Chennai-Based Software Firm Dedicates Entire Rs. 12 Lakh Corporate Responsibility Spend to Educational Initiatives for Societal Impact
NEW DELHI (India CSR): In the realm of corporate responsibility, the true measure of commitment often lies in the tangible actions taken to benefit society. For Odyssey Technologies Limited, a Chennai-based public limited company specializing in information security products built around Public Key Infrastructure and cryptography, the financial year ending March 31, 2025, marked a significant step in its corporate social responsibility (CSR) journey. Demonstrating its approach as a responsible corporate, Odyssey not only complied with statutory requirements but directed its entire mandated CSR expenditure towards supporting community well-being, with a specific focus on education.
Odyssey Technologies Limited conducts its business with a belief in holistically addressing issues related to the environment for sustainable development. The company’s CSR Policy is designed to guide its efforts towards achieving economic development that positively impacts society at large while minimizing resource footprint. A key objective of this policy is to encourage a positive impact through CSR activities aimed at alleviating hunger, poverty, and malnutrition; protecting the environment; and supporting communities. For the financial year 2024-25, the company’s actions align with these goals, specifically through its investment in education.
Table: Odyssey Technologies Spends Rs 12 Lakh on CSR Initiatives in FY25
| Parameter | Details |
|---|---|
| Company Name | Odyssey Technologies Limited |
| Headquarters | Chennai, Tamil Nadu |
| Industry | Information Security Software |
| CSR Obligation (FY 2024–25) | Rs 12 Lakh |
| CSR Amount Spent | Rs 12 Lakh |
| Utilization Rate | 100% (Fully utilized) |
| Average Net Profit (Past 3 Years) | Rs 5,99,99,090 |
| CSR Focus Area | Promotion of Education |
| Specific Projects | Not specified in the source document |
| CSR Committee Requirement | Not applicable (CSR spend < Rs 50 lakh) |
| Oversight Body | Board of Directors |
| Previous Year CSR Spend (FY 2023–24) | Rs 9,58,600 |
| Previous Year CSR Focus Areas | Education, Environment, Traditional Arts & Handicrafts |
| Capital Assets Created from CSR? | No |
| Shortfall or Unspent Amount? | No |
| Disclosure Mode | Annual Report annexure; available on company website |
| Auditor Confirmation | Yes – Full CSR compliance confirmed |
| Revenue from Operations (FY 2024–25) | Rs 2,725.69 lakhs |
| Profit After Tax (FY 2024–25) | Rs 433.13 lakhs |
| CSR Listed in Financials? | Yes – Recorded under “Other Expenses” in Profit & Loss Statement |
| Related Party Transactions for CSR? | None |
Meeting the Mandate: A Detailed Look at CSR Obligation and Spending
As a company governed by Indian regulations, Odyssey Technologies Limited is required to comply with Section 135 of the Companies Act, 2013, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014. This legislation mandates companies meeting certain criteria to spend a percentage of their average net profits over the preceding three financial years on specified CSR activities. For the financial year ended March 31, 2025, Odyssey’s average net profit as per Section 135(5) was calculated to be Rs. 5,99,99,090/-. This resulted in a two percent CSR obligation, rounded off, amounting to Rs. 12 Lakh for the year. The company has confirmed that the total amount of expenditure incurred on CSR projects during this financial year was exactly Rs. 12 Lakh. This indicates that Odyssey Technologies Limited fully met its required CSR spending obligation for the period. The source also notes that there was no shortfall in spending at the end of the year, no unspent CSR amount requiring transfer to a special account or fund, and no reason for failing to spend the required percentage. For comparison, in the previous financial year, 2023-24, the amount spent on CSR activities was Rs. 9,58,600/-.
