A Dissertation Report on

Critical Analysis Of Corporate Social Responsibility By Top

Organizations For CSR & Sustainability In India

Submitted in partial fulfillment of the requirement for the degree of

Master of Business Administration

(Affiliated to Savitribai Phule Pune University)

By
Kumbhar Yogesh Popat

Roll No.D2M- 11

Under the guidance of

Prof. Mangesh Dande

A study conducted

At

Indira School of Business Studies

Tathwade, Pune - 411033

2015-2017
 Acknowledgement

I take this opportunity and privilege to express my deep sense of gratitude to my research guide
Prof. Mangesh Dande and all the faculty members at Indira School of Business Studies, Pune
without whose help completion of the dissertation report was highly impossible.

I wish to express a special thanks to Dr. Renu Bhargava (Director – ISBS), Dr. Shradhha
Kulkarni (Deputy Director – ISBS) and Prof. Manmohan Vyas (HOD – MBA) for their
continuous support. I would also like to acknowledge all my friends for their help and
encouragement.

Name: Kumbhar Yogesh Popat

Date:

i
Certificate From ISBS

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 Executive Summary

Corporate Social Responsibility also called corporate conscience, corporate citizenship or

responsible business is a form of corporate self-regulation integrated into a business model. CSR
policy functions as a self-regulatory mechanism whereby a business monitors and ensures its
active compliance with the spirit of the law, ethical standards and national or international
norms.

In today’s global society there is growing and heightened concern for Corporate Social
Responsibility primarily because of the growing influence of multinationals over the world
economy and the heightened publicity it attracts from the media. The growing pressure of media
sees any mistakes by companies and is brought immediately to the attention of the public.
Furthermore, Internet communication among like-minded consumers and groups empowering
them to spread their message, and giving them means to coordinate collective action i.e. refuse a
product offering. The growing concern for CSR, coupled with the growing importance of brand
and brand value to corporate success produce’s a shift in the relationship between corporation
and consumer, in particular, and between corporation and all other stakeholder groups in general.
The stakeholders associated with the organization get influenced with both the positive and
negative news relating to the company and its operations. Therefore, it is integral for the
companies not only to develop and improve their core production processes but also focus on
social issues that reflects company’s attitude towards its stake holders.
The private sector is increasingly seen as a key player in the achievement of many national and
international strategic objectives for governments, which is also enabled by CSR. So from a
political or governmental perspective, CSR can be seen as a duty, but there are also material
incentives for corporations to be socially responsible, relating to sustainability and clear
consumer preferences for ethical business.

The evolution of corporate social responsibility in India refers to changes over time in India of
the cultural norms of corporations' engagement of corporate social responsibility (CSR), with
CSR referring to way that businesses are managed to bring about an overall positive impact on
the cultures, societies, communities and environments in which they operate. The essentials of

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CSR is the fact that not only public policy but even corporate should be responsible enough to
address social problems. The companies thus should deal with confront and issues looked after to
a positive extent among the states.

India has one of the richest traditions of CSR. Much has been done in recent years to make
Indian Entrepreneurs aware of social responsibility as an important segment of their business
activity but CSR in India has yet to receive extensive recognition. If this goal has to be realized
then the CSR approach of corporate has to be in line with their attitudes towards mainstream
business- companies setting lucid objectives, undertaking likely investments, measuring and
reporting performance.

The role of corporate by and large has been understood in terms of a commercial business
paradigm of thinking that focuses purely on economic parameters of success. As corporate have
been regarded as institutions that furnish to the market demand by providing products and
services, and have the responsibility for creating prosperity and jobs, their market position has
conventionally been a function of financial performance and profitability. However, over the past
few years, as a consequence of rising globalization and burning ecological issues, the perception
of the role of corporate have changed in the broader societal context within which it operates.

Stakeholders (suppliers, community, employees and shareholders) today are redefining the role
of corporates taking into account the corporates’ broader responsibility towards society and
environment, further going ahead towards economic performance, and are evaluating whether
they are conducting their role in an ethical and socially responsible manner. As a result of this
shift, many forums, institutions and corporate are endorsing the term Corporate Social
Responsibility.

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 Index / Table of Contents

Sr. No. Contents Pg. No.

1 Introduction / Dissertation Outline 1

2 Objectives 4

3 Literature Survey 6

4 Research Methodology 9

5 Data Analysis and Interpretation 13

6 Conclusion 39

7 Learnings & Suggestions 41

8 References / Bibliography 43

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 List of Figures

Sr. No. Figure Pg. No.

1 Fig. 3.1: List of activities under Schedule VII 16

2 Fig. 3.2: Role of the Board & CSR Committee 17

3 Fig. 4.1: Top companies for CSR for FY 2015-16 18

4 Fig. 4.2: Sector representation for companies 22

5 Fig. 4.3: Actual VS Prescibed CSR spend 23

Fig. 4.4: Top 20 Companies with Actual CSR Spend (INR Cr.) FY
6 24
2015-16

Fig. 4.5: Comparison of spending among large and small

7 26
companies

8 Fig. 4.6: CSR Spending 26

9 Fig. 4.7: Performance of private sector 27

10 Fig. 4.8: Geographical spending profile 28

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 Abbreviations

 CSR: Corporate Social Responsibility

 NGO: Non Governmental Organizations
 WBCSD: World Business Council for Sustainable Development
 BSE: Bombay Stock Exchange
 INR: Indian Rupee
 CEO: Chief Executive Officer
 MD: Managing Director
 SEBI: Securities and Exchange Board of India
 BRR: Balanced Repeated Replication
 ESG: Environmental, Social And Governance
 NVG: National Voluntary Guidelines
 PAT: Profit After Tax
 FY: Financial Year
 ROI: Return On Investment
 ROE: Return On Equity
 ROA: Return On Assets
 ROCE: Return On Capital Employed
 CSP: Corporate Social Performance
 R&D: Research & Development
 KLD: Kinder, Lydenberg and Domini
 PET: Polyethylene Terephthalate
 VRIO: Value, Rareness, Imitability, Organization

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Chapter 1: Introduction / Dissertation
Outline

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 Introduction / Dissertation Outline

Corporate Social Responsibility is defined as the proposition that companies are responsible not
only for maximizing profits but also for recognizing the needs of such stakeholders such as
employees, customers, suppliers and the regions that they serve. This definition sets out the kinds
of stakeholder groups to whom companies are responsible. It also stresses that responsibility
involves balancing profit maximization and stakeholders’ needs. Business involvement in social
welfare and development has been a tradition in India and its evolution from individuals’ charity
or philanthropy to Corporate Social Responsibility, Corporate Citizenship and Responsible
Business can be seen in the business sector over the years. The Indian corporate sector is
struggling with a new role, which is to meet the needs of the present generation without
compromising the ability of the next generation. There is a growing awareness that in an
increasingly complex world, businesses have significant and long-lasting impacts on people, our
planet and our ability to sustain the levels of holistic development that we all aspire to.
Specifically, this calls for businesses being thoroughly aware of their social, environmental and
economic responsibilities, and balance these different considerations in an ethical manner.

