Manufacturing Capital

RAW How we strengthened

MATERIALS our raw materials
MANAGEMENT sourcing in 2022-23

Digitisation Overview (laminates, tubes, paper boards,

outcomes In a business marked by dozens corrugated boxes and rigid items),
of products and hundreds of enhancing supply predictability.
ingredients there is a premium on The Company strengthened key
Increased procuring right – in terms of time, materials sourcing to hedge inflation;
agility (through
quantity and quality – leading to it explored alternative procurement
process
automation) higher asset utilisation and a capacity options and designed value programs
to put the right product at the right that optimised costs. The Company
place in the market at the right time. reduced non-value adding activities,
The Company undertook measures implemented advanced technologies
related to raw material localisation and widened the digital eco-system.
Competitive
sourcing
(through
e-auctions) Challenges and responses
Commodity prices skyrocketed in first half of 2022-23. The Company faced
challenges in terms of optimising procurement cost.
The Company leveraged supply market intelligence to create timely buying
Sorting of raw materials at the Pacharia unit
Quick decision opportunities, explored alternative sources and leveraged negotiation tactics
making to rationalise cost impact.
(through online
dashboards)
Highlights, 2022-23 strengthening sustainability availability, improve raw material around best practices. It aims
• The Company strengthened the • It automated cost modules of planning leading to lead-time to maintain a high sense of
procurement supply chain ensuring master box (for Bangladesh) optimisation and improve time- accountability, confidence,
business continuity to-market speed. The Company responsiveness, adaptability The Company
Strategic actions • It updated inventory reports to real-
and risk mitigation time, notified brands and coordinated
intends to strengthen supply and proprietary analytical undertook measures for
• It improved material delivery
chain preparedness during skills. It aims to increase raw material localisation
(through predictive compliance (including new product necessary liquidation to optimise
data modelling) global crises. the efficient use of market (laminates, tubes, paper
development) costs
The Company will continue intelligence and benchmarking
• It undertook timely action on major • It automated PR to PO [Purchase practices. It intends to deepen
boards, corrugated
to develop alternative vendors,
raw material price trends, which was Requisition to Purchase Order a culture of automated zero- boxes and rigid items),
localised sourcing , automated
communicated to brand heads for conversion] with centralised
negotiation, techno-commercial based budgeting, increased enhancing supply
Best cost specific strategic decisions procurement possibilities use of cost models and real- predictability.
project feasibility, process
country • It established long-term contracts • It implemented digital projects time online management
sourcing and automation and digitisation. The
for key ingredients to hedge against (online price trend dashboard and Company will focus on pro- information systems / price
benchmarking
volatility online purchase price variance active monitoring, joint action trend dashboard development
(through global
trade data • It used the e-auction platform report) for improved procurement plans (with R&D and Customer and inventory dashboards. It will
dashboard) leading to 8% savings Quality Assurance teams) and address specific requirements
Outlook root-cause analyses. through dedicated alternative
• It rolled out polymerase chain vendors with a focus on digital
The Company will focus on
reaction material for the shrink The Company intends to
achieving zero failure in material marketplace/e-commerce.
film and polybag categories, enhance vendor accountability

60 | Integrated Annual Report 2022-23 Emami Limited | 61

Manufacturing Capital

Emami’s quality initiatives, tools, cloud storage and

2022-23 technology tools.
• The Company commenced • The Company commenced The management
QUALITY Reinventing Quality the benchmarking of industry-
relevant quality management
digitalised quality training and
learning management.
perceives quality
assurance as
ASSURANCE Assurance at Emami systems with that of leading
FMCG players . • The Company created defect an enabler in
classification standards based on the evaluation
• The Company strengthened pack formats, enhancing defect
quality system guidelines, of operational
observations.
benchmarking standards with capabilities and
National and Global Quality • The Company initiated market resources
and Regulatory standards for visits by the Quality team to
Overview appraise the delivered product
building and maintaining
At Emami, quality vision has been reimagined and reframed with the objective quality at the point-of-sale (shelf
excellent systems and processes.
to enhance capabilities, talent and competencies, and develop a best-in-class product quality performance)
quality management system that inspires the team to become one of the top • The Company digitised critical and understand where Emami
five companies in the FMCG industry. quality processes through stands in comparison to
workflow management tools, competitors.
SAP automation, web application
The Company’s quality management approach comprises important
principles. The Quality Assurance function at our Vapi unit

Leadership: The and reframe the entire and quality standards

Company aims Quality Management adapted by prominent
to benchmark all System, quality policies FMCG companies
processes with best-in- and guidelines that to emerge with a
class systems.
address past learnings, best-in-class quality
Approach: The latest applicable GMPs management system.
Company will recreate

The Company aims

Digital: The Company Customers: The Upskilling: The to translate customer
aims to continuously Company aims to Company will continue
requirements into
advance market- translate customer reskilling and people
leading quality requirements into capability-building
products - deliver first
processes through products - deliver first measures. time right
digitalisation. time right.

Emami and quality focus Quality assurance in design and

The Company’s principles of roll out is distinctive at Emami. The
quality and leadership strategy management perceives quality
are disseminated through quality assurance as an enabler in the
guidelines. These guidelines evaluation of operational capabilities
consistently address evolving and and resources. The Company’s
demanding customer requirements Quality Assurance team reviews and
aligned with national and global ensures quality guidelines governing
standards. These guidelines are critical processes as existing or
dynamic with adequate room for emerging regulatory norms. This
quality enhancement, process team trains, validates and verifies
robustness and superior practices. implementation through audits.

62 | Integrated Annual Report 2022-23 Emami Limited | 63

Manufacturing Capital

MANAGEMENT TEAM
Data User- Substantial
friendly Defects
security new moderation
processes product
Digitalisation availability Quality
benefits initiative
outcomes

