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<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

<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>’s board approved a buyback at a maximum price of ₹3,000 per share for an aggregate consideration of up to ₹10,000 crore.</li><li>Special dividend was announced to mark the end of A M Naik’s tenure with the company. </li><li>Stress in core segment margins will continue for next two quarters as it carries post-Covid, post-war overhang. </li><li></li></ul>Infrastructure major <keyword id="45475" type="General" weightage="20" keywordseo="Larsen-Toubro" source="Orion">Larsen &amp; Toubro</keyword>’s (L&amp;T) Q1 consolidated net profit went up by 46% to ₹2,493 crore, from ₹1,702 crore in the same quarter last year. It also said the board of directors approved a share buyback at the maximum price of ₹3,000 each for an aggregate consideration of up to ₹10,000 crore. The proposal is subject to the approval of shareholders. The board also approved a special dividend of ₹6 per equity share to mark the end of chairman A M Naik’s extraordinary tenure with the company, said R Shankar Raman, L&amp;T's CFO said in an earnings conference call. Naik will retire as the non-executive chairman of the company in September this year, after which the current CEO &amp; MD S N Subrahmanyan will take over as its executive chairman and MD. Revenue guidance unchanged L&amp;T’s consolidated revenues went up 34% to ₹47,882 crore for the quarter, from 35,853 crore in Q1 of FY23. The company said that it was primarily aided by the execution of a healthy order book in its projects and manufacturing portfolio. However, Raman refused to change the goalpost of the revenue guidance of 12-15% given for FY24. “If all goes well, we will be at the upper end of the guidance,” he said. The company received orders worth ₹65,520 crore at the group level during the quarter, registering a y-o-y growth of 57%. International orders at ₹27,646 crore during the quarter comprised 42% of the total order inflow. The company said that orders were received across diverse segments like rail, renewables, rural water supply, transmission &amp; distribution, IT &amp; office space and onshore and offshore verticals of the hydrocarbon business, during the quarter. The consolidated order book of the group is at ₹4,12,648 crore as on June 30, 2023, with international orders having a share of 29%. “Capex buoyancy in India Gulf Cooperation Council is providing the much-needed tailwinds for growing our projects &amp; manufacturing portfolio, ably supported by the resilient performance of the services businesses,” said S N Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro. Core segment margins to remain stressed in near term Its infrastructure segment saw order inflows of ₹40,051 crore, double what was recorded in the same quarter last year. The EBITDA margin of the segment during the quarter, however, reduced to 5.1% vis-à-vis 6.5% recorded in the corresponding quarter. The infrastructure business orders that were executed during the quarter were won in the second half of FY22 and FY23. The pricing of these orders factors in inflationary trends seen in the post-Covid, post-War period, Raman said explaining the margin squeeze seen in the segment during the quarter. He added that this segment’s margins will continue to be subdued for the next quarter or two. “Improvement in margin trajectory will be seen only in Q4. In fact 2024-25 will be a far healthier period,” Raman said. In its outlook, the company said that major economies are turning around the corner. Major oil producing nations continue to invest in oil &amp; gas, industrialisation and energy transition initiatives, which will augur well for the company’s projects business. L&amp;T said that in the backdrop of this mixed sentiment, its focus will remain on cash generation and judicious capital allocation. “The company has a robust order prospects pipeline in the medium term and is confident of sustaining its growth momentum by utilising the emerging opportunities, with an overarching aim of improving shareholder value on a sustainable basis,” it said in a press release.

