iifl-logo

Everest Industries Ltd Management Discussions

449.95
(-1.71%)
Apr 2, 2025|02:29:58 PM

Everest Industries Ltd Share Price Management Discussions

OVERVIEW OF THE GLOBAL ECONOMY

Despite global economic growth surpassing expectations in 2023 and several major economies demonstrating notable resilience, the world economy remains plagued by multiple crises. Escalating geopolitical tensions and stringent financial conditions such as inflation and high interest rates present increased risks to both global trade and industrial production.

A global GDP slowdown is expected, projecting a decrease in growth from an estimated 2.7% in 2023 to 2.4% in 2024, indicating the persistence of anemic growth patterns. Developing economies are grappling with losses incurred during COVID, which has resulted in significant debt burdens and investment deficits.

OVERVIEW OF INDIAN ECONOMY

In its most recent World Economic Outlook update, the International Monetary Fund (IMF) has raised its growth projection for India, citing the countrys domestic demand showing greater resilience than anticipated. The IMF projections indicate the economy expanded by 6.7% in the FY 2023-24 in India up from its previous forecast of 6.3% made in the October 2023 update. Looking ahead, the IMF projects Indias GDP growth to remain stable at 6.5% for FY 2024-25 and FY 2025-26.

According to the IMF, the enhanced economic forecast is supported by heightened private and public expenditures despite stringent monetary policies. Factors contributing to this positive outlook include expanded labour force engagement, repaired supply chains and the decline in energy and commodity costs.

The Indian Economy Review Report, authored by the Chief Economic Advisor (CEA], further elaborated that over the next three years, India is poised to ascend to the position of the worlds third-largest economy, boasting a Gross Domestic Product (GDP) reaching $5 trillion. This anticipated milestone underscores the countrys sustained economic trajectory and highlights its emergence as a significant global player in the coming years.

The government has, however, set a higher goal of becoming a developed country by 2047. With the journey of reforms continuing, this goal is achievable. The reforms will be more purposeful and fruitful with the full participation of the state governments. The participation of the states will be fuller when reforms encompass changes in governance at the district, block and village levels, making them citizen-friendly and small business-friendly and in areas such as health, education, land and labour in which states have a bigger role to play.

The unification of the domestic markets brought in by adopting the GST incentivizes production on a larger scale while reducing logistics costs. The expansion of the tax base that the GST facilitates will strengthen the finances of the Union and state governments, enabling growth-enhancing public expenditures. The rising credibility of the RBI in restraining inflation will anchor inflationary expectations, providing a stable interest rate environment for businesses and the public to make long-term investment and spending decisions, respectively. Priority areas for future reforms include skilling, learning outcomes, health, energy security, reduction in compliance burden for MSMEs and gender balancing in the labour force. The strength of the domestic demand has driven the economy to an average of 8.3% plus growth rate in the last three years. As discussed in the previous sections, the robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last ten years. The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country. Accordingly, in FY25, real GDP growth will be 6.5%.

RURAL INDIA GROWTH

India relies significantly on its rural market to fuel its economy. In recent years, this segment has exhibited consistent growth, emerging as a pivotal force propelling economic expansion. The vast Indian rural market, encompassing around 70% of the nations population, has historically faced challenges such as insufficient infrastructure, restricted financial accessibility and a dearth of product and service awareness. Nonetheless, significant transformations have occurred in recent years, propelled by governmental endeavours and the advent of digital platforms.

One significant factor driving the growth of the rural market is the improvement in infrastructure. The Indian government has taken several iNiliatives to develop infrastructure in rural areas, including the Pradhan Mantri Gram Sadak Yojana (PMGSY), which aims to provide all-weather road connectivity to unconnected habitations and the Digital India Program, which seeks to connect rural areas with high-speed internet. These iNiliatives have made it easier for businesses to access rural markets and they have also made it easier for consumers to access products and services.

