Fineotex Chemical Limited, the specialty chemical sector major, has just come out with its Business Responsibility & Sustainability Report for FY 2023-24. It gives a holistic view of the initiatives taken by the company toward ethical business practices, sustainability, and social responsibility.
Fineotex Chemical Limited was originally incorporated as a private limited company under the Companies Act, 1956, on August 12, 2004, with the name ‘Fineotex Chemical Private Limited,’ and then became a public limited company on November 23, 2005. Its head office is located in Mumbai. The company primarily deals with manufacturing and selling specialty chemicals, particularly those related to the processing of textiles. The company is listed on both BSE and NSE, has recorded a turnover of <0xE8>418.93 crore, and has a net worth of <0xE8>358.14 crore. Business operations of FCL are spread over 10 domestic and 3 international locations, while it makes a significant presence in 70 countries, which itself contributed 12.40% of its total turnover through exports.
The BRSR covers most of the dimensions of the operations of the company through its adherence to the principles laid down in the NGRBC. FCL has adopted policies that cover all nine principles and ensure the implementation of the same in their operations, including their value chain partners.
Workforce and Inclusion
FCL has 107 permanent employees and 167 workers, with a special inclination towards gender diversity. It is depicted by the inclusion of 27 female employees who make up 25.24% of the workforce. Much has been done concerning the assurance of a safe working environment, accommodating to all, including very strong policies on equal opportunity and non-discrimination. They also make their premises accessible to differently-abled employees and workers in their workplaces, which works in tandem with the Rights of Persons with Disabilities Act of 2016.
Environmental Stewardship
The report showcases FCL’s contribution toward environmental sustainability. It has installed technologies meant to help lower its impact on the environment, such as solar panels, to reduce the level of greenhouse gas emissions. In the financial year gone by, FCL consumed 5,210,177 joules of energy, out of which a considerable portion was from renewable sources. Water consumption has been reported at 56,159 kiloliters, with initiatives aimed at zero liquid discharge. There was a focus on waste management practices as well, where 22.57 metric tons of plastic waste were recycled.
Sustainable Business Practices
FCL operates with no tolerance for bribery and corruption, as espoused by an Anti-Bribery and Anti-Corruption Policy. Besides, it guarantees a good governance framework through an administrative committee to guide all sustainability-related decisions, with regular training programs on aspects such as corporate governance, risk management, and sustainability practice.
Conclusion
The 2023-24 BRSR for Fineotex Chemical Limited epitomizes its commitment to sustainable and responsible business practices. High ethical standards, proactive environmental stewardship, and the welfare of employees are some of the facets that keep FCL at the forefront of the specialty chemical business.
Source: BRSR
Credit: Fineotex Chemical Limited