ITC adds 68 crorepati to FY24 employees list

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In recent years, there has been a surge in the number of crorepati employees at the prestigious FMCG company, ITC. According to the company’s latest annual report, during the financial year 2023-24, more than 350 employees received an annual remuneration exceeding one crore rupees. This marks a significant increase compared to the 282 employees in the previous financial year 2022-23 who were in the crorepati salary bracket.

Notably, 68 employees of ITC joined the crorepati club in FY 2024, reflecting a 24.11% increase compared to FY 2023. Media reports indicate that in FY 2021-22, 220 employees were in the crore plus salary bracket, showing a notable increase in the subsequent financial years. The average remuneration for top executives at ITC is reported at 1.11 crore rupees, with female executives at top positions earning an average salary of 1.07 crore rupees, while male employees average around 7.14 lakh rupees, and female employees around 7.03 lakh rupees.

Recently, ITC achieved a milestone by becoming the second largest company in the packaged food segment, surpassing Britannia and now poised to compete with the multinational FMCG giant Nestle. This achievement comes as a result of increased sales in the packaged food sector, marking the first time ITC has outsold Britannia in this segment.

ITC’s food business recorded sales of 17,194.5 crore rupees in the financial year ending March 31, 2024, including domestic and export sales, while Britannia’s food business during the previous financial year recorded total sales of 16,769.2 crore rupees.

ITC’s share price closed at 428.50 rupees on Monday, rising by 3.60 rupees or 0.85%. At the end of May, brokerage firm Motilal Oswal had recommended buying ITC shares with a target price of 515 rupees. Additionally, ITC’s board recently announced a final dividend of 7.5 rupees per share.

ITC operates across various businesses ranging from FMCG to hotels, agribusiness, paper, packaging, and IT. Its food business includes popular brands such as Aashirvaad Atta, Bingo potato chips, and Sunfeast biscuits.