Advancing innovative and sustainable packaging solutions
Huhtamaki India, a part of internationally acclaimed Huhtamaki Group, brings over a century of proficiency in packaging and labelling solutions. Committed to innovation, sustainability, and excellence, the Company continues to expand its horizon, creating solutions that inspire and protect.
Huhtamaki India prioritises safety, hygiene, and environmental responsibility, extending the scope of its solutions beyond mere functionality. With a firm focus on the creation of sustainable packaging, the Company stays committed to meeting evolving customer needs, while minimising environmental impact.
Serving key industries like food & beverages, pharmaceuticals, and personal care, Huhtamaki India delivers best-in-class, cost-effective solutions, designed to maintain product integrity, while enhancing consumer experiences.
The Company is shaping the future of packaging by driving responsible manufacturing and sustainable innovation. On its way forward, Huhtamaki India envisions to create solutions that are greener, smarter, and more efficient, paving the way for a sustainable tomorrow for generations to come.
Global economic review: Stability amidst transitions
The year 2024 witnessed the global economy charting a path of steady yet measured growth, driven by calibrated inflation control and dynamic policy adaptations. The GDP expanded by 3.2%, slightly trailing historical trends, as advanced economies maintained a moderate pace amidst structural shifts, while emerging markets continued to demonstrate resilience.
Key economic indicators of economic stability signalled the effectiveness of central banks interventions in taming earlier inflationary pressures, with global headline inflation to more manageable levels by year-end. This stabilisation fostered a more predictable macro-economic environment, offering businesses and investors the favourable platform for a smoother transition into 2025.
Resilient consumer demand and structural adaptations were instrumental in sustaining growth amidst the prevailing volatilities. Encouragingly economies with strong markets, such as India, continued to make their mark with buoyant industrial activity and rising consumer spending. Indias robust growth trajectory reinforced its position as a prime driver of global economic optimism, creating substantial opportunities for businesses operating in this dynamic landscape.
Global Growth Forecast (%) |
|||
Estimates | Projections | ||
CY2024 | CY2025 | CY2026 | |
World | 3.2% | 3.3% | 3.3% |
Advanced Economies | 1.7% | 1.9% | 1.8% |
Emerging Markets and | 4.2% | 4.2% | 4.3% |
Developing Economies |
(Source: International Monetary Fund (IMF))
Key factors shaping the economic landscape
Balancing inflation control with growth
A key theme of 2024 was the delicate balancing act by policymakers, as they navigated the dual mandate of inflation control and economic expansion. Strategic monetary tightening successfully tempered price pressures without significantly hampering growth, allowing many advanced economies to make noteworthy progress towards their inflation targets while maintaining financial stability.
Stabilisation in global commodity markets
Following a period of volatility, supply chain improvements and moderated price increases led to greater cost stability across industries. This more predictable pricing environment proved particularly advantageous for raw material-reliant sectors, fostering a more investment-friendly climate for businesses prioritising efficiency and innovation.
Technological and sustainability-driven structural shifts
The industry landscapes continued to be redefined by the rapid integration of technology and a growing emphasis on sustainability. Businesses and governments worldwide viewed these shifts as catalysts for modernisation and resilience-building. This global transformation aligned well with the forward-thinking strategies of organisations like
Huhtamaki India.
Evolving global trade policies and market coordination
Greater transparency in international trade practices played a pivotal role in mitigating policy uncertainties, leading to more stable supply chain dynamics and boosted investor confidence. While certain regulatory challenges persisted, the overall environment paved the way for smoother cross-border commerce and strengthened global market coordination, fostering a more resilient and inter-connected global economy.
Indias rising economic prominence
Once again, India proved its mettle as a key driver of global economic momentum, drawing traction from proactive measures and robust domestic demand. This economic dynamism created expanding opportunities for businesses operating in the region, reaffirming Indias stature as a leading investment destination and a torchbearer of global growth.