CSR is viewed then, as a comprehensive set of policies, practices, and programs that are
integrated into business operations, supply chains and decision making processes throughout the
company and usually includes issues related to business ethics, community investment,
environmental concerns, governance, human rights, the marketplace as well as the workplace.

Each company differs in how it implements CSR, if at all. The differences depends on factors
such as the company size, the industry in which the company operates, the firm’s business
culture, the stakeholders’ demands and the history of CSR of the company. For successful
implementation it is important that the CSR principles are part of the corporation’s values and
strategic planning and both the management and employees are committed to them. It is also
crucial that the CSR strategy is aligned with the company’s specific corporate objectives and
core competencies.

This paper examines how the companies view, and conduct their CSR, and identify key CSR
practices. It is important to understand how and why companies adopt corporate social

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responsibility. The aim of this paper is examine empirically the relationship of CSR initiatives of
selected Indian companies with the level of their performance, their ownership status and type of
their business activities- service or manufacturing. For this purpose top 50 Indian companies for
CSR and sustainability are taken and the data relating to the CSR initiatives of these companies
collected from the secondary source. The relevant data have been analysed subsequently.

With increasing global awareness about environmental, social and ethical issues corporate social
responsibility is now believed to be an integral part of corporate sector in every country. A
number of researches have been conducted in order to know about the benefits of CSR accruing
to the company assuming CSR. Still it is believed in many countries including India that CSR is
a means of window dressing and does not help the growth and profitability of business. In
addition, many companies believe that CSR improves the image and helps in long term
sustainability of the business.

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Chapter 2: Objectives

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 Objectives

1. To understand the organizational efforts for CSR practices followed by top

companies for CSR & sustainability for society.

2. To understand impact of CSR on performance of organizations.

3. To study the existing CSR programs and make suggestions in order to improvise the
corporate sustainability.

4. To understand importance of CSR as a part of marketing strategy.

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Chapter 3: Literature Review

6
 Literature Review

Corporate Social Responsibility (CSR) is created due to the conflict between the organizations’
objectives of maximizing benefits with their consequent actions and the need of being
responsible to society and environment. Although CSR has been and is a very subjective
concept, it has been a subject of extensive research and arguments over the last few decades
(Jamali, 2008).

The European Commission named CSR as the voluntary integration of social and environmental
concerns in the enterprises’ daily business operations and in the interactions with their
stakeholders: employees, shareholders, business partners, suppliers, customers, public
authorities, NGOs and the environment (Green Paper, 2001).

The World Business Council for Sustainable Development (WBCSD) defined CSR as “the
commitment of business to contribute to sustainable, economic development, working with
employees, their families and the local communities and society at large to improve their quality
of life”. (WBCSD 2002).

Weber (2008) has analysed various research studies on this subject and classified ways in which
corporate social responsibility initiatives have an impact on a firm‟s financial performance into
four classes. They are : (a) positive impact on firm’s image and reputation thus enhancing the
firm‟s competitiveness (b) positive effect on employee motivation, recruitment and retention (c)
positive effect on sales of firm‟s products due to positive perception of consumers and (d)
reduction or avoidance of CSR related risk such as negative publicity due to lack of CSR
initiatives.

Christoph Lattemann et al. (2009), in their study examined why business firms in China in spite
of having a higher level of economic growth, communicate less about CSR than those of firms in
India. They underwent the factors relating to country, industry and firms in order to know the
intensity of communicating CSR and concluded that Indian firms communicate CSR more due to
a more rule based rather than relation based governance environment.

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Sanjay Pradhan, Akhilesh Ranjan (2010) attempt to explore CSR practices for rural
development. Review of selected private and public companies CSR practices revealed that CSR
actions have positve impact on rural community and business development both.

Supriti Mishra, Damodar S. (2010) empirically examined CSR impact on financial and non
financial performance of Indian firms and concluded that listed firms show responsible business
practices and better financial performance in comparison to non listed firms. Findings suggested
that responsible business practices towards primary stakeholders could be profitable for Indian
firms.

Mishra and Suar (2010) attribute the following to a positive impact on a firm‟s financial
performance. CSR measures towards a firm‟s employees reduces employee turnover and reduces
recruitment and training costs. Suppliers who are happy with a firm help in reducing quality
related costs for the firm. A major concern of most studies is the methodology to measure CSR
activities. CSR activities take many forms. It is not always possible to quantify CSR activities in
monetary terms. In the absence of such monetary measures, researchers have to depend on other
measures. Researchers have adopted various measures such as ratings by reputed surveys,
rankings by reputed organisations and other measures.

Dr. Satish Kumar (2012) explored CSR initiatives by 30 BSE listed Companies. The study
concluded that CSR initiatives of the companies under study are independet of the level of
revenue, type of ownership and the type of public and private sector.

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Chapter 4: Research Methodology

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 Research Methodology

A research method is a systematic plan for conducting research. Sociologists draw on a variety of
both qualitative and quantitative research methods, including experiments, survey research,
participant observation, and secondary data. The given research has been carried out based on
only secondary data. Secondary research involves the summary, collation and/or synthesis of
existing research rather than primary research, in which data are collected from, for example,
research subjects or experiments

Secondary Research is a common research method; it involves using information that others
have gathered through primary research.

Secondary data collection has been used for conducting dissertation study because of
following key advantages of the method,

 The information already exists and is readily available quick & low cost
 Helps guide the focus of any subsequent primary research being conducted
 Internal secondary data uses categories and breakdowns that reflect a corporation’s
preferred way of structuring the world
 Secondary research may be the only available source of specific pieces of information
(i.e. government data)

Descriptive research methodology has been used for conducting dissertation study,

Descriptive research can be explained as a statement of affairs as they are at present with the
researcher having no control over variable. Moreover, descriptive research may be characterised
as simply the attempt to determine, describe or identify what is, while analytical research
attempts to establish why it is that way or how it came to be.

