New Delhi, 11 October 2020: Public sector oil and gas company Hindustan Petroleum Corporation Limited (HPCL) managed to spend its prescribed Corporate Social Responsibility (CSR) budget of Rs 182.24 crores on several CSR activities. The Maharatna Company has increased its prescribed CSR budget by Rs 25.37 Crore in the past three years.
The company’s average net profit for the past three financial years stood at Rs 9,106.72 Crore. Accordingly, Rs 182.24 crore was earmarked by the company towards CSR activities which it successfully managed to spend on areas like education, healthcare and skill development. Prescribed CSR budget of a company calculated as 2% of the company’s average net profit of the last three years.
The company’s annual report says, "During the financial year 2019-20, HPCL spent Rs 182.24 crore in the implementation of various CSR initiatives in the focus areas of childcare, education, healthcare, skill development, sports, environment and community development, creating social capital, especially in the host communities of the business."
Its focus area has been the same for the past three years, however, the company keeps changing its priority in these focus areas as well. Like, in 2017-18, HPCL’s biggest priority was education while it spent the biggest chunk on Swachh Bharat Abhiyan, Prime Minister’s ambitious programme to push cleanliness in the country. In the year ending on March 31, 2020, the company though again increased its spending on education but spent maximum money on imparting vocational skills. (See the chart to know HPCL’s annual focus areas in the last three years).
In the year ending on March 31, 2020, HPCL provided nutritious meals to 20,000 students in rural government schools through Project Akshaya Patra, it claims.
As per it, HPCL under ‘Project ADAPT’ supported 300 Children living with Special Needs to pursue their education, skill development and therapies. Under Project Nanhi Kali, 13,000 girl children were provided with holistic support in their academic pursuits, the Maharatna company claims.
HPCL supported 28,000 school students under project Agastya for development of scientific temper and conceptual learning through mobile science labs, it highlights in its report adding that free computer education was provided to 12,000 students under Project Unnati. Scholarships were offered to more than 16,000 students from socially and economically under-privileged families.
Giving detail of its focused group, HPCL says that it has identified disadvantaged, vulnerable and marginalised stakeholders. "The CSR policy of the Corporation has provision that the CSR projects/ activities shall be undertaken for the welfare of SC, ST, people with disabilities and other weaker sections. In addition, initiatives have been undertaken for the welfare of communities in Aspirational districts identified by NITI Aayog," the company claims.
The company has constituted a Corporate Social Responsibility & Sustainability Development Committee (CSR & SD) in line with Section 135 of the Companies Act, 2013 and DPE Guidelines which is headed by Aman Sinha.
The CSR programs/ activities/ initiatives are implemented either directly by HPCL or through external agencies including Governmental and Non-Governmental organizations, it says adding that major CSR projects undertaken by HPCL undergo third party impact assessment in line with its CSR policy.
