Anupam Rasayan India Ltd Management Discussions

<dhhead>Management discussion and analysis </dhhead>

Global Economy

In 2025, the global economyfacessignificant challenges due to escalating trade tensions and policy uncertainty, as outlined in the International Monetary Fund’s April 2025 World Economic Outlook. Global growth is projected to decline to 2.8% in 2025 and 3.0% in 2026, down from 3.3% in prior forecasts, driven by new U.S. tariffs implemented on April 2, 2025 and retaliatory measures from trading partners. Advanced economies are expected to grow at 1.4% in 2025, with the U.S. at 1.8% and the euro area at 0.8%, while emerging markets slow to 3.7%. Global inflation is forecasted at 4.3% in 2025, with trade disruptions posing risks of higher ation in advanced economies. Intensified trade wars, infl demographic shifts and shrinking fiscal buffers heighten downside risks, potentially destabilising financial markets and exacerbating debt challenges in emerging markets. However, de-escalation of tariffs and clearer trade policies could boost growth. Coordinated global efforts to stabilise trade, implement structural reforms and restore fiscal space are critical to mitigating risks and fostering sustainable growth.

Changing demographics of the labour market

The future of global labour markets will be shaped by the complex interplay of economic pressures, demographic shifts and rapid technological change. Advanced economies, facing slower job growth and cyclical headwinds, have relied on immigration to boost labour supply. But rising populist resistance to immigration risks deepening talent shortages in aging societies.

In regions such as Europe, weak productivity, declining competitiveness, rigid labour markets and slow tech adoption further exacerbate these challenges. To respond, policymakers and business leaders must boost workforce participation and accelerate investments in automation and AI to counter demographic headwinds. Post-pandemic, businesses confronted with rising talent costs will likely focus on retaining key workers while driving productivity and containing wage growth to manage labour expenses.

Global Chemical Industry

The global chemicals industry faces a complex environment driven by geopolitical tensions, macroeconomic uncertainties, and sector-specific trends. US-China trade disputes, including potential US tariffs, are disrupting fiber and petrochemical markets, while a stronger US dollar pressures Latin American importers. Construction sector recovery in China, the US, and India is boosting demand for PVC and EPS, and sustainability initiatives are driving recycled polymer use, though regulatory hurdles persist. Europe struggles with weak automotive demand and ethylene cracker closures, but low-carbon methanol markets are gearing up for new regulations, led by China’s production.

Despite challenges, opportunities are emerging. The American Chemistry Council forecasts a 1.9% rise in US chemical volumes, supported by construction and manufacturing recovery. Asia’s ethylene capacity expansions and China’s stimulus measures signal growth potential, while benzene markets may benefit from construction demand. Global chemical production is expected to grow by 3.1%, with Asia-Pacific, Africa and the Middle East leading. Companies navigating trade shifts, sustainability mandates and regional demand trends will be positioned for success during the year.

Specialty Chemicals Sector

The worldwide specialty chemicals sector, valued at approximately USD 641.5 billion in 2023, is expected to expand significantly, reaching an estimated USD 914.4 billion by 2030. This growth trajectory reflects a steady compound annual growth rate (CAGR) of 5.2% from 2024 to 2030. The surge is driven by increasing demand across key industries, including construction, water treatment, and electronics, fueled by innovative process technologies and the easing of global trade barriers, which are opening new market opportunities.

Trends

There are four key trends shaping the industry’s landscape, focusing on sustainable growth and operational excellence:

Advancing Sustainability and Circular Economy:

Companies are prioritizing sustainable manufacturing practices, with a strong emphasis on circular economy principles. This includes developing greener chemicals and materials, such as bio-based and recycled polymers, to reduce environmental impact. The adoption of carbon capture technologies and low-carbon feedstocks is gaining traction to meet net-zero emissions goals, aligning with global regulatory pressures and consumer demand for eco-friendly products.

