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Mint
a day ago
- Automotive
- Mint
Mahindra's ‘bull run' leads to biggest ever jump in annual pay for top executives
Mahindra & Mahindra Ltd has reported its biggest-ever annual jump in executive compensation in FY25, thanks to a surge in sport utility vehicle (SUV) sales and a robust rise in its stock price in a slowing auto market. According to the company's latest annual report, the total remuneration for top executives jumped 84% in FY25, significantly up from a 44% increase the previous year. The company's executive director and CEO (auto and farm sector), Rajesh Jejurikar, saw the biggest jump in annual remuneration, which includes exercise of employee stock ownership plans (Esops), at 99%. Mahindra Group's managing director and CEO, Anish Shah, saw his annual pay go up by 95%. Also Read: Ola skids in EV race as TVS, Bajaj race ahead in Q1 According to a person directly aware of the matter, the increase in the top executives' annual pay was largely due to the good performance of the company's shares, as managerial personnel hold the last five years, Mahindra's stock price has increased by over five times while Nifty Auto has seen a three-fold jump. Analysts attribute the strong performance of the company's shares to its surge in sales on the back of its products finding takers. 'While these (Esops) were given at a much lower value in prior years, the annual report reflects the value of exercise at the current price. Therefore, the increase in stock price is driving the increase in managerial compensation," the person said. Queries emailed to Mahindra and Mahindra Ltd remained unanswered until press time. In its annual report, the company disclosed that the remuneration of its managerial personnel is dependent on several factors, apart from the exercise of stock options. 'The remuneration of the Managing Director and Executive Director is decided based on the individual performance as well as performance of the company, inflation, prevailing industry trends and benchmarks," the company's annual report said. Mahindra rides SUV wave The average salaries of employees other than managerial personnel increased by 10% during the last financial year, compared to a 14% rise in FY24. 'Among all the auto companies, Mahindra has been outperforming for a while, which is giving investors confidence. Its SUV portfolio and the market's affinity for such products are helping the company attract investors," Saji John, senior research analyst atGeojit Financial Services, said. Also Read: India looks east to this new ally to ease China's grip on EV batteriesIn FY25, Mahindra and Mahindra recorded a 20% surge in sales to 551,000 units. Its closest rivals,Hyundai Motor India andTata Motors, both saw their sales decline by 3% during the last financial year to 598,666 units and 556,263. M&M has also continued to grow in sales in the current financial year, recording a 22% jump in sales to 152,067 units from April to June. 'In June, we achieved SUV sales of 47,306 units, a growth of 18%, and total vehicle sales of 78,969 units, a 14% growth compared to the same month last year. The quarter ended on a very positive note for us, marking the highest quarter ever for SUVs," Nalinikanth Gollagunta, CEO, Automotive Division, Mahindra and Mahindra. In the first quarter, Mahindra became the second-largest car maker in the country in terms of sales, while rivals Hyundai Motor India and Tata Motors lagged behind. Also Read: TVS Motor overhauls top team amid electric scooter surge On Tuesday, Mahindra's share price declined by 0.23%, compared to a 0.2% decline in Nifty Auto.
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Business Standard
2 days ago
- Automotive
- Business Standard
Mahindra group's top executives witness up to 98% jump in salaries
Mahindra & Mahindra's top executives saw a significant jump in compensation in FY25, with some receiving pay hikes of up to 98 per cent, reflecting the group's robust performance across segments. Group Chief Executive Officer and Managing Director Anish Shah saw his remuneration nearly double — rising 95.42 per cent to ₹47.33 crore from ₹24.22 crore a year earlier. Rajesh Jejurikar, Executive Director and Chief Executive Officer (Auto and Farm Sector), also received a 98 per cent hike in pay, drawing ₹38.27 crore compared to ₹19.25 crore in FY24. Chairman Anand Mahindra's remuneration stood at ₹5.62 crore, marginally up from ₹5.15 crore the previous year. The hikes come on the back of a robust financial year for the Mahindra Group. In FY25, the company's consolidated revenue grew 14 per cent to ₹1,59,211 crore, while profit after tax surged 20 per cent to ₹12,929 crore. The automobile segment saw revenues rise 19 per cent to ₹90,825 crore, with profit after tax (PAT) climbing 25 per cent to ₹5,907 crore. The farm division posted a 6 per cent rise in both revenue and PAT, reaching ₹35,375 crore and ₹3,792 crore, respectively. 'FY25 was an exceptional year for the Mahindra Group, reflecting strong, broad-based growth and stellar execution across businesses,' said Anish Shah. 'The launch of our Electric Origin SUVs redefines quality standards and marks a significant milestone in India's EV journey.' Meanwhile, at Tata Motors, Executive Director Girish Wagh's remuneration rose by 22 per cent to ₹8.5 crore, including employee stock ownership plan (ESOP) and perquisites, as the company continues its focus on commercial vehicle leadership and EV transition.
IOL News
03-06-2025
- Automotive
- IOL News
Mahindra Thar would make a great Jimny rival - is it finally on the radar for South Africa?
