MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

252 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 32. Corporate Social Responsibility As per section 135 of the Companies Act, 2013, the Company is required to spend 2% of its average net profit of the immediately three preceding financial years on CSR. Rupees crores Particulars 2022 2021 a) Gross amount required to be spent by the Company during the year based on 2% of average net profits.................................................................................................................................................................. 96.85 124.17 b) Adjustment for donation to PM CARES fund made in advance of the subsequent year’s CSR spend requirement (refer note below)....................................................................................................................... — (20.00) c) Balance amount required to be spent during the year (a-b) 96.85 104.17 d) Amount spent during the year on: i) Construction/ acquisition of assets held by the Company...................................................................... — — ii) On purposes other than above................................................................................................................ 97.08 104.39 e) Unspent amount at the end of the year......................................................................................................... — — f) Nature of CSR Activities: Driven by the core purpose and in line with CSR vision, the Company has invested CSR Funds to support the constituencies of girls, youth & farmers by innovatively supporting them through programmes designed in the domains of Education, Skill Development, and Environment. By applying a gender lens across all programmes, the Company has ensured that majority of beneficiaries are girls and women. Excess amount spent on CSR as per Section 135(5) of Companies Act, 2013: Rupees crores Particulars 2022 2021 a) Opening Balance (refer note below)............................................................................................................... 0.22 20.00 b) Amount required to spent during the year.................................................................................................... 96.85 124.17 c) Amount spent during the year......................................................................................................................... 97.08 104.39 d) Closing Balance (a-b+c). .................................................................................................................................... 0.45 0.22 On 31 st March 2020, the Company donated Rs. 20.00 crores to the PM CARES Fund for COVID-19 in advance against the CSR spend requirement of the financial year 2020-21. As confirmed by Ministry of Corporate Affairs vide Circular dated 20 th May 2021 allowing set off of the same against the spend requirement of financial year 2020-21 subject to meeting of certain conditions, the Company has complied with those conditions and accordingly considered the amount donated to PM CARES fund as amount spent towards the spend requirement of the previous year 2020-21. Amount recognised as expense in profit or loss is Rs. 97.08 crores (2021: 104.39 crores).