Descriptive research is aimed at casting light on current issues or problems through a process of
data collection that enables them to describe the situation more completely than was possible
without employing this method.

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An important distinctive trait of descriptive research compared to alternative types of studies
relates to the fact that while descriptive research can employ a number of variables, only one
variable is required to conduct a descriptive study. Three main purposes of descriptive studies
can be explained as describing, explaining and validating research findings.

Descriptive studies are closely associated with observational studies, but they are not limited
with observation data collection method, and case studies, as well as, surveys can also be
specified as popular data collection methods used with descriptive studies.

Present descriptive research study with secondary data collection involves 4 steps that can
be repeated as necessary:

1. Identifying the subject domain and where to acquire the information

2. Gathering existing data
3. Comparing data from different sources, if necessary and if feasible and
4. Analyzing the data

1. Identifying what & where

The research has been started by defining the research topic/domain. Next, to maintain proper
sequence of study flow, list of questions to be answered through research study has prepared at
back end. This step helped to narrow down the topic and also allowed to have an active role in
conducting the research. After identifying the research domain, various sources of information
were analyzed to get necessary data.

Sources of information are,

 Internal data such as databases, sale reports, past primary researches

 Government statistics and information from government agencies
 Information resources companies and
 Different media such as articles from respected magazines and newspaper, reports from
university research centers or non-profit agency

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2. Gathering existing data

Here, topic has break down into various keywords and their synonyms for finding informations
online. Using these words lot of time has saved in finding valuable data and also warranteed no
important information has missed out.

3. Normalizing data if needed

Some vast data has been normalized and only related things have been collated as a part of
research study. In few cases, summarized data is taken instead of dealing with entire data set.

4. Analyzing data

At this final step, actionable findings are collated to move the project forward. It is important to
look back at the list of research questions from the first step and ask if they have all been
answered and if there is any new question been raised. The most important goal is to come up
with future actions for the project.

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Chapter 5: Data Analysis and Interpretation

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 5.1 Clause 135, Company’s Act, 2013

In India, the concept of CSR is governed by clause 135 of the Companies Act, 2013, which was
passed by both Houses of the Parliament, and had received the assent of the President of India on
29 August 2013. The CSR provisions within the Act is applicable to companies with an annual
turnover of 1,000 crore INR and more, or a net worth of 500 crore INR and more, or a net profit
of five crore INR and more. The new rules, which will be applicable from the fiscal year 2014-
15 onwards, also require companies to set-up a CSR committee consisting of their board
members, including at least one independent director.

The Act encourages companies to spend at least 2% of their average net profit in the previous
three years on CSR activities. The ministry’s draft rules, that have been put up for public
comment, define net profit as the profit before tax as per the books of accounts, excluding profits
arising from branches outside India.

The Act lists out a set of activities eligible under CSR. Companies may implement these
activities taking into account the local conditions after seeking board approval. The indicative
activities which can be undertaken by a company under CSR have been specified under Schedule
VII of the Act. The draft rules (as of September 2013) provide a number of clarifications and
while these are awaiting public comment before notification, some the highlights are as follows:

 Surplus arising out of CSR activities will have to be reinvested into CSR initiatives, and
this will be over and above the 2% figure

 The company can implement its CSR activities through the following methods:
o Directly on its own
o Through its own non-profit foundation set- up so as to facilitate this initiative
o Through independently registered non-profit organisations that have a record of at
least three years in similar such related activities
o Collaborating or pooling their resources with other companies

 Only CSR activities undertaken in India will be taken into consideration

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  Activities meant exclusively for employees and their families will not qualify

 A format for the board report on CSR has been provided which includes amongst others,
activity-wise , reasons for spends under 2% of the average net profits of the previous
three years and a responsibility statement that the CSR policy, implementation and
monitoring process is in compliance with the CSR objectives, in letter and in spirit. This
has to be signed by either the CEO, or the MD or a director of the company.

Governance

Clause 135 of the Act lays down the guidelines to be followed by companies while developing
their CSR programme. The CSR committee will be responsible for preparing a detailed plan on
CSR activities, including the expenditure, the type of activities, roles and responsibilities of
various stakeholders and a monitoring mechanism for such activities. The CSR committee can
also ensure that all the kinds of income accrued to the company by way of CSR activities should
be credited back to the community or CSR corpus.

Reporting

The new Act requires that the board of the company shall, after taking into account the
recommendations made by the CSR committee, approve the CSR policy for the company and
disclose its contents in their report and also publish the details on the company’s official website,
if any, in such manner as may be prescribed. If the company fails to spend the prescribed
amount, the board, in its report, shall specify the reasons.

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List of activities under Schedule VII

Fig. 3.1: List of activities under Schedule VII

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Business Responsibility Reporting

The other reporting requirement mandated by the government of India, including CSR is by the
SEBI which issued a circular on 13 August 2012 mandating the top 100 listed companies to
report their ESG initiatives. These are to be reported in the form of a BRR as a part of the annual
report. SEBI has provided a template for filing the BRR. Business responsibility reporting is in
line with the NVG published by the Ministry of Corporate Affairs in July 2011. Provisions have
also been made in the listing agreement to incorporate the submission of BRR by the relevant
companies. The listing agreement also provides the format of the BRR. The BRR requires
companies to report their performance on the nine NVG principles. Other listed companies have
also been encouraged by SEBI to voluntarily disclose information on their ESG performance in
the BRR format.

Role of the Board & CSR Committee

Fig. 3.2: Role of the Board & CSR Committee

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 5.2 Key Findings
Under this specific chapter based on secondary research done, following key observations were
studied and analyzed,

 Case 1
1. Observation 1

As per the study done and analysis given in the research report by the name of “Gearing Up for
Responsible Growth: India’s Top Companies for Sustainability and CSR 2016”, around 217
companies were studied wherein some highlights from top 10 are,

Fig. 4.1: Top companies for CSR for FY 2015-16

Interpretation:

Bsased on this report 4 Tata group companies retained their positions in top ten players.
Interestingly no foreign players made it to the top 10 list, same trend continued from financial
year 2014-15. A close look at the composition of the top companies in the last three years
revealed that the top performers have largely remain consistent. Following reasons made them
stand head and shoulders above all others,

 Business responsibility for top performers was more than compliance. It’s a strategy.
 Sustainability and CSR impacts were holistic and covered all stakeholders.

