Hero MotoCorp Executive Chairman Pawan Munjal volunteers to take 20% pay cut

Hero MotoCorp Ltd on Wednesday said its Board approved Executive Chairman Pawan Munjal's decision to take 20% reduction in his fixed salary. The updated remuneration will be effective January 1, 2024.

"Earlier this year, Dr. Pawan Munjal decided to separate the roles of the Chairman & CEO and appoint a CEO for the Company. Following this transition, he has now volunteered to reduce his fixed salary by 20%. The same was approved by the Board of Directors at its meeting today following the recommendations of the Nomination & Remuneration Committee. The updated remuneration of the Executive Chairman will be effective January 1, 2024," said the two-wheeler firm in a stock exchange filing.

Pawan Munjal took home Rs 99.6 crore as total remuneration in FY23, an increase of 18%, showed the company's annual report.

Hero MotoCorp on Wednesday reported 47% jump in standalone profit at Rs 1,054 crore for the quarter ending September 30, 2023 as lower commodity costs and price hikes helped offset muted sales.

Hero's quarterly expenses rose a modest 1% while input costs inched down 0.2%. Revenue grew over 4% to Rs 9,445 crore.

Hero, India's top motorcycle manufacturer, said sales grew 26% to 574,903 units last month, closing in on the 599,248 units it sold in October 2019.

On Wednesday, Hero MotoCorp's scrip on BSE closed trading 0.15% higher at Rs 3,095.