Paras Defense and Space Technologies Limited presents the Business Responsibility and Sustainability Report for FY 2023-24, underscoring the commitment of the firm to pursuits of ethical governance, sustainable growth, and social responsibility. A frontrunner in defense and space technology, Paras Defense has inked its commitment to ESG principles and ensured that its operation concepts are aligned with the national and global standards of sustainability.
Incorporated in the year 2009, Paras Defence and Space Technologies Limited engages mainly in the design, development, and manufacturing of products, systems, and solutions and has emerged as a prominent player in the defense and space industries in India. The company supplies its products to a wide customer base, including governmental bodies such as the Defense Research and Development Organization (DRDO) and the Indian Space Research Organization (ISRO), along with other defense public sector undertakings and private entities.
BRSR details that Paras Defense follows a systematic approach to managing environmental risk and opportunities. The company identifies climate change as one of the key risks for its operations, which has necessitated the implementation of energy-efficient practices across manufacturing units, including the installation of energy-efficient equipment. This involves periodic evaluation to reduce the impact of climate change on its operations and supply chains.
The other aspect on which Paras Defense is focusing is corporate governance. The management team, with experience of decades together in the defense and space sectors, ensures the function maintains high standards of ethical conduct and transparency. Indeed, it shows from the report how the company strives hard to maintain integrity in operations with the help of good internal policies on anti-corruption and anti-bribery.
Paras Defense is committed to employee welfare and inclusivity on the social front. Its training programs have strengthened and improved the skills of people and their safety. Training in aspects that include safety training, technical skills development, and important awareness programs on energy conservation and workplace ethics are also carried out. The report also describes the company’s adherence to the Rights of Persons with Disabilities Act, 2016, regarding accessibility and equal opportunity for all employees.
The commitment of Paras Defense to customer satisfaction is reflected in its incessant effort for the betterment of product quality and innovation. The company strongly perceives that customers are a major factor in the success of a business and ensures longevity in relationships, thereby building up brand loyalty. Innovation in product design and ensuring quality will help to meet the changing needs of its customers related to defense and space.
Conclusion
The Paras Defence and Space Technologies Limited BRSR 2023-24 permits the firm to continue its commitment to sustainability concerning responsible business conduct. From environmental sustainability to ethical governance, Paras Defense is setting a bar in the defense and space industries for social responsibility. While it innovates and expands the product basket, it reiterates its commitment to its stakeholders for long-term value creation and its obligation to the environment to ensure a sustainable future.
Source: BRSR
Credit: Paras Defense and Space Technologies Limited