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  Business Responsibility frameworks for the organisation were created after materiality
assessments and stakeholder engagement.

2. Observation 2
Only the Top 33% companies believed in taking the long term view on responsible business

Interpretation:

The study was carried out based on four main criteria that are Governance, Disclosure,
Stakeholders and Sustainability. For the longest time Indian companies have focused on market
access, customer acquisition and compliance. There is now however a shift towards a more
responsible form of growth because taking a long term view of sustainability and social
responsibility is creating competitive advantages and managing risks. Top companies have a
deeper focus on Governance, Disclosure, Sustainability and CSR.

3. Observation 3
Governance for business responsibility sees improvement

Interpretation:

Governance was in general good across both manufacturing and service industries, except for
policy on biodiversity and participation in global agreements.

4. Observation 4
Disclosures are poor as sustainability reporting is inadequate

Interpretation:

Disclosures were poor in general because sustainability reporting was weak, especially in
manufacturing industries. And the latter being two-thirds of our sample size in this year’s study,
it weighed down the averages further. Since the reporting was weak, external certification and
disclosures of material risks was poor. Lastly, very few companies participated in industry
specific sustainability initiatives on an average – 16% in manufacturing and 14% in services.

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About 60% of companies had sustainability reports up from 58% last year and only 25% of the
companies had GRI based sustainability reports.

5. Observation 5
Sustainability is at the heart of high performing companies

Interpretation:

Top performing companies have increased their focus on sustainability and also deepened
current efforts around reduction of emissions, climate change, waste management, water and
energy. Notable improvements were seen in waste management and sustainable
products/services.
 Renewable energy programs gained traction in the year for reducing emissions from
operations, in-line with Government programs. Their footprint is however small.
 Water management remained a highly under-utilised space, especially in service
industries where less than half of them disclosed programs.
 Green supply chains still remain a significant gap in the sustainability efforts of India’s
top companies.

6. Observation 6

Companies look at long term projects and not charity

Interpretation:

32% companies spent 2% and more in 2014-15 on CSR activities, higher than 18% in the
previous year of study. Further 33% companies spent between 1% and 2% of their average PAT.
And remaining 35% companies had a CSR spend of less than 1% of their average PAT.
Companies choose to have unspent amount in the year in the absence of qualifying projects,
rather than disbursing the same as donations and various Government funds. Less than 4% of the
aggregate committed CSR amount was given as donations and for support during national
calamities.

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 7. Observation 7

Government push makes corporate India step up

Interpretation:

The Companies Act of 2013 and several government initiatives have pushed companies to work
in relevant areas. Improved compliance on account of spending requirements, CSR committee
requirements, reporting requirements etc.

 Swachh Bharat - The mission has been taken up by companies across the country with
some success. About 39% of the companies surveyed have a focus on Swachh Bharat -
primarily focused on construction of toilets.
 Solar - The push toward renewables has been another focus area for the government. We
find that 59% of the companies surveyed work in the areas of solar energy.

 Case 2

Further research done for 250 companies as per India CSR Outlook wherein number of
interesting observations have been observed. The 250 companies presented in this report were
selected on the basis of following few criteria:

 The prescribed CSR spend for FY 2015-16 was more than INR 1 Cr.
 Availability of the last year’s annual report of the company by 30th Aug 2016
 Representation of all the sectors (as per the BSE listing) in the sample size
 Availability of the required data in the annual report (as some companies have not
disclosed vital information of CSR projects in their Director’s report.)

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Sector representation in this report is given below,

Fig. 4.2: Sector representation for companies

1. Observation 1

Almost one third of the companies spent more than the prescribed CSR while one fifth of the
companies spent exactly as the prescribed CSR. 58% of the companies have spent either exactly
as the prescribed CSR or more than the prescribed CSR. This is a good improvement from the
FY14-15 where this percentage was 48%.

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 Fig. 4.3: Actual VS Prescibed CSR spend

Interpretation:

While in 2014-15, there were 3 companies who had not spent any single penny from the
prescribed CSR budget, in 2015-16 all companies have spent certain amount from the CSR
budget. This indicates that companies have become serious about the CSR and they are
endeavoring to match the prescribed CSR requirements with the actual CSR spend. The fact that
58% of the companies spent exactly as prescribed or more than the prescribed, shows a lot of
improvement in the CSR compliance level.

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 2. Observation 2

Reliance Industries Ltd. maintained top position for being the highest spending company on CSR
in financial year 2015-16

Fig. 4.4: Top 20 Companies with Actual CSR Spend (INR Cr.) FY 2015-16

Interpretation:

Despite the fact that the Section 135 of the Companies Act mandates companies to prepare CSR
report (as part of the annual report) in a particular format, more than 30 companies have not
followed the format and went on hiding (moreover ignoring) crucial information like project
location, implementing partners, project specific budget and spend etc. We see a lot of

24
discrepancy in the reported data when accounting for actual CSR spend and project-wise CSR
spend of companies. A few companies spent the unspent amount of last year’s CSR budget in
this financial year (15-16) and have calculated it as the actual CSR spend of FY 15-16, taking
their actual CSR spend much higher than the prescribed CSR of this FY. We had to sanitize the
data to present the clear picture of this financial year. Even though the Section 135 of the
Companies Act mandates companies to give names of the implementing partners in the report,
many companies have not given the names of implementing partners and have used the term
‘NGO partner’ or ‘various NGOs’ .

 Case 2

Again CRISIL Foundation did study on 3,850 companies listed on Bombay Stock Exchange for
financial year 2015-16 on the basis of three financial parameters in any of the preceding three
year fiscals,

 Net worth of Rs 500 crore

 Revenue of Rs 1,000 crore or more
 Profit after tax of Rs 5 crore or more

As many as approximate 1,300 companies met above criteria of which only 1,000 companies
reported their CSR spend for fiscal 2015. About 200 companies did not report about CSR
activity or were in advance stages of implementing their CSR activity. For 50 companies, annual
reports for fiscal 2015 coul not be found. Data for the study was extracted from CRISIL, stock
exchange websites and other public source.

1. Observation 1

Smaller companies more giving, but larger ones will catch up

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 Fig. 4.5: Comparison of spending among large and small companies

Interpretation:

As the above table shows, smaller companies were relatively more enthusiastic about spending
on CSR activity compared with their larger counterparts in fiscal 2015. Clearly they are short on
altruistic, society building motivation. For the bigger companies, the challenge is the large size
of their spending mandate so they need considerable time and efforts to conceptualize and design
processes to maximize outcomes.

