Dilip Shanghvi takes 99% pay cut despite Sun Pharma's 27% earnings growth

Shanghvi, one of the lowest-paid CEOs in India's pharmaceutical sector, drew a salary of Rs 1 during 2018-19

The founder and managing director (MD) of the country’s largest pharmaceutical firm Sun Pharmaceuticals, Dilip Shanghvi, took a 99 per cent cut in his remuneration in 2018-19 when the company’s earnings grew by 27 per cent. Meanwhile, the firm also guided for a low- to mid-teens growth in revenue for FY19-20 and said its research and development cost would remain at 8-9 per cent of sales. 

Shanghvi, one of the lowest-paid chief executive officers (CEOs) in India’s pharmaceutical sector, drew a salary of Rs 1 during 2018-19, the company’s annual report said. 

For the year ended March 31, 2019, he received perquisites