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A STUDY ON IMPACT OF CSR ON FINANCIAL PERFORMANCE OF COMPANIES

IN INDIA WITH RESPECT TO FMCG AND PHARMACEUTICAL SECTOR

Article in Journal of the Asiatic Society · January 2022

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241   JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIV, No.10, 2021

A STUDY ON IMPACT OF CSR ON FINANCIAL PERFORMANCE

OF COMPANIES IN INDIA WITH RESPECT TO FMCG AND
PHARMACEUTICAL SECTOR

MS. ABILASHA N, Research Scholar, School of Management Studies (SOMS), Indira Gandhi National Open
University, New Delhi.
Dr. MADHU TYAGI, Research Supervisor, School of Management Studies (SOMS), Indira Gandhi National Open
University, New Delhi.

ABSTRACT:
CSR (corporate social responsibility) is a self-regulatory business model that enables a firm to be socially responsible
to itself, shareholders, stakeholders and general public as a whole. Environmental Preservation, Financial Growth,
and Social Development are the three levels of sustainable development that the organization focuses on. The study
aims to examine the impact of Corporate social responsibility on the financial performance of selected FMCG (Fast
moving consumer goods) sector and pharmaceutical sector in India for pre and post CSR period for the study period
2008-09 to 2018-19. The study found that companies are making efforts to contribute prescribed 2% of average profit
of 3 years towards CSR activities. Paired sample t test and correlation technique has been adopted to analyze the data.
The result showed financial variables like NPM, ROA, ROCE and ROS have increased after CSR implementation
in all selected companies except ROE in both sectors. The result showed that CSR and financial variables has high
degree of correlation and significant differences in FMCG sector whereas low degree of correlation and no significant
differences in pre-CSR and post-CSR period in Pharmaceutical sector. Hence, it is recommended that businesses
to integrate CSR into their long-term business objectives and provide proper advertising in both qualitative and
quantitative forms, which will increase goodwill and profit in the long run which benefits many beneficiaries and
community development as a whole.
Keywords: CSR (Corporate social responsibility), FMCG (Fast moving consumer goods), NPM (Net profit margin)

INTRODUCTION:
According to United Nations Industrial Development organization (UNIDO), “Corporate Social Responsibility is a
management concept whereby companies integrate social and environmental concerns in their business operations and
interactions with their stakeholders” (Bafna, 2017). “Corporate firms of institutions are trying to meet social, economic
and environmental problems with performing social responsibilities popularly known as Corporate Social Responsibility
(CSR) voluntarily or legally due to pressure from its stakeholders” (Garai, 2017). Corporate social responsibility plays a
prominent role for any business. Integrating environmental and social considerations into strategy planning is becoming
increasingly difficult for organisations.
The Companies Act of 2013 contains detailed CSR regulations that make it necessary for businesses of a certain
size. With this, India has become the first country to make CSR a legal requirement. Countries such as the United
Kingdom, the United States of America, China, Germany, and Australia have voluntary criteria for CSR spending and
reporting. Others, such as France, Denmark, Sweden, Indonesia, and Malaysia, have necessary requirements, although
they follow a specific code and are not applicable to all businesses. Companies with a turnover of Rs.1,000 crore or
more, a net worth of Rs.500 crore or more, or a net profit of Rs.5 crore or more must spend at least 2% of their three-year
242   JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIV, No.10, 2021

average profit on CSR activity every year, according to Section 135 of the Companies Act 2013. If the corporation fails
to spend the required amount, the Board of Directors must explain reasons for the same in their report.

