A Look into the Company’s CSR Expenditure Trends Over the Last Six Years
in the financial year 2022-23, there was a growth of +9.03% in CSR spending compared to the previous year (2021-22), while in 2020-21, there was a decline of -15.59% compared to the previous year (2019-20).
NEW DELHI (India CSR Exclusive): Asian Paints Limited, a global paint manufacturing giant headquartered in Mumbai, continues to emphasize its commitment towards various social developmental initiatives through its robust Corporate Social Responsibility (CSR) programs.
During the financial year 2022-23, the company has allocated a substantial sum of Rs. 77.42 crores towards its CSR expenditure, marking a significant uptick compared to previous years.
These funds have been meticulously channelled into several key areas including health & hygiene, vocational skills development, water conservation, and disaster management.
Table: Asian Paints CSR Expenditure Over Six Years (in Cr) with Growth/Decline Percentage
| FY | CSR Expenditure | Growth/Decline (%) |
|---|---|---|
| 2022-23 | Rs. 77.42 Cr. | +9.03% |
| 2021-22 | Rs. 71.01 Cr. | +12.72% |
| 2020-21 | Rs. 63.00 Cr. | -15.59% |
| 2019-20 | Rs. 74.64 Cr. | +41.66% |
| 2018-19 | Rs. 52.70 Cr. | +13.30% |
| 2017-18 | Rs. 46.51 Cr. | -2.79% |
| 2016-17 | Rs. 47.84 Cr. | – |
Detailed Analysis
CSR Spending in 2022-23
In the most recent fiscal year 2022-23, Asian Paints has significantly ramped up its CSR spending by allocating Rs. 77.42 Cr. towards various initiatives, marking a substantial increase from the previous year’s spending.
This expenditure also includes the set-off of excess CSR spends of Rs. 0.27 crores made by the company in prior years.
CSR Spending in 2021-22
During the financial year 2021-22, Asian Paints had expended a considerable Rs. 71.01 Cr. towards CSR initiatives, focusing on various social development projects. This expenditure represented a substantial commitment towards social responsibilities from the company.
CSR Spending in 2020-21
For the financial year 2020-21, the company transferred a total of Rs. 14.78 crores to the Unspent CSR Account, in compliance with Section 135(6) of the Companies Act, 2013. The total CSR expenditure for that year amounted to Rs. 63.00 Cr.
CSR Spending in 2019-20
In the fiscal year 2019-20, the company had set aside a hefty sum of Rs. 74.64 Cr. towards its CSR initiatives. This figure, which represented 2.8% of the company’s Profit After Tax (PAT), was utilised for various CSR projects across 50 villages in states like Uttar Pradesh, Haryana, Gujarat, Andhra Pradesh, Maharashtra, Karnataka, and Tamil Nadu.
CSR Spending in 2018-19 & 2017-18
In the years 2018-19 and 2017-18, Asian Paints spent Rs. 52.70 Cr. and Rs. 46.51 Cr. respectively on its CSR initiatives, maintaining a steady commitment towards societal and environmental betterment.
CSR Spending in 2016-17
Even in the financial year 2016-17, it demonstrated their social commitment by spending Rs. 47.84 Cr. on CSR activities, illustrating a long-standing commitment towards responsible business practices.
The continued growth in Asian Paints’ CSR spending over the years showcases the company’s unwavering dedication towards social and environmental sustainability, which is an integral part of its business ethos.
