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Jayadev Galla, CMD of Amara Raja Batteries, took home over ₹52 crore as compensation in FY23. That was about 1,872 times the median salary of the company’s employees. Amara Raja Batteries heads the top 10 list of companies with the widest gap between CEO pay and median employee remuneration.
An analysis of Nifty 500 companies that have released their annual reports for FY23 shows several small- and mid-cap, promoter-driven companies such as Amber Enterprises, JK Paper, Balkrishna Ind and Ratnamani Metals in the top 10.
While Galla of Amara Raja Batteries received a 38% hike in his pay over the previous year, the company’s median employee salary rose 4.5%. The CMD’s salary stood at 1,413 times the median employee salary in FY22.
To be sure, the company’s earnings per share improved from ₹30 in FY22 to ₹40.6 in FY23, indicating greater corporate value.
Amber Enterprises, a manufacturer of electronic components, paid its CEO 917 times the median remuneration of its employees in FY23. In this case, the gap narrowed as the CEO salary was 1,393 times the median employee pay in FY22. The company’s stock hit a record high on Friday.
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