9 https://mopng.gov.in/files/uploads/BPCL_Ethanol_Booklet_2023.pdf
Power
For internal use and sale to the Indian state grids, the Company engages in electricity
generation using bagasse, a by-product derived from sugarcane. Bagasse serves as a
renewable energy source that can be combusted to produce bioenergy, thereby substantially
reducing greenhouse gas emissions. Throughout the course of FY2023, the Company
successfully generated a total of 618 million units of power, of which approximately 257
million units were sold to the grid.
Madhur
Madhur Sugar presently holds the distinction of being the best-selling sugar brand in
India. The brand emphasises providing consumers with sugar of utmost purity and hygiene
and deliver quality products to consumers nationwide. From local neighbourhood kirana
shops to modern retail chains, Madhur has established a dominant presence in the majority
of markets it operates in. Its popularity is particularly noteworthy in regions such as
Gujarat, Maharashtra, Delhi, Rajasthan and Karnataka. In addition, the brand is steadily
gaining traction in other states, including Haryana, Madhya Pradesh, Andhra Pradesh,
Kerala, Punjab and Jammu and Kashmir.
Throughout FY23, Madhur maintained its growth trajectory, achieving remarkable sales
figures amounting to 166,000 metric tonnes (MT), clocking an impressive growth rate of
nearly 15%.
Financial overview Profit and loss statement
The Companys operating revenue stood at H 85,781 million, compared to H 61,259 million
in FY 2021-22 (the previous year). This was mainly driven by a 49% growth in exports and a
robust 26% growth in ethanol sales.
The Company generated EBITDA (excluding forex gain or loss) of H 7,197 million as
compared to H 4,781 million last year. The increase is largely on account of strong growth
in exports and ethanol sales and improved realisation in sugar exports.
The company recorded a loss (after tax) of H 1357 million as compared to net profit
(after tax and exceptional item) of H 1131 million for the previous year, driven mainly by
a sharp spike in interest costs.
Balance sheet
Net worth- The Companys net worth in FY 2023 to H 4,127 million as compared to H 5,470
million in FY 2021-22
Working capital management
Current assets: Current assets as of March 31, 2023, stood at H 28, 573 million as
compared to H 26,126 million. The current ratio is 0.75 as of March 31, 2023.
Inventories increased by 12% from H 19,987 million in FY 2021-22 to H 22,370 million in
FY 2022-23.
Risk management
Shree Renuka Sugars Limited has established a robust risk management framework that
involves a systematic process of identifying and assessing risks to implement efficient
strategies for risk mitigation. This framework enables the Company to proactively prepare
for unforeseen contingencies and effectively manage operational challenges that may arise,
potentially affecting its day-to-day operations. The Risk Management Committee, comprising
the Chairman of the Audit Committee, the Executive Chairman, the Executive Director, and
the Chief Financial Officer, assumes responsibility for overseeing the effective
implementation of Risk Management Policies within the organisation.
Internal controls and their adequacy
The Company has implemented robust internal controls to ensure strict adherence to
applicable laws and regulations, safeguard company assets, and ensure the accuracy of
financial reporting. The establishment of effective internal controls is of utmost
importance for any organisation, as it ensures efficient, effective and ethically sound
business operations.
The Companys internal control framework comprises a comprehensive set of policies,
procedures, and guidelines that provide adequate oversight over financial reporting and
other critical aspects of the organisation. The organisational structure is well-defined,
with clear delineation of roles and responsibilities, fostering accountability and
transparency in decision-making processes.
A comprehensive system of internal controls safeguards the integrity of the Companys
financial reporting process. This includes the segregation of duties, access restrictions,
and regular review procedures as integral components of the control environment. The
independent audit committee plays a pivotal role in monitoring internal control procedures
and provides regular updates to the board of directors.
Human resources
At Shree Renuka Sugars, we acknowledge the valuable contributions of our employees in
propelling our journey to greatness in the Sugar industry. Our core values revolve around
cherishing our employees as the driving force behind our success. We take immense pride in
our human resource policy, carefully crafted to cultivate a positive and thriving work
environment that fuels employee engagement, fosters career growth, and sparks the flames
of progression.
We know that a company is only as strong as its talent pool, and thats why we are
wholeheartedly committed to building a team of exceptional individuals who share our
passion for excellence. Our dedication to nurturing and retaining top talent shines
through, our Employee Retention Approach which ensures Transparent and Effective
Communication, Opportunities for Career Growth, Competitive Compensation and Benefits,
Recognition and Rewards, Supportive Leadership that recognize and motivate outstanding
performance and valuable experience.
At Shree Renuka Sugars, youll find more than just a workplace; youll become part of a
family that celebrates your unique strengths and endeavours to unleash your true
potential. We are a place to grow, learn, and excel as we embark on an exciting journey of
innovation and success.
Technology transformation
We have established a strategic partnership with a leading HRMS provider, offering a
comprehensive SaaS platform adopted by numerous top enterprises across multiple countries,
with a digitally empowered seamless employee experience. This new HRMS has significantly
streamlined and automated our processes, fostering an employee-centric workplace and
driving business transformation through cutting-edge technology for all employees. This
comprehensive system has brought about remarkable improvements across various crucial
aspects of our organization: HRIS, Dashboards, PMS, L&D, Talent Management, Payroll,
Asset Management, Contract Labour Management system and Compliances, powered by AI and ML
chatbot technology.
With our new HRMS, we are confident that our organization will continue to thrive,
through the significant advantages it brings to our workforce and business processes.
