Reliance Industries, a prominent conglomerate, has continued its commitment to Corporate Social Responsibility (CSR) by dedicating Rs 744 crore for such initiatives during the fiscal year 2022-23. This sum showcases a slight decrease from the previous fiscal year’s Rs 813 crore.
Guided by the philanthropic arm Reliance Foundation, the company’s CSR endeavors are meticulously designed to drive significant positive change, underscoring Reliance Industries’ steadfast dedication to societal welfare and sustainable growth. The escalating trend and strategic allocation in CSR funding, spearheaded by Reliance Foundation, highlight the corporation’s pledge to fostering a constructive social impact.
In compliance with Section 135 of the Companies Act, 2013, in conjunction with Schedule VII, Reliance Industries’ mandatory CSR spending for the current year is Rs 739 crore, a marginal increase from the previous year’s Rs 737 crore.
Philanthropic Powerhouse: Reliance Foundation
Reliance Industries has etched an enduring impression on the global philanthropic landscape through its comprehensive developmental strategy executed via Reliance Foundation. Operating as the CSR extension of Reliance Industries, the foundation leaves an influential imprint on millions of lives annually, positioning itself as one of India’s and the world’s most extensive corporate philanthropic bodies.
Slight Upsurge in CSR Expenditure for the Latest Fiscal Year
In line with regulatory obligations, Reliance Industries has designated Rs 739 crore for Corporate Social Responsibility (CSR) for the ongoing fiscal year, as stipulated by Section 135 of the Companies Act, 2013, in conjunction with Schedule VII. This marks a slight increase from the preceding year’s Rs 737 crore.
Detailed Breakdown of CSR Allocation
Comparing Annual Figures:
For the fiscal year 2022-23, Reliance Industries recorded CSR expenses of Rs 744 crore, indicating a slight decrease from the previous fiscal year’s Rs 813 crore.
Allocation of Funds:
A meticulous breakdown of this year’s allocation is as follows:
- Rural Transformation: Rs 105 crore, displaying a modest increase from the previous year’s Rs 101 crore.
- Health (including COVID-19): A substantial allocation of Rs 282 crore, although marginally less than the preceding year’s significant Rs 475 crore.
- Education: Rs 281 crore directed towards education initiatives, a notable boost from the Rs 202 crore of the fiscal year 2021-22.
- Sports for Development: With Rs 56 crore allotted, this more than doubles the previous year’s allocation of Rs 27 crore.
- Disaster Response (including COVID-19): Staying steady at Rs 3 crore, slightly down from the Rs 4 crore allocated in the preceding year.
- Arts, Culture, Heritage, and Urban Renewal: A remarkable four-fold increase from Rs 4 crore in 2021-22 to Rs 17 crore in the current fiscal year.
Significant Contributions from Related Entities
A considerable portion of the CSR allocation was directed towards related entities:
- Reliance Foundation: Benefitted from Rs 397 crore, exhibiting a decrease from the preceding year’s Rs 494 crore.
- Reliance Foundation Youth Sports: Funding increased to Rs 34 crore, up from Rs 22 crore in the previous year.
- Reliance Foundation Institution of Education and Research: Received Rs 207 crore, representing a rise from Rs 142 crore in the preceding year.
Financial Snapshot
- Average Net Profit: The corporation’s net profit, as outlined in sub-section (5) of section 135, stands at Rs 36,962 crore.
- CSR Obligation: Based on the average net profit, the total CSR obligation amounts to Rs 739 crore.
- Total CSR Expenditure for the Year: Encompassing ongoing and other projects, the total expenditure equals Rs 744 crore. No contribution from administrative overheads was observed, and a nominal Rs 0.50 crore was allocated for Impact Assessment. Consequently, the fiscal year concludes with a total spending of Rs 744 crore.
Important Facts and Growth :Reliance Industries’ CSR Spending
| Particulars | 2022-23 | 2021-22 | Growth (%) |
|---|---|---|---|
| CSR Amount Required to be Spent | Rs 739 cr | Rs 737 cr | +0.27% |
| Total CSR Expenditure | Rs 744 cr | Rs 813 cr | -8.49% |
| Rural Transformation | Rs 105 cr | Rs 101 cr | +3.96% |
| Health (including COVID-19) | Rs 282 cr | Rs 475 cr | -40.63% |
| Education | Rs 281 cr | Rs 202 cr | +39.11% |
| Sports for Development | Rs 56 cr | Rs 27 cr | +107.41% |
| Disaster Response (including COVID-19) | Rs 3 cr | Rs 4 cr | -25.00% |
| Arts, Culture, Heritage, and Urban Renewal | Rs 17 cr | Rs 4 cr | +325.00% |
| Contribution to Reliance Foundation | Rs 397 cr | Rs 494 cr | -19.64% |
| Contribution to Reliance Foundation Youth Sports | Rs 34 cr | Rs 22 cr | +54.55% |
| Contribution to Reliance Foundation Institution | Rs 207 cr | Rs 142 cr | +45.77% |
| Average Net Profit | Rs 36,962 cr | – | |
| Total CSR Obligation | Rs 739 cr | – | |
| Amount spent on Impact Assessment | Rs 0.50 cr | – |
