Sunil Mittal's Remuneration Declines about 3% to Rs 30.1 Crore in FY20

Telecom czar Sunil Bharti Mittal's remuneration from his flagship firm Bharti Airtel Ltd dipped by almost 3 per cent in the fiscal year ended on March 31, 2020, due to decline in the value of perquisites. Mittal, the Chairman of Bharti Airtel Ltd, drew a total remuneration of Rs 30.13 crore in 2019-20, according to the company's latest annual report. This compares with Rs 31 crore he drew in the previous fiscal.

"There has been no change in the remuneration of Sunil Bharti Mittal, Chairman since FY2016-17; the insignificant change (in negative) since last year reflecting above is due to change in the perquisite value," the report said. Mittal's salary in 2019-20 was Rs 26.97 crore, unchanged from the previous fiscal year. However the value of perquisites under section 17(2) Income-tax Act was Rs 99.8 lakh, down from Rs 1.87 crore a year back.

The retirement benefits were unchanged at Rs 2.15 crore. Mittal was re-appointed as Chairman of the company for a period of five years with effect from October 1, 2016 till September 30, 2021. Mittal had drawn Rs 30.19 crore remuneration in 2017-18 and Rs 30.14 crore in the previous year.

A mail sent to the company for comment on particulars of Mittal's remuneration, did not elicit a response. Airtel is slated to announce its first quarter results on July 29.

The company had posted consolidated loss of Rs 5,237 crore in the fourth quarter ended fiscal year 2020, mainly on account of provisions for paying statutory dues. For the full year ended March 31, 2020, the company posted a net loss of Rs 32,183.2 crore and revenue of Rs 87,539 crore. Mittal, in his message to shareholders in the company's latest annual report, has said that while it is clear that the worst may be behind for India's telecom industry, it is yet to emerge from the woods.

The government must look at rationalising levies on telecom sector and close long standing legal disputes that are big drag on performance of operators, in order to ensure industry viability with 3+1 player structure, Mittal has said.