OMC’s robust CSR initiatives and strategic business practices continue to position it as a key contributor to Odisha’s growth story, ensuring that its success translates into tangible benefits for the people and communities it serves.
By exceeding its CSR spending target, OMC has set a benchmark for public sector enterprises in India.
NEW DELHI (India CSR): Odisha Mining Corporation Ltd (OMC), a state-owned entity and a leader in India’s mining industry, has once again demonstrated its commitment to socio-economic development by allocating Rs. 85.06 crore to Corporate Social Responsibility (CSR) activities in the financial year 2023-24. This expenditure exceeded the statutory requirement of Rs. 82.57 crore, showcasing OMC’s dedication to community upliftment, sustainability, and ethical business practices.
CSR Obligation and Spending Details
In FY 2023-24, OMC’s average net profit stood at Rs. 4,128.87 crore. According to the Companies Act, 2% of this profit, amounting to Rs. 82.57 crore, was mandated for CSR activities. OMC not only met this obligation but exceeded it by spending an additional Rs. 2.49 crore, bringing the total CSR expenditure to Rs. 85.06 crore.
The key financial highlights include:
- CSR Obligation: Rs. 82.57 crore
- Total CSR Spending: Rs. 85.06 crore
- Excess CSR Spending: Rs. 2.49 crore
- Impact Assessment Cost: Rs. 2.43 lakh
- Administrative Overheads: Nil
This excess amount of Rs. 2.49 crore can now be set off in the succeeding financial years, as per statutory provisions.
Strategic CSR Focus
OMC’s CSR initiatives for FY 2023-24 spanned a wide range of areas, reflecting the corporation’s holistic approach to community welfare. These initiatives focused on health, education, sustainable livelihoods, rural development, and environmental conservation.
Chairman Surendra Kumar, IAS, emphasized in the Annual Report that OMC is deeply committed to using its resources not only to achieve business excellence but also to drive socio-economic growth in Odisha. “Our robust CSR initiatives reflect our deep commitment to uplifting communities, ensuring that our success translates into tangible benefits for society,” he stated in the recent Annual Report message.
Operational and Financial Excellence in FY 2023-24
OMC achieved remarkable milestones in FY 2023-24:
- Turnover: A record-breaking Rs. 23,500.59 crore.
- Dividend Contribution: Rs. 2,723 crore paid to the state exchequer.
- Production and Sales Growth: Significant increases in output and revenue, driven by strategic improvements and digitization.
OMC’s operational efficiency and adoption of advanced technologies have solidified its position as a global leader in the mining sector. These achievements directly contribute to Odisha’s economic progress, reinforcing OMC’s role as a key driver of the state’s development.
Key Highlights of CSR Impact
OMC’s CSR initiatives are designed to align with its broader vision of sustainability and community development. The key areas of impact include:
- Education: Scholarships and infrastructure support for underprivileged students.
- Healthcare: Establishment of medical camps, hospital infrastructure support, and health awareness programs.
- Rural Development: Construction of community centers, roads, and sanitation facilities.
- Livelihood Generation: Training programs for skill development and entrepreneurship.
- Environmental Conservation: Reforestation programs and investments in clean energy.
These efforts have positively impacted thousands of beneficiaries across Odisha, further reinforcing OMC’s commitment to sustainable development.
Looking Ahead
OMC continues to integrate advanced technologies and automation to enhance productivity and minimize its environmental footprint. The corporation is committed to fostering transparency, ethical conduct, and inclusivity. Moving forward, OMC aims to strengthen corporate governance and invest in innovative solutions to maintain its competitive edge while upholding the highest sustainability and safety standards.
OMC CSR Spending Summary for FY 2023-24
This table summarizes the financial and CSR performance of OMC for FY 2023-24.
| Particulars | Amount (₹ Crore) |
|---|---|
| Average Net Profit (As per Section 135(5)) | Rs. 4,128.87 |
| 2% of Average Net Profit (CSR Obligation) | Rs. 82.57 |
| Surplus from Previous Financial Years | Nil |
| Total CSR Obligation for FY 2023-24 | Rs. 82.57 |
| Amount Spent on CSR Activities | Rs. 85.06 |
| Amount Spent in Administrative Overheads | Nil |
| Amount Spent on Impact Assessment | Rs. 0.0243 (Rs. 2.43 lakh) |
| Excess Amount Spent | Rs. 2.49 |
| Amount Available for Set-Off in Future Years | Rs. 2.49 |