Leveraging Digital Transformation and Industry 4.0:

The integration of Industry 4.0 technologies, such as AI, IoT, and advanced analytics, is revolutionizing chemical R&D and production processes. These tools enhance predictive maintenance, optimize supply chains, and accelerate innovation in product development. Digital twins and hybrid modelling are emerging as key enablers for creating efficient, data driven operations.

Focus on Health and Environmental Safety:

There is a growing emphasis on designing chemicals that are safer for human health and the environment. This trend involves innovating non-toxic alternatives and reducing hazardous substances in products like paints and coatings, driven by stringent regulations and consumer awareness. Companies are investing in R&D to align with these health-focused standards.

Economic Resilience through Innovation:

Amid macroeconomic challenges like geopolitical tensions and supply chain disruptions, the industry is focusing on innovation to maintain competitiveness. This includes developing high-value specialty chemicals for sectors like electronics and pharmaceuticals, alongside strategic partnerships to diversify portfolios and mitigate market volatility.

Challenges

The global chemicals industry faces significant challenges in 2025, as outlined in the McKinsey report, The State of the Chemicals Industry: Time for Bold Action and Innovation (published December 18, 2024). These challenges are driven by macroeconomic pressures, structural shifts, and evolving market dynamics, requiring bold strategic responses to restore competitiveness.

• Declining Financial Performance: After years of outperforming broader markets, the chemicals industry’s total shareholder returns (TSR) have lagged, flattening over the past two years. This decline is attributed to rising capital costs, shrinking margins due to higher input costs, and weaker demand in key end markets like construction and automotive, which have faced global economic slowdowns.

• Geopolitical and Trade Disruptions: Geopolitical tensions, including US-China trade disputes and potential new tariffs, are disrupting global supply chains. These uncertainties complicate sourcing strategies and increase costs, particularly for companies reliant on cross-border trade, as highlighted by the need for resilient supply chain reconfiguration.

• Sustainability and Decarbonisation Pressures:

The industry faces mounting pressure to meet ambitious sustainability goals, including net-zero emissions targets. Transitioning to low-carbon processes and feedstocks is capital-intensive and complex, with high energy costs and regulatory requirements adding to the challenge. The report notes that decarbonization efforts are critical but strain financial resources.

• Innovation Lag: The chemicals sector has trailed other industries in innovation, particularly in developing new molecules and sustainable technologies. Limited R&D investment and slow adoption of digital tools, such as AI and advanced analytics, hinder competitiveness in a market demanding novel solutions for energy transition and circularity.

• Regional Competitive Imbalances: Overcapacity in regions like China, coupled with new plant start-ups, is pressuring global prices and margins. Meanwhile, Europe struggles with high energy costs and low cracker operating rates, while the US faces supply constraints from planned turnarounds, exacerbating regional disparities.

• Workforce and Demographic Shifts: Evolving demographics, including an aging workforce and changing skill requirements, pose challenges for talent acquisition and retention. The industry must invest in upskilling to support digital transformation and sustainable practices, as traditional expertise alone is insufficient for future needs.

Outlook

In 2025, the global economy faces significant challenges due to escalating trade tensions and policy uncertainty, as outlined in the IMF’s April 2025 World Economic Outlook. Global growth is projected to decline to 2.8% in 2025 and 3.0% in 2026, down from 3.3% in prior forecasts, driven by new U.S. tariffs implemented on April 2, 2025, and retaliatory measures from trading partners. Advanced economies are expected to grow at 1.4% in 2025, with the U.S. at 1.8% and the euro area at 0.8%, while emerging markets slow to 3.7%. Global inflation is forecasted at 4.3% in 2025, with trade disruptions posing risks of higher inflation in advanced economies. Intensified trade wars, demographic shifts, and shrinking fiscal buffers heighten downside risks, potentially destabilizing financial markets and exacerbating debt challenges in emerging markets. However, de-escalation of tariffs and clearer trade policies could boost growth. Coordinated global efforts to stabilize trade, implement structural reforms, and restore fiscal space are critical to mitigating risks and fostering sustainable growth.

