Marico Spends community development activities
During the fiscal year 2021–2022, Marico spent a total of Rs 22.32 crores on community development initiatives. CSR programmes are launched either directly or in collaboration with NGOs, authorities, and other partners. This aids in expanding the target audience and assuring the beneficiaries’ successful adoption. In order to ensure maximum impact and socially inclusive development, the projects are continually assessed. Project teams continually evaluate results and put improvements into action.
According to section 135(5), the company’s two percent average net profit for the year was Rs. 21.70 crores. The nature of CSR operations includes supporting community initiatives in the areas of education, health care, particularly preventative health care, economic empowerment, farmer livelihood enhancement, and water stewardship.
It comprises Rs. 7 Cr (Rs. 6 Cr for FY 2020–21): Contribution of Rs 0.5 crore (Rs 0.3 crore for FY 2020–21) provided to Marico Innovation Foundation (MIF), a subsidiary of the Company, which is formed as a Section 25 company under the Companies Act, 1956, with the primary goals of promoting innovation in India. The foundation’s main objective is to support individuals who have ideas that may be scaled up to directly benefit India. Renewable energy, waste management, employability, livelihoods, and healthcare are all areas where MIF has already worked.
Marico
A contribution in the amount of Rs. 6.7 Cr. (Rs. 5.5 Cr. for FY 2020–21) was made to the Parachute Kalpavriksha Foundation (PKF), a subsidiary of the Company and a Section 8 registered company under the Companies Act, 2013, with the primary goal of carrying out/directing the CSR activities of the Company towards community and ecological sustenance.
The company’s CSR philosophy is based on Marico’s stated core purpose of improving the lives of all its stakeholders in order to enable them to realize their full potential. Marico’s stated purpose is to “Make a Difference.” The company is committed to the interdependent ecosystem made up of various stakeholders and believes that economic value and social value are intertwined.
Through a combination of digitally driven and workbook-led English literacy courses, Marico’s flagship CSR programme, Nihar Shanti Pathshala Funwala, impacted the lives of nearly 3 lakh teachers and 4 lakh students. In FY22, a vocational skill empowerment academy that aims to give women and young people chances to generate their own incomes was established. Over 8,000 recipients have so far successfully joined the programme, and of those, more than 5,800 have already been given job prospects.
