Message from the MD & CEO
Dear Readers,
Globally, FY 2022-23 has been a year of significant challenges
amidst geopolitical tensions to the lingering impact of
COVID-19 and mounting inflation. Amid this volatility and
inflationary environment, we delivered a double-digit volume
and value growth in the Decorative business in India, taking
multiple steps to expand the market and gain from the
organised and unorganised segments through our distinct
product and service offerings. The results delivered for the
year bears testimony to this phenomenal work done by Team
Asian Paints.
The Integrated Annual Report for FY 2022-23 gives detailed
insights into the Company’s performance on financial as well
as non-financial aspects. I urge you to read it.
We have always looked at integrating our sustainability
agenda into the Company’s business objectives and
considered it as a key driver of long-term value creation
for all our stakeholders. We have been publishing our
Sustainability Report since 2014-15, and our 9th Sustainability
Report provides greater details of the various elements being
pursued by the Company and the milestones achieved under
environmental and social stewardship in this decade of
focussed action in Sustainability.
Our climate change strategy involves mitigation through
our decarbonisation strategy as well as increasing resiliency
through our adaptation efforts. Our mitigation efforts
within our operations, over the years, have resulted in an
impressive 74% reduction in Scope 1 and Scope 2 emission
intensity over 2013-14, primarily driven by energy efficiency
initiatives and augmentation of renewable energy, which
now stands at over 62%. During the year, we inventoried our
Scope 3 emissions and have formulated our strategy towards
reducing the value chain emissions. We support Task Force
on Climate-related Financial Disclosures (TCFD) and during
the year, we conducted a climate risk assessment as per
its recommendations. This now guides our climate change
adaptation and sharpens our mitigation efforts.
Our on-site and off-site harvesting and recharging
projects have helped us replenish 382% of the freshwater
consumed within our 8 paint manufacturing facilities. When
it comes to specific hazardous waste, there has been a
21% reduction over the previous FY representing a 71% overall improvement over 2013-14. Under plastic Extended
Producer Responsibility (EPR), we have collected over 54,000
MT of flexible plastics and rigid plastics across 23 states and
ensured its safe disposal.
For our customers, we are providing best-in-class safe and
eco-friendly products through the green-certified low VOC
product range, high-durability products, and higher renewable
content. We have formulated Nilaya Naturals, first-of-its-kind
paint with over 90% natural ingredients. As we move forward,
we will continue to develop safe and sustainable products.
One of our latest projects involves backward integration to
manufacture environment-friendly low VOC Vinyl Acetate
Ethylene Emulsion (VAE), which represents a significant step
toward strengthening our position in this area.
This year, our factories at Kasna, Khandala and Patancheru
have been awarded the prestigious British Safety Council
‘Sword of Honour’ in Occupational Health and Safety
assessment. Our Colour Academy offers the best training
facilities and works towards enhancing productivity as well as
the financial well-being of the people in the paint application
trade as well as carpenters and plumbers, covering over 5.1
lakh participants. We continued our programmes centred
around the key areas of Health and Hygiene touching more
than 3.65 lakh lives, Water Management creating water
harvesting potential of 195% and continued to stand with
our communities in their time of need through our disaster
relief support.
Our recently adopted ESG strategy incorporates sustainable
operations and product offerings, upholds highest standards
of social responsibility and world-class governance, and sets
ambitious commitments till 2030. During the year, we rolled
out the Company’s sustainable supply chain framework
which is a strong step towards establishing the ESG agenda
in our value chain. Our ESG approach propels us to steer the
business strategy to deliver our purpose of bringing joy to
people’s lives.
For any feedback or queries, do write to us at sustainability@asianpaints.com
Happy Reading!
Regards,
Managing Director & CEO,
Asian Paints Limited