Faster Waste
Fewer turnarounds Enhanced reduction
errors customisation

Timely
products availability
Lower
failures

N. H. Bhansali Punita Kalra Dr. C.K. Katiyar Vivek Dhir

CEO - Finance, CEO - Research & CEO – Technical CEO – International
Strategy & Business Innovation Strategy (Healthcare) Business
Development and and CQA, CADE
CFO
• Benchmark: Emami’s • Reviews: The capability evaluation
quality guidelines Company reviews the (and audit of vendors
Quality are benchmarked comprehensive health of materials critical to
systems with corresponding of quality systems and quality) before vendor
assurance technology standards compliances enlistment. This
and local / global process of new vendor
• Appraisal &
regulations. activation is enabled
Assurance: The
(through SAP) with an
• Audits: Customer Company ensures the
interlock that assures
Quality Assurance technical qualification
no purchase order until
conducts periodic of vendors by analysing
the vendor is formally
Emami audits (owned samples of raw
qualified.
and third-party sites) materials and QMS Dhiraj Agarwal Gul Raj Bhatia Rajesh Sharma Shagun Tulsyan Sanjay Madan
Head Advisor - President - President, Finance & President, Legal & President,
Media Healthcare Investor Relations Revenue Operations
Highlights, 2022-23 global standards. implement the ‘green channel
• The Company created a • The Company re-engineered vendor management system’ for
‘green channel vendor rating secondary packaging to eliminate prospective raw and packaging
system’ that graded packing quality complaints related to materials. It intends to achieve
material according to vendor bottle packaging breakage. the NABL accreditation of
basis performance metrics (cost, quality control labs across
• The Company reduced
service and quality). manufacturing sites for better
customer complaints by 37%.
laboratory analysis assurance
• The Company embarked on • The Company achieved the (expected to raise third party
the digitalisation of Quality desired quality in new product business partner commitment).
Assurance processes (addressing introductions (consumer care It intends to drive digitalisation
customer complaints, and healthcare). in critical quality assessment
monitoring and rating of vendor
• The Company developed processes (compliance audit
performance and quality risk Pradeep Kumar Tuhin Biswas Samrat Banerjee Jaswant Sethia Shuchi Singhal
processes and capabilities leading management, deviations CHRO CIO Head - CPD Head - Media
management and customer Pandey
to product extensions in its three management and new learning President, Packaging & Operation
feedback on resolution of Commercials
new Indian manufacturing sites management systems). It
their complaint grievance that
and overseas sites (Thailand, Sri intends to implement Quality
helps in measuring customer
Lanka and UAE) as well. Management System as per
satisfaction).
ISO 9001: 2015. It intends to
• The Company benchmarked Outlook strengthen the customer care
32 new quality management The Company intends to management system.
processes with national and

64 | Integrated Annual Report 2022-23 Emami Limited | 65

Manufacturing Capital

How we are deepening our

PACKAGING packaging innovation to
enhance responsibility and
competitiveness

Overview quality has become an essential

In a world where impulse buying element in ensuring that products are
is increasing, attractive packaging not only visually appealing but also
influences consumer perception, durable and reliable.
expectation, impulse, and purchase. Emami’s packaging addresses
However, superior packaging consumer needs, enhances visual Packaging line at the Pacharia unit
is not just about aesthetics and presence and helps moderate costs
presentation - it also plays a critical through design engineering. At
role in protecting and preserving the Emami, packaging reconciles the Highlights, 2022-23 during the design of packaging Outlook
product, benefiting the trade partner science of preservation and an art of • The Company launched new solutions. The Company replaced Emami is driving speed-to-
and consumer. Therefore, packaging presentation. products on Zandu Care and PVC with sustainable PET-G in market through its direct-to-
other e-commerce platforms the design of shrink sleeves of consumer platform, securing
with best-in-class packaging Navratna Cool Talc Range. its supply chain and promoting
Competitive strengths • The Company focused on cost Reuse: The Company sustainability. The Company
Consumer-centric: conserve resources. Company invested saving through ‘design to value’ implemented plastic reuse in is committed to drive cost
Emami designs in new packaging initiatives rigid and flexible packaging. In innovation through technology,
Cost-effectiveness: the former, the Company made material innovation and
packaging as per technologies, balancing • The Company invested in team
The Company use of post-consumer resin supply chain optimisation. It is
consumer and societal scalability and quality. development and competence
optimised packaging (PCR) up to 60% in secondary committed to achieve process
priorities. building; it sustained training
through strategic Vendors: The Company packaging and around 25% in excellence through digitalisation,
Sustainable design: partnerships, deepened relationships through multiple technical and
primary packaging, reducing its project portfolio management,
The Company curates specifications with suppliers of competency-based programmes
virgin plastic requirement. The knowledge libraries, innovation,
packaging that is optimisation, proven track record • The Company contributed process standardisation
Company converted all virgin
environment friendly, identification of in delivering quality to ESG-focused webinars and and effective monitoring.
single-layer plastic films to 50%
socially responsible and alternative suppliers material at competitive workshops The Company will reduce
PCR material.
economically viable; and automation. costs, minimizing environmental impact through
it uses recycled paper supply chain Awards and recognition Recycle: The Company remained its 3R focus, sensitisation and
Innovation: The In 2022-23, Emami received committed to sustainable
to reduce waste and disruptions. training.
industry recognitions for its packaging solutions through
packaging solutions. design, development and
• Three packaging solutions qualifying recyclable multi-layer
Our approach
received India Star Awards, plastic in collaboration with
• Emami drives addressing online retail with laws and prestigious recognition in industry partners and technology The Company’s
innovation through needs regulations packaging design and innovation experts. The Company’s goal packaging reconciles
consumer-winning excellence is to reduce the environmental the 3R principle (reduce,
• The Company’s • The Company’s
packaging through a impact of its packaging solutions. reuse and recycle) which
design-to-value packaging reconciles
user-centric approach Emami and packaging The Company also supported promotes responsible
approach helps balance with the 3R principle
sustainability Extended Producer Responsibility consumption and
• The Company product cost and (reduce, reuse and
and Plastic Waste Management
established an consumer value recycle), which Reduce: The Company is driven production
by optimised specification guidelines.
ecosystem to support • The Company’s promotes responsible
e-commerce- packaging is compliant consumption and
compatible packaging, production

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Manufacturing Capital

SUPPLY CHAIN Emami is engaged in initiatives Highlights 2022-23 The Company utilised the reverse
auction platform (bidding) to
The Company leveraged business
intelligence through a dashboard,
Emami leveraged the power of
MANAGEMENT to reinforce the supply chain technology to support production capture the best freight rates. making it possible to analyse
Key Performance Indicators and
planning and distribution The Trip Tracker technology
around predictability, stability planning, driving supply chain
optimisation and efficiency.
helped the Company track
metrics on real-time leading to
informed decision-making.
shipments in real time and
and dependability The Company aims to minimise improve customer service.
Outlook
loss of sale to less than 1.5% of The Company managed vehicle The Company intends to
sales. placement orders online, moderate inventory, improve
Overview changes in consumer preferences The Company digitised its streamlining coordination its fill rate, ensure on-time
In the FMCG business, marked by and seasonal demands; there is a primary transport management between its logistics team and products delivery, enhance the
the manufacture of many products need to remain agile and flexible to system. transportation partners. role of planning, widen supply
and procurement of an even larger variations in resource availability, The Company’s digitised chain visibility, improve demand
costs, substitutes and quality. The Company maintained a
number of raw materials, there is a system for freight billing and forecasting, deepen digitisation,
Primary Freight Sales Ratio of
need to buy most at the lowest cost At Emami, we service the needs payment, streamlined the process moderate the freight sales ratio
~1% considered best-in-class for
in the shortest time – obviating an of more than 450 products and improved supply chain and enhance the role of ‘green’
cost-effectiveness.
inventory excess and stock out. through the timely aggregation of commercial efficiency. initiatives.
In such business, there is a hundreds of resources that need
premium on supply chain agility to be provided to proprietary and
and flexibility in adapting to third-party manufacturing facilities

~1% without compromising availability.

