Tata Motors MD draws over 2-times more salary than M&M’s in FY19


PTI, Jul 21, 2019, 12:13 PM IST

New Delhi: Homegrown auto majors Tata Motors and Mahindra & Mahindra are close rivals in the automotive market but when it comes to 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 Rs 26.29 crore, an increase of 1.57 per cent from the previous year, according to the company’s annual report for 2018-19.

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, 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 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. 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.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

HC directs Delhi govt to appoint ex-officio members to state mental health authority

‘Challenge after 44 years’: Supreme Court junks pleas against ‘socialist’, ‘secular’ in Preamble

Related Articles More

Sensex reclaims 80k mark; Nifty surges over 1% after BJP-led Mahayuti’s win in Maharashtra

Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Air India Express increases flight operations from northeast destinations

Mcap of 8 of top-10 most-valued domestic firms jumps Rs 1.55 lakh cr; HDFC Bank, TCS sparkle

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.