HDFC Bank, TCS and Reliance Industries are the top three CSR spenders in FY 2022-23

Corporate Social Responsibility (CSR) spending by companies listed on the NSE main board is Rs 15,524 crore for the Financial Year 2022-23. CSR spending for FY 23 has increased by 5% crossing 15,000 cr from Rs 14,816 crore which was spent in the FY 22, as per data from primeinfobase.com as reported by Market Today. HDFC Bank (Rs 820.89 crore), TCS (Rs 783 crore), and Reliance Industries (Rs 744 crore) have been the top three spenders.

The number of companies spending CSR was 1271 in FY 2022-23 which has gone up from the number of companies spending CSR 1191 in the preceding financial year. At least 25 companies did not spend anything on CSR, despite being mandated to do so.

Top 10 CSR spending companies

The top 10 companies which have spent money towards CSR spend in FY 2022-23 include

HDFC Bank (Rs 820.89 crore)

TCS (Rs 783 crore)

Reliance Industries (Rs 744 crore)

Tata Steel (Rs 480.62 crore)

ONGC (Rs 475.89 crore)

ICICI Bank (Rs 462.66 crore)

Infosys (Rs 391.51 crore)

ITC (Rs 365.50 crore)

Power Grid (Rs 321.66 crore)

NTPC (Rs 315.32 crore)

These companies together spent 33% of the total CSR expenditure in FY23.

“According to primeinfobase.com, 1,893 companies were listed on the NSE main board as of March 31, 2023. Of these 1,893 companies, annual reports for 2022-23 have been released by 1,854 companies. Of these 1,854 companies, 1,830 had details relating to CSR given in the annual reports, while no such details were available for the balance 24. Finally, of the 1,830 companies, 1,296 were obligated to spend on CSR, up from 1,214 companies in 2021-22,” reports Market Today.

CSR spending by PSUs

The report further mentions that PSU spending on CSR activities declined by 17% from the previous FY. As many as 56 PSUs spent Rs 3,136 crore in FY 2022-23, which has come down from Rs 3,766 crore spent by 59 PSUs in FY 2021-22.

Top 10 states receiving highest CSR funds

Maharashtra (Rs 355.78 crore), Rajasthan (Rs 344.19 crore), Gujarat (Rs 193.39 crore), Tamil Nadu (Rs 185.68 crore), Chhattisgarh (Rs 167.83 crore), Uttar Pradesh (Rs 156.82 crore), Haryana (Rs 154.10 crore), Telangana (Rs 147.63 crore), Odisha (Rs 140.08 crore) and Karnataka (Rs 123.91 crore) are the top 10 recipients of CSR funds.