Outlook: Steady growth ahead
The global economy is expected to maintain a trajectory of cautious yet steady growth, with projections indicating 3.3% expansion in both 2025 and 2026. The disinflationary trend is set to continue with headline inflation easing further, reaching 4.2% in 2025, while falling further to 3.5% in 2026. As inflationary pressure subsides, advanced economies are expected to pivot from restrictive monetary policies to a more accommodative stance. Meanwhile, emerging markets, led by India, are poised to sustain their strong momentum with growth forecasts around 4.3%. This boisterous landscape present significant opportunities for businesses operating high-growth regions.
Policymakers are expected to strike a fine balance between fiscal prudence and growth-oriented monetary strategies, ensuring stability while laying the groundwork for structural reforms, innovation, and long-term resilience. This measured approach will support global recovery and strengthen economic foundations for the future.
Indian economy: Resilient growth amidst global uncertainties
India is expected to register a 6.4% growth rate in FY 2024-25, according to the first advance estimates of national accounts Reflecting a robust resilience amidst global economic vulnerabilities, this forecast further highlights the efficacy of the nations strong fundamentals and policy measures.
Key drivers of this sustainable momentum include structural reforms, accelerated digital transformation, and rapid infrastructure development. Meanwhile, targeted government interventions continue to sustain economic expansion, whereas stable consumption patterns and an improving market further reinforce growth. The economys resilience is underpinned by strong performances in agriculture and services, along with steady private consumption and macroeconomic stability.
Technology and workforce transformation
The rise of Artificial Intelligence (AI) is reshaping Indias labour market, boosting productivity, workforce capabilities, and job opportunities. With a young and adaptable talent pool, India is well-positioned for AI integration, though upskilling remains crucial for maximising these opportunities. Moreover, government initiatives like Skill India, Start-Up India, and Stand-Up India are playing pivotal roles in fostering entrepreneurship, employment, and financial inclusion, leading to enhanced economic sustainability and female workforce participation.
Union Budget 2025-26, strengthening growth and inclusivity
The Union Budget 2025-26 prioritises stimulating private investment, boosting household confidence, and strengthening middle-class spending power. Emphasis and investments in infrastructure, digital transformation, and sustainability serve as key enabler for propelling Indias growth trajectory, fostering innovation and job creation. By balancing fiscal prudence with progressive policies, the budget positions India as a global economic leader, empowering businesses and citizens alike.
Outlook: Navigating challenges and seizing opportunities
Indias economic outlook for FY 2025-26 remains balanced amidst geopolitical uncertainties, trade disruptions, and potential commodity price volatility.
While external challenges persist, the domestic growth momentum is expected to remain buoyant, driven by sustained private investment, enhanced consumer confidence, and accelerated corporate wage growth. Rural demand is expected to strengthen with a rebound in agriculture, easing food inflation, and macroeconomic stability.
To sustain medium-term growth, India must deepen structural reforms and advance grassroot-level deregulation to further amplify global competitiveness A business-friendly environment will be critical in mitigating external risks and support long-term economic resilience.
Looking ahead, India is on track to emerge as a USD 7 trillion economy by 2031 (Source: The Economic Times), solidifying its position as the worlds third-largest economy. This expansion will be fueled by capital formation, productivity growth, . and seamless integration of digital and physical infrastructure. Additionally, manufacturing sector is set for a resurgence, driven by strategic pivot towards green energy, domestic policy support, and enhanced global opportunities.
Global packaging industry: Growth driven by sustainability and innovation
The global packaging industry is in the midst of an accelerated transformation, drawing traction from sustainability imperatives, technological advancements, and evolving consumer preferences. Expected to clock a CAGR of 3.89% between 2025 to 2030, the market is being driven by key enablers, including growing e-commerce activities, rising demand for sustainable packaging solutions, and heightened innovations in materials science and automation.
Among key segments, flexible packaging is witnessing steady growth, with a projected CAGR of 3.38% in production volume. With lightweight, cost-efficient, and environment-friendly properties, this segment has emerged as the preferred choice across a varied range of industries, including food & beverages, pharmaceuticals, and personal care. With a growing focus on bio-based and recyclable materials, flexible packaging segment continues to play an increasingly crucial role in the industrys sustainability agenda.
