During the year 2019-20, Sun Pharmaceutical Industries Limited (Sun Pharma) has spent Rs. 43.71 Million (Rs. 4.37 Crore) on Corporate Social Responsibility (CSR) which amounts to about 3.24% of the average net profits of the Company in the three preceding financial years, company’s annual report 2020 said.
The company spent Rs 3.9 crore on CSR during FY 2018-19 despite the average net profit of the company for the last three financial years was negative, the company was not required to spend on CSR activities.
The Company has identified health, education & livelihood, environment protection, water management and disaster relief as the areas where assistance is provided on a need-based and caseto-case basis.
Sun Pharma has been working on Corporate Social Responsibility having passion and perseverance in foraying the neon ways of serving, enriching and inflating the social benefits to downtrodden and unprivileged sections of society residing in the vicinity of our business operations and also in many other remote and rural areas in India, the report said.
Sun Pharma has initiated various CSR Programmes compartmentalised into thematic areas identified during Community Need Assessment. The Company has formulated CSR policy for driving its CSR programme for community benefits.
These projects are focussed towards downtrodden, unprivileged and lower strata of society. All activities are aligned with the itemareas mentioned in the Schedule VII of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.
Sun Pharma’s Corporate Social Responsibility initiatives focus on thematic areas of Healthcare Programme, Education Programme, Rural Development Programme, Environment Conservation Programme, Sanitation Programme.
- Average net profit of the Company for last three financial years: Rs. 1349.27 Million (134.9 crore)
- Prescribed CSR Expenditure (two percent of the Profit): Rs. 26.99 Million (Rs. 2.69 crore)
- Total CSR amount spent for the financial year: Rs 43.71 Million (Rs. 4.37 crore)
In compliance with the requirements of Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors have constituted a Corporate Social Responsibility (CSR) Committee. The contents of the CSR Policy of the Company as approved by the Board on the recommendation of the CSR Committee.
The CSR policy of the Company encompasses its philosophy towards Corporate Social Responsibility and lays down the guidelines and mechanism for undertaking socially useful programmes for welfare & sustainable development of the community at large, report said.