REVIEW OF LITERATURE
This section provides the review of literature on CSR activities and its impact on financial performance of the companies.
The following are the studies supports the positive relationship between CSP-FP. The examination of 15 Karachi stock
exchange listed companies discovered that CSR and financial performance have a positive link which was analyzed
by correlation analysis, the result revealed that CSR can boost a company’s social value, reputation, and profitability
(Munaza Kanwal, Farida Khanam et al 2013) and has positive impact on earnings per share, return on assets and
return on equity (Mubeen Mujahid 2014, Shaheer, Nadeem Nazir et al 2017). Also, CSR has positive impact on
overall banking performance but impact varies in individual banks and opined that banking sectors should make large
investment on CSR activities. The banks financial performance improved mainly on the contribution of community and
employee’s welfare activities (Rajnish Yadav and F.B. Singh 2016, Ahmadu Abubakar 2019, Ramandeep Mann
and Karamjeet Singh 2016, Sharma and Gautam 2015).
The relationship between CSR and financial performance has been explored worldwide, but lacks insights from an
Indian perspective. Some of the studies revealed negative and neutral relationship between CSP-FP, the result showed
CSR has a less impact on the company’s net earnings but no positive impact on earnings per share and return on
assets (Arpit Bafna 2017). On the other hand. The result of OLS regression model depicts that CSR has a negative
influence on bank profitability in the short term, but a favourable impact on net profit in the long run. The researcher
suggests the government/regulatory bodies to develop a CSR strategy and create mechanisms and organisations to carry
it out (Oyetayo, Folajin et. al 2014). Also, the companies with low social responsibility have lower ROA and stock-
market returns than those with high social responsibility (Jean B. McGuire, Alison Sundgren et al 1988). As per the
few researchers’ firm’s net earnings and ROCE have a significant effect on CSR spending but no positive impact on
other financial variables like Earning per share and return on asset and return on asset whereas ROE has less impact
by CSR spending (Grizel Menezes 2019, Banureka R and Bhuvana 2020) and also CSR has no positive impact
on shareholders’ value, firm value and firm portability and opined that profitability of the firm is unaffected by CSR
(Shyamal Garai 2016).
Further, the result of manufacturing sector revealed that ROE, ROA and ROCE has negative relationship whereas
it has strong positive relationship with CSR with respect to service sector (Raj Bahudur Sharma, Asha Sharma et al
2021) and the study on impact of CSR on financial performance of six Maharatna companies of India result revealed
that CSR impacts positively on Gas Authority of India ltd profitability whereas negative impact on other companies
(Amalendu Bhunia and Lakshmi Das 2015). Therefore, the studies revealed the mixed result regarding CSP-FP
relationship; Positive, Negative and Neutral relationship. The current study attempts to study the pre-CSR and post-CSR
impact on financial performance on selected companies of FMCG and pharmaceutical sectors of India.
RESEARCH METHODOLOGY:
•• Sampling unit and sample size: In order to examine the pre & post-CSR implementation on financial
performance of selected sectors in India, the sample of 10 companies from each sector (total of 20 companies)
was taken which was drawn from the companies listed in BSE/NSE. The study is confined to evaluate the CSR
performance of the companies along with impact of CSR in pre and post period (considering 2009-14 post
period and 2014-19 pre period of CSR) on financial performance.
•• Data source and type: The study is based on secondary source of 20 companies in India listed in NSE/BSE from
two sectors such as Fast-moving consumer goods (FMCG) and pharmaceutical sector. The data was collected
from selected companies annual report for the period of 10 years i.e., 2008-09 to 2018-19.
243   JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIV, No.10, 2021

•• Statistical tool: The hypotheses is tested by using descriptive statistics, Paired sample statistics and paired
sample correlation using SPSS 21 version to analyze the collected data to know pre and post-CSR impact on
financial performance as per Companies Act, 2013 of selected sectors for the period 2009-2019.

OBJECTIVES:
•• To analyze the trends of CSR contribution of selected FMCG and Pharmaceutical sector.
•• To compare and analyze pre and post CSR impacts on financial performance of selected sectors in India (as per
Companies Act, 2013).

Hypothesis:
H0: There is no significant differences in Pre and Post CSR impact on financial performance of selected sectors in India.
H1: There is a significant difference in Pre and Post CSR impact on financial performance of selected sectors in India.

