New Delhi, 25 September, 2020: The motorcycles and commercial vehicles manufacturer Eicher Motors Ltd. spent Rs 55.39 crore on its activities under Corporate Social Responsibility (CSR) in 2019-20. The company’s prescribed CSR budget of the year was around Rs 10 crore more as compared to the previous year.
The company’s average net profit for the last three financial years stood at Rs. 2,769.48 crores. Thus, its prescribed CSR budget calculated as 2% of this amount came as Rs. 55.39 crores. The company spent this amount on several activities related to health, education and sustainability. In the year ending March 31, 2019, the company had spent Rs 45.39 crores.
The company says, "We have made an initial CSR commitment of Rs 50 crores towards relief and support measures to fight the pandemic in India and are committed to increasing spends to deploy additional support and for long term rehabilitation in the aftermath of the pandemic."
The company has a CSR Committee and a CSR Policy in place. It has identified healthcare, children’s education, road safety, environmental sustainability, local area development and livelihood development including vocational training for underprivileged as some of its key areas.
It claims that the prospective CSR programmes are presented to the CSR Committee for evaluation. The proposal includes proposed budget, social need for the programme and benefits expected. The CSR Committee recommends desirable programmes with all necessary details to the Board for approval.
All CSR programmes are closely monitored through field visits, comprehensive documentation and regular interaction with beneficiary communities.
The three-member CSR committee here includes S. Sandilya Chairman, Siddhartha Lal and Inder Mohan Singh.
The company implements its CSR programmes on its own or through Eicher Group Foundation (EGF), a section 8 Company incorporated by the Company and its unlisted subsidiary VE Commercial Vehicles Limited (VECV).
How the company has spent its CSR budget
Promoting health care, eradicating, hunger, poverty and malnutrition, sanitation and making available safe drinking water
1- The company spent Rs 2.273 crores on disaster relief in Maharashtra, Karnataka, Kerala and Odisha
2- The company spent Rs Rs 3.05 crore on Road Safety and Community Development Programme Leh, Jammu and Kashmir, Lahaul and Spiti, Himachal Pradesh
3- The company spent Rs 4.83 crore on eradication of blindness and deafness in different part of the country
4- The company spent Rs .82 crore on Holistic maternal and child well-being in the local area of Chennai and surrounding areas.
5- The company spent Rs .40 crore on improving traffic compliance and management, reducing fatal accidents & road safety using behavioural insights in Chennai
6- The company spent Rs 2.08 crore on Covid-19 medical, healthcare management and other related activities
Employment enhancing vocational skills
1- The company spent Rs .934 crore to improve employment opportunities for school dropouts unemployed youth by skill building in local area Chennai and surrounding area, Tamil Nadu and Gurugram in Haryana
2- It spent Rs 4.99 crore on Royal Enfield Centre for Skill Development in Chennai and few areas of Uttar Pradesh
Promoting Education
1- The company spent Rs 4.46 crore on Infrastructure development and operational expenses for School in Alwar and surrounding area of Rajasthan.
2- It spent Rs .24 crore on upgradation of Government School in Tiruvottiyur, Chennai.
Rural Development
1- The company spent Rs 2.83 crore on Electrification of Villages in Himalayas
Ensuring environmental sustainability, ecological balance, maintaining quality of soil, air and water
1- The company spent Rs .33 lakh on greening of highways in Chennai and surrounding areas
2- The company spent Rs Rs .64 crore on solid waste management in Leh Ladakh region
3- The company spent Rs 1.3 crore on mitigating farm stubble burning in Punjab
The company spent Rs 24.44 crore on Eicher Group Foundation on above projects or programmes, it says.