Primary freight
sales ratio
Our strategy
The Company enhanced its supply • OGT tools to strengthen
chain productivity through the equilibrium distribution planning.
following initiatives:
• Dashboards to measure Key
• Statistical forecasting tool to Performance Indicators (KPIs) of the
facilitate demand planning supply chain
• Rough Cut Capacity Planning tool • Technology use to enhance
to recommend supply planning supply chain performance
activities
• Periodic reviews to address
• Integrated Sales and Operations bottlenecks, streamline operations
Planning process to address and mitigate risks
demand
• Digitised Transport Management
• Defined supply chain System to enhance cost-
management approach aligned effectiveness
with core organisational objectives

We service the needs of

more than 450 products
through the timely
aggregation of hundreds of
resources that need to be
provided to proprietary and
third-party manufacturing
facilities without
compromising
availability

68 | Integrated Annual Report 2022-23 Emami Limited | 69

Intellectual Capital

INTELLECTUAL CAPITAL
How we are deepening
R&D research and
development at Emami

Emami’s
Emami’s Overview contemporary and differentiated
R&D function personal care products to address
cutting-edge Research
At Emami, of all the investments that
comprises unmet and emerging consumer and Development
we have made in our business in the
product or process last few decades, the most precious needs. The Company focuses on centres with high-end
development has been that of knowledge. multiple work streams like product sophisticated design and
today into what formulation, processing science, development equipment
consumers may Emami’s research and development consumer technical insights,
need tomorrow has not merely been directed at the and instruments are
competitive technology intelligence,
development of effective Ayurveda analytical development, perfumery located in
products, but also in cost moderation science, quality assurance and Mumbai & Kolkata
to enhance the consumer’s price- packaging development while
value proposition. The Company’s designing any product.
research and development
Addresses the Emami’s cutting-edge research and
needs to make competence has been captured in the
following priorities: development centres with high-end
products
sophisticated design and development
better One, Emami is committed to enhance equipment and instruments are
the accessibility of effective Ayurveda located in Mumbai and Kolkata. The
and the latest modern science-based Company has invested in talent-
differentiated products for consumers. based specialists who deal with
Addresses the Two, Emami is committed to cost- various aspects of product design extracting medicinal properties development and claim support of Science and Technology). It is
need to innovate
effectiveness, increasingly relevant and deployment through the NPD from herbs. studies. The Company also committed to quality outcomes
and create new journey from inception to roll out. conducted herb-drug interaction that ensure manufacturing of
when passing over increased costs to Emami’s Healthcare R&D
markets These functional experts comprise 99 studies on new drugs for lifestyle safe product in accordance with
consumers is challenging explores strengthening its
members (scientists with aggregate disorders., This is perhaps the World Health Organisation’s
Three, Emami is committed to experience of more than 978 years, 12 market responsiveness and
only Indian company having Good Manufacturing Practices
democratising its knowledge and PhD/MD holders and more than 46 improvements in existing
in-house facility to conduct (WHO-GMP) for Herbal
expertise leading to superior research post-graduates). functions. The Company
Addresses herb-to-drug interaction studies Medicines. By infusing quality
the need outcomes enabling cutting-edge strengthened its scientific
before introducing new products, and safety in its process, Emami
product launches collaborations (partnership with
to improve R&D in Healthcare validating its commitment to expects to provide reliable, safe
processes the Department of Biotechnology
Four, Emami prioritises governance, Emami leverages its extensive advance R&D capabilities and and effective healthcare products.
(DBT), Government of India,
compliance, data management knowledge and over a hundred create safe products.
New Delhi; Birla Institute of The Company has expanded the
systems and processes, strengthening years of experience in the Ayurveda Technology & Science (BITS), Emami is engaged in scope of safety and quality of
its positioning as a pioneer in healthcare sector (through its Pilani; Motilal Nehru National the development of two healthcare products by testing
innovation longstanding Zandu brand). Institute of Technology (MNIT) phytopharmaceutical drugs in contaminants like heavy metals
Addresses the The acquisition of Zandu was
need to enhance Allahabad, Prayagraj; Banasthali a new category (with Indian (mercury, cadmium, arsenic,
Emami’s approach to innovation complemented by Emami’s validated Vidyapeeth, Rajasthan; NSHM Council of Medical Research, and lead), aflatoxin and pesticide
Emami’s respect
for foresight Emami’s R&D team is engaged scientific expertise, making it possible Knowledge Campus, Kolkata, Ministry of Health and Family residues. All batches of every
in the development of a pipeline to develop therapies addressing etc) for complementing Emami’s Welfare, and the Department of healthcare product undergo
of ayurveda-based leading edge, lifestyle-related ailments and scientific capabilities for product Bio-Technology (DBT), Ministry testing for these contaminants.

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Intellectual Capital

Formulations Analytical
product in India. The R&D is promising results, demonstrating in conducting herb-drug
evaluating the application of this that patients had post-meal blood interaction studies was
Microbiology assay for other products as well. sugar levels within the desired recognised by the Central
range. Council for Research in
Fluctuating post-meal blood
Ayurvedic Sciences (CCRAS),
Pharmacognosy sugar level is a known but a The Bioassay laboratory
Ministry of AYUSH. The
and widely under-addressed problem generated efficacy data based
Company collaborated with
Phytochemistry among patients of diabetes. on Reverse Pharmacology,
CCRAS to provide data and
The R&D team conducted a ensuring the ‘scientifically tested’
insights related to herb-drug
ground-breaking study using the validation. The existing capacity
interaction for AYUSH-64,
R&D in Continuous Glucose Monitoring is limited to some therapeutic
recommended during the
healthcare (CGM) approach to assess the areas and to address this
pandemic. The team led the
effectiveness of Diabrishta, limitation, the R&D-Healthcare
project, sharing results with
a self-fermented polyherbal team is expanding capabilities to
CCRAS.
Bioassay preparation, as an adjuvant cover a wider therapeutic range.
Quality Control therapy for Type-II diabetes
Laboratory The Company’s expertise
and Assurance patients. The study yielded