Indian economy

In FY 2024-25, India’s real GDP growth slowed to 6.5%, the lowest since the pandemic, yet retained its position as the fastest-growing major economy. This performance is supported by strong macroeconomic fundamentals, despite global uncertainties, positioning India as a key driver of global economic growth.

Key sectors driving this growth include industry and services, with industrial output growing by 9.5% in FY24, as noted in the Economic Survey 2024-25. Agriculture remains a vital pillar, contributing 16% to GDP with a 3.5% growth in Q2 FY 2024-25 and an average annual growth of 5% from FY17 to FY23. The Reserve Bank of India highlights measures to address trade deficits and enhance export competitiveness, while initiatives like credit support for agriculture bolster economic stability. With a projected GDP growth range of 6.3 6.8% for FY 2026, India’s economy is poised for sustained progress, supported by strategic reforms and a focus on inclusive development.

Indian chemicals industry

The Indian chemicals industry, a cornerstone of the nation’s economic growth, continues to play a pivotal role in supporting agriculture, food security, textiles and industrial sectors. As detailed in the Chemical and Petrochemical Statistics at a Glance-2024 report by the Department of Chemicals and Petrochemicals, the industry has exhibited resilience in FY 2024-25, leveraging robust domestic demand and government initiatives to navigate global headwinds. This note examines the key trends, challenges, and outlook for the Indian chemicals industry, tailored to its performance and prospects in FY 2024-25

Trends

• Sustained Production Momentum: In FY 2024-25, the Indian chemicals sector continues to build on its production growth, with major chemicals (alkali, inorganic, organic, pesticides, and dyes) maintaining an upward trajectory from the 1,277 thousand MT recorded in FY 2022-23. Petrochemicals, including synthetic polymers, are witnessing increased output to meet rising industrial and consumer needs.

• Growing Export Market: Chemical and petrochemical exports remain a key growth driver, building on the USD 24.4 billion achieved in FY 2022-23. In FY 2024-25, exports are bolstered by strong global demand for organic and specialty chemicals, supported by India’s competitive pricing and trade-friendly policies.

• Focus on High-Value Segments: The industry is prioritizing diversification into specialty chemicals and pharmaceuticals, with increased investments in FY 2024-25 to capture global opportunities in these high-margin sectors, aligning with the rising demand for innovative and sustainable solutions.

• Advancing Sustainability: Sustainability is a key focus, with companies adopting greener manufacturing processes and technologies, such as carbon capture, to comply with environmental regulations and meet consumer.

Challenges

The Indian chemical industry in FY 2024-25 faced several challenges that impacted its growth and competitiveness.

• Inverted Duty Structure: The industry grapples with an inverted duty structure, where higher duties on raw materials compared to finished products increase production costs. This discourages domestic manufacturing and makes imports more competitive, particularly for specialty chemicals and petrochemicals, hindering cost

• High Import Dependency: Despite strong export growth, the Indian chemical sector remains heavily reliant on imported raw materials, exposing it to global supply chain disruptions and price volatility. This dependency challenges cost management and operational stability in FY 2024-25.

• Global Trade and Geopolitical Risks: Geopolitical tensions, including potential US tariffs and anti-dumping duties on Chinese imports like PVC, create uncertainties for export markets. These trade barriers disrupt supply chains and affect India’s competitiveness as a global supplier.

• Sustainability and Regulatory Compliance Costs:

The push for sustainable practices, such as adopting efficiency. low-carbon technologies and meeting stringent environmental regulations, requires investment. These costs strain financial resources, particularly for smaller players, in FY 2024-25.

• Infrastructure and Funding Constraints: Limited funding for infrastructure projects and tax-related challenges in the private sector restrict capacity expansion. This hampers the industry’s ability to meet rising domestic demand and capitalize on opportunities in sectors like construction and agriculture.

Outlook

The Indian chemical industry is poised for significant growth in the coming years, driven by robust domestic demand, favourable government policies and increasing global market opportunities. With a projected growth rate of 11-12% annually from 2021 to 2027 and 7-10% from 2027 to 2040, the industry is expected to triple its global market share by 2040, reinforcing India’s position as a key player in the global chemicals sector.

