Mahindra Group Managing Director Pawan Goenka's remuneration rose by 65.22 per cent to Rs 12.21 crore last fiscal, according to the company's Annual Report for 2017-18.
His remuneration, which included perquisite value of ESOPs exercised, was more than group Executive Chairman Anand Mahindra, who took home Rs 8.03 crore.
In terms of increase also, Mahindra's remuneration grew by a modest 4.69 per cent.
Excluding perquisite value of ESOPs exercised, Goenka's salary stood at Rs 8.7 crore, although still slightly more than Mahindra, who earned Rs 8.03 crore.
"The remuneration of the Executive Chairman and the Managing Director is decided based on the individual performance, inflation, prevailing industry trends and benchmarks," the company said.
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As per the annual report, the median remuneration of company's employees during the fiscal stood at Rs 7.83 lakh. There were 20,867 permanent employees on the rolls of the company as on March, 31, 2018.
In 2017-18, there was an increase of 10.59 per cent in the median remuneration of employees.
The average percentage increase made in the salaries of employees, other than the managerial personnel, in 2017-18 was 15.14 per cent whereas the increase in the managerial remuneration during the fiscal stood at 30.10 per cent.
M&M Group CFO and CIO VS Parthasarathy received Rs 4.14 crore as remuneration, including perquisite value of ESOPs exercised, up 13.55 per cent from the previous year.
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