In further reinforcing transparency and sustainable business practices, Shriram Properties Limited presents its Business Responsibility & Sustainability Report for the fiscal year 2023-2024. The report describes the commitment of the company regarding ethical business operation, environmental sustainability, and social responsibility to the core requirements of SEBI’s listing obligations.
Key Highlights:
Business Overview: Shriram Properties is a well-recognized real estate development company. It has targeted residential property development with ongoing projects across five states within the Indian subcontinent. According to the report, 100% of the company’s turnover comprises residential and commercial real estate projects.
Human Diversity: A total of 670 employees work for the company, of which 22.54% are female employees. On the contrary, Shriram Properties does not employ any differently-abled employees. Also, a major share of the labor force is being contracted from third-party vendors.
Sustainability Practices: The report portrays Shriram’s effort to integrate sustainable construction methods. These include using aluminum formwork aimed at reducing the consumption of wood and enhancing efficiency. The company’s environmental strategy goes on to cover the treatment of wastewater by using STPs and reusing the treated water for landscaping and other non-potable purposes.
Governance and Compliance: Shriram Properties has zero tolerance for anti-bribery and anti-corruption policies and has engaged in various training programs for its employees to ensure integrity, safety, and quality in its operations. During FY24, no cases related to non-compliance with workplace safety and no penalties arising out of regulatory noncompliance were reported in the company.
Customer dissatisfaction and potential litigation or legal consequences of probable regulatory non-compliance are some of the highlighted risks in the report. Such problems are being addressed at Shriram Properties by enhanced means of customer engagement, improvement in product quality, and employee safety programs.
Looking Ahead: Shriram Properties aims at further integrating business processes in harmony with sustainability and unleashing methods of minimizing environmental footprint by creating a safe and healthy workplace for all employees.
Conclusion
Shriram Properties Limited has demonstrated commitments regarding sustainability, governance, and corporate responsibility. While workforce diversity and environmental performance are areas for potential improvement by the company, the progress is fairly significant toward a sustainable business model in the FY24 report presented.
Source: BRSR
Credit: Shriram Properties Limited