The outlook is bolstered by several growth drivers. Strong domestic consumption, particularly in agriculture, construction, and pharmaceuticals, fuels demand for chemicals and petrochemicals. Government initiatives like the Production Linked Incentive (PLI) scheme and Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIRs) are attracting significant investments, with PCPIRs alone expected to draw USD 142 billion by 2030. The industry’s focus on specialty chemicals, which account for 20% of the market, is a high-growth area, driven by innovation and export potential. Additionally, India’s competitive manufacturing costs and skilled workforce enhance its appeal as a global chemical manufacturing hub.

The medium- to long-term outlook remains optimistic, with India’s chemical industry projected to contribute significantly to the economy, currently accounting for 1.4% of GDP and 9% of Gross Value Added (GVA).

The shift toward sustainable practices, including green chemistry and circular economy principles, aligns with global trends, further strengthening India’s position. By leveraging policy support, infrastructure development, and a growing emphasis on R&D, the Indian chemical industry is well-positioned to achieve sustained growth and capture a larger share of the global market through 2040.

Company overview

Since its inception in 1984, Anupam Rasayan India Limited has established itself as one of leading player in India’s specialty chemicals sector, renowned for its expertise in custom synthesis and innovative manufacturing. With nearly four decades of experience, the Company excels in delivering complex, multi-step chemical solutions tailored to industries such as crop protection, pharmaceuticals, personal care, polymers, and electronics, solidifying its reputation as a trusted global partner.

AnupamRasayanoperatessixadvancedmanufacturing capital plants, all strategically based in Gujarat, India, with a collective capacity exceeding 30,000 metric tonnes. These facilities enable the Company to address the dynamic demands of its international clients. The Company’s commitment to innovation is driven by its DSIR-accredited R&D centre, where a team of 88 skilled scientists advances product development and process, ensuring cutting-edge solutions.

The Company’s operations are structured around two primary segments: Life Science Specialty Chemicals, which accounts for 87% of revenue and serves crop protection, personal care, and pharmaceuticals, and performance materials, contributing 13% to revenue and catering to electronic chemicals and polymer. This diversified portfolio enhances Anupam Rasayan’s resilience and market reach.

Serving a global clientele of 75 customers, including 31 multinational corporations, Anupam Rasayan’s extensive network underscores its strong international presence. Recognised by the Government of India as a three-star export house, the Company significantly contributes to India’s export economy, leveraging its high-quality offerings and strategic focus to maintain a competitive edge in the global specialty chemicals market.

Positioning and outlook

Anupam Rasayan is strategically expanding its footprint in the global specialty chemicals market through diversification, innovation, and capacity growth. In FY 2024-25, the Company manufactured 79 complex products across life sciences and performance materials, reducing reliance on any single segment.

A major milestone was acquiring a controlling stake in Tanfac Industries, making Anupam the only Indian player in niche fluorination molecules. This move secures raw material access, strengthens its high-value portfolio, and boosts India’s self-reliance in chemicals.

The Company signed a letter of intent with Elementium Materials, a U.S.-based battery electrolyte leader, to supply advanced chemicals for EV batteries starting late FY26, strengthening our entry into the high-growth battery chemicals market and supporting cost-effective, high-performance solutions. Additionally, it secured a 10-year, $106 million ( 922 crore) agreement with a leading South Korean multinational to deliver specialty chemicals for aviation and electronics from FY26, leveraging its robust R&D and integrated supply chain to enhance our presence in advanced manufacturing hubs. Furthermore, a landmark contract with a top U.S. chemical multinational to supply high-performance chemicals for polymer applications in aviation, electronics and defence reinforces the Company’s leadership in high-value markets, utilising its backward integration to drive strategic expansion in the U.S. and align with its vision for sustained growth and diversification.

Sustainability remains a priority, with 593 million invested in a 9.6 MW hybrid renewable energy plant, targeting 65% green power usage and 150 million in annual savings.

Despite ongoing agrochemical challenges, Anupam Rasayan remains optimistic and well-positioned to seize emerging global opportunities.

