Maruti Suzuki’s CSR initiatives have had a positive impact on the lives of many people. The company is committed to continuing its CSR efforts in the years to come.tuneshareGoogle it
NEW DELHI (India CSR): Maruti Suzuki India Limited (MSIL) has successfully met its Corporate Social Responsibility (CSR) spending requirement for the financial year 2022-23. Chairman R. C. Bhargava, in the Annual Integrated Report 2022-23, mentioned that there remains no unspent CSR amount requiring a transfer to any specific fund or account under the Companies Act provisions.
Highlights from the Chairman’s Speech
Bhargava outlined a few key points:
- The CSR programme continues as approved by the Board, with complete utilization of the allocated funds.
- Due to a drop in profits, the company witnessed a reduction in CSR funds, but the situation is evolving positively.
- Allocation for CSR for FY 2023-24 has been increased to Rs. 900 million (90 Cr) from Rs. 630 million (63 Crore) of FY 2022-23.
CSR Commitments & Achievements
Maruti Suzuki remains steadfast in its dedication to road safety, skill development, and community development. Some notable accomplishments include:
- Establishment of a multispeciality hospital in Sitapur, Gujarat, which has catered to over 60,000 patients.
- Introduction of a Cath lab facility to enhance specialty services in cardiology.
- Successful facilitation of 100% computerized driving license testing in Delhi through Automated Driving Test Tracks (ADTTs). Over 5 lakh individuals have taken the license tests, ensuring only competent drivers are on the road.
A Glimpse into Maruti Suzuki’s CSR Approach
MSIL emphasizes three major themes: Skill development, Road safety, and Community development. These themes are not just chosen at random but reflect the company’s dedication to tackling pressing national issues in alignment with India’s social development goals.
An independent assessment agency, Social Lens Consulting Private Limited, was commissioned to evaluate the impacts of the 2021-22 interventions.
Financial Insights
Table 1: CSR Obligation for FY 2022-23
| Particulars | Amount (in Rs. million) |
|---|---|
| Average net profit (sub-section (5) of section 135) | Rs. 31,162.62 |
| 2% of average net profit | Rs. 623.25 |
| Surplus from previous years | NIL |
| Amount set-off required | Rs. 45.30 |
| Total CSR obligation | Rs. 623.25 |
Table 2: CSR Expenditure for FY 2022-23
| Expenditure Type | Amount (in Rs. million) |
|---|---|
| Projects (Ongoing & Others) | Rs. 600.73 |
| Administrative Overheads | Rs. 29.82 |
| Impact Assessment | Rs. 1.19 |
| Total Spent | Rs. 631.74 |
Table 3: Excess Amount for Set-Off
| Particulars | Amount (in Rs. million) |
|---|---|
| 2% of average net profit | Rs. 623.25 |
| Total spent for the year | Rs. 631.74 |
| Excess amount spent | Rs. 8.49 |
| Surplus from previous years | NIL |
| Amount available for set-off in succeeding years | Rs. 8.49 |
In conclusion, MSIL has not only lived up to its CSR obligations but exceeded them, with an over-spending of Rs. 8.49 million. The company continues to be an exemplar in contributing to society’s betterment, all while ensuring financial accountability.
(India CSR)
