Anand Mahindra’s salary up 4.69% to Rs 8.03 cr in FY18; Goenka pockets Rs 8.70 cr
The median remuneration of employees of the company during the financial year was Rs 7.83 lakh.
Mahindra and Mahindra Ltd(M&M) Chairman Anand Mahindra took home a salary of Rs 8.03 crore during the financial year 2017-18, an increase of 4.69 per cent from the previous year.
Interestingly, the remuneration paid to the company’s Managing Director Pawan Goenka exceeded that of Mahindra’s earnings at Rs 8.70 crore during FY 18, according to the company’s latest annual report.
In terms of ratio of Mahindra’s remuneration to that of the median remuneration of employees, it was 100.38 per cent.
In the fiscal 2016-17, Mahindra received a remuneration of Rs 7.67 crore, up 16.38 per cent compared to the previous fiscal, while Goenka took home Rs 7.39 crore, an increase of 15.86 per cent.
“The remuneration of the Executive Chairman and the Managing Director is decided based on the individual performance, inflation, prevailing industrytrends and benchmarks,” the company said.
In terms of ratio of Mahindra’s remuneration to that of the median remuneration of employees, it was 100.38 per cent, whereas the ratio stood at 152.63 per cent in the case of Goenka.
The remuneration paid to Goenka excludes the perquisite value of ESOPs exercised for the financial year 2017-18, which was an additional Rs 3.51 crore, taking the total remuneration to Rs 12.21 crore.
In the fiscal 2016-17, Pawan Goenka took home Rs 7.39 crore, an increase of 15.86 per cent.
The median remuneration of employees of the company during the financial year was Rs 7.83 lakh and there was an increase of 10.59 per cent in the median remuneration of employees.
As per the report, average percentage increase made in the salaries of employees in the financial year 2017-18 was 15.14 per cent whereas the increase in the managerial remuneration for the year was 30.10 per cent..
M&M Group CFO and CIO VS Parthasarathy received Rs 4.14 crore as remuneration, excluding perquisite value of ESOPs exercised, up 17.61 per cent from the previous year.
For the year ended March 31, 2018 the company posted a net profit of Rs 4,623 crore, up 18 per cent from Rs 3,924 crore in 2016-17. Total revenue from operations during the year rose to Rs 47,577 crore, up 15 per cent from Rs 41,378 crore in 2016-17.