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The remuneration of media tycoon Kalanithi Maran and his wife Kavery Kalanithi has risen to Rs 78 crore each in 2016-17, marking an increase of around 10 per cent over salaries drawn during 2015-16. This makes them highest paid executives in the media industry and among the top in India Inc overall. The increase in remuneration was mainly due to an increase in ex-gratia/ bonus, while the salary level continues to remain the same. Maran also got a dividend of Rs 295.56 crore.
According to company's 2016-17 annual report, Maran and his wife draw Rs 13.14 crore each- the same as last year. Meanwhile, Sun TV MD and CEO K Vijaykumar drew a salary of Rs 0.97 crore in 2016-17, as against Rs 0.82 crore last year.
Maran and his wife's ex-gratia/bonus earnings rose to Rs 64.79 crore each from Rs 58.33 crore, a year ago.
The annual salary for India's richest man, Mukesh Ambani, remained at Rs 15 crore for the ninth consecutive year in 2016-2017. According to reports, this includes a salary of Rs 4.16 crore; Rs 60 lakh in perquisites and allowances, Rs 71 lakh towards retirement benefits and Rs 9.53 crore as commission on profit.
Maran, who founded the Sun TV Group, started his business in 1993 and currently holds 75 per cent of the firm's share in the company. During the year, he received a dividend of Rs 295.56 crore. While in the preceding years of 2015-16 and 2014-15, Maran earned a dividend of Rs 458.12 crore and Rs 399.02 crore respectively.
Total Income of the company for FY17 was up by 8.03 per cent at Rs 2,703.80 crore, as against Rs. 2,502.75 crore during the previous financial year. Sustained growth and consistent higher margins are indicative of the company's continued dominance in the broadcasting business in the Southern states.
As per the terms of the franchise agreement entered into by the firm with the BCCI, the Sun TV Network has a commitment to pay Rs 85.05 crore per annum to the cricket regulating body. During 2016-17, the media firm paid an aggregate amount of Rs 25.52 crore as franchise license fee for the broadcast of the 2017 IPL season.
Profit after tax (PAT) was up by 12.62 per cent at Rs 979.41crore, as against Rs 869.69 crore in the preceding year. Total comprehensive income was up by 12.50 per cent at Rs 978.43 crore, as against Rs. 869.76 crores in the year-ago period.