HARISH RAO | Founder | sawdust | India
Harish Rao is a Chartered Accountant by qualification, an analyst by hobby and a journalist by profession. His interest in architecture and interior design moved beyond the four walls of his own home when he was asked to head an architecture monthly a decade ago. Since then, he has been keeping a tab on each and every development in the field.
Anil Kumar Jain who took home INR 16.15 crore (INR 161.5 million) is the highest paid person in the Indian Home Improvement Industry during FY16. Anil Kumar Jain is the Executive Chairman of Indo Count Industries Ltd, a leading home textile manufacturer in India. It may be remembered here that Mr Jain was recently honoured with “Business Today Best CEO (Textiles & Apparel)” Award for the year 2016. Interestingly, Rajesh Mandawewala, Managing Director of Welspun India, largest manufacturer of home textiles in India, is the second highest paid person with an annual salary of INR 10.13 crore (INR 101.3 million). Deepali Goenka, Joint Managing Director and CEO of Welspun India with an annual salary of INR 9.9 crore (INR 99 million) is the third highest paid person in the industry. Thus, top three highest paid persons in the home improvement industry in India are from home textile segment. Of the top ten highest paid people in Home Improvement sector in India, five are from home textiles industry, four from ceramics industry and one from Paints industry.
None from Asian Paints, a company with an annual sales of around INR 12,500 crore (INR 125 billion) and net profit of INR 1,600 crore (INR 16 billion) could make it to the top five. However, Asian Paints has highest number of persons, that is 17 to be precise, drawing more than INR 1 crore (one crore is equal to 10 million) annually – so much so for inclusive growth!
It is interesting to note that Paints industry has the lowest Salary to Revenue ratio in the sector while Ceramics industry tops list in this ratio. It is also worth noting that Indo Count Industries has one of the lowest Salary to Revenue ratio in the entire home improvement sector in India.
Another interesting point is that two multi-national companies, Kansai Nerolac and Akzo Nobel, do not figure in the top ten list at all.
In Indian plywood industry, Greenply Industries and Century Plywood Industries are the leaders and both the companies have almost same topline numbers. While Greenply has three people drawing more than rupees one crore salary, Centuryply has none. In fact, Centuryply has turned out better bottomline figures than its competitor, Greenply. While Sanjay Agarwal, Managing Director of Centuryply takes home an annual salary of Rs 0.6 crore (Rs 6 million), Shiv Prakash Mittal, Managing Director of Greenply, has an annual package of Rs 5.04 crore (Rs 50 million), all inclusive.
Disparity in the salary in any organisation is indicated by the ratio of the salary of the highest paid employee to the median salary of the organisation. Based on this criteria, Anil Kumar Jain’s Indo Count Industries Ltd has the highest ratio of 824 indicating highest disparity in salary. In other words, while Mr Jain has drawn a salary of Rs 16.15 (Rs 161.5 million), average salary of an employee of the company was Rs 1.96 lakh. Among the top ten, Asian Paints whose MD took home a salary of Rs 7.77 crore (Rs 77.7 million) has the lowest ratio of 127.
Here is the list of 10 top salaried people in Indian Home Textile Industry.
Anil Kumar Jain (salary drawn in FY 2016 INR 16.15 crore or INR 161.5 million) is the Executive Chairman and one of the co-promoters of Indo Count Industries Ltd. He has been mainly responsible for transforming ICIL from a mere cotton yarn spinning company in 1991 into a leading manufacturer and exporter of Bed Linen /Bed Sheets and Home Textiles. Also, Mr Jain took a strategic decision of going capital light in a capital intensive industry like home textiles as a result of which today ICIL enjoys one of the best margins in the industry.
53 Year old Rajesh Mandawewala (salary drawn INR 10.13 crore or INR 101.3 million) is the Managing Director of Welspun India Ltd, a leading home textiles manufacturing company. A chartered accountant by profession, Mandawewala has been associated with Welspun for the past three decades. Mandawewala, cousin of Balkrishna Goenka, the Chairman of Welspun group, has been largely responsible for turning the company into an organisation of global stature having leading brands as it clients.
