New Delhi – UltraTech Cement Ltd spent Rs 74.96 crore on corporate social responsibility (CSR) initiatives during the financial year 2018-19 (Apr-Mar), the company said in its annual report. It was over and above the prescribed limit of Rs 61.18 crore.
The companies are required to spend at least 2% of the amount of the net profit for the last 3 financial years under the Companies Act 2013. Average net profit of the company for the last three financial years stood at Rs 3,059 crore, the report said.
The company’s CSR activities were undertaken in education (Rs 36.02 crore), healthcare (Rs 7.47 crore), environment & livelihood (Rs 4.03 crore), rural development projects (Rs 18.39 crore), social empowerment (Rs 1.73 crore) and cultural heritage, art & culture protection (Rs 4.41 crore).
The UltraTech led initiatives have touched the lives of more than 1.4 million people across 502 Indian villages, the report said .
The Act prescribes 17 areas of CSR activity in Schedule VII of the act. Section 135 of the Act lays down rules for CSR activity in India. The policy which became effective from 1 April 2014, mandates those companies for CSR activity which have net worth of Rs 500 crore or more; or turnover of Rs 1,000 crore or more; or net profit of Rs 5 crore or more during any financial year.