Pay Ratio Disclosure

PAY-RATIO DISCLOSURES
BY NIFTY COMPANIES
INGOVERN RESEARCH SERVICES
November 2015

PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 2
As per the Companies Act, 2013, Indian companies have started making director pay-ratio disclosures in annual reports. This report
analyses the pay-ratio disclosures made by Nifty-50 companies and provides key-takeaways. The report also compares Indian pay-
ratio disclosure regulations with those in the US.
HIGHLIGHTS
34 Nifty-50 Companies disclosed Pay-ratios.
Pay of 95 Directors analysed in this study
34
95
3 Companies - Bajaj Auto, Bosch and Maruti Suzuki
shied away from making any such disclosures
PSUs are exempted from Pay-Ratio Disclosures.
Nifty-50 has 10 PSUs
3
Cos.
10
PSU

11 Directors’ Remuneration exceeds 400 times
the median employee pay of their companies.
This includes 3 Directors each of Hero
MotoCorp and Lupin
11
400
70% of the top-10 Highest Paid Directors of Nifty
companies are Promoter individuals
70%
Promoter
Mr. Kumar Mangalam Birla was the only Non-
executive Director among the top-10 highest paid
directors. He is Non-executive Chairman of 4
Nifty companies and was paid a total of Rs. 40.5
Crores in FY15 from these companies
40Cr
NED

Rs. 9.00 Crore: Average remuneration of an
Executive Director of Nifty Company
9Cr
ED
Rs. 5.87 Lakh: Average Median Employee
Remuneration.
5.9L
MER
170 times: Average ratio of Pay of Executive
Directors to the Median Employee Remuneration.
170
Ratio
8 Directors paid more than 1% of the standalone
net profits with the highest being 2.33%.
10 Directors paid less than 0.035% of the
standalone net profits.
8
10

PAGE
SUMMARY 2
BACKGROUND 6
THE PROVISIONS 7
KEY TAKEAWAYS 12
ANNEXURE
o DIRECTORS’ PAY-RATIO LIST IN
DECREASING ORDER
18
o COMPANY-WISE DIRECTOR’S
PAY-RATIO LIST
24
o REMUNERATION BREAK-UP AND
INFORMATION ON STOCK
OPTIONS
30

THE BACKGROUND
India-listed companies had to make additional and detailed disclosures on remuneration in the annual
reports for the financial year 2015. These disclosures were result of the requirements under Section 197
of the Companies Act, 2013. One of such requirement was disclosure of the pay-ratio of directors and
key managerial personnel with that of the median employee remuneration.
The Companies Act, 2013 empowers shareholders to vote on proposals for fixing of remuneration of
directors. In comparison, shareholders of US incorporated companies get to cast a non-binding vote on
such proposals. A non-binding vote doesn’t have any direct implication on passing of the proposal. It
is just a way to convey the opinion of the shareholders to Board. The CEO’s pay is set by the Board in
consultation with its Remuneration Committee and affirmation is sought from shareholders through
the proposal. If majority of the votes are against the proposal, the Board has the discretion to either
change the terms of the remuneration or go ahead with the unchanged original pay. This provision is
widely regarded in the US as ‘Say on Pay’.
Indian regulations’ ‘Vote on Pay’ gives shareholders of India-incorporated companies a significant
authority in comparison to the US regulations’ ‘Say on Pay’.
In spite of being provided with such an authority, shareholders of Indian companies have rarely taken
a principled stand in cases where excessive remuneration was paid to the directors, until recently. The
recent cases of Tata Motors (where proposals of remuneration to Executive Directors was voted
against) and Apollo Hospitals (where more than 46% voting institutional shareholders voted against
the proposals for appointment and remuneration of the Executive Vice Chairperson and Managing
Directors) shows a changing trend where shareholders are actively analyzing and voting on
remuneration proposals.
America has
‘Say on Pay’
while
India has
‘Vote on Pay’

THE PROVISIONS
Proposals for director remuneration are always a sensitive matter which needs thorough
analysis. Hence, companies are expected to give greater details of the terms of
remuneration in the explanatory statement of their proposals. The new Companies Act,
2013 which became effective on April 1st, 2014 requires companies to make more mandatory
disclosures regarding their director and senior managerial remuneration. This requirement
will aids shareholders in detailed analysis of remuneration proposals and take informed
decisions. The Securities and Exchange Commission (SEC) of US also incorporated similar
provisions for US-incorporated companies in August 2015 after exhaustive discussions and
debate since 2010. The regulations of both countries are listed below:
India – The Companies Act, 2013
Section 197(12) of the act states:
“Every listed company shall disclose in the Board’s report, the ratio of the remuneration of
each director to the median employee’s remuneration and such other details as may be
prescribed.”
Further, Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 states:
“Every listed company shall disclose in the Board’s report-
i) the ratio of the remuneration of each director to the median remuneration of the
employees of the company for the financial year;
ii) the percentage increase in remuneration of each director, Chief Financial Officer,
Chief Executive Officer, Company Secretary or Manager, if any, in the financial year;
INDIA
Companies Act, 2013
Section 197(12)
Rule 5 of Companies
(Appointment and
Remuneration of
Managerial Personnel)
Rules, 2014

