The concept of business has changed from profit yielding activities to social betterment activities where business is responsible for all the stakeholders rather than shareholders only.CSR is a concept in which a company integrates social concern with their business operations. Involving in social activities can encourage business to act ethically. By doing CSR activities business can contribute to the society. This study investigate the financial performance of two selected popular Central Public Sector Undertakings i.e Rashtriya Chemicals and Fertilizers Limited (RCF) & National Fertilizers Limited (NFL) in Fertilizer Industry which are also listed at NSE & BSE using the financial data ranging from 2014-15 to 2019-20. Correlation analysis also used to calculate and explain the correlation among the CSR & various financial performance indicators. The most useful Financial Performance Indicators taken for this study are Net Profit before Tax (PBT), Earnings per share (EPS), Dividend per Share (DPS), Return on Assets (ROA), Return on Equity (ROE), Return on Capital Employed (ROCE), Net Profit Ratio, Book Value per Share and etc. This research paper concluded that RCF performing well and have a positive correlation between CSR & financial performance indicators in comparison of NFL.

KEYWORDS: CSR, FPI, Correlation, Profit before TAX (PBT), Net Profit Ratio, ROA, ROE, ROCE.