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<ul><li>After <keyword id="90593" type="COMPANY" weightage="20" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword>’s (L&amp;T) hostile takeover of Mindtree, the company’s leading executives have resigned and it’s taking a toll on the company’s growth trajectory. </li><li>Mindtree’s quarterly results show a 41% yearly dip in net profits and a 53% drop in quarterly net profits.</li><li>Macquarie has revised the rating on Mindtree’s stock to ‘underperform’ expecting earnings per share to drop by at least 21%.</li><li>All eyes are on AM Naik, the company’s newly appointed non-executive chairman, to turn things around.</li></ul>The dramatic takeover of India’s IT consulting firm, <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">Mindtree</a>, by Larsen and Toubro (L&amp;T) had its leading executives walking away and the company’s growth has taken a big hit. As the L&amp;T veteran and a marquee business leader in India, AM Naik, takes over as the non-executive Chairman of Mindtree, all eyes are on him to revive the firm’s fortunes. Last night, Mindtree reported a 41% dip in its year-on-year net profits from ₹158 crores last year to ₹93 crore this quarter. Its quarterly net profits showed an even larger drop of 53% from ₹198 crore last year. The share price of Mindtree was down nearly 5.5% at 10:20 am on Thursday. Mindtree’s revenue for the current quarter shows an 11% increase in comparison to last year’s first quarter from ₹1,640 crore to ₹1,834 crore. But quarter-to-quarter, the revenue growth is flat. Macquarie, an Australian financial services company, cut the rating on Mindtree’s stock to ‘Underperform’ estimating a drop of 21.6% to 24.8% in earnings per share largely due to executives leaving the company while the business slowed down amidst the takeover drama. Hostility and fear In March last year, L&amp;T — an infrastructure and construction company — instigated a <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">hostile takeover</a> of Mindtree by acquiring 20.4% stake in the company by buying shares from V.G. Siddhartha, the man behind the Cafe Coffee Day franchise in India. And, on June 27 this year, L&amp;T had 61% of the company’s controlling shares. This is reportedly the <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">first time</a> that a company has successfully completed a hostile takeover in India’s IT space. The IT firms’s chief executive officer (CEO), chairman and vice chairman had to file their resignations. Subroto Bagchi, Mindtree’s co-founder, is also set to retire at the end of the month and hasn’t asked to be reappointed to the company’s board. The stock of Mindtree has lost over a quarter of its value in the last three months as the drama played out. See also: <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">L&amp;T takes over Mindtree in Indian IT’s first-ever hostile acquisition</a> <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">L&amp;T Infotech and Mindtree will remain separate and the open offer will be at ₹980</a> <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">Mindtree takeover battle: L&amp;T deals the first blow buying coffee baron VG Siddhartha's stake</a>

The exodus of Mindtree executives has dented earnings and now shareholders are running for the hills — over to AM Naik

As <keyword id="45475" type="CITY" weightage="20" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword> Chief <keyword id="173852" type="PERSON" weightage="20" keywordseo="AM-Naik">AM Naik</keyword> is due to retire next year in 2017, he has pledged to give away 75% of his lifetime income to charity. 
 
Naik has two charitable trusts - the Naik Charitable Trust for education and skill training and the Nirali Memorial Medical Trust. 
 
According to the ET Intelligence Group, Naik took home nearly Rs 200 crore in compensation in 2010-16. 
 
"Charity is a personal desire. In my case, giving has continued for three generations. My grandfather and father did not have money so they lived their lives for poor people. I have committed to use 75% of my income for charitable purposes," Naik told ET. 
 
Presently, Naik is engaged in building a school and hospital close to L&amp;T's Powai campus and is also keen on setting up a fire station there. 
Naik joined L&amp;T as a junior engineer and was promoted to the ranks of CEO in 1999. 
 
Naik told ET how his father asked him to explain where he got Rs 4 lakh to donate to a hospital in his village in 1995 to add a floor. 
 
"He was such a principled man that he wanted to know the source of every penny. I had to show him my passbooks! I started charity when I did not have much money," Naik told ET. 
 
Naik added, “My son is with Google and my daughter has a medical practice. Both of them are well settled in the US, and it is unlikely that they will return to settle down in India. As a father, I will always continue to hope that they will return to live in India.”