The Pradhan Mantri Jan Dhan Yojana (PMJDY) stands as a cornerstone iNiliative designed to ensure financial inclusivity across every household within the nations expanse. It strives to extend financial services to previously underserved rural areas. It not only facilitates easier access to banking facilities but also acts as a catalyst for the burgeoning rural economy.

Through the provision of basic banking ameNilies, this scheme fosters a conducive environment for economic empowerment and upliftment, thereby bolstering the overall socio-economic landscape of rural commuNilies. The Direct Benefit Transfer (? BT] scheme of the government has been a game-changer by significantly reducing leakages through increased transparency and empowerment of beneficiaries in rural areas.

The increase in disposable income, infrastructure improvement, the rise of e-commerce and the focus on financial inclusion are all factors contributing to this growth. As the rural market continues to grow, it presents significant opportuNilies for businesses looking to expand their operations and reach a wider audience.

URBAN INDIA GROWTH

Urbanization is expected to play a pivotal role in Indias economic landscape, with urban areas contributing a significant 75% to GDP by 2025, up from 63% previously. This urban shift is mirrored by a rise in city populations, with 68 cities projected to have populations exceeding one million by 2025, compared to 42 in 2021.

Indias population is expected to surge to 1.7 billion in 2047 with close to 51% of the individuals residing in urban areas. To accommodate the urban population, cities in India would reguire 230 million housing uNils by 2047. This projected data was shared as part of the Vision 2047 report, unveiled by the National Real Estate Development Council (NAREDCO). Resilient urban economics embodies the inherent ability of cities to endure unforeseen shocks and seamlessly adjust to evolving circumstances, all the while ensuring the preservation of economic stability and fostering growth.

The residential segment continues to drive the Indian real estate market, which is also reflected in the land deals it is generating. Amid all-time high residential demand, several large and listed developers and other entities continued to snap up land. Other than residential, commercial, retail, industrial, logistics and warehousing are also driving prime land deals in key locations across India. It is the Tier 2 and 3 cities that have once again emerged as redoubtable growth engines, thanks to their rapidly improving infrastructure and growth opportuNilies.

OUTLOOK

India is likely to remain the fastest-growing major economy in CY 2024, outpacing China, Brazil and other major economies. Indias growth story is built around themes such as embracing change, reinvention and adopting new technologies. Business leaders are taking proactive steps to ensure long-term viability, especially in the face of geopolitical uncertainty, climate change and technological disruptions. S&P Global Ratings expects Indias real GDP to expand at a rate of 6-7.1% annually during FY 2024-2026. The countrys economic fundamentals remain robust. India has risen to the fifth position as an investment destination for global CEOs, up from the ninth position in 2023. The countrys attractiveness for foreign investment continues to remain strong.

BUSINESS SEGMENT OVERVIEW ROOFING INDUSTRY OVERVIEW

The roofing industry encompasses a range of materials for residential, commercial and industrial construction. These materials include Asbestos Cement Sheets (ACS), non-ACS options, tiles, metal panels and shingles. The India Fiber Cement Roofing Market size is estimated at INR 6200 CR in 2024 and is expected to reach INR 7200 CR by 2029 based on a 3.0% CAGR. Fibre Cement Roofing volume market size is around 46-47 Lakhs MT and is growing at a CAGR of 1 %.

This growth is on account of the increasing demand for affordable housing. Cement roofing sheets are long-lasting, easy to install and provide value for money to customers. This makes them a popular choice for homes and buildings, especially in the rural sector of India. As rural India continues to grow, the demand for cement roofing sheets is also expected to grow. Additionally, urban growth is expected to create demand for non-asbestos cement roofing sheets in commercial and industrial segments. Flowever, the industry may face challenges from alternate roofing materials, fluctuating raw material prices and changes in government regulations.

The Indian Governments "Housing for All" iNiliative has spurred the development of affordable housing projects, amplifying the demand for roofing products suitable for such endeavours. This iNiliative targets various demographic segments, including economically weaker sections (EWS), low-income groups (LIG] and middle-income groups (MIG). Additionally, state governments have implemented housing policies targeting economically and socially disadvantaged groups, aiming to provide housing or land allotments along with essential ameNilies.