L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

<ul><li>For the quarter ending June, L&amp;T’s infrastructure orders went down by 10%. </li><li>The new orders won during the quarter too were from Saudi Arabia and Sri Lanka. </li><li>“We will be lucky if we can maintain 6.5% growth,” A M<a href="https://www.news18.com/news/business/l-says-a-6-5-growth-will-be-lucky-2254855.html"> Naik, L&amp;T’s former chairman said</a>. </li></ul> Indian biggest infrastructure company Larsen &amp; Toubro is heading to greener pastures abroad as the home turf is getting tougher, and the local economy slower. The impact of the economic downturn hurting the company is visible in L&amp;T’s share price which is down over 11% in the last one month. For the quarter ending June, its infrastructure or construction orders went down by 10%. And, even among those that they won were overseas orders. “Order wins were mainly from the airport sector, gold beneficiation award in Saudi, water supply and distribution order in Sri Lanka, a notable desalination plant order in Gujarat and an order for a defence telecom network,” L&amp;T said in its earnings press release. As of now, international orders contributed to 23% of its total inflow for the quarter. This may only increase going forward. “Company will focus more on the international market to offset the muted demand from the domestic private sector investment,” ICICI Securities said. Yet, this a near-term strategy only. In the long-run, the company which has manufacturing facilities, construction capabilities and equipment all in place will have to bank on India growth story. Where is the growth? A M Naik, the former chairman of the company valued at ₹1.94 lakh crore; and an industry doyen broke his silence to criticise the government. Not only did he reject government’s claims that the country will grow at 7%, he also punched holes in the credibility of the numbers. “We will be lucky if we can maintain 6.5%,”<a href="https://www.news18.com/news/business/l-says-a-6-5-growth-will-be-lucky-2254855.html"> Naik said</a>. While he wasn’t talking specifically of L&amp;T, it is true that the 81-year-old company’s fate is largely linked to that of government. L&amp;T has been a part of every large infrastructure project in India right from the recent moon mission Chandrayaan-2 to large defence projects to nuclear power plants in addition to highways and others. However, the slowdown is too severe and it is taking a toll on the company’s prospects. “Domestic private sector demand is under stress and the overall environment is challenging. Management believes the government will face several challenges to keep up the pace of infrastructure development in the current environment,” said an analyst report by ICICI Securities, after the company’s annual general meeting. Lost opportunities Naik had hoped that India could gain from the trade war between US and China, but those manufacturing opportunities have been lost to Vietnam and Thailand, while L&amp;T itself lost the opportunity to gain from possible trade expansion. “We were too busy with elections,” Naik lamented. And, it is not like India has no infrastructure to build. It is still in want of good roads, airports, railway stations and much more. The country which is facing heavy water crisis in cities like Chennai, and subsequent threats in Hyderabad and others might boost this infrastructure, and that too an urgent basis. “Government’s renewed focus on clean drinking water to act as a catalyst for growth in the water and effluent treatment business and ‘Make in India’ programme in defence would augur well for large players like L&amp;T. Larsen has vast experience in execution and sail through any tough macro environment,” said a report by JM Financial. L&amp;T indeed could sail the rough weather, but it sure intends to make pit stops in other countries, picking up the business it lost due to the slowdown at home.

India’s biggest infrastructure company is looking overseas for orders because there are few at home

<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

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

Much to the surprise of the academic circles, <keyword id="6698812" type="UNKNOWN" weightage="100" keywordseo="A-M-Naik">A M Naik</keyword> chairman of <keyword id="6354919" type="CITY" weightage="100" keywordseo="LT">L&amp;T</keyword> has stepped down as the chairman of the Indian Institute of Management, Ahmedabad. In a letter addressed to the HRD minsitry, A M Naik is understood to have officially cited time constraints behind his decision to quit the post. Naik was the first chairman directly appointed by <keyword id="79002" type="ORGANIZATION" weightage="100" keywordseo="IIMA">IIMA</keyword> I 2012 as part of an MoA between the centre and the institute. He was re-appointed as chairman after his three year term ended in Februrary 2015. 

	"Naik brought in better collaboration between the academia and corporate sectororate sector together," an IIMA official told ET on conditions of anonymity. Naik has also been rooting for better compensation packages to attract good quality and global faculty.
 

	Naik is adored especially for his contributions towards the growth of IIMA. During his first three-year term as the chairman of IIMA, he convinced Ashish Nanda to leave the Harvard Law School and take charge of IIMA as its first overseas director in the institute's 52 year old history. This earned him a second term as it was a battle against government bureaucracy and he won.