This is how L&T Chief AM Naik is planning to spend his income after retirement

<ul><li><keyword id="44903" type="General" weightage="20" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword> made donations worth ₹1,161 crore during FY22, which comes up to ₹3 crore per day.</li><li>Wipro’s <keyword id="6419840" type="General" weightage="20" keywordseo="azim-premji" source="Orion">Azim Premji</keyword> slips to the second spot with an annual donation of ₹484 crore as his contribution towards philanthropy has fallen by 95% year-on-year.</li><li>Overall, contributions towards philanthropy have fallen in FY22 because of the pandemic impact.</li><li>The top 10 list cumulatively donated ₹3,378 crore in FY22, as against a combined donation of ₹12,785 crore last year.</li></ul>Shiv Nadar, the founder and chairman of HCL Technologies, is India’s most generous, with donations of ₹3 crore per day, even as contributions towards philanthropy continue to moderate after the pandemic. With an annual contribution of ₹1,161 crore in fiscal 2022, Shiv Nadar has displaced Wipro’s Azim Premji as the most generous Indian, according to the EdelGive <keyword id="3606268" type="General" weightage="20" keywordseo="hurun-india-philanthropy-list" source="Orion">Hurun India Philanthropy List</keyword> 2022. The top 10 list cumulatively donated ₹3,378 crore in FY22, as against a combined donation of ₹12,785 crore last year. The good news is that the list has seen 19 new additions, with total donations by these new entrants adding up to ₹832 crore. Also, six women have featured on the list this year. The youngest philanthropist on the list is 36-year-old Nikhil Kamath of Zerodha. Clearly, the young entrepreneurs are beginning their philanthropic journey early on unlike many others from corporate India. Nadar’s philanthropic efforts have mainly focussed on education. Overall, contributions towards philanthropy have fallen in FY22 because of the pandemic impact. Nadar’s donation too is down 8% in the fiscal year 2021-22, as per the list. Wipro’s Azim Premji slipped to the second spot with an annual donation of ₹484 crore as his contribution towards philanthropy has fallen by 95% year-on-year due to the exceptional share buy-back in 2021, says the report. Billionaire <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, the chairman of Reliance Industries, is third on the list with contributions totalling ₹411 crore. Ambani’s contribution fell 29% compared to last year. Kumar Mangalam Birla was fourth on the list with a contribution of ₹242 crore. Couples Susmita &amp; Subroto Bagchi and Radha &amp; NS Parthasarathy from Mindtree’s management debuted on the list with a combined donation of ₹426 crore to the Indian Institute of Science (IISc) and also entered the top 10 and were ranked fifth. Both Subroto and Parthasarathy are co-founders of Mindtree. With a donation of ₹190 crore, <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> &amp; family ranks seventh on the EdelGive Hurun India Philanthropy List 2022. Next in line is Anil Agarwal &amp; family of Vedanta whose contribution increased by 27% from last year to ₹165 crore. Nandan Nilekani and his wife Rohini Nilekani are ranked ninth and eleventh, respectively, in the list and are active philanthropists. Larsen &amp; Toubro’s group executive chairman AM Naik is ranked tenth with a donation of ₹142 crore in FY22. While many billionaires of the past have turned generous later in life, some new-age tech entrepreneurs are giving away much earlier. <keyword id="1430802" type="General" weightage="20" keywordseo="nithin-kamath" source="Orion">Nithin Kamath</keyword> and Nikhil Kamath of Zerodha increased their donation by a whopping 300% to ₹100 crore during the year. At 36 years, Nikhil Kamath is the youngest philanthropist on the Hurun list. Another surprise entrant this year has been Rakesh Gangwal, the co-promoter of InterGlobe Aviation (company that owns Indigo Airlines). Gangwal debuted this year with a personal contribution of ₹100 crore to the School of Medical Sciences and Technology at IIT, Kanpur. “EdelGive Hurun India Philanthropy List aims at chronicling the Indian philanthropy landscape and so far the transformation is encouraging. For instance, over the last 5 years, (the) number of donors who have given more than ₹100 crore have grown from 2 to 15, and over ₹50 crore have grown from 5 to 20. Considering the wealth creation potential of India and assuming that the billionaires keep up with philanthropy, I expect these numbers to at least double over the next 5 years,” said Anas Rahman Junaid, MD and chief researcher at Hurun India. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 10 philanthropists </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Donation (in ₹ crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Primary Cause </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,161 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Azim Premji &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">484 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">411 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">242 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Susmita and Subroto Bagchi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">213 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Radha and NS Parthasarathy </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">213 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">190 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Disaster Relief </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Anil Agarwal &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">165 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Disaster Relief </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vedanta </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nandan Nilekani </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">159 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Societal Thinking </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">AM Naik </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">142 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Larsen &amp; Toubro </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-lists-at-3-7-premium/articleshow/94978323.cms">Tracxn Technologies lists at 3.7% premium</a>