Table No. 1 Showing financial performance for the average period of 10 years for the period 2009-19 and CSR
spending for the average of 5 years from 2015-19
Sl. NPM ROA ROE ROCE ROS CSR
Companies Name
No Pre Post Pre Post Pre Post Pre Post Pre Post Post
I. Fast Moving Consumer Goods (FMCG) Sector
1 Britannia 4 10 12 22 45 37 27 38 5 14 16
2 Colgate 17 15 40 29 106 54 99 63 21 22 16
3 Emami 17 15 21 15 33 22 30 23 19 18 9
4 Godrej Consumer 14 15 13 11 27 25 19 15 16 17 18
5 HUL 13 14 26 30 97 77 75 77 15 19 418
6 ITC 24 25 20 18 32 23 29 29 33 37 267
7 Marico 9 13 13 21 30 34 23 34 12 17 14
8 P&G 15 16 18 25 28 46 28 61 19 23 10
9 TATA Global 6 5 4 3 8 5 5 5 9 9 6
10 Dabur 13 16 17 17 41 27 31 28 16 20 21
II. Pharmaceutical Sector
11 Ajanta Pharma 12 22 14 23 27 29 21 32 16 30 9
12 Aurobindo 9 14 7 12 18 24 13 26 13 19 37
13 Biocon ltd 19 16 10 6 16 13 13 9 18 17 8
14 Cadila Healthcare 13 16 12 12 27 24 17 19 15 19 220
15 Cipla 17 9 12 6 16 10 15 11 21 12 26
16 Dr Reddy 12 11 10 8 22 15 17 14 18 14 34
17 Glenmark pharma 12 9 8 7 24 19 13 14 14 13 194
18 IPCA laboratories 13 7 13 6 23 9 18 9 17 9 7
19 Natco pharma 11 23 8 15 14 20 11 24 15 29 6
20 Torrent pharma 13 15 11 9 29 25 19 20 18 20 23
(Source: Secondary source – Annual Reports)
244   JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIV, No.10, 2021

Table No. 2 Showing CSR contribution of FMCG Sector for 5 years for the period 2015-19
Average of Five Years
SL. No. Name of the companies Prescribe CSR(Rs.) Actual CSR (Rs.) CSR (%)
1 Britannia 15.70 16.10 2.04
2 Colgate 15.50 15.62 2.02
3 Emami 8.72 8.54 1.96
4 Godrej Consumer Products 16.74 17.59 2.13
5 HUL 411.14 418.22 2.04
6 ITC 266.39 267.09 2.01
7 Marico 13.65 13.86 2.04
8 P&G 10.14 10.14 2
9 TATA global beverages 5.47 6.37 2.35
10 Dabur 20.12 20.52 2.04

(Source: Secondary source – Annual Reports)

Figure No. 1 Showing CSR contribution (%) of FMCG for the period of 2015-19

The above line graph depicts the CSR contribution of FMCG sector. It was found except Emami (1.96%) company, all
other companies are meeting prescribe limit of 2% as per Companies Act, 2013 and TATA global beverages (2.35%) are
highest contributor towards CSR in FMCG sector for the period 2015-19.

Table No. 3 Showing CSR contribution of Pharmaceutical Sector for 5 years for the period 2015-19
Average of Five year
Sl.No. Name of the companies Prescribe CSR(Rs.) Actual CSR (Rs.) CSR (%)
1 Ajanta Pharma Ltd 8.02 8.55 2.12
2 Aurobindo Pharma ltd 33.64 41.14 1.28
3 Biocon ltd 8.28 8.3 2.00
4 Cadila Healthcare 219.74 219.8 2
245   JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIV, No.10, 2021

5 Cipla 33.45 25.56 1.55

6 Dr Reddy 35.10 34.4 1.98
7 Glenmark pharma ltd 243.67 194.4 1.59
8 IPCA laboratories 7.03 6.83 2.36
9 Natco pharma 5.38 5.52 2.09
10 Torrent pharma ltd 22.31 22.72 2.05

(Source: Secondary source – Annual Reports)

Figure No. 2 Showing CSR contribution (%) of pharmaceutical sector for the period of 2015-19

The above line graph depicts that CSR contribution of pharmaceutical sector. It was found that IPCA laboratories
(2.36%) are highest contributor and Aurobindo pharmaceutical (1.28%) are least contributor towards CSR activities.
Also, most of the companies are contributing prescribe percentage of 2% towards CSR activities for the period 2015-19.
Figure No. 3 Showing comparison of CSR contribution (%) of FMCG & Pharmaceutical Sector for the period of
2015-19

The above line graph depicts the comparison of CSR contribution of FMCG sector and pharmaceutical sector, it was
found FMCG sector is contributing more than pharmaceutical sector towards CSR activities for the period of 2015-19.
246   JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIV, No.10, 2021