Regulatory frameworks worldwide are reinforcing the shift towards eco-friendly packaging alternatives, prompting businesses to invest in circular economy initiatives, biodegradable materials, and advanced recycling technologies to align with global sustainability goals. The future of packaging lies in a harmonised approach to innovation, regulatory compliance, and environmental responsibility, positioning packaging as a key enabler of global trade, convenience, and sustainable development.
Annual Report 2024
Rapid urbanisation and changing consumer demographics
Rapid urbanisation and evolving consumer demographics are reshaping the global packaging industry, accelerating demand for innovative, sustainable and functional solutions. growing rural-urban migration, fast-paced urban lifestyles continue to fuel the demand for convenient, single-use, and on-the-go packaging. Higher consumption rates and the expansion of e-commerce, particularly in densely populated areas, are further increasing demand for robust and protective packaging to ensure product integrity during transit. This trend is particularly evident in emerging markets, especially in Asia, where rising disposable incomes are multiplying the demand for packaged goods.
At the same time, changing demographics including a growing middle class and smaller household sizes are reshaping packaging preferences. Consumers increasingly prioritise smaller, portable, and sustainable packaging that aligns with their consumption patterns. Furthermore, growing environmental consciousness is driving demand for eco-friendly, recyclable, and resource-efficient materials, prompting manufacturers to innovate and adopt sustainable yet functional packaging solutions.
Sustainability concerns and regulatory pressures
Rising awareness about the industrys environmental impact and stricter regulations on packaging waste are accelerating the shift towards sustainable packaging solutions. The industry is focusing on recyclable, reusable, and biodegradable materials to reduce waste and lower its carbon footprint.
Innovation and smart packaging
The global packaging industry is undergoing a revolution with the advent of smart packaging which integrates advanced technologies to enhance product safety, extend shelf life, and improve consumer engagement. These advancements are driven by the need for more efficient supply chains, better product traceability, and heightened consumer demand for interactive and informative packaging.
Key innovations include active packaging, which incorporates components like oxygen scavengers and moisture regulators to maintain product quality. Intelligent packaging utilises sensors and indicators, such as time-temperature indicators, to monitor product conditions. Nanotechnology enhances packaging materials by providing improved barrier properties and antimicrobial features. The integration of the RFID (Radio Frequency Identification) and Internet of Things (IoT) enables real-time tracking and better inventory management.
Additionally, the development of sustainable materials, including biodegradable films and coatings, addresses environmental concerns.
These innovations offer a multitude of advantages, essential functional requirements, while simultaneously addressing the growing consumer demand for transparency, safety,andsustainabilityinproducts.Astechnology to advance, smart packaging solutions are expected to become more prevalent, presenting cutting-edge features that benefit both consumers and manufacturers.
Increased demand for flexible packaging
Flexible packaging is revolutionising the food packaging industry, commanding over 60% of the market share. Its unique properties, including cost efficiency, lightweight nature, and versatility make it a preferred choice, significantly downsizing material usage, lowering transportation costs, and enhancing sustainability. A key factor in this shift is the adoption of high-barrier films, which are increasingly replacing traditional rigid formats like glass jars and metal tins. films offer superior protection, extended shelf life, and improved barrier properties, aligning with the industrys move
Supply chain optimisation and cost efficiency
Given the growing disruptions within the global supply scenario, the packaging industry is prioritising cost efficiency and resilience through innovative strategies. Advancements in lightweight materials and upgradation in manufacturing techniques are enabling companies to cut down production costs, while maintaining performance and durability. Additionally, logistics-friendly packaging solutions, such as stackable, collapsible, and modular designs, are improving transportation and storage efficiency, leading to lower costs and reduced environmental impact. As geopolitical tensions and raw material shortages continue to challenge global trade dynamics, the industry is accelerating its shift towards flexible, nearshore, and localised packaging solutions, ensuring supply chain stability and business continuity.
Growth, innovation, and market expansion
The Indian packaging industry is undergoing unprecedented expansion, driven by rapid urbanisation, a rising middle class, and evolving consumer preferences. As the consumption pattern shifts, the demand for flexible packaging is accelerating across industries.