Financial performance

Ratios	Numerator and Denominator	FY24-25		FY23-24		% of variance	Reason for variance
Current Ratio	Current Assets	23,333.46	1.37	20,449.23	1.61	-15.46%	-
	Current Liabilities	17,092.55		12,663.46
Debt-Equity Ratio	Total Debt	12,678.43	0.45	10,164.82	0.37	21.68%	-
	Shareholders Equity	28,050.77		27,365.51
Debt Ser- vice Cover- age Ratio	Profit After Tax + Non Cash + Interest	2,655.71	2.37	2,668.88	2.86	-17.09%	-
	Interest + Principal Repayments	1,118.58		932.03
Return on Equity Ratio	Profit After Tax	726.74	2.62%	1,172.93	4.60%	-43.02%	Decrease in return on equity ratio is on account of de- crease in profitability for the year.
	Avg. Shareholders Equity	27,708.14		25,479.98
Inventory Turnover Ratio	Sales	8,958.99	0.76	11,287.00	1.21	-36.69%	Decrease in current ratio is on account of increase in inventory levels.
	Average Inventory	11,729.59		9,356.30
Trade Receivables Turnover Ratio	Net Sales	8,958.99	1.50	11,287.00	2.46	-39.12%	Decrease in Receivable turnover ratio is on account of decrease in sales of the Company and increase in debtors due to extended payment terms offered to customers due to slowdown in the industry.
	Avg. Receivables	5,983.70		4,589.37
Trade Payables Turnover Ratio	Net Purchases	6,837.89	1.46	5,309.06	1.58	-7.68%	-
	Avg. Trade Payables	4,691.07		3,362.40
Net Capital Turnover Ratio	Net Sales	8,958.99	1.44	11,287.00	1.45	-0.98%
	Current Assets -	6,240.91		7,785.77
	Current Liabilities
Net Profit Ratio	Net Profit	726.74	8.11%	1,172.93	10.39%	-21.94%	-
	Net Sales Earnings Before	8,958.99		11,287.00
Return on Capital Employed	Interest and Tax Tangible Net Worth +	1,877.64	4.52%	2,610.45	6.79%	-33.48%	Decrease in return on capital employed is on account of decrease in profitability for the year.
	Total Debt + De- ferred Tax Liability	41,568.32		38,443.86
	Other Income	87.64	5.16%	70.08	2.80%	84.11%
Return on Investment	Average Cash, Cash Equivalents & Other Marketable Secu- rities	1,697.08		2,498.35			Increase in return on invest- ments ratio is on account of unfavourable foreign exchange fluctuation.

GRI CONTENT INDEX

GRI Standard	Disclosure	Location	Page No.
	2-1 Organizational details	About Anupam Rasayan
	2-2 Entities included in the organization’s sustainability reporting	About the report
	2-3 Reporting period, frequency and contact point	About the report
	2-4 Restatements of information	About the report
	2-5 External assurance	About the report
	2-6 Activities, value chain and other business relationships	About Anupam Rasayan
	2-7 Employees	Human capital > Our workforce
	2-8 Workers who are not employees	Human capital > Our workforce
	2-9 Governance structure and composition	Corporate governance > Corporate governance framework
	2-10 Nomination and selection of the highest governance body	Corporate governance > Board of Directors
	2-11 Chair of the highest governance body	Corporate governance > Board of Directors > Kiran Patel’s profile
	2-12 Role of the highest governance body in overseeing the management of impacts	Corporate governance > Board of Directors
	2-13 Delegation of responsibility for managing impacts	Corporate governance > Board of Directors
	2-14 Role of the highest governance body in sustainability reporting	Corporate governance > Board of Directors

