PROJECT DISSERTATION

ON
FINANCIAL PERFORMANCE & CSR: AN EMPIRICAL STUDY ON FMCG
SECTOR
SUBMITTED IN THE PARTIAL FULFILLMENT FOR THE AWARD OF

THE DEGREE OF MASTER IN BUSINESS ADMINISTRATION

UNDER THE GUIDANCE OF

Dr. RUHEE MITTAL
ASSISTANT PROFESSOR RDIAS
SUBMITTED BY
ANKUR SHARMA
06315903913
MBA IV
Batch 2013-2015

RUKMINI DEVI INSTITUTE OF ADVANCED STUDIES

An ISO 9001:2008 Certified Institute
NAAC Accredited: A, Category A+ Institute
(Approved by AICTE, HRD Ministry, Govt. of India)
Affiliated to Guru Gobind Singh Indraprastha University, Delhi
2A & 2B, Madhuban Chowk, Outer Ring Road, Phase-1, Delhi-110085

Table of Contents
Student declaration....i
Certificate from Guide...ii
Acknowledgement.........................................................................................................iii
Executive Summary....iv

CHAPTER- 1 INTRODUCTION
1.1 About the Industry
1.2 About Organization/ Company Profile
CHAPTER 2 LITERATURE REVIEW
2.1 Literature Review
2.2 About the Topic
CHAPTER 3 RESEARCH METHODOLOGY
3.1Research Objectives of the Study
3.2 Research Methodology
3.2.1 Research Design
3.2.3 Method of Data Collection
3.3 Limitation
CHAPTER 4 ANALYSIS & INTERPRETATION...
4.1 Analysis & Interpretation
CHAPTER 5 FINDINGS AND SUGGESTION
5.1 Finding
5.2 Suggestion
CHAPTER 6 CONCLUSIONS..
6.1 Conclusion
BIBLIOGRAPHY

STUDENTs DECLARATION

This is to certify that I have completed the Project titled Financial Performance &
CSR: An Empirical Study on FMCG Sector under the guidance of Dr. Ruhee
Mittal in the partial fulfillment of the requirement for the award of the degree of
Masters in Business Administration from Rukmini Devi Institute of Advanced Studies,
New Delhi.

This is an original work and I have not submitted it earlier elsewhere.

Ankur Sharma
06315903913
MBA IV-M-A

CERTIFICATE OF GUIDE
This is to certify that the project titled Financial Performance & CSR: An Empirical
Study of FMCG Sector is an academic work done by ANKUR SHARMA submitted
in the partial fulfillment of the requirement for the award of the degree of Masters in
Business Administration from Rukmini Devi Institute of Advanced Studies, New
Delhi. under my guidance and direction.

To the best of my knowledge and belief the data and information presented by him in the
project has not been submitted earlier elsewhere.

Dr. Ruhee Mittal

Assistant Professor
RDIAS

ACKNOWLEDGEMENT

I offer my sincere thanks and humble regards to Rukmini Devi Institute Of Advanced
Studies, GGSIP University, New Delhi for imparting us very valuable professional
training in MBA.
I pay my gratitude and sincere regards to Dr. Ruhee Mittal, my project Guide for giving
me the cream of his knowledge. I am thankful to her as she has been a constant source of
advice, motivation and inspiration. I am also thankful to her for giving her suggestions
and encouragement throughout the project work.
I take the opportunity to express my gratitude and thanks to our computer Lab staff and
library staff for providing me opportunity to utilize their resources for the completion of
the project.
I am also thankful to my family and friends for constantly motivating me to complete the
project and providing me an environment which enhanced my knowledge.

Ankur Sharma
06315903913
MBA-IV-A

EXECUTIVE SUMMARY
CSR has become an integral part of corporate strategy. Companies have CSR teams that
devise specific policies, strategies and goals for their CSR programs and set aside budgets to
support them.
CSR has come a long way in India. From responsive activities to sustainable initiatives,
corporate have clearly exhibited their ability to make a significant difference in the society
and improve the overall quality of life. Everyone sees CSR as part of a continuing process of
building long-term value. Everything a company do, helps improve the reputation of company
and encourage customers and other stakeholders to stay involved with it.
This dissertation tries to identify the after effects of CSR activities undertaken by the firms.
CSR initiatives of some companies have also been discussed. This project also identifies the
projects undertaken by the firm and amount of money spend by them. CSR budget is
calculated by taking the 2 percent of the total net profit earned. Every organization operates in
the society therefore it is the responsibility of the firm to fulfill their obligations towards the
society in which it operates otherwise it will lose competitiveness. Every firm contributes
little part of its earning towards welfare of the society.
In this study we calculate CSP score of different companies on the basis of rating provided by
the Karmayog website and contribution by them.
There may be some scope for improvement but serious efforts have been put into to get the
best results.

CHAPTER 1
INTRODCUTION

1.1 ABOUT INDUSTRY

The fast moving consumer goods (FMCG) segment is the fourth largest sector in the Indian
economy. The market size of FMCG in India is estimated to grow from US$ 30 billion in
2011 to US$ 74 billion in 2018. Food products are the leading segment, accounting for 43 per
cent of the overall market. Personal care (22 per cent) and fabric care (12 per cent) come next
in terms of market share.
FMCG goods are popularly known as consumer packaged goods. Items in this category
include all consumables (other than groceries/pulses) people buy at regular intervals. The
most common in the list are toilet soaps, detergents, shampoos, toothpaste, shaving products,
shoe polish, packaged foodstuff, and household accessories and extends to certain electronic
goods. These items are meant for daily of frequent consumption and have a high return. Fastmoving consumer goods (FMCG) or consumer packaged goods (CPG) are products that are
sold quickly and at relatively low cost. Examples include non-durable goods such as soft
drinks, toiletries, over-the-counter drugs, toys, processed foods and many other consumables.
FMCG have a short shelf life, either as a result of high consumer demand or because the
product deteriorates rapidly. Some FMCGssuch as meat, fruits and vegetables, dairy
products, and baked goodsare highly perishable. Other goods such as alcohol, toiletries,
pre-packaged foods, soft drinks, and cleaning products have high turnover rates.

