Hindustan Unilever Ltd. (HUL) Chairman Sanjiv Mehta's annual pay dipped by 21% to Rs 15.35 crore in the financial year ended March 31, 2021 (FY21).
Mehta's remuneration fell about a fifth last fiscal year as the COVID-19 impacted the performance of the country's largest consumer goods company.
His annual salary was Rs 19.42 crore a year ago. Mehta's pay package is 122 times the median pay of HUL employees.
Remuneration comprises bonus, salary and allowances, perquisites, and contribution to pension and provident fund, HUL said in its annual report.
However, specifics regarding stock option payouts to key executives were not mentioned in the yearly report. Meanwhile, Mehta, in his statement to shareholders, said the COVID-19 pandemic majorly impacted lives, livelihoods, and business.
"The year 2020-21 has been challenging for each one of us. The Covid-19 pandemic has had a significant impact on lives, livelihoods, and the business. Operational challenges mounted due to restricted movement and disrupted supply lines during the first few months of the pandemic," he said in the report.
"As the second wave of the pandemic unfolds with predictions of a third wave in the offing, our focus continues to be on our people's health and safety, ensuring uninterrupted supplies of COVID relevant portfolio, meeting the demand arising out of evolving consumer needs, caring for the communities in which we operate, and finally, protecting our business model," Mehta added.
Meanwhile, HUL raised the salary of employees apart from the managerial personnel by an average 3.4% in FY21, as per the annual report.
The average hike from the management committee was 4%. The FMCG major also gave a one-time special cash award to the frontline sales force and factory-based employees to recognise their efforts during the pandemic.
HUL's revenue jumped 18% to Rs 45,311 crore in FY21, as per its filings. Net profit also rose 18% to Rs 7,954 crore.
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