Welcome to our article on corporate social responsibility (CSR) spending at Rajesh Exports Limited (REL). As a leading global company, REL has a strong commitment to CSR and has actively supported various initiatives in the areas of health, education, and the environment over the years.
In this article, we will delve into the company’s CSR activities and expenditure, as well as its efforts to increase its focus on CSR through the formation of a CSR Committee.
Rajesh Exports Limited (REL) is a global company that specializes in mining and consumer products. The company aims to become the first and only company to be seamlessly integrated from mining to consumer on a large scale. REL is expanding its retail presence by increasing the number of its showrooms worldwide and launching an e-commerce platform for global distribution. The company also focuses on sustainability and has a team of skilled professionals committed to delivering top-quality products and services. Rajesh Exports Limited recently ranked 10th in the ET 500 list.
Commitment to CSR and Committee Formation
Rajesh Exports Limited has a strong commitment to corporate social responsibility (CSR) and has actively supported various initiatives in the areas of health, education, and the environment over the years. In order to further increase its focus on CSR, the company has constituted a CSR Committee in compliance with Section 135 of the Companies Act, 2013, which came into effect during the financial year 2014-15.
CSR Expenditure Shortfall
According to this Act, the company is required to spend a certain percentage of its average net profit on CSR activities. The average Net Profit of Rajesh Exports Limited on a standalone basis during the last three Financial Years amounts to Rs.189.91 crore and 2% of such average Net Profit works out to Rs. 3.80 crore which is the amount of CSR expenditure the Company was required to incur during the Financial Year 2021-22. As against this, the total amount spent by Rajesh Exports Limited on CSR Projects during FY 2021-22 was Rs.0.16 crore. The reason for the shortfall in CSR expenditure is primarily that the Company did not get adequate number of eligible projects.
Continued Commitment to Education and Skill Development Through CSR Initiatives
Despite this shortfall, Rajesh Exports Limited has made significant contributions to the areas of education and skill development through its CSR initiatives. The company believes that investing in these areas can have a long-term positive impact on the community and is committed to continuing its efforts in the future.
Ongoing Commitment to CSR Despite Shortfall in Expenditure
In conclusion, Rajesh Exports Limited has demonstrated a strong commitment to CSR through its support of various initiatives in the areas of health, education, and the environment. While there was a shortfall in CSR expenditure in the financial year 2021-22, the company is dedicated to continuing its efforts in the future and is committed to implementing and monitoring its CSR policy in compliance with its CSR objectives and policy.
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