Tata Consumer Products has set a high standard for corporate social responsibility – CSR in the FMCG sector.
NEW DELHI (India CSR): Tata Consumer Products (TCP), a leading name in India’s FMCG sector, has once again demonstrated its profound commitment to corporate social responsibility (CSR). Formed to unify the Tata Group’s food and beverage interests, TCP’s portfolio is extensive, encompassing tea, coffee, water, ready-to-drink beverages, salt, pulses, spices, ready-to-cook and ready-to-eat offerings, breakfast cereals, snacks, and mini meals. In the fiscal year 2023-24, TCP’s CSR initiatives reached new heights, with the company spending over Rs. 20 crores, significantly exceeding its statutory obligations.
Exceeding CSR Mandates
Above and Beyond Requirements
In FY 2024, TCP was required to spend Rs. 20.03 crores, which is 2% of the average qualifying net profits of the last three financial years, as per Section 135 of the Companies Act. However, TCP went beyond this requirement, spending a total of Rs. 20.12 crores (2.01%) on CSR activities. This expenditure highlights TCP’s dedication to creating a positive impact on society and addressing various community needs.
Strategic Allocation of CSR Funds
The Rs. 20.12 crores allocated by TCP for CSR activities was thoughtfully distributed across several critical areas, ensuring comprehensive support for various community-focused initiatives.
Direct CSR Activities: Rs. 19.39 Crores
A substantial portion of the funds, Rs. 19.39 crores, was directed towards direct CSR activities. These initiatives focused on:
- Affordable Healthcare: Projects aimed at improving healthcare access and quality for underserved communities.
- Empowerment of Differently Abled: Programs providing education, vocational training, and employment opportunities for differently-abled individuals.
- Water, Sanitation, and Hygiene (WaSH): Initiatives to enhance water quality, sanitation facilities, and hygiene practices in both rural and urban areas.
- Rural Development: Efforts to create sustainable livelihoods and improve infrastructure in rural regions.
- Education and Skilling: Educational programs and vocational training centers designed to empower youth with the skills necessary for better employment prospects.
Administrative Overheads
Rs. 0.61 Crores. To ensure the effective management and execution of its CSR projects, TCP allocated Rs. 0.61 crores towards administrative overheads. This investment facilitated smooth operations and efficient resource utilization, maximizing the impact of CSR initiatives.
Impact Assessment: Rs. 0.12 Crores
Understanding the importance of measuring the effectiveness of CSR activities, TCP spent Rs. 0.12 crores on impact assessment. This process involved evaluating the reach and outcomes of various projects, enabling TCP to refine and enhance its CSR strategies for future initiatives.
Commitment to Global Sustainability and Responsible Business
Beyond Compliance
TCP’s commitment to CSR extends beyond merely fulfilling statutory requirements. The company has also implemented several sustainability and responsible business initiatives on a global scale. These efforts align with the Tata Group’s broader vision of fostering sustainable development and community well-being. By focusing on long-term impact and contributing to sustainable development goals (SDGs), TCP ensures its CSR efforts are both compliant and transformative.
“Our communities lie at the core of Tata’s mission and significantly influence our actions, mindset, and identity. We strive to uphold the Tata Group’s standards for exceptional CSR and meaningful contributions to the nation’s progress. Our commitment to empowering communities is at the core of our values and drives our corporate responsibility initiatives. Through strategic partnerships, impactful projects, and dedicated efforts, we aim to uplift and support the communities where we operate.”, the company’s recent annual report said.
Tata Consumer Products’ CSR initiatives for FY 2023-24 underscore the company’s unwavering commitment to social responsibility. By spending over Rs. 20 crores on various impactful projects, TCP has set a high standard for corporate social responsibility – CSR in the FMCG sector. This strategic allocation of funds ensures that TCP continues to make a significant difference in the communities it serves, contributing to sustainable development and the overall well-being of society.
Key Facts at a Glance
| Fact | Details |
|---|---|
| Required CSR Spending (FY 2024) | Rs. 20.03 Crores (2% of avg net profits) |
| Actual CSR Spending (FY 2024) | Rs. 20.12 Crores (2.01%) |
| Direct CSR Activities | Rs. 19.39 Crores |
| Administrative Overheads | Rs. 0.61 Crores |
| Impact Assessment | Rs. 0.12 Crores |
| Main Focus Areas | Affordable healthcare, Empowerment of differently abled, WaSH, Rural development, Education and skilling |
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