New Delhi, August 28, 2024 – UFlex Limited – the largest India-based, multidimensional flexible packaging and polymer sciences company – today released its Business Responsibility and Sustainability Report (BRSR) for fiscal year 2023-2024. The report comprehensively outlines the company’s continuing effort towards alignment with ESG principles, leapfrogging steps taken to attain sustainability, ensure social responsibility, and practice ethical governance. This report charts not just the achievements of UFlex over the past year but also sets a clear trajectory for future growth around responsible business practices.
Sustainability at the Core
The BRSR of UFlex 2023-24 underlines the company’s commitment to sustainability. All dimensions of commitment at UFlex point, essentially, toward decreased environmental footprints through innovating green solutions and sustainable practices. It has achieved considerable improvement in various key performance areas, especially in product recyclability, resource optimization, and shifting to renewable energy.
Some of the highlights mentioned in the report include developing biodegradable and recyclable packaging materials at UFlex. These, including the development of a recyclable BOPET film that uses water as a solvent, form a milestone towards the company’s dream of eco-friendly packaging solutions. The report also elaborated on how such materials reduce waste and contribute towards the circular economy in terms of resource reutilization.
Such is the commitment to its sustainability goals that substantial investments by UFlex have been made in renewable energy projects. From power sourcing, for example, the Dharwad manufacturing unit of the company has slowly moved towards renewable sources, as part of the bigger commitment by UFlex to net-zero emissions. This forms part of a larger plan for reducing the company’s carbon footprint and contributing positively toward the world’s environmental goals.
Social Responsibility and Community Involvement
During the same period, UFlex has scored high in its BRSR regarding social responsibility, especially towards personnel welfare and community development. The welfare of the employees was pursued through focused health and safety programs besides non-occupational medicinal facilities. These activities indicate that the workplace is effective and safe to work for the employees, which is reflected by a low number of incidents and a high percentage of retention amongst the workforce.
Besides internal initiatives, UFlex has been equally engaged in community engagement and CSR activities. Perhaps one of the best examples of the company’s commitment toward societal impact is its collaboration with nonprofits like Say Earth in creating awareness among school students about environmental sustainability. The report states that such initiatives have so far engaged more than 4,000 students, creating a newer generation of environmentally conscious people.
Good Governance and Integrity
Apart from that, governance is one of the significant thrust areas in UFlex’s 2023-24 BRSR. It articulates the strict adherence of the company to ethical standards and its efforts toward making all operations of the company more transparent and accountable. UFlex has been implementing regular audits, risk assessments, and enforcement of anti-corruption policies as part of a robust governance structure in place, with a view toward upholding the highest standards of business integrity and trust amongst stakeholders.
The company is also committed to ethics in the value chain. UFlex has put in place strict ethical policies for its suppliers to ensure that they maintain proper labour practices and take care of the environment. More than 80% of the suppliers of UFlex presently meet these stringent parameters, as stated in the report, which demonstrates the company’s commitment to ensuring sustainability and ethics within the value chain.
Outlook and Challenges Ahead
While the 2023-24 BRSR proudly showcases UFlex’s strong achievements, the Board acknowledges that harder work needs to be done ahead if it is to achieve the long-term sustainability it aspires to. The company realizes that maintaining and achieving its sustainability goals will no doubt require continuous innovation and new technology adoption, apart from constant collaboration with the stakeholders involved. UFlex is committed to taking this bull by its horns as it enhances its sustainability practices, expands its renewable energy initiatives, and encourages more cooperation within the industry.
Going ahead, UFlex aims to leverage these gains and accelerate momentum towards the ESG objectives. The leadership of the company continues to be buoyant about the future, fully convinced that its focus on sustainability will continue to drive growth and create long-term values for shareholders, while contributing positively to society and the environment.
Conclusion
The 2023-24 Business Responsibility and Sustainability Report is another milestone in the journey of UFlex Limited, which leads by example among companies in the packaging industry in respect of sustainable business practices. The benchmarks with respect to reduced environmental impact, social responsibility, and high governance standards have been set by the achievements of the company in all these key areas. With continuous innovations and increasing sustainability initiatives at UFlex, the company is in an enviable position to set newer milestones that herald a sustainable and responsible future.