Mahindra & Mahindra spends Rs 83.57 crore on CSR in 2016-17

Home-grown conglomerate Mahindra & Mahindra Group spent Rs 83.57 crore on its Corporate Social Responsibility (CSR) programmes for FY2016-17. This translates into 0.32 percent over the mandated 2 percent of the three-year average annual net profit. 

As per the report released by the M&M Group on its CSR practices, the company utilised its funds for around 42 social interventions across various platforms in the country.  Mahindra Foundation, the philanthropic arm of the company, also raised Rs 7.23 crore in the form of grants and aids. 

Commenting on the report, Anand Mahindra, chairman, Mahindra Group, said: “For us, sustainability is both an idealistic quest and a competitive advantage. We are clear that businesses today cannot pursue financial growth that comes at a cost of environmental and social capital. For us, sustainability is not just good corporate citizenship – it is the only viable long-term business strategy.” 

As per the Companies Act, 2013, a certain class of profitable entities are required to provide at least 2 per cent of their three-year average annual net profit towards CSR activities. The norm came into effect in April 2014, and as per the Clause 135 under the Companies Act 2013, a company is expected to appoint a CSR Committee of three or more directors, with at least one independent director on board.