ITC earns Rs 4,673 crore in foreign exchange in FY19

ITC earns Rs 4,673 crore in foreign exchange in FY19

New Delhi: Diversified group ITC's forex earning in 2018-19 increased by 11.55 per cent to Rs 4,673 crore, mainly on account of exports of agri-commodities. In the last 10 years, the Kolkata-headquartered firm has earned "nearly USD 7.2 billion, of which agri-exports constituted 56 per cent", ITC said in its Annual Report for 2018-19.

"During the financial year 2018-19, your company and its subsidiaries earned Rs 4,673 crore in foreign exchange. "The direct foreign exchange earned by your Company amounted to Rs 3,828 crores, mainly on account of exports of agri-commodities," ITC Chairman & MD Sanjiv Puri said in Report & Accounts 2019. ITC also spent foreign exchange worth Rs 2,373 crore in the last fiscal. This was mainly on account of purchase of raw materials, spares and other expenses of Rs 1,947 crore and import of capital goods at Rs 426 crore, the company said.

ITC "continues to view foreign exchange earnings as a priority. All Businesses in the ITC portfolio are mandated to engage with overseas markets with a view to testing and demonstrating international competitiveness and seeking profitable opportunities for growth," the company said in the report. In 2017-18, ITC and its subsidiaries had earned Rs 4,189 crore in foreign exchange, in which exports of agri-commodities contributed Rs 3,480 crore.

Through its network of e-Choupal, ITC's Agri Business Division, which is one of India's largest exporters of agricultural commodities, sources directly from the farmers.

The firm directly reaches to around four million farmers growing a range of crops — soyabean, coffee, wheat, rice, pulses, shrimp — in over 35,000 villages through 6,100 kiosks across 10 states. Meanwhile, the total remuneration of ITC Chairman & MD Sanjiv Puri has gone up by over 51 per cent to Rs 6.16 crore in 2018-19. Puri (56), who has been recently elevated as Chairman of the Kolkata-headquartered company after Y C Deveshwar passed away, took home Rs 4.06 crore in FY 2017-18.

The total number of employees getting a total salary of over Rs one crore in the company is now 91, ITC said in its Annual Report for FY 2018-19. Deveshwar, who died in May this year, had received a remuneration of Rs 16.62 crore for FY 2018-19. Puri was set to take over as the Chairman in 2021-22 and was being mentored by Deveshwar for the post. He was appointed as CEO of the company on February 5, 2017 and re-designated as the Managing Director of ITC from May 16, 2018.

As per ITC's 'Report and Accounts 2019' filed at bourses, Puri's remuneration includes a basic salary of Rs 1.44 crore along with perks of Rs 40 lakh and performance bonus of Rs 4.32 crore. Executive Director N Anand's total remuneration stood at Rs 3.62 crore.

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