 "ITC CMD Sanjiv Puri's remuneration up by over 51% to Rs 6.16 cr in 2018-19")
Total Remuneration of diversified group ITC Chairman & MD Sanjiv Puri 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.
Moreover, the total number of employees getting a total salary of over Rs one crore in the company is now 91, ITC said in its Annual Report for FY 2018-19.
Deveshwar, who died in May this year, had received a remuneration of Rs 16.62 crore for FY 2018-19.
Puri was set to take over as the Chairman in 2021-22 and was being mentored by Deveshwar for the post.
He was appointed as CEO of the company on February 5, 2017 and re-designated as the Managing Director of ITC from May 16, 2018.
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As per ITC's 'Report and Accounts 2019' filed at bourses, 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.
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, the report stated.
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.
Deveshwar, had received a total salary of Rs 29.85 crore in FY 2017-18.
The total number of ITC employees stood at 27,279 as on March 31, 2019.
For 2018-19, ITC has reported a revenue of Rs 45,784.39 crore and a net profit of Rs 12,464.32 crore.
ITC'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.
Some of its brands such as Aashirvaad, under which ITC mainly sells wheat flour has now a consumer spend of Rs 4,500 crore.
While Sunfeast is over Rs 3,800 crore brand, Bingo is nearly Rs 2,500 crore and Classmate and YiPPee! are over Rs 1,000 crore each.