Pfizer Limited has also spent Rs. 13.48 crores (2.20% of the Profit after Tax) on Corporate Social Responsibility (CSR) activities for the financial year ended March 31, 2022, which includes product donations for COVID-19 relief, cancer care projects, and more.
Pharmaceutical company Pfizer Limited has announced that it spent Rs. 13.48 Crore, which accounts for 2.20% of its profit after tax, on Corporate Social Responsibility (CSR) for the financial year ended March 31, 2022. This is in compliance with the Companies (Amendment) Act, 2019, which requires companies to spend a certain percentage of their profits on CSR.
Unspent CSR Amount in a Separate Bank Account
During the financial year 2020-21, Pfizer Limited voluntarily deposited the unspent CSR amount of Rs. 4.63 Crore for the financial year ended March 31, 2020, in a separate bank account named Pfizer Limited – Corporate Social Responsibility Unspent Account FY 2019-20. This move is in accordance with the Companies (Amendment) Act, 2019, which requires companies to transfer any unspent CSR amount to a separate bank account within 30 days from the end of the financial year.
Unspent CSR Amount on Ongoing Projects
Pfizer Limited spent Rs. 2.98 Crore during the financial year 2020-21 on its ongoing CSR projects out of the unspent CSR amount deposited in the previous year’s separate bank account. The remaining CSR unspent amount of Rs. 1.65 Crore was spent during the financial year 2021-22 on the Company’s ongoing CSR projects, indicating a commitment to its CSR obligations.
Unspent CSR Amount in Bank Balance
For the financial year ended March 31, 2021, Pfizer Limited deposited the unspent CSR amount of Rs. 10.95 crore in the Unspent Corporate Social Responsibility account, earmarked for the same financial year. Out of this, Rs. 3.47 crore was spent during the current year, and the remaining amount of Rs. 7.48 crore was disclosed under the head “Bank balance other than cash and cash equivalents” to be spent in the subsequent year. The company has disclosed this information in its annual report, indicating transparency in its financial reporting.
CSR Activities
Pfizer’s CSR priorities include promoting Indian innovation and intellectual property with a focus on healthcare, undertaking awareness and access programs in partnership with NGOs, government and healthcare providers in areas such as women and child health, supporting government national and/or state programs and priorities with linkages to healthcare, and participating in disaster relief activities. During the year under review, Pfizer’s flagship CSR initiatives included rolling out two major projects to combat India’s AMR challenges in partnership with NGO partner Americares India Foundation (AIF) and undertaking projects aligned with their CSR priorities.
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