In the financial year 2023-24, ITC, the cigarettes-to-hotels conglomerate, saw an impressive rise in the number of executives joining the crorepati club, marking a substantial increase from the previous year. According to the company’s annual report, there was a 24.11% surge as 68 more executives surpassed the one crore salary mark, bringing the total count to 350 in FY24. This growth highlights the expanding scale of ITC’s operations and its diversification into new product categories. The remuneration policy at ITC is described as “market-led” in the annual report, taking into account the competitive landscape of each business segment, with a focus on performance related to sustainability goals. The chairman and other executive directors are entitled to performance bonuses each financial year, based on recommendations from the Nomination and Compensation Committee. Sanjiv Puri, the chairman and managing director of ITC, experienced a 50% increase in gross remuneration, reaching Rs 28.62 crore in FY24. Additionally, excluding key management personnel, the average employee remuneration rose by 9%, while the median employee remuneration increased by 5%. With 24,567 permanent staff members as of March 31, 2024, ITC has demonstrated its commitment to rewarding high-performing employees and maintaining a competitive edge in the market. Operating across various sectors including cigarettes, FMCG, hotels, agribusiness, paperboards, paper, and packaging, ITC achieved consolidated revenue of Rs 76,840.49 crore in FY24, with a net profit growth of 6.6% to Rs 20,458.78 crore.
