Mahindra Group's MD & CEO Anish Shah set for massive 83% salary increase

Mahindra Group's MD & CEO, Anish Shah, is set to receive a salary increase of approximately 83 per cent.

Effective August 1, 2023, Anish Shah's monthly salary will experience a significant surge, rising from Rs 30 lakh per month to Rs 55 lakh per month. Additionally, there will be an increase in the Performance Pay component, which is contingent upon both Shah's individual performance and the overall performance of the company. 

The Performance Pay will not exceed 235% of the Annual Basic Salary, covering the period from FY2023 to FY2025, reported Financial Express. 

Rajesh Jejurikar, who has been serving as the Executive Director and CEO of the Automotive and Farm Sector since April 2020, is slated to receive a substantial salary increase of 84 per cent. His monthly salary will rise from Rs 26 lakh per month to Rs 48 lakh per month. 

Similar to Anish Shah, Jejurikar will also see an enhancement in the Performance Pay component, which is tied to his personal performance and the company's overall performance. The Performance Pay will be capped at a maximum of 235% of the Annual Basic Salary for the duration spanning FY2023 to FY2025.

In the fiscal year of 2023, Mahindra Group disclosed a revenue of Rs 121,269 crore, signifying a growth of 34 per cent. Moreover, the company achieved a net profit of Rs 10,282 crore, representing a substantial increase of 56 per cent compared to the previous year.