Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Generated more than 1,00,000 units of solar power in a year (corresponding to CO2 emission reduction of 97,659 kgs)
• Reduced process chemicals and use of advanced materials like paste and screens
• Achieved 8% cost reduction in solar cell manufacture through reduction in raw material costs, process improvements, productivity improvement and shopfloor energy savings

Social Achievements

• Created an ecosystem of 350 trained workers in a nascent sector and in a region with no exposure to solar technologies
• Improved employee well-being and engagement (as evidenced by employee testimonials in the report)

Governance Achievements

• Strengthened operational aspects, including producing 120 MW of solar cells and 90 MW of modules (compared to 30 MW and 42 MW in the previous year)
• Improved financial health by moderating the debt-equity ratio from 1.40 in FY 2016-17 to 0.61 in FY 2019-20

Climate Goals & Targets

Environmental Challenges

• US Safeguard Duty on the export of solar cells and modules from India
• Customs duty on imported solar energy equipment
• Quantum of local content in solar energy projects
• Pricing pressure from China
• Overall industry scenario and lack of demand

Mitigation Strategies

• Stopped manufacture to avoid larger financial burden
• Entered into conversion agreements for customers who provided raw material
• Reviewed operating processes and practices to identify waste and redundancy
• Capped overhead costs through financial austerity and multi-skilling
• Widened and deepened marketing footprint
• Shifted output to PERC cells to enhance competitiveness

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• CO2 emission reduction of 97,659 kg after the installation of a 120KW solar power facility connected to a grid in April 2017
• Reduced the cost of solar cell manufacture by 8% owing to lower raw material costs, process improvements, enhanced productivity and shop floor energy savings.
• Moderated power consumption through optimized equipment utilization.
• Extended the life of its cells, enhancing the value proposition for the customer by working on the subject of ‘Potential induced degradation’
• Enhanced process yield from 95% to 96.5%
• ISO 14001:2015 and ISO 14001:2018 Environment Management System certifications

Social Achievements

• 2% attrition in FY2021-22
• Tied up with Woodlands and AMRI Hospitals for employee vaccination
• Providing employees with a career path (graduating operators to senior management positions)
• Facilities: Complement of casual leaves, sick leaves and earned leaves. Provision for subsidised food and accommodation for those living far from their homes. Health insurance for employees, covering disease and accidents; providing financial support to employee families through insurance claims. Pick and drop service for employees Regular training related to the employee field of expertise (and safety) Recognition of deserving employees through mementos and promotions in the annual felicitation programme

Governance Achievements

• Compliance with the provisions of all applicable laws
• Adequate internal financial controls operating effectively
• Annual performance evaluation of individual directors
• ISO 9001:2015 certification
• OHSMS 45001:2018 certification
• BIS certification for modules

Climate Goals & Targets

Environmental Challenges

• Supply chain bottlenecks due to lockdowns, container unavailability and increased freight costs
• Cost increase in raw materials
• Expanding competition
• Decrease in demand
• Technologies becoming obsolete with speed
• Equipment replacement, cost management in the interim and funds mobilisation during the transition from multi-crystalline technology to Mono PERC and TOPCon

Mitigation Strategies

• Engagement with customers on revised delivery schedules
• Passing on cost increases to customers
• Widening customer base
• Focus on exports
• Back-to-back sales agreements to secure from resource volatility
• Increasing the number of domestic manufacturers of renewable energy systems
• Product certifications and strong relationships to enhance competitiveness
• Continuous monitoring and updating of internal audit system

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Engagement with domestic suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: ISO 9001:2015, IEC 61215, IEC 61730, UL 1703, ISO 14001:2015, OHSMS 45001:2018, BIS

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Mono PERC and TOPCon cells

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• More than 1,00,000 units were produced (corresponding to CO2 emission reduction of 97,659 kgs) after the installation of a 120 KW solar power facility connected to a grid in April 2017.
• Reduced the cost of solar cell manufacturing by 8% owing to lower raw material costs, process improvements, enhanced productivity and shop floor energy savings.
• Moderated silver paste use by 15% by refining screen design and enhancing cell efficiency.
• Optimised its inventory of resources such as gas and chemicals by concentrating on regions with reliable availability.
• Achieved a notable 25 MW production during the initial months of commercial production and ramp up through effective supply chain management.
• Installed acidic and general exhaust systems with scrubbers to moderate emissions.
• Established a state-of-the-art water treatment plant

Social Achievements

• Implemented a comprehensive employee engagement strategy. This involved competitive compensation packages, comprehensive benefits and clear career progression paths.
• Adopted the best HR practices to streamline processes and improve efficiency.
• Prioritised diversity and inclusion, recognising the value of a diverse workforce.
• Introduced wellness programs promoting physical and mental health.
• Fostered employee relations through regular communication, Town Hall meetings and an open-door policy.
• Organised cultural programs and sports events to enhance engagement.
• Encouraged a work-life balance, valued teamwork and collaboration.

Governance Achievements

• Appointed Mr. Kushal Agarwal as the Independent Non-Executive Director.
• Changed the designation of Mrs. Sreeram Vasanthi from Executive Director to Non-Executive Director.
• Adopted a Vigil Mechanism/Whistle Blower Policy.
• Framed a Nomination and Remuneration Policy for selection, appointment and remuneration of Directors and Key Managerial Personnel.

Climate Goals & Targets

Environmental Challenges

• Global supply chain disruptions due to container shortages and rising freight costs.
• Graduation from legacy technology of multi-crystalline cells to the next generation Mono PERC.
• More than doubling its solar cell manufacturing capacity to 600MW.
• Generating an acceptable efficiency at the time of commissioning and ramping this efficiency attractively over the subsequent months.
• Scaling the Company’s cell manufacturing capacity from 600 MW to 2400 MW by 2026.
• Integrating backwards to the manufacture of ingots and wafers.

Mitigation Strategies

• Strategically increased its engagement with local suppliers.
• Successfully addressed both unprecedented challenges successfully, resuming operations at its manufacturing facility.
• Improved efficiency from 17% at the start to 22.8% within 45 days and rising to 22.9% by the end of the first quarter of the current financial year.
• Increased capacity utilisation to a consistent 90% through the rest of FY 2024-25 and 95% in the year thereafter following structural changes in workflow, maintenance and preparedness.
• Invested in SAP to strengthen production monitoring.
• Intensified training with the objective to moderate downtime.
• Targeting enhanced cell efficiency from 22.9% to 23.2%
• Extending its technology frontier from Mono PERC to Topcon.
• Entering into secured sellback arrangements with customers.
• Entertaining the prospects of integrating backwards into the manufacture of ingots and wafers from outsourced polysilicon.

Supply Chain Management

Responsible Procurement

• Ensuring responsible and ethical procurement of materials

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI, Ind AS

Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, IEC 61215, IEC 61730, UL 1703, BIS