Medical
Research Highlights 2022-23 currently in the launch pipeline. developing easy-to-swallow
Bio Resource
Development • The Company expanded the tablets with minimum effort.
• The CADE team isolated
bioassay immunity platform a compound Borapetol B • Following persistent
beyond conventional NK cell exclusively present in Tinospora multipronged efforts in the
Competitive strengths Pharmacognosy, Microbiology, Publications: Numerous peer- activity studies to TNF- and crispa, validating it as negative conservation and sustainable
Infrastructure: The Company Molecular Pharmacology, and reviewed articles were published IL-6 based studies. While most marker for Tinospora cordifolia. use of Biodiversity by captive
expanded its cutting-edge Biotechnology), resulting in a by team members in reputed companies are still focused on This intervention would help to and contract cultivation, Emami
research center, aimed at knowledge sharing platform. scientific journals; few scientists NK cell activity, the Company ensure consistent quality and got a special recognition – the
developing innovative products were invited to serve on the recognised the need to expand its enhanced safety of Giloy. only corporate from the AYUSH
Corporate Analytical Design
across dosage forms. editorial boards of international research to comprehend complex stream to get a representation in
Excellence: The Company’s • The Company has launched
journals. immunity mechanism better. G-20 Research and Innovation
Bioassay lab: This laboratory state-of-the-art Corporate SENIORZ product range after
Analytical Design Excellence Bio-resources: The Bio- The proposed approach can be Initiative Gathering in Dibrugarh
has accelerated efficacy studies, used in claims substantiation. in depth analysis of the special
(CADE) laboratory has isolated resources Development and Itanagar on 24-25th
providing scientific validation, needs of the persons in silver
more than 120 marker Department promoted the • The Company launched over 20 March 2023 by Department
substantiating claims through range. R&D has applied unique
compounds for standardizing cultivation of medicinal plants products through e-commerce of Biotechnology, Ministry of
data analysis. In 2022-23, the pharmaceutical technologies
raw materials and finished through captive and contract and other marketing platforms. Science and Technology on
laboratory performed over 5000 probably for the first time in any
products, enhancing quality farming. Despite pandemic Various new products are ‘Circular Bio-economy’, drawing
Bioassays (enzymatic, non- Ayurvedic product in India by
control and quality assurance related challenges, the Company participation from 35 countries.
enzymatic and cell-based assays)
to support the health benefit capabilities. maintained a sustainable supply
claims. of quality herbs and resources
Accreditations: The Company’s
(tulsi, ginger, guduchi and
Scientific experience: The R&D centre received accreditation
others).
Company invested in a cross- from NABL, Ministry of AYUSH Introduced a new scientific claim for Zandu Kesari Jivan
functional teams (Ayurveda, and the Department of Scientific
Before: The claim was updated from ‘Improves immunity’ to ‘2x
Chemistry, Pharmaceutics, Industrial Research.
immunity’
After: Zandu Kesari Jivan now claims an ‘anti-age action’
R&D initiatives developed (including SENIORZ To strengthen the relevance of based on a newly developed assay by the Company’s bioassay
The R&D team introduced over Pain Relief Oil, SENIORZ Daily the claim the Bioassay laboratory laboratory.
30 products and is focused on Health Booster Syrup, SENIORZ developed a non-enzymatic
advancing approximately 150 Bone Strength Tablet and assay to establish the Advanced
New Product Development SENIORZ Complete Joint Expert Glycation End products (Anti-
Projects across ethical marketing, Tablet) addressing the elderly AGEs) assay to support the action
OTC and generic categories. with a unique pharmaceutical of Kesari Jivan. Emami is the first
technology application to company to conduct studies and
A SENIORZ product range was develop easy-to-swallow tablets. make this claim on an Ayurvedic

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Intellectual Capital

R&D in Consumer care

Emami is focused on developing
a deep understanding of
emerging sciences and
advancements (pharmacognosy,
The R&D team recognised the
importance of applying new
and advanced pharmaceutical
INFORMATION TECHNOLOGY
aspirational products that
improve quality of life of dermatology, phytochemistry, technology in developing novel
consumers. The Company pharmaceutical analytical
technologies, physiology,
dosage forms. The team explores
collaborations with academic Emami strengthened
launched innovative personal
care products, designed with chemical engineering, safety institutions and contract research INFORMATION technology capabilities to
& toxicology and advanced organisations to seek expert
next-generation eco-friendly and
TECHNOLOGY
sustainable technologies, being
safe for both the consumer and
technology delivery systems).
The teams were responsible for
assistance in areas that require
development. enhance sustainability
the planet. developing disruptive products
The Bio-Resources Development
with relevance and credibility,
Department (BRD) was focused
engaged in all stages of the
Competitive strengths on cultivating a few herbs
product development lifecycle
High-end product: The marked by price volatility or Overview and enhance efficiencies. The by using statistical models. It
(conceptualisation to design,
Company invested in tapping vulnerable to poor quality. The world of business has Company also strengthened also implemented analytical
development and deployment).
foresights, insights and trends to BRD has shifted attention to digitalised extensively in the last relationships with long standing dashboards to enhance sales
leverage modern technologies. cultivate species under the ‘Rare, few years, with the pandemic global technology partners. force effectiveness.
Outlook
The innovation team addresses Endangered and Threatened’ accelerating it further beyond
the unmet needs of consumers The R&D team is dedicated to category. The BRD team Key highlights, 2022-23 Outlook
any forecast or imagination.
through multitude tools. The the development products with achieved this goal with kutki and The rationale is that in a rapidly Emami leveraged automation Emami will equip its front-end
R&D team is supported by the built-in efficacy through rigorous chirata (with import substitution transforming world, companies and digital technologies in sales force with analytics led
Corporate Analytical Design screening (from selecting quality possibility). The team developed are turning to digital solutions to 2022-23. The digitised and insights that facilitate real-time
Excellence team, that strengthens raw materials to determining a five-year plan to in-source remain competitive and the fast- automated processes comprised decision making. The Company
design and evaluation through herb activity to product a significant portion of herbal moving consumer goods (FMCG) accounts payable, sales force will upgrade its Salesforce
breakthrough analytical formulation). materials from within India. industry is no exception. Digital effectiveness, purchase process, Automation app and establish
technologies, ensuring that the The phytochemistry team technologies are empowering project & portfolio management an analytics-led Command
quality promised to the consumer observed that some marker companies to derive insights and warehouse operations. Centre for a deeper sales and
is consistently delivered. The compounds specified in the that lead to faster and informed The Company adopted digital metrics analysis. The Company
Company’s innovation vision Pharmacopoeia were insoluble in decision making. Emami technologies like Sales Force plans to digitise its supply chain
is supported by the analytical water, making them unsuitable is no exception with digital Automation to service the needs (demand & supply planning and
design group, accredited by in final products standardisation. technologies helping optimise of the modern trade channel; it execution), deploy solutions
NABL / AYUSH / DSIR. The team focused on isolating costs and improve performance. invested in in-house capabilities for integrated annual budget
polar compounds and testing to deliver solutions using planning, digitise its travel and
R&D centre: The Company
made significant investments them using bioassays Emami’s digital technology robotic process automation, expense management process
in its research and development to establish new strengths develop learning contents and and automate processes around
biologically active Emami invested in new solutions enable QR-enabled picking and media management, sales order
centre, marked by world-
marker compounds and upgraded existing ones, packing. processing and other areas.
class formulation, design and
that can be utilised widening its capabilities and Emami’s cloud-first policy will
development, performance Emami’s statistical model-
in prospective deepening competitiveness. The drive towards an asset-light
assessment, processing driven recommendation of
product Company launched initiatives strategy by hosting its data centre
technologies and scale-up product portfolios at retail
standardisation. that improved user adoption on Cloud. It will also reinforce
process infrastructure. The outlets widened distribution
and customer satisfaction. The IT security, keeping in view the
centre also focuses on perfume The R&D team and sales offtake. The Company
Company developed in-house latest technology interventions.
development, assessment and is widening optimised its sales force for a
validation. The NPD program therapeutic capabilities and automation to better distribution coverage
was supported by Research & areas of its foster an innovative mind set
Development (R&D), Corporate products. The
Analytical Design Excellence bioassay team is
(CADE) and Corporate Quality developing more Emami and digital technologies Benefits of Emami’s
Assurance (CQA), resulting in cell line-based digital technology
timely and first-time right launch. studies and include interventions
more enzymatic and Improved sales
Knowledge management team: Lower costs
The Company’s Knowledge non-enzymatic assays Robotic Learning QR-enabled
in research. Sales Force Informed decision making
Management teams possess process content picking and
Automation Products consistency
automation management packing Superior people
30,000 sq. ft. state-of-the-art Research productivity
and Development centre in Kolkata

