Tata Consumer Products Meets CSR Obligations for FY 2022-23
Tata Consumer Products, under the mandate of Section 135 of the Companies Act, was obligated to spend 2% of its average net profits from the last three financial years on Corporate Social Responsibility (CSR) activities for the financial year 2022-23. This came to a total of Rs. 16.59 Crores. The recent annual report reveals that the company has successfully met this obligation, thereby reaffirming its commitment to sustainable and responsible business practices.
CSR Spending Breakdown
During the financial year under review, Tata Consumer Products has spent Rs. 15.72 Crores directly on CSR activities. The company allocated an additional Rs. 0.45 Crores towards Administrative Overheads and Rs. 0.07 Crores towards Impact Assessment, which is in line with permissible CSR rules. The total expenditure for the year, therefore, stood at Rs. 16.24 Crores.
The company also set off Rs. 0.35 Crore from the excess amount spent in FY 2020-21 and FY 2021-22 towards its total CSR obligation for FY 2022-23. Consequently, the company successfully met its CSR spending obligation of Rs. 16.59 Crores for FY 2022-23.
The Board of Directors has given their approval for this accounting.
Additional Sustainable Initiatives
In addition to the CSR activities stipulated under section 135 of the Companies Act, Tata Consumer Products has also embarked on several other global sustainability and responsible business initiatives. These ventures further underline the company’s dedication to driving change and making a positive impact on the communities it serves.
Key Financials
| Parameter | Amount (in Rs. Crores) |
|---|---|
| 2% of average net profit (Section 135 Sub-section (5)) | 16.59 |
| Amount spent on CSR Activities | 15.72 |
| Administrative Overheads | 0.45 |
| Expenditure on Impact Assessment | 0.07 |
| Total CSR expenditure for the year | 16.24 |
| Set off amount from previous years | 0.35 |
| Total CSR obligation met for the year | 16.59 |
