In alignment with its long-standing commitment to community welfare and sustainable development, Sun Pharmaceutical Industries Ltd. has consistently undertaken impactful Corporate Social Responsibility (CSR) initiatives. The financial year 2023-24 reflects the company’s dedication to advancing healthcare, education, environmental sustainability, and rural development. Sun Pharma has spent Rs. 460.3 million towards various CSR projects in 2023-24, showcasing its intent to build a healthier and more inclusive society.
Overview of Sun Pharma’s CSR Policy
Sun Pharmaceutical Industries Ltd. follows a well-structured CSR policy, designed to engage in socially responsible activities that bring tangible improvements to society. The policy is in accordance with the provisions of Section 135 of the Companies Act, 2013. It encompasses various programs aimed at enhancing healthcare, education, environment conservation, and social development. The company focuses on maximizing impact by strategically utilizing its resources, expertise, and networks to uplift vulnerable communities.
The CSR efforts of Sun Pharma are primarily focused on healthcare infrastructure, malnutrition eradication, mobile healthcare units, and supporting education through innovative programs like smart classrooms.
Key CSR Projects in 2023-24
1. Healthcare Initiatives
Healthcare has been a central pillar of Sun Pharma’s CSR strategy. In FY 2023-24, the company made significant contributions to setting up a Cancer Sanatorium Institute in Mumbai and conducted various action-research programs aimed at eliminating malnutrition among children. Additionally, the company expanded its Mobile Healthcare Unit initiative, benefiting over 181,000 individuals, with a 100% focus on marginalized groups.
2. Education and Skill Development
Sun Pharma is deeply invested in advancing education across rural India. In FY 2023-24, the company supported the development of 17,207 schools through its School Development Program. It also installed smart classrooms in several rural areas, benefiting over 10,000 students. These initiatives reflect the company’s vision of fostering an educated and empowered society.
3. Environmental Sustainability
The company’s environmental projects included tree plantation drives, water conservation initiatives, and the Solar Street Lighting Programme. These programs were aimed at promoting sustainable environmental practices while providing rural communities with essential infrastructure.
4. Rural Development and Drinking Water Initiatives
Sun Pharma continued its focus on rural development through infrastructure projects and clean drinking water initiatives. The community drinking water project benefitted several rural communities, providing essential access to clean water.
Sun Pharmaceutical Industries Ltd. CSR Spending 2023-24
| Key Area | Details |
|---|---|
| Total CSR Spend (2023-24) | Rs. 460.3 million |
| Required CSR Spend (2023-24) | Rs. 481.3 million |
| Shortfall/Excess | Shortfall of Rs. 21 million from previous years |
| Administrative Overheads | Rs. 12.1 million |
| Impact Assessment Cost | Rs. 0.3 million |
| Healthcare Projects Spending | Rs. 150 million |
| Education & Skill Development | Rs. 100 million |
| Environmental Conservation | Rs. 75 million |
| Drinking Water & Rural Development | Rs. 50 million |
| Disaster Relief & Miscellaneous | Rs. 85.3 million |
| Beneficiaries of CSR Projects | 181,392 (Mobile Healthcare Unit alone) |
| CSR Committee Meetings Held | 3 |
| Number of Schools Supported | 17,207 |
| Smart Classrooms Installed | 10,307 students benefited |
| CSR Policy Compliance | In accordance with Section 135 of the Companies Act, 2013 |
| Foundation Donation | Rs. 200 million to Shantilal Shanghvi Foundation |
Key Insights from Sun Pharma’s CSR Committee
The CSR Committee of Sun Pharmaceutical Industries Ltd. plays an integral role in monitoring and executing these initiatives. Under the leadership of Rama Bijapurkar (Chairperson) and other esteemed members such as Dilip Shanghvi and Sudhir Valia, the committee has steered these initiatives with precision and dedication. Three meetings were held in FY 2023-24 to review and approve new projects and ensure effective execution of ongoing initiatives.
Impact Assessment and Results
Sun Pharmaceutical Industries Ltd. carried out an independent impact assessment for key projects like the Infrastructural Development for Pharma Research Laboratory. This assessment, conducted by Pluriversal Research and Action, highlighted the long-term positive impacts on healthcare and education infrastructure in rural communities. The report can be accessed on the company’s official website, showcasing the tangible benefits these CSR projects have brought to the underprivileged.
CSR Obligations and Financial Transparency
As mandated by law, Sun Pharma was required to spend 2% of its average net profits over the past three financial years on CSR activities, which amounted to Rs. 481.3 million for FY 2023-24. The company successfully met this requirement, with a shortfall of only Rs. 21 million, which was carried over from previous years. Additionally, the company did not record any surplus from the past projects, further emphasizing its commitment to complete resource utilization.
The company’s CSR contributions also extended to its foundation, the Shantilal Shanghvi Foundation, where Rs. 200 million was donated to support long-term healthcare and educational initiatives.
You Learn
Sun Pharmaceutical Industries Ltd. continues to make significant strides in its Corporate Social Responsibility journey. The company’s CSR spending in FY 2023-24 demonstrates its unwavering commitment to healthcare, education, environmental conservation, and rural development. Through a strategic and impactful allocation of resources, Sun Pharma has positively influenced the lives of thousands, particularly those from marginalized communities. With a strong CSR committee and transparent spending practices, Sun Pharma stands as a leader in the Indian corporate sector’s contribution to social responsibility.
The future of CSR at Sun Pharma looks promising, with the company poised to launch more innovative and impactful projects in the years to come.
