New Delhi, 16 November 2020: Ahmedabad based pharmaceutical company Torrent Pharma has incurred a CSR expenditure of Rs 18.07 crores for the financial year 2019- 20, higher than the statutory requirement of Rs 16.85 crores. The CSR activities undertaken by the company were under the thrust areas of community healthcare, sanitation & hygiene, education & knowledge enhancement and social care & concern.
The average net profit of the company for the last three financial years stood at Rs 843 crores. Accordingly, prescribed CSR expenditure of the company (2% of average net profit for the past three financial years) was calculated as Rs 16.85 crores. The company however spent Rs 1.22 crore more than its mandatory obligation taking its CSR expenditure to Rs 18.07 crores for the financial year 2019- 20.
Previously, in the year ending March 2019 also, the company had spent Rs 26.45 crore despite a lower prescribed budget of Rs 26.35 crore.
The Company has undertaken the following CSR Projects / Programmes during the year 2019-20:
- Paediatric Healthcare Programme
- Development and Maintenance of Public Parks
- Shiksha Setu - A quality education programme
- Supporting Primary and Secondary schools and other community development work in and around the Company’s operations
CSR Expenditure Overview
| CSR Project or Activity Identified | Sector in which the Project is covered | Amount Spent (Rs Cr) |
| REACH - Paediatric Healthcare Programme | Community Healthcare, Sanitation and Hygiene (Promoting healthcare including preventive healthcare) | 14.55 |
| Development and Maintenance of Public Parks | Social Care and Concern (Ensuring environmental sustainability, ecological balance and protection of flora and fauna) | 1.30 |
| Shiksha Setu (Quality Education Programme) (Rural and Urban Slum Area) | Education and Knowledge Enhancement (Promoting education) | 0.35 |
| Primary School Education & Community Development work | A) Education and Knowledge Enhancement (Promoting education) B) Community Development Work | 0.54 |
| Indrad School and Medical OPD | Promoting education & healthcare | 0.02 |
| Upgradation / Maintenance of School and other infrastructure facilities | A) Education and Knowledge Enhancement (Promoting education) B) Community Development Work | 0.46 |
| CSR capacity building cost including Administrative overhead | | 0.85 |
| Total | | 18.07 |
The CSR projects are conducted, preferably in areas where the company has industrial or business presence, after approval of CSR Committee and Board. Half-yearly review of the implementation of the CSR policy and plan is done by the CSR Committee. During the year, the Committee led by Chairperson Ameera Shah, met thrice.
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