Mahindra MD Pawan Goenka took home Rs 8.70 crore while chairman Anand Mahindra drew Rs 8.03 cr in FY18

New Delhi: Mahindra Group Managing Director Pawan Goenka's remuneration rose by 65.22 percent to Rs 12.21 crore last fiscal, according to the company's Annual Report for 2017-18.

His remuneration, which included perquisite value of ESOPs exercised, was more than group Executive Chairman Anand Mahindra, who took home Rs 8.03 crore.

In terms of increase also, Mahindra's remuneration grew by a modest 4.69 percent. Excluding perquisite value of ESOPs exercised, Goenka's salary stood at Rs 8.7 crore, although still slightly more than Mahindra, who earned Rs 8.03 crore.

"The remuneration of the Executive Chairman and the Managing Director is decided based on the individual performance, inflation, prevailing industry trends and benchmarks," the company said.

File image of Anand Mahindra. Reuters.

File image of Anand Mahindra. Reuters.

As per the annual report, the median remuneration of the company's employees during the fiscal stood at Rs 7.83 lakh. There were 20,867 permanent employees on the rolls of the company as on 31 March, 2018.

In 2017-18, there was an increase of 10.59 percent in the median remuneration of employees.

The average percentage increase made in the salaries of employees, other than the managerial personnel, in 2017-18 was 15.14 per cent whereas the increase in the managerial remuneration during the fiscal stood at 30.10 percent.

M&M Group CFO and CIO VS Parthasarathy received Rs 4.14 crore as remuneration, including perquisite value of ESOPs exercised, up 13.55 percent from the previous year.

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Updated Date: Jul 24, 2018 11:39:31 IST

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