28 August 2024: The AMBIKCO Group has published its long-awaited Business Responsibility and Sustainability Report (BRSR) for the financial year 2023-24 and reiterated the Company’s firm commitment to sustainable development and responsible business practices. The report encompasses considerable milestones regarding environmental stewardship, social responsibility, and governance, underlining AMBIKCO’s holistic strategic thrust towards integrating ESG or Environmental, Social, and Governance principles in all aspects of its operations.
Key Highlights of the Report
Highlights of major achievements include a remarkable decrease in the carbon emissions of the company, which is one of the key indications to prove its commitment to combating climate change. The 2023-24 BRSR offers a comprehensive update on the progress of AMBIKCO Group in several important fields, including commitment to sustainability and the accomplishment of ambitious environmental objectives. As stated, AMBIKCO reduced its carbon footprint by 15% from the previous year and is already on its mark toward reaching carbon neutrality by 2040.
Second, the report elaborates on the company’s effort to enhance energy efficiency across its operations. AMBIKCO has committed to innovative technologies and renewable sources of energy, and such a commitment has seen the company attain an increased energy efficiency of 20%. This not only reduces the company’s environmental footprint but also resonates with its long-term ambition to derive all of its energy from renewable sources by 2035.
Environmental Care
Further, environmental stewardship is brought into the limelight by AMBIKCO’s strong waste management and water conservation policies. The company has tried to establish an effective regime of waste management that prioritizes waste generation reduction at source, enhanced recyclable recovery rates, and making sure that the generated residual waste is disposed of through environmentally responsible methods. In the report, it has been brought into view that 25% less wastes were sent to landfills with the aim of achieving zero waste to landfill by the year 2028.
From the point of view of water conservation, huge steps have been taken by AMBIKCO towards conserving water throughout its plants. It has encouraged water-efficient technologies and procedures, due to which water consumption has reduced up to 30%. Further, AMBIKCO has gone about setting up rainwater harvesting systems and installed wastewater treatment plants, with which it has further reinforced its efforts in the direction of water conservation.
Social Responsibility and Community Engagement
The AMBIKA CO Group has been sincerely trying to create positive impacts in the communities surrounding its operational areas. The report identifies community development programs that have considerably contributed to livelihood quality in the communities, specifically: education and skill development, healthcare, and infrastructure development.
One of the significant social activities that have been advanced by BRSR is AMBIKCO’s response to the developing need for managing diversity and inclusion within its workforce. The company has implemented policies and programs put in place to increase gender diversity and support the professional development of underrepresented groups. Therein, the representation of women leading its leadership positions has increased by 10%, and 15% in the recruitment of people from underrepresented communities.
Other focuses of the report are the efforts put in by AMBIKCO to look after the welfare of its employees. The company has undertaken extensive health and safety programs and made available mental health support services to guarantee the well-being of its employees. These programs have produced a 20% reduction in workplace accidents and improvement in the rate of employee satisfaction and retention.
Governance and Ethical Practices
Governance and ethical practices remain the cornerstones in 2023-24 BRSR, thus amplifying the commitment of AMBIKCO toward integrity and transparency in its operations. A multi-dimensional and strong governance framework ensures compliances pertaining to all regulations and standards. This has regular audits, risk assessments, and best practices of corporate governance in place.
The company has taken gigantic strides to make its value chain lean greener. For example, it has enforced strict ethical codes on its suppliers related to responsible labor practices, the protection of the environment, and considerations on fair trade principles. The report goes on to highlight how more than 80% of AMBIKCO’s suppliers have already met these high-level criteria for sustainability.
Moreover, the management has instituted a zero tolerance against corruption or bribery within AMBIKCO. As a result, wholesome training programs on conducting business have been conducted across employees and suppliers. BRSR further reports that Ambika Cotton Mills Limited has instituted a whistleblower protection mechanism that allows employees to report malpractices without fear of retaliation.
Forward Prospects and Challenges
While the 2023-24 BRSR lists incredible achievements, it also realizes that immense challenges still remain to be overcome. The AMBIKCO Group has realized that its long-term sustainability would thus be a continuous marathon, powered by innovation and collaboration with stakeholders at every level. To this effect, overcoming such challenges would involve investing in new technologies, enhancing their sustainability practices, and tightening their relationships with industry leaders, governments, and communities.
In the next years, AMBIKCO is committed to further accelerating its progress toward its sustainability objectives: carbon neutrality, resource efficiency, and social equity. Positive for the future, with the firm belief of the company’s leadership that its commitment to sustainability will pay long-term dividends not only to the environment and society but also to the shareholders.
Conclusion
This Business Responsibility and Sustainability Report for 2023-24 further cements the position of the Amrikco Group in the realm of sustainable business practices. Committed to reducing its footprint on the environment, the propagation of social responsibility, and highest standards of governance contribute to creating a sustainable future. The wider and more innovative the range of sustainability initiatives at AMBIKCO, the higher the benchmark it sets for peer companies.