Naveen Jindal takes Rs 18 cr hit in 2013-14

Leading industrialist Naveen Jindal took a whopping Rs 18 crore hit on account of sharp dip in JSPL profit in 2013-14, when his total pay package stood at Rs 36.96 crore.

The Chairman of Jindal Steel and Power (JSPL) had in the previous fiscal taken Rs 54.98 crore as remuneration that included Rs 12.10 salary, 0.4 crore perquisites and Rs 42.88 crore as shares in company's profit.

According to JSPL's latest annual report, Jindal got Rs 12.10 crore salary and Rs 24.86 crore as share in company's profit in 2013-14.

Jindal was country's top-paid executive both in 2010-11 and 2011-12 with a package of Rs 67 crore and Rs 73.42 crore respectively.

While there were no change in Jindal's salary in 2013-14 and 2012-13, his pay package was down primarily due to a dip in JSPL's net profit last fiscal. JSPL clocked Rs 1,894 crore net profit in 2013-14, from Rs 2,912 crore in previous fiscal.

The dip in net profit, according to the annual general report, was due to a rise in depreciation and financial cost of its debt and for funding various expansion projects.

Company's Managing Director Ravi Uppal had got the second highest remuneration at Rs 5.05 crore which includes Rs 3.19 crore salary and Rs 1.86 crore as share in company's profit.

Uppal, who joined the company in October 2012, had got Rs 3.02 crore in 2012-13.

JSPL completed multiple expansions across locations to take cumulative steel and power capacity to 7.50 million tonnes per annum (mtpa) and 4,527 MW respectively in 2013-14.

The company, Jindal said, will enhance steel production capacity to 16.2 mtpa and power generation capacity to 8,100 MW by 2020.

JSPL clocked Rs 20,069.67 crore turnover in 2013-14 as compared to Rs 19,943.20 crore in the previous financial year. Its sales increased to 3.15 million tonnes, up by six per cent over 3.07 million tonnes in 2012-13.