Climate Change Data

Environmental Metrics

ESG Focus Areas

• Ethics, Transparency and Accountability
• Sustainable Product Lifecycle
• Employee Well-being
• Stakeholder Engagement
• Human Rights
• Environmental Protection
• Inclusive Growth
• Customer Engagement

Environmental Achievements

• Reduced specific water consumption by 4% and specific emissions (PM, SO2, NOx) by 16% or more compared to the previous year.
• Reused 100% of waste generated from plant operations.

Social Achievements

• Provided skill up-gradation training to 25% of employees.
• Undertook various CSR initiatives focusing on education, women empowerment, community development, and healthcare, with a total expenditure of ₹1.07 crore.

Governance Achievements

• Established a Stakeholder Grievance Committee and a Whistleblower policy.
• Implemented policies aligned with SEBI's Listing Obligations and Disclosure Requirements and the Principles of National Voluntary Guidelines.

Climate Goals & Targets

Environmental Challenges

• Lack of a formal in-house structure for policy implementation (initiatives underway to address this).
• Absence of a formal policy on public advocacy (policy formulation in progress).

Mitigation Strategies

• Initiated the process of nominating a Director as Policy Implementer and a BRR Head.
• Working on formulating a formal Responsible Advocacy policy.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Preference for ISO 14001 and OHSAS 18001 certified contractors, suppliers, and vendors; monitoring of human resource policies and compliance.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, National Voluntary Guidelines (NVG) on Social, Environmental and Economic Responsibilities of Business

Certifications: ISO 14001, ISO 9001, OHSAS 18001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Ethics, Transparency and Accountability
• Sustainable Product Lifecycle
• Employee Well-being
• Stakeholder Engagement
• Human Rights
• Environmental Protection
• Inclusive Growth
• Customer Engagement

Environmental Achievements

• Reduced specific energy consumption (per tonne of product) to 0.0589 toe per tonne from 0.0596 in the previous year.
• Increased renewable energy share through a 4162 kWp solar PV system installation, reducing GHG emissions by 4800 tonnes of CO2 per year.
• Waste heat utilization project underway, projected to reduce GHG emissions by 2500 tonnes of CO2 per year.

Social Achievements

• Provided safety and skill up-gradation training to 82% of employees.
• Undertook various CSR initiatives focusing on farmers, women, and the differently-abled, including agriculture development, skill training, and educational programs.
• Addressed a sexual harassment complaint.

Governance Achievements

• Implemented a Whistle Blower policy to address stakeholder grievances.
• Maintained ethical standards across the company, group companies, vendors, and suppliers.

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Works with ISO 14001 and ISO 45001 certified contractors/suppliers/vendors; incorporates environmental compliance into work policies; prioritizes local sourcing.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

Certifications: ISO 14001, ISO 45001, ISO 9001, OHSAS 18001, ISO 50001:2018

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environmental Stewardship
• Social Responsibility
• Corporate Governance

Environmental Achievements

• Reduced CO2e emissions by ~2.4 lakh tonnes in FY22 and FY23
• Achieved 100% water recycling across all manufacturing units
• Installed Odisha’s first 7.3 MWp floating solar power plant and 3.5 MWp rooftop solar at Hisar unit, generating over 1179.8 million units (kWh) of clean electricity and reducing carbon emissions by over 11.51 lakh tonnes over their 25-year lifespan
• 60% recycled material use as raw material

Social Achievements

• Spent more than INR 11.93 crores on CSR initiatives, impacting over 41,000 beneficiaries
• Achieved a Lost Time Injury Frequency Rate (LTIFR) of 0.37 for employees
• Zero fatality for employees

Governance Achievements

• Implemented comprehensive corporate policies, including BRSR framework and REACH compliance
• Established a robust grievance redressal mechanism
• Maintained a flawless record of compliance with all regulations and voluntary codes related to product and service information and labeling

Climate Goals & Targets

Environmental Challenges

• Decarbonization of stainless steel production
• Water scarcity
• Supply chain disruptions
• Scrap availability

Mitigation Strategies

• Installation of green hydrogen plant to reduce carbon emissions by 2,700 tonnes of CO2 annually
• Investment in renewable energy sources (solar and wind)
• Transitioning to electric buses at the Jajpur plant
• Expanding sourcing from domestic and nearshore markets
• Implementing a supplier code of conduct
• Developing a method to evaluate suppliers using ESG criteria

Supply Chain Management

Supplier Audits: At least annually; number not specified

Responsible Procurement

• Supplier Code of Conduct (SCoC)
• Preference for suppliers located near operations
• ESG criteria for supplier evaluation
• Penalty system for non-compliance

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Growing environmental regulations
• Non-compliance with regulatory requirements leading to air pollution