INDIA
Companies Act, 2013
Section 197(12)
Rule 5 of Companies
(Appointment and
Remuneration of
Managerial Personnel)
Rules, 2014
iii) the percentage increase in the median remuneration of employees in the financial
year;
iv) the number of permanent employees on the rolls of company;
v) the explanation on the relationship between average increase in remuneration and
company performance;
vi) comparison of the remuneration of the Key Managerial Personnel against the
performance of the company;
vii) variations in the market capitalisation of the company, price earnings ratio as at the
closing date of the current financial year and previous financial year and percentage
increase over decrease in the market quotations of the shares of the company in
comparison to the rate at which the company came out with the last public offer in
case of listed companies, and in case of unlisted companies, the variations in the net
worth of the company as at the close of the current financial year and previous
financial year;
viii) average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if
there are any exceptional circumstances for increase in the managerial remuneration;
ix) comparison of the each remuneration of the Key Managerial Personnel against the
performance of the company;
x) the key parameters for any variable component of remuneration availed by the
directors;
xi) the ratio of the remuneration of the highest paid director to that of the employees
who are not directors but receive remuneration in excess of the highest paid director
during the year; and
xii) affirmation that the remuneration is as per the remuneration policy of the company.”
Access the complete Section and the Rule in “The Companies Act Integrated Ready Reckoner - CAIRR”

USA
The Dodd-Frank Act
Section 953(b)
US – The Dodd-Frank Act
Section 953 of the Act states:
“(i) Disclosure Of Pay Versus Performance - The Commission shall, by rule, require each issuer to
disclose in any proxy or consent solicitation material for an annual meeting of the shareholders of
the issuer a clear description of any compensation required to be disclosed by the issuer under
section 229.402 of title 17, Code of Federal Regulations (or any successor thereto), including
information that shows the relationship between executive compensation actually paid and the
financial performance of the issuer, taking into account any change in the value of the shares of stock
and dividends of the issuer and any distributions.
The disclosure under this subsection may include a graphic representation of the information
required to be disclosed.’’.
(b) Additional Disclosure Requirements -
(1) In General - The Commission shall amend section 229.402 of title 17, Code of Federal Regulations,
to require each issuer to disclose in any filing of the issuer described in section 229.10(a) of title 17,
Code of Federal Regulations (or any successor thereto)—
(A) the median of the annual total compensation of all employees of the issuer, except the chief
executive officer (or any equivalent position) of the issuer;
(B) the annual total compensation of the chief executive officer (or any equivalent position) of the
issuer; and
(C) the ratio of the amount described in subparagraph (A) to the amount described in subparagraph
(B)”

COMPARISON OF THE PROVISIONS
While the Dodd Frank Act requires comparison of CEO’s pay with that of the median remuneration of employees, the
Companies Act requires remuneration of all directors to be compared with the median remuneration of employees. As per the
Dodd Frank regulation, no comparison is provided for any executive or non-executive members of the Board, other than the
CEO.
Both Dodd-Frank and Companies Act requires disclosure and comparison of remuneration of all key managerial personnel, such
as CEO, CFO, Company Secretary, etc., with that of the financial performance of the company.
The Companies Act seeks an additional disclosure of percentage increase of all directors and key managerial personnel as
compared to percentage increase in the median remuneration of employees.
The Companies Act also requires companies to provide explanation on the relationship between average increase in
remuneration and company performance.
The Dodd Frank Act allows certain relaxations to companies in calculating median remuneration of employees. The relaxations
are in form of exemption of salaries of non-US employees in certain cases, determination of median employee once every three
years, instead of every year, etc.

A detailed comparison in tabular format is given below:
Indian Companies Act US Dodd-Frank Act
Section 197(12) and Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 contain these
provisions
Section 953(b) of the Dodd-Frank Act contains these provisions
Origin of this provision was in the Companies Bill, 2011 This provision was in debate and discussion since 2010
Ratio of pay of each of the directors, including the MD, to median
employee remuneration is to be disclosed
Ratio of pay of CEO to median employee remuneration is to be
disclosed
Comparison of increase in pay of all key managerial personnel with
that of performance of the company is to be disclosed
Comparison of increase in pay of all key managerial personnel with
that of performance of the company is, to be disclosed
Comparison of % increase in pay of directors and key management
and % increase in median employee remuneration
This is not a requirement under Dodd-Frank Act
Disclosure of explanation on relationship between average increase in
remuneration and company performance
This is not a requirement under Dodd-Frank Act
The Act requires pay of all non-director employees to be taken for
calculation of median employee remuneration
Detailed method of calculation of the median employee remuneration
is suggested. The Act requires companies to segregate employees in
domestic and foreign locations, etc. and calculate median accordingly

DISCLOSURES BY INDIAN COMPANIES – KEY TAKEAWAYS
On the Companies Act, 2013 coming to effect on April 1, 2014, the companies have started making required disclosures in their
annual reports for FY15. We have compiled details as required under the Rule 5, of Nifty-50 companies that have made these details
available for FY15, with data available as on November 1, 2015.
A few points to note
 Government companies (PSUs) are exempted from making such disclosures in their annual reports, as per a notification issued
by the Ministry of Corporate Affairs in June 2015. In our opinion, such an exemption should not have been given to PSUs. In the
interest of good governance, and greater transparency, all companies should be treated equal and selective exemptions should
not be given. The Government of India should view its role as a dominant shareholder and as a regulator as distinct and should
not have differing regulations for entities where it is a dominant shareholder.
 As a result, our study doesn’t include 10 PSUs in the Nifty-50 index, viz., Bank of Baroda, BHEL, Bharat Petroleum, Coal India,
GAIL, NTPC, ONGC, Punjab National Bank, Power Grid Corporation and State Bank of India.
 Three companies of the Nifty index, viz., HCL Technologies, ACC and Ambuja Cements have not yet made their FY-2015 annual
reports available as they have different year-ending dates. Hence, our study doesn’t include these companies.
 Three companies of the Nifty index, viz., Bosch, Bajaj Auto and Maruti Suzuki have not made any such disclosures in their
annual report. The annual reports of Bajaj Auto and Maruti Suzuki state that these details will be made available to any
shareholder upon request. Hence, our study doesn’t include these companies. In our opinion, this is not a good precedent by
these companies, and it is against the spirit of the regulations.
 As a result, our study is based on disclosures by 34 companies of the Nifty-50 index and 95 directorships in total.
 Many directors left/joined the Board during FY15, hence were on the Board for a part of the financial year. We have suffixed an
asterisk (*) along with their names. Certain data-points for these directors are either not available or not meaningful.
 We have not included certain directors who were on the Board for a very less period of time.
 The study also includes directors who were promoted from within the company during FY15. In such cases, the percentage
increase in their remunerations may not be meaningful in comparing with percentage increase in the median employee
remuneration.
The exhaustive list containing details of 95 directors from 34 companies is provided in tabular format in the annexure.

