New Delhi, October 1, 2019: 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 India CSR Outlook Report 2019 (ICOR), published by NGOBOX at the 6th Edition of India CSR Summit 2019 held in New Delhi. 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 849.32 Cr.
“The 2019 Report is the fifth such annual report which provides an in-depth analysis of CSR spends of big 368 companies in FY 2018-19 which shows Corporate India’s social responsibility graph headed up with 7.35 percent. The Report visualises 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 percent more than the prescribed CSR, but this time, we have seen two-thirds of the companies spending 63 percent more than the prescribed CSR,” informs Bhomik Shah, CEO, CSRBOX.
These 368 companies account for almost three-fourth of the total CSR spend in India, making it a big sample size for any such study and analysis. They were shortlisted on the basis of INR One Cr. or above the prescribed CSR spend in FY 2018-19. The data is based on the CSR disclosures as per the Companies Act, 2013, and listed on BSE or subsidiary of a BSE-listed company, availability of data by Aug 31, 2019.
The total number of CSR projects in FY 2018-19 was 6131. The prescribed CSR spend was INR 10866.38 Cr, while the actual CSR spend was INR 10904.01 Cr. Thus, the CSR compliance this year has been 95.06 percent, which indicates a renewed sense of seriousness amongst companies as they have strive to match or surpass the prescribed CSR requirements with the actual CSR spends.
Few interesting facts of the India CSR Outlook Report (ICOR) 2019 reveals 368 total number of companies in the report and 6131 total number of projects. 63 percent companies spent more than the prescribed CSR. 10 percent spent the exact CSR as prescribed, and 27 percent spent less than the prescribed CSR. The average prescribed CSR spend per company is INR 29.44 Cr.
The number of projects implemented by companies has increased by 17 percent than the last financial year. There has been almost 25 percent increase in education and skills-based projects from the last financial year. The States of Maharashtra, Karnataka and Orissa received almost 25 percent of the India’s total CSR fund, whereas West Bengal, Assam and Kerala received the lowest CSR funds.
CSR compliance among Public Sector Enterprises (PSEs) in FY 2018-19 was 107 percent. Public Sector Companies have 31 percent share in India’s CSR Fund. 3368 Cr was the CSR spend for PSEs, and unspent was 654 Cr.
Western India received more than 20 percent of the CSR Fund in India. 30 percent of the total implemented projects were aligned to SDG 4, i.e., Quality Education. Education and Skill-based projects received the highest amount of CSR fund. Oil, drilling, lubricants and petrochemical sector contributed the highest amount in CSR-based projects. 1806 projects implemented focused on children.
The two-day event was hosted by NGOBOX, UNICEF, NSDC and Goodera. This year, the India CSR Summit & Exhibition looked more promising with 400 companies, 3200 delegates, 1900 organisations, 70+ startups and innovators; making it the largest development sector forum in Asia, bringing together business leaders, board directors, CSR Foundations, impact investors, philanthropists, innovators, government agencies, the UN bodies and non-profits leaders to explore synergies and co-create solutions.