GRI 2: General

	2-15 Conflicts of interest Corporate governance > Board of Directors
Disclosures
2021	2-16 Communication of critical concerns	Corporate governance > Grievance redressal mechanism for stakeholders
	2-17 Collective knowledge of the highest governance body	Not applicable
	2-18 Evaluation of the performance of the highest governance body	Corporate governance > Evaluation of Board performance
	2-19 Remuneration policies	Corporate governance > Board remuneration
	2-20 Process to determine remuneration	Corporate governance > Board remuneration
	2-21 Annual total compensation ratio	BRSR
	2-22 Statement on sustainable development strategy	Message from the Chairman From the MD’s desk
	2-23 Policy commitments	> Corporate governance > Policies
	2-24 Embedding policy commitments	Corporate governance > Policies
	2-25 Processes to remediate negative impacts	Corporate governance > Ethical practices and compliance
	2-26 Mechanisms for seeking advice and raising concerns	Corporate governance > Grievance redressal mechanism for stakeholders
	2-27 Compliance with laws and regulations	Corporate governance > Ethical practices and compliance
	2-28 Membership associations	Not applicable
	2-29 Approach to stakeholder engagement	Engaging with stakeholders
	2-30 Collective bargaining agreements	Social and relationship capital > Engaging with suppliers

GRI Standard	Disclosure	Location	Page No.
	3-1 Process to determine material topics	Double materiality assessment
GRI 3: Material Topics 2021	3-2 List of material topics	Double materiality assessment
	3-3 Management of material topics	Double materiality assessment
	201-1 Direct economic value generated and distributed	Financial capital > Economic value generated, distributed and retained
GRI 201: Economic Performance	201-2 Financial implications and other risks and opportunities due to climate change	Not applicable
2016	201-3 Defined benefit plan obligations and other retirement plans	Human capital > Employee benefits
	201-4 Financial assistance received from government	Financial capital > Economic value generated, distributed and retained
GRI 202: Market	202-1 Ratios of standard entry level wage by gender compared to local minimum wage	Not applicable
Presence 2016	202-2 Proportion of senior management hired from the local community	Not applicable
GRI 203: Indirect Economic	203-1 Infrastructure investments and services supported	Not applicable
Impacts 2016	203-2 Significant indirect economic impacts	Not applicable
GRI 204: Procurement Practices 2016	204-1 Proportion of spending on local suppliers	Social and relationship capital > Engaging with suppliers
	205-1 Operations assessed for risks related to corruption	Not applicable
GRI 205: Anti- corruption 2016	205-2 Communication and training about anti- corruption policies and procedures	Corporate governance > Ethical practices and compliance
	205-3 Confirmed incidents of corruption and actions taken	Corporate governance > Ethical practices and compliance
GRI 206: Anti- competitive Behavior 2016	206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices	Corporate governance > Ethical practices and compliance
	207-1 Approach to tax	Not applicable
GRI 206: Anti- competitive	207-2 Tax governance, control, and risk management	Not applicable
Behavior 2016	207-3 Stakeholder engagement and management of concerns related to tax	Not applicable
	207-4 Country-by-country reporting	Not applicable
	301-1 Materials used by weight or volume	Not applicable
GRI 301: Materials 2016	301-2 Recycled input materials used	Not applicable
	301-3 Reclaimed products and their packaging materials	Not applicable
	302-1 Energy consumption within the organization	Natural capital > Energy management and conservation > Anupam Rasayan’s energy conservation
	302-2 Energy consumption outside of the organization	Not applicable
GRI 302: Energy 2016	302-3 Energy intensity	Natural capital > Energy management and conservation > Anupam Rasayan’s energy conservation
	302-4 Reduction of energy consumption	Natural capital > Energy management and conservation
	302-5 Reductions in energy requirements of products and services	Natural capital > Energy management and conservation
	303-1 Interactions with water as a shared resource	Natural capital > Water management and conservation
	303-2 Management of water discharge-related impacts	Natural capital > Water management and conservation
GRI 303: Water and Effluents 2018	303-3 Water withdrawal	Natural capital > Water management and conservation
	303-4 Water discharge	Natural capital > Water management and conservation
	303-5 Water consumption	Natural capital > Water management and conservation
	304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas	Natural capital > Natural resources and biodiversity
GRI 304: Biodiversity 2016	304-2 Significant impacts of activities, products and services on biodiversity	Natural capital > Natural resources and biodiversity
	304-3 Habitats protected or restored	Natural capital > Natural resources and biodiversity
	304-4 IUCN Red List species and national conservation list species with habitats in areas affected by operations	Natural capital > Natural resources and biodiversity
	305-1 Direct (Scope 1) GHG emissions	Natural capital > GHG emissions
	305-2 Energy indirect (Scope 2) GHG emissions	Natural capital > GHG emissions
	305-3 Other indirect (Scope 3) GHG emissions	Natural capital > GHG emissions
	305-4 GHG emissions intensity	Natural capital > GHG emissions
GRI 305: Emissions 2016	305-5 Reduction of GHG emissions	Natural capital > GHG emissions
	305-6 Emissions of ozone-depleting substances (ODS)	Natural capital > Air emissions
	305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions	Natural capital > Air emissions
	306-1 Waste generation and significant waste- related impacts	Natural capital > Waste management
GRI 306: Waste 2020	306-2 Management of significant waste-related impacts	Natural capital > Waste management
	306-3 Waste generated	Natural capital > Waste management
	306-4 Waste diverted from disposal	Natural capital > Waste management
	306-5 Waste directed to disposal	Natural capital > Waste management
GRI 308: Supplier Environmental Assessment 2016	308-1 New suppliers that were screened using environmental criteria	Social and relationship capital > Engaging with suppliers Manufactured capital > Supplier management
	308-2 Negative environmental impacts in the supply chain and actions taken	Not applicable
	401-1 New employee hires and employee turnover	Human capital > Our workforce > New hires in FY 2024-25
GRI 401: Employment 2016	401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees	Human capital > Employee health and well- being > Employee benefits
	401-3 Parental leave	Human capital > Promoting diversity and inclusion > Parental leave

