Starting August 1, Mahindra Group’s MD & CEO, Anish Shah, may see his salary get revised from the scale of Rs 18 lakh to Rs 30 lakh per month band to Rs 30 lakh to Rs 55 lakh per month.
Shah’s Performance Pay will be based on his performance and the performance of the company to an amount not exceeding 235% of the Annual Basic Salary from FY2023 to FY2025.
His remuneration for FY23 came at Rs 12.47 crore, excluding the perquisite value of ESOPs exercised and Rs 16.44 crore including the perquisite value of ESOPs exercised.
Rajesh Jejurikar, who has been leading the Automotive and Farm Sector as the Executive Director and CEO, since April 2020, is also proposed to see his salary band of the existing Rs 12 lakh to Rs 26 lakh per month be revised to Rs 26 lakh to Rs 48 lakh per month.
Jejurikar’s Performance Pay is also based on his performance and performance of the company to an amount not exceeding 235% of the Annual Basic Salary from FY2023 to FY2025.
In FY2023, Jejurikar’s remuneration came at Rs 9.73 crore excluding the perquisite value of ESOPs exercised and Rs 12.74 crore including the perquisite value of ESOPs exercised.
For FY2023, the company reported revenue of Rs 121,269 crore, up 34 percent, and net profit of Rs 10,282 crore, up 56 percent respectively.
This proposed hike in salary for the Mahindra management is subject to the approval of the Board members.
