NEW DELHI (India CSR): Aegis Logistics Limited, a frontrunner in India’s logistics sector, is committed to creating meaningful change through its Corporate Social Responsibility (CSR) initiatives. In the financial year 2023-24, while the company spent Rs 2.30 crore on impactful projects, it also transferred Rs 2.66 crore to an unspent CSR account, ensuring that funds remain dedicated to transformative, ongoing initiatives like rural road development in Gujarat. This strategic move reflects Aegis’ dedication to sustainable progress for marginalized communities, aligning with its vision of collective development. This news article explores the details of Aegis’ unspent CSR amount, its purpose, and its potential to uplift lives.
Understanding Aegis’ CSR Obligation
Under Section 135 of the Companies Act, 2013, Aegis Logistics is required to allocate 2% of its average net profit from the preceding three financial years to CSR activities. For FY 2023-24, the company reported an average net profit of Rs 272.74 crore, translating to a CSR obligation of Rs 5.45 crore. After offsetting Rs 0.49 crore from excess spending in FY 2022-23, the total CSR obligation was Rs 4.96 crore. Of this, Rs 2.30 crore was spent on various projects, leaving Rs 2.66 crore as unspent, which was transferred to a dedicated CSR account on April 29, 2024, as mandated by Section 135(6).
| Particulars | Details |
|---|---|
| Company Name | Aegis Logistics Limited |
| Financial Year | 2023–24 |
| Average Net Profit (last 3 years) | Rs 272.74 crore |
| CSR Obligation (2% of Avg. Net Profit) | Rs 5.45 crore |
| Excess CSR Spent in FY 2022–23 (Adjusted) | Rs 49 lakh |
| Net CSR Obligation for FY 2023–24 | Rs 4.96 crore |
| CSR Amount Spent in FY 2023–24 | Rs 2.30 crore |
| Unspent CSR Amount | Rs 2.66 crore |
| Date of Transfer to Unspent CSR Account | April 29, 2024 |
| Purpose of Unspent Amount | Rural road development in Kandla, Gujarat |
| Total Budget of Kandla Road Project | Rs 3.25 crore (over 3 years) |
| Amount Spent on Kandla Project in FY 2023–24 | Rs 59.38 lakh |
| Implementation Partner | ANaRDe Foundation |
| Key Beneficiaries | 100% vulnerable and marginalized rural communities |
| CSR Committee Members | Raj K. Chandaria, Kanwaljit S. Nagpal, Jaideep D. Khimasia |
| Number of CSR Committee Meetings | 2 (in FY 2023–24) |
| CSR Focus Areas | Rural development, housing, sanitation, women empowerment |
| Official Website for CSR Policy | www.aegisindia.com |
The Unspent Amount: A Focus on Ongoing Projects
The entire unspent amount of Rs 2.66 crore is allocated to an ongoing rural development project—specifically, the development of roads in rural areas of Kandla, Gujarat. This project, with a total budget of Rs 3.25 crore over three years, aims to enhance connectivity for underserved communities, improving access to essential services like healthcare, education, and markets. In FY 2023-24, Aegis spent Rs 59.38 lakh on this initiative, with the remaining funds transferred to ensure its completion. This approach underscores Aegis’ commitment to long-term, sustainable impact rather than short-term expenditure.
Why the Unspent Amount Matters
The transfer of Rs 2.66 crore to an unspent CSR account is not a lapse but a deliberate strategy to support multi-year projects with lasting benefits. Rural infrastructure projects, like road development, require phased funding to ensure quality execution and community engagement. By reserving these funds, Aegis ensures that the project progresses without financial constraints, ultimately benefiting vulnerable and marginalized groups in Gujarat. This aligns with the company’s CSR policy, which prioritizes holistic development and economic empowerment for underprivileged communities.
Aegis’ CSR Governance and Transparency
The CSR Committee, led by Raj K. Chandaria and including Kanwaljit S. Nagpal and Jaideep D. Khimasia, oversees Aegis’ CSR strategy. In FY 2023-24, the committee held two meetings to monitor progress and ensure compliance. The unspent amount was transparently reported and transferred in accordance with regulatory requirements, reflecting Aegis’ commitment to accountability. The CSR policy, available at www.aegisindia.com, emphasizes sustainable value creation, and the company’s financial disclosures provide clear details on fund allocation and utilization.
Partnership with ANaRDe Foundation
Aegis’ CSR efforts are amplified through its long-standing partnership with the ANaRDe Foundation, a government-accredited NGO established in 1979. While the unspent funds are specifically tied to the Kandla road project, ANaRDe supports Aegis’ broader CSR goals, including rural housing, sanitation, and women’s empowerment initiatives in Gujarat and Maharashtra. The Bhimasar project, for example, empowers rural women through skill development, complementing Aegis’ focus on uplifting marginalized communities. This collaboration ensures that funds, including unspent amounts, are channeled effectively to maximize impact.
Beneficiaries and Community Impact
The rural road development project in Kandla targets 100% vulnerable and marginalized beneficiaries, addressing critical infrastructure gaps in underprivileged areas. Improved roads enhance economic opportunities by connecting rural communities to urban centers, fostering social inclusion and resilience. While the exact number of beneficiaries is not specified, the project’s focus on backward communities ensures that the unspent funds will drive equitable growth, aligning with Aegis’ mission to raise India’s Human Development Index.
Looking Forward: A Commitment to Completion
The Rs 2.66 crore in the unspent CSR account will be utilized in subsequent years to complete the Kandla road project, ensuring no funds are diverted or lapse. Aegis’ proactive approach to multi-year planning demonstrates foresight and dedication to its CSR vision of “changing lives in pursuit of collective development and environmental sustainability.” As the project progresses, it is expected to create a ripple effect, empowering rural communities and setting a benchmark for responsible CSR practices in India.
(India CSR)
