New Delhi, 10 September 2020: Leading consumer wellness company Zydus Wellness exceeded its Corporate Social Responsibility (CSR) budget by a small margin in the financial year 2019-20. However, the company has seen reduced CSR budget this year in comparison to the previous one.
The company spent Rs 2.21 crore on its CSR activities as against the prescribed budget of Rs 2.20 crore approximately. As per the company’s annual report, its average net profit for the last three financial years stood at Rs 110.08 crore. Accordingly, the prescribed CSR budget was calculated as Rs 2.20 crore.
In its annual report, the company says, "It has spent Rs 2.21 crore towards CSR, being 2% of average net profit for previous three years, computed as prescribed under the Companies Act, 2013 on education and healthcare, including preventive healthcare."
However, the company had spent Rs 2.31 crore on its CSR activities in the financial year ending March 31, 2019, which was around Rs 10 lakh more than the current year.
THE COMPANY SPENT RS 2.31 CRORE ON ITS CSR ACTIVITIES IN THE FINANCIAL YEAR ENDING MARCH 31, 2019.
The CSR initiatives of the Zydus Wellness are spearheaded by Zydus Foundation. Zydus Srishti encourages employee volunteerism and is completely an in-house effort. The team carries out initiatives in the field of education, health and research, it says.
In line with its policy, the company has contributed towards education, healthcare and social outreach programs and a majority of its CSR spending in the previous financial year has been in these areas. To serve the needs of the patients and bring world-class medical education to the rural interiors of Gujarat, the company has set up the Zydus Medical College and Hospital at Dahod.
Its annual report claims that the hospital provides free treatment including OPD, indoor, all investigations, surgeries, anesthesia, oral medicines, injectables and food for patients. The Zydus Medical College is the first Medical College to be set up in Dahod and the first batch of the MBBS programme commenced in August 2018, it says.
Pursuant to the provisions of section 135 of the Act and Rules made thereunder, the company has constituted a CSR Committee which is chaired by Dr Sharvil P Patel. The other members of the Committee are Ganesh N Nayak and Savyasachi S Sengupta. The committee met thrice in the financial year ending on March 31, 2020.
