Sustainability Goals
Painting a Sustainable Future
Pioneering Sustainability With A Bold Agenda
Our objectives focus on addressing pressing global concerns, such as our commitment to combat climate change by lowering our greenhouse gas emissions, improving energy efficiency, and embracing renewable energy sources. We’re also dedicated to minimizing waste and maximizing water reuse. Concurrently, we’re bolstering our corporate culture to foster inclusion, diversity, and equity. We maintain an unwavering commitment to enhancing occupational health and safety standards, and we’re dedicated to strengthening our engagement with the communities in which we operate.
Our Environmental Goals
Our environmental goals encompass various aspects, from combating climate change to promoting inclusion and diversity, all while enhancing the well-being of our communities.
Environmental Goals
- Aim to become Net Zero by 2050.
- Commitment to make all manufacturing plants accessible to renewable energy by FY 2028.
- Commitment to reduce our specific energy consumption by 3% YoY effective from FY 2024.
- Committed to science based targets initiative (SBTi) to set science-based targets.
- Aim to reduce transportation emissions and promote EV adoption in supply chains.
- Increased usage of rainwater and recycled water in the process.
- Introducing recycled paint cans for selected segments starting this year.
- Targeting 25% waste recycling by FY 2025 and 50% by FY 2030.
- Focusing on diverting substantial waste from landfills.
Social Goals
- Increase our CSR expenditure by approximately 29% this year compared to the previous year.
- Remain committed to increasing employee satisfaction.
- Provide healthcare facilities for marginalized communities residing near the Kochi factory.
- Focus on women empowerment projects in collaboration with NGOs, benefiting 1,101 women in FY24.
- Maintain high safety standards to achieve zero accidents/incidents in the coming years.
Governance Goals
- Focus on 100% compliance with risk management practices.
- Zero breaches of our Code of Conduct across all our locations.
- Ensure 100% compliance with statutory and mandatory policies.
Materiality
Indigo Paints recognizes the pivotal role of materiality assessment in discerning the critical areas that profoundly influence our business performance and stakeholder interests. Through an extensive materiality assessment process, we delve into key environmental, social, and governance (ESG) issues that resonate most with our stakeholders. This comprehensive engagement enables us to pinpoint material topics crucial for our organization. We remain steadfast in our commitment to addressing these issues.
Material Topics
Our focus revolves around seven material topics identified during previous assessments, guiding our efforts to create sustainable value for our stakeholders. These topics include:
- Energy Management
- GHG Emissions
- Water Management
- Waste Management
- Community Welfare
- Health and Safety
- Board Structure and Management
GHG Emissions
Reducing greenhouse gas emissions is fundamental to our environmental stewardship and central to our business strategy. We are dedicated to enhancing energy efficiency continually, aiming to decrease our emissions footprint. Our unwavering commitment to sustainability and emissions management drives our efforts to contribute to a greener future.
- Engaged with a third-party partner named Sprih to assess and monitor our GHG footprint.
- Maintaining 805 trees within our new Pudukkottai facility during FY23-24, which has offset capacity of ~805 tCO2e.
- Maintaining a green belt of around 3,786 trees on a 7.76 acres land provided by SIPCOT.
- Investing heavily in renewables and energy-efficient equipment to reduce our scope 2 emissions.
Outcome
- Reduction in scope 1 and 2 emission intensity per unit production by 23% as compared to last year.
- Reduction in scope 1 and 2 emission intensity per unit revenue by 13% as compared to last year.
Performance
| FY 23-24 | FY 22-23 | |
|---|---|---|
| Scope 1 Emissions (tCO2e) | 29.45 | 38.13 |
| Scope 2 Emissions (tCO2e) | 4,620 | 4,523 |
| Emission Intensity (tCO2e/crore ₹ revenue) | 3.71 | 4.25 |
| Emission Intensity (tCO2e/KL of FG) | 0.02 | 0.03 |
Energy
We are dedicated to reducing our energy consumption through continuous monitoring of energy performance across all operational units, including our head office. Recognizing the critical role of energy optimization in our environmental management system, we prioritize the implementation of energy-saving initiatives throughout our business operations.
- Conducted energy audits at Jodhpur and Kochi facilities.
- Implementing audit recommendations and installing energy-efficient, high-tech equipment.
- 20 kW solar power system installation under progress at our Pune Headquarters.
- Exploring installation of 1 MW solar power plants for Cochin and Pudukkottai facilities.
Outcome
- Reduction in specific energy consumption by 3% as compared to last year
Performance
| FY 23-24 | FY 22-23 | |
|---|---|---|
| Total Energy Consumption (GJ) | 23,597 | 18,329 |
| Specific Energy Consumption (GJ/KL of FG) | 0.11 | 0.12 |
Water
Water management is a cornerstone of our sustainability efforts, reflecting our commitment to responsible resource utilization and environmental stewardship. Through proactive initiatives, we strive to enhance our practices and contribute positively to water conservation.
- Have Zero Liquid Discharge facilities at all our manufacturing plants.
