This further exemplifies PEL’s commitment to corporate citizenship and CSR and its dedication to giving back to society.
In an exemplary show of corporate citizenship, Piramal Enterprises Limited (PEL), a part of the esteemed Piramal Group, has not just fulfilled its Corporate Social Responsibility (CSR) obligations for the financial year 2022-23, but has surpassed them. The recently released CSR Spending Report data in the annual report reveals that the company has spent Rs. 20.00 Crores on CSR projects, significantly overstepping its mandated obligation of Rs. 17.16 Crores.
This is a further testament to PEL’s commitment towards societal development and its continuous efforts to contribute more than the mandated 2% of its average net profits towards CSR initiatives.
The enterprise has diligently channelled its resources directly into CSR projects without allocating any funds towards administrative overheads or impact assessment during this financial year. The financials underscore PEL’s emphasis on maximising the social impact of its CSR initiatives, an ethos that remains integral to the company’s values.
Piramal Enterprises Limited
Piramal Enterprises Limited (PEL), part of the renowned Piramal Group, is an established Indian conglomerate with a rich history dating back to the 1980s. Having expanded organically and through strategic acquisitions, the Piramal Group now enjoys a global presence spanning across 30 countries in multiple industries. This report outlines PEL’s CSR spending for the financial year 2022-23.
Key Financials
| Parameter | Amount (in Rs. Crores) |
|---|---|
| Average net profit (Section 135 Sub-section (5)) | 858.32 |
| 2% of average net profit (Section 135 Sub-section (5)) | 17.16 |
| Surplus from previous year’s CSR activities | Nil |
| Set off amount for the financial year | Nil |
| Total CSR obligation for the financial year | 17.16 |
CSR Spending
| Parameter | Amount (in Rs. Crores) |
|---|---|
| Amount spent on CSR Projects (Ongoing and Others) | 20.00 |
| Administrative overheads | Nil |
| Expenditure on Impact Assessment | Nil |
| Total CSR expenditure for the financial year | 20.00 |