2. Observation 2

82% of CSR spending in 4 sectors

Fig. 4.6: CSR Spending

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Interpretation:

Schedule VII of the Companies’ Act, 2013 allows the corporate sector to invest in wide variety
of areas as part of CSR activity. These segments have been expanded from time to time to
encourage spending. Yet 73% of the CSR spending was focused on education/skill development,
health care/ sanitation and rural development. This is good for starters, as these are some of the
pressing needs inn India today and focus on these corporates will provide additional impetus to
the schemes and programmes of the government in these areas. The distribution mentioned
herewith is much reflection of the priorities of organizations to spend in specific sectors as it is
of the availability of scale and capacity at implementing non-government organizations.
Traditionally, education, health and sanitation are the sectors where most NGO capacity has been
created so it is no surprise that most of the initial investments have followed that way. As NGOs
in other areas gear up and approach corporates, we hope to see the spending getting more broad
based.

3. Observation 3

Private sector doing well than public sector companies

Fig. 4.7: Performance of private sector

Interpretation:

Even at the public sector level, compliance with 2% is low. Public and private sector companie
seems to be similarly placed in terms of overall spending profile with the latter marginally ahead,
actually.

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 4. Observation 3

Regional disparities in compliance not very significant

Fig. 4.8: Geographical spending profile

Interpretation:

Other than the industrialized states such as Gujarat, Tamilnadu and Maharashtra, where
companies have performaed well in terms of CSR spending, it is heartning to see companies
based in West Bengal, Uttar Pradesh spending more than national average.

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 5.3 Impact Of CSR On Performance Of Organizations

Outline of the Review

The review covers studies with the following four sets of findings:

1. Studies that have found a positive impact of a firm‟s CSR activities on its financial
performance
2. Studies that have found no impact
3. Studies that have found negative impact and
4. Studies that have related findings

Review of studies

1. Studies that have found a positive impact

Waddock and Graves (1997) found that better financial performance resulted in a firm being
socially responsible and a socially responsible firms reaped financial benefits. In other words,
they found a circular relationship between CSR initiatives and firm‟s financial performance. To
measure CSR activities, the researchers constructed their own index based on the eight
parameters used by the firm Kinder, Lydenberg and Domini (KLD). They used this index to rate
firms on corporate social performance. Financial performance was measured by Return on
Assets (ROA), Return on Equity (ROE) and Return on Sales (ROS). A total of 469 companies
during the period 1989 to 1991 were considered for the study.

Mishra and Suar (2010) studied the effects of CSR activities of firms on their financial
performance and non-financial performance. For this study they surveyed 150 senior level
executives to seek their opinions on various aspects relating to CSR and non-financial
performance. For financial performance, they relied on secondary data. They identified six
classes of primary stakeholders, namely, employees, customers, investors, suppliers, community
and natural environment. They studied the impact of CSR activities for each of these six primary
stakeholders on the financial performance of the firms. To assess whether or not firms were
socially responsive they developed their own list of 61 parameters. To assess financial

29
performance, industry-adjusted ROA was used. Based on their study, they find that CSR
activities have a positive impact on a firm‟s financial performance.

Govindarajan and Amilan (2013) studied different aspects of financial performance of

companies in the oil and gas products industry in India that were active in the CSR area. One of
the aspects they considered was the impact of Corporate Social Performance (CSP) score on EPS
of the companies. The sample comprised 12 companies from the industry and the analysis was
done based on data for four years from 2007 to 2010. To measure CSR, they used three
parameters, namely, the rating given by Karmayog, an NGO that rates companies on their CSR
activities, the amount of CSR spend and the focus area of CSR. The finding from the study with
respect to the aspect mentioned above is that there is a significant positive impact of CSR
initiatives on EPS of the companies.

Ghosh (2013) has studied the effect of CSR initiatives on financial performance of Indian
companies. She has studied 200 companies listed in the National Stock Exchange of India. The
period of study is four years from 2009 to 2012. The criterion for selection of the companies was
their market capitalisation. She has chosen top 200 companies by market capitalisation. She has
used S&P ESG India index to measure CSP of the companies. She divided the companies into
two groups, namely those companies which appeared in the ESG index and those that did not
appear in the index. To measure financial performance, she has considered both accounting
based and market based measures. For accounting based measures, she has used ROA and ROE
and for market based measure, she has used Tobin’s Q. The market based measure is further
explored using Ohlson‟s valuation model. She concludes based on her findings that superiority
in CSR leads to superior financial performance.

2. Studies that have found no impact

McWilliams and Siegel (2000) in their study of impact of CSR on financial performance of firms
found that the impact is neutral. They argued that earlier studies had omitted the impact of R &
D investment on financial performance. In their opinion, R & D investment was an important
factor in determining financial performance of firms. They hypothesized and proved that CSR
and R & D investment have a strong correlation and so when R & D investment is omitted, CSR
appears to have a positive impact. When R & D investment is included in the analysis, the

30
impact of CSR is reduced and the resultant effect is neutral. Their study involved data of 524
firms over the period 1991 to 1996. These were firms that were included in the Domini 400
Social Index (DSI 400).

Aggarwal (2013) has studied the relationship between CSR and financial performance. She has
considered both accounting based measures, namely, sales, ROA and ROE and market based
measures, namely, PE ratio and Beta to measure financial performance. To measure CSR, she
uses CRISIL‟s ESG index. Her findings are that sales of companies with high ESG scores are
higher than those companies with low ESG scores and that there is no significant difference
between companies having high ESG scores and low ESG scores with respect to other measures
namely, ROA, ROE, PE Ratio and Beta. She has used data from 100 Indian companies for five
years from 2008 to 2012

3. Studies that have found a negative impact

Becchetti et all (2005) in a study of 1000 companies over a period of 13 years try to find if being
socially responsible improves employee productivity. They also analyse whether or not, all
stakeholders including the shareholders are benefitted by CSR activities. They find that when
companies are socially responsible, productivity of employees improves and sales per employee
goes up. But the same cannot be said of financial parameters relating to shareholders, namely,
Return on Investment (ROI), Return on Equity (ROE) and Return on Capital Employed (ROCE).
These are observed to go down when companies are socially responsible. Based on these
findings, they conclude that CSR initiatives refocus a company‟s activities from maximisation of
wealth of shareholders to maximisation of interests of all stakeholders.

