BOARD’S REPORT 133 SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 READ WITH RULE 8(3) OF THE COMPANIES (ACCOUNTS) RULES, 2014 IS FORMING PART OF THE BOARD´S REPORT FOR THE FINANCIAL YEAR 2023-24 (A) Conservation of Energy Your Company is committed to sustainable business practices by contributing to environment protection and considers energy conservation as one of the strong pillars of preserving natural resources. This also helps the Company in reducing carbon footprint across all its operations and improves the bottom-line under its ‘Mission Sustainability’. Your Company is the first Indian signatory to EP100 (Energy Productivity 100%) by 2030 with base year 2009, a program promoted by ‘Climate Group’. Further, your Company has committed to becoming Carbon Neutral by 2040. Your Company is also committed for Science Based Target (SBT) to De-carbonize its growth and thus contributing to keep global temperature rise well below 2 degrees Celsius as per Paris Accord 2015. Your Company has a robust roadmap for achieving targets for improving energy efficiency and adoption of renewable energy. Your Company continues to invest in various energy efficiency programs abiding by its commitment towards internal carbon price of USD 10 per ton of carbon emitted. Your Company has taken various initiatives as listed below, for energy conservation: ● Programs for improving energy efficiency and energy productivity across all operations. ● Thrust on increasing share of renewable energy. ● Adoption of Green energy for manufacturing operations. ● Converting existing Facilities into Green buildings and factories. ● Rain water harvesting, reduce usage, reuse and recycle water. ● Thrust on zero waste to land fill and promote circular economy. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO ● Eco efficiency in supply chain. ● Creating awareness and promote sustainability amongst stakeholders. i. The steps taken or impact on conservation of energy ● Replacement of conventional air circulators with BLDC technology air circulators. ● Improving energy efficiency through VFD’s, interlockings, automations and digitization. ● Replacement of old motors with premium efficiency IE3 motors. ● Installation of auto shut off valves for compressed air. ● Waste heat recovery from air compressors and paint shops. ● Smart cooling technology to enhance the chiller performance and life. Your Company believes in employee engagement for driving positive change towards this goal and has taken multiple initiatives. Select few initiatives are listed below: ● National energy conservation week celebration at all plants during 14th to 20th December. ● Sustainability month celebration at all plants (June month). ● Organizing annual Sustainability summit for employees. ● Capability building programs on Energy and Sustainability for employees and Supplier partners. Organizing various competitions to engage employees like ECO warrior, posters, slogans, suggestions and quiz. ● Sustainability awareness for family members of Employees. ● Enhance learning through digital platforms like E learning, Webinars. ● Awareness creation through e-mailers, wall papers, etc. ANNEXURE VII
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