MUMBAI: M&M Ltd. invested Rs. 92.78 cr in various CSR projects to positively impact the communities during FY 2020-21. This excludes the Rs. 20 cr donation made by the Company to the PM CARES Fund in FY 2020. CSR spending of 2020 was Rs. 126.59 crores.
The amount equal to 2% of the average net profit for the past three financial years required to be spent on CSR activities was Rs. 112.56 crores.
The Company had contributed a sum of Rs. 20 crores to the PM CARES Fund on 31st March, 2020 in pursuance of MCA’s appeal dated 30th March, 2020 made to the MDs/CEOs of top 1000 companies in terms of market capitalization, to contribute generously to PM CARES Fund.
This contribution of a sum of Rs. 20 crores to PM CARES Fund were made by the Company over and above the mandatory CSR obligation under section 135(5) of the Companies Act, 2013 for Financial Year 2019-20, which has been offset against the mandatory CSR obligation for Financial Year 2020-21, the company said.
“Our approach to CSR goes far beyond philanthropy as we devise interventions that create sustainable social progress.”, the company said.
Mahindra focuses on CSR projects for girls, youth, and farmers through initiatives that support education, health, and the environment.
As per its annual report, M&M formulates community policies and a sustainability strategy that addresses major societal issues through myriad CSR projects across the nation, a few of which have been highlighted in this section.
Flagship Project Nanhi Kali supported the education of over 1,71,950 underprivileged girls through 6,346 Academic Support Centres across 24 locations in 9 states of India. Of these 33,046 girls were supported by your Company, while the Mahindra Group as a whole, supported 73,699 girls.
CSR projects through implementing partners with a valid registration under section 12A & 80G of the Income Tax Act, 1961, and having an established track record of at least 3 years.
The main implementation partners the Company works with are the Mahindra Foundation, The K C Mahindra Education Trust, Tech Mahindra Foundation and Naandi Foundation.