Sanjeev Puri led ITC Limited, a multi-business conglomerate, has released its Annual Report 2018-19. According to the report, company has spent Rs 306.95 Crore in various corporate social responsibility (CSR) programmes during FY 2018-19.
“The total CSR expenditure for the financial year 2018-19 stood at Rs. 306.95 crores.”, report revealed.
Average Net Profit of the company for last three financial years: Rs 15327.74 crores, accordingly the prescribed CSR Expenditure (two percent of the amount as in item 3 above) stood Rs. 306.55 crores for FY 2018-19.
Expenditure incurred under Section 135 of the Companies Act, 2013 on Corporate Social Responsibility (CSR) activities – Rs 306.95 Crores (2018 – Rs. 290.98 Crores) comprising employee benefits expense of Rs. 8.69 Crores (2018 – Rs. 7.84 Crores) and other expenses of Rs. 298.26 Crores (2018 – Rs. 283.14 Crores) of which Rs. 22.23 Crores (2018 – Rs. 14.42 Crores) is accrued for payment as on 31st March, 2019.
All these programmes fall within the purview of Schedule VII read with Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014.
Company partnered with BAIF Development Research Foundation, Pratham Education Foundation, Ramakrishna Mission, Bandhan Konnagar, SEWA Bharat, Foundation for Ecological Security, ITC Sangeet Research Academy (ITC SRA), ITC Rural Development Trust and CII–ITC Centre of Excellence for Sustainable Development.