Patanjali Foods Limited hereby presents its Business Responsibility and Sustainability Report for the financial year 2023-24, showcasing its commitment to responsible business ethics and care towards the environment. As a front-runner in the edible oil, food, and FMCG sectors, Patanjali Foods marches ahead with profitability combined with sustainable operations. The report talks about transparency, environmental responsibility, and pledged social well-being.
Corporate Responsibility and Governance: Patanjali Foods has integrated concern for sustainability into its business processes by aligning with the National Guidelines on Responsible Business Conduct. Further, it affirms that the report ensures transparency in operations and ethics and implements an anti-corruption and anti-bribery policy. It also goes on to mention that the corporate governance structures of Patanjali Foods are continuously being enhanced through regular audits and compliance with national and international standards like ISO certifications.
The governance of the ESG practices of the company is done by the Board of Directors of the company, whereby through BRSR good governance mechanisms are enshrined in ensuring that standards are followed.
Environmental Performance and Energy Efficiency The environmental performance and energy efficiency of Patanjali Foods reported that it reduced its carbon footprint by emphasizing renewable sources of energy. Approximately 20% of its energy use comes from renewable sources of energy, mainly wind and biomass. During the years 2023–24, the company generated more than 125,000 MWh of wind power. Also, the policy has been adopted by the company at many of its plants through the installation of zero liquid discharge systems that enable the complete treatment and reutilization of waste-generated water, thus ensuring the judicious use of water.
Further, Patanjali Foods is heavily investing in solar energy, and the plan is to expand more projects on renewables. The BRSR states that more than 119,000 tons of CO2 have been sequestered by the company, which shows its commitment to mitigating the impacts of climate change.
Social Impact and CSR Activities The report also underlines some sterling initiatives concerning social responsibilities undertaken by the company. All these CSR initiatives of Patanjali Foods have been able to show development in the community, health care, and education. One major achievement is providing opportunity support to more than 57,000 farmers for oil palm plantation projects over an area covering more than 74,000 hectares. These efforts not only help local agriculture development but also contribute to the company’s commitment to lessening the country’s dependence on imported edible oils.
Besides agriculture, Patanjali Foods continuously focuses on employees’ well-being. The company covers 100% health insurance for all employees and workers, along with accident insurance. Similarly, employee training programs on health and safety, skills development, and compliance with regulatory requirements in the workplace are key aspects of maintaining an injury-free and productive work atmosphere.
Economic Resilience and Risk Management Patanjali Foods has identified a few key risks and opportunities, which form part of the broader sustainability update. The company identifies supply chain disruptions/commodity price fluctuations as one of the key risks but sees domestic production of oil palm as a strategic opportunity to hedge against such risks. BRSR provides emphasis on the company’s endeavor to enhance economic stability through the extension of the domestic supply chain and bringing down its dependency on imports.
Apart from that, the company has focused on expanding its presence in the international market. In FY 2023-24, Patanjali Foods was exporting products to 34 countries, thereby posting more than ₹323 crores as net revenue. According to Patanjali, there is much potential for further growth in the international market, driven especially through new product introductions.
Looking Ahead: Planning for the Future The scaling up of its efforts at sustainability would be the strategic focus of the company going ahead. Patanjali Foods has committed to further scaling up renewable energy sources, oil palm plantation initiatives, and new eco-friendly packaging solutions. It will also keep enhancing governance and compliance frameworks through continuous updates in evolving ESG standards.
The BRSR for 2023-24 depicts the commitment of Patanjali Foods toward creating a sustainable, transparent, and socially responsible business model. A judicious balance between economic growth, environmental care, and social impact has been one of the major propellers for long-term success in the operation of the company.
Source: BRSR
Credit: Patanjali Foods Limited