Aegis Logistics Ltd CSR Spending Report of Rs 2.30 Cr for FY 2023-24

NEW DELHI (India CSR): At Aegis Logistics Limited, corporate social responsibility (CSR) is more than a mandate—it’s a commitment to uplifting lives and fostering sustainable growth. In the financial year 2023-24, Aegis invested Rs 2.30 crore in impactful CSR initiatives, focusing on the disadvantaged and marginalized communities in India. Through strategic partnerships, particularly with the ANaRDe Foundation, Aegis has championed rural development, healthcare, environmental sustainability, and cultural preservation. This report delves into how Aegis Logistics is transforming lives while aligning with its vision of collective development and environmental stewardship.

CSR Obligation and Spending Overview

Aegis Logistics, a leader in India’s oil, gas, and chemical logistics sector, is mandated under Section 135 of the Companies Act, 2013, to allocate at least 2% of its average net profit from the preceding three financial years to CSR activities. For FY 2023-24, the company’s average net profit was Rs 27.27 crore, resulting in a CSR obligation of Rs 5.45 crore. After adjusting for a Rs 0.49 crore set-off from excess spending in FY 2022-23, the total CSR obligation was Rs 4.96 crore. Aegis spent Rs 2.30 crore directly on CSR projects, with Rs 2.66 crore transferred to an unspent CSR account for ongoing initiatives, ensuring compliance and sustained impact.

Table: Aegis Logistics CSR Spending in FY 2023–24

ALSO READ | ABB India Ltd CSR Spending Report of Rs 26.23 Cr for FY 2024

Key CSR Initiatives in 2023-24

Aegis Logistics’ CSR efforts are designed to address pressing social and environmental challenges while empowering vulnerable communities. Below are the major projects undertaken during the year:

ADVERTISEMENT

1. Rural Development: Building Stronger Communities

Aegis allocated Rs 0.59 crore to an ongoing rural road development project in Kandla, Gujarat, with a total budget of Rs 3.26 crore over three years. This initiative, aligned with Schedule VII of the Companies Act, enhances connectivity in rural areas, improving access to markets, healthcare, and education. The project benefits underprivileged communities, fostering economic growth and social inclusion. The remaining Rs 2.66 crore was transferred to an unspent CSR account on April 29, 2024, to ensure completion of this transformative project.

2. Healthcare: Supporting Vulnerable Populations

A significant Rs 1.30 crore was contributed to the Biff & Bright Welfare Society to support the construction of a hospital and medical college in Jaipur, Rajasthan. This project, focused on promoting healthcare, serves marginalized and underprivileged communities, providing access to quality medical services. By addressing healthcare disparities, Aegis is helping improve the quality of life for countless individuals who lack adequate medical infrastructure.

3. Environmental Sustainability: Cleaner Air for Mumbai

Aegis invested Rs 0.25 crore in air filtration units to combat air pollution in Mumbai’s Mahul area. This environmental sustainability project aligns with the company’s commitment to ecological balance and benefits local communities by improving air quality. Such initiatives reflect Aegis’ dedication to creating healthier living conditions for vulnerable populations exposed to urban pollution.

4. Livelihood Enhancement: Empowering Through Opportunity

A Rs 0.04 crore contribution to the Walk Together Foundation in Mahul, Maharashtra, supported livelihood enhancement programs. These initiatives provide skill development and economic opportunities to marginalized groups, enabling them to achieve financial independence and social empowerment.

5. Promoting Arts and Culture: Preserving Heritage

Aegis spent Rs 0.12 crore on cultural initiatives in Mahul, including the Mahul Festival, Ram Mandir Pranprathistan Langar, Shree Hariharputa Bhajan, and Yuva Pratishthan. These projects promote India’s rich cultural heritage, fostering community pride and social cohesion among underprivileged groups. By supporting arts and culture, Aegis strengthens the social fabric of the regions it serves.