EVOLUTION OF INDIAN FMCG MARKET

India has always been a country with a big chunk of world population, be it the 1950s or the
twenty first century. In that sense, the FMCG market potential has always been very big.
However, from the 1950s to the 80s investments in the FMCG industry were very limited
due to low purchasing power and the governments favouring of the small-scale sector.
Hindustan Lever Limited (HLL) was probably the only MNC Company that stuck around and
had its manufacturing base in India.
At the time, the focus of the organised players like HLL was largely urbane. There too, the
consumers had limited choices. However, Nirmas entry changed the whole Indian FMCG
scene. The company focused on the value for money plank and made FMCG products like
detergents very affordable even to the lower strata of the society. Nirma became a great
success story and laid the roadmap for others to follow.

MNCs like HLL, which were sitting pretty till then, woke up to new market realities and
noticed the latent rural potential of India. The governments relaxation of norms also
encouraged these companies to go out for economies of scale in order to make FMCG
products more affordable. Consequently, today soaps and detergents have almost 90%
penetration in India.
Post liberalisation not only saw higher number of domestic choices, but also imported
products. The lowering of the trade barriers encouraged MNCs to come and invest in India to
cater to 1bn Indians needs. Rising standards of living urban areas coupled with the
purchasing power of rural India saw companies introduce everything from a low-end
detergent to a high-end sanitary napkin. Their strategy has become two-pronged in the last
decade. One, invest in expanding the distribution reach far and wide across India to enable
market expansion of FMCG products. Secondly, upgrade existing consumers to value added
premium products and increase usage of existing product ranges.
There are others, like Nestle, which have till date catered mostly to urban India but have still
seen good growth in the last decade. The companys focus in the last decade has largely been
on value added products for the upper strata of society. However, in the last couple of years,
even these companies have looked to reach consumers at the slightly lower end.
One of the biggest changes to hit the FMCG industry was the sachet bug. In the last 3 years,
detergent companies, shampoo companies, hair oil companies, biscuit companies, chocolate
companies and a host of others, have introduced products in smaller package sizes, at lower
price points. This is the single big innovation to reach new users and expand market share for
value added products in urban India, and for general FMCG products like detergents, soaps
and oral care in rural India.

ROAD AHEAD
FMCG brands would need to focus on R&D and innovation as a means of growth. Companies
that continue to do well would be the ones that have a culture that promotes using customer
insights to create either the next generation of products or in some cases, new product
categories.
One area that we see global and local FMCG brands investing more in is health and wellness.
Health and wellness is a mega trend shaping consumer preferences and shopping habits and
FMCG brands are listening. Leading global and Indian food and beverage brands have
embraced this trend and are focused on creating new emerging brands in health and wellness.
According to the PwC-FICCI report Winds of change, 2013: the wellness consumer, nutrition
foods, beverages and supplements comprise an INR 145 billion to 150 billion market in India,
is growing at a CAGR of 10 to 12%.

1.2 ABOUT COMPANIES

HUL
Hindustan Unilever Limited (HUL) is India's largest Fast Moving Consumer Goods Company
with a heritage of over 80 years in India and touches the lives of two out of three Indians.
HUL works to create a better future every day and helps people feel good, look good and get
more out of life with brands and services that are good for them and good for others. With
over 35 brands spanning 20 distinct categories such as soaps, detergents, shampoos, skin care,
toothpastes, deodorants, cosmetics, tea, coffee, packaged foods, ice cream, and water
purifiers, the Company is a part of the everyday life of millions of consumers across India. Its
portfolio includes leading household brands such as Lux, Lifebuoy, Surf Excel, Rin, Wheel,
Fair & Lovely, Ponds, Vaseline, Lakm, Dove, Clinic Plus, Sun silk, Pepsodent, Closeup,
Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Walls and Pureit. The Company has over
16,000 employees and has an annual turnover of INR 27408 crores (financial year 2013 2014). HUL is a subsidiary of Unilever, one of the worlds leading suppliers of fast moving
consumer goods with strong local roots in more than 100 countries across the globe with
annual sales of 49.8 billion in 2013. Unilever has 67.25% shareholding in HUL.

ITC
ITC is one of India's foremost multi-business enterprise with a market capitalization of US $
45 billion and a turnover of US $ 7 billion. ITC is rated among the World's Best Big
Companies, Asia's 'Fab 50' and the World's Most Reputable Companies by Forbes magazine
and as 'India's Most Admired Company' in a survey conducted by Fortune India magazine and
Hay Group. ITC also features as one of world's largest sustainable value creator in the
consumer goods industry in a study by the Boston Consulting Group. ITC has been listed
among India's Most Valuable Companies by Business Today magazine. The Company is
among India's '10 Most Valuable (Company) Brands', according to a study conducted by
Brand Finance and published by the Economic Times. ITC also ranks among Asia's 50 best
performing companies compiled by Business Week.
ITCs aspiration to create enduring value for the nation and its stakeholders is manifest in its
robust portfolio of traditional and green field businesses encompassing Fast Moving

Consumer Goods (FMCG), Hotels, Paperboards & Specialty Papers, Packaging, AgriBusiness, and Information Technology. This diversified presence in the businesses of
tomorrow is powered by a strategy to pursue multiple drivers of growth based on its proven
competencies, enterprise strengths and strong synergies between its businesses.
The competitiveness of ITCs diverse businesses rest on the strong foundations of institutional
strengths derived from its deep consumer insights, cutting-edge Research & Development,
differentiated

product

development capacity, brand-building capability, world-class

manufacturing infrastructure, extensive rural linkages, efficient trade marketing and

distribution network and dedicated human resources. ITCs ability to leverage internal
synergies residing across its diverse businesses lends a unique source of competitive
advantage to its products and services.

BRITANNIA
The story of one of India's favourite brands reads almost like a fairy tale. Once upon a time, in
1892 to be precise, a biscuit company was started in a nondescript house in Calcutta (now
Kolkata) with an initial investment of Rs. 295. The company we all know as Britannia today.
On the operations front, the company was making equally dynamic strides. In 1992, it
celebrated its Platinum Jubilee. In 1997, the company unveiled its new corporate identity "Eat Healthy, Think Better" - and made its first foray into the dairy products market. In 1999,
the "Britannia Khao, World Cup Jao" promotion further fortified the affinity consumers had
with 'Brand Britannia'.

COLGATE PALMOLIVE
The Colgate-Palmolive Company is an American multinational consumer products company
focused on the production, distribution and provision of household, health care and personal
products, such as soaps, detergents, and oral hygiene products (including toothpaste and
toothbrushes). Under its "Hill's" brand, it is also a manufacturer of veterinary products. The
company's corporate offices are on Park Avenue in Midtown Manhattan, New York City.
Colgate-Palmolive Company is a $15.6 billion global company serving people in more than
200 countries and territories with consumer products that make lives healthier and more

enjoyable. The Company focuses on strong global brands in its core businesses Oral Care,
Personal Care, Home Care and Pet Nutrition. Colgate follows a tightly defined strategy to
grow market shares for key products, such as toothpaste, toothbrushes, bar and liquid soaps,
deodorants/antiperspirants, dishwashing detergents, household cleaners, fabric conditioners
and specialty pet food.