Shiv Nadar tops philanthropy list, even as India’s most generous cut back after the pandemic

<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword> is amongst the largest infrastructure companies in India, with its business spread across engineering, construction, manufacturing among others. </li><li>In its annual report, the infra giant revealed large pay hikes to its top management, including CEO and MD <keyword id="887018" type="General" weightage="20" keywordseo="sn-subrahmanyan" source="Orion">SN Subrahmanyan</keyword>. </li><li>Here’s how much L&amp;T’s top management took home last year. </li></ul>Infrastructure major L&amp;T’s CMD SN <keyword id="3476596" type="General" weightage="100" keywordseo="subrahmanyan" source="Orion">Subrahmanyan</keyword> received a bumper payout in 2021-22 as his salary benefits doubled to ₹24 crore, without including post-employment benefits as listed in the company’s annual reports. However, Subrahmanyan was one of top executives of the company who took a voluntary pay cut during the pandemic year. His <a href="https://www.thehindubusinessline.com/money-and-banking/covid-19-lt-group-chairman-directors-take-voluntary-salary-cut-of-up-to-53/article32150260.ece">salary had then gone down b</a>y almost 44%. In real terms, currently his salary is much higher than it was before the pandemic. The company which has also been fighting off pandemic blues has booked orders to the tune of ₹1.9 lakh crore in the last financial year – which grew at 10%. The company’s CFO Shankar Raman’s salary too almost doubled to ₹16 crore. The biggest jump in salary however was reserved for SV Desai, the senior VP of construction – whose salary went up almost three times. It is to be noted however that their former CMD and the current group chairman AM <keyword id="50744" type="General" weightage="20" keywordseo="naik" source="Orion">Naik</keyword>’s salary barely changed during the year. This is in spite of the fact that he took a 24% salary cut during the pandemic. <div type="image" title="L&amp;amp;T remuneration hike 2021-22." msid="92877137" hostid="261" sizebytes="20180" caption="&amp;lt;p&amp;gt;Remuneration of L&amp;amp;amp;T&amp;#39;s key managerial personnel in FY22&amp;lt;/p&amp;gt;"></div> It’s not just the top executives who have received hikes. L&amp;T’s overall staffing costs too went up by 20% during the year. “As a percentage to revenue, it increased by 80 basis points, reflecting manpower ramp-up in the IT &amp; TS segment and salary revision,” the company said. The company also turned <a href="https://www.businessinsider.in/business/corporates/news/all-decks-cleared-for-lts-share-buyback-as-co-turns-debt-free/articleshow/92866225.cms">debt free</a> during the year and even before that its interest costs have gone down for the year. Earlier, a Motilal Oswal <a href="https://www.businessinsider.in/business/corporates/news/indias-biggest-companies-spend-nearly-11-lakh-crore-on-employee-expense-last-year/articleshow/92690317.cms">report</a> showed that the employee benefit expenses of Nifty 500 companies surged by ₹1.2 lakh crore in 2021-22 – from ₹9.6 lakh crore in the year before. This is an average increase of 12.5%. <div type="image" title="Nifty 500 emp benefit exp" msid="92877150" hostid="261" sizebytes="38268" caption="&amp;lt;p&amp;gt;Employee benefit expenses of Nifty 500 companies&amp;lt;/p&amp;gt;"></div> The NBFC sector offered the biggest salary hikes – at an average of 23%, while tech was a little behind at 19%. India’s four largest banks – SBI, ICICI Bank, HDFC Bank and Axis Bank, apart from HDFC – also figured in Forbes’ list of top performing companies last year. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/all-decks-cleared-for-lts-share-buyback-as-co-turns-debt-free/articleshow/92866225.cms">All decks cleared for L&amp;T’s share buyback as co turns debt free</a> <a href="https://www.businessinsider.in/finance/news/why-rbi-wants-international-trade-settlement-in-rupees/articleshow/92850515.cms">Explained: International trade settlement in Rupees and why RBI is doing it</a> <a href="https://www.businessinsider.in/retail/news/dmart-gets-it-mojo-back-from-monsoons-and-school-going-children/articleshow/92796927.cms">Unlockdowned - DMart gets it mojo back from monsoons and school-going children</a>

