NEW DELHI: Asian Paints, headquartered in Mumbai, is in the business of manufacturing and selling a wide range of paints for decorative and industrial use, During the financial year 2021-22, has spent over Rs. 71.01 crores (Rupees seventy-one crores and one lakh only) towards various social development projects from its Corporate Social Responsibility (CSR) expenditure.
The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there are no unspent CSR amount for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act or special account in compliance, the company informed in its Annual Report.
Its Corporate Social Responsibility (CSR) approach is designed to bring about the holistic development of communities.
The company believes that CSR should not be a one-time engagement; rather, it has to bring about a social transformation in the life of disadvantaged, vulnerable and marginalized stakeholders.
All CSR initiatives of Asian Paints are strategically designed and monitored for tangible progress and achievement of targeted outcomes.
The Company’s manufacturing facilities engage in CSR initiatives and these projects primarily focus on health & hygiene, enhancing vocational skills, water conservation and disaster management.
CSR Spending in 2020-21
The total amount transferred by Asian Pain to the Unspent CSR Account as per Section 135(6) of the Companies Act, 2013 was Rs. 14.78 Crores during the year 2020-21. Total CSR amount spent for the financial year 2020-21 was Rs. 48.20 crores.
CSR Spending in 2019-20
Last year, an amount of Rs 74.64 crores, which was 2.8 % of PAT, was spent on various CSR projects in 50 villages of Uttar Pradesh, Haryana, Gujarat, Andhra Pradesh, Maharashtra, Karnataka and Tamil Nadu.
CSR in India
In India, Section 135 of the Companies Act, 2013 (‘Act’) mandates every company have a net worth of Rs. 500 crore or more, or a turnover of Rs. 1000 crore or more, or net profit of Rs. 5 crores or more during the immediately preceding financial year to undertake Corporate Social Responsibility (CSR) activities.
CSR Spending for the last 6 years
2021-22: Rs. 71.01 Cr.
2020-21: Rs. 63.00 Cr.
2019-20: Rs. 74.64 Cr.
2018-19: Rs. 52.70 Cr.
2017-18: Rs. 46.51 Cr.
2016-17: Rs 47.84 Cr.
The Company has been engaged in focused initiatives aimed at uplifting the communities residing in the vicinity of its facilities.
In line with the Company’s CSR philosophy, the Company undertook several initiatives during the year toward building a sustainable CSR model.
The CSR initiatives of the Company were under the thrust area of health & hygiene, enhancing vocational skills, water conservation and disaster management.
As a responsible corporate citizen, it has actively initiated projects or participated in projects that together make the local lighthouse for the region which significantly improves the lives of the people where it operates and is present.
“It is our constant endeavour to address critical social, environmental and economic needs of the communities in the vicinity of our plants.”, the company’s annual report said.
“As a responsible, customer-centric organisation, we believe in giving back to society and bringing about transformation in the lives of communities in the plant vicinity and people in the unorganized sector.”, it added.
The company runs dedicated training and upskilling courses for painters, carpenters, plumbers, and other partners in the value chain.
It also contributes to inclusive development through initiatives in health & hygiene, water conservation, skill development, and disaster management.
