New Delhi, 27 September 2020: UPL Limited has spent 178% of the prescribed CSR budget in the financial year 2019-20, spending a total of Rs 16 Crore on its CSR initiatives.
The Indian multi-national company which manufactures and markets agro-chemicals, industrial chemicals and also offers products for crop protection had a prescribed CSR budget of Rs 9 Crore for the financial year 2019-20. However, the Mumbai-headquartered company went far beyond the mandatory limit by spending a close to Rs 7 Crore more on its CSR projects.
The prescribed CSR budget for a company in a financial year is calculated as 2 % of the average annual profit of the company over the last three years. The company’s average net profit over the last three financial years was Rs 470 Crore.
Last year (2018-19), the company had spent Rs 18 Crore on its various CSR activities.
The company says that its CSR philosophy is based on two values - "Always Human" and"Open Hearts" and its CSR drive has 4 focus areas- (a) Institution of excellence; (b) Sustainable Livelihood;(c) Nature Conservation and (d) Local and National Need.
This also reflected in the CSR projects that the company implemented in the year 2019-20. The major CSR spent was however on education, where the company spent around Rs 11 Crore (around 70 % of total CSR spent).
Some of the key areas CSR work by the company is below:
CSR Project
Location
Amount Spent (in Rs Cr)
Promotion of Education: Shroff SR Rotary Institute of Chemical Technology (SRICT) an institution specialising in chemical technology to provide the specific needs of the Chemical Industry in Gujarat.
Bharuch, Gujarat
6.78
Promotion of Education: Sandra Shroff Rofel College of Nursing stands with the desire to nurture up the minds of their students that can be a reason for a smile on the millions they had and will come in contact with in their academics, clinical and community areas.
Valsad, Gujarat
4.00
LOCAL AREA NEED – Development Support to communities around UPL locations.
Focused initiatives are
1. UPL Suraksha Abhiyaan
2. UPL School Sanitation
3. Support to Seva Yagna Samiti, Bharuch for Neonatal Care.
Bharuch&Valsad, Gujarat
2.78
NATIONAL NEED – Development Support for National cause and to organisations like
1. My Super Ward, Mumbai
2. UPL Unnati, Mumbai
3. United Against Child Labour (UACL)
4. Global Parli Project, Marathwada
5. Vandri Cluster development
6. Ekatrita Bhavisya, Vidharbha
7. Save the Children India (SCI) to support
Special Care Centre
8. Friends of Tribal Society
9. THE FOUNDATION for Project REACH
10. ApneAap Women’s Collective (AAWC)
11. Cycling for Widows 2020
12. Project "Asptal" - Mobile Medical Service at Hamirpur, Himachal Pradesh
PAN India
1.91
UPL Limited CSR Committee is headed by Sandra Shroff who is also a non-executive Director in the company. The other members of the CSR committee includes Pradeep Goyal and Vikram Shroff.
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