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Human Capital

HUMAN CAPITAL
HUMAN How we have deepened
RESOURCES Knowledge Capital at Emami

The ability to Overview Emami has a robust recruitment

leverage resident Emami’s talent practices are aligned process. Being a fast-moving
knowledge and organisation, it invested in organic
with the standards recommended
experience has and inorganic growth with a focus
by national and international labour
translated into on hiring talents from diverse and
sustained leadership regulations. The Company’s core
values are embedded in Emami new age domains like e-commerce,
and competitiveness D2C etc. As an equal opportunity
at Emami Code of Conduct, creating a safe,
challenging, and rewarding work and merit-led employer, the Emami
environment. leadership avoids all discriminatory
hiring practices related to caste, creed,
The Company is committed to being
religion and gender.
an equal opportunity employer,
Addresses without any discrimination based on At Emami, candidates are sourced
the need for gender, race, religion, language, or from internal references, portals,
knowledge geographic preference. The selection campuses or sourcing partners.
accretion and of candidates is solely based on their The candidates undergo a rigorous
sharing process of functional and technical
professional credentials, reflecting
Emami’s commitment to meritocracy rounds of interview followed by
in its hiring. psychometric assessments designed
around an organisational competency
Addresses Emami’s emphasis on talent has
framework for roles and levels. Emami
the need for resulted in impressive growth.
also engages in a comprehensive The Company’s core
selective and This emphasis is reflected through
reference check prior to recruitment.
specialised empowerment, resilience, values are embedded
recruitment accountability and a structured Emami’s robust induction process
makes employees comfortable, in Emami Code of
performance-oriented appraisal.
marked by a flexi pay compensation Conduct, creating
Emami fosters a conducive learning
environment where employees are
module that inspires responsible a safe, challenging,
Addresses tax planning. The organisation and rewarding work
provided resources to maximise
the need digitalised HR Life Cycle Management
for people-
productivity. The Company’s strength
and Learning. The Company has environment
lies in its diverse, experienced,
focused developed a career growth plan across
talented, and professional workforce,
policies key and critical roles. It created a
which enables it to thrive in the
culture of reward cum recognition
dynamic business environment.
through a structured employee
Emami believes in empowering recognition and appreciation
Addresses the employees with the right program called ‘Wah!’ Strengths
need for people competencies. The Company focuses
Emami’s employee engagement
capabilities not only on empowering with
has deepened, following the
translating existing skills but emerging needs,
implementation of employee connect
into out- making the team future ready. The
programs, health and insurance Skilled Collective Employee- Increasing Employee-
performance Company’s learning platforms -
support, theme-based events, sports workforce experience and centric employee centric
digital to analog - have deepened its expertise approach retention policies
etc. enhancing the employee well-
‘Learning For All’ commitment and
being index.
momentum.

76 | Integrated Annual Report 2022-23 Emami Limited | 77

Human Capital

HR strategies VARIOUS EMPLOYEE delivery and medical investigations

Emami’s ‘First- Implemented Identified select Facilitated Complemented Big numbers ENGAGEMENT INITIATIVES at a discounted rate; it provides
Time Leadership leadership individuals learning tools functional heads IN 2022-23 online sessions of meditation,
Total employees zumba, yoga and others.
Programme’ interventions to brought together for a practical with capable Innovation Leaders of Future: A
flagship initiative foster leadership as a cross- application leaders. (31st March, 2023)
two-day grooming and coaching Emami Premier League 2022: The
is designed behaviours functional cohort. of leadership 3235 workshop to empower young 10th edition of the Emami Premier
to reinforce and relevant behaviours, talent across innovation, design,
Average age of League was an exciting indoor
leadership. competencies. passing learnings research & development and
to respective teams employees cricketing event comprising 32
deployment functions. This men’s teams and four women’s
and promoting (31st March, 2023)
intervention covers departments teams.
leadership across
levels.
39 like R&D, Packaging, CADE & CQA.
Wah! Awards: The programme was
Average working directed to recognise and reward
experience per Nurture – Emami employees who created an impact
employee (person Employee on business process and excelled
Steps taken to Achievements Company’s talent pool to Partner function
years) (2022-23) at work.
ensure they are future- Wellness:
control attrition • Launched e-learning
• Retention of key modules like Learning ready Outlook 13.2 A wellbeing
platform launched
MissionUnstoppable: The sales
team deliberated on growth
talents Management System • Dedicated to retaining Emami is developing Retention (%) for its employees drivers, digitalisation road map,
talent in critical people capability by and their families is
• Compensation • Obtained licenses from (2022-23) infrastructure development,
functions (sales, R&D enhancing employee a SAAS-based online
correction a renowned Massive analytics and efficient resource
Open Online Course and information skillset and employee 87.28 platform offering consultations by utilisation; the event comprised
• Role enhancement technology) adaptability through doctors, mental health counsellors,
provider, strengthening team building activities and
and role change upskilling. nutritionists and financial advisors
skills • Strengthened Human a reward cum recognition
• Better employee Resources Business for a holistic wellbeing at zero programme.
• Committed to upskill cost; it comprises online medicine
engagements

