ITC Ltd on Monday announced the elevation of Sanjiv Puri as the Chairman and Managing Director of the Rs 52,000-crore company, two days after its long-serving Chairman Y C Deveshwar passed away. Puri, 56, who took over as MD on May 16, 2018, was appointed a director on the board of ITC on December 6, 2015.
“It is an honour and privilege to be appointed the Chairman of ITC Ltd. It is a responsibility that I accept with humility and with a deep resolve to build on the outstanding legacy nurtured over the years, further strengthen and build market leadership across all business segments whilst reinforcing ITC’s commitment to put Nation First always. In the journey ahead, I am sure I can count on the support of our shareholders, partners, associates and most of all, the dedicated Team ITC to continue our shared aspiration to build an exemplary enterprise of pride to the nation,” Puri said Monday.
He became CEO on February 5, 2017, after the company split the role of the Chairman between Chairman and CEO as part of succession planning in the company.
Puri, an ITC veteran, has held various responsibilities across different verticals of the company, including as President FMCG businesses, divisional chief executive of the tobacco division and as managing director ITC Infotech India Ltd, among others.
Meanwhile, in a BSE filing, ITC reported a 18.72 per cent increase in standalone net profit to Rs 3,481.9 crore for the fourth quarter ended March 2019 as against a net profit of Rs 2,932.71 crore in January-March period a year ago.
ITC’s total income in the quarter under review rose 14.26 per cent stood to Rs 12,946.21 crore, compared to Rs 11,329.74 crore in the same period last fiscal, ITC said.
Revenue from total FMCG business, including cigarettes, stood at Rs 8,759.84 crore in January-March 2019, as against Rs 7,988.29 crore a year-ago.