COST OVERVIEW

In the past FY, the company encountered significant hurdles stemming from rising labour and cement costs, alongside escalated prices of imported asbestos fibre. Geopolitical tensions, notably the conflict between Russia and Ukraine, disrupted supply chains, inflated input costs and conseguently impacted profitability. In response, the Company intensified efforts to enhance operational efficiency and implement costsaving measures. These strategic manoeuvres aimed to mitigate costs while maintaining the guality of its products.

Despite the formidable obstacle of escalating costs, the Company demonstrated resilience and unwavering dedication to its clientele. The company has also started sourcing asbestos from additional vendors to keep the overall price of asbestos under control.

PERFORMANCE OVERVIEW

There were challenges during the year due to sluggish market movement and subdued demand. However, Everest managed to defend its position and marginally increased its market share.

The Company adopted a proactive engagement strategy with its customers. It included various marketing campaigns and increasing channel penetration to develop close relationships with key partners and influeneers. These concerted efforts yielded favourable results, effectively mitigating the industry downturn. The company also bolstered brand visibility by launching targeted digital campaigns on multiple platforms, to boost digital sales and improve brand awareness.

Moreover, the Company prioritized innovation by leveraging consumer insights to refine product offerings and tailor marketing strategies. The company launched Everest Evercool, a tested and certified functional cool-roof solution suitable and tailor-made for the Indian climate. This customer-centric approach enabled the Company to anticipate and meet evolving consumer needs effectively. As a result, customer satisfaction levels have improved, fostering long-term loyalty and enhancing the Companys competitive edge in the market.

BOARDS & PANELS INDUSTRY OVERVIEW

With rapid urbanization and infrastructure development, the outlook is very positive for new-age building materials that enable faster and environment-friendly construction. CREDAI, in partnership with the Indian Green Building Council (IGBC], has pledged to certify 1,000 projects as green buildings over the next two years and 4,000 projects by 2030 in an aggressive move towards sustainability. GreenPro-certified products, like fibre cement products, will therefore be in demand.

The fibre cement board market is growing at a steady 12.5% CAGR and with capacity additions by key players, the market is expected to rise over the projected horizon. The total capacity is currently 9 Lakh MT and is projected to increase to 12 Lakh MT by 2025. The industry is operating at a capacity of 80% and competitive intensity is relatively high. The current competition is primarily driven by price, with the majority of business coming from large projects which is very cost competitive

Everest has differentiated offerings in the form of its value-added products and offers premium system solutions. It continues to improve its offerings in walls and cladding solutions, which comprise a significant part of the business. Products such as SuperH D, ArteSeries Textured Panels and R a pi con Solid Drywalls are increasingly being specified for exterior walls, cladding and building envelope systems due to their greater durability and safety compared to alternatives like gypsum, ACP and PVC.

COST OVERVIEW

The fiscalyearhas been characterized by stability on the costfront, with no significant setbacks observed for critical raw materials such as cement, pulp and silica. This favorable landscape has enabled the business to concentrate on enhancing contribution margins through the promotion of value-added offerings. The business has optimized manufacturing costs and achieved fairly good growth in contribution margin over the previous fiscal year.

PERFORMANCE OVERVIEW

Despite comparable sales volume to the previous year, Everest has delivered remarkable financial performance. This impressive growth can be attributed to the strategic emphasis on value- added sales and better distribution. Digital marketing iNiliatives have further bolstered brand visibility and product reach, underscoring Everests adaptability and agility in leveraging contemporary platforms for sustained growth.

ESBS

INDUSTRY OVERVIEW

Pre-Engineering Building (P E B ] infrastructure has guickly emerged as a swift and efficient solution for implementing large- scale projects. The primary benefits of PEB solutions encompass cost optimization, rapid and efficient deployment, functional adaptability and architectural versatility, all with the advantage of low maintenance and operating costs.

