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63 per cent companies spent more than the prescribed CSR - CSRBOX Report 2019

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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 recently concluded of the 6th edition of India CSR Summit 2019 held in New Delhi today.

In FY 2018-19 Reliance Industries again became the top spender amongst the top ten performers to spend more than its prescribed CSR budget spending 849.32 crores. This year, the 'India CSR Summit & Exhibition' looked more promising with 400 companies, 3200 delegates, 1900 organisations, 70 plus start-ups and innovators, making it the largest development sector forum in Asia was held at Hotel Pullman and Novotel, New Delhi.

"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 per cent. 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 per cent more than the prescribed CSR, but this time we have seen 2/3rd of companies spending 63 per cent more than the prescribed CSR", informed Bhomik Shah, CEO, CSRBOX.

The Total number of CSR projects held this year was 6131. The prescribed CSR for which was Rs 10866.38 crores and Actual CSR spent is Rs 10904.01 crores. Thus the CSR compliance this year has been 95.06 per cent 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.

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 per cent companies spent more than the prescribed CSR. 10 per cent spent the exact CSR as prescribed and 27 per cent spent less than the prescribed CSR. The average prescribed CSR per company (in Rs crores) is 29.44.

The number of projects implemented by companies has increased by 17 per cent than last financial year. There has been almost 25 per cent increase in education and skills-based projects from last financial year. Maharashtra, Karnataka and Odisha received almost 25 per cent of 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 per cent. Public Sector Companies have 31 per cent share in India's CSR Fund. 3368 crores have been the CSR spends for PSE's and the unspent CSR spent has been 654 crores.

Western India received more than 20 per cent of the CSR Fund in India. 30 per cent 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 and petrochemical sector contributed the highest amount in CSR based projects. 1806 projects were implemented which focused on children.

The two-day event was hosted by NGOBOX, UNICEF, NSDC, and Goodera. These 368 companies account for almost 3/4th of the total CSR spending in India, making it a big sample size for any such study and analysis and were short-listed on the basis of Rs 1 crore or above prescribed CSR 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 31st Aug 2019.

The India CSR Summit & Exhibition is South Asia's largest CSR, SDGs and social impact that brings together 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.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, October 01 2019. 14:08 IST
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