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Idea's Annual Loss Reduced Remuneration of Kumar Mangalam to Rs. 3.3 Lakh
The loss ridden telecom industry casted its impact on the salary of Birla who recieved an annual remuneration of Rs.3.3 lakh.
The telecom industry has seen severe disruption post the launch of Jio that has hurted the profitability of all players in the industry with Idea Cellular being no exception. The first-ever annual loss posted by the company after it had gone public has reduced the remuneration of the Company's chairman and non-executive who for the financial year 2017 took a remuneration lower than a fresher of about Rs.3.3 lakh as against his salary income of Rs. 13.15 crores in the FY 2016.
The decrease in the remuneration is also attributed to no commission payout to the company's Chairman as well as non-executive directors.
Revenue of the company amid cheaper tariff plans and discount offerings by the company has been reported at Rs. 35,378.6 crores, a decline of 1.5%. Loss totaled at Rs. 831 crore for the FY 17 as compared to the company's net profit of Rs. 2616.66 crores in FY 16.
In a report to the BSE company made a statement which said "In spite of the hyper-competitive scenario and availability of large scale free services from a new entrant, the mobile industry had witnessed unprecedented disruption in the second half of the financial year.
The average salary of the company employees for the FY 17 was raised by 8% as per the annual report of the company.
The median remuneration of employees in financial year 2016-17 increased by 8%, as compared to the financial year 2015-16, the company said.
Further, the company's is in talk with Vodafone's India arm to merge and create the biggest telecom operator in the Indian sub-continent.
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