New Delhi, 20 January 2020: Sundaram Finance has spent Rs 15.78 crore on its CSR activities for the financial year 2019 -20, despite the fact that the company was obligated to spend only Rs 15.51 crore, as per the Companies Act 2013. The key focus areas of the company’s CSR expenditure were, education, environment, sports, healthcare, Art and culture etc.
Sundaram Finance is a financial and investment service provider headquartered in Chennai. It was founded in August 1954. Average net profit of the company for the past three financial years stood at Rs775.49 crore. Its CSR obligation was calculated at Rs 15.51crore as 2% of the above amount. However the company went a step ahead and spent Rs 15.78 crore, which was almost Rs 28 lakh more than its prescribed CSR budget.
The Company’s total spending on CSR was 2.04% of the average profit after taxes in the previous three financial years.
Here is how the company spent its CSR budget for the year 2019 -20
| Sectors | CSR projects | Amount spent (in Rs lakh) |
| Education | Promoting education by providing financial assistance to deserving and meritorious students and also Educational Institutions which work for this cause | 439.10 |
| Environment | Environmental sustainability, ecological balance, conservation of natural resources, Solar Projects | 198.32 |
| Health | Promoting preventive and general health care | 683.22 |
| Social Welfare | Social Welfare | 16.67 |
| National Heritage, Art and Culture | Protection of national heritage, art and culture | 94.75 |
| Rural Areas | Rural Development | 35.00 |
| Sports | Sports Development | 6.25 |
| Disaster Relief | Disaster Relief Fund | 75.00 |
| Administrative Expenses | Administrative Expenses | 30.00 |
| Total | | 1,578.31 |
Sundaram Finance had previously in the FY 2018-19 spent Rs 14.05 crore against its prescribed CSR budget of Rs 13.80 crore on CSR activitiies.
The CSR committee of the company is headed by the Chairman Shobhana Ramachandhran. The committee consisting of three members met once during the financial year.
In April 2020, the Company made a contribution of Rs 8 crore towards COVID-19 relief work, Rs 4 crore each to PM CARES FUND and the Tamil Nadu State Government’s CMPRF, as part of its CSR commitment for the Financial Year 2020-21.
