In FY 2018-19, Reliance Industries again became the top spender amongst the top 10 performers to spend more than its prescribed CSR budget spending Rs 849.32cr, an independent report said.
Reliance Industries Ltd, NTPC, ONGC and Power Grid Corporation of India Ltd spent more than their prescribed CSR budgets in FY 2018-19, according to the latest report.
The Total number of CSR projects held this year was 6131.
The prescribed CSR for which was Rs 10866.38 Cr and actual CSR spent is Rs 10904.01 Cr.
Thus the CSR Compliance this year has been 95.06% which indicates a renewed sense of seriousness amongst companies as they have strived to match or surpass the prescribed CSR requirements with the actual CSR spends. report revealed.
CSR spending of 368 larger companies in FY 2018-19 which shows Corporate India’s social responsibility graph headed up with 7.35%.
The report visualizes a few important curves of CSR landscapes in India, entirely based on the actual CSR spending data of these companies, as reported by them in mandatory disclosures.
“Till last year we have seen companies spending 30-35% more than the prescribed CSR, but this time we have seen 2/3rd of companies spending 63% more than the prescribed CSR.”, report said.
These 368 companies account for almost 3/4th of the total CSR spend in India, making it a big sample size for any such study and analysis and were short-listed on the basis of Rs 1 Cr. or above prescribed CSR in FY 2018-19, listed on BSE or subsidiary of a BSE-listed company, availability of data by 31st Aug 2019 and CSR disclosures as per the Companies Act, 2013.
Report reveals 368 total number of companies in the report and 6131 total number of projects.
63% companies spent more than the prescribed CSR.
10% spent the exact CSR as prescribed and 27% spent less than the prescribed CSR. The Average Prescribed CSR Per Company (in Rs Cr.) is 29.44.
The number of projects implemented by companies has increased by 17% than last financial year. There has been almost 25% increase in education and skills-based projects from last financial year.
Maharashtra, Karnataka and Orissa received almost 25% of the India’s total CSR fund whereas West Bengal, Assam and Kerala received the lowest CSR funds.
CSR Compliance among Public Sector Entreprises (PSE’s) in FY 2018-19 has been 107%. Public Sector Companies have 31% share in India’s CSR Fund Rs. 3368 cr have been the CSR spends for PSE’s and the unspent CSR spent has been Rs. 654 cr.
Western India received more than 20% of the CSR Fund in India. 30% of the total implemented projects were aligned to SDG 4, i.e Quality Education.
Education and skill based projects received the highest amount of the CSR fund.
Oil, drilling, lubricants & petrochemical sector contributed the highest amount in CSR based projects. 1806 projects were implemented which focused on children.
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