Wah! Awards - Employee Reward Programme Independence Day celebration at Emami’s Pacharia unit

Mission Unstoppable Sales Team Building and

Innovation Leaders of the Future Workshop Recognition Programme Emami Premier League

78 | Integrated Annual Report 2022-23 Emami Limited | 79

Social and Relationship Capital:

Governance review

SOCIAL &
RELATIONSHIP CAPITAL Emami Board’s enhanced focus. The Company’s trust and confidence with an eye
independence Board comprised the following on corporate performance and
The Emami Board comprises committees: accountability
50% Independent Directors, • Audit Committee • Review of compliances as per
who bring a dispassionate, • Nomination and Remuneration listing regulations
independent and diverse Committee • Enhancement and protection of
Emami: Pioneering judgment to the strategic table. • Stakeholders’ Relationship
Committee
shareholder value
• Implementation of business
excellence through ethical Emami Board’s diversity
Emami’s Board diversity
• Corporate Social Responsibility responsibility and sustainability
report system
Committee
governance harnesses differences in
knowledge, skills, regional / • Risk Management Committee Compliance control
industry experience, cultural / • Corporate Governance mechanism
geographical backgrounds, age, Committee (also overseeing the • A defined compliance matrix
and genders. There are 3 women responsibility of ESG Initiatives) with responsibility specified for
Directors on the Board. • Share Transfer Committee each statute for each business
Overview invested proactively in is managed. The spirit of
digitalisation and demonstrated governance balances the • Finance Committee place
Emami is committed to credible
an extensive commitment to interests of all stakeholders
Key expertise areas of the • Digitalisation of the control
governance that enhances Board of Directors- • Buyback Committee
regulatory compliances. (shareholders, management, system
its respect as a responsible • Management of complex
corporate citizen. The Company In view of this, governance customers, suppliers, financiers,
business processes
Emami Board oversight • Defined performers & reviewers
is led by a strong Board; it has at Emami comprises rules, government and community), Diverse Emami Board • Monthly statutory compliances
making governance integral to • Visioning, Strategic Planning and
outlined standard operating protocols and processes M&A committees carry out defined are updated in the system from
protocols for most functions, by which the Company the Company’s existence. roles. The Board supervised all locations via units, depots and
• Consumer Insights, Innovation &
committees and was responsible offices
Marketing
for their actions. The Board also • Review and checking of a
• Financial & Risk Management oversaw safety performance, composite report of statutory
• Supply Chain Management validating a safety-first culture.
External environment alliances, trade consolidation and transparent disclosures and compliances by the Legal Team &
• Governance and Regulatory Internal Auditor
and governance at integration. This environment effective Board governance.
Requirements Responsibilities delegated
Emami presents opportunities; there is a The Company deepened its
by the Board
Emami operates in an
premium on speed, innovation governance framework, policies Emami Board committees
and risk management. Emami’s and disclosures; it monitored • Review of corporate governance
environment, marked by Emami Board committees practices
strategy is directed to enhance and evaluated outcomes, cover a range of subjects with
economic impacts, demographic
value across the medium to contemporising relevance. • Building an environment of
trends and technology
long-term. Emami outlined
advancements with a focus on

Actions for the Governance process Emami’s governance pillars

Accountability: Transparency: Responsibility: Fairness: Ensuring

Clarifying Reporting system; Ensuring compliance efficient services to
Checks and Reporting governance roles disclosure of timely, with relevant laws and stakeholders
Efficient Compliance of and responsibilities, proper and adequate regulations
Compliance control system, system;
service for Securities Laws establishing check information
Management Internal controls integrated
stakeholders & Policies cum controls through
through SOPs Reports
SOPs

80 | Integrated Annual Report 2022-23 Emami Limited | 81

Social & Relationship Capital

How Emami has widened

SALES &
and deepened its
DISTRIBUTION distribution coverage
Emami’s strategic
investments, focused
approach and
channel-specific packs
have been integral to
the growth in modern
Overview a significant role in mitigating trade and e-commerce
rural decline. Emami’s strategic
At Emami, enhancing brand visibility
investments, focused approach and
channels
across regions remains a priority,
despite distribution challenges in channel-specific packs have been
the form of markets with varying integral to the growth in modern trade
population densities, changing and e-commerce channels.
consumer behaviour and with nearly
65% of the population residing in Strategies
dispersed rural or semi-urban India. • The Company adopted a proactive
approach, using data-driven analytics
At the Company, distribution
efficiency is achieved through • The Company made significant
investments to target gap areas Strengths such as modern trade and approximately 400 field force
geographic clustering, route
• The Company shifted its focus chemists, with an emphasis on members covered more than
optimisation and load factor • The Company mapped distribution
maximisation. Emami deepened its opportunities based on consumption in enhancing urban coverage weighted stores. 20,000 additional villages.
direct reach across towns and villages, potential and other key metrics by optimizing efficiency in the Emami’s rural coverage increased
• The Company is targeting
utilizing a potential-based approach (proximity to transportation network stores already expanded. from approximately 32,000 towns
an expansion in villages with
to maximise coverage. and town-wise retail density) two years ago to more than
• The Company’s expansion potential in 400 districts.
52,000 towns.
Digitisation enhanced urban and • The Company established strategic efforts are now focused on
partnerships with partners like CSC • The Company added more
rural presence, making it possible to strategically targeted channels than 3500 rural sub-distributors;
target stores, curate assortments (store Grameen eStore to address rural
Addresses profiles and potential) and optimise demand.
the need routes. This digital transformation • The Company improved in-
for people-
is revolutionizing the distribution market execution and productivity
focused
landscape. (geocode revalidation of retail stores, Achievements allows the Company to directly around 49 lac outlets (direct and
policies
onboarding new chemist outlets, • Emami ensured that products service consumers indirect)
Challenges and mitigation optimizing coverage beats and rolling
are available to consumers
out gamification for the front-end • Emami strengthened its • Emami’s e-commerce presence
The Company has been encountering through diverse channels supply chain, focusing on and direct-to-consumer
sluggish rural demand, which team).
Addresses (traditional, modern and digital timely fulfilment and demand channels have expanded,
the need for accounts for around a third of • The Company implemented AI- channels)
led predictive selling algorithms to replenishment. covering over 17,000 pin codes
people capabilities Emami’s business. There has been
empower its urban sales team with • Emami implemented targeted (approximately 94% of Indian pin
translating into considerable weakening in demand in • Emami invested in digital
out-performance the rubefacients portfolio. advanced tools for enhancing the coverage expansion strategies, codes).
platforms helping monitor reach
quality and quantity of productive focusing on right-weighted and availability • Emami offers diverse pack
Project Khoj – centered on rural coverage and sales calls stores and potential villages sizes across its brands, catering
coverage expansion - has played • Emami’s direct reach is around
• Emami rolled out D2C channels to consumer segments across
9.4 lac outlets; its retail reach is
such as [Link], which socio-economic classes.