The Mahindra Thar Roxx could be heading to South Africa later this year. Image: Supplied The second-generation Mahindra Thar is a rugged yet affordable compact SUV, which has been something of a hit in its home market of India. However markets such as South Africa have missed out on it so far. Since its introduction in 2020, the latest Thar has found more than 250,000 homes in India, and its popularity has surged further since the introduction of the five-door Roxx version in late 2024. When the latter was launched last year, Mahindra's head of automotive operations, Rajesh Jejurikar, told Business Today that the company had no immediate plans to export the model to markets outside of India. He said the factory would instead focus on satisfying demand in its home market. 'At this point of time, we are expecting that we are going to be pretty full with meeting domestic requirements for some point of time, so no plans on exports,' Jejurikar told the Indian publication. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Mahindra Thar Roxx. Image: Supplied However, that could be about to change. Mahindra recently increased production of the Thar in India, with capacity having increased from 6,500 units per month, in November 2024, to around 9,000 at present, Autocar reported. This comes as rumours circulate about the Thar's possible South African introduction later this year. Local Mahindra representatives announced at the recent Nampo show that the company planned to launch another SUV in South Africa this year, but they did not give any further details about this product. Yet given the options currently available in India, the Thar Roxx would appear to be the only viable option for local introduction. Furthermore, local dealers that we spoke to say they're expecting the new model to arrive around September this year. Interestingly, Mahindra was blocked from introducing the three-door Thar from the Australian market in 2021 after Jeep instituted legal action due to the vehicle's perceived resemblance to the Wrangler. But it is not believed that there are any legal impediments to the vehicle being introduced in South Africa. What is the Mahindra Thar Roxx? Although many have labelled it as a potential Suzuki Jimny killer, the Mahindra Thar Roxx is a somewhat bigger vehicle, with an overall length of 4,428mm stretching well beyond the Jimny's 3,820mm footprint. However, the Thar Roxx is still relatively compact, given that a Jeep Wrangler Unlimited stretches out at 4,882mm, and its pricing certainly overlaps with the aforementioned Suzuki. In India, the Thar Roxx costs between 12.99 and 23.39 Lahk (R271,000 to R489,000), while the Jimny 5-door sells for 12.76 to 14.96 Lahk (R266,000 to R313,000). Keep in mind that South African prices would be somewhat higher due to duties and other associated import costs. The cabin is available with some high-end features. Image: Mahindra
Economic Times
03-06-2025
- Automotive
- Economic Times
Hyundai overtakes Tata Motors to grab third spot in May
TIL Creatives Representatie Image India's leading car makers Maruti Suzuki, Hyundai Motor India and Tata Motors all sold fewer vehicles in May from a year ago as sluggish demand, especially at the entry-level, kept the dispatches flat. However, Korean auto major Hyundai Motor India climbed up the ranks to the third spot in the passenger vehicle market in May ahead of Tata Motors, but trailed Mahindra & Mahindra (M&M), which retained the second slot for the second straight month this year. Market leader Maruti Suzuki remained ahead of rivals with sales of 135,962 units, but volumes fell by about 6% in May. Hyundai too saw volumes dip by 10.8% to 43,861 units last month but managed to stay ahead of Tata Motors with a lead of 2,304 units. At Tata Motors, sales slid 11% to 41,557 units. All three companies lost market share in the range 150-220 basis points in & Mahindra (M&M) and Toyota Kirloskar Motor (TKM) bucked the trend, growing market share to 14.9% (+ 260 bp) and 8.3% (+150 bp), respectively. Mahindra and Toyota took major strides on the back of its refreshed portfolio of SUVs over the last couple of years – sales share from metros for the companies rose to 24% (from 14% in FY21) and to 35% (from 31% in FY21), respectively, data from automotive consultancy firm JATO Dynamics showed. Mahindra is in the process of expanding capacity by 24% to 67,000 units per month by the end of FY27. The company is also looking to set up a new greenfield facility to meet demand, in the mid-term.'Our current SUV capacity utilisation is already over 90%. With the new products we are planning to launch, it's clear we will need additional capacity,' Rajesh Jejurikar, executive director and chief executive officer (automotive and farm sector) said in a recent interaction,In May, Partho Banerjee, senior executive officer (marketing and sales) at Maruti Suzuki said, while small car sales have been on a slide impacting more automakers in the segment, demand for SUVs too has waned. 'If we leave out the new models which have come in the last year, industry volumes fell by 8% in May', Banerjee said, adding military operations in border areas of Gujarat, Maharashtra and Jammu & Kashmir also hit the company's sales last month. These states account for 9% of total sales of Maruti however, said forecasts of above normal monsoons are a 'good sign' and coming months 'will be better.'Hyundai Motor India said while the week-long maintenance shutdown at its manufacturing facility in Tamil Nadu last month affected availability of critical models, it is confident of growing sales going ahead. HMIL Chief Operating Officer Tarun Grag said he is 'hopeful of a steady increase in demand with reduced uncertainty on the geo-political front and improved macro-economic situation.'The recent revisions in income tax slabs coupled with rate cuts being engineered by the central bank will enhance affordability among buyers, said Vivek Srivatsa, chief commercial officer at Tata Passenger Electric Mobility, told ET. 