P&G
P&G is one of the largest and amongst the fastest growing consumer goods companies in
India. Established in 1964, P&G India now serves over 650 million consumers across India.
Its presence pans across the Beauty & Grooming segment, the Household Care segment as
well as the Health & Well Being segment, with trusted brands that are household names
across India. These include Vicks, Ariel, Tide, Whisper, Olay, Gillette, Ambipur, Pampers,
Pantene, Oral-B, Head & Shoulders, Wella and Duracell. Superior product propositions and
technological innovations have enabled P&G to achieve market leadership in a majority of
categories it is present in. P&G India is committed to sustainable growth in India, and is
currently invested in the country via its five plants and over nine contract manufacturing sites,
as well as through the 26,000 jobs it creates directly and indirectly. Our sustainability efforts
focus on Environmental Protection as well as Social Responsibility to help develop the
communities we operate in.
P&G operates under three entities in India - two listed entities Procter & Gamble Hygiene
and Health Care Limited and Gillette India Limited, as well as one 100% subsidiary of the
parent company in the U.S. called Procter & Gamble Home Products.

DABUR
Dabur India Limited is the fourth largest FMCG Company in India with Revenues of over Rs
7,073 Crores & Market Capitalisation of US $5 Billion. Building on a legacy of quality and
experience of over 130 years, Dabur operates in key consumer products categories like Hair
Care, Oral Care, Health Care, Skin Care, and Home Care & Foods. Dabur India Limited has
marked its presence with significant achievements and today commands a market leadership
status. Our story of success is based on dedication to nature, corporate and process hygiene,
dynamic leadership and commitment to our partners and stakeholders. The results of our
policies and initiatives speak for themselves.

NESTLE
Nestl is the world's leading Nutrition, Health and Wellness Company. Our mission of "Good
Food, Good Life" is to provide consumers with the best tasting, most nutritious choices in a
wide range of food and beverage categories and eating occasions, from morning to night.
The Company was founded in 1866 by Henri Nestl in Vevey, Switzerland, where our
headquarters are still located today. We employ around 2, 80,000 people and have factories or
operations in almost every country in the world. Nestl sales for 2009 were CHF 108 bn.
Nestl's relationship with India dates back to 1912, when it began trading as The Nestl
Anglo-Swiss Condensed Milk Company (Export) Limited, importing and selling finished
products in the Indian market.

GODREJ
Established in 1897, the Godrej Group has its roots in India's Swadeshi movement. Our
founder, Ardeshir Godrej, lawyer-turned-serial entrepreneur failed with a few businesses,
before he struck gold with the locks business that you know today. One of Indias most trusted
brands, with revenues of USD 4.1 billion, Godrej enjoys the patronage of over 600 million
Indians across our consumer goods, real estate, appliances, agri and many other businesses.
You think of Godrej as such an integral part of India that you may be surprised to know that
over 25 per cent of our business is done overseas.
We promise Godrejites a culture of tough love; take serious bets on them and differentiate
basis performance. We also understand that our team members play multi-faceted roles and
so, we strongly encourage them to explore their whole selves. Our canvas is growing. In fact,
our Vision for 2020 is to be 10 times the size we were in 2010. We truly believe that while our
amazing past distinguishes us, we are only as good as what we do next.

CHAPTER 2
LITERATURE
REVIEW

2.1 Literature Review

In the context of India, the publically available CSR surveys are few. Singh and Ahuga
(1983) conducted the first study on CSR of 40 Indian public sector companies for the years
1975-76. They found that 40 percent of the companies disclosed more than 30 percent of total
disclosure items included in their survey. From the year 2000 onwards four important surveys
have been carried out. The first survey was carried out in the year 2001 by Business
Community Foundation for Tata Energy Research Institute (TERI) - Europe and found that all
companies irrespective of size or sector have awareness of CSR and its potential benefits. The
second survey was conducted in the year 2002 by Business Community Foundation for TERI
jointly with Confederation of Indian Industries (CII), United Nations Development Program,
British Council and Price Water Coopers. The survey found that CSR is very much a part of
domain of corporate action and passive philanthropy is no longer sufficient. Third survey was
conducted in 2007-08 by Karmayog a platform for the Indian non-profit sector established in
the year 2004 providing research on CSR activities of Indian Companies. It surveyed the CSR
activities of 500 largest Indian companies. In the survey the companies were placed in the
levels of their involvement in the CSR activities from 0 to 5. The levels were assigned based
on criteria like Product and services, reach of CSR activities, expenditure of CSR, harmless
processes etc. The fourth survey carried out by TNS Automotive India in 2008, leading
Market Research Company and Times Foundation used a sample size of 250 companies
involved in CSR activities through a method of online administration of questionnaire. 82
organizations (11 public sector, 39 private national agencies and 32 private multinational
organizations) revealed that over 90% of all major Indian organizations were involved in CSR
initiatives and faced few challenges(Lack of community participation in CSR activities, Issue
of Transparency, Narrow perception towards CSR initiatives and Non-Availability of clear
CSR guidelines) also. Pava and Krausz (1996) identified and reviewed twenty-one empirical
studies which addressed the relationship between CSR and financial performance. Of these,
twelve studies reported a positive association between social and financial performance, one
reported a negative relationship and eight reported neutral relationship. The fundamental idea
of CSR is that business corporations have an obligation to contribute to the welfare of the
society (Davis William 1984) and to work for social betterment(Fredrick 1986) CSR is the
policy in which the firm goes beyond compliance and engages in ''Actions that appear to
further some social good, beyond the interests of the firm and that which is required by
Law(McWilliams and Siegel,2001) and it at least knowingly does not do anything to harm to
its stakeholders (Campbell,2006). Regarding the research works in the area of CSR