To identify companies that are socially responsible, the researchers have considered those
companies that have been included in Domini Social Index 400 (DSI 400). They have also
considered in their study, those companies that are not included in the index. They also take into
consideration companies that have been dropped from the index to study changes after being
excluded from the index.

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 4. Studies that have related findings

McGuire et all (1988) studied the relationship between (i) corporate social responsibility
initiatives and a firm‟s past financial performance i.e. financial performance before the firm
embarked on CSR activities and (ii) CSR and post-CSR financial performance. A significant
finding from their study is that firm risk reduces as a result of CSR activities. Servaes and
Tamoyo (2013) study the impact of CSR activities on a firm‟s financial performance. They study
firms included in the KLD Stats database constructed by KLD Research and Analytics, Inc
during the period 1991 to 2005. The number of firms considered for the study is around 400
between the period 1991 and 2000 and grows to around 2000 in the year 2005. The financial
measure used for the analysis is Tobin‟s Q. One of their findings is that those firms about whose
products and services customer awareness is high, realise a positive impact on their financial
performance from their CSR activities. And, for those firms customer awareness is low, there is
no impact on financial performance from CSR activities. As to the reason for customer
awareness resulting in a higher impact of CSR on financial performance, they attribute it to the
goodwill that is created for the firms through the awareness. They also find that firms that do not
enjoy a good reputation in the market do not reap the financial benefits of CSR.

Analysis

The outcome from the various studies that have been done over the past 40 years or so can be
best summarised by the observations of Margolis et all (2009). These researchers did a meta
analysis of 251 studies on the subject during the period 1972 to 2007. They express the view that
if a positive link can be established between CSR activities by firms and financial performance
of firms, then firms could be persuaded to engage in social activities and the long standing
debate of whether or not firms should engage in CSR work can be laid to rest. They conclude
that effect of CSR activities on financial performance of firms is small, positive and significant.
CSR activities do not destroy shareholder value.

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 5.4 CSR – A Marketing Tool

More companies are turning to corporate social responsibility in order to bolster their reputation,
as well as their profits. Implementing CSR policies can go a long way in promoting both
customer and employee engagement. Nowadys, companies have realized the relevance of CSR in
marketing for their short and long-term objectives. They are developing stronger marketing
strategies around sustainability agendas for beating the competition and safeguarding their
market position.

 Greater Engagement

Implementing CSR policies can go a long way in promoting both customer and employee
engagement. Incorporating CSR in a business model acts as a mechanism to reach out to the
public in new ways; ways that get people talking, sharing and ultimately consuming more.
Projecting the image of ethical practices, such as sustainable sourcing, fair treatment of
employees and being charitable, can focus the public’s spotlight onto these praiseworthy
policies, and so onto the firm from which they come. According to a study carried out by Cone
Communications and research firm Echo, 90 percent of those surveyed said that they would stop
buying a product if they learned of a company’s irresponsible business practices; while 92
percent would buy a product with a social and/or environmental benefit, if given the opportunity.
Figures such as these indicate a growing social consciousness that make it not only favourable to
implement CSR policies, but mandatory to do so. Furthermore, CSR policies create a positive
work environment, which is conducive for retaining staff and talent. A company’s involvement
with NGOs can go a long way in engaging employees. There is a growing trend of companies
adopting gift-matching practices, whereby an employer makes a donation to the chosen charities
of its staff and may even pay employees for the time they take to volunteer.

 Promoting Innovation

Implementing CSR can lead to breakthroughs in improving a product or business model.

Therefore, the long-established “bottom line” of the corporate world is no longer the ultimate
defining factor for a company’s success; the “triple bottom line”, a term coined by sustainability
consultant John Elkington, insists there are now three such factors: profit, people and the planet.

33
By considering all three, ideas can spill over from one area to another, in ways that were not
previously imagined.

Common approaches are to evolve packaging or source locally, both of which can significantly
reduce the overall outlay of a product, including its transportation costs. Such methods have
obvious environmental benefits in reducing a company’s carbon footprint, a hot term nowadays,
but can also drastically alter profit margins. For example, manufacturing company Sidel has
announced a new type of PET bottle that can considerably reduce the mounting waste of
beverage packaging. According to figures from Euromonitor, over 256 billion PET bottles for
water and carbonated soft drinks were produced in the world last year, meaning that adopting
this lightweight technology could equate to over €1bn in cost savings for the industry.

A growing number of brands are following this trend of packaging innovation, allured by
cheaper production costs, a smaller environmental impact and a better company image; examples
include Crest’s toothpaste tubes, make-up packaging by Estee Lauder and Coca-Cola bottles.
While the notoriously unethical superstore chain Wal-Mart, is also attempting to make a
difference by introducing a packaging scorecard to its suppliers.

 Long term benefits

Implementing CSR practices is increasingly vital for a company’s sustainability and enduring
success. The long-term benefits are nothing less than the long term viability of the company. So,
effectively managing the relationships with the customers, employees, owners/investors,
suppliers, competitors, communities and government agencies and regulators, is key to
maximizing company valuation and building a sustainable company.

 Motivating employees by CSR

Companies take CSR in marketing initiatives for both internal as well as external marketing
strategies. Companies need to be highly competitive even in the labor market. The labor market
has a scarcity of talent and skilled manpower. Their success lies on the capability to entice,
motivate and retain the talented employees. CSR in marketing initiatives have a significant
impact on the employees’ mind-set. CSR in marketing is compelling and fosters a positive
implication of the overall corporate brand on the minds of the aspiring candidates. Thus more

34
people desire to be associated with it. Existing employees take pride in their employer’s brand
and feel more committed towards their work and thus tend to have elongated service tenure.

There are many companies who have included CSR in marketing strategies for a multi-
dimension return. Ford supported the cause of Breast Cancer. Procter and Gamble runs the
“Shiksha” initiative wherein part of revenue is donated towards children’s education. ITC runs
the world renowned “e-Chaupal” initiative. The Tata Group runs multiple philanthropic activities
in location of their facilities or in general. Liquor brand Bacardi in 2008 emphasized on “don’t
drink and drive” and roped in Michael Schumacher for the cause which gave Bacardi the boost
of celebrity endorsement by the benefits of CSR in marketing. Companies with the intention of
accomplishing their marketing agenda through corporate social responsibility (CSR) have
realized the importance of good corporate citizenship and the need of working towards the
welfare of the society in the best possible manner.

