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USL CEO & MD Kripalu's FY17 salary at Rs 12.78 cr, hike of 8%

Press Trust of India  |  New Delhi 

major Managing Director & CEO Anand Kripalu took home salary of Rs 12.78 crore in 2016-17, while 56 of his colleagues also received over Rs 1 crore remuneration during the year.

According to annual report for 2016-17, Kripalu's salary increased by 8 per cent in the fiscal from the previous year.

The ratio of compensation of Kripalu to median renumeration of employees stood at 339:1.

The number of executives taking home salary over Rs 1 crore was 57, including Chief Financial Officer (CFO) Sanjeev Churiwala (Rs 4.04 crore).

said in the report that the total increase in managerial remuneration, excluding performance based pay, was 16.4 per cent.

However, the increase made in average salaries of employees other than the managerial personnel in the current financial year compared to the last financial year was 3 per cent.

"The annual average salary increase is based on company's market competitiveness as against its peer basket companies," USL said.

The company had a permanent headcount of 5,048, as of March 31, 2017.

The directors of USL were given hikes ranging from 7 per cent to 94 per cent.

Interestingly, the hike in salaries come at a time when the company has faced challenges due to prohibition of alcohol in Bihar, demonetisation and ban on sale near national and state highways.

Anand Kripalu said FY2016-17 was the "single-most challenging year from a regulatory perspective."

"Our results are commendable seeing as they come in the face of a very subdued economic environment and several regulatory changes," Kripalu said in the report.

For the fiscal ended March 31, 2017, the company had reported a net profit at Rs 93 crore and a total income of Rs 25,862.1 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 19:07 IST