As per the annual reports published by several Tata Group companies, chief executives of Tata Group saw their salary increase by 16 to 60 per cent in the last fiscal while the pay of chief financial officers (CFOs) climbed between 6 to 35 per cent.

Who is the highest-paid chief financial officer (CFO) in Tata Group?

Not from CS or Tata Steel, the conglomerate’s highest-paid employees in FY23. Tata Motors’ Pathamadai Balachandran Balaji, who was appointed CFO in 2017, had the highest pay of any CFO in the Tata Group for FY23.

He served as Hindustan Unilever Ltd.’s (HUL) chief financial officer prior to his employment at Tata Motors. C. Ramakrishnan was succeeded by PB Balaji.

PB Balaji Salary

Balaji earned Rs 16.73 crore in FY23, an increase of 21% over FY22, making him the highest-paid employee at Tata Motors and the highest-paid CFO in the whole Tata Group. His total compensation for FY 21–22 was Rs 12.73 crore.

His total compensation for the FY23 period was Rs 16.73 crore, which included a basic salary of Rs 2.93 crore, perks, perquisites, and allowances totaling Rs 4.94 crore, commission, bonus, and performance-related incentives totaling Rs 5 crore, retirement benefits totaling Rs 36 lakh, and stock options and sweat equity totaling Rs 3.4 crore.

However, Koushik Chatterjee, executive director and CFO of Tata Steel, saw a little fall in compensation, which accompanied Balaji’s rise to the top-paid CFO within the company. In FY22, he received a total compensation of Rs 15.17 crore, making him the highest-paid CFO in the company. Nevertheless, his pay decreased by 6% to Rs 14.21 crore in F22. This occurs when Tata Steel’s Profit after Tax (PAT) decreased to a fifth in FY23 compared to FY22.

The rise in Balaji’s dividend, meanwhile, is a result of Tata Motors’ performance turning around after the COVID-19 epidemic, which had been suffering from ongoing losses.

Tata Motors CFO PB Balaji – Education, career, and other details

Balaji holds a post-graduate management degree from the Indian Institute of Management in Kolkata and is a graduate of the Indian Institute of Technology in Chennai.

Beginning in 1995, Balaji worked in several corporate finance positions for Unilever in Asia, Switzerland, the UK, and India. According to an ET Auto article, Balaji has more than 20 years of expertise in the business sector and is quite well-versed in the global financial stream.

Since 2014, he has been heading the finance function as the Chief Financial Officer of Hindustan Unilever, a $6 billion enterprise. Before that, he was the Chief Accountant of the Unilever Group in London.

FY23 Annual Remuneration of Other CFOs of Tata Group

The Tata Group has 28 listed companies on the stock exchanges.

Tata Consultancy Services (TCS) CFO Samir Seksaria – yet to be disclosed

Tata Motors CFO Pathamadai Balachandran Balaji – Rs 16.73 crore (21 per cent increase)

Indian Hotels Company (IHCL) CFO Giridhar Sanjivi – Rs 4.35 crore (34.1 per cent increase)

Tata Sons CFO Eruch Kapadia – yet to be disclosed, Rs 2.62 crore in FY22

Tata Chemicals CFO Nandakumar S. Tirumalai – Rs 2.92 crore (23 per cent increase)

Tata Power CFO Sanjeev Churiwala – Rs 2.94 crore

Tata Coffee CFO K. Venkataramanan – Rs 2.59 crore (10 per cent)

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