	 
	 
	(Image credits: indiatimes)

In a sudden move A M Naik steps down as IIMA chairman

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

<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

<ul><li><keyword id="6698812" type="UNKNOWN" weightage="20" keywordseo="A-M-Naik">A M Naik</keyword>, the non-executive chairman of L&amp;T, earned ₹194 million ($2.7 million) last year after encashing all his accumulated leaves. </li><li>His total payout, which included a base <keyword id="10876" type="PERSON" weightage="20" keywordseo="salary">salary</keyword> of ₹27.3 million, came to ₹1.37 billion for the year. </li><li>A son of a village primary school teacher in Gujarat, Naik joined L&amp;T as junior engineer in 1965, rose through the ranks. </li></ul> Indians are famous for not taking a<a href="https://www.businessinsider.in/india-ranked-as-the-most-vacation-deprived-country-in-the-world-survey/articleshow/66749566.cms"> break</a> from work. And one of the biggest examples of that could be Anil Manibhai Naik. On January 26, the now retired non-executive chairman of industrial conglomerate <keyword id="45475" type="CITY" weightage="20" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword> (L&amp;T), was awarded the Padma Vibhushan - India’s second-highest honour for civilians-- for his contribution to India’s corporate sector. The government honour caps a terrific 12-month period for Naik who made a staggering $3 million last year for unused leaves in his career spanning five decades. According to L&amp;T’s annual report for 2017-18, Naik earned <a href="http://investors.larsentoubro.com/upload/AnnualRep/FY2018AnnualRepL&amp;T-AR%202017-2018.pdf">₹194 million</a> ($2.7 million) last year after encashing all his accumulated leaves. His total payout, which included a base salary of ₹27.3 million, came to ₹1.37 billion for the year. His retirement gratuity benefits and the exercise of his stock options netted him more than ₹1 billion of his total. A son of a village primary school teacher in Gujarat, Naik joined L&amp;T as junior engineer in 1965, rose through the ranks, and eventually steered the construction major’s entry into the defence. The <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;ei=AMtOXM7cGYz2rQGWwqHgDw&amp;q=larsen+%26+toubro+share+price&amp;oq=larsen+%26+toubro+share+price&amp;gs_l=psy-ab.3..0l6.227.2088..2197...0.0..0.186.1303.0j11......0....1..gws-wiz.......0i71j0i67.5RttBKLKS0A">₹1.83 trillion</a> L&amp;T group today offers IT solutions and financial services too. Naik famously <a href="https://www.thehindu.com/news/cities/mumbai/the-man-who-took-on-ambani-birla-to-save-lt/article20553489.ece">fended off</a> takeover bids from by the <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword> family in the late 1990s. While he announced <a href="https://www.ibtimes.co.in/lts-am-naik-donate-75-his-lifetime-income-charitable-causes-691351">in August 2016</a> that he would give away 75% of his income to charitable causes over his lifetime-- that an executive’s unused leaves are worth $3 million will be an uncomfortable fact for millions more who slog through their lives without <a href="https://economictimes.indiatimes.com/news/economy/finance/indias-pension-system-ranked-near-bottom-among-major-economies/articleshow/61218172.cms">the assurance of a secured retirement</a>. SEE ALSO: <a href="https://www.businessinsider.in/oxfam-finds-that-indias-1-own-more-than-50-of-the-countrys-wealth/articleshow/67620424.cms">India’s billionaires saw their wealth grow by ₹22 billion every day last year while the poorest 50% only saw a 3% rise in income: Oxfam</a>

Calling in sick? Meet the Indian executive who made nearly $3 million for leaves he didn’t take

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)

And the next IIM-A chairman is...

