New Delhi: Homegrown auto majors Tata Motors and Mahindra & Mahindra are close rivals in the automotive market but when it comes to the remuneration of their top honchos, the former is miles ahead of the latter.
Tata Motors Managing Director and CEO Guenter Butschek's total remuneration was at ₹26.29 crore, an increase of 1.57% from the previous year, according to the company's annual report for 2018-19.
On the other hand, Mahindra & Mahindra (M&M) Managing Director Pawan Goenka's total remuneration for FY2018-19 was at ₹12.19 crore, which was at a marginal decline of 0.16% from the previous fiscal, its annual report for 2018-19 showed.
Tata Motors said Butschek's remunerations included performance bonus and long-term incentive plan of ₹9.23 crore and retirement benefits of ₹32,02,494.
The performance bonus of EUR 5,94,000 (at conversion rate of ₹77.67 as on March 31, 2019) will be paid during FY 2019-20, the company said, adding 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).
M&M, did not elaborate on the break-up of Goenka's remuneration but said he holds 79,188 ordinary equity shares of the company.
During FY2018-19, Tata Motors said its Chairman N Chandrasekaran was paid ₹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 ₹8.67 crore, up 7.97% from the previous fiscal.
Tata Motors group sales for 2018-19 stood at 12,74,072 units, up 4.3% 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.
Also Read | Tata Motors total sales down 14% at 49,073 units in June
M&M's automotive volume sales grew by 10.76% 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% to 3,30,436 in 2018-19 from 3,19,623 units in the previous fiscal.
In the first quarter of the ongoing fiscal, Tata Motors' PV sales stood at 42,034 units while that of M&M group was at 59,400 units.
CV sales of Tata Motors in the first quarter of FY2019-20 were at 89,845 units whereas that of M&M was at 51,594 units.
This story has been published from a wire agency feed without modifications to the text.