New Delhi, 1 August 2022: Hero MotoCorp, the Indian multinational motorcycle and scooter manufacturer, has spent as much as Rs. 88 crores on various CSR (Corporate Social Responsibility) activities in the financial year 2021-22.
The company’s major focus areas for its CSR initiatives included promoting education; promoting gender equality and empowering women; disaster management including relief, rehabilitation and reconstruction activities; ensuring environmental sustainability and ecological balance; rural development projects; eradicating hunger, poverty and malnutrition among others.
During the year, the company spent a total of Rs. 87.85 crores on its CSR activities which is more than 2% of the average net profits of the previous three financial years. Under its Corporate Social Responsibility umbrella platform, ‘Hero We Care’, it has been continuously running multiple community outreach programs, ranging from protection of biodiversity, supporting healthcare, education and sports to promoting road safety and adopting Covid-19-affected families across multiple states.
Hero MotoCorp CSR 2021-22: Details of expenditure
The average net profit of the company over last three years stood at Rs. 4,361.23 crores. Accordingly, the 2% of the average profit as per Section 135(5) was calculated at Rs. 87.22 crores, which was its total CSR obligation for the financial year. The amounts spent on administrative overheads and impact assessment were Rs. 2,93,56,484 and Rs. 21,26,918 respectively. Thus, the company spent a total of Rs. 87,84,85,472 in the financial year. The excess money spent for its CSR activities amounted to Rs. 63 lakhs.
Hero MotoCorp CSR 2021-22 - Major focus areas
In the financial year 2021-22, the company focused on supporting Covid-affected families. The relief work included supplying necessary aid including mobility support to government institutes for better functioning, strengthening medical infrastructure, enhancing environment capital, supporting rural development and education, facilitating healthcare and skill development, creating sustainable livelihoods, supporting people with disabilities, promoting and inculcating road safety practices, and grass-root sports development.
The company through its CSR initiatives, also provided support to the vulnerable/marginalised community. Through its CSR initiative Shiksha, company provided education support to the students. Through Jeevika, it provided skill development training. Further, it also supported the specially-abled group through its CSR initiative, Enable.
Details of beneficiaries of CSR projects
|
S.no.
|
CSR project
|
No. of persons
benefitted from
CSR Projects
|
|
1.
|
COVID-19 relief
|
8652
|
|
2.
|
Arogya – Promoting preventive health care
|
6573
|
|
3.
|
Shiksha – Education
|
274
|
|
4.
|
Road Safety
|
10000
|
Hero MotoCorp CSR 2021-22 - Implementing agencies
Some of the implementing agencies for the company’s CSR projects in FY2021-22 included International Foundation for Research and Education, Habitat for Humanity India, People to People Health Foundation, Setco Foundation, Raman Kant Munjal Foundation, etc.
According to the company, its sustainability strategy revolves around five pillars–inclusive growth, eco-efficiency, people, responsible value chain, and product stewardship. The Corporate Social Responsibility (CSR) vision of the Company is to ‘have a greener, safer and equitable world’.
CSR committee
Hero’s Sustainability and Corporate Social Responsibility (SCSR) Committee functions under the direct supervision of Dr. Pawan Munjal, Chairman & CEO of the company, and also the Chairman of the CSR Committee. Other members of the committee are Mr. Pradeep Dinodia, Non-Executive Director, Prof. Jagmohan Singh Raju, Independent Director, and Ms. Tina Trikha, Independent Director.
