ITC Chairman Sanjiv Puri Salary: WHOPPING 80% hike in FY24! Other execs got 45-96% raise | Annual Report 2024

itc chairman sanjiv puri salary: whopping 80% hike in fy24! other execs got 45-96% raise | annual report 2024

ITC Annual Report 2023-24: At a time when several companies are releasing their annual report for the financial year 2023-24, FMCG major ITC Ltd has also released its annual report on Friday, June 28.

As per the company's annual report and the notice for annual general meeting (AGM), released on Friday, the net remuneration of ITC chairman and three of the executive directors of the company has increased by 45 per cent to 96 per cent in 2023-24.

The salt-to-hotel conglomerate has also proposed increasing the remuneration of three directors from October to make them "market competitive," as per the annual report, as reported by the Economic Times.

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ITC chairman Sanjiv Puri's salary

The net remuneration of ITC chairman and managing director Sanjiv Puri in FY24 increased 80 per cent to Rs 13.11 crore as against Rs 7.28 crore in FY23. Puri’s gross remuneration this year was Rs 28.6 crore while his gross payout by way of performance bonus, long term incentives and commission went up from Rs 12.86 crore in FY23 to Rs 21.48 crore in the previous financial year, as per ET

ITC executives’ remuneration

Apart from the Chairman, the remuneration of the executive of the FMCG company also witnessed a significant rise. The net remuneration of Sumant Bhargavan jumped 85 per cent to Rs 6.12 crore while the net remuneration of Supratim Dutta saw an increase by 96 per cent to Rs 3.51 crore. Sumant Bhargavan oversees the Paperboards, Paper and Packaging as well as the Personal Care and Education & Stationery Products Businesses of the Company, and also the Trade Marketing & Distribution (TM&D) Vertical while Dutta is the chief financial officer who is responsible for Finance, Accounting, Internal Audit and IT Functions and also for the Investment Subsidiaries of the Company.

Similarly, the net remuneration of executive director Hemant Malik, who is the divisional chief executive of the Foods Business Division of the company - now the second largest after cigarettes, increased 45 per cent to Rs 3.07 crore.

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Though ITC did not mention the exact reason for the rise in net remuneration of these executives in FY24 in its annual report, analysts tracking the company said, as reported by ET, the increase in Puri's and the directors' performance bonus payout is linked to the financial performance of the company. Besides, the improvement in ITC share prices in the bourses might also add to the reason behind the increase in the remuneration of these officials.

ITC's largest shareholder, BAT recently publicly praised the company and its senior management on growth and future potential.

ITC Share Price

Shares of ITC wete around Rs 273 in June 2022 but touched a 52-week high of Rs 499.6 last year in July. On Friday, it closed at Rs 424.9 on the BSE. The scrip opened at Rs 426.80 and it hit an intra-day high of Rs 427.90 and low of Rs 423.50, respectively.