82 | Integrated Annual Report 2022-23 Emami Limited | 83

Social & Relationship Capital

Project Khoj: Emami Project Sirius: Emami

expanded direct rural reach implemented a predictive
Key to target potential towns; it selling tool, enhancing the
highlights, added over 11,000 villages by width and breadth of product
2022-23 March 2023 (cumulative village assortments
addition of 20,000 since April
2021.)

E-commerce: The Company Modern trade: Emami’s Acquisition: Emami integrated

grew revenues by 83% and modern trade demonstrated the Dermicool portfolio with
increased salience to 9% of 37% growth over the previous new product developments,
the overall business with a year, contributing 9% to salience exceeding 3% of total
sustained focus and channel domestic sales. net sales.. Emami’s
specific assortment. e-commerce
presence and
direct-to-consumer
Extensive distribution grid Outlook nationwide. Emami is focusing
channels have
Emami’s domestic consumer Emami will continue to drive on new product launches
including the Dermicool portfolio expanded, covering
care division comprises an reach and distribution across
extensive retail reach, covering urban and rural channels, to sustain growth. The Company over 17,000 pin codes
approximately 9.4 lac retailers targeting potential channels and plans to build new brands and (approximately 94%
strengthen the equity of its core
through a robust multi-layer towns in each State. Apart from
brands through various channels
of Indian pin codes)
network of direct distributors, scaling Project Khoj in the rural
super stockists, sub-distributors, channel to add 10,000 villages, (modern trade, e-commerce and
and wholesalers. Emami is consolidating Project Sirius in the general trade). Emami’s project
expanding its rural footprint urban channel and expanding SAMT, aimed at improving its
with coverage expected to reach coverage in weighted stores will presence in over 6500 standalone
440,000 outlets. be key imperatives for the year. modern trade stores in the top 50
towns, will remain a priority.
Emami aims to increase in-store
presence in top retail formats

How has Emami transformed in taking into consideration factors

Before and After at the last three years such as size, population, category Technology has played a Initiatives reduction in the distance covered
Emami consumption and economic pivotal role in Emami’s sales • Geocoding of the retail direct by the field force for order taking,
• Emami undertook several resulting in time saving that can
prosperity. transformation journey, with the coverage was undertaken.
Before: Emami covered 32,000 initiatives to enhance and be reinvested in engaging with
integration of analytical tools
villages before Project Khoj transform its route-to-market • Integrated technology • Continued implementation of retailers at the store front.
and distribution processes across in Emami’s sales process, into handheld devices used by Sales Force Automation enabled
After: Emami added 20,000 the frontline sales force. This • Increased coverage in locations
villages in two years and various channels. helping facilitate the building the organisation to progress to
of assortments in stores, with integration has enabled Emami’s the next phase by integrating with the right market potential,
increased village coverage • Leveraged the latest tools and allowing for more informed
assisted selling playing a crucial sales team to accurately capture internal sales behavioral metrics
to around 52000 following technology, in collaboration decision-making and effective
role. geographic location, store- with geospatial analysis.
Project Khoj. with industry experts, to drive resource allocation.
level information and intervene
effective solutions for demand • Equipped the urban sales force • Reduction in non-value-added
and replenishment. with a store-wise customised during sales calls at the point time is increasing productivity of • Adopted a comprehensive
Before: Emami almost of purchase. Advancements in approach to identify villages with
• Optimised its supply chain assortment recommended at the field force.
doubled performance technology have facilitated the growth potential. In addition
operations, enhanced demand every outlet to assist in effective • Leveraging analytical tools
compared to the previous year, delivery of timely, personalised, to using external surrogate
forecasting accuracy, and sales. in conjunction with image
leveraging the reach of its and actionable reminders to metrics such as size, proximity
e-commerce channel. improved overall distribution • Leveraged advanced tools and processing algorithms, Emami to highways, and type of
the field force at the store front.
efficiency. technologies to drive high fill is ensuring enhanced in- housing (pucca vs kutcha), the
After: The contribution of Technology is also extensively
• Adopted a strategic and rates on store shelves by closely store visibility in modern and organisation incorporates actual
e-com business increased used to identify the right modern
potential-based approach monitoring in-store visibility, on- traditional trade channels. category size within each village,
from 0.3% in FY19 to 9.3% in trade and chemist stores and
that involves fine-tuning the shelf inventory and store-level rather than solely relying on
2022-23. increasing their direct coverage Results
Company’s activations at the line extensions across modern population as a benchmark.
trade formats and outlets. by more than 4,000 modern trade • There has been a significant
level of feeder towns and villages,
and 30,000 key chemist stores.

84 | Integrated Annual Report 2022-23 Emami Limited | 85

Social & Relationship Capital

An Indian company evolved Around six years ago, the

business had plateaued; demand
more than 450 professionals
outside India (90% foreign
for Indian products were not nationals), has been divided

INTERNATIONAL into a dynamic global citizen growing in the international across clusters (SAARC, GCC/
markets, warranting a different Middle East, Russia/CIS, SEA,

BUSINESS Overview
Around 25 years ago, Emami
The Company has come a long
way with offices in Dubai, Moscow,
approach. The Company
responded with a different
Sub-Saharan Africa etc.) and sales
are sustained under enduring
mindset and the result is that the Emami brands or the acquired
sensed an opportunity for its Dhaka, Colombo and Kathmandu,
international business has grown, Creme21 brand.
brands and products in the coupled with own-cum-third
provides direct employment to
international markets, venturing party manufacturing units in
into exports through a distribution Bangladesh, UAE, Germany, Sri
network across 70 countries. Lanka and Thailand, reinforced by
exports from India.

