Hero MotoCorp Executive Chairman Pawan Munjal to take 20% pay reduction
Mumbai: Hero MotoCorp Ltd on Wednesday announced that its board has given the green light to Executive Chairman Pawan Munjal's voluntary decision to decrease his fixed salary by 20%.
This revised compensation will come into effect from 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.
In FY23, Pawan Munjal received a total remuneration of Rs 99.6 crore, marking an 18% increase, as stated in the company's annual report.
For the quarter ending September 30, 2023, Hero MotoCorp reported a significant 47% surge in standalone profit, amounting to Rs 1,054 crore.
This increase came on the back of lower commodity costs and price adjustments, which helped offset subdued sales.
The company's quarterly expenses saw a modest 1% rise, while input costs experienced a slight decrease of 0.2%. Additionally, revenue witnessed a growth of over 4%, reaching Rs 9,445 crore.
As India's leading motorcycle manufacturer, Hero reported a notable 26% increase in sales, totaling 574,903 units last month. This puts the company close to its October 2019 sales figure of 599,248 units.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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