ITC CMD Sanjiv Puri's remuneration up by over 51% to Rs6.16 cr in 2018-19
Puri was being mentored by Deveshwar for the top role for a transition actually scheduled for 2021-22, but he became the group's CEO in 2017, and managing director in May 2018.
ITC Chairman-cum-managing director Sanjiv Puri's total remuneration has gone up by over 51 per cent to Rs 6.16 crore in 2018-19. Puri (56), who has been recently elevated as Chairman of the Kolkata-headquartered company after Y C Deveshwar passed away, took home Rs 4.06 crore in FY 2017-18. Puri was being mentored by Deveshwar for the top role for a transition actually scheduled for 2021-22. He became the group's CEO in 2017, and managing director in May 2018.
Notably, YC Deveshwar, who became non-executive chairman in 2017, had received a remuneration of Rs 16.62 crore for FY 2018-19. Deveshwar, had received a total salary of Rs 29.85 crore in FY 2017-18.
According to ITC's 'Report and Accounts 2019' filed at bourses, Sanjaiv Puri's remuneration includes a basic salary of Rs 1.44 crore along with perks of Rs 40 lakh and performance bonus of Rs 4.32 crore, said a PTI report, adding that ITC Executive Director N Anand's total remuneration stood at Rs 3.62 crore, while Executive Director & Chief Financial Officer R Tandon received Rs 3.20 crore.
According to ITC's Annual Report for FY 2018-19, the total number of employees getting a total salary of over Rs one crore in the company is now 91. The total number of ITC employees stood at 27,279 as on March 31, 2019.
In 2017-18, Puri's basic salary was same at Rs 1.44 crore, and his perks were Rs 33 lakh and performance bonus of Rs 2.29 crore.
For 2018-19, ITC has reported a revenue of Rs 45,784.39 crore and a net profit of Rs 12,464.32 crore, while it's gross sales value for FY 2018-19 was at Rs 75,309 crore.
The company, which gets around half revenue from cigarette segment, is expanding its portfolio into the food and FMCG segment as part of its diversification process.
As part of that, ITC has launched over 50 new FMCG products in 2018-19 across categories, which includes foods, personal care, education and stationery products, agarbatti and matches.