PEBs represent an innovative approach to warehousing construction, providing a host of advantages including ease of dismantling and relocation, alongside their environmentally friendly nature. In contrast to traditional construction methods that often generate substantial waste, PEBs offer a sustainable alternative that minimizes environmental impact.

The rapid industrialization observed in emerging economies such as India is expected to significantly expand the scope of the PEB market in the foreseeable future. Moreover, favourable government policies and iNiliatives promoting the construction of green buildings are poised to create fresh avenues of growth for PEBs in the years ahead.

The rapid industrialization observed in emerging economies such as India is expected to significantly expand the scope of the Pre-Engineered Building (PEB) market in the foreseeable future. Moreover, favourable government policies and iNiliatives promoting the construction of green buildings are poised to create fresh avenues of growth for PEBs in the years ahead.

COST OVERVIEW

Steel, a primary raw material in PEB manufacturing, saw lower and stable prices compared to the previous year and there was greater control over the raw material cost. The business benefited from regulatory support under the EPA and MoEF & CC for energy efficiency This combined with innovation in manufacturing, design and optimal use of resources enhanced the competitiveness of the PEB business.

PERFORMANCE OVERVIEW

In FY 2023-24, Everests PEB division encountered a challenging period. Despite this setback, the business uNil was able to create a healthy backlog compared to the previous year, indicating sustained demand for our PEB product and services.

FINANCIAL PERFORMANCE

FY 2023-24 presented challenges for the company, with overall revenue declining. The Roofing business saw growth driven by price increases, offset by the delayed start of the season in 2024. Boards and Panels business revenue remained stagnant due to capacity constraints despite market price adjustments. The Steel business experienced a significant revenue decline due to reduced volumes and pricing.

High inflation in asbestos fibre prices continued to impact the profitability of the Roofing business, although prices began to decrease in 2024, yielding benefits in Q4. Despite raw material cost challenges, the business implemented cost-saving measures in manufacturing and freight, along with reductions in discretionary spending to maintain profitability.

Boards & Panels faced volume delivery challenges but achieved strong profits through price increases and lower input costs. The Steel business struggled with low volumes throughout FY24 but saw a recovery in Q4, with an uptick in volume growth. Despite a healthy closing order book, lower volumes affected profitability.

During the year, the company optimized working capital by reducing inventories of asbestos fibre and steel, releasing over Rs. 100 crores in cash. Additionally, the disposal of certain unproductive assets, such as the Noida property and Nashik property, generated cash. Income tax refunds were also received through engagement with tax authorities, further enhancing cash flow. These cash inflows were judiciously utilized to finance the new plant under the subsidiary, effectively managing financing reguirements.

KEY FINANCIAL RATIOS:

Particulars 2023-24 2022-23 2021-22 2020-22
Return on Net Worth 4.00% 7.70% 8.40% 11.50%
Return on Capital Employed 4.70% 7.10% 12.30% 17.90%
Basic EPS 15.1 27.5 28.2 36.8
Debtors Turnover Ratio 15.3 19.9 23.9 19.3
Inventory Turnover Ratio 2.1 2.3 2.5 2.3
Interest Coverage Ratio 2.62 6.6 22.1 24.8
Current Ratio 1.3 1.5 1.4 1.4
Debt Eguity Ratio - 0.1 - 0.1
Operating Profit Margin 0.75% 2.10% 3.00% 7.20%
PBT Margin 1.52% 2.60% 4.90% 7.70%
Net Profit Margin 1.52% 2.60% 3.20% 4.70%

RISKS AND OPPORTUNILIES OPPORTUNILIES

The International Monetary Fund (IMF) revised its GDP growth forecast for India in the FY 2024-25, raising it by 30 basis points to 6.8%, as stated in its latest update to the World Economic Outlook (WEO). This adjustment was attributed to the buoyancy observed in domestic demand. The IMFs report highlights that Indias growth trajectory is expected to remain robust, with a projected growth rate of 6.8% in CY and 6.5% in CY 2025. This resilience is attributed to the sustained vigour in domestic demand and the steady increase in the working-age population. The governments dedication is apparent in its allocation of 3.3% of the GDP to the infrastructure sector for FY 2024, with a specific emphasis on enhancing the transport and logistics segments.