Table No. 4 Descriptive Statistics of FMCG Sector

Pairs Variables Mean N SD Std. Error Mean

Pair 1 PRNPM 13.16 50 5.893 0.833
PONPM 14.43 50 5.488 0.776
Pair 2 PRROA 18.53 50 10.037 1.419
POROA 19.13 50 8.542 1.208
Pair 3 PRROE 44.55 50 31.764 4.492
POROE 35.14 50 21.839 3.088
Pair 4 PRROCE 36.57 50 28.455 4.024
POROCE 37.40 50 25.225 3.567
Pair 5 PRROS 16.50 50 7.749 1.096
POROS 19.68 50 7.253 1.026

(Source: Secondary source – Annual Reports)

The above table represents paired sample statistics of overall variable of financial performance of FMCG Sector
in pre and post implementation period of CSR by companies Act 2013 considering a study period from 2009-2019. All
financial variables like Net profit margin, return on assets, return on capital employed and return on sales has increased
in post implementation of CSR except Return on equity which decreases in post implementation period of CSR as per
Companies Act, 2013.

Table No. 5 Paired Samples Correlations of FMCG Sector

Pairs Variables N Correlation Sig.

Pair 1 PRNPM & PONPM 50 0.664 0.00
Pair 2 PRROA & POROA 50 0.537 0.00
Pair 3 PRROE & POROE 50 0.694 0.00
Pair 4 PRROCE & POROCE 50 0.643 0.00
Pair 5 PRROS & POROS 50 0.806 0.00

(Source: Secondary source – Annual Report)

The above table showed the paired sample correlation of FMCG sector of CSR and financial parameter. The
correlation result prove that CSR and financial parameters are statististically significant at 5% significance level.
Henceforth, the r value 0.664, 0.537, 0.697, 0.643 & 0.806 shows that there is high degree of correlation in pre & post
between CSR & financial parameter of selected companies in FMCG sector for the study period 2009-2019. Therefore,
reject the null hypothesis and accept the alternative hypothesis.
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Table No. 6 Paired Samples Test-FMCG Sector

Paired Variables Paired Differences T df Sig.

Mean Std. Deviation Std. Error (2-tailed)
Mean
PRNPM – PONPM 1.267 4.682 0.662 1.914 49 0.061
PRROA – POROA 0.609 9.032 1.277 0.477 49 0.636
PRROE – POROE 9.409 22.857 3.232 2.911 49 0.004
PRROCE - POROCE 0.835 22.869 3.234 0.258 49 0.797
PRROS – POROS 3.178 4.690 0.663 4.791 49 0.000

(Source: Secondary source – Annual Reports)

The above table depicts that there is a significant difference in Pre and Post CSR with ROE and ROS in FMCG
sector. The P value is 0.004 and 0.000 which is less than 0.005 this shows significant difference. It is evidenced that T
value of Pre and Post CSR and ROE & ROS shows 2.911 & 4.791 which is greater than 1.96. The other variables such
as NPM, ROA and ROCE showed that there is no significant difference in pre and post CSR. Therefore, accept the Null
hypothesis.

Table No.7 Paired Samples Statistics-Pharmaceutical Sector

Pairs Variables Mean N SD Std. Error Mean

Pair 1 PRNPM 13.17 50 4.519 0.639
PONPM 14.41 50 6.337 0.896
Pair 2 PRROA 10.40 50 3.784 0.535
POROA 10.47 50 6.180 0.874
Pair 3 PRROE 21.68 50 7.932 1.122
POROE 18.72 50 9.203 1.301
Pair 4 PRROCE 15.66 50 5.659 0.800
POROCE 17.71 50 9.944 1.406
Pair 5 PRROS 16.32 50 4.109 0.581
POROS 18.12 50 8.019 1.134

(Source: Secondary source – Annual Reports)

The above table represents paired sample statistics of overall variable of financial performance of Pharmaceutical
Sector in pre and post implementation period of CSR considering a study period from 2010-2019. All financial
variables like Net profit margin, return on assets, Return on capital employed and return on sales has increased in
post implementation of CSR except Return on equity which decreases in post implementation period of CSR as per
Companies Act, 2013.
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Table No. 8 Paired Samples Correlations-Pharmaceutical Sector

Pairs Variables N Correlation Sig.
Pair 1 PRNPM & PONPM 50 0.117 0.42
Pair 2 PRROA & POROA 50 0.091 0.53
Pair 3 PRROE & POROE 50 0.125 0.39
Pair 4 PRROCE & POROCE 50 0.091 0.53
Pair 5 PRROS & POROS 50 0.198 0.17

(Source: Secondary source – Annual Reports)

The above table shows the paired sample correlation of Automotive sector of CSR and financial parameter such as
Net Profit margin, Return on Asset, Return on Equity, Return on capital employed and Return on sales. The correlation
result prove that CSR and financial parameters are not statististically significant at 5% significance level. Henceforth, the
r value of all the variables showed positive correlation in pre & post between CSR and financial parameter of selected
companies in pharmaceutical sector for the study period 2009-2019.Therefore, accept null hypothesis.

