As per Section 135 of the Companies Act, 2013, “every company having net worth of rupees five hundered crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall ensure to spend at least two percent of the average net profit of the company made during the three preceding financial years.”
HSCL being a responsible PSU does not shrug off its responsibilities in fulfilling its obligation towards the Society. As per the Companies Act, 2013 every PSU has the liberty to formulate their own CSR Policy in accordance with the Act and as per the latest government guidelines on corporate social responsibility. Accordingly, HSCL formulated its CSR Policy.
Taking into effect the impact of Restructuring Package granted by GOI, the Company became debt free and generated a Net Profit of Rs. 30.19 Cr. in 2015-16 with Positive Net worth of Rs. 64.48 Cr. as on 01.04.2016. Since then, the company has been generating Net Profit every year except for in 2016-17.
The net profit of HSCL for the FY2017-18 as per the books of accounts is Rs. 35.76 Crs. thereby resulting in a CSR budget of Rs. 162.32 lacs to be spend in the FY2018-19. Accordingly, Rs. 53.57 lacs out of Rs. 162.32 lacs was donated towards “Swachh Bharat Kosh” and the remaining Rs. 108.75 lacs were contributed towards welfare of sanitation workers engaged in Kumbh Mela 2019 through “Swachh Kumbh Kosh, Prayagraj Mela Pradhikaran” for the FY2018-19. ED
The company has CSR Committee in compliance with provisions of Section 135 of the Companies Act,
2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014 and the Company has in
place a CSR policy in line with Schedule VII of the Companies Act, 2013, which can be accessed on the
Company’s website at the link www.hsclindia.com