Focus on Education: Investing in Future Generations
The nature of the CSR activities undertaken by Odyssey Technologies Limited during the financial year 2024-25 was clearly defined as Promotion of Education. This strategic focus on education reflects the company’s commitment to investing in an area that can have a lasting positive impact on individuals and communities. While the source document does not specify the exact nature of the educational initiatives supported, it explicitly states that the entirety of the Rs. 12,00,000/- CSR expenditure for FY 2024-25 was allocated to this cause. This targeted approach allows the company to concentrate its resources for potentially greater effectiveness within this chosen domain, aligning with its policy’s aim to support communities and alleviate poverty. In the previous year (FY 2023-24), the company’s CSR activities encompassed a broader range, including Promotion of Education, Maintaining quality of soil, air and water, and Promotion and development of traditional arts and handicrafts.
Governance and Compliance: Board Oversight Ensures Responsibility
In line with the regulations governing corporate social responsibility, Odyssey Technologies Limited has established a framework for overseeing its CSR activities. Given that the amount required to be spent by the company under Section 135(5) did not exceed fifty lakh rupees, the requirement under Section 135(1) for the constitution of a dedicated Corporate Social Responsibility Committee was not applicable. Consequently, the functions typically performed by such a committee were efficiently discharged by the company’s Board of Directors. This indicates direct oversight and integration of CSR considerations into the company’s highest level of governance.
Transparency and Reporting: Open Communication with Stakeholders
Odyssey Technologies Limited emphasizes transparency in reporting its CSR initiatives and expenditure. An Annual Report on CSR activities, formatted as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014, forms an integral annexure to the main Board’s Report. Furthermore, both the company’s CSR Policy and the Annual Report on CSR activities are made publicly available on the company’s website. This ensures that stakeholders can easily access information regarding the company’s CSR philosophy, planned activities, and actual spending. The source confirms that there were no material contracts, arrangements, or transactions with related parties during the financial year 2024-25 that would require reporting in Form AOC-2 concerning related party transactions. Specifically regarding CSR, the source states there were no details of related party transactions.
Further Compliance Checks
Beyond the core spending and reporting, the source document provides additional compliance details related to CSR for FY 2024-25. No capital assets were created or acquired through the CSR amount spent during the financial year. This confirms that the expenditure was likely directed towards program delivery rather than asset creation, as per regulatory nuances. The auditors also confirmed in their report that the Company has fully spent the required amount towards Corporate Social Responsibility and there are no unspent CSR amounts for the year requiring transfer to a specific fund or special account.
The Board of Directors, in their report signed by the Chairman & Managing Director, presented the Annual Report along with the Audited Financial Statements for the financial year ended March 31, 2025. The financial results for the year show Revenue from Operations at Rs. 2,725.69 lakhs and Profit after Tax at Rs. 433.13 lakhs. The CSR expense of Rs. 12.00 lakhs is also listed under “Other expenses” in the Statement of Profit and Loss.
In conclusion, Odyssey Technologies Limited’s commitment to corporate social responsibility during the financial year 2024-25 is evident in its complete utilization of the mandated CSR funds, specifically channeling the full Rs. 12,00,000/- obligation towards the promotion of education. This targeted investment, overseen directly by the Board of Directors and reported transparently, underscores the company’s ongoing efforts to contribute positively to societal development in alignment with its stated CSR policy and regulatory requirements.
FAQs: CSR report of Odyssey Technologies Ltd for FY 2024–25
1. What was the total CSR spending by Odyssey Technologies in FY 2024–25?
Odyssey Technologies spent Rs 12,00,000 (Rs 12 Lakh), fully meeting its CSR obligation.
2. Which area did the company focus its CSR efforts on?
The entire CSR amount was dedicated to the promotion of education.
3. Was there any unspent CSR amount for the year?
No, the company spent the full amount with no shortfall or unspent balance.
4. Who oversaw the CSR activities at Odyssey Technologies?
The Board of Directors directly oversaw CSR, as the amount was below Rs 50 lakh.
5. Were any capital assets created from the CSR spending?
No capital assets were created; the funds went towards program implementation.
(India CSR)