RISKS

Risk management is integral to Everests strategy. Efforts are being made to ensure that the risks are minimized or eliminated. Everest follows a structured integrated risk management approach. This includes stringent implementation and evaluation of appropriate policies, processes and periodic reviews with the Boards Risk Management Committee. It helps us to mitigate the potential risks. Some of the most important risks and risk mitigation strategies include:

RAW MATERIAL PRICE VOLATILITY

Chrysotile fibre, cement and steel are the primary raw materials used by the Company. Any fluctuation in raw material prices is bound to have an impact on the Companys profitability if it is not able to pass it on to the customers. The Company ensures that price increases are passed on to the customers and cost reduction actions are taken to contain the impact. The Company has also implemented procedures and processes in its procurement function to reduce the impact of raw material price volatility.

AVAILABILITY OF CHRYSOTILE FIBRE AND WOOD PULP

Chrysotile fibre and wood pulp are only available from a few vendors around the world. Some of them are based out of Russia. The ongoing war between Russia and Ukraine poses a risk for sourcing these raw materials. Flowever, Everest is deploying various de-risking iNiliatives to ensure a regular supply of these raw materials from other countries as well.

INCREASED COMPETITION IN FIBRE CEMENT BOARD (FCB) BUSINESS

Experienced international FCB manufacturers pose a threat by potentially entering the Indian market and establishing manufacturing facilities. Domestic competitors, responding to this threat, have increased capacity and might adopt aggressive pricing and credit terms. To counter this, the company has increased its manufacturing capacity and is enhancing awareness and engagement with key influencers and customers.

DEPENDENCE ON ROOFING BUSINESS

Historically, the Companys revenue and profits have relied heavily on the roofing business, rendering any disruption in this sector a significant risk. To mitigate this risk, the Company has diversified its product portfolio. The proportion of revenue generated from non-roofing segments has been steadily growing, reflecting the companys active involvement across various sectors of the Indian economy.

OVERVIEW OF HUMAN RESOURCES

At Everest, we believe in placing our employees first and our constant endeavour has been to provide a conducive and safe working environment that keeps our employees encouraged and engaged. We continually strive to foster a learning and achievement-oriented culture in our employees to drive excellence and guality.

Our workforce count stands at 1380 and 68 in our subsidiary Everest Buildpro Private Limited at the end of the year 2023- 24. To build a future-ready organization we focus keenly on our talent attraction, development and engagement and retention strategies.

The Core Values of Respect, Excellence and Integrity (REI) continuously drive the business decisions and people iNiliatives at Everest Industries. Values socialization is carried out across the company in a phased manner to inculcate the core values of REI. Senior leadership engages monthly with employees to reinforce the key principles of REI. All employees who join the organization, are taken through the understanding of the Core Values, during their Induction. Employees are encouraged to express their views freely during the monthly town hall and contribute towards culture building in the organization. For the last 3 years, the company has continued recognizing employees who have made an exemplary display of our values through the REI Awards. This year we had 34 recipients of MDs Award & 4 recipients of the Chairmans Award.

TALENT PIPELINE

We continued with our philosophy of attracting and grooming young and bright talent from good engineering colleges and business schools in India to build our talent pipeline. This year, we had MTs, Summer Interns, GETs (Mechanicsl/Electrical/Civil], DETs (Mechanical/Electrical) and M. Tech trainees who joined us.

EMPLOYEE ENGAGEMENT

Everest has undertaken numerous iNiliatives to improve employee engagement. This includes Everest Vidya Puraskar for children of employees who performed exceptionally well in the 10th & 12th grades.