1. THE RATIO
The remuneration of 11 Directors was more than 400 times the median employee remuneration of their companies. This included
three Directors each of Lupin and Hero MotoCorp and one each of Hindalco, L&T, Cipla, ITC and TCS.
Company Director Category Designation Ratio of DR to MER
Lupin Desh Bandhu Gupta Promoter Chairman 1168
Lupin Vinita Gupta Promoter CEO 777
Hero MotoCorp Pawan Munjal Promoter MD 631
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 625
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 601
Hindalco D. Bhattacharya Non-Promoter MD 518
Lupin Kamal Sharma Non-Promoter VC 516
L&T A M Naik Non-Promoter Chairman 454
Cipla Subhanu Saxena Non-Promoter MD 453
ITC Y. C. Deveshwar Non-Promoter Chairman 439
TCS N. Chandrasekaran Non-Promoter MD 417
0
1
2
3
Promoters Non-Promoters

2. THE REMUNERATION
The highest remuneration to a director was to the Managing Director of Hero MotoCorp who was paid Rs. 43.91 Crore for FY15.
10 Directors were paid remuneration in excess of Rs. 19 Crores. This included the Non-executive Director of Ultratech Cement
who is also the Chairman of the Board of the company.
Company Director Category Designation
Director Remuneration
(DR) (Rs. Cr.)
% of PAT
Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%
Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%
L&T A M Naik Non-Promoter Chairman 27.32 0.54%
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 0.21%
Lupin Vinita Gupta Promoter CEO 24.86 1.04%
Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%
TCS N. Chandrasekaran Non-Promoter MD 21.28 0.11%
Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%
7 out of these 10 (i.e., 70%) Directors are promoters of their respective companies. The three highest paid directors are directors of
Hero MotoCorp. Lupin also contributed two directors to the top-10 list.
Rs. 43.91 Crore
Highest Remuneration in FY15
Top 3 Highest Paid Directors,
all of Hero MotoCorp
70% of top-10 paid Directors are
Promoters
Average Director’s Remuneration: Rs.
9.00 Crore

3. THE AVERAGE
The average of ratio of Directors’ pay to median employee remuneration was 170.40 while the median was 97. Pay of 26 Directors
was higher than the average of 170.50. This included 13 promoters and 13 non-promoter directors.
Average of ratio of Director’s
Pay to MER was 170.40 and
Median was 97
Pay of 26 Directors was
higher than the average of
170.50
Average of MER was Rs. 5.87
Lakh and Median was
Rs. 5.29 Lakh
The average of median employee remuneration was Rs. 5.87 Lakh while the median was Rs. 5.29 Lakh.
4. THE PERCENTAGE
8 Directors were paid remuneration that was more than 1% of the standalone net profits of their companies. The top-10 Directors
in this list also included the Non-Executive Chairman of the Boards of Ultratech Cement and Grasim Industries. On the other
hand, remuneration of 16 Directors was less than 0.05% of the net profits of their companies.
Directors with highest ratio of Remuneration-to-Net Profits
Remuneration
(Rs. Cr.)
% of PAT
Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%
Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%
Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%
Grasim Industries K. K. Maheshwari Non-Promoter MD 8.05 1.52%
Cipla Subhanu Saxena Non-Promoter MD 13.31 1.13%

Remuneration
(Rs. Cr.)
% of PAT
Lupin Vinita Gupta Promoter CEO 24.86 1.04%
Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%
Grasim Industries Kumar Mangalam Birla Promoter NED Chair 4.52 0.85%
Directors with lowest ratio of Remuneration-to-Net Profits
Remuneration
(Rs. Cr.)
% of PAT
Reliance Industries Pawan Kumar Kapil Non-Promoter ED 2.42 0.01%
ICICI Bank Rajiv Sabharwal Non-Promoter ED 3.33 0.02%
HDFC Bank Kaizad Bharucha Non-Promoter ED 2.48 0.02%
Axis Bank V. Srinivasan Non-Promoter ED 2.46 0.03%
ITC P. V. Dhobale Non-Promoter ED 2.60 0.03%
ITC K. N. Grant Non-Promoter ED 2.60 0.03%
ITC N. Anand Non-Promoter ED 2.61 0.03%
Reliance Industries P. M. S. Prasad Non-Promoter ED 6.03 0.03%
ICICI Bank K. Ramkumar Non-Promoter ED 3.69 0.03%
ICICI Bank N. S. Kannan Non-Promoter ED 3.57 0.03%
Wipro S. C. Senapaty Non-Promoter ED 3.37 0.04%
ICICI Bank Chanda Kochhar Non-Promoter MD 5.11 0.04%
Infosys U. B. Pravin Rao Non-Promoter ED 6.08 0.05%
HDFC Bank Paresh Sukthankar Non-Promoter Deputy MD 5.22 0.05%
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 0.05%
Reliance Industries Hital R. Meswani Promoter ED 12.03 0.05%

