In FY 2023-24, Asian Paints’ CSR expenditure increased by 17.87% to Rs 91.26 crore, following a 9.03% growth in FY 2022-23, where the expenditure was Rs 77.42 crore.
NEW DELHI (India CSR): For the financial year 2023-24, Asian Paints allocated Rs 91.26 crores towards CSR activities, reflecting its dedication to societal welfare and sustainable development. This substantial investment underscores the company’s commitment to creating a positive impact across various communities and environmental sectors.
Overview of CSR Spending
Asian Paints meticulously planned and executed its CSR initiatives, focusing on key areas such as health & hygiene, enhancing vocational skills, water stewardship, and disaster management. The total expenditure included a set-off of Rs 0.22 crore from previous financial years, aligning with the CSR annual action plan approved by the CSR Committee and the Board of Directors.
Table 1: CSR Spending Breakdown
| Sr. No. | Particulars | Amount (Rs in Crores) |
|---|---|---|
| a. | Amount spent on CSR Projects (both ongoing projects and other than ongoing projects) | 85.97 |
| b. | Amount spent on Administrative Overheads | 4.54 |
| c. | Amount spent on Impact Assessment | 0.75 |
| d. | Total amount spent for the financial year (a+b+c) | 91.26 |
Detailed Breakdown of CSR Expenditure
- CSR Projects: Rs 85.97 crores were spent on both ongoing and new projects aimed at creating lasting impact in various communities.
- Administrative Overheads: An expenditure of Rs 4.54 crores was incurred for administrative purposes, ensuring efficient management of CSR activities.
- Impact Assessment: Rs 0.75 crores were allocated for assessing the impact of CSR initiatives, highlighting the company’s commitment to transparency and accountability.
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CSR Expenditure Over Eight Years
Asian Paints has consistently increased its CSR expenditure over the years, reflecting a strong commitment to societal impact and sustainable growth.
| 1 | 2023-24 | Rs 91.26 Cr. | +17.87% |
| 2 | 2022-23 | Rs 77.42 Cr. | +9.03% |
| 3 | 2021-22 | Rs 71.01 Cr. | +12.72% |
| 4 | 2020-21 | Rs 63.00 Cr. | -15.59% |
| 5 | 2019-20 | Rs 74.64 Cr. | +41.66% |
| 6 | 2018-19 | Rs 52.70 Cr. | +13.30% |
| 7 | 2017-18 | Rs 46.51 Cr. | -2.79% |
| 8 | 2016-17 | Rs 47.84 Cr. |
Total CSR Expenditure Over Eight Years: Rs 518.38 Cr.
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With a focus on health, vocational skills, water stewardship, and disaster management, the company continues to set benchmarks in corporate responsibility.
Focus Areas of CSR Initiatives
Asian Paints’ CSR efforts were concentrated in the following areas, each carefully chosen to address critical needs and promote sustainable development:
Health and Hygiene
The company made significant investments in health and hygiene projects, benefiting over 353,000 individuals. These initiatives aimed to improve healthcare facilities, promote sanitation, and raise awareness about hygiene practices.
Enhancing Vocational Skills
Through the Asian Paints Colour Academy, the company trained more than 680,000 participants, empowering them with valuable skills and enhancing their employability. This focus on vocational training aligns with the company’s goal of fostering economic self-sufficiency among community members.
Water Stewardship
Asian Paints undertook several water stewardship projects, addressing the crucial issue of water conservation and management. These initiatives aimed to ensure sustainable water use and availability in various regions.
Disaster Management
The company also played a vital role in disaster management, providing timely assistance and resources in response to natural calamities. This proactive approach underscores the company’s commitment to community resilience and disaster preparedness.
Table 2: CSR Focus Areas & Expenditure
| Focus Area | Expenditure (Rs in Crores) |
|---|---|
| Enhancing vocational skills | 49.75 |
| Health and hygiene | 12.72 |
| Water stewardship | 23.26 |
| Disaster management | 0.02 |
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Impact of CSR Initiatives
The initiatives undertaken by Asian Paints have made a significant impact on various communities. The following table outlines the beneficiaries of key CSR projects:
Table 3: Beneficiaries of CSR Projects
| CSR Initiative | Beneficiaries Impacted |
|---|---|
| Healthcare Initiatives | 353,000+ |
| Participants Trained at Asian Paints Colour Academy | 680,000+ |
Excess CSR Spending and Future Provisions
During the financial year 2023-24, Asian Paints spent Rs 91.26 crores on CSR activities, which exceeded the mandatory spending by Rs 0.45 crores. This excess amount is available for set off in the succeeding financial years.
Table 4: Excess Amount for Set Off
| Sr. No. | Particulars | Amount (Rs in Crores) |
|---|---|---|
| i. | Two percent of the average net profit of the Company as per Section 135(5) of the Act | 90.81 |
| ii. | Total amount spent for the financial year | 91.26 |
| iii. | Excess amount spent for the financial year [ii – i] | 0.45 |
| iv. | Surplus arising out of the CSR projects or programmes or activities of the previous financial years | 0.00 |
| v. | Amount available for set off in succeeding financial years [iii – iv] | 0.45 |
Unspent CSR Amount for Preceding Financial Years
For the financial year 2020-21, Asian Paints had an unspent CSR amount of Rs 14.78 crores, which was allocated for ongoing projects. This amount was fully utilized during the financial year 2023-24.
Table 5: Details of Unspent CSR Amount
| Sr. No. | Preceding Financial Year | Amount transferred to Unspent CSR Account (Rs in Crores) | Balance Amount in Unspent CSR Account (Rs in Crores) | Amount spent in the reporting financial year (Rs in Crores) | Amount transferred to any fund specified under Schedule VII (Rs in Crores) | Amount remaining to be spent in succeeding financial years (Rs in Crores) | Deficiency, if any |
|---|---|---|---|---|---|---|---|
| i. | 2020-21 | 14.78 | 0.88 | 0.88 | – | – | – |
Governance and Compliance
Asian Paints’ CSR activities were governed by a robust framework, including the CSR Policy and the Code of Conduct for Business Partners. The CSR Committee and the Board of Directors ensured that all initiatives complied with the CSR objectives and policies of the company. The CSR policy remained unchanged during the year, reflecting a consistent and focused approach to governance.
Financial Accountability and Future Projections
The financial management of CSR funds at Asian Paints was marked by strategic allocation and accountability:
- Excess Spending: The company reported an excess spend of Rs 0.45 crores over the mandated 2% of average net profits, demonstrating its commitment to going beyond statutory requirements.
- Future Plans: Asian Paints has set clear targets for the upcoming years, aiming to enhance its impact across existing focus areas and explore new initiatives that support sustainable growth and community well-being.
(Copyright@India CSR)
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