Employees engagement
The year 2022 – 2023, witnessed a multitude of engaging programmes for our
employees. These initiatives are aimed at fostering a strong sense of community and
happiness among our workforce. To celebrate the rich cultural diversity of India, we held
festivities for prominent national and regional festivals. These festivities not only
brought our employees together but also allowed them to immerse themselves in the vibrant
traditions of their local communities. Apart from celebrating festivals, we took time to
cherish our employees special moments by commemorating their birthdays, a small gesture
of appreciation towards our valued employees. Our Sports and Wellness initiatives are
another big Celebration that our employees look forward to every year, with activities
like Cricket, Badminton, Volleyball, slow bike riding, tug of war etc. and many more
Webinars on nourishing physical and mental health.
Additionally, we took pride in our employees active participation in community-based
engagement programmes through our Corporate Social Responsibility (CSR) initiatives. By
contributing their time and efforts to initiatives like tree planting drives, Swaccha
Bharat Abhiyan, educational workshops for underprivileged children, Blood Donation Camps
and support for local charitable organizations and Government Hospitals, our employees
demonstrated their commitment to making a positive impact on society.
Learning & Development
Throughout the year, we have a well-structured Learning and Development calendar,
diligently implemented by our dedicated team. Our focus on employee learning is
comprehensive, encompassing both Classroom and On-the-Job training sessions. These
programs cover various areas such as Safety, Soft Skills Building, and Technical
Operations, all aimed at enhancing their skills and knowledge.
We conducted various webinars on essential topics like POSH, Code of Conduct, and
Whistle Blower, ensuring adherence to ethical standards and compliance.
To strengthen Operational Excellence, we prioritize specialized training programs like
Advanced Excel and Finance for non-finance employees. This empowers our workforce with
essential tools to excel in their respective roles.
Wellness is a core aspect of our organization, and we celebrate Wellness Month
annually, commencing with International Yoga Day. During this period, we conduct webinars
that promote overall employee well-being and health.
Recognizing the importance of continuous learning, we have implemented our Learning
Management System (LMS) through a reputable Online Training provider. This implementation
enables access to valuable Online Modules covering a wide range of topics, including Soft
Skills, Leadership, Finance, POSH, and Analytical Skills, further empowering our employees
to grow and thrive in their professional journeys.
Health and safety
At SRSL, we deeply value our employees as our most valuable assets, and their health
and safety are our top priorities. Our tailor-made programs reflect this commitment,
starting with an annual health check-up for all employees, complemented by comprehensive
Mediclaim, Personal Accident Insurance, Term Insurance and Workmens Compensation policies
to ensure their well-being.
To further support their health journey, we conduct regular health Checkup Camps and
webinars, keeping our workforce informed and empowered to make healthier choices. Safety
is of paramount importance to us, and we organize ongoing safety training programs and
conduct regular safety audits to maintain a secure working environment.
Moreover, we believe in fostering a stress-free work culture that promotes a healthy
work-life balance, enabling our employees to thrive both personally and professionally.
With these initiatives, we aim to create a workplace where our employees can flourish and
achieve their full potential while prioritizing their health and well-being.
Environment, Social and Governance (ESG) Environment
The Company has implemented numerous initiatives and policies to minimise its
environmental impact and promote sustainable development practices. Through the adoption
of eco-friendly production processes, the Company has put in place a zero-liquid discharge
policy. This entails the treatment, reuse and recycling of wastewater generated during
sugar production, ensuring responsible water management.
Moreover, the Company encourages the use of renewable energy sources to curb its carbon
footprint. By utilising bagasse, a by-product of sugar production, the Company generates
its own electricity, contributing to a greener future.
In line with its commitment to environmental stewardship, the Company also endeavours
to leverage by-products from its processes. The press-mud generated during sugar
production and the ash resulting from bagasse combustion are both sold as fertilisers to
farmers in the vicinity of the factory locations, promoting sustainable waste management.
During the year under review, the Company further demonstrated its dedication to
environmental protection through various initiatives. Notably, the utilisation of
concentrated spent wash as fuel and the installation of
Condenser Polishing Units resulted in a significant reduction in water consumption,
amounting to approximately 146.47 million litres. Additionally, the Company effectively
recycled around 1000.6 million litres of wastewater.
The Company engaged in reforestation efforts by planting 10,217 trees across its
manufacturing locations till date, reaffirming its commitment to preserving the
environment.
Social
The Company is dedicated to supporting communities and is aware of its role as a
responsible corporate citizen. It, therefore, aims to engage in social welfare initiatives
and raise the standard of living of people through targeted community development
programmes. Its corporate social responsibility programmes encompass the areas of
healthcare, education and skill development to ensure the holistic growth of its local
communities and the society at large.
During FY 2022-23, the Company pursued several initiatives to fulfil its social
responsibilities, which include contributions to organisations that offer education to
underprivileged communities, supporting the well-being of specially-abled children and
contributing to the Armed Forces Flag Day Fund, which aids the welfare of the armed forces
and their dependent family members. Additionally, the Company generously donated fully
equipped ambulances to primary health care centres situated in the vicinity of its
operational areas, thereby contributing to the enhancement of healthcare facilities in
rural regions.
In total, the Companys benevolent endeavours amounted to a substantial sum during the
reporting period. These philanthropic actions reflect the Companys commitment to making a
meaningful impact on society.
Governance
The Company is dedicated to upholding the highest standards of business ethics and
conduct. To ensure transparency, accountability and fairness in its operations, the
Company has put in place a strong framework of governance policies and procedures,
including the Code of Conduct and Ethics, internal controls and risk management systems,
all while ensuring compliance with applicable laws and regulations.
The Companys Board of Directors comprises individuals with deep expertise in diverse
areas, such as business, finance, accounts, law and agri-marketing. The Board and its
committees meet multiple times a year.
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