Do you consider volunteer work as a factor when you make the performance appraisals?

Initiative and ownership are two qualities of great potential leaders, hence they will always get you noticed. If you have the ability to complet tasks that you initiate you'll always be one of the favourite employees.

If it is related to the corporate CSR = YES. 

Yes but  I would like to see and know the relevance of the volunteer work to the organization. Not to remove the positive aspect to it, but I have seen some cases wher the voluntary works done by employees have been a distraction and detrimental to the real objective in the company and in other cases it adds a lot of value. My take, yes carefully take voluntary work into consideration but make sure you look at it from all perspectives.

Volunteer contributions towards the societies and CSR events conducted by the Company is  also  an element  to be considered in addition to  the measurement of KPI's and and good conduct of the job  

Yes because an initiator and performer are is an asset of company, if any one ready to participate after fulfilling his duties it mean he is thing for the company. This association help company to grow and create a healthy working atmosphere.   

It shows caring for other people , and the ability to serve, I see it as a gift and an honour to serve my comunity or fellow humans if they are in need of assistance.With volunteer work, it should just not affect the performance of the member, of you should accomodate the member in a department where he/she can do good for the company and himself.

Volunteer work outside of the professional environment are signs of positive work-life balance.  I would be wary, however, should such volunteer work run counter to the values of the company or take away the focus of the employee from doing his or her real job.