'It will release disposable income and boost consumption. But where customers spend the money is a challenge. During and after covid, demand for personal mobility took a huge jump. That has now reduced a bit. Experiences, travelling with family, these things are now more of a priority', said Srivatsa, who also heads operations of the company's internal combustion engine passenger vehicles. Overall he expects the domestic market to grow by about 5% in FY26, he said. Separately, in the two-wheeler segment, Hero MotoCorp managed to edge past rival Honda Motorcycle & Scooter India (HMSI) to regain the top slot with sales of 488,997 units in May. Sales at the Japanese two-wheeler maker fell 7.4% to 417,256 units last month. ( Originally published on Jun 02, 2025 )
Time of India
02-06-2025
- Automotive
- Time of India
Maruti, Hyundai, Tata see flat vehicle sales in May amid sluggish demand
India's leading car makers Maruti Suzuki , Hyundai Motor India and Tata Motors all sold fewer vehicles in May from a year ago as sluggish demand, especially at the entry-level, kept the dispatches flat. However, Korean auto major Hyundai Motor India climbed up the ranks to the third spot in the passenger vehicle market in May ahead of Tata Motors, but trailed Mahindra & Mahindra (M&M), which retained the second slot for the second straight month this year. Market leader Maruti Suzuki remained ahead of rivals with sales of 135,962 units, but volumes fell by about 6% in May. Hyundai too saw volumes dip by 10.8% to 43,861 units last month but managed to stay ahead of Tata Motors with a lead of 2,304 units. At Tata Motors, sales slid 11% to 41,557 units. All three companies lost market share in the range 150-220 basis points in May. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was Everyone's Dream Girl In 90's, This Is Her Recently. Investructor Undo Mahindra & Mahindra (M&M) and Toyota Kirloskar Motor (TKM) bucked the trend, growing market share to 14.9% (+ 260 bp) and 8.3% (+150 bp), respectively. Mahindra and Toyota took major strides on the back of its refreshed portfolio of SUVs over the last couple of years – sales share from metros for the companies rose to 24% (from 14% in FY21) and to 35% (from 31% in FY21), respectively, data from automotive consultancy firm JATO Dynamics showed. Mahindra is in the process of expanding capacity by 24% to 67,000 units per month by the end of FY27. The company is also looking to set up a new greenfield facility to meet demand, in the mid-term. Live Events 'Our current SUV capacity utilisation is already over 90%. With the new products we are planning to launch, it's clear we will need additional capacity,' Rajesh Jejurikar, executive director and chief executive officer (automotive and farm sector) said in a recent interaction, In May, Partho Banerjee, senior executive officer (marketing and sales) at Maruti Suzuki said, while small car sales have been on a slide impacting more automakers in the segment, demand for SUVs too has waned. 'If we leave out the new models which have come in the last year, industry volumes fell by 8% in May', Banerjee said, adding military operations in border areas of Gujarat, Maharashtra and Jammu & Kashmir also hit the company's sales last month. These states account for 9% of total sales of Maruti Suzuki. Banerjee, however, said forecasts of above normal monsoons are a 'good sign' and coming months 'will be better.' Hyundai Motor India said while the week-long maintenance shutdown at its manufacturing facility in Tamil Nadu last month affected availability of critical models, it is confident of growing sales going ahead. HMIL Chief Operating Officer Tarun Grag said he is 'hopeful of a steady increase in demand with reduced uncertainty on the geo-political front and improved macro-economic situation.' The recent revisions in income tax slabs coupled with rate cuts being engineered by the central bank will enhance affordability among buyers, said Vivek Srivatsa, chief commercial officer at Tata Passenger Electric Mobility, told ET. 'It will release disposable income and boost consumption. But where customers spend the money is a challenge. During and after covid, demand for personal mobility took a huge jump. That has now reduced a bit. Experiences, travelling with family, these things are now more of a priority', said Srivatsa, who also heads operations of the company's internal combustion engine passenger vehicles. Overall he expects the domestic market to grow by about 5% in FY26, he said. Separately, in the two-wheeler segment, Hero MotoCorp managed to edge past rival Honda Motorcycle & Scooter India (HMSI) to regain the top slot with sales of 488,997 units in May. Sales at the Japanese two-wheeler maker fell 7.4% to 417,256 units last month. COMPANY MAY 2024 MAY 2025 % CHANGE MARKET SHARE MAY 2024 MARKET SHARE MAY 2025 Maruti Suzuki 144,002 135,962 -5.6 41 38.8 Mahindra & Mahindra 43,218 52,431 21.3 12.3 14.9 Hyundai Motor India 49,151 43,861 -10.8 14 12.5 Tata Motors 46,697 41,557 -11 13.3 11.8 Toyota Kirloskar Motor 23,928 29,280 22.4 6.8 8.3 INDUSTRY 350,967 350,866 - Domestic sales only Source: Companies /SIAM`