disclosures, there are few attempts made in by Indian and other countries researchers. John
Mahon et al (2012) studied the relationship between Corporate Social Performance and
overall organizational performance and access how customer stakeholders and financial
stakeholders measured and evaluate Corporate Reputation in an Industry context. Authors
selected 5-8 companies in each of nine leading industries across 3-years time span. (56
companies for each year) and developed a measurement tool labeled 'CSP Profiling consists
of Business Motivations, Business Actions and Business Social Impacts and the authors
attempt to move the discussion of CSP away from the dominance of Financial performanceSocial performance research and focused on the existence and attempts to explain casualty
and recognized that results are not statistically significant. Suwaidan (2004), Saleh et al.
(2008) found that the size, profitability and risk to be significantly and positively associated
with the disclosure of social responsibility information. Tamoi et al. (2007) tried to find out
the level and trend of CSR disclosure pattern of Industrial companies in Malaysia and its
relationship with company's characteristics. Content Analysis was used to analyze the data
from the Annual Reports of the companies from 1998 to 2003 for this study. They found that
there was a positive relationship between CSR and company's turnover.
Windsor (2001), article examined the future of Corporate Social Responsibility or the
relationship between business and society in long run. The researcher tried to find out that
whether the organization and society will come closer to each other in future or not and what
will be the changing phase of CSR. With the help of history or past trend of CSR, Caroll s
model analysis and in global context, the researcher found three emerging alternatives of CSR
i.e. conception of responsibility, global corporate citizenship, stakeholder management
practices.
Nigel Sarbutts (2003), the paper explored the way of doing CSR by small and medium sized
companies. The research depicted that a structured approach to managing corporate reputation
and profit maximization of SMEs through CSR. The societal activities of small and medium
sized companies is based on their cost is Benefit Analysis. Small Corporation always struggle
for more reputation and minimization of risk. In such a situation, CSR comes as hope for
these companies. Large companies have so many resources for implementing CSR activities
but SMEs have fewer resources. It can be a barrier for them to stay in the market. So, in that
situation by imparting much information, proper utilization of resources, doing well for
businesses, SMEs can minimize their risk and manage CSR.

2.2 ABOUT TOPIC

CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility is a management concept whereby companies integrate social
and environmental concerns in their business operations and interactions with their
stakeholders. CSR is generally understood as being the way through which a company
achieves a balance of economic, environmental and social imperatives (Triple-Bottom-LineApproach), while at the same time addressing the expectations of shareholders and
stakeholders. In this sense it is important to draw a distinction between CSR, which can be a
strategic business management concept, and charity, sponsorships or philanthropy. Even
though the latter can also make a valuable contribution to poverty reduction, will directly
enhance the reputation of a company and strengthen its brand, the concept of CSR clearly
goes beyond that.
Key CSR issues: environmental management, eco-efficiency, responsible sourcing,
stakeholder engagement, labour standards and working conditions, employee and community
relations, social equity, gender balance, human rights, good governance, and anti-corruption
measures.
A properly implemented CSR concept can bring along a variety of competitive advantages,
such as enhanced access to capital and markets, increased sales and profits, operational cost
savings, improved productivity and quality, efficient human resource base, improved brand
image and reputation, enhanced customer loyalty, better decision making and risk
management processes.
From the above definitions, it is clear that:
1. The CSR approach is holistic and integrated with the core business strategy for
addressing social and environmental impacts of businesses.
2. CSR needs to address the well-being of all stakeholders and not just the companys
shareholders.
3. Philanthropic activities are only a part of CSR, which otherwise constitutes a much
larger set of activities entailing strategic business benefits

CSR HISTORY AND ITS TRANSITION

CSR started as Philanthropy. In the pre-industrialization period, till 1850, merchants helped
the society in getting over phases of famine and epidemics by providing food and money and
thus securing an integral position in the society. With the arrival of colonial rule in India the
approach towards CSR changed. The industrial families of the 19th century such as Tata,
Godrej, Bajaj, Modi, Birla and Singhania were strongly inclined towards economic as well as
social developments. Culture, religion, family values, tradition and industrialization were they
key influencers of CSR. It was observed that efforts towards social as well as industrial
development were not only driven by selfless and religious motives but also influenced by
political objectives.
During the independence movement, there was increased stress on Indian Industrialists to
demonstrate their dedication towards the progress of the society. Mahatma Gandhi introduced
the notion of "trusteeship", according to which the industry leaders had to manage their
wealth so as to benefit the common man. "I desire to end capitalism almost, if not quite, as
much as the most advanced socialist. But our methods differ. My theory of trusteeship is no
make-shift, certainly no camouflage. I am confident that it will survive all other theories."
Gandhi's influence put pressure on various Industrialists to act towards building the nation
through socio-economic development. According to Gandhi, Indian companies were supposed
to be the "temples of modern India". Under his influence businesses established trusts for
schools, colleges, hospitals and also helped in setting up training and scientific institutions.
The operations of the trusts were largely in line with Gandhi's reforms which sought to
abolish untouchability, encourage empowerment of women and rural development.
Post-independence during 1960 to 1980 the element of "mixed economy", emergence
of Public Sector Undertakings (PSUs) and laws relating labor and environmental standards
gained importance. During this period the private sector was forced to take a backseat. The
public sector was seen as the prime mover of development. Because of the stringent legal
rules and regulations surrounding the activities of the private sector, the period was described
as an "era of command and control". The policy of industrial licensing, high taxes and
restrictions on the private sector led to corporate malpractices which lead to enactment of
legislation regarding corporate governance, labor and environmental issues. PSUs were set up
by the state to ensure suitable distribution of resources (wealth, food etc.) to the needy, but
this was effective only to a certain extent. Expectations from the private sector rose again and
their active involvement in the socio-economic development of the country became absolutely
necessary. In 1965 Indian academicians, politicians and businessmen set up a national

workshop on CSR aimed at reconciliation. They emphasized upon transparency, social

accountability and regular stakeholder dialogues. In spite of such attempts CSR failed to catch
steam.
During rapid industrialization in 1980 Indian companies started abandoning their traditional
engagement with CSR and integrated it into a sustainable business strategy. In 1990s the first
initiation towards globalization and economic liberalization were undertaken. Controls and
licensing system were partly done away with which gave a boost to the economy the signs of
which are very evident today. Increased growth momentum of the economy helped Indian
companies grow rapidly and this made them more willing and able to contribute towards
social cause. Globalization has transformed India into an important destination in terms of
production, manufacturing and marketing. The overseas markets were becoming more and
more concerned about labor and environmental standards in the developing countries. Indian
companies who were into producing goods for the developed countries needed to pay a close
attention to compliance with the international standards. The basic objective of social
responsibility was to maximize the company's overall impact on the society and stakeholders.
CSR policies, practices and programs were being comprehensively integrated by companies
throughout their business operations and processes. A growing number of companies felt that
economy helped Indian companies grow rapidly but it was important for protecting the
goodwill and reputation to increase business competitiveness.