L&T CMD SN Subrahmanyan’s salary doubles after a pandemic cut but Naik’s pay remains the same

India’s jet-set: Here’s how billionaires earned, lost and donated in 2022

New Delhi, Mar 30 () Engineering and construction giant Larsen &amp; Toubro (L&amp;T) on Monday announced Rs 150 crore donation to the PM-CARES Fund to fight the coronavirus outbreak and said it has set aside over Rs 500 crore per month to support about 1.60 lakh contract workers. L&amp;T joins a list of other corporates including Tata Group and Reliance Industries who have come forward to offer their support to fight this unprecedented crisis. The company said it has set aside an outlay of over Rs 500 crore per month to support about 1.60 lakh contract workers by continuing to pay their wages during the ongoing lockdown and providing them with food and basic amenities at labour camps, while maintaining the COVID-19 prevention and containment protocol. "Responding to the call given by Prime Minister of India, the company will donate Rs 150 crore to the PM-CARES Fund," the company said in a statement. The diversified conglomerate said it is committed to participate in corporate India's response to COVID-19 through funds, community welfare plans and through leveraging its expertise to offer assistance. "We are helping India's fight against COVID-19 by way of immediate funding, and through a range of welfare initiatives including converting our training schools into Isolation Centers," Larsen &amp; Toubro Group Chairman AM Naik said. The group said, it is considering transforming all company-owned training centers and other select establishments into isolation wards. The company has also committed to offer use of its community Health &amp; Medical Centers 24X7 and use ambulances to transport patients to nearest hospitals, it said. L&amp;T Smart World &amp; Communication, a business unit of Larsen &amp; Toubro, has installed smart technologies in over 20 major cities, including Mumbai, Pune, Nagpur, Prayagraj, Ahmedabad, Visakhapatnam, Hyderabad and others. Besides, ensuring 24X7 availability of ambulances, doctors and other medical facilities to workmen and employees across locations, it is sending SMS alerts, in English, Hindi and other vernacular languages, to workmen and employees on COVID-19, its symptoms, testing facilities available locally. Besides, it is relaying various health advisories and related messaging to 1,20,000 employees, daily, it said adding it has closed all offices and other establishments as per government directives and is encouraging employees to work from home. The efforts also include formation of COVID-19 Response Teams across businesses to take timely action and Decision Response Team at corporate level to keep vigil on the evolving situation and take necessary actions. On Saturday, Tata Sons and Tata Trusts had contributed Rs 1,500 crore for the same cause. JSW Group on Sunday donated Rs 100 crore to the PM Fund. While, bllionaire Gautam Adani on Sunday announced a Rs 100 crore contribution by his group's philanthropy arm to the Prime Minister's Fund to fight coronavirus outbreak. Previously, Reliance Industries had made an initial contribution of Rs 5 crore besides opening India's first Covid-19 hospital in Mumbai as also giving free meals through NGOs to the needy and fuel to emergency vehicles transporting infected patients. NAM DRR