GRI Standard	Disclosure	Location	Page No.
GRI 402: Labor/ Management Relations 2016	402-1 Minimum notice periods regarding operational changes	Not applicable
	403-1 Occupational health and safety management system	Human capital > Employee health and well- being > Employee benefits
	403-2 Hazard identification, risk assessment, and incident investigation	Human capital > Employee health and well- being > Employee benefits
	403-3 Occupational health services	Human capital > Employee health and well- being > Employee benefits
	403-4 Worker participation, consultation, and communication on occupational health and safety	Human capital > Employee health and well- being
GRI 403: Occupational Health and Safety 2018	403-5 Worker training on occupational health and safety	Human capital > Employee health and well- being
	403-6 Promotion of worker health	Human capital > Employee health and well- being
	403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships	Human capital > Employee health and well- being
	403-8 Workers covered by an occupational health and safety management system	Human capital > Employee health and well- being
	403-9 Work-related injuries	Human capital > Employee health and well- being
	403-10 Work-related ill health	Human capital > Employee health and well- being
GRI 404: Training and Education 2016	404-1 Average hours of training per year per employee	Human capital > Employee training and development
	404-2 Programs for upgrading employee skills and transition assistance programs	Human capital > Employee training and development
	404-3 Percentage of employees receiving regular performance and career development reviews	Human capital > Employee training and development
GRI 405: Diversity and Equal Opportunity 2016	405-1 Diversity of governance bodies and employees	Human capital > Promoting diversity and inclusion Corporate governance > Board of Directors
	405-2 Ratio of basic salary and remuneration of women to men	Not applicable
GRI 406: Non- discrimination 2016	406-1 Incidents of discrimination and corrective actions taken	Human capital > Promoting human rights
GRI 407: Freedom of Association and Collective Bargaining 2016	407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk	Social and relationship capital > Engaging with suppliers
GRI 408: Child Labor 2016	408-1 Operations and suppliers at significant risk for incidents of child labor	Social and relationship capital > Engaging with suppliers
GRI 409: Forced or Compulsory Labor 2016	409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor	Social and relationship capital > Engaging with suppliers
GRI 410: Security Practices 2016	410-1 Security personnel trained in human rights policies or procedures	Not applicable
GRI 411: Rights of Indigenous Peoples 2016	411-1 Incidents of violations involving rights of indigenous peoples	Social and relationship capital > Community development
GRI 413: Local Communities 2016	413-1 Operations with local community engagement, impact assessments, and development programs	Social and relationship capital > Community development
	413-2 Operations with significant potential negative impacts on local communities	Social actual and relationship capital > Community development
GRI 414: Supplier Social Assessment 2016	414-1 New suppliers that were screened using social criteria	Not applicable
	414-2 Negative social impacts in the supply chain and actions taken	Not applicable
GRI 415: Public Policy 2016	415-1 Political contributions	Corporate governance > Ethical practices and compliance
GRI 416: Customer Health and Safety 2016	416-1 Assessment of the health and safety impacts of product and service categories	Social and relationship capital > Prioritising customers > Focus on customer health and safety
	416-2 Incidents of non-compliance concerning the health and safety impacts of products and services	Social and relationship capital > Prioritising customers > Focus on customer health and safety
	417-1 Requirements for product and service information and labeling	Social and relationship capital > Focus on customer health and safety
GRI 417: Marketing and Labeling 2016	417-2 Incidents of non-compliance concerning product and service information and labeling	Social and relationship capital > Prioritising customers
	417-3 Incidents of non-compliance concerning marketing communications	Social and relationship capital > Prioritising customers
GRI 418: Customer Privacy 2016	418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data	Social and relationship capital > Customer data protection and privacy

