As mandated under SEBI regulations, HPL Electric & Power Limited has filed its Business Responsibility and Sustainability Report for FY 2023-24. This becomes one of the prime catalysts for highlighting the commitment of the company towards sustainable development, environmental stewardship, and employee well-being. This leading equipment manufacturer in the electrical space is primarily focused on metering solutions, switchgear, and solar solutions, thereby marking itself as a robust player in the electrical space.
HPL Electric & Power Limited has utilized paid-up capital amounting to ₹64.30 crore and turnover of ₹1,420.92 crore not only to focus on the financial performance but also to integrate this in the pursuit of corporate social responsibility. Sustainability is part of the business strategy of HPL Electric & Power Limited. Therefore, reducing the carbon footprint and ensuring environmental compliance is the hallmark of its operations.
The pillars of sustainability practice in HPL Electric & Power Limited are sustainable sourcing. The company had set well-defined procedures to evaluate alternatives in materials and processes to minimize its impact on the environment. Its continuous endeavor includes the streamlining of the manufacturing process to avoid waste and reduce energy consumption, as well as the further integration of safer and more sustainable materials into the products with continued integration of these processes into its internal values and policies. This goes beyond merely sourcing but rather reflects the actual effort in making sure that the operational processes put in place align with the company’s overall environmental goals.
HPL Electric & Power Limited is essentially an operation that looks after employee welfare and safety. The company ensures a healthy environment through the use of an occupational health and safety management system put in place. It addresses matters of safety through constant safety training, very detailed emergency response protocols, and, at times, regular risk assessment as well as on-site monitoring, all with the sole aim of ensuring that the safety standards are adhered to. Employees are encouraged to report hazards and withdraw themselves from dangerous situations without fear of repercussions.
HPL Electric & Power Limited’s employee safety program provides comprehensive safety training. Systematic workshops and sessions were conducted to ensure that the employees were well informed about safe practices and emergency response procedures. To complement these efforts, spic and span emergency procedures and drills were conducted to prepare its workforce for eventual crises.
The safety strategy also involves risk assessments. The organization periodically examines the risks at the workplace and takes adequate measures to minimize them. Thorough inspections and audits will ensure compliance with all health and safety standards to make the workplace environment for all employees as risk-free as possible.
Apart from these safety measures, HPL Electric & Power Limited offers health insurance to every employee. This facility allows every individual to seek the needed medical care from a health provider of their choice. Hence, there is an added dimension of commitment by the company toward the welfare of the employees.
In addition to the concern about the workforce, HPL Electric & Power Limited is showing considerable interest in environmental sustainability. Several activities have been taken by the firm to enhance efficiency in energy usage and waste management in its operations. This is in line with its overall goal of curtailing its carbon footprint and sincere contributions toward the conservation of the environment. Observance of CSR requirements in its operations further reinforces its commitment to community welfare and sustainable development.
Overall, it can be seen that the Business Responsibility and Sustainability Report for FY 2023-24 of HPL Electric & Power Limited highlights the ongoing balance pursued by this company toward financial success without disregarding environmental responsibility as well as an interest in employee safety. Efforts toward sustainable sourcing and welfare for employees and environmental conservation reflect the long-term investment in building up a responsible and sustainable business model.
Source: BRSR
Credit: HPL Electric & Power Limited