New Delhi, 7 August 2020: Infosys has spent nearly Rs 360 Crore as part of its Corporate Social Responsibility programmes in the years 2019-20. The Infosys Foundation, the philanthropic arm of the IT major led by Sudha Muthry, cornered about 80 per cent of the total CSR budget which were spent through the year on various activities.
The company’s average net profit for the last three financial years stood at Rs 17,978 crore. Accordingly, the prescribed CSR expenditure, calculated as 2% of the average net profit, stood at Rs 359.56 crore. However, the company spent a little more that the prescribed CSR budget with a total spend on Rs 359.94 on various CSR activities.
The key CSR activities undertaken in 2019-20 by the company included multiple COVID relief projects, education-related programmes and health projects. Under its COVID relief activities, the company helped set up a 100-bed quarantine facility for patients in Bengaluru in collaboration with Narayana Health City (NHC). Further, it also helped establish a 182-bed quarantine facility for the Bowring and Lady Curzon Medical College & Research Institute, Bengaluru.
As per the financial statement of the company, about 80 % of the total CSR spend was handled by Infosys Foundation. The company stated that it undertakes its CSR activities primarily through the InfosysFoundation.
Infosys Foundation was established in 1996 for social welfare activities. Since its inception, the Foundation, through its grant-making and partnerships with government bodies and competent non-governmental bodies, has fostered a sustainable culture of development in the areas of healthcare, promotion of education, eradication of hunger, rural development, art and culture, and destitute care across India.
Section 135 of the Companies Act, 2013 and Rules made under it prescribe that every company having a net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more, or a net profit of Rs 5 crore or more during any financial year shall ensure that it spends, in every financial year, at least 2% of the average net profits computed as mandated by theAct, in pursuance of its CSR Policy.
Moreover, the Infosys Foundation USA undertook CSR initiatives outside of India; this is over and above the statutory requirement. Over and above the requirements of the Companies Act, 2013, the company spent a total of USD 39,48,360 on multiple CSR activities that included teacher training, student education and services, classroom aids and technology, advocacy and awareness.
Key highlights of the activities of the Infosys Foundation during 2019-20:
- Supporting COVID-19 relief measures pan-India bycontributing to the PM CARES Fund, helping hospitals,
- destitute, daily wage workers and underprivileged sectionsof the society
- Construction of a dharmashala at AIIMS, Jhajjar Providing training to teachers in Andhra Pradesh and Odisha
The CSR committee at Infosys is headed by Bicon Founder Kiran Mazumdar-Shaw who is also an independent director at Infosys. The committee met four times during the financial year to identify the areas of CSR activities and programmes, and execution of the initiatives as per defined guidelines.
