Pioneering Efforts in Corporate Social Responsibility (CSR) Echo Sun Pharma’s Dedication to Sustainable Development
MUMBAI (India CSR): In a testament to its unwavering commitment to corporate responsibility, Sun Pharmaceutical Industries Limited has unveiled its Corporate Social Responsibility (CSR) data in its Annual Report, declaring an impressive investment of Rs. 293.64 Million (Rs. 29.364 Cr) for the financial year ending March 31, 2023.
As per section 135 of the Companies Act, 2013, the Company is required to spend at least 2% of its average net profits for the immediately preceding three financial years on corporate social responsibility activities.
The company’s Annual Action Plan for the financial year 2022-23 covered CSR activities in the areas – Healthcare; Education; environmental conservation; Drinking Water Projects; Disaster Relief and Rural Development Programme.
Leading by Example in the Pharma Sector
Sun Pharma, a global juggernaut in the pharmaceutical industry, has consistently shown dedication to corporate excellence and societal well-being. As confirmed by the SMSRC data for February 2023, the company is at the pinnacle, ranking No. 1 by prescriptions across 12 different classes of doctors.
Financial Commitment to CSR
- CSR Allocation: As mandated by Section 135(5), Sun Pharma set aside two percent of its Average Net Profit, which was reported at Rs. 14,628.17 Million, resulting in a CSR commitment of Rs. 292.56 Million (Rs. 29.256 Cr) for the fiscal year.
- Project Expenditure: The company channeled Rs. 283.51 Million directly into various CSR projects, both ongoing and newly initiated.
- Operational Costs: Administrative overheads associated with the CSR initiatives amounted to Rs. 10.13 Million.
- Aggregate Impact: Culminating the year’s activities, the total expenditure stood at Rs. 293.64 Million, slightly surpassing the initial commitment.
“As a responsible Company, we are committed to delivering social impact through a well-defined CSR strategy. Our CSR initiatives demonstrate our strong commitment towards social causes and responsibilities. Our CSR initiatives in FY 2022-23 included programs covering healthcare, education, rural development, environment conservation, drinking water and disaster relief.”, the company report said.
A Year of Proactive CSR Committee Actions
Guiding the company’s CSR vision, the CSR Committee convened four times during the fiscal year, ensuring adherence to the strategic objectives. Significant milestones include:
- Leadership Evolution: Rama Bijapurkar ascended to the role of Chairperson of the CSR Committee on May 26, 2023, with Dilip Shanghvi (Managing Director, Sun Pharmaceutical Industries Limited) transitioning to the role of a Member.
- New Appointments: Dr. Pawan Goenka was welcomed into the committee on May 27, 2022.
- Continued Oversight: The diligent team, comprising other stalwarts like Sudhir Valia, operated under the watchful eyes of Mr. Anoop Deshpande, the Company Secretary.
CSR Meetings Insights
During the financial year that concluded on March 31, 2023, the CSR Committee convened on four occasions, specifically on:
- May 27, 2022
- July 28, 2022
- October 31, 2022
- January 30, 2023
Forwarding the Vision of Sustainable Development
Sun Pharmaceutical Industries Limited’s substantial financial pledge in the domain of CSR is a testament to its unwavering belief in the importance of corporate responsibility and sustainable development. The report underlines the company’s position as a leader in the pharmaceutical realm and a champion for community development.
(India CSR)
