Petro Carbon And Chemicals Limited (PCCL) is committed to its Corporate Social Responsibility (CSR), ensuring that it contributes towards societal development in a meaningful way. In the financial year 2023-24, PCCL exceeded its statutory CSR obligations, spending Rs 11.73 lakh on various initiatives, surpassing the required 2% of its average net profit for the last three years. This report provides an in-depth analysis of PCCL’s CSR spending, the company’s approach to CSR, and its future vision for contributing to the well-being of the communities in which it operates.
CSR Policy and Governance
PCCL’s CSR strategy is rooted in a robust governance framework. The company formed a dedicated CSR Committee to monitor and oversee its initiatives, ensuring all CSR activities are in line with Section 135 of the Companies Act, 2013, and the Companies (Corporate Social Responsibility Policy) Rules, 2014.
The CSR Committee includes:
- Vishal Atha, Managing Director (Chairman of the Committee)
- Amit Ganatra, Independent Director
- Bharat Atha, Non-Executive Director
This team is responsible for identifying activities, recommending expenditure, and monitoring CSR performance periodically to ensure the company contributes towards meaningful social and environmental development.
CSR Obligations for FY 2023-24
In accordance with the legal requirement, PCCL was obligated to spend 2% of its average net profit for the last three financial years on CSR. Based on its average net profit of Rs 473.53 lakh, the company’s CSR spending obligation for FY 2023-24 was Rs 9.47 lakh. However, PCCL’s commitment to social causes exceeded this requirement, with a total CSR spend of Rs 11.73 lakh.
CSR Expenditure Breakdown
Total CSR Spending
In FY 2023-24, PCCL spent Rs 11.73 lakh on CSR initiatives, surpassing the mandated Rs 9.47 lakh. This overachievement reflects the company’s dedication to corporate responsibility. The CSR projects supported by PCCL were primarily centered around healthcare, education, and social upliftment.
Key CSR Focus Areas
PCCL’s CSR initiatives primarily focused on the following key areas:
- Healthcare and Eradication of Diseases: The company contributed to healthcare programs aimed at combating diseases and improving access to essential medical services.
- Education: PCCL emphasized promoting education through financial assistance to underserved students and upgrading local educational facilities.
- Hunger and Poverty Eradication: The company engaged in programs that helped eradicate hunger and poverty in underprivileged communities.
- Social Business Projects: PCCL also supported activities related to social business projects, which contribute to sustainable development.
Surplus CSR Expenditure
PCCL spent Rs 11.73 lakh on CSR initiatives, resulting in an excess expenditure of Rs 4.20 lakh above the legally required amount. This excess amount will be available for set-off in succeeding financial years, demonstrating PCCL’s proactive approach to CSR.
CSR Financial Summary for FY 2023-24
| Key Facts | Details |
|---|---|
| Average Net Profit (Last 3 Years) | Rs 473.53 lakh |
| CSR Obligation (2% of Net Profit) | Rs 9.47 lakh |
| Total CSR Spending for FY 2023-24 | Rs 11.73 lakh |
| Excess CSR Spending | Rs 4.20 lakh |
| Surplus Amount Available for Set-Off | Rs 4.20 lakh |
| CSR Focus Areas | Healthcare, Education, Hunger & Poverty Eradication, Social Business Projects |
| CSR Committee Chairman | Vishal Atha |
| Number of CSR Committee Meetings Held | 3 |
| Amount Spent in Administrative Overheads | 0 (None) |
| Amount Spent on Impact Assessment | Not Applicable |
| Unspent CSR Amount for FY 2023-24 | 0 |
CSR Committee Meetings
The CSR Committee met three times during the year to review and approve the spending plan. All key members, including Vishal Atha and Bharat Atha, were present during the meetings, ensuring strong oversight over the company’s CSR initiatives.
Transparency and Monitoring Mechanism
PCCL has maintained a transparent mechanism for implementing its CSR policy. The company has provided detailed disclosures on its website, including the composition of the CSR Committee and its CSR policy. These disclosures ensure accountability and provide stakeholders with insight into the company’s social impact.
Future CSR Vision
Moving forward, PCCL aims to expand its CSR initiatives with a focus on long-term impact. The company is set to invest more in sustainable projects, particularly in healthcare and education. With a clear CSR strategy, PCCL is committed to making a positive difference in society.
You Learn
PCCL’s commitment to CSR is evident from its actions in FY 2023-24. By exceeding the mandated spending requirement, the company has shown that its dedication to social causes is genuine and impactful. Through its well-structured CSR policy and responsible governance, PCCL continues to play a vital role in contributing to society, focusing on areas that uplift communities and foster sustainable development.
