FMCG firm Godrej Consumer Product Ltd (GCPL) has spent Rs 19.49 crore on the corporate social responsibility (CSR) initiatives in the 2019-20 fiscal year, about 23 percent lower than the mandated amount of Rs 25.34 crore<\/p>\n\n\n\n
FMCG firm Godrej Consumer Product Ltd (GCPL) has spent Rs 19.49 crore on the corporate social responsibility (CSR) initiatives in the 2019-20 fiscal year, about 23 percent lower than the mandated amount of Rs 25.34 crore.<\/p>\n\n\n\n
The CSR provision requires affected companies to spend at least 2 percent of their average net profits made in the preceding three years on CSR.<\/p>\n\n\n\n
GCPL\u2019s CSR spending stood at Rs 21.87 crore in the 2018-19 fiscal year.<\/p>\n\n\n\n
In its annual report, the company said its average net profit in the last three fiscal years was Rs 1,267 crores and prescribed CSR budget was Rs 25.34 crore for the 2019-20 fiscal.<\/p>\n\n\n\n
\u201cA total of Rs 19.49 crore was spent, against the mandated amount of Rs 25.34 crore. The unspent amount is Rs 5.85 crore,\u201d the company said.<\/p>\n\n\n\n
The CSR Committee has approved that the unspent funds be carried forward to the 2020-21 fiscal in addition to the prescribed 2 percent CSR budget for 2020-21, it said.<\/p>\n\n\n\n
According to GCPL, projects worth this amount had been sourced and committed, with signed MoUs and deliverables agreed during the financial year itself.<\/p>\n\n\n\n
\u201cIn order to ensure proper utilization of funds and high-quality results from our CSR initiatives, we believe in funding projects on tranche basis. The whole grant is not given upfront in advance and is instead given in stages when certain milestones are achieved,\u201d it said.<\/p>\n\n\n\n
This led to an underspend of Rs 5.85 crore during the financial year. The Company is committed to spend the unspent funds specifically for the selected projects in 2020-21, it added.<\/p>\n\n\n\n
The company spent CSR funds on livelihood enhancement projects, promoting preventive healthcare, rural development projects, environment sustainability, education and traditional arts during 2020-21.<\/p>\n\n\n\n
About 80 per cent of GCPL\u2019s product portfolio comprises health, hygiene, and value for money product.<\/p>\n","protected":false},"excerpt":{"rendered":"
FMCG firm Godrej Consumer Product Ltd (GCPL) has spent Rs 19.49 crore on the corporate social responsibility (CSR) initiatives in the 2019-20 fiscal year, about 23 percent lower than the mandated amount of Rs 25.34 crore FMCG firm Godrej Consumer Product Ltd (GCPL) has spent Rs 19.49 crore on the corporate social responsibility (CSR) initiatives […]<\/p>\n","protected":false},"author":1,"featured_media":195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/posts\/196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/comments?post=196"}],"version-history":[{"count":1,"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/posts\/196\/revisions"}],"predecessor-version":[{"id":855,"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/posts\/196\/revisions\/855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/media\/195"}],"wp:attachment":[{"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/media?parent=196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/categories?post=196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.csrvoice.com\/index.php\/wp-json\/wp\/v2\/tags?post=196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}