- Implemented rainwater harvesting systems across all manufacturing plants.
- Installing water meters, initially focusing on our newly developed plants’ STPs and ETPs for efficient monitoring.
- Installed a 100 KL tank at the Cochin plant to harvest rainwater last year, resulting in a 96% increase in water harvesting this year.
Outcome
- Conserved over 2,979 KL water this year from rainwater harvesting.
- 5,106 KL of water was recycled at manufacturing plants in FY 23-24.
Performance
| FY 23-24 | FY 22-23 | |
|---|---|---|
| Total Water Consumption (KL) | 78,424 | 55,919 |
| Specific Water Consumption (KL/KL of FG) | 0.38 | 0.36 |
Waste
Waste management is a cornerstone of our sustainability strategy, embodying our commitment to efficient resource utilization and eco-friendly operations. By treating waste as a valuable resource, we actively contribute to a sustainable future while promoting responsible practices within our industry.
- Emphasis on the principles of Reduce, Reuse, and Recycle (3R) for waste minimisation
- Selling plastic and metal barrels, along with other non-hazardous waste, to authorized third parties for reuse.
- Transitioning from procuring chemicals in drums to bulk liquid shipments in tankers, minimizing barrel use and facilitating their return to suppliers for reuse.
- Adopted a circular economy approach by reusing packaging materials (bags) received from suppliers for subsequent shipments.
- Achieving the plastics recycling target set by CPCB for this FY.
Outcome
- Recycled 71% more waste this year as compared to previous year.
Performance
| FY 23-24 | FY 22-23 | |
|---|---|---|
| Total Waste Generated (tonnes) | 1,250 | 851 |
| Specific Waste Generated (kg/KL of FG) | 6 | 5 |
Community Welfare
We acknowledge that corporate social responsibility (CSR) transcends mere philanthropy and should be intertwined with our core business objectives. Consequently, our CSR programs are meticulously crafted to tackle social challenges while aligning with our business values. The Board of Directors, through the CSR Committee, spearheads our CSR initiatives, ensuring their strategic direction and effective implementation.
Our CSR focus
- Educational needs of underprivileged girls from 10th class onwards.
- Women empowerment projects in collaboration with ‘CORO’ a prominent NGO.
- We have partnered with a Foundation to offer free dialysis and palliative care services to underprivileged members of the community, benefitting 154 people.
| FY 23-24 | FY 22-23 | |
|---|---|---|
| CSR Expenditure | ₹ 235 Lakhs | ₹ 182 Lakhs |
Health & Safety
At Indigo Paints, ensuring the well-being of our employees is the absolute top priority. We are wholeheartedly dedicated to creating a safe working environment that not only protects their health but also fosters a culture of well-being. Through a comprehensive and multi-faceted approach, we have cultivated a welcoming workspace that embraces world-class processes and practices, thereby instilling a robust safety culture within our organization.
- Zero accidents/incidents in FY 23-24
- We established air showers at the Kochi plant, replacing the earlier water showers.
Board Structure
Acknowledging the pivotal role of our Board of Directors, we understand their significance in shaping the organizational ethos. They are instrumental in establishing our vision, mission, and values, guided by our Corporate Governance guidelines. We prioritize compliance with all relevant regulations, including the SEBI Listing Regulations, the Companies Act, 2013, and other SEBI regulations governing Board composition, Committee formation, and policy formulation and adoption.
| Board/Committee | Chaired | No. of Members | Independence |
|---|---|---|---|
| Board | Executive Chairman | 8 | 50% |
| Audit Committee | Independent Director | 6 | 67% |
| Nomination & Remuneration Committee | Independent Director | 4 | 100% |
| Risk Management Committee | Executive | 4 | 25% |
| CSR Committee | Executive | 3 | 33% |
| Stakeholders Relationship Committee | Independent Director | 3 | 33% |
Board Independence
- No of Independent Directors - 4/8 → 50%
- No of Non-Independent Directors - 4/8 → 50%
Board Diversity
- Male - 5/8→ 62%
- Female - 3/8 → 38%
Risk Management
A dedicated Risk Management Committee is tasked with formulating risk assessment and minimization procedures, offering valuable insights to the Board. Through a proactive approach, the committee formulates, implements, reviews, and monitors the risk management plan for the Company. Our Risk Management Policy serves as a guiding document, fostering sustainable business growth with stability. We maintain an unwavering focus on ensuring 100% compliance with risk management practices.
- We maintain a steadfast focus on ensuring 100% compliance with risk.
Code of Conduct
We are committed to upholding the highest standards of ethical conduct, sustainability, and integrity. Our Code of Conduct, endorsed by the Board of Directors, extends to all Directors, Senior Management members, and employees of the company. This comprehensive code articulates our dedication to operating ethically, legally, and sustainably.
- We recorded zero breaches of our Code of Conduct in FY 23-24
- We have established a Whistle Blower Policy which provides a mechanism for Directors and employees to report any unethical behavior, fraud, or violations of the Company's code of conduct.
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