CSR: Infosys spends Rs. 345 Cr on Social Development Projects in FY22

NEW DELHI (India CSR): During fiscal 2022, Infosys has spent Rs.344.91 crores on various social and environmental projects. The CSR unspent balance of Rs. 51.79 crore is towards various ongoing projects mainly related to COVID-19 relief efforts and will be transferred to the unspent CSR account and spent in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014 and amendments thereunder, the company annual report revealed. 

In fiscal 2022, the Company’s CSR efforts included COVID-19 relief in multiple states. The company reported around 73 lakh beneficiaries of CSR projects. 

The average net profit of the Company was Rs. 19,834 crores for the year. Accordingly, the two percent of the average net profit of the Company as per Section 135(5) calculated Rs. 396.70 crores.

Also Read: CSR: NSDL launches ‘Chalo, School Chale’ campaign across India

Total CSR obligation for the last three financial years was 396.70 crore. Surplus arising out of the CSR projects or programs or activities of the previous financial years was Nil. The amount required to be set off for the financial year is also Nil.

Infosys Corporate Social Responsibility (CSR) encompasses holistic community development and institution building while shaping and sharing solutions that serve the development of businesses and communities. 

Over the years, the company has been focusing on sustainable business practices encompassing economic, environmental, and social imperatives that not only cover business, but also the communities around where it operates. 

Infosys has been an early adopter of CSR initiatives. The Company works primarily through the Infosys Foundation, towards supporting projects in the areas of protection of national heritage, restoration of historical sites, and promotion of art and culture; destitute care and rehabilitation; environmental sustainability and ecological balance; promoting education, and enhancing vocational skills; promoting healthcare including preventive healthcare; and rural development. 

Its CSR policy aims to provide a dedicated approach to community development in the areas of improving healthcare infrastructure, supporting primary education, rehabilitating the destitute, abandoned women and children, preserving Indian art and culture, removing malnutrition, rural development, and contributing to serving the development of people by shaping a future with meaningful opportunities for all, thereby, accelerating the sustainable development of society while preserving the environment, and making our planet a better place today and safeguarding it for future generations.

Also Read: CSR: Nua partners with Hockey Maharashtra to help athletes manage period pain during their games

CSR unspent 

The company said that there are no unspent amounts towards Corporate Social Responsibility (CSR) other than ongoing projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with the said Act.

Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year. In respect of ongoing projects, the Company has transferred the unspent Corporate Social Responsibility (CSR) amount at the end of the previous financial year, to a Special account within a period of 30 days from the end of the said financial year in compliance with the provision of section 135(6) of the Act.

In respect of ongoing projects, the Company has not transferred the unspent Corporate Social Responsibility (CSR) amount as at the Balance Sheet date out of the amounts that were required to be spent during the year, to a Special Account in compliance with the provision of sub-section (6) of section 135 of the said Act till the date of our report since the time period for such transfer i.e. 30 days from the end of the financial year has not elapsed till the date of our report.

CSR impact assessments

The Company has been voluntarily conducting impact assessments through independent agencies to screen and evaluate select CSR programs. The Company takes cognizance of sub-rule (3) of Rule 8 of the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (CSR Amendment Rules).

Also Read: CSR: ICICI Prudential Life Insurance spends Rs. 6 Cr for social development in FY22

There are no projects undertaken or completed after the effective date of the aforementioned rules for fiscal 2022, which would require an impact assessment to be carried out in pursuance of the above rule, the company said.

(India CSR)