Mumbai: Sons Profit Tata more than doubled in the fiscal year 2021 in the back of the advantages made from participating in the TCS share repurchase program.
Profit enlarged 142% to Rs 6,512 Crore from RS 2,680 Crore at FY20.
Revenue from operations – which mainly consists of dividend income, interest income and brand royalty costs – down 62% to RS 9,460 crore.
Another higher income at Rs 10,138 Crore compared to RS 126 Crore at FY20.
This, Tata Sons explained that in its annual report, it was because most of the other income was profit from repurchasing shares by TCS.
Including other income, total revenue has decreased by 21% to RS 19,598 Crore.
Both the advantages made from participating in the TCS repurchase scheme or special dividend payments have increased Tata Sons revenue, which have 269 subsidiaries, in the last four fiscal.
Debt and loan slightly reduced to Rs 30,064 Crore, according to the FY21 report.
The cash balance and banks fell 35% to RS 912 Crore.
The total cost fell 22% to Rs 3,981 Crore.
Consolidated, corporate profits increased 78% to RS 19,397 Crore.
Tata Sons has called for an annual general meeting in mid-September to find shareholder approval in the re-appointment of three directors.
However, there is, there is no mention of the re-appointment of the chandrasan chairman in the annual report.
The term as director of Tata Sons – he was appointed on October 25, 2016 – ending this October.
However, the ownership of his fear ended in February.
The FY21 report said that the Nomination and Remuneration Committee reviewed the performance of the Sons Tata Board as a whole, and their respective directors.
It added that, in a separate meeting of Independent Director, the performance of the director of non-independent and the performance of the chairman was evaluated.
The report did not describe further.
Sons Tata Board consists of seven directors – Independent Director of Harish Manwani & Ajay Piramal, Non-Executive Director of Venu Srinivasan, Bhaskar Bhat & Ralf Speth, and Executive Directors of Saurabh Agrawal & Chandrasah.
Three Directors who will look for re-designation are Manwani (former Unilever CoO), Spet (Head of former JLR, who joined the Sons Tata Board along with Chandrasekan) and Agrawal (which was brought by Chandrasekan and appointed at the Council of November 16, 2017).
Agricultural remuneration, which is CFO from Tata Sons, rose 35% to Rs 21 Crore, according to FY21 reports, making it one of the highest paid paid executives.
However, the report did not mention the remuneration of FY21 Chandrasekan.