New Delhi – Hero MotoCorp Ltd spent Rs 101.95 crore on Corporate Social Responsibility (CSR) activities in FY2018-19, which is more than 2% of the average net profits of previous three financial years.
The prescribed CSR expenditure of the company is Rs 93.72 crore.
The net profit of the company in FY2015–16 was Rs 4,399.82 crore, in FY2016–17 was Rs 4,485.79 crore and in FY2017–18 was Rs 5,172.79 crore, resulting the average net profit for last 3 years is 4,686.13 crore.
The company has constituted a CSR Committee which functions under direct supervision of Pawan Munjal as Chairman, Managing Director & Chief Executive Officer (CEO) of the company, who is also the Chairman of the CSR Committee.
Other members of the Committee include Pradeep Dinodia, NonExecutive Director and Jagmohan Singh Raju, Independent Director.
Raju has been appointed as an additional director effective November 15, 2018 and has been inducted in the CSR Committee on January 31, 2019 to direct the company’s CSR Programmes, towards enhancing environmental and natural capital, supporting rural development, promoting education including skill development, providing preventive healthcare, providing sanitation and drinking water, creating livelihoods for people, especially those from disadvantaged sections of society, in rural and urban India and preserving and promoting sports.
The company won several awards in 2018 for Sustainability, for CSR by the Rajasthan Government and for CSR Practices at Haryana CSR Summit 2018.