Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Installed hybrid power project (2.7 MW wind + 0.675 MW AC/1.0125 MW DC solar), anticipated to produce approximately 900,000 KWH annually and increase renewable energy share to 40% of total power consumption.
• Reduced water consumption by 2% in 2022-23.
• Recycled approximately 85% of waste.

Social Achievements

• Implemented various employee well-being initiatives including yoga sessions, ethnic day celebrations, immunisation drives, and de-addiction programmes.
• Established Anand Dham, a residential complex for mentally challenged young adults.
• Implemented robust safety initiatives, reducing LTIFR from 1.093 to 0.7698.

Governance Achievements

• Completed Initial Public Offer (IPO).
• Upgraded Credit Rating to CARE AA-; Stable from CARE A+; Stable for Long Term Bank Facilities.
• Zero instances of non-compliance with environmental laws and zero cases of corruption or conflict of interest in 2022-23.

Climate Goals & Targets

Environmental Challenges

• Geopolitical risks impacting European businesses.
• Shrinking need for traditional internal combustion engines.
• Price fluctuation of raw materials.
• Human resource risks.
• Foreign currency fluctuations.
• Competition.
• Increasing regulatory requirements.

Mitigation Strategies

• Diversified revenue streams through geographical presence and customer base.
• Focus on precision engineering solutions for the growing electric vehicle market.
• Flexible approach to raw material procurement, avoiding long-term commitments.
• Maintaining adequate human resources and improving operational efficiency.
• Entering into forward contracts and options contracts to hedge foreign currency risks.
• Strengthening brand reputation through design, quality, cost-efficiency, and customer service.
• Consistent monitoring and review of regulatory changes.

Supply Chain Management

Supplier Audits: 60% of value chain partners comply with ISO 14001.

Responsible Procurement

• Supplier Code of Conduct (hazardous chemical content, sourcing from prohibited countries, REACH and ROH certified suppliers).

Climate-Related Risks & Opportunities

Transition Risks

• Carbon tax

Reporting Standards

Frameworks Used: International Integrated Reporting Council (IIIRC)

Certifications: ISO 14001

Awards & Recognition

• Best Kaizen Award at 11th Annual International Quality Management Conference
• Gujarat State Annual Solar Awards 2022 (EPC Company of the Year)

Environmental Metrics

ESG Focus Areas

• Climate Transition Risk
• Energy Management
• Emission Management
• Occupational Health and Safety
• Local Communities
• Waste and Recycling
• Water and Wastewater Management
• Employee Advancement and Development
• Biodiversity and Resources
• Diversity and Equal Opportunity
• Corporate Governance
• Compliance and Integrity
• Information Security
• Economic Value Creation
• Responsible Sourcing
• Anti-corruption
• Supplier Economic & Governance Performance
• Product Quality and Safety
• Product Design and Lifecycle Management

Environmental Achievements

• Reduced reliance on fossil fuels through solar and wind energy installations, achieving 47.5% renewable energy share.
• Recycled approximately 584.11 MT of waste.
• Zero instances of non-compliance with environmental laws.

Social Achievements

• Implemented various initiatives for employee well-being, including health and safety training (70% of workforce), stress management programs, and meditation sessions.
• Zero reported cases of discrimination.
• CSR contributions of approximately ₹6.72 crores towards supporting vulnerable communities.

Governance Achievements

• Established robust governance frameworks and policies encompassing environmental sustainability, social responsibility, and ethical business practices.
• Zero cases of corruption and conflict of interest.

Climate Goals & Targets

Environmental Challenges

• Geopolitical risks impacting the European market.
• Fluctuations in raw material prices.
• Subdued global demand in the wind and industrial sectors.
• Foreign currency fluctuations.
• Attracting and retaining skilled workforce.
• Increasing regulatory requirements.

Mitigation Strategies

• Diversified revenue streams geographically and among customers.
• Flexible approach in supplier relationships, pass-through mechanism for raw materials.
• Refining strategy to increase cage share in Romania.
• Forward contracts and long-term premium paid options contracts to mitigate foreign currency risks.
• Investing in employee development and automation.
• Proactive approach to compliance management, ongoing monitoring of regulatory changes.

Supply Chain Management

Supplier Audits: 46% of value chain partners comply with ISO 14001.

Responsible Procurement

• Supplier code of conduct mandating sustainable practices, sourcing from REACH and ROH certified suppliers.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Carbon tax

Opportunities

• Cost savings from energy efficiency and renewable energy investments.

Reporting Standards

Frameworks Used: GRI Universal Standards 2021, AA1000 Assurance Standard (AA1000AS v3)

Certifications: ISO 9001:2015, IATF 16949:2016, ISO 14001:2018, ISO 45001:2018

Third-party Assurance: Growlity, Inc.

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Most Improved Supplier (Timken)
• Partner Performance Award (JTEKT India)
• Outstanding Support to Materials Management India Strategy (ZF India)
• Three Star Export House Status (DGFT)
• Intelligent & Agile Award (SKF India)
• Best Supplier Award (NEI India)
• Sustainability Award (Schaeffler)