35
 5.5 CSR – A Strategic Tool

The topic of CSR has been explored from different angles such as stakeholder analysis,
transaction cost economics, competitive advantage etc. as follows:

 Shareholder wealth maximization as the only social responsibility of business

 CSR as combination of economic, ethical, legal and discretionary responsibilities
 In the long run, CSR increases trust and possibly reduces transaction costs
 Resource based view of the firm : CSR as a source of competitive advantage

Broadly, CSR can be categorised into three types:

 Philanthropy (focus on charity, sponsorships, employee voluntarism etc.)

 Corporate Responsibility Integration(emphasis on conducting business operations more
responsibly)
 Corporate Responsibility Innovation (focus on solving social and environmental
problems through new business models)

What is Strategic Corporate Social Responsibility?

Strategy is related to understanding and addressing issues which affect a firm’s ability to achieve
its mission with efficient utilization of resources so as to build and sustain a competitive
advantage.

According to Porter and Kramer, social and economic goals are integrally connected and not
inherently conflicting in the long run. Their work along with that of a few others led to the
development of the concept of strategic CSR, i.e., CSR activities which support core business
activities and thus provide significant business related benefits to a firm and contribute to its
effectiveness.

36
The contribution of CSR activities to value creation for the firm can be assessed by the following
five strategic dimensions:

 Centrality: Closeness of fit between a CSR policy/ programme and the firm's mission
and objectives.
 Specificity: Firm's ability to internalize the benefits of a CSR programme instead of
creating public goods.
 Proactivity: Manner in which a firm acts in anticipation of emerging technological,
economic, political or social trends. Ex: In 1975, 3M Company initiated the Pollution
Prevention Pays (3P) programme and by early 1990s its pollutants had been reduced by
over 575,000 tons.
 Voluntarism: Shows the absence of externally imposed compliance requirements
depicting the scope of discretionary decision-making by the firm.
 Visibility: Related to the firm’s ability to engage in observable business activity and
obtain recognition from internal as well as external stakeholders. Ex: J&J’s response to
Tylenol poisoning cemented its reputation as a caring organization with a strong
corporate code of conduct.

Benefits of Strategic CSR

 Enhancement of firm’s reputation as a socially conscious one; better relations with

different stakeholders (government, suppliers, customers, civil society) leading to less
stringent regulatory pressures along with increased social license to operate.
 Generates strategic tangible and intangible firm assets which provide a competitive
advantage such as greater purchase likelihood and longer-term loyalty.
 Helps attract better qualified workforce and aids in employee retention
 Efficiencies and cost savings in the value chain such as, ITC’s e-Choupal initiative.
 Creates new product/ market opportunities, such as, HUL’s campaign for washing hands
(Lifebuoy). Since most of these elements are intangible resources of the company, they
are capable of producing a competitive advantage if the company can make them rare,
irreplaceable, inimitable and valuable (VRIO framework).

37
Examples of Strategic CSR

Sr. Contribution to Value Chain

Details of CSR Activity Company
No. and Resource Creation
Community work (health care, TISCO, NTPC,
Reputation in local community,
infrastructure, education literacy ) ABG, L&T,
1 Political Acumen and social
near the plant and manufacturing RIL, Bajaj
license to operate
facilities Auto etc.
Project Shakti: Joint Micro finance
Brand Reputation amongst the
2 and marketing scheme with women's HUL
villagers
SHGs

Health & Hygiene Education HUL Marketing & Sales of soaps in

HUL
3 provides the soaps to rural populace rural India; HULs managers
(Lifebuoy)
and educates them on its benefits learning Skills of rural marketing

Fair & Lovely Foundation and

4 HUL Advertising of women's toiletries
Scholarships
Generation of tangible resources;
E- chaupal for Eucalyptus plantation
5 ITC ITC also sells to rural populace
in AP and Soybeans farming in MP
like Rural Mall adding to sales

Micro Financial Services with rural ICICI, Reputation, advertising, more

6
population Citibank etc. business

Aditya Birla Group Scholarship for

Aditya Birla Reputation, can help in
7 professional courses in Indian elite
Group recruitment and help HRM
educational institutions

38
Chapter 6: Conclusion

39
 Conclusion

The outcome from the present research study and various studies that have been done over the
past 40 years or so can be best summarised by expressing the view that if a positive link can be
established between CSR activities by firms and financial performance of firms, then firms could
be persuaded to engage in social activities and the long standing debate of whether or not firms
should engage in CSR work can be laid to rest. They conclude that effect of CSR activities on
financial performance of firms is small, positive and significant. CSR activities do not destroy
shareholder value.

The current study involved analysing various researches done over a period of time to understand
the impact of corporate social responsibility initiatives by firms on their financial performance.
The major finding from this analysis is that the results of various research studies have yielded
different results and the findings are mixed. Prior studies have reported positive, negative and
neutral impact on financial performance. However, it appears that the predominant view is that
CSR initiatives of a firm have a positive impact on its financial performance.

Further, governance will become the key to sustainability in business. At the end of the day,
building a large corporation is easy but building one of the most respected corporations in the
world and sustaining it over many years is a big challenge. Only those companies that were built
on a platform of strong corporate governance will earn respect from its stakeholders and enjoy a
more sustainable growth.

In addition to this, CSR practices followed by the large organizations do create significant
shareholder value. As a result of this, CSR can be adopted by these firms as a tool of marketing
strategy in order to gain competitive advantage in present competitive scenario.

40
Chapter 7: Learnings & Suggestions

41
 Learnings

1. Apart by provision given in Companies’ Act, 2013, respective ammendments done in this
act afterwards and compulsion made by government, most of the top Indian firms are
volunteerly taking part in CSR activities.
2. CSR has became a tool for marketing and strategic planning.
3. Top organizations are looking towards CSR as future sustainable measure.
4. To some extent, impact of CSR practices performed by organizations on their financial
and non financial performance has been observed.
5. Huge amount of money generated through CSR funds of large firms has been used for
goodwill of society, environment and nation as a whole.