Table No. 9 Paired Samples Test-Pharmaceutical Sector

Pairs Variables Paired Differences T Df Sig.
Mean Std. Std. Error (2-tailed)
Deviation Mean
Pair 1 PRNPM – PONPM 1.237 8.203 1.160 1.066 49 0.291
Pair 2 PRROA – POROA 0.068 7.534 1.066 0.064 49 0.949
Pair 3 PRROE – POROE 2.963 11.371 1.608 2.842 49 0.001
Pair 4 PRROCE – POROCE 2.058 11.879 1.680 1.225 49 0.227
Pair 5 PRROS – POROS 1.798 9.708 1.373 1.310 49 0.196

(Source: Secondary source – Annual Report)

The above table depicts that there is a significant difference in Pre and Post CSR with ROE of Pharmaceutical sector.
The P value 0.001 which is less than 0.05 which shows statistically significant difference. It is evidenced that T value of
pre and post CSR and ROE shows 2.842 which is greater more than 1.96. All other variables such as NPM, ROA, ROCE
and ROS showed that there is no significant difference between pre and post CSR. Therefore, accept the null hypothesis.

FINDINGS OF THE STUDY:

•• It is found that TATA global beverages (2.35%) contributing more towards CSR activities compare to other
companies selected for the study in FMCG sector.
•• It is found that IPCA laboratories (2.36%) contributing more towards CSR activities compare to other companies
selected for the study in pharmaceutical sector.
•• The result of FMCG sector showed that there is increase in financial performance after CSR mandatory as per
Companies Act, 2013 except Return on equity for the study period 2009-19.
•• It is found that in FMCG sector, there is a high degree of correlation in pre-CSR period and post-CSR period
between CSR and various financial variables.
249   JOURNAL OF THE ASIATIC SOCIETY OF MUMBAI, ISSN: 0972-0766, Vol. XCIV, No.10, 2021

•• The result of FMCG sector showed that there is significant difference in pre-CSR period and post-CSR period
between CSR and financial variable such as ROE and ROS only
•• The result of Pharmaceutical sector showed that there is increase in financial performance after CSR mandatory
as per Companies Act, 2013 except Return on equity for the study period 2009-19.
•• It is found that in Pharmaceutical sector, there is a low degree of correlation in pre-CSR period and post-CSR
period between CSR and various financial variables.
•• The result of Pharmaceutical sector showed that there is no significant difference in pre-CSR period and post-
CSR period between CSR and all financial variables.

SUGGESTIONS AND CONCLUSION:

Companies are being encouraged to be more responsible for long term sustainability. Companies are under pressure
to deliver more profit for shareholders, more preference for employees, more ethical behaviour with government,
more transparency with consumers, and protective policies for the community on issues like consumer protection,
human rights, health and safety, corporate governance etc. It was found that most of the selected companies are making
efforts to meet prescribed CSR as per companies act, 2013, in which IPCA laboratories are highest contributor from
pharmaceutical sector and TATA global beverages from FMCG sector towards CSR activities for the period 2015-19.
The result showed that financial performance has increased after CSR mandatory in all selected companies except return
on equity. In case of FMCG sector, it was found that CSR and financial performance are highly correlated and showed
significant difference in Pre and post-CSR period. On the other hand, pharmaceutical sector result revealed that CSR and
financial performance has low degree of correlation and showed no significant differences in pre and post CSR period.
Thus, CSR should be integrated into the company’s long-term business objectives in order to increase financial
performance, which will benefit different beneficiaries and contribute to community development in general. Further,
it is suggested for the companies to give proper advertisement in various sources by highlighting all the CSR activities
in terms of both quantitative and qualitative form which may result in increase in goodwill and profit in the long run.

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