We are optimistic of enhancing long-term value through resilience and
responsiveness
Overview
Sustainability is increasingly defining companies worldwide and
inspiring industry observers to extend focus from mere profitability to enhanced value
continuity.
What has changed is that there is now an emphasis on long-term growth
over short-term gains, with greater respect afforded to companies that grow consistently.
Besides, there is a deeper appreciation for organisations that address the needs of all
stakeholders rather than those that only address short-term shareholder interests.
I would like to take this opportunity to emphasise that our company was
built around the principles of holistic sustainability. This has warranted a commitment to
resilience in the face of unforeseen developments and a responsiveness to arrest the
unforeseen impact and post a vigorous rebound. This foundation has enabled us to navigate
three challenging decades characterised by technological upheaval, emergence of new
consumer preferences, new promotional platforms and significant global trade shifts. I am
pleased to communicate that during this period, we have demonstrated an agility in
responding to changes, enhancing our competitiveness and maintaining our standing among
resilient players globally.
In recent years, our commitment to sustainability has deepened.
In this communication, I wish to describe how we are meeting the needs
of each stakeholder, thereby enhancing the value of their association and reinforcing our
organisational sustainability.
Environment
Our company is dedicated to environmental responsibility across
operations. We consistently strive to implement eco-friendly processes and practices,
leading to an optimal consumption of raw material, gas, water, and energy while minimising
our carbon footprint. As a result, even as our capacities have increased, our operations
have reduced the consumption of non-renewable resources and moderated our environmental
impact.
This responsible environment commitment reflects our goal to decouple
financial growth from our carbon footprint, reinforcing our sustainability.
Customers
Our company addresses the growing and evolving needs of consumers. As a
responsible, forward-thinking organisation, we aim to achieve net zero carbon emissions
across the coming years.
As a responsive organisation, we are developing new collections around
superior designs, translating into enhanced user pride. Our collaboration with vendors and
customers enables us to introduce sustainable raw materials into our products.
Vendors
We maintain strong relationships with vendors. Our sustainability
values also translate into our vendor partnerships, evident in the fact that most of our
procurement in 2023-24 was sourced from suppliers who have been with us for five years or
more. These partnerships have fostered consistency and stability, evidenced by on-time and
complete deliveries. Our vendors comprise organisations and businesses with process-
driven protocols and substantial investments in environmental responsibility, enhancing
our upstream commitment to sustainability.
Shareholders
We are committed to enhancing shareholder value, with governance
serving as the foundation of our value creation. (As of March 31,
2024, the Company attracted a valuation of H3,306.14 Crore). Our
management team has reinforced our governance framework, which drives competitiveness,
process optimisation, and digitalisation, among other initiatives. A significant
responsiveness during the last financial year comprised the suspension of our opalware
operations in Madhupur, which is designed to enhance shareholder value.
Employees
We are dedicated to maintaining our status as a learning organisation
focused on product development, manufacturing and marketing. In recent years, we
strengthened our recruitment processes, deepening a culture of professionalism. We
initiated programmes to upskill employees, enabling them to contribute effectively. This
focus has led to higher capacity utilisation across the years, improved product quality,
and enhanced ability to manage critical processes.
Over the years, we added young talent to promote innovation and
creativity, bringing energy and excitement to our workplace.
Community
We are committed to expanding our corporate social responsibility (CSR)
initiatives within a reasonable radius of our manufacturing facilities. In 2023-24, nearly
81% of our CSR spending was allocated in areas surrounding our operations, focusing on
healthcare and education that generated positive outcomes. In 2023-24, our company
invested H231.46 Lakh in CSR initiatives, with a cumulative spending of H995.38 Lakh over
the five years leading up to 2023-24.
Government
We have consistently fulfilled our obligations as a responsible
taxpayer. During the year under review, our company paid H29.69 Crore in income tax,
contributing a total of H137.89 Crore over the five years ending 2023-24.
Conclusion
Our resilience and responsiveness framework is designed to address the
needs of all stakeholders.
We believe that through these efforts, we will deepen our respect,
responsibility, and commitment to all our stakeholders
Mr. Sushil Jhunjhunwala
Chairman