Indian Hotels Company MD and CEO Puneet Chhatwal saw his remuneration drop by half to Rs 7.22 crore during FY21, compared to Rs 14.57 crore in FY20. EIH Executive Chairman PRS Oberoi took home Rs 29 lakh during FY21, compared to Rs 2.82 crore in FY20
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The pandemic and the ensuing lockdown not only hit revenues of hotel companies but it also wiped out the remuneration packages of almost all the senior management from the hospitality sector.
With properties across segments forced to remain shut or operate at single-digit occupancies, hospitality companies bore the brunt of the disruption brought on by COVID-19.
This saw pay packages of senior management drop in the range of 50-99 percent during FY21, compared to FY20, according to data shared by company annual reports.
FY21 was the worst year for India’s biggest listed hotel company, Indian Hotels Company (IHCL), when it recorded a loss of Rs 720 crore. The company’s Managing Director and CEO Puneet Chhatwal saw his remuneration drop by half to Rs 7.22 crore during FY21, compared to Rs 14.57 crore in FY20.
More than 65 percent of IHCL’s rooms remained unsold during FY21. The Tata Group company runs 171 hotels (owned and managed) under the brands Taj, Vivanta, SeleQtions and Ginger in India and abroad.
Pay packages of senior executives at EIH Ltd, the listed entity of Oberoi Group, dropped 78-90 percent during FY21. The Oberoi family, which makes up the key positions at EIH, took a voluntary cut in their fixed salaries during the reporting year.
EIH Executive Chairman PRS Oberoi took home only Rs 29 lakh during FY21, compared to Rs 2.82 crore in FY20. Vikramjit Singh Oberoi, MD and CEO of EIH, was paid a remuneration of Rs 72 lakh in FY21, compared to Rs 3.34 crore in FY20.
Arjun Oberoi MD (Development) was paid Rs 42 lakh in FY21, against Rs 3.07 crore in FY20. A consolidated loss of Rs 343 crore from 39 luxury properties made FY21 the worst year for EIH.
“Mr PRS Oberoi has not drawn a salary for several decades. He only receives a commission when there are profits, as per the Companies Act. As a result of the pandemic, business conditions in the hospitality industry, including EIH Ltd, were severely impacted during FY21. In view of the poor business conditions, Vikram Oberoi, Mr Arjun Oberoi and Mr SS Mukherji voluntarily took a 100 percent cut in their fixed monthly salary from July 2020 onwards,” a EIH spokesperson said.
Chalet Hotels is India’s third most valued hotel company run by the Mumbai-based K Raheja Group. The company operates seven Marriott and Accor branded properties in Mumbai, Pune, Bengaluru and Hyderabad in the mid-scale and luxury segments.
Sanjay Sethi, MD & CEO of Chalet Hotels, who is one of the highest paid CXO from the hospitality industry, saw a 35 percent cut in remuneration during FY21 to Rs 4.08 crore, against Rs 6.31 crore in FY20. Closing FY21 with just a 30 percent occupancy, Chalet Hotels recorded a loss of Rs 139 crore during FY21.
Mahindra Holidays, which provides holidays on a time-share basis, was an outlier last year. The company, which gets most of its revenues from the subscription amount paid by its members, improved its FY21 net profit by 37 percent.
Likewise, the remuneration of its MD and CEO Kavinder Singh grew by 2.37 percent to Rs 4.75 crore in FY21 as against Rs 4.64 crore in FY20. Non-executive Chairman Arun Nanda also got a raise of 55 percent during FY21 to Rs 88.1 lakh as against Rs 56.8 lakh in FY20.
