New Delhi, 20 November 2020: India’s largest private multi-port operator, Adani Ports and Special Economic Zone Limited (APSEZ) has spent Rs 69.59 crore, on Corporate Social Responsibility (CSR) activities in 2019-20. The company’s CSR budget has almost doubled in the past six years.
APSEZ’s average net profit for the last three financial years stood at Rs 3,463.19 crore. Thus, the company was supposed to spend Rs 69.27 crore as the mandatory CSR obligation in the financial year 2019-20. The company, however, spent Rs 69.50 crore, a little more than its prescribed CSR budget on various CSR activities. The prescribed CSR budget of a company is calculated as the 2 percent of average net profit of the last three years.
In the financial year 2014-15, the company had spent Rs 35.90 crore on its CSR activities. The company’s CSR budget has almost doubled ever since (See the graph).
Adani Ports’ CSR expenditure in the last six years
.The company carried out or implemented its CSR activities either directly or through Adani Foundation. It has identified education, community health, sustainable livelihood and community infrastructure as the core sectors for CSR activities.
Established in 1996, Adani Foundation is the CSR, sustainability and community outreach arm of Adani Group.
The Sustainability and Corporate Social Responsibility Committee of the Company was constituted on May 15, 2014 and subsequently reconstituted from time to time to comply with statutory requirements. During the year under review, the Committee met twice on May 27, 2019 and August 6, 2019.
Its CSR Committee includes Rajesh S. Adani as the chairman and G K Pillai and Malay Mahadevia as members.
Top five CSR programmes of the company
- Disaster Management: The company spent Rs 25 crore on disaster management - Odisha & Ockhi Cyclone. The amount was spent by the company directly.
- Education: APSEZ spent Rs 6.43 crore on self-sustainability and career development of youth through enhancing skill. The amount was spent through its CSR arm Adani Foundation.
- Education: The company spent Rs 6.43 crore on Adani DAV Public School and Adani - KISS building. It was spent through Adani Foundation.
- Rural Infrastructure Development: The company donated Rs 5 crore to Somnath Trust. It was spent directly by the company.
- Rural Infrastructure Development: The company provided support to improve rural infrastructure works such as community hall, pond deepening, repairing and constructing houses, bore well repairing, safe drinking water etc. The company spent Rs 4.49 crore on the project.
