New Delhi: Shree Cement spends 31.32 crore on CSR during FY 2018-19, which is less than the prescribed CSR budget of Rs 36.17 crore, the annual report of FY 2018-19 says.
The average net profit of the Company for the last three financial years calculated in terms of section 198 of the Companies Act, 2013 is 1808.53 crore.
The unspent CSR amount of the company stands at Rs 4.85 crore.
The projects related to infrastructure development & community assets identified by the company could not materialise due to implementation bottlenecks. Similarly one education project to which company had committed financial support did not require assistance from company because of change in fund requirements. All these together resulted in shortfall in CSR expenditure of the company for the year, annual report further says.
The CSBR committee confirms that the implementation and monitoring of CSR activities is in compliance with CSR objectives and the CSR policy of the company.
The committee comprises of O. P. Setia as Chairman, Prashant Bangur, R. L. Gaggar, Y. K. Alagh, Nitin Desai, Shreekant Somany and Sanjiv Krishnaji.
The company is committed to social responsibility & happiness of the community and pursue path of optimal utilisation of resources, minimising carbon footprint in pursuit of sustainable development.
Shree is one of the first cement companies in India to report on sustainability performance by publishing the CSR reports and focuses on community development cover initiatives in realm of health, water, sanitation, education, agriculture, upliftment of BPL families and skill development for self employment among others.
To promote women education, Shree has setup a Shree Bangur Mahila Mahavidhyalay at Didwana, Rajasthan.
Another important contribution from Shree was to build a hostel for girls for the renowned Mugneeram Bangur Memorial Engineering College at Jodhpur.