India's top 50 companies that make up the benchmark Nifty index at the National Stock Exchange claim to have spent over Rs 4,600 crore in the financial year ended March 2015 on corporate social responsibilities.
India’s top 50 companies that make up the benchmark Nifty index at the National Stock Exchange claim to have spent over Rs 4,600 crore in the financial year ended March 2015 on corporate social responsibilities (CSR), mainly on healthcare, education, environment sectors and Swachh Bharat initiative.
Among the Nifty companies, RIL was the biggest spender for the year, reporting a spend of Rs 760.5 crore, significantly higher than the Rs 454 crore or the mandated 2 per cent of the company’s average net profit over the last three years. The company is reported to have spent 3.35 per cent of its average net profit on CSR activity, largely focusing on the healthcare sector that accounted for 80 per cent of its CSR spend for the year.
The biggest beneficiaries of the CSR were the states that already have a sizeable corporate presence such as Maharashtra, Gujarat, Delhi, Tamil Nadu, Karnataka and Andhra Pradesh. On the other hand, North-Eastern states and others that have low industrial and business activity, such as Bihar, Uttar Pradesh, Jharkhand, saw little CSR spend going their way.
There was also a change in the area of expense. For example, the biggest CSR spender — Reliance Industries Limited — moved its spending away from education and towards healthcare. In the year ended March 2015, almost 80 per cent of the CSR expenditure by the company was in healthcare.
The CSR spend of Nifty companies, collated and analysed by The Indian Express, shows that the 50 companies (except for HCL Technologies) managed to spend Rs 4,609 crore, or over 80 per cent of the total outlay of Rs 5,731 crore mandated to be spent in 2014-15.
Here is the break up of the top CSR spenders: