By investing Rs 112.74 crores in various CSR initiatives in 2023-24, the company continues to drive positive change, ensuring that its growth story benefits all sections of society, particularly the underprivileged and the environment.
NEW DELHI (India CSR): In the fiscal year 2023-24, Mahindra & Mahindra Ltd. showcased its unwavering dedication to corporate social responsibility (CSR), aligning its efforts with the Group’s RISE Philosophy. The company made substantial investments in projects aimed at nation-building priorities and local developmental needs, focusing on key areas such as the empowerment of underprivileged girls, women’s economic empowerment, and environmental conservation.
Financial Overview
According to the Integrated Annual Report 2023-24, Mahindra & Mahindra Ltd. reported an average net profit of Rs 5,616,45,08,849.36 as per subsection (5) of section 135. Consequently, the 2% mandatory CSR expenditure amounted to Rs 112,32,90,176.99.
CSR Spending Breakdown
The total CSR obligation for the year was Rs 112,32,90,176.99. The company’s actual expenditure on CSR projects, both ongoing and new, totaled Rs 107,71,10,967.00. Administrative overheads accounted for Rs 4,51,07,529.67, and impact assessment expenses were Rs 52,14,095.00. This culminated in a total CSR spending of Rs 112,74,32,591.67, exceeding the required amount slightly.
CSR Policy and Governance
Mahindra & Mahindra Ltd.’s CSR policy is meticulously designed to address both national and local developmental needs. The policy is publicly accessible on the company’s website. The CSR Committee, reconstituted multiple times throughout the year, oversees the implementation and monitoring of CSR activities. As of August 2024, the committee includes Muthiah Murugappan (Chairman), Anand G. Mahindra, Dr. Anish Shah, and Padmasree Warrior.
Flagship CSR Initiatives
In line with the company’s commitment to the UN Sustainable Development Goals (SDGs) and the Indian Government’s CSR framework, Mahindra & Mahindra Ltd. focused on several key initiatives:
- Empowering Underprivileged Girls: The company invested heavily in educational and vocational programs aimed at uplifting underprivileged girls, providing them with equal opportunities for a brighter future.
- Women’s Economic Empowerment: Initiatives to support women’s economic independence were a major focus, promoting skills development and entrepreneurship among women in various communities.
- Environmental Conservation: The company undertook numerous projects aimed at environmental sustainability, including tree plantation drives, cleanliness campaigns, and awareness programs on environmental issues.
Employee Engagement
Mahindra & Mahindra Ltd. emphasizes employee participation in CSR activities. Through programs like Esops and MySeva, employees dedicated 59,485 person-hours to various social causes. The second edition of Mahindra Volunteering Day saw 12,183 volunteers contributing 33,345 person-hours to diverse activities, from blood donation drives to health check-up camps.
Impact and Future Goals
The company’s CSR activities have brought about significant social, economic, and environmental changes, aligning with its purpose of driving positive change in communities. The investments in CSR projects have not only met regulatory requirements but have also propelled Mahindra & Mahindra Ltd. to achieve higher social impact and contribute to the nation’s progress.
Mahindra & Mahindra Ltd. CSR Spending Key Information for 2023-24
| Parameter | Details |
|---|---|
| Average Net Profit (As per Section 135) | Rs 5,616,45,08,849.36 |
| 2% of Average Net Profit | Rs 112,32,90,176.99 |
| Surplus from Previous Financial Year | NIL |
| Amount Required to be Set-Off | NIL |
| Total CSR Obligation | Rs 112,32,90,176.99 |
| Amount Spent on CSR Projects (Ongoing & New) | Rs 107,71,10,967.00 |
| Amount Spent on Administrative Overheads | Rs 4,51,07,529.67 |
| Amount Spent on Impact Assessment | Rs 52,14,095.00 |
| Total Amount Spent for Financial Year | Rs 112,74,32,591.67 |
| CSR Applicability (As per Section 135 of Companies Act, 2013) | Yes |
| Turnover | Rs 98,763.43 crores |
| Net Worth | Rs 52,276.56 crores |
| CSR Initiatives Focus Areas | Empowering underprivileged girls, women’s economic empowerment, and environmental conservation |
| Employee Volunteering (Total Hours) | 59,485 person-hours |
| Mahindra Volunteering Day (Total Volunteers & Hours) | 12,183 volunteers, 33,345 person-hours |
| Key Social Impact Areas | Education, employment, decision-making roles for women, environmental conservation |
| CSR Committee (As of August 2024) | Mr. Muthiah Murugappan (Chairman), Mr. Anand G. Mahindra, Dr. Anish Shah, Ms. Padmasree Warrior |
| Link to CSR Policy | Mahindra CSR Policy |
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