In the evolved market we inhabit today, businesses and large corporations go beyond mere profit-making, taking on responsibilities that positively shape the society and environment in which they operate. Under Section 135 of the Companies Act 2013, the Ministry of Corporate Affairs instructed certain businesses to contribute a minimum of 2 percent of their net profits to areas like education, healthcare, rural development, and environmental sustainability.
In FY 2022-23, a total of 24,392 companies spent crores in CSR activities across 14 sectors, such as sports, health and sanitation, slum development, art and culture, and others. The article will highlight India’s top 10 CSR spending companies and how they are building a better tomorrow.
The following table gives you an overview of the leading 10 companies with the highest CSR spending in FY 2022-23:
Let us briefly discuss each of these companies and their CSR initiatives.
HDFC Bank Limited
- Year of establishment: 1994
- CSR expense: ₹803.1 crores
On top of this is the leading bank, HDFC, known for its CSR efforts that focus on rural development, livelihood enhancement, education, healthcare, and financial literacy. Out of the average net profit of ₹41,165 crores, HDFC spent more than ₹800 crores on CSR, making it one of India’s highest CSR spending companies. Through its Holistic Rural Development Programme (HRDP), the bank has impacted over 9 lakh households nationwide. The company’s education initiatives have transformed traditional schools into digital schools, benefiting more than two crore students nationwide.
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Tata Consultancy Services (TCS) Limited
- Year of establishment: 1968
- CSR expense: ₹774.4 crores
Tata’s CSR initiatives focus on STEM (science, technology, engineering, and mathematics) education to nurture future innovators. TCS spent around ₹774 crores on CSR, addressing education, healthcare, sanitation, and marine preservation. This reflects the company’s commitment to literacy, green energy solutions, and societal well-being, particularly in rural areas, which aligns with its core values of business responsibilities.
Reliance Industries Limited
- Year of establishment: 1958
- CSR expense: ₹743.4 crores
In the 2022-23 financial year, Reliance Industries spent more than ₹743 crores in CSR activities, impacting nearly 27 lakh people via rural transformation programmes. The company’s focus on climate resilience, women’s entrepreneurship, and sustainable farming put the company in third position on the list. Its CSR initiatives include disaster management, healthcare, sports, and education. (Disclaimer: Network18, the parent company of Forbes India, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
ICICI Bank Limited
- Year of establishment: 1955
- CSR expense: ₹476.5 crores
The next company on the list of top CSR spending companies is the ICICI Bank, which spent over ₹476 crores on CSR activities out of its average net profit of around 20,042 crores. The bank donates to various activities, such as healthcare (especially cancer care), waste collection, solar energy, education grants, and social awareness programs.
Tata Steel Limited
- Year of establishment: 1907
- CSR expense: ₹475.1 crores
As one of the largest and oldest global steel producers, Tata Steel is fifth on the list of CSR spending companies. It spent around ₹475+ crores towards CSR, significantly impacting over 3 million lives. Its focus areas mainly include the environment, especially to reduce its carbon footprint. Other areas include education, nutrition, health, livelihood, water resource management, and women and youth empowerment. The company extended its CSR activities to Jharkhand and Odisha to address issues like child labour, access to quality education, and community development.
Oil and Natural Gas Corporation (ONGC) Limited
- Year of establishment: 1956
- CSR expense: ₹453.6 crores
Oil and Natural Gas Corporation Limited (ONGC) is one of the largest oil and gas producers in the country. It is committed to sustainable development, and its CSR initiatives focus on education, healthcare, skill development, and environmental sustainability. ONGC prioritises reducing its carbon and water footprint through structured stakeholder engagement through waste management and energy efficiency.
Infosys Limited
- Year of establishment: 1981
- CSR expense: ₹390.1 crores
Infosys, one of the top leaders in IT services, spent ₹391+ crores on CSR initiatives in FY 2022-23. The Infosys Foundation focuses on education, rural development, healthcare, women’s empowerment, and sustainability. Its programs, such as partnerships with AIIMS for healthcare infrastructure, diabetes care programs, and the Girls STEM Education Program, positively impact millions of lives and promote societal growth.
ITC Limited
- Year of establishment: 1910
- CSR expense: ₹322.6 crores
ITC’s CSR spending prioritises inclusive growth of society and sustainability across India. Programmes like social forestry (31,000 acres) and smart agriculture benefit more than 7 lakh farmers. The company also invests in women empowerment programmes, education, and health.
National Thermal Power Corporation (NPTC) Limited
- Year of establishment: 1975
- CSR expense: ₹319.9 crores
NTPC, India’s largest power utility company, assigned nearly ₹320 crores for CSR initiatives as its mandatory expense. NTPC’s CSR efforts impacted hundreds of villages and schools. Through healthcare, sanitation facilities, skill training, and education programmes, NTPC empowers marginalised communities and enhances their lives in remote regions.
Power Grid Corporation of India Limited
- Year of establishment: 1989
- CSR expense: ₹310.5 crores
The tenth on the list of top CSR spending companies in India is the Power Grid Corporation, which aligns its CSR initiatives with 15 United Nations Sustainable Development Goals. The company ensures sustainability and effective implementation of programmes that benefit local communities. Its CSR activities span education, healthcare, sanitation, and rural development.
Frequently Asked Questions (FAQs)
1. What are the four main branches of CSR?
CSR activities in India primarily focus on four key areas – the environment, human or ethical rights, philanthropy, and economic responsibilities.
2. Which Indian state has the highest expenditure on CSR activities?
According to the National CSR Portal, Maharashtra is the top state known for its CSR expenditure, followed by Gujarat and Karnataka. In 2023, ₹5497+ crores were spent on CSR activities by some of the top CSR spending companies like Reliance and HDFC.
3. How much is the total CSR spending in India?
In FY 2022-23, around 51,966 CSR projects were registered that nearly contributed ₹29,987 crores to various community activities and growth.