Tata Steel spent Rs. 193 cr under Corporate Social Responsibility (CSR) during Financial Year 2019-20, exceeding the prescribed amount, Company’s annual report revealed.
Amount required to be spent by the company on CSR activities during the year was Rs. 173.53 crore (2018-19: Rs. 82.40 crore), the annual report stated.
Average net profit of the Company for last three Financial Years stood at Rs. 8,676.66 crore.
During the year ended March 31, 2020, in respect of CSR activities the Company incurred revenue expenditure which was Rs. 192.99 crore the annual report said.
Tata Steel Foundation (‘TSF’), a Section 8 Company incorporated under the Act. The main objective of the formation of TSF is to consolidate, strengthen, and broaden the CSR programme deployment as well as create a distinct brand identity for it. Tata Steel Rural Development Society (‘TSRDS’), a registered society under Societies Registration Act, 1860.
During the year under review, we reached more than 1.4 million lives through our CSR interventions in the areas of health, access to drinking water, education, livelihood, sports and infrastructure development, among others. We plan to make a meaningful difference to the lives of more than 2 million people by 2025, the company said.
The Company’s signature CSR programmes are designed to create replicable large-scale models to address the most pressing community challenges on education, health, tribal identity and livelihoods. Focussed programmes on disability, agriculture, water conservation, rural sport, nutrition and urban slum development emphasise on continuous reduction of inequities in society and empower the local community.