Wipro CSR Spend Exceeds Mandate, Invest Rs. 215 Cr in FY 2023
Wipro Limited Exceeds CSR Spending Threshold in FY 2022-23, Commits Rs. 215.7 Crore
BENGALURU (India CSR): Wipro Limited, a leading global information technology, consulting, and business process services company, has announced its robust CSR spending for the fiscal year 2022-23. As per the provisions of the Companies Act, 2013, which stipulates that companies meeting certain criteria must allocate at least 2% of their average net profits for the previous three fiscal years to social development activities, Wipro Limited has not only fulfilled but exceeded its obligation.
Wipro CSR Spend Exceeds Mandate
The Board of Directors reported that Wipro’s Corporate Social Responsibility spending for the year ended March 31, 2023, amounted to Rs. 215.7 Crore, surpassing its obligatory spending of Rs. 198.6 Crore.
This puts Wipro’s spending on Corporate Social Responsibility activities over 8% above its mandated threshold, showcasing its strong commitment to social responsibility.
Set-off Strategy in Place for CSR Expenditure
Adding another layer of strategic planning, the company’s Nomination and Remuneration Committee, with the approval of the Board of Directors, decided to set off an aggregate amount of Rs. 50.8 Crore for the financial year 2022-23.
Excess Spend Available for Future Set-Off
Furthermore, the company revealed an over-spend of Rs. 67.9 Crore in its Corporate Social Responsibility expenditure for the fiscal year 2022-23.
In accordance with the relevant regulations, this excess amount is available for set-off over the next three financial years, allowing for an equal distribution of the surplus across the subsequent Corporate Social Responsibility budgets.
Implications and Impact
Wipro Limited’s commendable Corporate Social Responsibility expenditure showcases the company’s strong commitment to creating a positive societal impact.
This move stands testament to Wipro’s robust strategy to drive responsible and sustainable business practices, a commendable step that is expected to influence other companies to follow suit.
Also Read: Wipro Spends Rs. 221.6 Cr On CSR – Corporate Social Responsibility In FY 2022 – India CSR
