New Delhi, 10 October 2020: Allcargo Logistics Limited, a global leader in the integrated logistics solutions, has spent Rs 4.38 Crore under various CSR activities in the Financial Year 2019-20.
The average net profit of the company for the past three years stood at Rs 152 Crore. Calculated as 2% of the average net profit of the past three years, its prescribed CSR budget stood at Rs 3.04 Crore. However, the company spent Rs 4.38 Crore towards the CSR activities in the financial year 2019-20, exceeding the prescribed budget by Rs 1.34 Crore. Last year, the company had spent Rs 5.40 Crore on various CSR initiatives.
"In line with the Company’s philosophy on CSR and its commitment towards the society and philanthropic value, Allcargo Logistics has spent voluntarily more than the statutory limit and is in compliance with the Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014," said the company.
The company majorly focuses on healthcare, education, women empowerment and environment. Its CSR committee is headed by Arathi Shetty and other members of the committee include Shashi Kiran Shetty and Mohinder Pal Bansal.
Key focus areas of CSR expenditure
- The company spent Rs 1.29 Crore for supporting patients suffering from cancer, blindness, vision impaired, leprosy, improving general health, providing medical and nutritional care to masses and supporting care of the children with disabilities and elderly people. These projects were carried out in Mumbai (Maharashtra), Mangalore (Karnataka), Chennai (Tamil Nadu), Kolkata (West Bengal) though an implementing agency.
- Another big amount of Rs 1.89 Crore was spent in supporting scholarship, providing educational assistance, career guidance, skill development, training for employment, mentoring initiative and special children education support. These projects were carried out in Mumbai (Maharashtra), Mangalore (Karnataka), Chennai (Tamil Nadu) through implementing agencies.
- For environment and sustainability, the company this year spent Rs 67.63 Lakh in tree plantation along with livelihood support to farmers, and construction of sanitation facilities for the beneficiaries. These projects were carried out in Mumbai through an implementing agency.
- For women empowerment, the company has spent another major amount of Rs 30.43 Lakh in supporting women for life skill education. These projects were carried out in Mumbai (Maharashtra) and Mangalore (Karnataka) through implementing agencies.
