In a remarkable financial year 2022-23, LTIMindtree Limited (formerly Larsen & Toubro Infotech Limited) reports having spent INR 679.77 Million on Corporate Social Responsibility (CSR) initiatives, surpassing their obligated amount by INR 5.06 Million.
CSR Commitments Exceeded
The company’s legal obligation under Section 135(5) stood at INR 674.71 Million, pegging the actual amount spent at 100.75% of the required expenditure. This is a significant increase compared to the financial year 2021-22 when LTIMindtree spent INR 564 Million, including a provision amount of INR 77 Million for unspent CSR, against an obligatory INR 560 Million.
Robust Allocation for Social Welfare
These funds have primarily been allocated towards crucial sectors including Education, Empowerment, Health & Wellness, and Environmental sustainability. Other areas of focus included support for natural calamities and COVID-19 relief initiatives.
No Carry Forward, Complete Utilization
For the fiscal year 2022-23, there is no unspent CSR amount necessitating transfer to a Fund specified in Schedule VII to the Companies Act or a special account per sub-section (6) of section 135 of the same Act. Consequently, clause (xx) reporting is not applicable.
LTIMindtree’s commitment to CSR has yielded impressive results, supporting the livelihoods of 579,916 individuals from under-served communities through numerous CSR programs and partnerships.
Mindtree Foundation Contributions
The Mindtree Foundation also demonstrated its commitment to social responsibility with CSR expenses of INR 241 Million in 2022-23, up from INR 166 Million the previous year. This demonstrates a strong commitment from LTIMindtree and its foundation to contribute meaningfully to societal wellbeing.
While the unspent CSR provision of INR 77 Million from 2021-22 has been utilized, with INR 35 Million of that sum utilized in 2022-23, LTIMindtree demonstrates a continued commitment to social responsibility, underscoring its role as a corporate leader.
In conclusion, LTIMindtree’s increased CSR spend, exceeding its legal obligation, reflects the company’s commitment to make a positive impact on society. With this strong record of corporate citizenship, the company continues to set the standard in CSR spending.
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