Hero MotoCorp chairperson takes pay cut, Q2 profit up 47%
Hero MotoCorp's Executive Chairperson, Pawan Munjal, has voluntarily chosen to reduce his fixed salary by 20%. This move comes following the decision to separate the roles of Chairperson and CEO within the company. According to a November 1 exchange notification, Munjal had earlier decided to "separate the roles of the Chairman & CEO and appoint a CEO for the Company." The salary reduction will take effect from January 1, 2024.
Revised remuneration and comparison with median employee salary
In the fiscal year 2023, Munjal received a remuneration of Rs. 99.55 crore from Hero MotoCorp. This marked an 18.02% increase from the previous year. With the 20% cut, his salary will stand at around Rs. 80 crore. In contrast, the median remuneration for the company's employees during FY23 was Rs. 12.25 lakh.
Hero MotoCorp's Q2 FY24 financial performance
In another announcement, Hero MotoCorp revealed a 47% surge in net profit, amounting to Rs. 1,054 crore for the quarter ending September 30, 2023. The company's revenue from operations rose by 4% year-on-year to Rs. 9,445.42 crore during the quarter, compared to Rs. 9,075 crore in the previous fiscal year. The consolidated revenue and PAT for the quarter were Rs. 9,533 crore and Rs. 1,007 crore, while for H1, they stood at Rs. 18,384 crore and Rs. 1,708 crore, respectively.