Partnership with ANaRDe Foundation

Aegis Logistics has been a proud sponsor of the ANaRDe Foundation since its CSR activities began. Established in 1979, this government-accredited NGO focuses on rural development, poverty alleviation, and women’s empowerment, particularly in Gujarat and Maharashtra. Through ANaRDe, Aegis supports initiatives like rural housing, sanitation, water resource management, and financial inclusion. The Bhimasar project, for instance, empowers women by providing skill training and economic opportunities, igniting potential in rural communities. This partnership amplifies Aegis’ CSR impact, ensuring sustainable and scalable outcomes.

ALSO READ | LTIMindtree Ltd CSR Spending Report of Rs 92.8 Crore for FY 2024-25

CSR Committee and Governance

The CSR Committee at Aegis Logistics, chaired by Mr. Raj K. Chandaria and including Mr. Kanwaljit S. Nagpal and Mr. Jaideep D. Khimasia, oversees the formulation and monitoring of the company’s CSR policy. In FY 2023-24, the committee held two meetings to review progress and strategize initiatives. The CSR policy, available on Aegis’ website (www.aegisindia.com), emphasizes holistic community development and environmental sustainability. Notably, Mr. Nagpal transitioned to a non-executive non-independent director role on April 1, 2024, but continued as a committee member, ensuring continuity.

Impact and Beneficiaries

Aegis’ CSR projects are designed to serve disadvantaged, vulnerable, and marginalized communities. While the exact number of beneficiaries for some projects, like the healthcare initiative, cannot be quantified, 100% of the projects target underprivileged groups. From rural road development to cultural festivals, these initiatives address critical needs, such as access to healthcare, economic opportunities, and environmental health, creating a ripple effect of positive change.

Why Rs 2.66 Cr Was Not Spent

The Rs 2.66 crore not spent in FY 2023-24 was not due to negligence or delay, but because the amount is earmarked for multi-year projects like rural road construction. It has been deposited in the Unspent CSR Account in compliance with Section 135(6) of the Companies Act and will be utilised in subsequent years as per the approved plan.

Financial Transparency and Compliance

Aegis Logistics maintains transparency in its CSR spending. The total amount spent in FY 2023-24 was Rs 2.30 crore, with no administrative overheads or impact assessment expenses, as the company’s average CSR obligation was below Rs 10 crore, exempting it from mandatory impact assessments. The unspent Rs 2.66 crore for the rural development project was duly transferred to a dedicated CSR account, adhering to regulatory requirements. This disciplined approach underscores Aegis’ commitment to accountability and effective resource utilization.

ALSO READ | Anand Rathi Wealth Ltd CSR Spending Report of Rs. 5.02 Crore for FY 2024-25

Looking Ahead: A Vision for Sustainable Impact

Aegis Logistics remains steadfast in its mission to drive social and environmental progress. By aligning its CSR initiatives with national development goals and partnering with trusted organizations like ANaRDe Foundation, the company is poised to create lasting change. Future projects will likely build on the successes of 2023-24, focusing on scalable solutions for rural development, healthcare access, and environmental sustainability. Aegis’ vision of “changing lives in pursuit of collective development and environmental sustainability” continues to guide its efforts, inspiring hope and opportunity across India.

FAQs: Aegis Logistics Limited CSR Spending in FY 2023–24

1. How much did Aegis Logistics spend on CSR in 2023-24?

Answer: Aegis Logistics spent Rs 2.30 crore on CSR initiatives during the financial year 2023-24.

2. What was Aegis Logistics’ total CSR obligation for 2023-24?

Answer: The total CSR obligation was Rs 4.96 crore after adjusting for past excess spending.

3. Which sectors did Aegis focus on for CSR activities?

Answer: Aegis focused on rural development, healthcare, environmental sustainability, livelihood enhancement, and cultural promotion.

4. What is the major healthcare project supported by Aegis?

Answer: Aegis contributed ₹1.30 crore to build a hospital and medical college in Jaipur, Rajasthan.

5. Who is Aegis Logistics’ main CSR partner?

Answer: The company primarily collaborates with ANaRDe Foundation for its CSR implementation.

6. What happens to the unspent CSR amount?

Answer: Rs 2.66 crore was transferred to a dedicated CSR account for ongoing rural road development in Gujarat.

(India CSR)

Also Read in Hindi: Aegis Logistics Ltd ने FY 2023-24 में CSR परियोजनाओं पर 2.30 करोड़ रुपये खर्च किए