UNSDG

Sustainable Development Goal (SDG)	Pg. No.
Good Health and Wellbeing	Ensure healthy lives and promote well-being for all at all ages	Manufactured capital Social and relationship capital Human capital
Quality Education	Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all	Social and relationship capital Human capital
Gender Equality	Achieve gender equality and empower all women and girls	Social and relationship capital Human capital
Clean Water and Sanitation	Ensure availability and sustainable management of water and sanitation for all	Manufactured capital Natural capital
Affordable and Clean Energy	Ensure access to affordable, reliable, sustainable and modern energy for all	Manufactured capital Natural capital Financial capital
Decent work and Economic Growth	Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	Manufactured capital Intellectual capital Social and relationship capital
Industry Innovation and Infrastructure	Build resilient infrastructure, promote inclusive and sustainable industrialisation, and foster innovation	Human capital Financial capital Manufactured capital Intellectual capital
Reduced Inequality	Reduce income inequality within and among countries	Social and relationship capital Human capital
Sustainable Cities and Communities	Make cities and human settlements inclusive, safe, resilient, and sustainable	Social and relationship capital
Responsible Consumption and Production	Ensure sustainable consumption and production patterns	Financial capital Manufactured capital Intellectual capital
Climate Action	Take urgent action to combat climate change and its impacts by regulating emissions and promoting developments in renewable energy	Manufactured capital Natural capital
Life below Water	Conserve and sustainably use the oceans, seas and marine resources for sustainable development	Natural capital
Life on Land	Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss	Natural capital
Peace, Justice and Strong Institutions Partnerships for the Goal	Promote just, peaceful and inclusive societies Revitalise the global partnership for sustainable development	Manufactured capital Social and relationship capital Financial capital

UNGC

Fundamental Areas	Principles	Pg. No.
Human Rights Labour	Principle 1 - Businesses should support and respect the protection of internationally proclaimed human rights
	Principle 2 - Businesses should make sure that they are not complicit in human rights abuses
	Principle 3 - Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining
	Principle 4 - Businesses should uphold the elimination of all forms of forced and compulsory labour
	Principle 5 - Businesses should uphold the effective abolition of child labour
	Principle 6 - Businesses should uphold the elimination of discrimination in respect of employment and occupation
	Principle 7 - Businesses should support a precautionary approach to environmental challenges
Environment	Principle 8 - Businesses should undertake initiatives to promote greater environmental responsibility
	Principle 9 - Businesses should encourage the development and diffusion of environmentally friendly technologies
Anti-Corruption	Principle 10 - Businesses should work against corruption in all its forms, including extortion and bribery