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Reliance Industries reports 4.5pc drop in December quarter net profit

Reliance Industries reported a 4.5 per cent drop in its December quarter net profit at Rs. 5,256 crore.

Consolidated net profit in October-December 2013 stood at Rs. 5,502 crore, the company said in a filing to the stock exchanges.

Total income has decreased from Rs. 120,114 crore in the third quarter of the previous fiscal to Rs. 95,868 crore in October-December 2014.

Only two Indian companies — Reliance Industries and ONGC — have managed to made to a list of the world’s top-100 companies in terms of CSR spending on education, a new study said.

Still, the Indian companies fare better than their counterparts in China and Japan in terms of the average CSR spending on education.

On the top-100 list, Reliance Industries is also ranked very low at 80th position, while ONGC is further down at 91st, according to the world’s first comprehensive study into global corporate education CSR spend, published today by the Varkey Foundation in partnership with UNESCO.

UK-based ArcelorMittal, owned by Laskhmi Mittal family of Indian origin, is ranked 75th, while the overall list is topped by Spain’s Banco Santander.
US-based IBM is ranked second, followed by Telefonica (Spain), ExxonMobil and Target (both from the US) in the top five.

As per the report, RIL spends USD 5.4 million on education related CSR activity while, ONGC spends USD 4.4 million and ArcelorMittal spends USD 5.6 million.

The top ten spenders on education-related CSR in the Global Fortune 500 are: Banco Santander (USD 197 million), IBM (USD 144 million), Telefonica (USD 130 million), Exxon Mobil (USD 116 million), Target (USD 95 million).

The figures are an average of the three years 2011-2013.

“The promotion of education and employment-enhancing vocational skills were two key focus areas for Indian companies, especially at primary and secondary levels,” the report said.

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