Ashapura Logistics, known for its strong commitment to sustainable business practices, has made significant strides in its Corporate Social Responsibility (CSR) initiatives. In the financial year 2023-24, the company not only fulfilled its CSR obligations but also went beyond, contributing substantially towards community and social welfare projects. This report provides a detailed breakdown of the company’s CSR activities, expenditures, and its impact on society.
CSR Committee and Governance
The company’s CSR efforts are driven by a dedicated Corporate Social Responsibility Committee, constituted to oversee and monitor all CSR-related activities. The CSR Committee is tasked with formulating and recommending CSR policies, ensuring compliance, and monitoring the execution of various projects.
The committee was reconstituted on March 18, 2023, and comprises the following members:
- Sujith Chandrasekhar Kurup, Chairperson and Managing Director
- Thomaskutty Varghese, Member and Independent Director
- Chitra Sujith Kurup, Member and Whole-Time Director
The committee met twice during the year, on March 18 and March 30, 2024, to review and approve CSR plans and expenditures.
CSR Spending Obligation for 2023-24
As per the provisions of Section 135 of the Companies Act, 2013, Ashapura Logistics is mandated to spend at least 2% of its average net profits for the last three financial years on CSR activities. The average net profit for the period 2020-2023 was calculated as Rs. 9,27,43,217.
Thus, the minimum CSR obligation for the year 2023-24 was Rs. 18,54,864. However, the company exceeded this minimum requirement and spent a total of Rs. 48,50,000, demonstrating its commitment to corporate social responsibility.
Details of CSR Expenditure
Total CSR Spending
In the financial year 2023-24, Ashapura Logistics allocated Rs. 48,50,000 towards CSR projects. This amount includes both ongoing and non-ongoing projects. Notably, the company did not incur any administrative overheads or costs related to impact assessment.
| Key Facts | Details |
|---|---|
| Average Net Profit (2020-2023) | Rs. 9,27,43,217 |
| Minimum CSR Obligation (2% of Net Profit) | Rs. 18,54,864 |
| Total CSR Spending (2023-24) | Rs. 48,50,000 |
| Excess CSR Spending for the Year | Rs. 29,95,136 |
| Number of CSR Committee Meetings | 2 (March 18, 2024, and March 30, 2024) |
| Total CSR Projects Funded | Ongoing and non-ongoing projects |
| Amount Spent on Administrative Overheads | Rs. 0 |
| Amount Spent on Impact Assessment | Rs. 0 |
| Unspent CSR Amount for the Year | Rs. 0 (No unspent funds) |
| Main Focus Areas of CSR | Education, Healthcare, Environment |
Excess Spending
Interestingly, Ashapura Logistics went above and beyond its mandated CSR spending by Rs. 29,95,136, which can be set off against future obligations. This demonstrates the company’s dedication to contributing towards societal welfare.
Unspent CSR Amount
As of the close of the financial year 2023-24, Ashapura Logistics had no unspent CSR funds. The entire allocated budget was effectively utilized for projects aimed at societal development, with no carry-forward amount to subsequent years.
Focus Areas of CSR Initiatives
Ashapura Logistics primarily focused its CSR initiatives on the following areas:
- Education:Â Supporting underprivileged schools and providing scholarships to deserving students.
- Healthcare:Â Initiatives aimed at improving community health, including sanitation drives and free medical camps.
- Environment:Â Projects focused on environmental sustainability, including tree plantation drives and awareness campaigns on climate change.
These initiatives align with the company’s long-term commitment to sustainability and community development.
Future CSR Plans
Looking ahead, Ashapura Logistics is committed to continuing its efforts in creating a positive impact on society. The CSR Committee has already started formulating plans for the upcoming financial year, with an emphasis on expanding projects in education, healthcare, and environmental sustainability.
You Learn
Ashapura Logistics has demonstrated its unwavering commitment to social responsibility through its CSR activities in 2023-24. With a total spending of Rs. 48,50,000, the company has exceeded its mandated CSR obligations, contributing significantly to community welfare. The CSR Committee continues to guide these initiatives, ensuring transparency and accountability in all its endeavors.
Through its dedicated focus on education, healthcare, and environmental sustainability, Ashapura Logistics is paving the way for a brighter and more sustainable future.
