August 28th, 2024: Excel Industries Limited, a leading player in the chemical and pharmaceutical industries, has released its BRSR for the fiscal year 2023-24. The report most definitely underlines the Company’s continuous commitment to integrating ESG into the very core of its operations, while highlighting substantial sustainability achievements, social responsibility, and good corporate governance.
Sustainability Initiatives and Environmental Stewardship
The core of Excel Industries’ 2023-24 BRSR reflects environmental stewardship, ensuring a minimal ecological footprint. Key highlights in this report are Excel’s improvement in energy consumption and resource efficiency. The company has adopted measures toward the optimization of the energy mix with increased usage of renewable sources of energy. Precisely, it comments that 33% of its manufacturing processes are now powered by renewable resources. Beyond the reduction in Excel’s carbon footprint, it furthers the long-term goal of increased overall sustainability of its operations.
Another important aspect of sustainability that the report notes on Excel Industries is an improved management of water resources. The company has also implemented many water conservation methods. These include a Zero Liquid Discharge system installed at its Visakhapatnam plant for the purpose of ensuring that not even a single drop of industrial wastewater reaches the environment. The program has become an important aspect of the broader water stewardship initiative, with Excel realizing significant reductions in water consumption within its facilities. A 9.4% reduction in water withdrawal is indicative of the company’s commitment to being responsible in the utilization of water compared to the previous year.
Social Responsibility and Workforce Well-being
Excel Industries has invested considerably in social responsibility, especially in employees’ welfare and community involvement. As a matter of fact, the BRSR enumerates the commitment of the Company toward ensuring a safe and healthy work environment for its employees. It has established robust occupational health and safety management systems in all manufacturing locations, offices, and R&D laboratories. The commitment of the company to ensure occupational health and safety reflects in the safety performance of its operations. During 2023-24, it is recorded that employees did not take any lost time injuries.
Further, Excel Industries has initiated a number of programs to help improve the employees’ well-being. The company covers all its employees with adequate health and accident insurance, inclusive of maternity benefits for female employees. In addition, per its DEI policy, Excel has taken steps toward improving workplace inclusivity, although the report recommends further improvement in gender representation in the leadership positions.
Besides internal initiatives, Excel Industries has also engaged actively in community development through its Corporate Social Responsibility programs. The education, health, and livelihood improvement of the communities around operational areas have been the focus of the company’s CSR programs. Particularly, Excel has been able to implement some key water conservation projects and skill development programs that have enhanced the socio-economic prospects for the local communities where it operates.
Governance and Ethical Practices
The BRSR of Excel Industries for 2023-24 also reflects the commitment of the company to ensure that ethical governance is pursued with transparency. The report addresses Excel’s commitment to high standards of Corporate Governance. Policies and procedures are put in place, which ensure that the Company complies with relevant regulations. The governance framework of the company at Excel is done through regular audits, risk assessments, and best practices with anti-corruption and anti-bribery.
Excel Industries has also sought ethical standards from its suppliers and value chain partners. The report states that 37% of its value chain partners have been assessed so far about health, safety, and working conditions, as part of Excel’s furtherance of responsible business conduct down its supply chain.
Challenges and Future Outlook
While the 2023-24 BRSR reflects considerable progress, Excel Industries also recognizes that meeting some of the goals will indeed be a tall order. The journey toward long-term sustainability imperatives demands sustained innovation, investments in newer technologies, and involvement with stakeholders. Excel is committed to these challenges by further enhancing its sustainability practices, expanding renewable energy initiatives, and deepening engagement with local communities.
Excel Industries is planning to consolidate further gains and ensure faster movement toward ESG goals in the future. The management team of the company looks to the future optimistically, certain that this emphasis on sustainability leads to growth and long-term value creation for shareholders, as well as contributes positively to society and the environment.
Conclusion
The 2023-24 Business Responsibility and Sustainability Report of Excel Industries Limited further reiterates the leadership of the company in the sphere of sustainable business practices within the chemical and pharmaceuticals sector. Through reduced environmental impact, social responsibility, and good governance, Excel Industries has continued to set the benchmark for others in the industry through its performances. It is well-placed to take the lead further, with continued innovation and extension of its sustainability initiatives into an increasingly sustainable and responsible future.