Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• The company’s plant at Ranchi has been awarded internationally recognized external certification viz. ISO14001:2004 (for adherence to environmental processes), OHSAS:18001:1999(for Health & Safety) and ISO/TS:16949:2002 (quality management)
• Replaced 2HP mud pump with single phase 1 HP pump, saving 3744 KWH per year
• Replaced 3 phase 10 HP water pump with 3 phase 3 HP water pump, saving 16848 KWH per year

Social Achievements

• Cordial and peaceful industrial relations with employees at its Ranchi plant
• Efforts towards strengthening HR by providing employees a better working atmosphere and creating a culture which nurtures personal and organizational growth

Governance Achievements

• Company is committed to and continues to practice good Corporate Governance
• The Board of Directors closely monitors the performance of the company and its management, approves and reviews strategy, ensures legal and ethical conduct and proper financial reporting

Climate Goals & Targets

Environmental Challenges

• Sluggish environment in the Indian economy
• Tight liquidity and higher interest rates affected the working capital cycle and the finance costs
• Weakening of the Indian rupee and high inflation led to higher costs for inputs, resulting in overall pressure on margins
• Menace of spurious bearings
• Dumping of cheap bearings by Chinese and other South East Asian countries
• Rising labour costs

Mitigation Strategies

• Emphasis on improving quality, productivity and cost competitiveness
• Enhanced capacity at Ranchi to offer a more comprehensive product portfolio
• Focus on offering value-added solutions and leverage its competitive strength to match customer growth plans
• Working with the government for imposition of safeguard duties to protect the domestic industry
• Productivity increases to retain competitiveness

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Education
• Gender equality
• Vocational skills
• Environmental sustainability
• Healthcare

Environmental Achievements

• ISO 14001:2015 certification
• Initiatives to conserve natural resources by reduction and recycling of wastes and adherence to emission norms
• Water conservation through re-use of waste water and rain water harvesting at plants
• Energy saving projects by implementing energy efficient motors

Social Achievements

• Maintained cordial relations with the workmen’s unions at all plants
• Regular training programmes for imparting understanding of bearings and engineering principles
• Numerous initiatives towards safety and environment awareness among employees
• Health check program every year for employees
• Strict policy for non-consumption of tobacco and intoxicating materials

Governance Achievements

• Complied with all the applicable Secretarial Standards
• Complied with all the mandatory requirements under the Listing Regulations
• All transactions entered into with the Related Parties were in the ordinary course of business and on arm’s length basis

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacted operations during the first quarter of the year
• Supply chain disruptions
• Spurious/Counterfeit Products
• Constantly shifting market dynamics
• Changing OEM needs

Mitigation Strategies

• Implemented strict protocols and safety standards
• Early identification, risk assessment, formation of cross functional teams
• Leveraging its wide range of products and its engineering capabilities
• Investing in sophisticated technology to offer enduring and efficient solutions

Supply Chain Management

Responsible Procurement

• Processes in place to identify suppliers and standards of conduct

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Ind AS

Certifications: ISO 14001:2015, ISO 45001:2018, IATF16949:2016

Third-party Assurance: Walker Chandiok & Co. LLP

Environmental Metrics

ESG Focus Areas

• Environmental Sustainability
• Employee Well-being
• Community Engagement
• Ethical Business Practices
• Supply Chain Responsibility

Environmental Achievements

• Reduced electrical consumption by 8470 Kw/year by replacing electric motor
• Reduced oil (200 lts. /year) consumption by verifying viscosity using viscometer
• ETP upgradation for separating the ETP and STP effluents and disposing to the CETP for the safe disposal of treated effluent
• Water conservation through re-use of waste water and rain water harvesting at plants–capacity to harvest up to 3.06 crore liters rain water every year to increase ground water levels
• Energy conservation activities replacement of traditional lights with LED lamps to reduce the electrical consumption

Social Achievements

• Maintained cordial relations with the workmen’s unions at all plants
• Regular training programmes are conducted for imparting understanding of bearings and engineering principles, modern manufacturing practices and attitudinal and behavioral aspects
• Annual Health Check-up for employees
• Special initiatives have been taken up such as theme based walk, leading and lagging indicators, mock drills, up-gradation and revamping of fire hydrants/protection systems, safety training to employees including top management, organizing safety awareness week, reporting of near-miss incidents and first aid across the plant
• Spent Rs. 127.00 lacs on CSR projects

Governance Achievements

• Complied with all the applicable Secretarial Standards
• All pecuniary relationships or transactions of the Non-Executive Directors vis-à-vis the Company along with criteria for such payments and disclosures on remuneration of Directors along with their shareholding are disclosed in Form MGT-9
• All RPT that were entered into during the financial year were on an arm’s length basis and were in the ordinary course of business

Climate Goals & Targets

Environmental Challenges

• Changing consumer preferences impacting the existing business model, product offerings and overall cost to company
• Shifting demand for more sustainable alternatives (electric vehicles)
• Procurement of raw materials and supply chain disruptions due to market volatility, increased demand, and price fluctuations
• Geopolitical conflicts impacting commodity price stability and regulatory restrictions
• Spurious/Counterfeit products in the replacement market

Mitigation Strategies

• Process improvement and investment in new product development
• Automating product manufacturing processes
• Expanding into new geographies and segments
• Multiple product sourcing and localisation
• Supplier assessments and interventions
• Representations to authorities for timely import clearances
• Developing products agnostic to engine type
• Negotiating prices and utilizing economic synergies

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Supplier Code of Conduct
• Supplier assessments including ESG factors

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: BRSR

Certifications: ISO 14001:2015, ISO 45001:2018, IATF16949:2016, BIS, REACH

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Ceramic bearings for electric vehicles
• Reduced friction bearings

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Reduced electrical consumption by installing LED lamps
• Water conservation through re-use of waste water and rain water harvesting
• ETP upgradation for separating the ETP and STP effluents

Social Achievements

• Annual Health Check-up for all the employees
• Regular training programmes for imparting understanding of bearings and engineering principles
• Numerous initiatives towards safety and environment awareness among employees

Governance Achievements

• Complied with all the applicable Secretarial Standards
• All pecuniary relationships or transactions of the Non-Executive Directors vis-à-vis the Company along with criteria for such payments and disclosures on remuneration of Directors along with their shareholding are disclosed in Form MGT-9

Climate Goals & Targets

Environmental Challenges

• Fire incident at Waluj Plant
• Supply chain disruptions due to market volatility and geopolitical conflicts
• Changes in technology and shifting demand for sustainable alternatives

Mitigation Strategies

• Adequate insurance coverage for assets
• Multiple product sourcing and localisation options
• Developing products agnostic to engine type and new products for electric and hybrid vehicles

Supply Chain Management

Supplier Audits: Continuous

Responsible Procurement

• Supplier Code of Conduct

Climate-Related Risks & Opportunities