ITC Hired 68 Employees At Over A Crore Package In FY24: Annual Report

Indian conglomerate company ITC has hired 68 new employees earning more than a crore in FY24, according to its annual report for 2023-24. “In the financial year ended March 31, 2024, 350 employees were employed for the entire year and received a salary of at least Rs 102 lakh or were employed for part of the year and received a salary of at least Rs 8.5 lakh per month,” the report said.

In FY23, 282 employees received a salary of more than a crore. The total number of employees in the financial year was 24,567, up 3.5 per cent from the previous year. The median compensation for salaried employees increased by 5 per cent, while for the CEO and managing director, it stands at 50 per cent and 60 per cent respectively, the report said. The median salary for male top executives is Rs 1.11 lakh and for female top executives is Rs 1.07 lakh. The median salary for male employees is Rs 7.14 lakh and for female employees Rs 7.03 lakh. The share of gross wages paid to female employees is 10 per cent of the total wages.

Sanjiv Puri, Chairman and Managing Director of ITC, received a gross compensation of Rs 28.62 crore in FY24, which is 49.6 per cent higher than the previous year.

B Sumant, Managing Director of ITC, received a gross salary of Rs 13.6 crore for FY24, which is an increase of 52.4 per cent over the previous year. The other executives also received a salary hike of around 30 per cent to 50 per cent.

“The Chairman and all the Managing Directors are entitled to a performance bonus of up to 300 per cent and 200 per cent of their base/group salary respectively for each financial year as determined by the Board on the recommendation of the Nomination and Remuneration Committee; such compensation is linked to the performance of the company as the performance bonus is based on various qualitative and quantitative performance criteria,” the report said.

ITC reported gross revenue of Rs 69,446.20 crore and EBITDA of Rs 24478.61 crore. For FY23, gross revenue was Rs 69,480.89 lakh and EBITDA was Rs 23,944.47 crore.