ITC raised chief Sanjiv Puri’s salary by 29.5% to Rs 16.31 crore in FY23

ITC is among the three corporates in the private sector in terms of contribution to exchequer over the years, the company said in its annual report

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Sanjiv Puri, Chairman and Managing Director of diversified conglomerate ITC, took home a salary of Rs 16.31 crore in FY23. This was 29.5 percent higher than Rs 12.59 crore he was paid a year back.

As per the ITC annual report for FY23, Puri’s remuneration included a basic salary of Rs 2.88 crore, a performance bonus and commission of Rs 12.86 crore, as well as perquisites and other benefits totalling Rs 57.38 lakh.

Puri’s term as the managing director of the company ends on July 21, 2024, but the ITC board has recommended extension of his tenure by another five years. The resolution will be taken up in the 112th Annual General Meeting.

Puri’s salary hike is in stark contrast with the paycuts taken by most FMCG bosses last year. Nestle India Chairman and Managing Director Suresh Narayanan, for instance, took a 6 percent salary cut in 2022 that pulled his annual salary down to Rs 17.7 crore from Rs 18.8 crore a year back.

Former Hindustan Unilever CEO Sanjiv Mehta, who hung up his boots in June, took home Rs 22.36 crore in annual remuneration in FY23, indicating no significant jump over the previous year. In FY22, Mehta had received Rs 22.07 crore, a 47 percent rise from Rs 15 crore recorded in FY21.

Also Read: HUL annual report: No salary jump for Sanjiv Mehta, 19 brands in Rs 1,000 crore club and more

Puri’s salary hike also comes at a time when talks of demerging the company’s hotels business are gathering steam. The cigarettes-to-hotels-conglomerate had on July 7 said it remains committed to implement its ‘asset-right’ strategy with respect to the hotels business.

Today, slightly over half of the room inventory is through management contracts, while the rest comes from owned hotels. The hotel business has contributed less than 5 percent to ITC’s revenues and EBIT over the last decade and the management is trying to change this.

ITC is among the three corporates in the private sector in terms of contribution to exchequer over the years, the company said in its annual report. It paid over Rs 19,255 crore in dividends in FY23.