Suggestions

1. Mapping CSR activities in local community with the help of local NGO's & local
Government authorities.
2. Detailed discussions with village panchayats to identify specific needs so that money
generated through CSR funds can be utilized effectively.
3. Projects to be covered under CSR should be selected based on impact, sustainability &
scalability wherein third party assessment studies need to be carried out.
4. Present scenario still shows that, few companies are not following norms and rules
mentioned in Companies’ Act for which strict inspection mechanism should be in place.
For instance this should be made a compulsory module of internal and external audits of
the companies.
5. Management and CSR committees of large firms need to work with regional political
parties such as municipal corporations in order to have need recognization and effective
utilization of funds generated through CSR.
6. Provision should be made for all the firms those are not following in the criteria governed
as per Companies Act, 2013 (having annual profit less than prescribed by CSR norms)

42
Chapter 8: References / Bibliography

43
 References / Bibliography

 Section 135 of Companies Act 2013

 Sarkar, C. R. (2005). “Social Responsibility of Business Enterprises”, New Delhi: New
Century Publications.
 Aravossi, K. G., Panayiotou, N.A. and Tsousi, K. (2006), “A proposed methodological
framework for the evaluation of corporate social responsibility”, Environmental
Economics and Investment Assessement, Vol 98, pp. 145-154.
 Arora, B. and Puranik, R. (2004), “A review of corporate social responsibility in India”,
Development, Vol.47 No. 3, pp.93-100.
 Bajpai, G.N. (2001), “Corporate Social Responsibility in India and Europe: Cross
Cultural Perspective”, available at: http://www.ficci.com.
 Raman, R. S. (2006),” Corporate social reporting in India - A view from the top”, Global
Business review, Vol. 7 No. 2, pp. 313-324.
 Impact of corporate social responsibility on the financial and non financial performance
of select bse listed companies, Thesis submitted to the Padmashree Dr. D.Y. Patil
University, Department of Business Management.
 Corporate Social Responsibility Survey by FICCI, March 2016.
 Handbook on Corporate Social Responsibility in India by pwc.
 Corporate social responsibility: contemporary india and comparative analysis by Neeati
Narayan published in Annual International Seminar Proceedings; January, 2016.
 The Impact of CSR on Financial Performance by Anna Linnea Helena Bråtenius and
Emelie Josefin Melin, Copenhagen Business School.
 Corporate Social Responsibility and Financial Performance: Does it Pay to Be Good?
Harmony J. Palmer Claremont McKenna College, 2012.
 Corporate Social Responsibility & Social Business Models in India by Nishith Desai
Associates, Legal & Tax Councelling Worldwide, February 2016.
 Corporate Social Responsibility Practices in India: A Study of Top 500 Companies by
Richa Gautam and Anju Singh, Global Business and Management Research: An
International Journal.

44
 Impact of Corporate Social Responsibility Initiatives on Financial Performance of Firms
by Ravi Sankar R., International research Journal of Business & Management – IRJBM,
ISSN 2322-083X.
 A snapshot of CSR spend in fy 2015-16 250 big companies in India, India CSR Outlook-
Report 2016.
 Gearing Up for Responsible Growth, India’s Top Companies for Sustainability and CSR
2016 by Utkarsh Majmudar, Namrata Rana and Neeti Sanan.
 The CRISIL CSR Yearbook, January 2016.

45
Annexure 1.

Ministry of Corporate Affairs Notification

New Delhi, 27th February, 2014

G.S.R, 130(E).-In exercise of the powers conferred by sub-section (l) of section 467 of the
Companies Act, 20l3 (18 of 2013), the Central Govemment hereby makes the following
amendments to Schedule Vll of the said Act, namely:-

In Schedule VII, for items (i) to (x) and the entries relating thereto, the following items and
entries shall be substituted, namely :-

i. “eradicating hunger, poverty and malnutrition, promoting preventive health care and
sanitation and making available safe drinking water;
ii. promoting education, including special education and employment enhancing vocation
skills especially among children, women, elderly, and the differently abled and livelihood
enhancement projects;
iii. promoting gender equality, empowering women, setting up homes and hostels for women
and orphans; setting up old age homes, day care centres and such other facilities for
senior citizens and measures for reducing inequalities faced by socially and economically
backward groups;
iv. ensuring environmental sustainability, ecological balance, protection of flora and fauna,
animal welfare, agroforestry, conservation of natural resources and maintaining quality of
soil, air and water;
v. protection of national heritage, art and culture including restoration of buildings and sites
of historical importance and works of art; setting up public libraries; promotion and
development of traditional arts and handicrafts;
vi. measures for the benefit of armed forces veterans, war widows and their dependents;
vii. training to promote rural sports, nationally recognized sports, paralympic sports and
Olympic sports;

46
viii. 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 the
Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
ix. contributions or funds provided to technology incubators located within academic
institutions which are approved by the Central Government;
x. rural development projects.”

47
Annexure 2.
Top 50 companies for CSR in India, 2015

Rank Company Rank Company

1 Tata Steel Ltd. 26 Cummins India

2 Tata Power Company Ltd. 27 HCL Technologies Ltd.
3 UltraTech Cement Ltd. 28 Reliance Industries Ltd.
4 Mahindra & Mahindra Ltd. 29 Essar Oil Ltd.
5 Tata Motors Ltd. 30 Hindustan Construction Company Ltd.
6 Tata Chemicals Ltd. 31 Nestle India Ltd.
7 ITC Ltd. 32 Oil And Natural Gas Corporation Ltd.
8 Shree Cement Ltd. 33 Jindal Steel & Power Ltd.
9 Bharat Petroleum Corporation Ltd. 34 Vedanta Ltd.
10 Larsen & Toubro Ltd. 35 Dr. Reddy's Laboratories Ltd.
11 Infosys Ltd. 36 Dabur India Ltd.
12 ACC Ltd. 37 Apollo Tyres Ltd.
13 Indian Oil Corporation Ltd. 38 Bajaj Auto Ltd.
14 Ambuja Cements Ltd. 39 Chambal Fertilisers & Chemicals Ltd.
15 Steel Authority of India (SAIL) Ltd. 40 Bharat Heavy Electricals Ltd.
16 Jubilant Life Sciences Ltd. 41 NTPC Ltd.
17 Coca-Cola India Pvt. Ltd. 42 Wipro Ltd.
18 GAIL (India) Ltd. 43 Oil India Ltd.
19 Tata Consultancy Services Ltd. 44 HDFC Bank Ltd.
20 Hindustan Unilever Ltd. 45 Hindalco Industries Ltd.
21 Cisco Systems India Pvt. Ltd. 46 Bharat Electronics Ltd.
22 JSW Steel Ltd. 47 Godrej Consumer Products Ltd.
23 Hindustan Petroleum Corporation Ltd. 48 Power Grid Corporation of India Ltd.
24 Maruti Suzuki India Ltd. 49 Bosch Ltd.
25 YES Bank Ltd. 50 Hindustan Zinc Ltd.

48