InterGlobe operates IndiGo, India's largest airline company by market share, and Ghosh's performance through the year, in which he steered the carrier to a successful IPO, was rewarded handsomely.
The Rs 21 crore incentive was given out in recognition of Ghosh's efforts "towards the growth and success of the company during the financial year ending March 31, 2016,” the company's annual report says.
In comparison, Ghosh's gross remuneration stood at Rs 3.7 crore during FY15. When it had filed its Red Herring Prospectus ahead of its IPO, InterGlobe had declared that it would pay out the incentive to Ghosh.
It’s not just Ghosh who reaped the rewards of a strong show, IndiGo rewarded its 12,000-plus strong employee force too. The airline said average increase in remuneration is about 42.8 percent during the financial year 2015-16.
After a stellar debut on the bourses in October 2015, IndiGo’s posted a 52 percent on-year rise to Rs 1,989 crore in net profit in FY16.
Its passenger revenue grew 14.4 percent in the period and now commands a 38 percent market share. “That there is going to be even higher growth and profitability in the years to come is something I am convinced of.
The Indian aviation sector is still in a nascent stage, with the new civil aviation policy promising to further strengthen the foundation for exceptional growth in the coming years,” Ghosh said in the report. He added that the airline plans to increase frequency of flights and expand into new areas going ahead.
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