5. THE BREAK-UP
On an average, remuneration of an Executive Director of a Nifty Company constituted 62% as fixed pay and 38% as variable pay.
A higher variable component of remuneration indicates that the remuneration policy is aligned with performance of the
company.
Average Remuneration Break-up:
62% Fixed; 38% Variable
Pay of 13 Directors didn’t consist
of any Variable Pay
Directors whose pay didn’t have any variable component
Fixed Pay
(Rs. Cr.)
Variable
Pay (Rs. Cr.)
Total Pay
(Rs. Cr.)
Adani Ports & SEZ Malay Mahadevia Non-Promoter ED 10.39 - 10.39
IndusInd Bank Ramesh Sobti Non-Promoter MD 5.39 - 5.39
Zee Entertainment Punit Goenka Promoter MD 5.07 - 5.07
Infosys Vishal Sikka* Non-Promoter MD 4.56 - 4.56
Zee Entertainment Subodh Kumar Non-Promoter VC 3.57 - 3.57
Tata Motors R. Pisharody Non-Promoter ED 2.45 - 2.45
Tata Motors S. B. Borwankar Non-Promoter ED 2.03 - 2.03
Ultratech Cement Dilip Gaur* Non-Promoter Deputy MD 1.45 - 1.45
Lupin M. D. Gupta Promoter ED 0.50 - 0.50
Adani Ports & SEZ Sudipta Bhattacharya Non-Promoter ED 6.80 - 6.80
Vedanta Tom Albanese Non-Promoter MD 5.80 - 5.80
Yes Bank Rana Kapoor Promoter MD 4.70 - 4.70
Axis Bank Sanjeev K. Gupta* Non-Promoter ED 0.84 - 0.84

ANNEXURE
Directors’ Pay-ratio list in decreasing order of ratio of director remuneration to median employee remuneration
Name of the
Company
Name of the
Director
Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Lupin
Desh Bandhu
Gupta
Promoter Chairman 37.58 1.00% 1.57% 3.00% 3.20 3.00% 1168
Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777
Hero MotoCorp Pawan Munjal Promoter MD 43.91 17.00% 1.84% 13.11% 7.07 10.31% 631
Hero MotoCorp
Brijmohan Lall
Munjal
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18.00% 1.75% 13.11% 7.07 10.31% 601
Hindalco D. Bhattacharya
Non-
Promoter
MD 21.59 2.52% 2.33% -35.00% 4.16 5.20% 518
Lupin Kamal Sharma
Non-
Promoter
VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516
L&T A M Naik
Non-
Promoter
Chairman 27.32 -3.84% 0.54% -8.00% 6.02 12.10% 454
Cipla Subhanu Saxena
Non-
Promoter
MD 13.31 -38.64% 1.13% -14.93% 2.94 3.41% 453
ITC Y. C. Deveshwar
Non-
Promoter
Chairman 15.28 24.00% 0.16% 9.37% 3.46 14.00% 439
TCS N. Chandrasekaran
Non-
Promoter
MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417
Ultratech Cement
Kumar Mangalam
Birla
Promoter NED Chair 19.04 -6.00% 0.94% -6.02% 4.95 6.40% 384
Dr. Reddy's G. V. Prasad Promoter MD 12.93 18.00% 0.77% -13.00% 3.56 0.50% 363
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 13.81% 0.21% 100.00% 8.40 -2.30% 324

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Hindalco Satish Pai
Non-
Promoter
ED 12.17 - 1.32% -35.00% 4.16 5.20% 292
Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272
Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16.00% 0.58% -13.00% 3.56 0.50% 271
Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256
L&T K Venkataramanan
Non-
Promoter
MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226
Grasim Industries K. K. Maheshwari
Non-
Promoter
MD 8.05 -3.60% 1.52% -41.00% 3.73 12.70% 216
L&T S N Subrahmanyan
Non-
Promoter
ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213
Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206
Adani Ports & SEZ Malay Mahadevia
Non-
Promoter
ED 10.39 2.85% 0.48% 8.29% 5.08 0.40% 204
Idea Cellular
Kumar Mangalam
Birla
Promoter NED Chair 13.35 56.30% 0.48% 66.30% 7.03 9.80% 190
Vedanta Tarun Jain
Non-
Promoter
ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174
L&T R Shankar Raman
Non-
Promoter
ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172
Wipro T. K. Kurien
Non-
Promoter
ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170
Cipla Rajesh Garg
Non-
Promoter
ED 4.98 -32.02% 0.42% -14.93% 2.94 3.41% 169
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
HDFC Bank Aditya Puri Non- MD 7.40 15.00% 0.07% 20.48% 4.60 8.26% 163

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Mahindra &
Mahindra
Pawan Goenka
Non-
Promoter
ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157
L&T M V Kotwal
Non-
Promoter
ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154
Ultratech Cement O. P. Puranmalka
Non-
Promoter
MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150
Adani Ports & SEZ
Sudipta
Bhattacharya
Non-
Promoter
ED 6.80 - 0.31% 8.29% 5.08 0.40% 134
IndusInd Bank Ramesh Sobti
Non-
Promoter
MD 5.39 7.00% 0.25% 27.41% 4.11 7.60% 131
L&T Shailendra N Roy
Non-
Promoter
ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131
Cipla S. Radhakrishnan
Non-
Promoter
ED 3.69 0.48% 0.31% -14.93% 2.94 3.41% 125
Idea Cellular Himanshu Kapania
Non-
Promoter
MD 8.78 5.00% 0.31% 66.30% 7.03 9.80% 125
Infosys U. B. Pravin Rao
Non-
Promoter
ED 6.08 130.00% 0.05% 19.32% 4.89 -5.20% 124
Grasim Industries
Kumar Mangalam
Birla
Infosys Vishal Sikka*
Non-
Promoter
MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117
Asian Paints K. B. S. Anand
Non-
Promoter
MD 6.10 17.00% 0.46% 14.00% 5.31 15.00% 115
HDFC Bank Paresh Sukthankar
Non-
Promoter
Deputy MD 5.22 25.00% 0.05% 20.48% 4.60 8.26% 113
Vedanta Tom Albanese Non- MD 5.80 - 0.30% 79.09% 5.20 11.20% 111

