Total remuneration of ITC Ltd Chairman and Managing Director Sanjiv Puri grew around 54 per cent year-on-year to ₹25.18 crore during the last financial year.
Puri drew a basic salary of ₹3.12 crore, perquisites and other benefits of ₹57.70 lakh and a performance bonus of ₹21.48 crore from the diversified conglomerate in 2023-24, according to its annual report released on Friday.
In 2022-23, his total remuneration was around ₹16.32 crore, which included a basic salary of ₹2.88 crore, perquisites and other benefits of ₹57.38 lakh, and a performance bonus of ₹12.86 crore.
After Puri, Nakul Anand was the second highest-paid employee of ITC with a total remuneration of around ₹13.37 crore for FY24. Anand was followed by B Sumant who drew ₹11.92 crore.
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Average pay
Anand completed his term as a wholetime director of ITC with effect from January 3, 2024 after being associated with the ITC Group for over 44 years, including 18 years with the company.
Sumant, a wholetime director, oversees the Paperboards, Paper and Packaging as well as the Personal Care and Education & Stationery Products businesses of the company.
In the annual report, ITC informed that remuneration of Key Managerial Personnel (KMPs) increased by 59 per cent year-on-year in the last financial year due to payment of long-term incentives during the year and also due to increase in the number of Executive Directors for an interim period.
Average remuneration of employees, excluding KMPs, increased by 9 per cent during the year.
In FY24, average remuneration of employees increased by 10 per cent, while median remuneration of employees rose by 5 per cent. The number of permanent employees as on March 31, 2024 was 24,567.