Titan Company Ltd., known for its renowned brands and products, has consistently maintained a strong commitment to Corporate Social Responsibility (CSR). In the financial year 2023-24, the company spent Rs 57.99 crore on various CSR initiatives, surpassing its mandated CSR obligation of Rs 56.82 crore. Through a strategic focus on education, skill development, Indian heritage preservation, and responsible citizenship, Titan’s CSR activities impacted over 7 lakh beneficiaries across India. This report delves into the company’s CSR projects, expenditures, and the positive social changes they fostered during the fiscal year.
Titan’s CSR Policy and Vision
Titan Company’s CSR policy is anchored in its philosophy of improving socio-economic conditions, particularly focusing on the underprivileged and marginalized communities. The company’s CSR programs are aligned with the areas mentioned in its CSR policy, and all initiatives are designed to create sustainable impact. The primary focus areas include education, skill development, Indian heritage arts and crafts, and responsible citizenship.
Titan’s vision is to promote inclusive growth by addressing the needs of vulnerable sections of society, particularly marginalized women, underprivileged children, and persons with disabilities. The CSR initiatives align with the broader social goals outlined in the Companies Act, 2013.
Key CSR Projects in 2023-24
1. Education Initiatives
Education remains a cornerstone of Titan’s CSR agenda. In FY 2023-24, the company’s education programs reached 1,23,383 beneficiaries, focusing on providing quality education to underprivileged children, especially girl children. The company worked closely with schools in rural areas, offering scholarships, infrastructure development, and teacher training programs. Titan’s educational initiatives have helped improve literacy rates and provided access to learning resources for marginalized communities.
2. Skill Development Programs
Titan’s skill development projects impacted 42,780 individuals in 2023-24. These programs focused on empowering marginalized youth and women by providing them with vocational training and employability skills. Through partnerships with local institutions, Titan aimed to create self-sustaining livelihoods for beneficiaries, particularly in the fields of craftsmanship, retail, and manufacturing.
3. Promoting Indian Heritage Arts & Crafts
Titan has a long-standing commitment to preserving India’s rich heritage of arts and crafts. In FY 2023-24, the company supported over 10,906 artisans and craftsmen, helping them sustain their traditional livelihoods. The program not only provided financial aid but also facilitated skill enhancement and market access, ensuring the preservation and promotion of Indian heritage.
4. Design Impact Movement & Design Impact Award
A unique aspect of Titan’s CSR strategy is its focus on design-led social impact. The company’s Design Impact Movement reached 19,397 beneficiaries in 2023-24, fostering innovation and entrepreneurship through design. The initiative encouraged the use of design thinking to address pressing social issues, empowering young innovators to create sustainable solutions.
5. Responsible Citizenship and Community Development
Responsible citizenship was another key focus area for Titan’s CSR efforts in 2023-24. The company’s programs aimed at fostering civic responsibility among communities reached over 5 lakh beneficiaries. These initiatives included awareness campaigns on environmental conservation, healthcare support, sanitation projects, and disaster relief efforts.
Titan Company CSR Spending 2023-24
| Key Area | Details |
|---|---|
| Total CSR Spend (2023-24) | Rs 57.99 crore |
| Required CSR Spend (2023-24) | Rs 56.82 crore |
| Ongoing Projects | Nil |
| Non-Ongoing Projects Spend | Rs 57.08 crore |
| Administrative Overheads | Rs 0.54 crore |
| Impact Assessment Cost | Rs 0.37 crore |
| Total Beneficiaries (2023-24) | Over 7 lakh |
| Education Program Beneficiaries | 1,23,383 |
| Skill Development Program Beneficiaries | 42,780 |
| Indian Heritage Arts & Crafts Support | 10,906 artisans |
| Design Impact Movement & Award Beneficiaries | 19,397 |
| Responsible Citizenship Initiatives | 5,13,752 beneficiaries |
| CSR Committee Meetings Held | Regular meetings held throughout the year |
| Turnover (2023-24) | Rs 47,114 crore |
| Net Worth (2023-24) | Rs 14,457 crore |
CSR Committee and Oversight
Titan’s CSR activities were governed by a dedicated CSR Committee that closely monitored the implementation and progress of various projects. The Committee held regular meetings to review ongoing initiatives, approve new projects, and ensure compliance with the Companies Act, 2013. This year’s CSR expenditure reflects the company’s commitment to transparency, with clear records of the funds allocated to each program.
Impact and Beneficiaries
In 2023-24, Titan’s CSR initiatives positively impacted over 7 lakh individuals across the country. The beneficiaries came from various marginalized communities, including underprivileged women, children, and persons with disabilities. Titan’s focus on inclusion ensured that 100% of the beneficiaries in its education, skill development, and heritage projects came from vulnerable sections of society.
The CSR efforts extended to rural areas, where Titan’s programs improved access to education, enhanced livelihoods, and provided essential infrastructure for better living conditions.
Commitment to Sustainability and the Future
Titan Company has consistently demonstrated its commitment to sustainable development and social responsibility. Its CSR activities are not just limited to one-time interventions but are designed to create lasting social change. Moving forward, Titan plans to expand its focus on sustainability, particularly in areas like environmental conservation and climate resilience, while continuing to empower marginalized communities through education and skill development.
The company’s CSR strategy for the coming years will aim to address emerging societal challenges and leverage innovation to foster a more inclusive and sustainable future for all.
You Learn
Titan Company Ltd.’s CSR spending in 2023-24 showcases its dedication to creating a positive social impact through a variety of programs in education, skill development, and heritage preservation. With an expenditure of Rs 57.99 crore, the company went beyond its mandated obligations, touching the lives of over 7 lakh beneficiaries. Through its strategic approach, Titan continues to uphold its reputation as a socially responsible corporate leader, committed to improving the quality of life for marginalized communities across India.
The company remains steadfast in its mission to drive sustainable social change, ensuring that its CSR initiatives bring about meaningful progress in the years to come.