CSR IN INDIA
CSR in India has traditionally been seen as a philanthropic activity. And in keeping with the
Indian tradition, it was an activity that was performed but not deliberated. As a result, there is
limited documentation on specific activities related to this concept. However, what was
clearly evident that much of this had a national character encapsulated within it, whether it
was endowing institutions to actively participating in Indias freedom movement, and
embedded in the idea of trusteeship.
As some observers have pointed out, the practice of CSR in India still remains within the
philanthropic space, but has moved from institutional building (educational, research and
cultural) to community development through various projects. Also, with global influences
and with communities becoming more active and demanding, there appears to be a discernible
trend, that while CSR remains largely restricted to community development, it is getting more
strategic in nature (that is, getting linked with business) than philanthropic, and a large
number of companies are reporting the activities they are undertaking in this space in their
official websites, annual reports, sustainability reports and even publishing CSR reports.
The Companies Act, 2013 has introduced the idea of CSR to the forefront and through its
disclose-or-explain mandate, is promoting greater transparency and disclosure. Schedule VII
of the Act, which lists out the CSR activities, suggests communities to be the focal point. On
the other hand, by discussing a companys relationship to its stakeholders and integrating CSR
into its core operations, the draft rules suggest that CSR needs to go beyond communities and
beyond the concept of philanthropy. It will be interesting to observe the ways in which this
will translate into action at the ground level, and how the understanding of CSR is set to
undergo a change.

CSR & SUSTAINABILITY

Sustainability (corporate sustainability) is derived from the concept of sustainable
development which is defined by the Brundtland Commission as development that meets the
needs of the present without compromising the ability of future generations to meet their own
needs Corporate sustainability essentially refers to the role that companies can play in
meeting the agenda of sustainable development and entails a balanced approach to economic
progress, social progress and environmental stewardship.
CSR in India tends to focus on what is done with profits after they are made. On the other
hand, sustainability is about factoring the social and environmental impacts of conducting
business, that is, how profits are made. Hence, much of the Indian practice of CSR is an
important component of sustainability or responsible business, which is a larger idea, a fact
that is evident from various sustainability frameworks. An interesting case in point is the
NVGs for social, environmental and economic responsibilities of business issued by the
Ministry of Corporate Affairs in June 2011. Principle eight relating to inclusive development
encompasses most of the aspects covered by the CSR clause of the Companies Act, 2013.
However, the remaining eight principles relate to other aspects of the business. The UN
Global Compact, a widely used sustainability framework has 10 principles covering social,
environmental, human rights and governance issues, and what is described as CSR is implicit
rather than explicit in these principles.

COMPANIES ACT 2013 & CSR

The Ministry of Corporate Affairs has notified Section 135 and Schedule VII of the
Companies Act 2013 as well as the provisions of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 to come into effect from April 1, 2014.
With effect from April 1, 2014, every company, private limited or public limited, which either
has a net worth of Rs 500 crore or a turnover of Rs 1,000 crore or net profit of Rs 5 crore,
needs to spend at least 2% of its average net profit for the immediately preceding three
financial years on corporate social responsibility activities. The CSR activities should not be
undertaken in the normal course of business and must be with respect to any of the activities
mentioned in Schedule VII of the 2013 Act. Contribution to any political party is not
considered to be a CSR activity and only activities in India would be considered for
computing CSR expenditure.
The net worth, turnover and net profits are to be computed in terms of Section 198 of the 2013
Act as per the profit and loss statement prepared by the company in terms of Section 381 (1)
(a) and Section 198 of the 2013 Act. While these provisions have not yet been notified, is has
been clarified that if net profits are computed under the Companies Act, 1956 they needn't be
recomputed under the 2013 Act. Profits from any overseas branch of the company, including
those branches that are operated as a separate company would not be included in the
computation of net profits of a company. Besides, dividends received from other companies in
India which need to comply with the CSR obligations would not be included in the
computation of net profits of a company.
The activities that can be undertaken by a company to fulfil its CSR obligations include
eradicating hunger, poverty and malnutrition, promoting preventive healthcare, promoting
education and promoting gender equality, setting up homes for women, orphans and the senior
citizens, measures for reducing inequalities faced by socially and economically backward
groups, ensuring environmental sustainability and ecological balance, animal welfare,
protection of national heritage and art and culture, measures for the benefit of armed forces
veterans, war widows and their dependents, training to promote rural, nationally recognized,
Paralympic or Olympic sports, contribution to the prime minister's national relief fund or any
other fund set up by the Central Government for socio economic development and relief and
welfare of

SC, ST, OBCs, minorities and women, contributions or funds provided to

technology incubators located within academic institutions approved by the Central

Government and rural development projects.

The CSR Rules specify that a company which does not satisfy the specified criteria for a
consecutive period of three financial years is not required to comply with the CSR
obligations, implying that a company not satisfying any of the specified criteria in a
subsequent financial year would still need to undertake CSR activities unless it ceases to
satisfy the specified criteria for a continuous period of three years. This could increase the
burden on small companies which do not continue to make significant profits.
The report of the Board of Directors attached to the financial statements of the Company
would also need to include an annual report on the CSR activities of the company in the
format prescribed in the CSR Rules setting out inter alia a brief outline of the CSR policy, the
composition of the CSR Committee, the average net profit for the last three financial years
and the prescribed CSR expenditure. If the company has been unable to spend the minimum
required on its CSR initiatives, the reasons for not doing so are to be specified in the Board
Report.

COMPANIES ENGAGED IN CSR

1. HUL
(A) Project Shakti: - Project Shakti is an initiative to financially empower rural women and
create livelihood opportunities for them. Through this project, the Company endeavors to
enhance livelihoods of rural women. Around 70% of Shakti Ammas are working in low
Human Development Index (HDI < 0.51) districts.
(B) Hand Washing Behavior Change Program: - More than 600,000 children in India do
not reach the age of five due to infections like diarrhea and pneumonia. Independent research
has shown that washing hands with soap at five critical times in a day can reduce the
incidence of these infections significantly
(C) Safe Drinking Water: - The lack of safe drinking water is a major public health issue,
particularly in developing countries where majority of diseases are waterborne. Pureit inhome
water purifier provides water 'as safe as boiled water', without the need for electricity or
running water.

