New Delhi, 28 January, 2022: Zydus Wellness Limited, a strong player in the health and wellness space in India, has spent Rs 92.40 lakh towards Corporate Social Responsibility (CSR) activities for the financial year 2021. The major thrust areas of the company’s CSR work included, education and healthcare, including preventive healthcare.
The average net profit of the company for the past three years was Rs 4,620 lakh for the financial year 2020-21. Accordingly, the company’s mandatory CSR budget was calculated to be Rs 92.40 lakh, as 2% of the average net profit of the company for previous three years. The company, thus managed to fulfill its CSR responsibility; there was no surplus or deficit in the amount spent.
The company has spent the amount of its CSR obligation via Zydus Foundation on financing and re-financing of construction of hospital building in Dahod, Gujarat.
“The board of directors, on the recommendation of CSR Committee, approved the CSR spending, apart from others, for financing re-financing of construction of Hospital Building of Zydus Foundation (ZF), a section 8 and a wholly-owned subsidiary company of Cadila Healthcare Limited, which runs hospital and medical college at Dahod, Gujarat. ZF provides hospital services to the patients and education-related facilities to the medical students. The objective of ZF includes, amongst others, to help the marginalized and economically weaker section people of the society,” states the company’s annual report.
The company has outlined the following thrust areas in its CSR Policy:
- Healthcare/medical facility
- Skill development/empowerment
- Community development
- Education/knowledge enhancement
- Infrastructure development
- Environment protection
During the financial year ending March 31, 2020, the expenditure of the company on various CSR activities was Rs 2.21 crore.
Implementing Agencies of Zydus Wellness
The CSR initiatives of Zydus Wellness are spearheaded by Zydus Foundation and the company also follows the same in line with the holding company. Zydus Shrishti encourages employee volunteerism and is completely an in-house effort. The team carries out initiatives in the field of education, health, and research. The focus through these programs is to develop communities which we are a part of inclusive education and creating knowledge platforms for the research community.
In line with its policy, the company has contributed towards education, healthcare, and social outreach programs and a majority of its CSR spending in the previous financial year has been in these areas. To serve the needs of the patients and bring world-class medical education to the rural interiors of Gujarat, the company has set up the Zydus Medical College and Hospital at Dahod.
The hospital provides free treatment including OPD, indoor, all investigations, surgeries, anesthesia, oral medicines, injectables, and food for patients. The Zydus Medical College is the first medical college to be set up in Dahod and the first batch of the MBBS programme commenced in August 2018.
Objectives of the Zydus Wellness CSR Policy
- To directly or indirectly take up programmes that can beneficially impact the communities in and around the company’s manufacturing facilities, work centres, thus enhancing the quality of life and creating healthier communities.
- To ensure commitment and compliance at all levels within the organisation and create meaningful partnerships with stakeholders to achieve desired outcomes of the policy.
- To create goodwill for the organisation and continuity of the Zydus legacy through its CSR programme and reinforce the principles of corporate citizenship
Zydus Wellness is engaged in the manufacturing of health and wellness products with subsidiaries in India. As on date, it has four subsidiary companies. Pursuant to the provisions of section 135 of the Act and Rules made thereunder, the board has constituted a CSR Committee under the Chairmanship of Dr. Sharvil P. Patel. The other members of the committee are Mr. Ganesh N. Nayak and Mr. Savyasachi S. Sengupta.
