New Delhi, 7 December 2021: Sun Pharmaceutical, an Indian multinational pharmaceutical company, has spent around Rs 27 crore on Corporate Social Responsibility (CSR) activities for the financial year 2020-21 which is 208 % of its mandatory CSR obligation. As per regulatory requirements, it was required to spend around Rs13 crore towards CSR for the financial year on a standalone basis. However, the company went a step ahead and spent more than double of its mandatory obligation for the financial year ending March 31, 2021.
The average net profit of the past three years of the company as per Section 135(5) amounted to Rs 649.06 crore. Hence, its prescribed CSR budget, calculated as two percent of average net profit stood at Rs 12.98 crore. The amount spent on administrative overheads was Rs 0.65 crore. By spending a total of Rs 26.95 crore on CSR activities, the amount available for set off in succeeding financial years (or the excessive amount) was calculated at Rs 13.97 crore.
Focus areas
The CSR projects were focused on the downtrodden, unprivileged, and lower strata of society. Sun Pharma’s Corporate Social Responsibility initiatives focused on thematic areas like, healthcare, education, environment, drinking water, Covid-19 relief and rural development.
Details of CSR expenditure
CSR amount spent against other than ongoing projects for the financial year
|
S.No.
|
Project name
|
Location
|
Amount spent (in Rs crore)
|
|
1.
|
Support towards settingup of Cancer Sanatorium Institute, Wadala, Mumbai
|
Maharashtra
|
10.00
|
|
2.
|
Initiatives on Prevention of Covid-19 in Communities
|
PAN India
|
10.43
|
|
3.
|
Infrastructural Development for Pharma Research Laboratory
|
Maharashtra
|
2.50
|
|
4.
|
Mobile Healthcare Unit
|
Maharashtra, Gujarat, Punjab, Himachal Pradesh, Madhya Pradesh, and Tamil Nadu
|
2.27
|
|
5.
|
School Infrastructure Development Project
|
Gujarat, Tamil Nadu, UT of Dadra & Nagar Haveli, Himachal Pradesh, and Punjab
|
0.22
|
|
|
Others
|
|
0.88
|
|
|
Total
|
|
26.30
|
- Support towards setting-up of Cancer Sanatorium Institute, Wadala, Mumbai: The project aimed to provide a comprehensive cancer cure facility for delivering high-quality treatment and care for patients.
- Initiatives on prevention of COVID-19 in communities: The Company supported the fight against COVID-19 by providing comprehensive support to the ongoing Covid relief work. This included providing free facemasks, sanitisers, medicines, and food packets to the rural community.
- Infrastructural development for pharma research laboratory: The project was undertaken to set up a laboratory at Scientific Research Institute for carrying-out scientific, dairy, and agricultural research in Baramati, Maharashtra.
- Mobile healthcare unit: Mobile healthcare unit for the underprivileged section of society by initiating measures for health promotion, preventive healthcare education, and providing treatment. It operates in the rural areas of Ahmednagar, Halol, Mohali, Toansa, Paonta Sahib, Dewas, Panoli, Ankleshwar, Karkhadi, Malanpur, and Maduranthakam
- School infrastructure development project: For the comprehensive improvement of school education, the company helped develop quality infrastructure such as classrooms, water and sanitation facilities, sports equipment facilities and availability of chairs and benches in Halol, Panoli, Maduranthakam, Paonta, Silvassa, Baddi, and Toansa.
Composition of CSR committee
Dilip S. Shanghvi is the Chairman of the company’s CSR committee. Other key members include Sudhir V Valia and Rekha Sethi.