2. NESTLE
In consultation with stakeholders, the Company has decided to focus its activities on the
following areas, where it is in a position to create maximum value. These focus areas are:
(A) Nutrition: A large part of our population is impacted by the double burden of
malnutrition. Improving nutrition awareness of communities particularly school children will
be a focus area.
(B) Water and Sanitation: India is among the worlds most water stressed regions.
Additionally, safe drinking water is a concern in many parts of the country. The Company
would focus on helping farmers reduce water usage in agriculture, raising awareness on water
conservation and providing access to water and sanitation.
(C) Rural Development: Supporting the sustainable development of farmers will be the third
focus area.

3. COLGATE PALMOLIVE
(A) Teachers Training Program: - Training in the basics of oral health care is imparted to
school teachers. This helps them play a significant role in preventive oral care by inculcating
good oral care habits in the students. The Teachers Training Program forms a vital part of the
Colgate Bright Smiles, Bright Futures Program. Till date, 1,75,000 teachers have been trained
under the program
(B) National Oral Health Program: - Colgate-Palmolive India continues its march in the
area of spreading oral health awareness through the School Dental Health Education Program.
Under this Program, over 50 million school children in rural and urban parts of the country in
the age group of 6-12 years have been reached out till date. Members of various IDA local
branches organized the Program across the country with the help of audio-visual aids, posters,
charts and demonstration of right brushing techniques.
(C) Colgate-IDA Activities: - Colgate actively and closely supports the efforts of
Professional Dental Associations to continuously update the knowledge and skills of dental
professionals through various form. Colgate today is the major sponsor of almost all Dental
Conventions, Seminars, Conferences and specialized workshops. In collaboration with the
Indian Dental Association, IDA-Colgate Continuing Dental Education Programs are regularly
organized all over the country, exposing the practicing dental professional to the latest
advances in dentistry.

4. P&G
(A) Shikshas NGO Partners: - Shikshas vision is to help India get to 100% Shiksha
someday, and it is working towards this vision in partnership with NGOs like Save the
Children India, Army Wives Welfare Association (AWWA), Navy Wives Welfare Association
(NWWA) and Round Table India (RTI), amongst others. Each of Shikshas NGO partners
focuses on a critical approach towards education, with NGO Round Table India specializing
in building educational infrastructure and supporting schools across India, NGO Save the
Children laying emphasis on the girl child via supporting the governments Kasturba Gandhi
Balika Vidhyalays, and the NGOs AWWA and NWWA serving the unique educational needs
of differently-abled children of naval and army officers families.

(B) Disaster Relief: - India has braved several natural disasters in the recent past, such as the
Tsunami in South India, floods in Bihar or earthquakes in J&K and Gujarat. P&G has stepped
forward in each of these calamities and helped communities get back on their feet. Most
recently we helped rebuild the Army School in Ladakh, located in one of the most challenging
Himalayan Terrains, which was wrecked by the Flash Floods in 2010.

5. GODREJ
(A) Long term employment for the visually disabled: - The activity of hardware packet
making for chairs has been outsourced to National Association for Disabled Enterprises
(NADE) for the last several years. The objective of this decision was to ensure continued
occupation for the visually disabled. The activity began way back in 1996-97, where
approximately 8,000 to 10,000 hardware packets of 30 different kinds every month were
made by them.
(B) Environment protection and corporate responsibility: - The vast tract of unique
Mangrove forests conserved and protected by Godrej in Vikhroli demonstrates how industry
and nature could well exist in harmony with each other. The mangrove flora of Pirojshanagar
is well diversified. There are 13 species of mangroves and mangrove associates. The faunal
composition in the area is also equally diverse.

6. DABUR
Sustainable Development Society (SUNDESH) is sworn to the mission of ensuring overall
socio-economic development of the rural & urban poor on a sustainable basis, through
different participatory and need-based initiatives. It aims to reach out to the weaker and more
vulnerable sections -- such as women and children, illiterate and unemployed of the society.
Today, SUNDESH operates in Ghaziabad and Gautam Budha Nagar district of Uttar Pradesh,
and has -- more recently established presence in Rudrapur district of Uttrakhand. Over the
years, it has contributed to many worthy causes, addressing childrens literacy, improving
healthcare services, skill development, and environment, to name a few.

7. ITC
(A) Eradication of hunger and poverty
(B) Promotion of Education
(C) Promoting Gender Equality & Empowering Women
(D) Reducing child mortality & improving maternal health

8. BRITANNIA
(A) Ensuring Environmental Sustainability
(B) Employment enhancing vocational skills

FINANCIAL PERFORMANCE
A subjective measure of how well a firm can use assets from its primary mode of business and
generate revenues. This term is also used as a general measure of a firm's overall financial
health over a given period of time, and can be used to compare similar firms across the same
industry or to compare industries or sectors in aggregation.
There are many different ways to measure financial performance, but all measures should be
taken in aggregation. Line items such as revenue from operations, operating income or cash
flow from operations can be used, as well as total unit sales. Furthermore, the analyst or
investor may wish to look deeper into financial statements and seek out margin growth rates
or any declining debt.
Once your business is established and financially secure, you need to think about how to grow
or improve it.
Regularly reviewing your progress will give you an idea of how you can benefit in your
current market, access new customers and find new business opportunities. However, it is
important that you understand how to correctly review and assess your performance to make
the most out of the information available to you.
A performance measurement system is an important way of keeping track of your business'
progress. This should give you reliable information about business performance and allow
you to set targets for implementing your growth strategies. You should update your business
plan with your new strategy and make sure you introduce the developments you have noted.
This guide sets out the business benefits of performance measurement and target-setting. It
shows you how to choose which key performance indicators (KPIs) to measure and suggests
examples in a number of key business areas. It also highlights the main points to bear in mind
when setting targets for your business.

MEASUREMENT OF YOUR FINANCIAL PERFORMANCE

A review of your financial performance can help you reassess your business goals and plan
effectively for improving the business. When conducting a financial review of your business,
you might want to consider the following:
1. Cash flow - This is the balance of all of the money flowing in and out of your business. You
should ensure that your forecast is regularly reviewed and updated. For more information, see
our guide on cash flow management: the basics.
2. Working capital - Have your requirements changed? If so, research the reasons for this
movement and assess how this compares to the industry standard. If necessary, take steps to
source additional capital - see our guide on how to use your business plan to get funding.
3. Cost base - Keep your costs under constant review. Make sure that your costs are covered
in your sale price - but don't expect your customers to pay for any business inefficiencies. For
more information, see our guide on how to price your product or service.
4. Borrowing - what is the position of any overdrafts or loans? Are there more appropriate or
cheaper forms of finance you could use?
5. Growth - Do you have plans in place to adapt your financing to accommodate your
business' changing needs and growth?