<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

<ul><li>India has 119 people who donated more than ₹5 crore in FY23, and they gave away ₹8,445 crore.</li><li><keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> is the third most generous man in India but his outgo fell by 8% as compared to last year.</li><li>Gautam Adani gave 50% more than what he did last year to become India’s fifth most generous man.</li><li>The top 10 list of most generous billionaires has two Nilekanis – Nandan and his wife Rohini. </li></ul>Tech billionaires like <keyword id="44903" type="General" weightage="20" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword> of HCL Technologies and Wipro’s <keyword id="6419840" type="General" weightage="20" keywordseo="azim-premji" source="Orion">Azim Premji</keyword> are a cut above the rest with their philanthropy – with size and scale. But young guns like Kamath brothers of Zerodha too are charting their own path by bringing in personal wealth and new causes like climate and sustainability, as per EdelGive Hurun India Philanthropy List 2023. Nadar retained his title as the most generous billionaire in India. He and Premji are only two billionaires who donated over ₹1,000 crore in FY23. Most of Nadar’s philanthropic endeavours, who gave away ₹5.6 crore per day, are centred around arts and culture. In fact, Nadar’s generosity is more than that of eight of his counterparts put together in the top 10 list, that includes India’s richest man, Mukesh Ambani. Premji is India’s second most generous man and his contributions went by 267% as compared to last year. “This is attributed to a significant 400% rise in dividend payouts by Wipro in FY23. An innovative strategy employed by Premji enables the trusts to benefit monetarily from the shares, while Premji retains the voting rights,” says Hurun. India’s richest man’s philanthropic outgo falls Mukesh Ambani is the third more generous man in India as he donated ₹376 crore in 2023, but his outgo fell by 8% as compared to last year. Meanwhile, Gautam Adani has seen huge wealth destruction in 2023 and conceded the richest man in India tag to Ambani. Yet, his generosity expanded. He is India’s fifth most generous man, donating ₹285 crore – and his philanthropic outgo went up by 50% since last year. He also moved up two places in the top ten list. Bajaj family also expanded its hearts and wallets — by 234%, to debut on the list this year. Cumulatively the top 10 philanthropists in India, donated ₹5,806 crore in FY23, as against a combined donation of ₹3,034 crore the year before. Apart from <keyword id="310580" type="General" weightage="50" keywordseo="nandan-nilekeni" source="Orion">Nandan Nilekeni</keyword>, his wife <keyword id="5830274" type="General" weightage="50" keywordseo="rohini-nilekeni" source="Orion">Rohini Nilekeni</keyword> also made it to the top 10 and their cause is also unique — ecosystem building. The list compiled 119 who donated over ₹5 crore in FY23, with 25 new entrants. They cumulatively donated ₹8,445 crore – up 59% compared to last year, and 200% compared to three years back. “Wealth creation is important for economic development, while philanthropy is equally important for economic prosperity. This year is a record year for big philanthropy. Given India's potential for wealth creation and assuming a continued commitment to philanthropy by billionaires, I anticipate these figures to potentially double over the next five years,” said Anas Rahman Junaid, MD and chief researcher, Hurun India. In the past five years, the number of donors contributing over ₹100 crore has surged from two to 14, and those donating over ₹50 crore has risen from five to 24. Top 10 EdelGive Hurun India Philanthropy List 2023 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount donated </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,042 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">76% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Azim Premji &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,774 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">267% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹376 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹287 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹285 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹264 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">234% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anil Agarwal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹241 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nandan Nilekani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹189 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; Adar Poonawalla </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹179 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rohini Nilekani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹170 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41% </td></tr></tbody><tbody></tbody></table>Source: Hurun Young &amp; ‘personally generous’ The list has 24 people who donated in their personal capacity – and it has the usual suspects like Nadar, Premji and Nilekenis. But it has surprises too. Zerodha’s Nithin Kamath and Nikhil Kamath donated over ₹110 crore in their personal capacity with most of these funds going towards climate and sustainability. At 44 and 37 respectively, they’re also one of the youngest in the list. Manipal’s Ranjan Pai who is 50 years old donated 92 crore, towards education. The average age of India’s most generous philanthropists remains 60. Pai’s allocation went up 512% in the last one year. The other notable names amongst who donated their personal wealth are — A M Naik of L&amp;T who donated ₹150 crore; Sushmita and <keyword id="56651" type="General" weightage="50" keywordseo="subroto-bagchi" source="Orion">Subroto Bagchi</keyword> of Mindtree and Infosys’ Kris Gopalakrishnan and family. M A Yusuf Ali of Lulu Group also donated more in their personal capacity, and his allocation went up by 350% in FY23. “Cumulative personal donations have increased by 60% to reach ₹4,958 crore, constituting 70% of the total donations in the list. I am incredibly enthusiastic about the surge in personal philanthropy in India,” Junaid. In general, companies are also spending more as a part of corporate social responsibility (CSR). CSR spending of BSE 200 companies has been growing at a compounded annual growth rate (CAGR) of 15% in the last nine years. Their cumulative CSR spend grew from ₹5,561 crore FY15 to ₹12,271 crore in FY23. “Government, civil society, and the corporate are the three distinct pillars sustaining the nation-building process. CSR is moving away from cheque book charity donations to a more long-term strategic engagement,” Hurun says.

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