Hero MotoCorp Ltd. Executive Chairperson Pawan Munjal has volunteered to reduce his fixed salary by 20%.
The updated remuneration will be effective from Jan. 1, 2024, following board approval, the company said in an exchange filing on Wednesday.
Earlier this year, Munjal decided to separate the roles of the chairman and chief executive officer, and appointed a CEO for the company. Niranjan Gupta took charge of the role in May.
Munjal drew a salary of Rs 99.55 crore, an 18% increase, as total remuneration in the previous fiscal, according to the company's annual report.
The median remuneration of employees during the previous financial year was Rs 12.25 lakh.
Other than his role as executive chairperson, Munjal also serves on the board of eight companies.
Profit Beats Estimates
Hero MotoCorp's second quarter net profit rose beating analysts' estimates on higher average selling prices.
The two-wheeler maker's profit increased 47% over a year earlier to Rs 1,054 crore in the quarter ended September, according to an exchange filing on Wednesday. A consensus estimate of analysts tracked by Bloomberg had estimated a profit of Rs 955 crore.
The company's sales fell nearly 1% year-on-year to 14.17 lakh units in the quarter ended September.
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