Tata Consultancy Services Exemplifies Corporate Social Responsibility (CSR) – Exceeds Mandated Spend and Achieves Significant Community Impact in FY2023
MUMBAI (India CSR Exclusive): Tata Consultancy Services Limited (TCS), a global leader in IT services, consulting and business solutions, has set a new benchmark in corporate social responsibility by not just meeting, but exceeding its CSR obligations for the financial year 2023.
Based on the company’s average net profit of Rs. 38,662 crore as per section 135(5), TCS’s CSR obligation for the year stood at Rs. 773 crore, constituting two percent of the average net profit. In an impressive demonstration of commitment towards society, TCS surpassed its obligation, spending a total of Rs. 783 crore in this domain.
TCS: Leader in CSR Spending
This includes an investment of Rs. 775 crore on various social development projects both ongoing and otherwise, and an additional Rs. 8 crore directed towards administrative overheads. The company reported no amount spent on impact assessment, or surplus arising from community development projects or activities from the previous financial years.
The result is an excess amount spent on social development projects for the financial year 2023 to the tune of Rs. 10 crore, beyond the mandated 2% of the net profit. This surplus amount will be available for set off in the succeeding financial years, further cementing TCS’s commitment to sustained and impactful CSR activities.
In addition to this financial commitment, TCS employees, fondly referred to as TCSers, have shown their dedication to service by volunteering 2.8 million hours over the financial year. This extraordinary effort has had a tangible impact on the local communities, touching the lives of over 1.25 million people.
This spirit of volunteerism among the workforce, coupled with TCS’s substantial financial contributions, underscores the company’s robust approach towards CSR. Tata Consultancy Services has once again demonstrated its unwavering commitment to society and has set an example for other corporate bodies to follow.