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108
Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99
ICICI Bank Chanda Kochhar
Non-
Promoter
MD 5.11 14.00% 0.04% 13.90% 5.40 5.00% 97
Hindustan Unilever Sanjiv Mehta
Non-
Promoter
MD 14.17 -2.90% 0.33% 11.58% 15.20 4.55% 93
Mahindra &
Mahindra
Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91
Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89
Axis Bank Somnath Sengupta*
Non-
Promoter
ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85
Hindalco
Kumar Mangalam
Birla
HDFC Keki M. Mistry
Non-
Promoter
MD 8.12 15.00% 0.15% 12.00% 9.70 16.00% 83
Reliance Industries P. M. S. Prasad
Non-
Promoter
ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83
Sun Pharmaceutical
Industries
Sudhir V. Valia
Non-
Promoter
ED 3.03 33.12% Loss Loss 3.70 14.61% 82
Sun Pharmaceutical
Industries
Dilip Shanghvi Promoter MD 2.98 16.98% Loss Loss 3.70 14.61% 81
Vedanta D. D. Jalan
Non-
Promoter
ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80
HDFC Renu Sud Karnad
Non-
Promoter
MD 7.39 15.00% 0.14% 12.00% 9.70 16.00% 77
Cairn India Mayank Ashar*
Non-
Promoter
MD 6.06 - 0.46% -82.29% 7.97 18.70% 76

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Grasim Industries
Adesh Kumar
Gupta
Non-
Promoter
ED 2.85 -12.90% 0.54% -41.00% 3.73 12.70% 76
ITC N. Anand
Non-
Promoter
ED 2.61 16.00% 0.03% 9.37% 3.46 14.00% 76
ITC P. V. Dhobale
Non-
Promoter
ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75
ITC K. N. Grant
Non-
Promoter
ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75
Axis Bank Shikha Sharma
Non-
Promoter
MD 4.18 15.00% 0.06% 18.00% 5.30 6.16% 74
Tata Steel T. V. Narendran
Non-
Promoter
MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67
ICICI Bank N. S. Kannan
Non-
Promoter
ED 3.57 14.00% 0.03% 13.90% 5.40 5.00% 65
ICICI Bank K. Ramkumar
Non-
Promoter
ED 3.69 14.00% 0.03% 13.90% 5.40 5.00% 65
Tata Power Anil Sardana
Non-
Promoter
MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65
Bharti Airtel Gopal Vittal
Non-
Promoter
MD 7.79 25.65% 0.06% 100.00% 8.40 -2.30% 64
Tech Mahindra Vineet Nayyar
Non-
Promoter
VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63
Wipro S. C. Senapaty
Non-
Promoter
ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63
ICICI Bank Rajiv Sabharwal
Non-
Promoter
ED 3.33 14.00% 0.02% 13.90% 5.40 5.00% 62
Hindustan Unilever P. B. Balaji*
Non-
Promoter
ED 6.31 -1.40% 0.15% 11.58% 15.20 4.55% 59

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55
HDFC Bank Kaizad Bharucha
Non-
Promoter
ED 2.48 13.40% 0.02% 20.48% 4.60 8.26% 53
Tata Motors R. Pisharody
Non-
Promoter
ED 2.45 -27.92% Loss Loss 5.29 8.00% 51
HDFC
V. Srinivasa
Rangan
Non-
Promoter
ED 4.85 16.00% 0.09% 12.00% 9.70 16.00% 49
Zee Entertainment Subodh Kumar
Non-
Promoter
VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49
Tata Steel Koushik Chatterjee
Non-
Promoter
ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48
Axis Bank V. Srinivasan
Non-
Promoter
ED 2.46 14.00% 0.03% 18.00% 5.30 6.16% 47
Kotak Mahindra
Bank
Uday Kotak Promoter MD 2.26 2.10% 0.12% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
Dipak Gupta
Non-
Promoter
ED 7.62 2.28% 0.41% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
C. Jayaram
Non-
Promoter
ED 7.72 2.04% 0.41% 24.23% 5.20 11.05% 43
Tech Mahindra C. P. Gurnani
Non-
Promoter
MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43
Reliance Industries
Pawan Kumar
Kapil
Non-
Promoter
ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33
Hindustan Unilever Pradeep Banerjee
Non-
Promoter
ED 5.06 5.40% 0.12% 11.58% 15.20 4.55% 32
Tata Motors S. B. Borwankar
Non-
Promoter
ED 2.03 -41.31% Loss Loss 5.29 8.00% 31
Axis Bank Sanjeev K. Gupta* Non- ED 0.84 25.00% 0.01% 18.00% 5.30 6.16% 30

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Ultratech Cement Dilip Gaur*
Non-
Promoter
Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27
Tata Power Ashok S. Sethi*
Non-
Promoter
ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26
Sun Pharmaceutical
Industries
Sailesh T Desai
Non-
Promoter
ED 0.93 10.08% Loss Loss 3.70 14.61% 25
Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16
Tata Power S. Padmanabhan*
Non-
Promoter
ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13
Hindustan Unilever
Sridhar
Ramamurthy*
Non-
Promoter
ED 7.48 - 0.17% 11.58% 15.20 4.55% -
* The Director was on the Board for part of FY-2015
Company-wise Director’s Pay-Ratio List
Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55
Non-
Promoter
ED 10.39 3% 0.48% 8.29% 5.08 0.40% 204
Adani Ports & SEZ
Sudipta
Bhattacharya
Non-
Promoter
ED 6.80 - 0.31% 8.29% 5.08 0.40% 134
Non-
Promoter
MD 6.10 17% 0.46% 14.00% 5.31 15.00% 115

