KOEL spends Rs 5.49 crore on CSR for FY 2019-20; Major focus on edu, health and rural development

New Delhi, 1 September 2020: Kirloskar Oil Engines Limited (KOEL) spent more than its prescribed CSR budget in the financial year 2019-20.  The company which specialises in manufacturing of diesel engines, agricultural pumpsets and generating sets spent Rs 5.49 crore on its CSR activities this year.

Education, Health, Environment and Rural Development remained the focus areas for the company’s CSR.

The company’s average net profit for the last three financial years stood at Rs 268.76 crores and its prescribed CSR expenditure was calculated at around Rs 5.38 crores, says its annual report. The prescribed CSR budget for a company is calculated as the 2% of the average profit over the last three financial years. 

KOEL’s CSR expenditure in 2019-20 saw a significant rise of 19% from Rs 4.59 crore in 2018-19.

The company in its annual report said its focus areas under CSR have remained consistent over the years and include Health, Education, Rural Development and Environment.

CSR Expenditure for financial year 2019-20

The company said that the CSR programme impact assessment is done from time to time and the number of beneficiaries and the change in their livelihood and income level is frequently monitored. The composition of the committee is headed by Chairman, Rahul C Kirloskar.