As the upcoming financial year approaches, companies are gearing up to allocate resources towards Corporate Social Responsibility (CSR) activities, mandated by Section 135 of the Companies Act, 2013. With stipulations requiring companies with specific financial thresholds to dedicate at least 2 percent of their average net profits towards CSR initiatives, discussions surrounding budget allocations are gaining momentum.
Projections indicate that larger companies, particularly those maintaining profitability amidst the challenges of the Covid era, are poised to significantly increase their investments in social initiatives compared to others.
This anticipated disparity in spending underscores the varying capacities and priorities among corporations, with some expected to surpass the mandated CSR expenditure more than others. As the landscape of corporate social responsibility evolves, the forthcoming financial year promises to be a pivotal period for companies as they navigate their commitments to societal welfare alongside their financial objectives.
1. Lumina Datamatics
Lumina Datamatics’ Corporate Social Responsibility (CSR) initiatives extend a helping hand to communities, addressing their needs and reinforcing the company’s commitment as an active and caring corporate citizen. The challenges posed by the pandemic served as a poignant reminder of the responsibility towards society. Social responsibility is ingrained within Lumina Datamatics’ core values. As a socially responsible corporate entity, Lumina Datamatics prioritizes community care both independently and through strategic partnerships, including collaboration with local governing bodies. Last year, Lumina Datamatics extended financial support for the treatment of underprivileged cancer patients, especially children, at the Tata Memorial Centre. Additionally, the company has donated mobile toilets and bathrooms to IGMCRI (Government of Puducherry) and facilitated apprenticeship/training programs to enhance vocational skills among trainees, thereby boosting their employability. In the fiscal year 2021-22, Lumina Datamatics has allocated ₹1,13,44,020/- towards CSR activities, surpassing the budgeted amount of ₹1,04,09,300/-, reaffirming the company’s commitment to social welfare and community development.
2. State Bank of IndiaÂ
During FY2021, State Bank of India (SBI) allocated ₹144.88 crore for CSR initiatives, with ₹71.18 crore directed to SBI Foundation for project implementation. In response to COVID-19, SBI dedicated ₹43 crore for relief efforts, including food distribution and healthcare support. Additionally, SBI contributed ₹11 crore to the PMCARES fund. SBI focused on education, allocating ₹10 crore for girl child education under the ‘Beti Bachao Beti Padhao’ campaign and supporting organizations like Shanti Sahyog and Universal Smile Trust. SBI also invested ₹5 crore in sports development and provided healthcare infrastructure support. These efforts underscore SBI’s commitment to societal well-being and sustainable development.
3. HDFC Bank
HDFC Bank demonstrated strong CSR commitment in FY2022, allocating Rs 736 crore, a 15.92% increase from the previous year, impacting over 9.6 crore beneficiaries. Under its Parivartan umbrella, the Bank focuses on education, health care, environmental sustainability, and rural development, aligning with government missions and global sustainable goals. With a vision for long-term sustainable growth, HDFC Bank aims to become carbon neutral by FY32 while emphasizing poverty reduction, education, and community empowerment. Key achievements include transformative impacts on millions of Indians, rural development programs, water conservation initiatives, and financial literacy campaigns engaging millions of beneficiaries nationwide.
4. Bajaj Auto Limited
A prominent manufacturer of motorcycles and three-wheelers in India, believes in measuring growth, success, and progress beyond conventional economic indices, emphasizing the positive impact on people’s lives. Demonstrating its commitment to Corporate Social Responsibility (CSR), the company exceeded its prescribed CSR budget, allocating over a hundred crores for various initiatives. While its projects span across India, Maharashtra receives special attention. Bajaj’s CSR efforts primarily target environmental conservation, education, healthcare, COVID relief activities, technology incubation, and child protection.
5. Ultratech Cement Limited
Ultratech Cement, a subsidiary of the Aditya Birla Group, allocated Rs. 120.68 crores for CSR activities in FY 20-21, focusing on healthcare, education, sustainable livelihood, infrastructure, and social reform through its CSR arm, UltraTech Community Welfare Foundation. Notably, the company’s healthcare initiatives included general health camps, specialized health camps, eye camps, treatment camps, and support for various medical needs, benefiting a total of 89,516 patients with an expenditure of Rs. 19 Cr. Additionally, Ultratech allocated Rs. 33 Cr. for education, Rs. 50 Cr. for disaster relief programs, and Rs. 11.88 crores for rural development, showcasing its comprehensive approach to societal impact and community welfare.