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Non-
Promoter
MD 4.18 15% 0.06% 18.00% 5.30 6.16% 74
Non-
Promoter
ED 2.46 14% 0.03% 18.00% 5.30 6.16% 47
Axis Bank Somnath Sengupta*
Non-
Promoter
ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85
Axis Bank Sanjeev K. Gupta*
Non-
Promoter
ED 0.84 25% 0.01% 18.00% 5.30 6.16% 30
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 14% 0.21% 100.00% 8.40 -2.30% 324
Non-
Promoter
MD 7.79 26% 0.06% 100.00% 8.40 -2.30% 64
Non-
Promoter
MD 6.06 - 0.46% -82.29% 7.97 18.70% 76
Non-
Promoter
MD 13.31 -39% 1.13% -14.93% 2.94 3.41% 453
Non-
Promoter
ED 3.69 0% 0.31% -14.93% 2.94 3.41% 125
Cipla Rajesh Garg
Non-
Promoter
ED 4.98 -32% 0.42% -14.93% 2.94 3.41% 169
Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16% 0.58% -13.00% 3.56 0.50% 271
Dr. Reddy's G. V. Prasad Promoter MD 12.93 18% 0.77% -13.00% 3.56 0.50% 363
Non-
Promoter
MD 8.05 -4% 1.52% -41.00% 3.73 12.70% 216
Grasim Industries
Adesh Kumar
Gupta
Non-
Promoter
ED 2.85 -13% 0.54% -41.00% 3.73 12.70% 76
Grasim Industries
Kumar Mangalam
Birla
Promoter NED Chair 4.52 -43% 0.85% -41.00% 3.73 12.70% 120.64
HDFC Keki M. Mistry
Non-
Promoter
MD 8.12 15% 0.15% 12.00% 9.70 16.00% 83
Non-
Promoter
MD 7.39 15% 0.14% 12.00% 9.70 16.00% 77

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
HDFC
V. Srinivasa
Rangan
Non-
Promoter
ED 4.85 16% 0.09% 12.00% 9.70 16.00% 49
HDFC Bank Aditya Puri
Non-
Promoter
MD 7.40 15% 0.07% 20.48% 4.60 8.26% 163
Non-
Promoter
Deputy MD 5.22 25% 0.05% 20.48% 4.60 8.26% 113
Non-
Promoter
ED 2.48 13% 0.02% 20.48% 4.60 8.26% 53
Hero MotoCorp
Brijmohan Lall
Munjal
Promoter Chairman 43.64 19% 1.83% 13.11% 7.07 10.31% 625
Hero MotoCorp Pawan Munjal Promoter MD 43.91 17% 1.84% 13.11% 7.07 10.31% 631
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18% 1.75% 13.11% 7.07 10.31% 601
Non-
Promoter
MD 21.59 3% 2.33% -35.00% 4.16 5.20% 518
Hindalco Satish Pai
Non-
Promoter
ED 12.17 - 1.32% -35.00% 4.16 5.20% 292
Hindalco
Kumar Mangalam
Birla
Promoter NED Chair 3.50 -48% 0.38% -35.00% 4.16 5.20% 84
Non-
Promoter
MD 14.17 -3% 0.33% 11.58% 15.20 4.55% 93
Hindustan Unilever
Sridhar
Ramamurthy*
Non-
Promoter
ED 7.48 - 0.17% 11.58% 15.20 4.55% -
Non-
Promoter
ED 6.31 -1% 0.15% 11.58% 15.20 4.55% 59
Non-
Promoter
ED 5.06 5% 0.12% 11.58% 15.20 4.55% 32
Non-
Promoter
MD 5.11 14% 0.04% 13.90% 5.40 5.00% 97
Non-
Promoter
ED 3.57 14% 0.03% 13.90% 5.40 5.00% 65
Non-
Promoter
ED 3.69 14% 0.03% 13.90% 5.40 5.00% 65

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Non-
Promoter
ED 3.33 14% 0.02% 13.90% 5.40 5.00% 62
Non-
Promoter
MD 8.78 5% 0.31% 66.30% 7.03 9.80% 125
Idea Cellular
Kumar Mangalam
Birla
Promoter NED Chair 13.35 56% 0.48% 66.30% 7.03 9.80% 190
Non-
Promoter
MD 5.39 7% 0.25% 27.41% 4.11 7.60% 131
Non-
Promoter
MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117
Non-
Promoter
ED 6.08 130% 0.05% 19.32% 4.89 -5.20% 124
ITC Y. C. Deveshwar
Non-
Promoter
Chairman 15.28 24% 0.16% 9.37% 3.46 14.00% 439
ITC N. Anand
Non-
Promoter
ED 2.61 16% 0.03% 9.37% 3.46 14.00% 76
ITC P. V. Dhobale
Non-
Promoter
ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75
ITC K. N. Grant
Non-
Promoter
ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75
Kotak Mahindra
Bank
Uday Kotak Promoter MD 2.26 2% 0.12% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
Dipak Gupta
Non-
Promoter
ED 7.62 2% 0.41% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank
C. Jayaram
Non-
Promoter
ED 7.72 2% 0.41% 24.23% 5.20 11.05% 43
L&T A M Naik
Non-
Promoter
Chairman 27.32 -4% 0.54% -8.00% 6.02 12.10% 454
Non-
Promoter
MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226
L&T M V Kotwal
Non-
Promoter
ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Non-
Promoter
ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213
L&T R Shankar Raman
Non-
Promoter
ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172
Non-
Promoter
ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131
Lupin
Desh Bandhu
Gupta
Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777
Lupin Kamal Sharma
Non-
Promoter
VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516
Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256
Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16
Mahindra &
Mahindra
Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91
Mahindra &
Mahindra
Pawan Goenka
Non-
Promoter
ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157
Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Non-
Promoter
ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83
Reliance Industries
Pawan Kumar
Kapil
Non-
Promoter
ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33
Sun Pharmaceutical
Industries
Dilip Shanghvi Promoter MD 2.98 16.98% - - 3.70 14.61% 81
Sun Pharmaceutical
Industries
Sudhir V. Valia
Non-
Promoter
ED 3.03 33.12% - - 3.70 14.61% 82
Sun Pharmaceutical
Industries
Sailesh T Desai
Non-
Promoter
ED 0.93 10.08% - - 3.70 14.61% 25

