Message from the MD & CEO
Dear Readers,
FY 2023-24 was marked by continued
geopolitical instability due to the
ongoing conflict in Ukraine and renewed
conflict in the Middle East, along with
continued market volatility due to higher
than targeted inflation. Stability and
commitment to its economic agenda
have helped India remain resilient
in the face of global challenges. The
continued high inflation, especially in
the rural areas, resulted in tapering off
consumption demand and low single
digits revenue growth for the industry
as well as for us. We focussed on driving
volumes across all segments, expanding
the organised market and strengthening
our foray into the bottom of the
pyramid segment. This continued focus
helped us register a near double-digit
volume growth for the year even in this
challenging environment.
I urge you to read our Integrated Annual
Report for FY 2023-24 which provides
detailed insights into the Company’s
performance on financial as well as
non-financial aspects.
We have always taken pride in the
way we operate our businesses, with
sustainability being critical to how we
design our processes and create longterm value for all our stakeholders.
Our ESG strategy encompasses
sustainable operations and product
offerings, upholds highest standards
of social responsibility and world-class
governance, enhancing the focus
towards the value chain.
This is our 10th Sustainability Report
and represents a decade of unwavering
dedication as we continue to advance
our sustainability commitments. The
report provides greater details of the
Company’s priorities, and the milestones
achieved under environmental and social
stewardship. The report also offers
insights into our approach and how
partnerships are integral towards our
success in achieving our commitments.
Our climate change strategy is aligned
with TCFD recommendations and
involves mitigation through our
decarbonisation strategy as well as
increasing climate resiliency through our
adaptation efforts. We have achieved
an impressive 75% reduction in Scope
1 and Scope 2 emission intensity over
2013-14, primarily driven by energy
efficiency initiatives and augmentation
of renewable electricity, which now
stands at 65.8%.
Our on-site and off-site harvesting
and recharging projects have
helped us replenish 387% of the
freshwater consumed within our 8
paint manufacturing facilities. When
it comes to specific hazardous waste,
there has been a 21% Y-o-Y reduction,
representing a 77% overall improvement
over 2013-14. Under plastic Extended
Producer Responsibility (EPR), we have
collected over 77,000 MT of flexible
plastics and rigid plastics across 25
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
range, first-of-its-kind undercoats
and topcoats with over 90% natural
ingredients. Our investment towards
Vinyl Acetate Ethylene Emulsion (VAE)
will further enhance development
of environment-friendly and
technologically superior products.
Continuing our safety journey, this year,
our factories at Rohtak, Visakhapatnam,
and Mysuru have been awarded the
prestigious British Safety Council ‘Sword
of Honour’ in Occupational Health and
Safety assessment. Four of our factories
have achieved the ‘Generative Stage’ in
Behaviour Based Safety (BBS), fostering
safety culture. Our Colour Academy
works towards enhancing productivity
as well as the financial well-being of the
people in the paint application trade,
carpenters, and plumbers, benefiting
over 6.8 lakh participants. We continued
our programs centred around the key
areas of Health and Hygiene touching
more than 3.53 lakh lives, Water
Management creating water harvesting
potential of 217% and continued to stand
with our communities in their time of
need through our disaster relief support.
A notable addition to our sustainability
initiatives this year is the successful
roll-out of our Sustainable Supply
Chain Program – Samaveta. Through
this program, 77% of raw material and
packaging suppliers by spend value
were assessed based on ESG criteria to
evaluate maturity and impact. Through
this program, we aim to partner with
our suppliers to embed sustainability
principles throughout our value chain.
As we step into FY 2024-25, we are
eager to capitalise on the progress
we have made in recent years. Our
commitment to disclosures, ethical
business practices, impartiality, and
mutual trust has been instrumental in
establishing us as a leading company for
over 50 years.
For any feedback or queries, do write to us at sustainability@asianpaints.com
Happy Reading!
Regards,
Managing Director & CEO,
Asian Paints Limited