New Delhi, 18 November 2020: With an objective to provide better education and healthcare to the underprivileged in the community, the Piramal Enterprises Limited, a diversified global business conglomerate, has spent a good amount of more than double the mandatory obligation on its CSR activities. The company has spent Rs 19.55 Crore against the mandated amount of Rs 8.68 crore for the financial year 2019-20. The CSR expenditure of the company is 225% of the prescribed CSR budget.
The average net profit of the company in the last three years stood at Rs 433.89 Crore. The prescribed expenditure for the company’s CSR activities was thus calculated as Rs 8.68 crore. The prescribed CSR budget of a company is calculated as 2% of the average net profit of the past three years. The company, however, has spent Rs 19.55 crores or 4.51% of its average net profits of three preceding financial years, as per the provisions of Section 135 of the Companies Act, 2013.
"The CSR initiatives of the company are either undertaken as projects or programs or activities, whether new or ongoing and in line with the CSR Policy. During the year ended March 31, 2020, the company discharged its CSR obligations through projects and programs of Piramal Foundation for Education Leadership and Piramal Swasthya Management and Research Institute (collectively referred to as ‘the CSR entities’) in the education and health sector," the company said in its annual report.
The company is engaged in the business of pharmaceuticals, including research and development, financial services and information management through its subsidiaries.
The major decisions related to CSR activities of the company were taken by the CSR Committee which is led by Prof. Goverdhan Mehta and includes other members such as Nandini Piramal and Vijay Shah.
Expenditure summary
| Projects | Sectors | Locations | Amount Spent (in Crores) |
| Building Leadership of Government Schools | Education | Rajasthan | 12.35 |
| Providing Primary Healthcare to Rural Population | Healthcare | Rajasthan, Telangana, Andhra Pradesh, Assam, Karnataka, Maharashtra | 7 |
| Rehabilitation & Care of those with dependency and HIV-AIDS, including relevant Statistical Research | Healthcare | Maharashtra, Goa, Karnataka, West Bengal, Manipur, Nagaland, Meghalaya, Gujarat, Uttar Pradesh | 0.10 |
| Leadership Training and Career Guidance Camps for youth with limited access, Training programs for teachers | Education | Gujarat, Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra | 0.20 |
| Operating a Rural BPO & providing livelihood to women | Women Empowerment | Uttarakhand | 0.15 |
Major CSR initiatives
The CSR projects of PEL were carried out through the CSR partners of PEL, PFEL and Piramal Swasthya. PFEL works towards creating systemic transformation in the field of education through initiatives that empower the stakeholders within the system.
Health initiative: A total of Rs 7 Crore was contributed to Piramal Swasthya towards projects like D.E.S.H., a community-based cancer screening project, non-communicable disease screening & remote mobile Tele Medicine Centre and tribal healthcare project along with contribution towards related innovation vertical and support cost.
Education initiative: PEL contributed a total of Rs 12.21 Crore in implementing projects for education through PFEL towards School Leadership Development Program; District Transformation Program; and Centres of Excellence.
Other initiatives: The PEL contributed Rs 0.34 Crore as donation to the NGOs such as Kalimath Ghati Krishi Vyawasay Bahuuddeshye Swayat Sahkarita which operates as rural BPO providing livelihood to women in Uttarakhand, MR Pai Foundation which conducts leadership training and career guidance camps for youth with limited access and training program for teachers, and Kripa Foundation which undertakes rehabilitation and care of those with dependency and HIV-AIDS including relevant statistical research.
Apart from the CSR activities, the company has also contributed Rs 33.87 Crore by way of donation to Piramal Foundation for Education Leadership (Implementing Agency) and also Rs 13.41 Crore by way of donation to Piramal Swasthya Management and Research Institute (Implementing Agency).
