HUL’s Sanjiv Mehta’s Salary Drops In Last Fiscal
HUL employees’ salaries rose 7 percent in 2018-19.
The head of India’s largest consumer goods maker saw his pay decline in the last financial year.
Sanjiv Mehta, chairman and managing director at Hindustan Unilever Ltd., received a pay package of Rs 18.88 crore for the 12 months ended March, a drop of 2.5 percent from the financial year 2017-18, according to its annual report.
That’s because the profits in lieu of salary, or payments received by an employee in addition to his salary, fell by more than half to Rs 2.73 crore in 2018-19, the annual report said.
The average increase in salaries of HUL’s employees, other than managerial personnel, was 7 percent in the last financial year compared with 9.4 percent in 2017-18. The target increase in managerial remuneration was 6 percent in 2018-19.
The number of employees on the company’s payroll was 5,645 in 2018-19 compared with 5,725 in the fiscal ended March 2018.
In 2018-19, HUL’s revenue grew 8.5 percent to Rs 38,224 crore, while its net profit rose 15.2 percent to Rs 6,036 crore.