Synopsys
During the fiscal year 2022-23, Infosys spent a significant sum of Rs. 391.51 crore on various CSR projects, with an additional Rs. 64.39 crore channeled towards ongoing projects from the fiscal years 2021 and 2022.
A leftover sum of Rs. 45.33 crore, allocated for various ongoing projects, will be moved to the unspent CSR account for future use.
BENGALURU (India CSR Exclusive): Infosys Limited, a global leader in next-generation digital services and consulting, announced a significant investment of Rs. 391.51 crore in various CSR projects for the fiscal year 2022-23, showcasing the company’s commitment to social responsibility.
Alongside this hefty investment, Infosy’s annual report revealed that an additional Rs. 64.39 crore was spent on the continuation of projects from the fiscal years 2021 and 2022. This allocation not only displays Infosys’s long-term commitment to social causes but also strengthens the ongoing endeavors intended to create a lasting impact.
The company, renowned for facilitating digital transformation for clients in more than 56 countries, ensures to channel a portion of its profits for the betterment of society. In line with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the company commits at least 2% of the average net profits from the three immediately preceding financial years for these initiatives.
An unspent balance of Rs. 45.33 crore, initially slated for various ongoing projects, will be transferred to the unspent Corporate Social Responsibility account for future utilization. The decision underlines Infosys’s strategic approach towards Corporate Social Responsibility expenditure, ensuring that the resources are effectively used for the intended projects.
CSR Spending: Brief
| Description | Amount (Rs. Crore) |
|---|---|
| Average net profit | 21,842.00 |
| 2% of average net profit | 436.84 |
| Surplus from previous years | Nil |
| Set-off amount | Nil |
| Total CSR obligation for the year | 436.84 |
| Amount spent on CSR projects | 390.17 |
| Administrative overheads | 0.85 |
| Impact assessment cost | 0.49 |
| Total amount spent for the year | 391.51 |
The financial commitment made by Infosys for the fiscal year 2022-23 manifests its commitment to creating a positive impact through its CSR initiatives, both in India and around the globe.
By directing substantial funding towards its CSR initiatives, Infosys continues to drive change and make significant strides in community development and social enrichment. Its continued dedication to Corporate Social Responsibility, especially during these challenging times, shows that the company values its role as a corporate citizen and is committed to enhancing the communities where it operates.
