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Energy companies hog lion’s share in CSR spending: CRISIL
Energy companies spent the highest among sectors in corporate social responsibility (CSR) in financial year 2017-18 with 51 companies spending Rs 2,253 crore or 23 per cent of the overall spending, said research and ratings agency CRISIL on Thursday. Energy sector’s average CSR spending was 1.90 per cent of profit in the previous financial year.
CSR spending by sector:
“Manufacturing was the largest sector with 404 companies, but spent Rs 1,868 crore, accounting for 19 per cent of the pie,” according to a report by CRISIL. Financial services, with 126 companies, was the third-largest spender and accounted for 17 per cent at Rs 1,738 crore. Followed by IT, where 54 companies spent Rs 1,198 crore, accounting for 12 per cent.
A CRISIL estimate shows spending by listed companies rose 12 per cent on-year in fiscal 2018 to Rs 10,000 crore – the first time it has reached this mark. "Assuming the same rate of growth, spending by unlisted companies is estimated to be Rs 5,100 crore for the year, taking the total for the year to Rs 15,100 crore," it said.
With this, cumulative spending over the four years stands at ~Rs 34,100 crore for listed companies and Rs 18,900 crore for unlisted ones, totalling Rs 53,000 crore.