Integrated Annual Report FY 2024-25
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STAYING ENGAGED AND RESPONSIVE TO ALL OUR STAKEHOLDERS

Risks:

R1 R3 R4 R6

Material matters:

M10 M11 M12 M13 M14 M15 M16 M17 M18 M24

Need and Expectations

  • Strong operational performance
  • Revenue growth
  • Consistent returns on investments
  • Well-capitalised balance sheet
  • Better disclosures, transparency and credibility of financial and non-financial disclosures
  • Corporate governance practices
  • Quality of servicing shareholders
  • Compliance culture

Mode and Frequency of Engagement

  • AGM – Yearly
  • Analyst Meet – Quarterly
  • Query resolution and support on daily basis

Value Proposition

  • Maintaining substantial market share
  • Improving shareholder returns
  • Ensuring strong capital and liquidity levels
  • Focus on ESG commitments and disclosures

Quality of Relationship

95% Investors’ Service Score

Capital impacted

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Risks:

R3 R4 R6

Material matters:

M1 M2 M6 M13 M14 M16

Need and Expectations

  • Efficient product availability
  • Product quality and reliability
  • On-time delivery
  • Service response
  • Green and sustainable product
  • Value for money

Mode and Frequency of Engagement

  • Customer perception survey (CPS) (Once in two years)
  • Customer visits and communication -Continual process
  • Events and exhibitions – As per plan

Value Proposition

  • Extended warranty period
  • Goodwill replacement
  • Prompt installation and service support
  • Value-added services
  • New product development

Quality of Relationship

  • 84.3% CPS Score

Capital impacted

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Risks:

R3 R4 R6

Material matters:

M1 M2 M9 M11 M13 M14 M16 M17

Need and Expectations

  • On Time In Full (OTIF)
  • Prompt and fast after sales service and spare parts availability
  • Delivery support in case of special strategic orders
  • On time service support

Mode and Frequency of Engagement

  • Monthly review meetings
  • As and when required through CRM
  • Dealer Meets/Conferences
  • Product & Process Training Sessions
  • Events & exhibitions – As per plan
  • Audits and assessment – As per plan

Value Proposition

  • Substantial market share/market presence
  • Meeting customer expectations
  • Reliable product quality & services
  • Effective and efficient supply chain

Quality of Relationship

4.3 - Overall Satisfaction Score (on a scale of 1 to 5)

Capital impacted

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Risks:

R3 R5 R6

Material matters:

M7 M9 M11 M14 M16 M17

Need and Expectations

  • Business quantum
  • Timely payment
  • Technical support
  • Training & development support
  • Green supply chain
  • Clear, unambiguous contracts, policies, agreements and scope of works
  • Fairness in dealing, transparency, ethical behaviour

Mode and Frequency of Engagement

  • Quarterly and yearly supplier meets
  • Supplier quality assessment visits (As per plan)
  • Order-based discussions (As applicable)
  • Vendor Satisfaction Survey
  • Supplier Trainings and workshops (As per plan)
  • Audits and assessment (As per plan)

Value Proposition

  • Business growth for good quality Suppliers Supplier
  • Quality Improvement Program (SQIP) for mutual benefit
  • Responsible sourcing and circular economy

Quality of Relationship

8.45 - Supplier Perception Survey Score (on a scale of 1 to 10)

Capital impacted

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Risks:

R1

Material matters:

M3 M4 M8 M11 M14 M17 M19 M23

Need and Expectations

  • Work-Life balance
  • Learning & growth opportunity
  • Fair wages
  • Rewards & recognition
  • Growth opportunity, authority & empowerment
  • Occupational health and safety
  • Employment security
  • Compliance to human rights
  • Equality, diversity, inclusiveness and indiscrimination
  • Transparency in communicating decisions/performance feedback, HR policies

Mode and Frequency of Engagement

  • Employee Engagement Survey (EES) (Once in two years)
  • Performance Management System (Six Monthly)
  • Celebration of festival and other days (As per plan)
  • Employee well-being programmes (As per plan)
  • Town Hall Meet

Value Proposition

  • Training platform
  • Career growth opportunities
  • Employee health and well-being schemes
  • Job rotations
  • CMD Award

Quality of Relationship

72% Employee Engagement Score

Capital impacted

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Risks:

R1

Material matters:

M2 M5 M14 M19 M23

Need and Expectations

  • Employment opportunity
  • Pollution-free environment
  • Community development and support
  • Local sourcing
  • Business support to vulnerable & marginalised groups

Mode and Frequency of Engagement

  • Formal/informal meetings with Village Panchayat/local administration (As per plan)
  • During CSR activity (As per plan)
  • Society perception survey (As per plan)

Value Proposition

  • Local employment and sourcing
  • Development and support activities through CSR spend

Quality of Relationship

100% execution of plan for contribution to society on upliftment of education & medical care

Capital impacted

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Risks:

R2 R3

Material matters:

M10 M11 M14 M15 M16 M17

Need and Expectations

  • Robust business growth
  • Good financial performance and cash flow
  • Transparency and timely data submission
  • Compliance in RBI and FEMA regulations

Mode and Frequency of Engagement

  • Quarterly and yearly meets through Consortiums
  • Monthly meetings (As per agenda)

Value Proposition

  • Proportionate business routings
  • Competitive pricing

Quality of Relationship

AA - Rating from CRISIL

Capital impacted

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Risks:

R2 R6

Material matters:

M2 M3 M11 M17 M23 M24

Need and Expectations

  • Financial management, security and sustainability of the organisation
  • Governance structure, transparency, accountability and ethical behaviour of the organisation
  • Social and environmental responsibility of the organisation
  • Management of risk and compliance
  • Branding and reputation of the organisation
  • Products, services and solutions offered by the organisation and its approach to innovation in processes, products, services and solutions

Mode and Frequency of Engagement

  • Formal meetings with business & governing bodies (As and when)
  • Email, letters, meetings and filing through government portals (As and when)

Value Proposition

  • Regular interaction with government/business bodies to engage with industry concerns on existing/future policies and regulations to advance ease of doing business
  • Strictly complying with relevant rules and regulations and coordinating with regulatory bodies

Quality of Relationship

On time grievance handling

Capital impacted:

Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural

Risks:

R1
Talent Management – Recruitment and Retention
R2
Information and Cyber Security Risk: Cyber Attacks/Cyber security threats, Vulnerability Management & Application Security and Inadequate Data Governance Procedures
R3
Financial performance risk affecting margins
R4
Delay in commercialisation of new technologies
R5
Rise in procurement cost and heavy dependence on limited suppliers
R6
Geopolitical risk

Material matters:

M1Product stewardship and innovation
M2Emissions management
M3Health and safety
M4Diversity, equity and inclusion
M5CSR and local communities
M6Energy management
M7Materials
M8Talent attraction and retention
M9Supply chain management
M10Risk management
M11Compliance
M12Marketing and communications
M13Economic performance
M14Customer safety and product quality
M15Cyber security and digitisation
M16Market presence
M17Business ethics and values
M18Corporate governance
M19Human capital development
M20Biodiversity
M21Waste management
M22Water and effluents management
M23Human rights and labour conditions
M24Public policy advocacy

Materiality Assessment

Our Business Model

INTEGRATED REPORTING

RISK MANAGEMENT FRAMEWORK
STAYING ENGAGED AND RESPONSIVE TO ALL OUR STAKEHOLDERS
MATERIALITY MATRIX
OUR BUSINESS MODEL
OUR STRATEGY ROADMAP