MUMBAI I India CSR: Titan, the country’s most admired and respected companies, has spent Rs. 37.55 crore under mandated CSR expenditure which exceeds 2% of the Average Net Profit of the Company for the last 3 financial years. During the year 2020-21, the CSR programs have reached out to 4.66 lakh individuals.
The Company’s CSR focus is driven by broad themes such as upliftment of the underprivileged girl child, skill development for the underprivileged and support for Indian Arts, Crafts and Heritage.
The average net profits of the Company in three preceding financial years for computation of CSR expenditure stood at Rs. 1,862.85 crore. During the financial year 2020-21, the Company spent Rs 37.55 crore towards CSR initiatives. The Company has spent the entire 2% of the net profits earmarked for CSR projects during the Financial Year 2020-21.
The Corporate Sustainability function is vested with the responsibility of driving CSR activities.
While most programmes have a large focus on the Girl Child, the Company also makes all efforts to make it truly inclusive by building in requirements of Affirmative Action and also including People with Disabilities.
Being a pan-India organisation, the Company continues to support local causes that are important to the communities with which it operates, including issues that are of national importance. The Company also pursues design impact programmes, which seek to engage the youth towards applying design thinking for social impact.
The Company continues to play the role of a responsible corporate citizen with a firm belief in making a difference in the lives of people in the communities it engages with. The Company engages with communities through direct CSR interventions as well as through various NGOs and governmental agencies to deploy several programmes aimed at different sections of society.
Through a bi-annual associate meet, the Company interacts with the NGOs it works with, to co-create programmes that add immense value to the community. It reaches out to the community not only in the location of its operations but across the country, and co-creates programmes and solutions that are in the larger interest of the community and society.
In compliance with Section 135 of the Act, the Company has undertaken CSR activities, projects and programs as provided in the CSR policy of the Company and as identified under Schedule VII of the Act and excluding activities are undertaken in pursuance of its normal course of business. In addition to the projects specified as CSR activities under Section 135 of the Act, the Company has also carried out several other sustainability/responsible business initiatives and projects.
In line with the requirements of the Companies Act, 2013 a brief statement on the impact assessment has been included for the year 2019-20 for projects that had spent more than Rs. 1 crore during that year.
The company’s volunteering program ‘Titan Footprints’ has been operating in all locations over the years. During the year 2020-21, the Company clocked more than 4,000 person-hours of volunteering involving employees across the Company either in CSR projects or in local causes.
Also Read: Interview of NE Sridhar, AVP & Head of Corporate Sustainability, Titan – India CSR Network
