The company surpasses its CSR spending target for Financial Year 2022-23, with an excess expenditure of Rs. 0.28 crore.
NEW DELHI (India CSR): Adani Enterprises Limited, in compliance with Section 135 of the Companies Act, 2013, spent more than their Corporate Social Responsibility (CSR) obligation for the fiscal year 2022-23. The company’s CSR Committee reported a total CSR spending of Rs. 17.75 crores, exceeding their obligation of Rs. 17.47 crores by Rs. 0.28 crore.
As per the rules, 2% of the average net profit of the company, calculated as per Section 135(5), amounted to Rs. 18.01 crores for this financial year. This figure marks an increase from the Rs. 14.76 crores required for the year ending 31st March 2022.
However, there was a set-off amount available from the previous year (FY 2021-22) of Rs. 0.54 crores, reducing the actual CSR obligation for FY 2022-23 to Rs. 17.47 crores.
Adani Enterprises Limited successfully met and surpassed this obligation. The additional amount spent on CSR projects, programmes, or activities is Rs. 0.28 crores, representing the difference between the total amount spent and the CSR obligation for the fiscal year.
With no surplus from previous years, this excess amount will be available for set-off in succeeding financial years.
The Corporate Social Responsibility Committee formed by the Company is responsible for ensuring that the provisions of Section 135 of the Companies Act, 2013, are met, including the mandated CSR spending.
Adani Enterprises Limited’s recent expenditure reflects its ongoing commitment to corporate responsibility and social stewardship.
