The aim of the following study was to identify whether Corporate Social Responsibility (CSR) initiatives carried out by businesses in developing economy like India have an effect on its working results measured in terms of financial performance and shareholder value. For the purpose, the researcher has collected financial data (including CSR spending) of 5 sets of companies (a set comprises of 2 within the same sector) for a period of 4 years from 2015-2018. As primary data collection questionnaire survey was conducted on officials associated with business and public. Research design is both descriptive and correlational and the methods adopted are mixed method comprising of survey and secondary data analysis. The researcher had established net income-CSR relationship and relationship between value of the company and CSR.