Pathamadai Balachandran Balaji, CFO of Tata Motors, emerged as the highest-paid CFO within the Tata Group during FY23. He played a crucial role in orchestrating the economic recovery of Tata Motors, the automotive business of the $128 billion Mumbai-based conglomerate which had been grappling with persistent losses. Balaji’s remuneration for FY23 amounted to Rs 16.73 crore, marking a 31% increase compared to his FY22 package of Rs 12.73 crore. Read More Business News on our website.
Who is Pathamadai Balachandran Balaji? The Highest Paid CFO of Tata Group
Notably, this made him the highest-paid employee at Tata Motors for that year. Tata Motors achieved its first full-year profit in eight years during FY23 and also distributed dividends after an extended period of time. Balaji has set ambitious goals including reducing the net automotive debt of the company to nearly zero before the end of FY25.
Balaji’s ascent to the top position within the Tata Group can also be attributed to the slight decrease in remuneration of Koushik Chatterjee, Executive Director and CFO of Tata Steel, who held the title of the highest-paid CFO in the group during FY22. Chatterjee’s remuneration for FY23 amounted to Rs 14.21 crore, reflecting a 6% decline from the Rs 15.17 crore earned in FY22. Tata Steel witnessed a significant drop in profit after tax during FY23 compared to FY22 exacerbating the decline in Chatterjee’s remuneration.
The remuneration of Samir Seksaria, CFO of Tata Consultancy Services (TCS), the top-performing company within the Tata Group, has not been disclosed. Information regarding the salary of Eruch Kapadia, CFO of Tata Sons is also pending until Tata Sons releases its annual report for FY23.
Tata Group has allocated investments of $90 billion over the next five years across various sectors, including electric vehicles, aviation battery cell manufacturing, renewable energy, robotics, electronics and potentially semiconductors. Jaguar Land Rover (JLR), the British subsidiary of Tata Motors, plans to invest £15 billion over the next five years, while Tata Power, one of India’s largest private sector energy companies, will invest Rs 75,000 crore over five years starting from FY23. Air India, the third largest airline in India, has placed orders for 470 aircraft worth approximately $70 billion.