Garden Reach Shipbuilders and Engineers (GRSE) has been a forerunner in delivering social value through its Corporate Social Responsibility (CSR) initiatives. For the financial year 2023-24, GRSE Ltd. spent Rs. 511 lakh on impactful CSR activities that align with its commitment to improving the lives of marginalized communities. This report delves into the company’s strategic CSR investments, focusing on sustainable development, inclusive growth, and national missions. GRSE has a rich tradition of integrating social responsibility with its business operations, reflecting a holistic approach towards social empowerment and environmental stewardship.
Overview of GRSE’s CSR Strategy
GRSE recognizes the importance of its social and environmental responsibilities as much as its business objectives. CSR has become a vital part of GRSE’s corporate strategy, with an emphasis on aligning its initiatives with national priorities and the Sustainable Development Goals (SDGs). The company’s CSR activities focus primarily on the communities residing around its production units, ensuring that its efforts contribute to inclusive growth for marginalized populations.
During the financial year 2023-24, GRSE’s CSR initiatives spanned several sectors, including health, skill development, and environmental conservation. These efforts aimed at creating a lasting impact by addressing the specific needs of local communities. The company continues to focus on providing long-term benefits, ensuring that the socio-economic fabric of the underprivileged is strengthened.
CSR Spending Overview for FY 2023-24
| Category | Details |
|---|---|
| Total CSR Amount Spent | Rs. 511 lakh |
| Total CSR Obligation | Rs. 511 lakh |
| Health, Nutrition, and Sanitation | Rs. 400.37 lakh |
| Skill Development Training | Rs. 108.63 lakh |
| Contribution to Clean Ganga Fund | Rs. 2 lakh |
| Average Net Profit | Rs. 510.88 lakh |
| Unspent CSR Funds | NIL |
| Surplus CSR Funds | NIL |
| CSR Applicable (As per Section 135 of Companies Act, 2013) | Yes |
| Turnover | Rs. 3,59,264.23 lakh |
| Net Worth | Rs. 1,67,343.89 lakh |
CSR Spending Breakdown for FY 2023-24
1. Health, Nutrition, and Sanitation: Rs. 400.37 lakh
- Healthcare Initiatives: A significant portion of the CSR expenditure was directed towards improving health and sanitation in local communities. GRSE organized health camps aimed at providing medical services to disadvantaged groups, particularly children and the elderly. These initiatives sought to address basic healthcare needs and promote well-being among underserved populations.
- Sanitation Efforts: The company also invested in sanitation projects to promote hygiene and prevent the spread of diseases in rural areas. Improved access to clean drinking water and sanitation facilities has had a direct impact on public health in the regions where these initiatives were implemented.
2. Skill Development Training: Rs. 108.63 lakh
- Vocational Training for Youth: GRSE continued its strong focus on empowering the youth by providing vocational training and skill development programs. These programs are designed to offer employment-oriented education and skill-building opportunities. By investing in skill development, GRSE has helped many young individuals gain the qualifications needed for employment in technical and industrial sectors, thus promoting financial independence and reducing unemployment.
- Empowering Differently-Abled Individuals: The company’s CSR initiatives have played a critical role in mainstreaming differently-abled individuals by offering specialized training programs tailored to their needs. This holistic approach ensures inclusivity and equal opportunities for all.
3. Contribution to Clean Ganga Fund: Rs. 2 lakh
- Environmental Sustainability: In line with the government’s efforts to rejuvenate the Ganga River, GRSE contributed ₹2 lakh to the Clean Ganga Fund. This initiative demonstrates the company’s dedication to environmental sustainability and its commitment to supporting national ecological projects.
Impact of GRSE’s CSR Initiatives
GRSE’s CSR initiatives in FY 2023-24 made significant strides in improving the socio-economic conditions of the communities it serves. From health camps and sanitation efforts to skill development programs, the company’s initiatives have contributed to holistic community development. One notable outcome is the empowerment of young individuals and differently-abled people through vocational training, which has opened doors to employment opportunities that were previously inaccessible to these marginalized groups.
The company’s contributions to healthcare and sanitation have also had a far-reaching impact, particularly in rural areas where access to medical facilities is limited. Through these initiatives, GRSE has helped improve health outcomes and fostered a healthier, more resilient community. The commitment to environmental sustainability, evidenced by its contribution to the Clean Ganga Fund, also highlights GRSE’s holistic approach to CSR, where economic progress is balanced with ecological responsibility.
Compliance with CSR Regulations
In accordance with the Companies Act, 2013, and the Companies (CSR Policy) Amendment Rules, 2021, GRSE’s CSR initiatives are structured to ensure compliance with legal requirements. For FY 2023-24, the company’s average net profit was calculated under Section 135(5), amounting to ₹510.88 lakh, and the total CSR obligation for the financial year stood at ₹511 lakh. GRSE fulfilled its CSR obligation by spending the total amount of ₹511 lakh, with no unspent funds or surplus carried over to the next financial year.
You Learn
GRSE’s CSR spending in 2023-24 highlights the company’s unwavering commitment to social responsibility and community development. By focusing on health, skill development, and environmental sustainability, the company has contributed to improving the lives of thousands of individuals in marginalized communities. GRSE’s approach to CSR serves as a model for other companies in India’s public sector, demonstrating that corporate responsibility can be a powerful tool for fostering inclusive growth and ensuring the well-being of future generations.
In its continued effort to align CSR with national missions and sustainable development goals, GRSE remains dedicated to driving positive social impact in the years to come. The company’s holistic approach to CSR, which emphasizes community development, skill empowerment, and environmental preservation, will undoubtedly contribute to the long-term prosperity and well-being of society.