MEASURING YOUR PROFITABILITY

One of the most important areas of your finances you should review is your profitability. Most
growing businesses ultimately target increased profits, so it's important to know how to
measure profitability. The key standard measures are:
1. Gross profit margin - How much money is made after direct costs of sales have been taken
into account, or the contribution as it is also known.
2. Operating margin - This lies between the gross and net measures of profitability. Overheads
are taken into account, but interest and tax payments are not. For this reason, it is also known
as the EBIT (earnings before interest and taxes) margin.
3. Net profit margin - This is a much narrower measure of profits, as it takes all costs into
account, not just direct ones. All overheads, as well as interest and tax payments, are included
in the profit calculation.
4. Return on capital employed - This calculates net profit as a percentage of the total capital
employed in a business. This allows you to see how well the money invested in your business
is performing compared with other investments you could make with it, like putting it in the
bank.

OTHER KEY ACCOUNTING RATIOS

There are a number of other commonly used accounting ratios that provide useful measures of
business performance. These include:
1. Liquidity ratios, which tell you about your ability to meet your short-term financial
obligations
2. Efficiency ratios, which tell you how well you are using your business assets
3. Financial leverage or gearing ratios, which tell you how sustainable your exposure to longterm debt is

CHAPTER 3
RESEARCH
METHODOLOGY

RESEARCH OBJECTIVES
The study has been carried out with the aim of analysing the CSP with Financial
performances of the selected companies in the FMCG industry. The aim of the study has been
carried out with the following specific objectives:
1. To study the nature and extent of CSR initiatives and their disclosure levels of the selected
Companies in India.
2. To examine the relationship between the CSR initiative score and Financial Performance of
the selected companies in India.
3. To explore, whether there is any impact of CSR initiatives score on the Stock performance
of selected companies in India.

RESEARCH METHODOLOGY
Research methodology is way to systematically solve the research problem. Research,
in common terms refers to a search for knowledge. Research methodology consists of
different steps that are generally adopted by a researcher to study the research problem
along with the logic behind them.

RESEARCH DESIGN
Research design is the plan, structure and strategy of investigation conceived so as to
obtain answers to research question. There are two types of research design. One is
exploratory research and other is descriptive research.
The study is based on the secondary data, collected from CMIE database for the
following variables from Karmayog CSR rating of the largest 500 Indian Companies in
India for the year ended on 2010, 2011, 2012 and 2013. Henceforth, 8 companies in the
FMCG industry, which were ranked by Karmayog. To measure the Corporate Social
performance (CSP) the following three key parameters were considered. First, the
ratings given by Karmayog, Secondly, budget allocation of fund for CSR activities,
which is calculated at 0.02% on Turnover of the year. Third, the focusing area of CSR
activity of involvement has been classified into Healthcare, Education including
Training Programs, Environment, Rural development and Other Community welfare
activities and if an item of information disclosed in their annual or other report, receives
a score of 1, and 0 if it is not disclosed (Total Score is 5). This paper uses an weighted
approach for disclosure INDEX scoring and equal importance given to all the parameter
and calculated as (B *Kr * Pr) where Kr is karmayog rating score, B is Budgeted CSR
allocation amount and Pr is performance rating calculated by authors. When the
Karmayog rating is 1, the actual CSR allocation is treated as CSP score. Total Assets,
Net Worth, Profit before Tax, Debts and EPS were treated as financial measures and
market capitalization is treated as stock market performance.

METHOD OF DATA COLLECTION

Data collected from secondary sources only.
SECONDARY DATA: - Secondary data, is data collected by someone other than the
user. Common sources of secondary data for social science include censuses,
organizational records and data collected through qualitative methodologies or
qualitative research. In this we also used data provided by the company including details
of the customers, their preference etc.
In this data is collected mainly through information provided by the company in their
annual reports or through different websites which keeps an eye over the financial
performance of the company. We use different websites such as Yahoo Finance, Money
control, Rediff etc. to collect the data. After collecting the data we put it into excel and
processed the entire data by applying various formulae which are required to undertake
the whole process. In this the main role was rating provided by karmayog website.
These rating indicate the concern of the different companies towards the society and
their obligation.

LIMITATIONS OF THE STUDY

1. CSR initiatives practiced by companies were easily available but the results of these
initiatives are hard to find out.
2. Time available for making the project was not sufficient.
3. It was difficult to find out the contribution of the CSR practices to the profit of the
company after they were initiated.

CHAPTER 4
ANALYSIS &
INTERPRETATION

Data analysis is a process for obtaining raw data and converting it into information
useful for decision-making by users. Data is collected and analyzed to answer questions,
test hypotheses or disprove theories. The purpose of the data analysis and interpretation
phase is to transform the data collected into credible evidence about the development of
the intervention and its performance.
In this study we collect the data of different companies including Debts, Profits, and
total assets in order to assess the performance of the company. We will calculate the
CSP score by using the data available at karmayog website which provides ranks to the
companies engaged in CSR activities.
Data Analysis include the following:
1. Calculation of CSP Score.
2. Calculation of contribution towards CSR activities.
3. Calculation of Statistical Variables of various data like profits, total assets.
Analysis of following helps us in finding the impact of these activities on the financial
performance of the company and how much they contribute towards the welfare
activities. We assume those firms which are more active in social causes are in better
position over others and can capitalize it in the near future because investors and
consumers are more aware and concerned about the environment.

DIAGRAM OF CSR & FINANCIAL PERFORMANCE

This Diagram shows the components of the CSR score and Financial Performance. CSR
score is calculated on the basis of the karmayog rating, CSR budget and Performance
Rating. Whereas Financial Performance measures includes the total assets, net worth,
profit and Debts.

Statistical Calculation of Variables

Table 1
Particulars

Mean

Median

Skewness

1465.53

Standard
Deviation
9001.63

Total Assets

4974.44

Net Worth

3398.39

1187.56

5713.91

2.43176688

Profit Before
Tax
Debts

1970.59

749.5

2704.17

2.03699988

346.26

72.75

583.09

1.90767

EPS

19.22

11.84

17.36

1.218884

2.42299171

Table 1 shows the Mean, Median, Standard Deviation and skewness of total assets, net worth,
and profit before tax, debts and EPS of companies taken into analysis process. Mean indicates
the average of industry, Median helps in determining the center point, and Standard Deviation
reflects the deviation in the industry in terms of profit, Debts etc.
The average profits of the industry are 1970.59 crores, average debts in the industry are
346.26 crores whereas the change in profits and debts are 2704.14 and 583.09 respectively.