India, with a projected CAGR of 6.7% from 2025 to 2030, is emerging as a major player in the global packaging market. The countrys robust positioning is further accentuated by the dominant role of the Asia-Pacific region (which includes India), that holds a staggering 39% share of the global market, outpacing North America (28%) and Europe (26%). Advancements in sustainable materials, smart packaging solutions, and regulatory shifts prioritising eco-friendly alternatives are further fuelling this growth momentum.
Indias packaging sector presents a dynamic milieu of economic opportunities. The flexible packaging segment, with a significant market share, is expected to achieve a robust 11.46% CAGR from 2025 to 2030. A synergy of factors, including the rising demand for sustainable solutions and continuous technological advancements, are driving this accelerated expansion, positioning India to lead the next wave of sustainable packaging revolution.
Indias competitive edge in packaging
Indias packaging sector benefits from distinct competitive advantages that position it for sustained growth:
Cost-effectiveness: Indian manufacturers achieve up to 40% cost savings compared to their European counterparts, driven by lower food processing costs and a skilled talent pool.
Source: Mordor Intelligence
Government Support: Policies like Make in India and
GST reforms are fostering a favourable ecosystem for advanced packaging infrastructure, attracting both domestic and international investments.
E-commerce expansion
Indias e-commerce market is poised to become the third-largest sector by 2030, substantially boosting up the demand for advanced and customised packaging solutions. At the backdrop of rapid digital adoption, growing internet penetration, and an increasingly convenience-driven consumer base, the need for protective, sustainable, and innovative packaging is accelerating faster than ever. To tap into this growth potential, businesses are actively seeking invest in lightweight, durable, and tamper-proof materials that ensure product safety while optimising logistics costs.
Rising middle-class consumption
The surging middle-class population in India, coupled with growing disposable incomes, is tilting the consumer preferences towards high-quality, premium, and well-packaged products. Commensurate with changing lifestyle, convenience and extended shelf life are becoming essential attributes that the middle-class is prioritising, particularly in the domains of food and beverages. Brands are leveraging tohigh-barrier packaging, resealable pouches, and portion-controlled packs to cater to evolving consumer lifestyles that emphasise on-the-go consumption and freshness retention.
Sustainability imperatives
Sustainability is no longer a choice it is a business necessity. Regulatory mandates and growing environmental awareness among consumers are compelling companies to adopt eco-friendly packaging solutions. Given this backdrop, the focus is shifting towards:
Technological innovation
The industry is in the middle of significant innovation bio-based polymers, high-barrier films, and nanotechnology to improve packaging performance and reduce environmental impact. Accentuating the momentum further, smart packaging technologies such as RFID tracking, QR codes, and intelligent freshness indicators are gaining traction, particularly in food and pharmaceutical sectors.
Downstream industry opportunities
The packaging industry is transforming rapidly, going beyond mere functionality, to emerge as a leading enabler of convenience, branding, and sustainability. With food processing leading with 45% market share, fueled by lifestyle shifts and food delivery growth, innovation and eco-conscious solutions are redefining the industrys future. playing pivotal roles in diverse sectors, the packaging industry is increasingly reshaping consumer experiences.
Rising middle-class consumption
The surging middle-class population in India, coupled with growing disposable incomes, is tilting the consumer preferences towards high-quality, premium, and well-packaged products. Commensurate with changing lifestyle, convenience and extended shelf life are becoming essential attributes that the middle-class is prioritising, particularly in the domains of food beverages. Brands are leveraging high-barrier packaging, resealable pouches, and portion-controlled packs to cater to evolving consumer lifestyles that emphasise on-the-go consumption and freshness retention.