Events like Family Day, Umang" a musical celebration of employee talent, Diwali, Navratri, Christmas, month-end celebrations and sports events were organized across locations where employees and their families had the opportuNily to bond and celebrate together as one Everest family.

Monthly Townhall sessions are conducted, and birthday celebrations held, play a crucial role in enhancing employee engagement. By promoting open communication, recognizing achievements and celebrating personal milestones, we create a supportive and dynamic work environment where employees feel valued and motivated to contribute their best.

An eight week long Health and Wellness program was organized for our women executives across locations to encourage and promote their health, fitness and work-life balance.

INDUSTRIAL RELATIONS

Cordial industrial relations were maintained across all the manufacturing locations. Long Term Settlements (LTS) were signed for Lakhmapur Works in June 2023 and Podanur Works in February 2024. MOU was signed with Calcutta Works Union in October 2023 for Bonus and ex-gratia payments to the Workmen. Manthan an iNiliative for collaboration among officers and workers to ensure safety, guality and improvement in the processes, began with Calcutta Works. Leadership Training was organized for all unions and section heads at Bhagwanpur Works, Lakhmapur Works and Calcutta Works by reputed faculty.

TALENT DEVELOPMENT

At Everest, we believe in continuous learning, upskilling and development to stay ahead of the competition. To support this mission, we have organized a variety of programs focusing on behavioral, functional and technical skills. We believe that Employee Health and Safety are paramount and we have conducted several training sessions on Road Safety & Defensive Driving across various locations. To address the development needs of our high-potential employees in sales and manufacturing, we partnered with two of the premier business schools (B Schools] in India - NMIMS conducted Sales Leadership Excellence Program for sales personnel, while SP Jain School of Global Management conducted Operational Excellence Program for our manufacturing and operations personnel. We also sponsored a few of our high-potential and critical role employees for Executive Development Programs with premier B Schools in India. Workmen training "Safalta ki Udaan" & Training for Union Leaders "Netrutva ek Junoon, were also organized with the intent to motivate & upskill our workforce. We also introduced Gurucool sessions, a knowledge-sharing platform covering various contemporary topics to benefit all our employees.

DIVERSITY AND INCLUSION

35 women employees were recruited during 2023-24. This constituted 11% of the total recruits for the year across distinct roles and geographical locations. Everest also launched ASMI, a Diversity and Inclusion platform that convenes regularly to facilitate a supportive work environment and nurturing women workforce in diverse roles.

OVERVIEW OF RESEARCH & DEVELOPMENT (R&D)

Overview of R&D

This year has been remarkable as we launched our Innovation Centre in Navi Mumbai, set to be a focal point for all our research and developmental efforts.

Facility Highlights:

Advanced Equipment

Our lab is equipped with the latest technology and equipment, providing our researchers with the tools they need to push the boundaries of technology. To ensure the highest quality standards for our products, we conduct rigorous testing of raw materials from all our plants, thus enhancing the quality and reliability of our products.

Interdisciplinary

Collaboration

The design of our lab encourages collaboration among researchers from different disciplines, fostering a culture of innovation and crosspollination of ideas.

Sustainability

Our vision is to minimize the carbon footprint of our products both during production and throughout their lifespan.

Safety and Compliance

The safety of our researchers and adherence to ethical and regulatory standards are paramount. Our lab is designed to meet the highest safety standards and is fully compliant with all relevant regulations.

Key Achievements

Innovation & New Product Development: The opening of our new research lab marks a significant milestone in our journey toward innovation and excellence. This year, Evercool has been successfully introduced into the market. Evercool not only provides energy savings but also contributes to a more comfortable indoor environment for our customers. Bio clean, another product has been launched and this board is highly effective, its easy-to- clean nature simplifies maintenance, making it an ideal choice for ceilings in food industries, healthcare facilities, data centers and pharmaceutical labs.

Cost-Saving Measures: Our efforts to reduce costs have yielded significant results. By sourcing asbestos fibre from an alternative supplier, we saved a substantial amount. Additionally, the use of waste material led to a cost saving further highlighting the economic benefits of our sustainability iNiliatives. The team has also reduced costs by incorporating a novel blend of various fibres and substituting them with alternative fibres and sources.

