ITC sees increase in crorepati employees as 68 more executives earn over ₹1 crore in FY24

ITC, India’s conglomerate company, added 68 more employees, earning more than a crore in FY24, according to their annual report for 2023-24.

“There were 350 employees, who were employed throughout the year and were in receipt of remuneration aggregating '102 lakh or more or were employed for part of the year and were in receipt of remuneration aggregating ` 8.5 lakh per month or more during the financial year ended 31st March, 2024,” the report said.

For FY 23, 282 employees received a salary of over a crore. The total number of employees for the financial year was 24,567, a rise of 3.5 per cent from the previous year. The median remuneration for employees increased by 5 per cent, whereas for the CEO and the executive director, it is at 50 per cent and 60 per cent, respectively, according to the report. The median remuneration for male top executives is ₹1.11 crore, and for female top executives is ₹1.07 crore. The median salary for male employees is ₹7.14 lakh, and for female employees is ₹7.03 lakh. The gross wages paid to female employees out of the total wages was at 10%.

How much does the top executives earn?

Sanjiv Puri, the chairman and managing director of ITC, received gross remuneration of ₹28.62 crore for FY24, a 49.6% rise from the previous year.

B. Sumant, the executive director of ITC received a gross salary of ₹13,6 crore for FY24, which is a 52.4% increase from the previous year.

The other top executives also saw a remuneration hike from around 30% to 50%.

“The Chairman and each of the Executive Directors are entitled to performance bonus for every financial year up to a maximum of 300% and 200% of their basic/consolidated salary, respectively, as may be determined by the Board on the recommendation of the Nomination & Compensation Committee; such remuneration is linked to the performance of the Company in as much as the performance bonus is based on various qualitative and quantitative performance criteria,” the report said.

ITC posted a gross revenue of ₹69,446.20 crore and its EBITDA stood at 24478.61 crore. For FY23 its gross revenue was at ₹69,480.89 and EBITDA was at 23,944.47 crore.