During the financial year 2023-24, Sharda Motor Industries Ltd. continued to be fully focused on environmental and social sustainability. The company reported nil fines, penalties, or litigation filed against it during the period under review, indicating full regulatory compliance. Further, 100% of its R&D and capital expenditure was duly utilized for environmental and social improvement, marking a major stride toward sustainable business.
Environmental Compliance and Water Management
Environmental compliance for the company has independently been assured by an assessment from the Tamil Nadu Pollution Control Board, which certifies that it meets the stipulated regulatory standards. Again, stringent greenhouse gas emissions and air quality monitoring through independent third-party evaluation by Wiangade Environmental Monitoring is ensured. Sharda Motor Industries Ltd. has done extensive work in the field of water management through the introduction of recycling water plants and treatment systems to achieve zero liquid discharge outside its plant premises. The company has put an efficient water monitoring and reporting system in place to track its usage and identify areas of inefficiency. The company is also actively involved in rainwater harvesting and community water management to diversify its source reduction strategies for water availability.
The water withdrawal is reported as 58,326.3 kiloliters during the current financial year, mainly from third-party sources. Consequently, the ratio for water intensity, representing efficiency in the use of water, has attained 0.0020 kiloliters per INR of turnover. Total water discharge was reported as 111 kiloliters, with various categories of treatment specified for different categories of discharge. This shows concern for ensuring proper management of the water.
Waste Management
Sharda Motor Industries Ltd. is conscious of the waste it has generated and states that a total quantity of 39 metric tons of rubbish has been generated during the financial year. Segregation of wastes into plastic, e-waste, battery waste, hazardous, and non-hazardous categories has been made. The company follows all the statutory requirements to ensure that its wastes lie within the ambit of sustainability and regulatory standards.
Health and Safety
Sharda Motor Industries Ltd. sees health and safety at the workplace as a very important concern. In the current fiscal year, all its plants and offices were assessed regarding health and safety practices. No major concerns were noted. The company has well-framed health and accident insurance for all its permanent employees. It also provides maternity and paternity benefits. Regarding incidents relating to safety, detailed investigations are carried out with remedial action as needed.
Employee Welfare
The company has put great emphasis on the welfare of its employees. All the permanent employees fall under the health insurance scheme of the company, and in addition to that, maternity and paternity leaves have been added to the list. The company follows gratuity policies for its employees, whereby employees serving for pretty long years can have some financial security.
Corporate Governance
Sharda Motor Industries Ltd. believes in a very strong governance system. It reflects that the Board of Directors oversees the corporate governance policy of the company. Later, the policies are subject to periodic review to keep pace with the regulatory requirements, which keep changing almost now and then—a sure sign of responsible business behavior. This is also in tune with the National Guidelines on Responsible Business Conduct (NGRBC), which reiterate Sharda Motor Industries Ltd.’s commitment to long-term sustainability and the interests of stakeholders.
Conclusion
Sharda Motor Industries Ltd. has been continuously improving environmental sustainability, employee welfare policies, and corporate governance standards. Its holistic approach to sustainability befits both the letter and spirit of national regulations while matching global best practices, which makes the company responsible and forward-looking within the context of automotive industries.
Source: BRSR
Credit: Sharda Motor Industries Ltd.