Positive Impact on Communities and Sustainable Partnerships in Focus
NEW DELHI (India CSR): GMM Pfaudler Limited, in its latest Annual Report 2022-23, illuminated its continued dedication to Corporate Social Responsibility (CSR) through its GMM Pfaudler Foundation. Emphasizing the critical role it plays within its operating communities, the company is undeterred in its vision of fostering socio-economic and environmental enhancement.
Dedication to Communities
In the words of the Annual Report, “Our CSR arm, the GMM Pfaudler Foundation, continues to make a positive impact on the lives of individuals in the communities where we operate.” It showcases the firm’s cognizance of the influence it yields and the responsibility that follows suit. The company, with a staunch commitment to CSR, pledges its expertise, resources, and time to uplift local communities, with a primary focus on regions it is actively present in.
Gratitude to Collaborative Efforts
Tarak Patel, Managing Director of GMM Pfaudler Limited, expressed heartfelt thanks to their CSR collaborators. He mentioned, “I would like to express my gratitude to our CSR partners – ReefWatch Marine Conservation, Shri Krishna Hospital (Charutar Arogya Mandal), JV Patel GIA ITI, and the Sardar Patel Trust.” Their collective effort in the fields of education, healthcare, and environmental conservation remains pivotal for the society’s sustainable advancement.
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Project IBCS: A Leap for Rural Development
In collaboration with the Sardar Patel Renewable Energy Research Institute (SPRERI), the GMM Pfaudler Foundation embarked on ‘Project IBCS’. This laudable initiative aimed at mitigating the health and environmental challenges plaguing rural women in Gujarat. The issues rooted from cooking in inadequately ventilated spaces using ineffective biomass-burning stoves. SPRERI’s solution, the IBCS, is designed to improve fuel efficiency, reduce harmful emissions, and prioritize user safety.
GMM Pfaudler Limited, through meticulous planning, responsible allocation, and impactful partnerships, ensures that its CSR contributions leave a lasting and positive impact on the communities it touches.
Financial Commitment to CSR
For the fiscal year, the company’s average net profit as per section 35(5) stood at Rs. 110.85 crore, resulting in a CSR obligation of Rs. 2.22 crore. Staying true to its commitment, GMM Pfaudler Limited utilized the full amount, with Rs. 11,08,486 allocated to administrative overheads and Rs. 3,65,000 directed towards impact assessment.
Tribute to Sardar Patel
Highlighting the company’s reverence for national heroes, an immersive ‘walk through exhibit’ focusing on the life of Sardar Patel has been established. Located at Anand-Sojitra Road, near Shri Krishna Hospital, Karamasad, Anand, the exhibit spanned from April 1, 2022, to March 31, 2023.
Foundation and Compliance
GMM Pfaudler Foundation, functioning under the aegis of GMM Pfaudler Limited, centers its activities around healthcare, education, and environment, reflecting the company’s CSR policy. Noteworthy is the fact that the company met its entire CSR obligation for the year, with no remaining funds necessitating transfer, as per the Companies Act’s provisions.
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Financial Breakdown
- CSR Obligation and Utilization:
- Average Net Profit (Section 35[5]): Rs. 110.85 crore.
- Mandated CSR Spending (2% of average net profit, Section 135[5]): Rs. 2.22 crore.
- Total CSR Obligation for the Financial Year: Rs. 2.22 crore.
- Total Amount Spent: Rs. 2.22 crore.
- Detailed Expenditure:
- Administrative Overheads: Rs. 11,08,486.
- Impact Assessment: Rs. 3,65,000 (Note: This amount also contributes to the administrative overheads).
- Total CSR Expenditure for 2022-2023: Rs. 2.22 crore.
Key Projects & Partnerships
- Project IBCS:
- In collaboration with the Sardar Patel Renewable Energy Research Institute (SPRERI), this initiative targeted health and environmental challenges faced by rural women in Gujarat. SPRERI’s Integrated Biomass Cookstove Solution (IBCS) enhances fuel efficiency, minimizes harmful emissions, and bolsters user safety.
- Tribute to Sardar Patel:
- The company funded the creation of an immersive ‘walk through exhibit’ dedicated to the life of Sardar Patel, situated at Anand-Sojitra Road, Karamasad, Anand. Operational between April 1, 2022, and March 31, 2023.
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Collaborative Partners
- ReefWatch Marine Conservation.
- Shri Krishna Hospital (Charutar Arogya Mandal).
- JV Patel GIA ITI.
- Sardar Patel Trust.
Compliance & Foundation Overview
The GMM Pfaudler Foundation, a wholly-owned subsidiary of GMM Pfaudler Limited, emphasizes healthcare, education, and environment in alignment with the company’s CSR policy. The company has proudly fulfilled its CSR spending obligation for this financial year, with no residual amounts needing a transfer as per the Companies Act’s guidelines.
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