L&T announces Rs 150 cr donation to PM-CARES Fund to fight COVID-19

New Delhi, Jan 6 () Ahead of the annual Union Budget presentation, Prime Minister Narendra Modi on Monday interacted with top business tycoons to discuss issues facing the economy and measures needed to boost growth and create jobs.
Richest Indian Mukesh Ambani, Tata group patriarch Ratan Tata, telecom czar Sunil Bharti Mittal, billionaire Gautam Adani, Mahindra Group chairman Anand Mahindra, and mining baron Anil Agarwal were among those present at the discussion.
Tata Sons chairman N Chandrasekaran, TVS chairman Venu Srinivasan, L&amp;T head AM Naik were also present, according to a photograph of the meeting released here.
Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1 with an eye to reviving growth.
The latest GDP data for the July-September quarter showed a significant further moderation in the pace of economic growth to 4.5 per cent - the weakest in six years, with a key contributory factor being a slump in manufacturing output.
The Modi government has undertaken a number of measures to arrest the growth slowdown. In September 2019, it announced a cut in the corporate tax rate to 22 per cent from 30 per cent. The government also lowered the tax rate for new manufacturing companies to 15 per cent to attract new foreign direct investments. The tax rate reductions bring India in line with rates in other Asian countries.
The government's other initiatives include bank recapitalization, the mergers of 10 public sector banks into four, support for the auto sector, plans for infrastructure spending, as well as tax benefits for startups.
But experts say none of these measures directly address the widespread weakness in consumption demand, which has been the chief driver of the economy.
Also, financial sector fragilities continue to weigh on the economic growth momentum, with the high level of non-performing loans on the balance-sheets of the public sector banks, constraining their fresh lending.
Furthermore, there are also risks from potential contagion effects from troubled non-bank financial companies (NBFCs) to the balance-sheets of some commercial banks, which could further weigh on the overall pace of credit expansion.
In response to the growth slowdown, the Reserve Bank of India (RBI) has eased policy rates significantly during 2019, with a series of rate cuts since February 2019.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment.
The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
In the previous meetings, he met Kotak Mahindra Bank CEO Uday Kotak, State Bank of India head Rajnish Kumar, HDFC Bank managing director Aditya Puri, IT industry veteran TV Mohandas Pai; former finance secretary Hasmukh Adhia; Tech Mahindra CEO CP Gurnani, Intel India general manager Nivruti Rai and Tata Consultancy Services chief executive Rajesh Gopinath.
He also reportedly has held one-on-one meetings with sectoral experts.
Modi has so far met over 60 entrepreneurs and businessmen from sectors such as FMCG, finance, renewable energy, diamond, retail, textiles, MSMEs and startups and technology. ANZ BAL

