Mankind Pharma Spends Rs. 20 Crore on CSR in FY 2022-23

Mankind Pharma has exceeded its CSR goals, showcasing exemplary corporate responsibility with positive societal and environmental impacts.

***

MUMBAI, India (India CSR): In a year marked by unprecedented challenges and opportunities, Mankind Pharma Limited, one of India’s leading pharmaceutical companies, stood out for its unwavering commitment to Corporate Social Responsibility (CSR), channeling a significant Rs. 20.02 crores towards impactful initiatives in the fiscal year 2022-23.

ADVERTISEMENT

In the reporting year, the Company did not undertake any CSR projects in the designated aspirational districts.

This narrative explores the journey of Mankind Pharma Limited as it navigated through its obligations, achievements, and the profound impact of its CSR activities, embedding sustainability and welfare at the core of its operations.

“Mankind is a unique Company, with a domestic focused pharma business of scale and a differentiated consumer healthcare franchise with several market leading brands. Our core philosophy is ‘Affordability, Quality and Accessibility’ and this has been the foundation on which the success of the Company has been built.”, Sheetal Arora, Chief Executive Officer and Whole-time Director, Mankind Pharma Limited said in the Annual Report.

***

Corporate Social Responsibility (CSR) Policy Overview

Corporate Social Responsibility (CSR) Policy of Mankind Pharma Limited exemplifies its unwavering commitment to sustainable development by effectively integrating economic, environmental, and social objectives. This policy acknowledges the importance of considering the interests of all stakeholders, thereby significantly enhancing the company’s reputation and goodwill.

It stands as a declaration of Mankind Pharma Limited’s dedication to conducting its business responsibly and ethically, while making a positive impact on the community and the environment.

“As per provisions of section 135 of the Companies Act, 2013, the Company has to incur at least 2% of average net profits of the preceding three financial years towards Corporate Social Responsibility (CSR). Accordingly, a CSR committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act, 2013”, the company said.

***

Financial Highlights for the Year 2022-23

Composition of CSR Committee

The CSR Committee at Mankind Pharma Limited is instrumental in guiding the company’s CSR initiatives, ensuring they are in line with the company’s values and strategic goals. The leadership ensures that CSR activities are impactful, pertinent, and congruent with its broader mission and ethical standards.

The committee oversees the integration of sustainable practices into Mankind Pharma Limited’s operations, promoting a balance between economic growth and environmental stewardship.

Below is a detailed table presenting the composition of the CSR Committee, including director names, their roles, and their engagement in CSR Committee meetings during the fiscal year 2022-23.

Source: Company’s Annual Report 2022-23

***

Detailed Analysis of CSR Expenditures

In the financial year 2022-23, Mankind Pharma Limited demonstrated an exceptional commitment to its Corporate Social Responsibility (CSR) by allocating Rs. 19.41 crores towards CSR obligations. This allocation was in strict adherence to the guidelines set out in Section 135 of the Companies Act, 2013, reflecting a strategic deployment of resources that underscores the company’s dedication to effectively meeting its CSR mandates.

Impact Assessment Report

The contributions made to the JC Juneja Foundation during FY 2021-22 underwent a rigorous impact assessment conducted by an independent agency.

Financial Summary

• Average Net Profit: For FY 2022-23, including the results of its erstwhile wholly-owned subsidiaries, Mankind Pharma Limited reported an average net profit of Rs. 1,639.23 crores.
• CSR Expenditure: The company outstripped its minimum statutory obligation by spending a total of Rs. 20.02 crores on CSR projects throughout the year. This expenditure not only highlights the company’s commitment to going beyond mere compliance but also its focus on generating significant social and environmental value.
• Remarkably, no portion of this budget was allocated to administrative overheads or impact assessments, ensuring that the entirety of the funds was directed towards impactful CSR initiatives.

“Excess of INR 99.56 lacs is on account of CSR Obligations of the Company i.e. Mankind Pharma Limited. The shortfalls in CSR expenditure is in respect of entities merged during the year, Lifestar (INR 37.43 lacs) and Magnet (INR 1.21 lacs) would be deposited by the Company in the funds and in accordance with the provisions specified in the Companies Act, 2013.”, the company report said.

***

Consolidated CSR Obligation for FY 2022-23

The CSR obligation for the fiscal year 2022-23 takes into account the contributions from Mankind Pharma Limited and its erstwhile wholly-owned subsidiaries, Lifestar Pharma Private Limited and Magnet Labs Private Limited, which were merged with the company effective from 30th March 2023.

This inclusive approach has led to a consolidated CSR obligation of Rs. 19.41 crores, comprising Rs. 17.49 crores from Mankind Pharma Limited, and additional amounts of Rs. 1.41 crores and Rs. 0.51 crores from Lifestar Pharma and Magnet Labs respectively.

This holistic sum represents the company’s unified commitment to fulfilling its CSR objectives, emphasizing a comprehensive strategy toward corporate social responsibility.

Achievements and Highlights

• Mankind Pharma Limited undertook and successfully executed numerous CSR projects during the year, investing Rs. 20.02 crores and thereby significantly exceeding its statutory spending requirement. This investment in meaningful initiatives underscored the company’s strategic approach to addressing critical social concerns.
• The company’s CSR framework was carefully designed to address key areas of social importance without diverting any funds towards administrative expenses. This approach maximized the impact of the company’s investments.
• The CSR initiatives were fully integrated with Mankind Pharma Limited’s broader mission, reinforcing its commitment to societal development and environmental conservation.

Beneficiaries of Mankind Pharma’s CSR Projects in FY 2022-23

Mankind Pharma Limited has always been committed to enhancing the welfare of vulnerable and marginalized sections of society. Below is a detailed account of the beneficiaries from the company’s CSR projects for the fiscal year:

*Note: The precise percentage of beneficiaries from vulnerable and marginalized groups has not been specified, reflecting the company’s overarching aim to extend support to those in need, irrespective of their background. This approach underscores Mankind Pharma Limited’s dedication to creating inclusive social, economic, and educational opportunities for all.

***

‘Digital Smart Class’ Initiative Across Rural India

Mankind Pharma, a frontrunner in India’s pharmaceutical industry, is advancing educational quality in remote regions with its ‘Digital Smart Class‘ initiative under its CSR activities. This extensive program has successfully set up 220 smart classrooms, furnished with advanced technology, in government schools across Uttar Pradesh, Uttarakhand, and Himachal Pradesh.

The Mankind Pharma

Mankind Pharma (BSE: 543904 | NSE: MANKIND) is one of the largest pharmaceutical company in India, which focuses on the domestic market with its Pan India presence. Mankind operates at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors with the aim of providing quality products at affordable prices.

The company has 28 manufacturing facilities in India manufacturing a wide range of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow fill seal, soft and hard gels, eye drops, creams, contraceptives and other over-the-counter products.

(India CSR)