Business Responsibility and Sustainability Report 2023-24 for the financial year: Banco Products (India) Limited is a leading Indian manufacturing company. This is the in-house conversion of the BRR-Crendital Information 2023-24, as issued by SEBI on listing obligations and disclosure requirements. It underlines the processes initiated by the company in areas such as corporate responsibility, environmental sustainability, and social governance. This report expresses its ideals and commitment to following sustainable business practices based on national guidelines about responsible business conduct.
Incorporated in 1961, the main business of Banco Products is in the automotive components segment for making radiator cores and radiator assemblies. Having its head office in Vadodara, Gujarat, the company has spread its operations to 36 states in India and exports to 40 countries. In FY 2023-24, Banco Products posted a turnover of ₹992 crores, with exports accounting for 27% of its total revenue.
The report underlines exhaustive efforts by the company towards making operations sustainable. Banco Products emphasizes sustainable sourcing; the company sources 100% of the inputs sustainably. The group is dedicated to energy efficiency, wherein its consumption comes from renewable sources. In FY 2023-24, the company consumed 9,904.13 GJ of energy from renewable sources, reflecting its continuous commitment to reducing carbon footprints.
The second critical focus area for Banco Products is the realm of employee welfare. The company has declared a total workforce of 2,737 workers and provides full health insurance, accident insurance, and maternity benefits to all permanent employees and workers. Furthermore, there are proper and potent mechanisms in the company for redressing the grievances of employees and workers so that their problems are understood and solved efficiently and effectively.
The measures adopted by the company, from an environment-related perspective, relate to water and waste management. During FY 2023-24, Banco Products withdrew a total of 93,808 KL of water; however, no untreated water was discharged into surface or groundwater sources. Another area where the company turned in a good performance related to waste generation, as it reported a total of 59.425 metric tons of waste generated, out of which 22.990 metric tons were recycled.
Conclusion:
The Banco Products India Ltd. BRSR for FY 2023-24 is a commitment to sustainable development. Banco Products, which is leading the way in energy efficiency, sourcing, and staff welfare, is setting an example within the Indian manufacturing sector. Such efforts will go a long way toward contributing to its growth and, quite visibly, promoting inclusive and equitable development at large.
Source: BRSR
Credit: Banco Products (India) Limited