Opportunities

• Reduced energy consumption through renewable energy and energy efficiency initiatives
• Reduced emissions through process optimization and technology upgrades

Reporting Standards

Frameworks Used: GRI 2021

Certifications: ISO 14001:2015, ISO 45001:2018, ISO 50001:2018, ISO 22301, IATF 16949:2016, ISO 9001:2015, ISO/IEC 17025:2017, REACH, RoHS

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 9 (Industry, Innovation, and Infrastructure)
• Goal 12 (Responsible Consumption and Production)
• Goal 13 (Climate Action)
• Goal 8 (Decent Work and Economic Growth)
• Goal 11 (Sustainable Cities and Communities)
• Goal 17 (Partnerships for the Goals)

Initiatives aligned with SDGs are described throughout the report

Sustainable Products & Innovation

• IRS 350CR and IRS 450CR ferritic-martensitic stainless steel for structural applications
• 17Cr-2Al high-aluminum ferritic stainless steel
• EQ 317L electrode-quality austenitic stainless steel

Awards & Recognition

• Numerous awards listed in the report (sustainability, health & safety, industry achievements, innovation & quality products)

Environmental Metrics

ESG Focus Areas

• Greenhouse Gas (GHG) Emissions and Climate Change Management
• Water Management
• Promotion of stainless steel usage in newer applications
• Scrap Availability
• Air Emissions Management
• Health and Safety
• Community Engagement and Development
• Diversity, Equity and Inclusion
• Circular Economy

Environmental Achievements

• Reduced carbon emissions by nearly 76 ktCO2e in the last financial year
• Increased percentage of recycled material (Scrap and revert) utilization in input material to 72%
• Generated 61,55,850 Kwh energy from onsite solar generation in FY 2023-24
• Waste heat recovery boiler in combo line led to 298.8 tone of propane saving, reducing emission by 938.23 TCO2e
• Annealing bypass led to saving of 355,680 Kwh electricity and 909 Ton of propane, reducing emission by 3106.79 TCO2e
• Recovered 710 MT of acid which was reused in operations
• Recovered 29,690 ton of metal from HARSSCO plant which was reutilized in stainless steel production. Additionally, 32548.91 ton of ferrochrome slag was reused
• Implementation of 27 Energy Conservation Projects (ENCON) resulted in a cumulative abatement of 6,263.25 TCO2e
• Vizag unit reutilized 1680 litres of mix oil for lubrication
• Hisar unit implemented 17 decarbonisation projects saving 6163000 kwh Electricity, 726 MT Fuel, reducing emission by 15496 ton of CO2e

Social Achievements

• Impacted ~68,718 beneficiaries through CSR initiatives and ~87, 530 lives have been benefited from the CSR programmes
• Spent more than 1,66,000 employee hours in learning and development programmes
• Low LTIFR for employees (0.04)

Governance Achievements

• Established an Environmental, Social and Governance (ESG) Committee of the Board of Directors

Climate Goals & Targets

Environmental Challenges

• Greenhouse Gas (GHG) Emissions and Climate Change Management
• Water Management
• Scrap Availability
• Air Emissions Management
• Health and Safety
• Community Engagement and Development

Mitigation Strategies

• Continuously strives to seek Best Available Technologies (BATs)
• Ambitious target to achieve Net Zero emissions by 2050 and reducing the emission intensity to 50% compared to baseline level in FY 2022
• Committed to Science Based Targets initiative (SBTi)
• Reducing fossil fuel-based energy use
• Using innovative energy efficiency technologies and process optimization
• Shifting to renewables
• Addressing water scarcity through principles of Reduce, Reuse, Recycle and Recover
• Minimizing withdrawal of fresh water by maximizing recycling of treated waste effluents
• Rainwater harvesting
• Strengthening water recycling and installing zero liquid discharge (ZLD) technologies
• Carrying out detailed water risk assessments
• Dedicated sourcing team for raw material
• Well-designed state-of-the-art air pollution control devices (APCD)
• Effective fugitive emission management
• Continuous monitoring and reporting the air quality
• Occupational health and safety management system (ISO 45001:2018)
• 4-E principle (Engineering Control, Education, Encouragement, and Enforcement)
• CSR initiatives for community development

Supply Chain Management

Supplier Audits: 16% of 1700 vendors assessed as of May 2024

Responsible Procurement

• Supplier Code of Conduct
• Responsible Sourcing Policy
• ISO-14001 and ISO - 45001 certified contractors/ suppliers/ vendors

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: BRSR

Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 50001:2018, IATF 16949:2016, JIS, CPR 305/2011/CE Mark, Food grade certifications, REACH/RoHS, ISI marks/BIS certification

Third-party Assurance: SGS India Private Limited