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Musk's compensation package not only outstrips Tata Motors but also surpasses the total revenues of other prominent Indian entities, including HPCL ($52.09 billion), SBI ($40.35 billion), Rajesh Exports ($37.48 billion), and TCS ($29.04 billion).
However, it falls short of giants like Reliance Industries (RIL) at $108.62 billion, Life Insurance Corporation of India (LIC) at $96.10 billion, Indian Oil (IOC) at $93.84 billion, and Oil and Natural Gas Corporation (ONGC) at $77.54 billion.
Analysts and investors speculate that approving Musk's remuneration package will mitigate the risk of him leaving the electric vehicle maker.
Tesla's revenue and adjusted core profit were also milestones in Musk's $56 billion stock options package, with the highest revenue target being $175 billion cumulatively in four consecutive fiscal quarters.
However, despite the vote of confidence from the Tesla board, the company faces challenges as its sales have been declining over recent quarters. Total revenues have fallen by 8.7% to $21,301 million compared to $23,329 million in the same quarter the previous year, according to data collected from the first quarter results of 2024.
Year-to-date, Tesla's shares have declined nearly 25%, with a 32% plunge in the last year.
In the United States, top-paid CEOs include Alphabet's Sundar Pichai with compensation of approximately $226 million in 2022, followed by Broadcom's Hock Tan with $161.83 million, and Apple's Tim Cook with $63.21 million.
Tata Motors Financial Performance
For FY24, Tata Motors reported record revenues of Rs 4,37,900 crore ($52.44 billion), an all-time high EBITDA at Rs 62,800 crore ($7.52 billion), and a net profit of Rs 31,800 crore ($3.8 billion).
In Q4 FY24, the revenue stood at Rs 1.20 lakh crore, marking a 13.3% YoY increase, while the consolidated net profit for the quarter ended March 31, 2024, reached Rs 17,529 crore, a 46% jump over the net profit of Rs 12,033 crore reported in the year-ago period.
In Q4FY24, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 17,900 crore, up 26.6% YoY.
On a year-to-date basis, Tata Motors shares have surged by 25%, while they have gained 74% in the past year.
(With inputs from agencies)
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