OVERVIEW OF INFORMATION TECHNOLOGY (IT)

Digital technology serves as a powerful business enabler, transforming the way Everest operates and delivers value to stakeholders. Digital tools and platforms invested at Everest over the last couple of years are streamlining operations and fueling business growth.

Enhanced customer experience through CRM system: CRM system gives personalized and efficient experience to customers by streamlining customer data and communication. It has empowered our sales force by having a unified mobile-based platform for sales operations including beat planning and complaint handling.

Enhanced user experience: Modern and intuitive user interface is accelerating transaction processing and improved operational efficiency. Digital project managesment system provides intelligent progress tracking, moNiloring and collaboration in delivering projects.

Through cloud-first strategy, automation, process optimization and data-driven insights we are improving efficiency and productivity at Everest

EHS OVERVIEW

Everest Industries Ltd is cognizant of its impact on the environment and the well-being of its employees. Manpower is the Companys biggest asset and it takes utmost care to ensure the safety and health of its entire workforce. Key highlights and iNiliatives in that direction are:

Elevating EHS Standards: Everest has undertaken a comprehensive baseline study to fortify its Environmental, Health and Safety (EHS) Management system. This study encompasses incident analysis, assessment of internal and external factors, stakeholder feedback and alignment with ESG/BRSR guidelines.

Safety Excellence: Ensuring the safety of the employees is paramount. There are ongoing efforts towards fostering a thought-based EHS culture transcending conventional behavior- based safety practices. Through ongoing investments in cutting- edge technologies and streamlined processes, the Company strives to enhance workplace safety.

Environmental INiliatives: This covers promoting sustainability iNiliatives such as water conservation and renewable energy adoption.

Continuous Improvement: We are resolute in our efforts to maintain an efficient workplace, facilitated by robust top- down leadership to identify and address hazards and explore improvement opportuNilies. Regular training and awareness programs are integral to our workforce development strategy, ensuring the continual enhancement of skills and competencies across all levels of the organization.

OVERVIEW OF CSR - EVEREST FOUNDATION

Everest Industries Limited has formed Everest Foundation (a section 8 company) to drive its CSR iNiliatives to improve peoples lives by creating a sustainable impact through longterm partnerships, commuNily relationships and employee engagement in the areas we operate.

Education

Everest Foundation caters to projects for the target group of adolescents and youth in the thematic areas of Livelihood, Education, Health and the Environment.

The livelihood projects were conducted at various locations including Kaithal, Jaipur, Lucknow, Indore, Guwahati and Balasore. A total of 490 youth underwent training in the courses of Assistant Electrician, Fitter Fabrication, Drywall Construction and Roof Sheet installation.

The education projects were conducted in government schools where adolescents have been provided training in extracurricular courses and skill sets of Beauty and Wellness, Mobile Repairing, Robotics and Home Appliances Repair. The one-to- one counseling sessions with the adolescents and parents have truly brought a significant positive change amongst both parents and teachers. A total of 460 adolescents attended and completed the training successfully simultaneously with their regular school syllabus with an average attendance of nearly 91%.

Healthcare

The health and environment projects were conducted to create awareness of the effects of tobacco consumption for school students and nearby commuNilies. Under this iNiliative, students, teachers, principals, staff and doctors of Primary Health Centre, Anganwadi Sevikas, ASHA workers, administration level officers from Health and Education departments, elected members, youth and villagers have been reached out and sensitized on diseases that emerge due to tobacco use. A total of 66238 students and 6839 stakeholders were covered through volunteers, master trainers and cluster coordinators, by conducting engaging and interaction sessions on tobacco harmfulness. Moreover, a total of 708 schools were declared as tobacco-free premises in collaboration with Salaam Mumbai Foundation as per the guidelines of the Cigarette and Other Tobacco Product Act 2003.

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.