Contribution towards CSR Activities (2010)

Table 2
Companies
HUL
ITC
DABUR
NESTLE
BRITANNIA
P&G
COLGATE PALMOLIVE
GODREJ

crores
Net Profit
2153.25
4061
433.33
655
116.51
1095
423.26
80.93

CSR Budget (0.02 of NP)

43.065
81.22
8.6666
13.1
2.3302
21.9
8.4652
1.6186

Fig 1
Net Profit & CSR
4500
4000
3500
3000
2500
2000
1500
1000
500
0

90
80
70
60
50
40
30
20
10
0

Net Profit

CSR Budget

Table 2 shows the contribution of different firms towards CSR. According to government
regulation every company must contribute at least 2% of their profits towards society welfare.
In year 2010 ITC is the highest contributor towards the CSR activities. We only assume that
every company only contributes 2% which is mandatory for them.

CONTRIBUTION TOWARDS CSR (2011)

Table 3

crores

Companies

Net Profit

CSR budget(0.02 of NP)

HUL
ITC
DABUR
NESTLE
BRITANNIA
P&G
COLGATE PALMOLIVE
GODREJ

2599.23
4987.61
471.41
818.66
145.29
1157
402.58
133.43

51.9846
99.7522
9.4282
16.3732
2.9058
23.14
8.0516
2.6686

FIG 2
Net Profit & CSR
6000

120

5000

100

4000

80

3000

60

2000

40

1000

20

Net Profit

CSR Budget

Table 3 reflects the CSR contribution by each firm in year 2011. As we can see the
contribution of each company increases from year 2010. The reason for this is increase in
profits over the years. Still the highest contributor in CSR activities is ITC followed by HUL,
P&G and so on.

CONTRIBUTION TOWARDS CSR (2012)

Table 4

crores

Companies
HUL
ITC
DABUR
NESTLE
BRITANNIA
P&G
COLGATE PALMOLIVE
GODREJ

Net Profit
3314.35
6162.37
463.24
961.55
186.74
2170
446.47
201.56

CSR Budget (0.02of NP)

66.287
123.2474
9.2648
19.231
3.7348
56.25
8.9294
4.0312

Fig 3
Chart Title
7000

140

6000

120

5000

100

4000

80

3000

60

2000

40

1000

20

Net Profit

CSR Budget

Table 4 shows the net profits and corresponding CSR activities by each of the firm taken into
study. The Contribution in CSR is highest by ITC because its profits are increasing followed
by HUL, NESTLE, DABUR, COLGATE and GODREJ.

CONTRIBUTION TOWARDS CSR (2013)

Table 5

crores

Companies
HUL
ITC
DABUR
NESTLE
BRITANNIA
P&G
COLGATE PALMOLIVE
GODREJ

Net Profit
3555.32
7418.39
590.98
1067.93
233.87
1121
496.75
96.74

CSR Budget(0.20 0f NP)

71.1064
148.3678
11.8196
21.3586
4.6774
22.42
9.935
1.9348

Fig 4
Net Profit & CSR
8000

160

7000

140

6000

120

5000

100

4000

80

3000

60

2000

40

1000

20

HUL

ITC

DABUR

NESTLE BRITANNIA

Net Profit

P&G

COLGATE GODREJ

CSR Budget

Table 5 shows the net profit and CSR budget of every firm taken into consideration. CSR
budget is calculated by taking 2% of the net profit of the firm. In this as we see above ITC is
the leader in contribution towards Society.

Calculation of CSP SCORE

Table 6
Companies

Area of Focus

Total

HUL

CSR
Rating Contribution
(Karmayog)
Towards CSR
3
28

11

924

ITC

28

336

DABUR

4.2

63

NESTLE

20

BRITANNIA

9.2

73.6

P&G

1.3

10.4

COLGATE
PALMOLIVE
GODREJ

3.2

44.8

1.8

5.4

In Table 6 we have calculated CSP SCORE of different companies. CSP SCORE helps
in determine the social performance of the companies. CSP SCORE is calculated by
multiplying CSR rating provided by the Karmayog and contribution towards CSR in
their profits and area of focus i.e. area of contribution.
In the above table company with highest CSP score is contributing more towards
society. Contribution can be in education sector, employment, rural development etc.
HUL secured highest score of 994 and Nestle secured lowest score.

CHPATER 5
FINDINGS

FINDINGS
1. ITC is major contributor towards the society among all other companies.
2. CSP score of HUL is highest among the companies taken into study.
3. Contribution of companies toward CSR is increasing over the years due to the
consumers perception and awareness.
4. Companies contributing higher into CSR are getting benefit in long term.
5. Godrej company is least engaged in CSR activities.
6. HUL, ITC and DABUR receives highest rating by Karmayog websites.

CHAPTER 6
RECOMMENDATION

RECOMMENDATIONS
1. The companies practicing CSR should provide information about the after effects of
their CSR initiative. This would help the stakeholders to understand the initiative
better.
2. Companies should focus more on CSR initiatives as it leads to the growing profits for
the company.
3. CSR activities help in Recognition in the market therefore company should engage
itself in more and more activities.
4. CSR activities are necessary as companies use resources of the society therefore it is
in long term interest to engage in these activities.

BIBLIOGRAPHY

WEBSITES
1. http://www.britannia.co.in/investerzone_bonus_financial.htm
2.http://www.moneycontrol.com/financials/britanniaindustries/financial-graphs/ebidta-pbtpat/BI
3.https://www.equitymaster.com/detail.asp?date=2/22/2003&story=5&title=The-evolution-ofIndian-FMCG-market
4. http://www.moneycontrol.com/financials/britanniaindustries/results/quarterly-results/BI
5.http://www.moneycontrol.com/financials/proctergamblehygienehealthcare/balancesheet/PGH
6. http://www.moneycontrol.com/financials/nestleindia/financial-graphs/ebidta-pbt-pat/NI
7.http://www.pwc.in/assets/pdfs/publications/2013/handbook-on-corporate-socialresponsibility-in-india.pdf

BOOKS
1. Sandeep K. Krishnan, Rakesh Balachandran , Corporate Social Responsibility as a
determinant of market success: An exploratory analysis with special reference to MNCs in
emerging markets

2. Kuttayan Annamalai, Sachin Rao, what works ITCs e-Choupal and profitable rural
transformation
3. C.V Baxi , Ajit Prasad, Corporate Social Responsibility

ANNEXURES