Tata Motors and Mahindra & Mahindra may be similar in a lot of fronts but the salary drawn by their respective CEOs is not one of them. Guenter Butschek, MD and CEO of Tata Motors, took home Rs 26.29 crore, which is an increase of 1.57 per cent from the year before, as per the company's annual report. But its competitor, M&M's MD Pawan Goenka took home Rs 12.19 crore for FY19, a decline of 0.16 per cent from the year before.
Bustschek's remunerations included performance bonus and long-term incentive plan of Rs 9.23 crore and retirement benefits of Rs 32,02,494, while M&M did not elaborate on the break-up of Goenka's remuneration but stated that he holds 79,188 ordinary equity shares of the company.
The performance bonus of EUR 5,94,000 (at conversion rate of Rs 77.67 as on March 31, 2019) will be paid during FY 2019-20, said Tata Motors, adding that his remunerations also included Long term incentives of EUR 5,94,000, which would accrue based on company performance as decided by Nomination and Remuneration Committee (NRC).
During FY2018-19, Tata Motors said its Chairman N Chandrasekaran was paid Rs 6 lakh for attending board and committee meetings. However, as a policy he abstained from receiving commission.
On the other hand, M&M Executive Chairman Anand Mahindra's total remuneration for the fiscal was at Rs 8.67 crore, up 7.97 per cent from the previous fiscal.
Tata Motors group sales for 2018-19 stood at 12,74,072 units, up 4.3 per cent as compared to FY 2017-18. Its global sales of all commercial vehicles (CV) were at 5,27,286 units, while sales of passenger vehicles (PV) were at 7,46,786 units.
M&M's automotive volume sales grew by 10.76 per cent to 6,07,548 units in 2018-19 from 5,48,508 units in 2017-18. The company's tractor sales grew by 3.4 per cent to 3,30,436 in 2018-19 from 3,19,623 units in the previous fiscal.
Tata Motors' PV sales in the first quarter was 42,034 units, while it was 59,400 units for M&M. The CV sales were at 89,845 units and 51,594 units respectively.
(With PTI inputs)
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today