Dipali Goenka (salary drawn INR 9.9 crore or INR 99 million), Jt. MD. & CEO, featured at No. 16 in Asia’s 50 Power Businesswomen 2016 by Forbes and No. 4 among Indian women. Starting in the purchase department of the company in 2000, Dipali moved to human resources and finally to company’s design department which ultimately helped Welspun India to become one of the world’s largest home textile companies and the biggest supplier to US. She has been responsible for taking the Welspun brand, with its superior quality of bed, bath and area rug products, to homes in India and across the globe. She is also credited for pushing the company’s retail business in the form of Wellhome stores.
Rajendra K Somany (salary drawn in FY 2016 INR 9.5 crore or INR 95 million) is Chairman and Managing Director of HSIL since 1988. Mr Somany who is associated with the Company since 1965 is a Commerce graduate from St. Xavier’s College, Calcutta University and has more than six decades of experience in the industry. A member of Indian Green Building Council, Mr Somany has assisted the Bureau of Indian Standards to develop quality standards for the Sanitaryware industry and instrumental in aligning the Indian Standards with European counterparts. He is also the Fellow member of Chartered Management Institute, Institute of Directors, American Ceramic Society, Institute of Materials, Minerals and Mining, UK (IOM3) and life fellow of the All India Management Association.
Sandip Somany (annual salary of INR 9.46 crore or INR 94.6 million) is the Joint Managing Director of HSIL since 1994 and is associated with the Company since 1985. He is a Commerce graduate and a diploma holder in Ceramic Manufacturing Technology from the US and has over three decades of experience in the ceramics and glass industry. He is the Chairman of the Indian Council of Sanitaryware Manufactures (INCOSAMA) and also a member of the Governing Council of All India Glass Manufacturer’s Association.
Balkrishan Goenka (annual salary of INR 8.4 crore or INR 84.0 million) is the Chairman of Welspun Group which has presence in more than 50 countries, employs over 24,000 people and has as many as 100,000+ shareholders. Under his astute leadership Welspun India today has become the largest manufacturer of terry towel in the world. Mr Goenka has also received the much applauded nomination for Entrepreneur of the Year award for two consecutive years in 2007 and 2008. He was also ranked amongst India’s Most Powerful CEO’s by The Economic Times.
61 years old K.B.S Anand (annual salary of INR 7.77 crore or INR 77.7 million) is a Mechanical Engineer from the Indian Institute of Technology, Mumbai. He is also a Post Graduate Diploma holder in Business Management from the Indian Institute of Management, Kolkata. He has been associated with Asian Paints since 1979. He has been largely responsible for the increased consumer engagement of Asian Paints in recent years which otherwise mainly used to deal through its dealers. Mr Anand was made the head of the Decoratives Business in 2009. He is currently the Managing Director and CEO of the Company.
Rajinder Gupta (annual salary in FY 2016 INR 8.14 crore or INR 81.4 million) is founder of Trident Limited and had been Managing Director of the Company from 1992 to 2012. Mr Gupta is a first generation entrepreneur having rich and varied exposure of promoting industrial ventures over last two decades. He has been awarded with the prestigious “Padmashree” title by Late Dr. APJ Abdul Kalam, the then President of India, in 2007 and has also been awarded “PHD Chamber of Commerce Distinguished Entrepreneurship Award” by The President of India and also conferred with the “Udyog Ratna” award by PHD Chamber of Commerce and Industry.
Chetan Kajaria (annual salary in FY 2016 INR 6.38 crore or INR 63.8 million) is the Joint Managing Director of Kajaria Ceramics Limited. Chetan Kajaria who is a Bachelor in Petrochemical Engineering (B.E) from Pune University and holds an MBA from Boston College, U.S.A. has been with the company since year 2000. In fact, he is instrumental in opening international standard tile showrooms across the country which has today become an industry trend. He spread the concept of value added tiles in the ceramic tile vertical using digital technology from Spain by displaying at dealers’ showroom across the country in the last 3 years.
Rishi Kajaria (annual salary in FY 2016 INR 6.38 crore or INR 63.8 million) holds a B. Sc. in Business Administration from Boston University, U.S.A. and is the Joint Managing Director of Kajaria Ceramics Limited. Rishi Kajaria joined Kajaria Ceramics in the year 2003 and spearheads the vitrified tile vertical. In fact, he is responsible for Kajaria’s rapid progress in vitrified tile segment. He has also launched high-end showrooms dedicated to showcase glazed vitrified tiles imported from Europe and China targeted at the HNI community in India. He is also responsible for commissioning a unit at Gailpur to manufacture glazed vitrified tiles matching the globally sourced variants and offering it to the Indian customers at considerably lower prices.