PM meets Ambani, Adani, other India Inc heads to discuss economy

<ul><li><keyword id="10299751" type="UNKNOWN" weightage="20" keywordseo="Former-Chairman-of-LT-Finance">Former Chairman of L&amp;T Finance</keyword>, <keyword id="46899" type="PERSON" weightage="20" keywordseo="YM-Deosthalee">YM Deosthalee</keyword> passed away at the age of 74.</li><li>A Chartered Accountant and law graduate, he joined L&amp;T in 1974 and rose through the ranks to become the Chief Financial Officer of the engineering conglomerate. </li><li>Deosthalee was a musician at heart, though he never did finish his classical music training. He was one of the few corporate leaders to have cut a music album.</li></ul> There is a thin line between managing risk and 'comfortable inaction.' Yeshwant Moreshwar Deosthalee, who passed away at 74, is one of a rare few CFOs who struck the right chord between these two impossible poles of corporate activity. Despite being known as a conservatively financed company with a focus on maintaining profit margins, he played a crucial role in its foray into international territories, new acquisitions, and exit from certain businesses - all the while managing the many complexities that come with a group like L&amp;T, which had around a 100 subsidiaries. While the chairman AM Naik is known for his bold decisions, Deosthalee was the balancing force who ensured that every decision was weighed well and added to the bottom line. It probably helped that Deosthalee was also a musician at heart, though he could not finish his classical music training. Deosthalee hailed from a middle-class family in Girgaum, Mumbai, and completed his graduation in commerce at Sydenham College. Later, he did his chartered accountancy and attained a Law degree. He joined L&amp;T in 1974. He rose through the ranks and headed many departments like personnel and finance before becoming the engineering conglomerate's Chief Financial Officer (CFO). The man behind L&amp;T Finance Deosthalee is best known for establishing the finance business as a wholly-owned subsidiary of L&amp;T, which was still an engineering and construction company, back in 1994. It was later spun off into a company of its own in 2011, where he became the chairman. The business runs a gamut of verticals, including insurance, mutual funds, and a debt fund. However, Deosthalee retired in 2017 before receiving a banking licence - a hope many in the market still hold. Even during his stint as the CFO of L&amp;T, arguably one of the country's biggest companies, he faced a myriad of risks associated with the very nature of its construction vertical - like the pricing of commodities, forex, and much more. However, Deosthalee never wavered even during the crises right through his illustrious career, including Lehman — and that is evident in the many 'best CFO of the year' awards that adorn his wall. Slow yet steady Even as newer infrastructure companies booked too many orders during the early 2000s, L&amp;T, despite being a leader, would only take on those that provided value. Deosthalee also fostered a culture where the treasury department would be a part of the team that would prepare a bid for the project - a habit that ensured they could finish the jobs they take on. Deosthalee learned the advantages of taking the long, challenging route instead of an easier one as a young student. Though he was a bright child, he was intimidated by his elder siblings, who were academic achievers. That led him to tinker with his Sanskrit test paper score once. His elder brother, who was his guardian after their father’s death, had caught it immediately. “In the long run, cheating never leads you anywhere,” Deosthalee <a href="https://www.youtube.com/watch?v=tffSQrpeoSc">told a Marathi channel </a>in an interview, and that is the lesson that guided him through the rest of his life. The music to his ears Unlike Naik, a self-confessed workaholic, Deosthalee maintained a surprising discipline of leaving his office at 6 pm and never worked on Sundays. His passion for music and the arts never waned. As a child, he was used to waking up with a radio show called 'Binaca Geet Mala.' He also spent most of his time attending plays at an open-air theater and believed that his childhood spent in Girgaum in Mumbai, where he was born and raised, had given him the best cultural education he could get. "It's a wonderful way to grow up," he would often reminisce. The chartered accountant also became one of the few corporate leaders to cut a music album and regularly sang classical old Bollywood songs at events. He also produced a Marathi film Rajwade and Sons, which addresses the trials and tribulations of living in a joint family under a strong patriarch. The message of the film is close to his heart and reflects in his philanthropic activities. He and his wife built and ran a home for senior citizens in an acre-long estate in Khopoli, situated in Mumbai's suburbs. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-case-indias-power-sector-players-want-the-supreme-court-to-plug-the-loopholes-in-rbis-restructuring-scheme/articleshow/79301830.cms">Loan moratorium case: India’s power sector players want the Supreme Court to ‘plug’ the loopholes in RBI’s restructuring scheme</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-delaportes-new-plan-could-allow-company-to-catch-up-to-to-tcs-infosys-hcl-tech-and-others/articleshow/79299467.cms">Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a>

Remembering YM Deosthalee, the man who struck the right chord between music and math

<keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-mangalam-birla">Kumar Mangalam Birla</keyword>, chairman of the <keyword id="44373" type="CITY" weightage="20" keywordseo="Aditya-Birla-Group">Aditya Birla Group</keyword> has been shortlisted for the post of chairman of the Indian Institute of Management, Ahmedabad. 
 Among the other people nominated for the post are <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> as well. The names have been forwarded to the ministry for approval, a top official told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 In January this year, L&amp;T Chairman AM <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword> who was earlier holding this post had stepped down. In March, the institute had named <keyword id="63358" type="PERSON" weightage="20" keywordseo="Cadila-Healthcare">Cadila Healthcare</keyword> Chairman <keyword id="135342" type="PERSON" weightage="20" keywordseo="Pankaj-Patel">Pankaj Patel</keyword> as interim chairman.

IIM-A shortlisted K M Birla for
the post of chairman

After Larsen &amp; Toubro Chairman AM Naik stepped down as chief of IIM-A citing a busy schedule, three names have been shortlisted to handle the top post. 
 Names of <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> chairman Deepak Parekh, Hero MotoCorp joint managing director Sunil Kant Munjal and Infosys chairman R Seshasayee have been submitted to the HRD ministry to become the next chairman of Indian Institute of Management-Ahmedabad (IIM-A). 
 
Presently, Cadila Healthcare chairman Pankaj R Patel is the interim chairman. 
 
ET quoted an official saying that the institute was betting on honchos who would ensure the autonomy of the institute and at the same time be on the right side of the government. 
 
"If he is from the corporate sector, he should understand the difference between running a business establishment and an academic institution, which is an altogether different ballgame. Also, the person has to make an effort to really understand the perspective of different stakeholders of the institute," Samir K Barua, former director of IIM-A, told ET. 
 
(Image: Indiatimes)

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