Kerala’s top 10 highest-paid promoters and executives revealed

Kerala is home to several influential business leaders whose impact stretches far beyond the state’s borders. The latest publicly available remuneration data for the financial year 2024 highlights the impressive earnings of these top executives and promoters, revealing the substantial rewards they command at the helm of Kerala’s leading businesses. Not surprisingly, some of the highest earners are dominated by individuals in financing companies, which also happen to be among the most profitable ones.

10. C.J. George, Geojit Financial Services – Rs 3.47 crore

C.J. George is the Founder, Chairman, and Managing Director of Geojit Financial Services Ltd, which he started in 1987. Geojit has played a crucial role in popularizing stock market investments among Malayalees, encouraging financial growth and participation in equity markets. In financial year 2024, George's total remuneration was Rs 3.47 crore, of which Rs 2.69 crore was commission.

9. Sabu M. Jacob, Kitex Garments – Rs 4.96 crore

Sabu M. Jacob, the Chairman and Managing Director of Kitex Garments, is the son of M.C. Jacob, the founder of the Anna Kitex Group. Sabu Jacob took over the reins of Kitex Garments in 2006. He is also active in politics, being associated with the political outfit Twenty20. In financial year 2024, Sabu Jacob's remuneration was Rs 4.96 crore.

8. Sadaf Sayeed, Muthoot Microfin – Rs 7.4 crore

Sadaf Sayeed, with over 24 years of experience in the banking and financial sector, is the Chief Executive Officer of Muthoot Microfin, the microfinance wing of the Muthoot Pappachan Group. Sayeed has overseen a period of impressive growth in financial year 2024, which culminated in the company's debut on the Bombay Stock Exchange. Following this stellar performance, Sayeed's remuneration nearly doubled to Rs 7.4 crore. 

7. Mithun K. Chittilappilly, V-Guard Industries – Rs 7.7 crore

Mithun K. Chittilappilly, the younger son of Kochouseph Chittilappilly, joined V-Guard Industries in 2006 and took over as Managing Director in 2012. In financial year 2024, Mithun earned a salary of Rs 2.82 crore and commission of Rs 4.47 crore, equivalent to 1.5% of the company's net profit. Interestingly, he is not the highest-paid individual at V-Guard Industries – more on that later.

6. Thomas John Muthoot, Muthoot Fincorp and Muthoot Capital Services – Rs 11.77 crore

Thomas John Muthoot is the Joint-Managing Director of Muthoot Fincorp and the Managing Director of Muthoot Capital Services, both part of the Muthoot Pappachan Group. His remuneration was lower than his brothers' in the previous year, as he opted not to draw a salary from Muthoot Fincorp, instead receiving Rs 7.50 crore in commission. His remuneration from Muthoot Capital Services was Rs 4.27 crore.

5. Kalyan Jewellers Family – Rs 12.12 crore each

T.S. Kalyanaraman, Managing Director of Kalyan Jewellers, along with his sons T.K. Seetharam and T.K. Ramesh, who are Whole-Time Directors, each earned Rs 12.12 crore in financial year 2024. Following a year of strong revenue and profit growth, the family members received a 100% increase in remuneration.

4. Ramachandran Venkataraman, V-Guard Industries – Rs 19.12 crore

Ramachandran Venkataraman, Whole-Time Director and Chief Operating Officer of V-Guard Industries, joined the company in 2012 as Director of Marketing & Strategy. In financial year 2024, he emerged as the highest-earning professional in Kerala. With a remuneration of Rs 19.12 crore, which included Rs 15.37 crore in perquisite value from equity options exercised, his earnings was higher than that of Managing Director Mithun K. Chittilappilly

3. V.P. Nandakumar, Manappuram Finance – Rs 20.69 crore

V.P. Nandakumar, Managing Director and CEO of Manappuram Finance, transformed the single-branch financing business he inherited into a national powerhouse with over 5,000 branches. In financial year 2024, Nandakumar's remuneration totalled Rs 20.69 crore.

2. Muthoot Finance Family – Rs 24.5 crore each

George Jacob Muthoot (Group Chairman), George Alexander Muthoot (Managing Director), George Thomas Muthoot (Joint Managing Director), and Alexander George Muthoot (Joint Managing Director) each earned Rs 24.5 crore in financial year 2024. George Jacob, George Alexander, and George Thomas are siblings, while Alexander George is the son of the late Mr. M.G. George Muthoot, former Chairman of the Muthoot Group. The family members have seemingly opted for equal remuneration as part of a family decision.

1. Thomas John and Thomas Muthoot, Muthoot Fincorp – Rs 37.50 crore each

The highest earners in Kerala's business world are Thomas John Muthoot (Managing Director) and Thomas Muthoot (Joint Managing Director) of Muthoot Fincorp, with a remuneration of Rs 37.50 crore each in financial year 2024. One thing to note is that, this does not include dividend payments during the year, which exceeded the remuneration received.

Highest-Earning Women Promoters and Executives

Kerala's top earners are predominantly men, with the highest-earning woman, Bindu A.L., the Chief Financial Officer of Manappuram Finance, ranking 20th with a remuneration of Rs 1.68 crore in financial year 2024. Following her is Shalini Warrier, Executive Director of Federal Bank, with Rs 1.63 crore, and Sumita Nandan, Executive Director of Manappuram Finance, with Rs 1.55 crore.

Note: This list is not exhaustive, as many non-listed companies are excluded. Additionally, individuals on this list may earn more through other companies they are affiliated with or have stake in, which is not included in these figures.