How much remuneration did heads of Indian oil and gas PSUs rake in during 2022-2023? A deep dive into compensation trends, ET EnergyWorld

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New Delhi: The financial year 2022-2023 witnessed India‘s oil and gas Public Sector Undertakings (PSUs) not only amassing robust profits but also rewarding their top executives with substantial remuneration packages.

A detailed ET Energyworld analysis of publicly available data gleaned from the annual reports of key industry players, including Bharat Petroleum Corporation (BPCL), Oil India Ltd (OIL), Indian Oil Corp (IOC), Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum (HPCL), and GAIL (India), throws up fascinating insights into the compensation trends of these energy giants.

Bharat Petroleum Corporation (BPCL)

Bharat Petroleum, a Fortune Global 500 Company and the second-largest Indian Oil Marketing Company, made significant strides in the energy sector during the fiscal year. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy. For the full year , BPCL’s net profit fell 82 per cent to Rs 2,131 crore as against Rs 11,681 crore in FY22.

Arun Kumar Singh, who served as Chairman & Managing Director until October 31, 2022, received a remuneration of Rs 130.65 lakh during his tenure. Krishnakumar Gopalan, who assumed the position on March 17, 2023, received Rs 3.69 lakh.

Oil India Ltd (OIL)

Operating under the Ministry of Petroleum & Natural Gas, Oil India Ltd emerged as a prominent player in the oil and gas sector, reporting impressive financial results for the fiscal year 2022-2023. The company achieved an annual turnover of a commendable Rs 41,039 crore, with a net profit of Rs 9,854 crore during the same period.

Sushil Chandra Mishra, who served as Chairman & Managing Director until June 30, 2022, received Rs 17.46 lakh during his tenure. Subsequently, Ranjit Rath, who assumed the Chairman’s role on August 2, 2022, earned Rs 38.70 lakh.

Indian Oil Corp (IOC)

Indian Oil Corp, the country’s largest fuel retailer and the highest-ranked Indian firm on the Fortune 500 list, witnessed a remarkable 52 per cent surge in consolidated net profit to Rs 10,841.23 crore year-on-year in Q4FY23. Shrikant Madhav Vaidya, the Chairman of IOC, received a remuneration of Rs 93.85 lakh for the fiscal year.

GAIL (India)

GAIL (India) Limited, India’s leading natural gas company with diversified interests across the natural gas value chain, reported a standalone net profit of ₹5,301.51 crore in FY 23, a notable decline from ₹10,363.97 crore in the previous year.

Manoj Jain, who served as Chairman until August 31, 2022, received a sum of Rs 134.78 lakh as remuneration. Sandeep Kumar Gupta, who assumed the role on October 3, 2022, earned Rs 35.02 lakh during his tenure.

Hindustan Petroleum (HPCL)

HPCL, now a subsidiary of ONGC, reported a staggering 79 per cent year-on-year surge in consolidated net profit, reaching Rs 3,608.32 crore for the fourth quarter ending March 31, 2023. Pushp Kumar Joshi, the head of HPCL, received a remuneration of Rs 91.50 lakh during the year.

Oil and Natural Gas Corporation (ONGC)

As the country’s largest producer of oil and gas, ONGC saw standalone revenues rise by 41 per cent YoY to Rs 1.55 lakh crore. However, net profit fell by 4 per cent YoY to Rs 38,829 crore for the full financial year ending March 2023. Arun Kumar Singh, who took over as Chairman on December 7, 2022, received a remuneration of Rs 24.80 lakh during the fiscal year.

These figures shed light on the substantial earnings of the heads of India’s oil and gas PSUs, with Arun Kumar Singh of BPCL securing the highest remuneration during the fiscal year 2022-2023.

This analysis of compensation trends offers a snapshot of the diverse financial circumstances and achievements of these major players in the Indian energy sector, reflecting both challenges and successes in the oil and gas industry.

Oil and Gas PSU Chairman Salary (Rs Lakh)
GAIL (India) Manoj Jain (upto 31.08.2022) 134.78
GAIL (India) Sandeep Kumar Gupta (w.e.f. 03.10.2022) 35.02
BPCL Arun Kumar Singh (upto 31.10.2022) 130.65
BPCL Krishnakumar Gopalan (w.e.f. 17.03.2023) 3.69
IOC Shrikant Madhav Vaidya 93.85
HPCL Pushp Kumar Joshi 91.5
OIL India Sushil Chandra Mishra 17.46
OIL India Ranjit Rath 38.7
ONGC Arun Kumar Singh 24.8
Source: Company Annual Reports

  • Published On Sep 20, 2023 at 07:07 AM IST

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