Pharmaceutical industry
The Indian pharmaceutical sector is on a sound growth trajectory, with the estimated market size reaching USD130 billion by 2030 and USD450 billion by 2047. This robust expansion, driven by increasing public health awareness, is fuelling demand for safe, compliant, and sustainable packaging that ensures product integrity and regulatory adherence. Accounting for 25% of the packaging market, the sector is embracing advanced materials that improvee protection, extend shelf life, and augment user convenience while aligning with sustainability goals. (Source: forbes.com)
Personal care and cosmetics industry
The beauty and personal care market in India was valued at approximately USD28 billion in 2023, with projections reaching USD34 billion by 2028, demonstrating rapid advancement. This expansion necessitates high-quality and sophisticated packaging solutions to meet consumer expectations and regulatory standards, significantly impacting the packaging industry. Moreover, the increasing penetration of e-commerce platforms further emphasises the need for durable and aesthetically pleasing packaging that ensures product integrity during transit, while enhancing the unboxing experience. Companies that prioritise innovation packaging design and materials are well-placed to leverage these dynamic market preferences. (Source: Business Standard)
E-commerce industry
The e-commerce market in India is experiencing rapid growth, expanding from USD147.3 billion in 2024 to an estimated USD292.3 billion by 2028, registering a CAGR of 18.7%. This sound surge, in turn, is significantly boosting the demand for advanced packaging solutions especially in logistics and shipment. As online retail continues to flourish, demands for packaging that ensures product safety during transit, enhances customer experience, and promotes sustainability consistently surge. Consequently, there is a growing need for innovative materials and designs that withstand shipping in challenges, while minimising environmental impact. The packaging sector is strategically poised to capitalise on this momentum by developing solutions tailored to the evolving requirements of e-commerce businesses and cons-umers. (Source: )retailasia.com)
Outlook
Looking ahead, the packaging industry stands at the threshold of a transformative era, driven by the twin imperatives of sustainability and technological advancements. Growing awareness about the environment and mounting regulatory pressures are accelerating the demand for eco-friendly packaging solutions, with rapid innovations in biodegradable, compostable, and recyclable materials. At the same time, smart packaging technologies are redefining industry standards by enhancing product safety, optimising shelf life, and boosting supply chain efficiency. As businesses navigate this dynamic landscape, they must proactively invest in sustainable materials, automation, and digital transformation to sharpen their competitive edge. Future belongs to those who embrace these advancements, unlock new opportunities, drive long-term value creation, and meet evolving consumer and regulatory expectations.
Company overview
Financial and operational
In 2024, Huhtamaki Indias revenue from at 25,211.8 million (net of GST), reflecting almost a flat trajectory compared to 25,494.4 million in 2023.
EBITDA (before exceptional 1,509.9 million compared to 2,101.8 million in 2023.
The average return on equity (RoE) for 2024 was 7.5% compared to 43.0% in 2023.
The market capitalisation of was recorded at 20,663 million as of 31 December 2024.
Revenue from operations performance
Year |
Turnover |
2020 | 24,627.0 |
items) for 2024 was clocked at | |
2021 | 26,252.8 |
2022 | 29,829.2 |
2023 | 25,494.4 |
2024 | 25,211.8 |
Debt Working and Capital Returns
Gross Debt: As of December 31, 2024, gross debt was 1,014.7 million, reflecting a decrease of 50% from 2,029.5 million as on December 31, 2023.
Debt working and capital returns
Year |
2023 | 2024 |
Inventory | 2,698.9 | 2,502.2 |
Debtors | 5,510.0 | 5,703.9 |
Current liabilities | 5,851.5 | 5,771.8 |
Loans and advances | 764.3 | 761.8 |
Cash flow from operations | 2,735.8 | 1,423.4 |
Return on equity (RoE) (%) | 43.0% | 7.5% |
Return on capital employed (RoCE) (%) | 11.9% | 8.0% |
Key financial ratios
Name of ratio |
2023 | 2024 | Explanation for significant change (above 25%) |
Current ratio | 2.2 | 2.1 | The ratio has improved due to reduction in total borrowings |
Debtors Turnover ratio | 4.1 | 4.4 | |
Inventory Turnover ratio | 8.7 | 9.4 | |
Debt-equity ratio | 0.2 | 0.1 | The decrease is primarily on account of higher exceptional income during 2023. |
Debt service coverage ratio | 1.1 | 1.2 | |
Net profit ratio (in %) | 16.1% | 3.5% | |
Return on net worth | 43.0% | 7.5% |
Risk Management
Huhtamaki India adopts a rigorous and forward-thinking approach to risk management, seamlessly integrating it into the Companys strategic and operational planning. The Risk Committee, operating within a robust risk management framework, is guided by Huhtamaki Group Enterprise Risk Management (ERM) Policy. Through regular meetings, the Committee continuously evaluates emerging risks, their potential impacts, and the subsequent implementation of mitigation strategies, fortifying business resilience ensuring long-term growth.
