Newsroom 2 min read

Sundaram Finance spends Rs 15.78 Cr on CSR activities for FY 2019 -20; Edu, healthcare, environment get top priority

By Shrishti Rao Published 20 Jan 2021

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.