new business ventures.