Understanding and addressing key risks
Huhtamaki India recognises the dynamic nature of the business environment, where risks and opportunities coexist. The Companys future growth hinges on its agility in predicting and responding to changes, coupled with its commitment to innovation, particularly in developing sustainable packaging solutions.
Macro-level risks
A host of factors, including economic volatility, geopolitical instability, and global disruptions have the potential to impact business performance. Recent events, such as the Ukraine conflict, have further highlightedthe importance of economic resilience.
Mitigation
Continuous Monitoring: Tracking global economic and geopolitical developments to assess potential impacts.
Business Agility: Implementing flexible business strategies to remain agile to shifting market conditions.
Risk Diversification: Expanding operations across multiple geographies to reduce dependency on specific markets.
Regulatory risks
Evolving regulations related to material bans, sustainability mandates, and compliance requirements extensively impact the packaging industry. Changes in the legal framework have the potential to affect product formulations, supply chain dynamics, and overall operational landscape of the business.
Mitigation
Evidence-Based Advocacy: Engaging with regulatory bodies and stakeholders to highlight the benefits of packaging in food safety, hygiene, and waste reduction.
Early Regulatory Tracking: Monitoring policy developments to effectively align product development and commercialisation efforts.
Sustainability Integration:Innovating sustainable packaging solutions that comply with emerging regulations.
Competitive and customer-related risks
Evolving competitive landscape and dependence on a narrow customer base have the potential to affect business stability. Consumer preferences and technological advancements lead to rapid changes in market dynamics.
Mitigation
Customer Engagement: Maintaining active dialogue with customers to understand and respond to their evolving needs.
Cross-Functional Collaboration: Encouraging innovation through partnerships across functions, ensuring adaptability to market changes.
Diversification Strategy:Expanding the customer base to reduce dependency on specific clients.
Technological and operational risks
The risk of technological obsolescence and operational inefficiencies can significantly impact productivity and competitiveness. Failing to adopt cutting-edge technologies may lead to suboptimal productivity, reduced efficiency and aggravated costs.
Mitigation
Continuous R&D Investment: Allocating resources to research, innovation, and product development.
Intellectual Property Protection: Safeguarding proprietary technologies through patents and trade secrets.
Strategic Partnerships: Collaborating with technology providers to stay ahead of industry trends.
Human resource risks
The ability to attract, develop, and retain key talent is critical for business success. A shortage of expertise in critical areas can impact productivity and innovation.
Mitigation
Talent Development Programmes: Investing in employee training, career development, and leadership succession planning.
Retention Strategies: Offering competitive compensation, benefits, and work-life balance initiatives.
Diversity and Inclusion: Fostering an inclusive work environment to attract a diverse talent pool.
Operational and financial risks
Fluctuations in raw material prices, energy costs, and supply chain disruptions can potentially hamper profitability and financial stability.
Mitigation
Supplier Diversification: Establishing a broad network of suppliers to effectively ensure supply chain resilience and reduce uncertainties.
Contractual Safeguards: Negotiating long-term contracts to manage cost volatility.
Market Intelligence: Analysing market trends closely to anticipate and respond to price changes effectively.
Cybersecurity and compliance risks
Cyber threats and regulatory non-compliance can jeopardise data security, affect business continuity, and damage corporate reputation.
Mitigation
Robust IT Security: Implementing advanced cybersecurity infrastructure, including real-time threat detection and response systems.
Disaster Recovery Planning: Formulaing contingency plans to tackle potential cyber incidents.
Regulatory Compliance Programmes: Conducting regular training and audits to ensure adherence to legal requirements.
Environmental, Social, and Governance (ESG) risks
Regulatory changes, environmental impact, and corporate social responsibility concerns play n: pivotal role in shaping business sustainability and reputation.