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Non-
Promoter
ED 2.45 -27.92% - Loss 5.29 8.00% 51
Non-
Promoter
ED 2.03 -41.31% - Loss 5.29 8.00% 31
Non-
Promoter
MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65
Non-
Promoter
ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26
Non-
Promoter
ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13
Non-
Promoter
MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67
Non-
Promoter
ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48
Non-
Promoter
MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417
Non-
Promoter
MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43
Non-
Promoter
VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63
Non-
Promoter
MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150
Non-
Promoter
Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27
Ultratech Cement
Kumar Mangalam
Birla
Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272
Vedanta Tom Albanese
Non-
Promoter
MD 5.80 - 0.30% 79.09% 5.20 11.20% 111
Vedanta Tarun Jain
Non-
Promoter
ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174
Vedanta D. D. Jalan Non- ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80

Name of the
Company
Name of the
Director
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89
Wipro T. K. Kurien
Non-
Promoter
ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170
Non-
Promoter
ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63
Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108
Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99
Non-
Promoter
VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49
Remuneration Break-up and Information on Stock Options
Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Adani Ports & SEZ Gautam Adani Promoter MD 1.80 64% 1.00 36% 2.80 -
Non-
Promoter
ED 10.39 100% - 0% 10.39 -
Adani Ports & SEZ
Sudipta
Bhattacharya
Non-
Promoter
ED 6.80 100% - 0% 6.80 -
Non-
Promoter
MD 3.70 61% 2.40 39% 6.10 -
Non-
Promoter
MD 3.50 84% 0.68 16% 4.18 0.41
Non-
Promoter
ED 2.03 83% 0.43 17% 2.46 0.05
Axis Bank Somnath Sengupta* Non- ED 3.86 86% 0.65 14% 4.51 0.17

Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Promoter
Axis Bank Sanjeev K. Gupta*
Non-
Promoter
ED 0.84 100% - 0% 0.84 0.08
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 18.93 70% 8.25 30% 27.18 -
Non-
Promoter
MD 6.14 79% 1.65 21% 7.79 2.44
Non-
Promoter
MD 5.14 85% 0.92 15% 6.06 -
Non-
Promoter
MD 9.96 75% 3.35 25% 13.31 -
Non-
Promoter
ED 2.27 62% 1.42 38% 3.69 -
Cipla Rajesh Garg
Non-
Promoter
ED 4.45 89% 0.53 11% 4.98 -
Dr. Reddy's Satish Reddy Promoter Chairman 1.16 12% 8.50 88% 9.66 -
Dr. Reddy's G. V. Prasad Promoter MD 0.93 7% 12.00 93% 12.93 -
Non-
Promoter
MD 5.80 72% 2.25 28% 8.05 -
Grasim Industries
Adesh Kumar
Gupta
Non-
Promoter
ED 2.35 82% 0.50 18% 2.85 -
Grasim Industries
Kumar Mangalam
Birla
Promoter NED Chair 0.02 0% 4.50 100% 4.52 -
HDFC Keki M. Mistry
Non-
Promoter
MD 3.67 45% 4.45 55% 8.12 Yes(*)
Non-
Promoter
MD 3.33 45% 4.06 55% 7.39 Yes(*)
HDFC
V. Srinivasa
Rangan
Non-
Promoter
ED 2.26 47% 2.59 53% 4.85 Yes(*)
HDFC Bank Aditya Puri
Non-
Promoter
MD 5.30 72% 2.10 28% 7.40 25.41
Non-
Promoter
Deputy MD 3.23 62% 1.99 38% 5.22 13.70
Non-
Promoter
ED 1.83 74% 0.65 26% 2.48 10.96

Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Hero MotoCorp
Brijmohan Lall
Munjal
Promoter Chairman 9.03 21% 34.61 79% 43.64 -
Hero MotoCorp Pawan Munjal Promoter MD 9.30 21% 34.61 79% 43.91 -
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 7.26 17% 34.61 83% 41.87 -
Non-
Promoter
MD 15.24 71% 6.35 29% 21.59 0.32
Hindalco Satish Pai
Non-
Promoter
ED 9.17 75% 3.00 25% 12.17 -
Hindalco
Kumar Mangalam
Birla
Promoter NED Chair 0.10 3% 3.50 97% 3.59 -
Non-
Promoter
MD 11.25 79% 2.92 21% 14.17 3.61
Hindustan Unilever
Sridhar
Ramamurthy*
Non-
Promoter
ED 6.48 87% 1.00 13% 7.48 3.69
Non-
Promoter
ED 5.80 92% 0.51 8% 6.31 1.77
Non-
Promoter
ED 4.19 83% 0.87 17% 5.06 1.81
Non-
Promoter
MD 3.77 74% 1.34 26% 5.11 3.15
Non-
Promoter
ED 2.67 75% 0.90 25% 3.57 7.87
Non-
Promoter
ED 2.79 76% 0.90 24% 3.69 30.80
Non-
Promoter
ED 2.49 75% 0.84 25% 3.33 6.22
Non-
Promoter
MD 4.77 54% 4.01 46% 8.78 -
Idea Cellular
Kumar Mangalam
Birla
Promoter NED Chair - 0% 13.34 100% 13.35 -
Non-
Promoter
MD 5.39 100% - 0% 5.39 -
Non-
Promoter
MD 4.56 100% - 0% 4.56 Yes(*)
Non-
Promoter
ED 2.29 38% 3.79 62% 6.08 -

Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
ITC Y. C. Deveshwar
Non-
Promoter
Chairman 6.64 43% 8.64 57% 15.28 Yes(*)
ITC N. Anand
Non-
Promoter
ED 1.31 50% 1.30 50% 2.61 Yes(*)
ITC P. V. Dhobale
Non-
Promoter
ED 1.30 50% 1.30 50% 2.60 Yes(*)
ITC K. N. Grant
Non-
Promoter
ED 1.30 50% 1.30 50% 2.60 Yes(*)
Kotak Mahindra
Bank
Uday Kotak Promoter MD 1.76 78% 0.50 22% 2.26 -
Kotak Mahindra
Bank
Dipak Gupta
Non-
Promoter
ED 7.12 93% 0.50 7% 7.62 Yes(*)
Kotak Mahindra
Bank
C. Jayaram
Non-
Promoter
ED 7.22 94% 0.50 6% 7.72 Yes(*)
L&T A M Naik
Non-
Promoter
Chairman 9.13 33% 18.19 67% 27.32 -
Non-
Promoter
MD 6.19 46% 7.39 54% 13.58 -
L&T M V Kotwal
Non-
Promoter
ED 4.34 47% 4.91 53% 9.25 -
Non-
Promoter
ED 4.10 32% 8.73 68% 12.83 -
L&T R Shankar Raman
Non-
Promoter
ED 3.46 33% 6.91 67% 10.37 -
Non-
Promoter
ED 3.42 43% 4.48 57% 7.90 -
Lupin
Desh Bandhu
Gupta
Promoter Chairman 4.90 13% 32.68 87% 37.58 -
Lupin Vinita Gupta Promoter CEO INA - INA - 24.86 -
Lupin Kamal Sharma
Non-
Promoter
VC 11.41 69% 5.20 31% 16.61 2.45
Lupin Nilesh Gupta Promoter MD 5.16 63% 3.07 37% 8.23 -
Lupin M. D. Gupta Promoter ED 0.50 100% - 0% 0.50 -
Mahindra &
Mahindra
Anand Mahindra Promoter MD 3.18 53% 2.80 47% 5.98 -

Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Mahindra &
Mahindra
Pawan Goenka
Non-
Promoter
ED 7.92 76% 2.46 24% 10.38 4.40
Reliance Industries Mukesh Ambani Promoter MD 5.59 37% 9.41 63% 15.00 -
Reliance Industries Nikhil R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -
Reliance Industries Hital R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -
Non-
Promoter
ED 2.36 39% 3.67 61% 6.03 -
Reliance Industries
Pawan Kumar
Kapil
Non-
Promoter
ED 1.35 56% 1.07 44% 2.42 0.46
Sun Pharmaceutical
Industries
Dilip Shanghvi Promoter MD 2.54 85% 0.44 15% 2.98 -
Sun Pharmaceutical
Industries
Sudhir V. Valia
Non-
Promoter
ED 2.59 85% 0.44 15% 3.03 -
Sun Pharmaceutical
Industries
Sailesh T Desai
Non-
Promoter
ED 0.77 83% 0.16 17% 0.93 -
Non-
Promoter
ED 2.45 100% - 0% 2.45 -
Non-
Promoter
ED 2.03 100% - 0% 2.03 -
Non-
Promoter
MD 2.11 38% 3.42 62% 5.53 -
Non-
Promoter
ED 1.18 53% 1.04 47% 2.22 -
Non-
Promoter
ED 0.63 57% 0.47 43% 1.10 -
Non-
Promoter
MD 2.07 32% 4.40 68% 6.47 -
Non-
Promoter
ED 1.55 28% 4.07 72% 5.62 -
Non-
Promoter
MD 5.28 25% 16.00 75% 21.28 -
Non-
Promoter
MD 1.71 70% 0.72 30% 2.43 163.14
Non-
Promoter
VC 2.52 70% 1.08 30% 3.60 116.31

Fixed Pay
(Rs. Cr.)
%
Variable Pay
(Rs. Cr.)
%
Total Pay
(Rs. Cr.)
Stock Options
(Rs. Cr.)
Non-
Promoter
MD 6.44 78% 1.84 22% 8.28 1.10
Non-
Promoter
Deputy MD 1.45 100% - 0% 1.45 0.18
Ultratech Cement
Kumar Mangalam
Birla
Promoter NED Chair - 0% 19.04 100% 19.04 -
Vedanta Naveen Agarwal Promoter Chairman 10.37 73% 3.75 27% 14.12 0.96
Vedanta Tom Albanese
Non-
Promoter
MD 5.80 100% - 0% 5.80 -
Vedanta Tarun Jain
Non-
Promoter
ED 7.28 81% 1.75 19% 9.03 1.96
Vedanta D. D. Jalan
Non-
Promoter
ED 3.28 79% 0.85 21% 4.13 1.07
Wipro Azim H. Premji Promoter MD 1.58 33% 3.20 67% 4.78 -
Wipro T. K. Kurien
Non-
Promoter
ED 7.13 78% 1.98 22% 9.11 Yes(*)
Non-
Promoter
ED 2.10 62% 1.27 38% 3.37 -
Yes Bank Rana Kapoor Promoter MD 4.70 100% - 0% 4.70 -
Zee Entertainment Punit Goenka Promoter MD 5.07 100% - 0% 5.07 -
Non-
Promoter
VC 3.57 100% - 0% 3.57 -
Yes(*): Monetary value of Stock Options is not provided

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Pay Ratio Disclosure

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