Housing Development Finance Corporation Limited (HDFC) has spent Rs. 211 crore (Previous Year Rs. 173.52 Crore) on Corporate Social Responsibility (CSR) during FY 2019-20, which is more than the prescribed CSR expenditure of 183.90 crore.

The average net profit of the company for last three financial years stood at Rs 9,195.17 crore, the annual report 2019-20 said.

During the year, CSR activities focused on three key sectors – healthcare, education and skilling and livelihoods. The Corporation also supported projects relating to community development, environment and sports. The Corporation contributed directly and through the H T Parekh Foundation to the identified social sectors.

HDFC has framed a Corporate Social Responsibility (CSR) Policy in compliance with the provisions of Companies Act 2013, which outlines its CSR objectives and the manner in which it will be implemented.

H T Parekh Foundation

Housing Development Finance Corporation Limited (HDFC) primarily implements its CSR initiatives through the H T Parekh Foundation, a Section 8 registered charitable institution set up by HDFC in October 2012, to commemorate the legacy of its Founder Chairman, H T Parekh.

During the year under review, the Committee met 3 times on May 10, 2019, November 4, 2019 and March 13, 2020.

Corporate Social Responsibility (CSR) committee

The Corporate Social Responsibility (CSR) committee comprises the Chairman, one independent director and three whole-time directors of the Corporation. The present members are Deepak S. Parekh (Chairman), Jalaj Dani, Keki M. Mistry, Ms. Renu Sud Karnad and V. Srinivasa Rangan.

PM CARES Fund

The HDFC group together committed Rs. 150 crore to the PM–CARES Fund to support the Indian government’s efforts in managing the health crisis caused by the COVID-19 pandemic. Of this, the HDFC’s contribution was Rs 60 crore.

During the national lockdown, the H T Parekh Foundation intensified its efforts to further reach vulnerable communities across various states in India. The foundation increased its reach to support 22 partners across 12 states, with either cooked meals or monthly ration kits or hygiene safety kits for the police force. As of date, the foundation has touched over 1.2 lac individuals through the provision of food ration kits and supported approximately 7.7 lac cooked meals during the lockdown.

During Financial Year 2019-20, HDFC continued it’s commitment towards creating positive societal impact by partnering with and supporting organisations that nurture inclusive growth and equitable development. This has resulted in deepening interventions with existing partners in the 3 focus areas of Healthcare (including Water & Sanitation), Education and Skilling & Livelihoods.

Apart from the above, HDFC also increased its support in the area of Environmental Conservation & Sustainability, through projects which included Waste recycling, Bio-diversity, promotion of Solar Energy and Livelihood projects in Maharashtra & Assam focused on water conservation & afforestation respectively. In terms of geographic spread, 33% of HDFC’s CSR projects were in the Western region, 29% were in the North, 24% were in the South and 14% were in the Eastern region (including the North East), where HDFC has consciously scaled up our support over the past 2 years. The Corporation’s CSR partners are selected based on governance, experience and quality of implementation.

Over 1 lac personal protection equipment (PPE) kits, 70,000 masks and some ventilators have been distributed to state governments of Maharashtra, Delhi and Gujarat and charitable hospitals treating COVID-19 patients. Accordingly, a total of Rs. 77 crore has been provided towards COVID-19 relief across healthcare, community outreach and contribution to PM CARES Fund.

HDFC carries out its CSR activities through the H T Parekh Foundation and other implementing agencies (non-profit organisations). Some significant ones are as below (in alphabetical order): Organisation, Sector