Mitigation
Incorporating ESG considerations into product Sustainability design and operational strategies.
Stakeholder Engagement: Strengthening collaborations with customers, regulators, and communities to enhance ESG performanc and drive responsible business practices.
Transparency and Reporting: Maintaining regular disclosure of ESG initiatives and progress to build trust among stakeholders.
Compliance risks
Non-compliance with legal, regulatory, and ethical standards may lead to financial penalties, reputational setback, and operational disruptions
Mitigation
Regulatory Adherence: Maintaining rigorous adherence to all applicable laws . and regulations.
Ethical Business Practices: Upholding corporate governance principles and ethical conduct.
Internal Audits and Controls: Conducting regular compliance audits to effectively identify and address potential risks.
Focus Areas for 2025
Huhtamaki India is executing well-defined strategies driving sustainable growth through well-defined strategies that align innovation with environmental stewardship.
People: A culture of safety and engagement
The Company prioritises the safety of every employee. It stays committed to foster a workplace ecosystem where individuals feel valued, engaged, and motivated. By investing in workforce empowerment and retention, Huhtamaki India provides growth opportunities, while upholding its core values and highest ethical standards.
for
Innovation: First-to-market sustainable productsThe Company is at the forefront of market leadership, driving innovation in sustainable packaging. Committed to develop solutions that keep Huhtamaki India ahead of the competition, the Company leverages its strong product development capabilities to create value-driven offerings that meet evolving customer needs.
Operational excellence: productivity, efficiency, and cost competitiveness
The Company focuses on building a lean, cost-effective, and highly productive organisation to achieve operational excellence. By streamlining operations and establishing a unified business plan, Huhtamaki India ensures alignment across the Company and transparent measurement of progress. Maximising plant utilisation remains a key focus enhancing efficiency and competitiveness.
Leading the future of sustainable packaging
The Company aims to emerge as the preferred choice in sustainable solutions, crafting a future where packaging enhances accessibility, ensures hygiene and safety, prevents waste, and drives global progress.
Sustainability is central to Huhtamaki Indias 2030 Strategy, driving innovation in eco-friendly solutions. Anchored three ESG pillars environment, social, and governance the Company remains focused on reducing its environmental footprint while creating lasting value for stakeholders, consumers, and society.
Human Resource
Since 2024, Huhtamaki India has continued to prioritise the safety, well-being, and growth of its people, recognising that employees are the driving force behind an organisations success. The Companys people strategy is focused on fostering a culture of high performance, inclusion, and personal development. The Company believes that a strong workforce, aligned with its core values of Care, Dare, and Deliver, is pivotal in driving every business outcome.
Huhtamaki India has put in place a structured performance culture that recognises and rewards exemplary contributions. By revamping performance management systems and expanding recognition mechanisms, the Company ensures fair and structured acknowledgment of achievements. Differentiated reward mechanisms foster a culture of excellence and continuous improvement, for long-term organisational success.
Building an inclusive workplace remains central to Huhtamaki Indias growth strategy. The Company prioritises workforce diversity, with a particular focus on enhancing womens representation in factory operations. Moreover, infrastructure enhancements and equitable opportunities create a supportive and inclusive environment where employees feel empowered to thrive. Signature initiatives like I-WIN, Between Us, Coffee Conversations encourage open dialogue, strengthen workplace relationships, and drive meaningful progress in Diversity, Equity, and Inclusion (DEI).
Employee engagement plays a crucial role in fostering a productive and motivated workforce. To facilitate stronger employee connect, Huhtamaki India ensures top management accessibility, enhances workplace flexibility, and strengthens recognition programmes. The positive impact of these efforts is reflected in the Companys WTW survey results that surpass industry benchmarks, highlighting Huhtamaki Indias commitment to employee satisfaction and workplace excellence.
Recognising the importance of learning and development in fostering an agile workforce, Huhtamaki India invests in continuous upskilling. Initiatives like the Global Week of in Learning, technical and soft skill development programmes, and mental health counselling stand as the testament of the Companys employee-centric work culture. These programmes not only equip employees with leadership, behavioural, and technical skills, but they also create a learning-oriented ecosystem that drives career growth and builds the necessary edge to remain competitive amidst the ever-evolving business scenario.
Employee well-being remains a top priority of Huhtamaki inIndia, supported by counselling services, wellness initiatives, and recognition programmes such as the Quarterly Sampark Programme, which celebrates outstanding contributions. As the Company moves forward, its people-first approach, aligned with global best practices, will continue to drive sustained organisational success and long-term growth.
Acknowledgment of Huhtamaki OyJs support and its impact
The Management would like to formally acknowledge and express its appreciation to Huhtamaki OyJ for its support to Huhtamaki India Ltd. (HIL) across a broad spectrum of functions including Global Key Account Management, Commercial Excellence, Operational Excellence, Sustainability, Innovation & Technology, Enterprise Risk Management, Information Technology & Transformation, among others.
HIL continues to derive substantial benefits from the support and allied services provided by Huhtamaki OyJ which have had a significant and positive impact on the business operations and performance. For instance, Global Key account Management support has significantly enhanced HILs business by enabling centralized planning, effective utilization of the manufacturing capacity, ensuring confirmed Order book across an extended period and establishing clear terms and conditions. HIL has also benefitted immensely from Operational Excellence Programs initiated by Huhtamaki OyJ particularly in the areas of World Class Operations (WCO) and Total Productive Maintenance (TPM) driving improvement in operational efficiency, wastage reduction, energy and solvent efficiency and overall cost optimisation. Commercial Excellence has benefited from profitability improvement initiatives initiated by Huhtamaki OyJ resulting in pricing improvement, eliminating negative margin business, improving negotiation skills and regaining market volumes.. Huhtamaki OyJs processes, expertise and access to cutting edge technology has helped HIL in innovating and developing a range of recyclable products providing an opportunity to HIL to explore opportunities for new product applications and their commercial viability. In the area of Information Technology, HIL has benefitted from Huhtamaki OyJs standardization of IT processes, improved IT Security, cost leverage and savings and better control over IT resources. HIL is also benefitting from various Transformation Programs including Shopfloor Digitalisation, Data Service development, Process and ERP Transformation and Transformation Management Office. Additionally, HIL continues to receive significant support in Sustainability, Enterprise Risk Management and other critical business functions.
Internal Controls
Huhtamaki India has established sound internal financial control systems that are commensurate with the Companys scale of operations and business nature. Designed to provide reasonable assurance regarding the accuracy and reliability of financial and operational information, these systems ensure compliance with applicable accounting standards and statutory requirements. Additionally, they safeguard assets from unauthorised use, facilitate transparent and authorised execution of transactions, and uphold adherence to corporate policies.
The Audit Committe plays a critical role in regularly reviewing the effectiveness of these controls. Through periodic engagement with the management, internal auditors, and statutory auditors, the Committee assess the adequacy of the control framework. Following these evaluations, the Committee has found the systems to be effective, while consistently keeping the Board of Directors informed of any concerns, reinforcing transparency and proactive governance.
Recognising the inherent limitations of any internal control framework, Huhtamaki India ensures periodic audits and reviews to enhance and update its systems. An independent internal audit function operates with a well-defined risk management framework at both business and corporate levels. The scope and authority of internal audits are guided by the Internal Audit Charter, as approved by the Audit Committee. Huhtamaki India has partnered with a reputable external firm to strengthen the internal audit function and support its internal audit reviews. A structured, risk-based audit plan is followed during these reviews, which is approved annually by the Audit Committee. In addition, the Committee meets periodically to discuss internal audit reports, compliance with the audit plan, and follow-up action plans. Furthermore, the Chairperson of the Audit Committee holds regular discussions with the Internal Auditor to address any critical issues.
Cautionary Statement
The report contains forward-looking statements that may be identified by their use of words such as plans, expects, will, anticipates, intends, projects, estimates, or other words of similar meaning. All statements that address expectations or projections about the future, including statements about the Companys strategy for growth, market position, expenditures, and financial results are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised.
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