Emami’s international presence

Brand performance in the consumers. More than ~100mn Aloe Vera. With ~ 12mn units
international markets units of Navratna are sold across sold annually, the brand grew in
Boroplus: The brand retails international geographies. In mid-teen percentage during the
around 15mn units across 2022-23, the brand grew more last year.
international geographies, than 40%. Fair & Handsome / Smart &
contributing ~ 16% of overall 7 Oils in 1: The brand was Handsome: In two decades,
International sales. In 2022-23, introduced in the international the brand, launched as male
the brand grew by more that market around 2015 and now whitening, has evolved into
50% in topline over the previous commands a large revenue share an advanced male grooming
year despite challenging market compared to the Indian market. brand. With sales of 12mn units,
SAARC & SEA MENAP CIS & Eastern Europe Africa & Others the brand registered a growth
conditions. New offerings under hair oils
made in recent years comprise of 25%. In 2022-23 the brand
Navratna: Has moved beyond was repositioned as Smart &
traditional red cooling oil Black seed, Cactus, Shea Butter,
Handsome in international
catering to the needs of different Castor, Almond, Coconut and
geographies.

86 | Integrated Annual Report 2022-23 Emami Limited | 87

Editor’s note

Creme21: This iconic German 23, the brand grew in the mid- Fast Relief and Zandu brands.
brand was acquired in 2019 teen percentages. These offerings are leading the
and become an integral part of Topical pain management: categories / markets they operate
Emami’s brands. Today ~5 mn Includes balms, ointments and in. Today, ~ 40mn units are sold
units are sold annually in the sprays under the Menthoplus, annually with mid-single digit
international markets. In 2022- sales growth.

Challenges and Strategies Achievements

mitigation Emami increased • Despite challenges, Emami’s Big numbers
In 2022-23, in spite investments in key brands international revenues grew
of turbulence across across Gulf countries, Middle by 20%, catalysed by superior New products
geographies - liquidity East, SAARC, CIS, Southeast performance in key clusters launched 17%
crisis in Nepal, economic Asia and East Africa. like GCC, Russia or CIS, SEA Share of international
• Navratna: Navratna Gold oil
crisis in Sri Lanka, currency and Africa. revenues in the
The Company expanded its and Navratna Zaitoon oil for women Company’s total
meltdown in Bangladesh and Arab audience.
footprint across international • Despite geopolitical issues, revenues in 2022-23
and Egypt, disturbed macro-
markets with a significant the Russia or CIS cluster • Creme21: Aloe Vera Face Gel and (15% in 2021-22)
economic conditions and demonstrated a significant
population. It focused on Petroleum Jelly for Arab consumers.
Russia-Ukraine conflict - the contribution to international
talent retention and attraction. • BoroPlus: BoroPlus Panthenol and
Company’s international business.
It established a stronger Boroplus Soft for CIS consumers.
business delivered profitable
direct control in markets like • Fair and Handsome: Re-launched
growth in each quarter due to Outlook
the following reasons: strong
Russia, CIS, Sri Lanka and as Smart and Handsome in 70 +
Bangladesh, among others. In 2023-24, Emami’s Countries of
brands and brand building; international geographies.
international business presence
prudent management It implemented e-commerce aims to achieve double-
of investments deployed strategies in select digit growth, despite tough
selectively to maximise geographies. Its marketing macro-economic and socio-
yield; pro-activeness while was directed towards online political situations in several
monitoring situations and media, endorsements and geographies.
timely responsiveness. online purchase.

Emami’s international products portfolio

88 | Integrated Annual Report 2022-23 Emami Limited | 89

Social & Relationship Capital

EMAMI’S ROLE AS
A RESPONSIBLE CORPORATE CITIZEN
We have engaged in responsible
CSR community development Emami’s various CSR
initiatives in the field of
through various initiatives and education

activities
Overview Emami’s CSR policy
Emami’s CSR activities focus on The CSR policy of Emami aligns with
holistic societal development. The the Company’s philosophy of fulfilling
Focus on its responsibility as a corporate
Company’s CSR programmes are
under-
designed by a Board-level committee, citizen with its business ethics,
addressed
areas highlighting the Company’s social while undertaking initiatives for the
development priority. By partnering well-being of under-privileged and
civil society and NGOs, Emami has deprived sections of the society.
widened its CSR impact.
CSR commitment, 2022-23
Enhanced Rajkumar Goenka, Patron-CSR
Emami and CSR During 2022-23, the Company
effectiveness
derived Emami has implemented social allocated H10.48 Cr for CSR initiatives
through NGO interventions across the country. across education & skill development,
partnerships Its Corporate Social Responsibility health, water & sanitation, and social
initiatives are designed around United upliftment engagements. Of the Initiatives Nanhi Saraswati Girl Child Education
allocated corpus, H2.60 Cr was spent Student Support Program: Provided Support Program: Provided learning
Nations’ Sustainable Development
on education and skill development, scholarships, financial aid and opportunities to meritorious as well
Goals, with an emphasis on advancing
H2.97 Cr on health, water and education materials support to 124 as needy girl child students from
Allocation of a education, skill development and
sanitation and H4.14 Cr on social uplift. underprivileged students for their economically weaker sections.
sizable part of the healthcare.
surplus towards studies and distributed textbooks to Project Udayan Care – Shalini
community 500+ needy students. Fellowship Program: Provided
development
Education Infrastructure Support: support for academic excellence
Provided infrastructure support to and personality development of
Project
various school/educational institutions 50 Shalinis - girl students from

PADHO INDIA PADHO for better education facilities. underprivileged sections of the society.
Individual attention, counselling and
Ekal Vidyalaya: Provided support to grooming through regular mentoring
This initiative promotes holistic education support for Friends of Tribal Society to operate 75 programmes were provided for their
the children and students from socially and economically one-teacher schools, benefitting 1131 overall mental and moral development.
downtrodden sections of the society. students.
Digital education in rural areas: Smart
Overview sector. This project provides After School Support Program: classrooms were set up at Haripal
With a strong belief in education students, schools and educational Provided after-school coaching Centre of Emami Foundation for rural
being the driver of socio-economic institutions with necessary support to 170+ students at Emami students to access the best teachers
progress, the project was initiated learning resources and support. Foundation CSR centres in Kolkata and from Kolkata.
to promote a holistic approach Deserving students from financially Haripal.
towards supporting the education marginalised families are granted
scholarships and study grants.

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Social & Relationship Capital

Project supplements in and around chosen artists were provided Animal welfare: The Company
factory units and through Emami the opportunity to live and supported veterinary clinics for

BADHTE KADAM Foundation-managed CSR

centres in Kolkata and suburbs.
This project benefitted more than
work outside of their usual
environments and explore new
locations, different cultures
the treatment of sick animals in
Kolkata.
This initiative promotes employment generation and Project Gokulam: Family-based
300,000 people during the year. and experiment with different
livelihood creation through skill development and materials. A lot of art festivals of
rehabilitation of abandoned
enhancing relevant vocational skills. Promotion of sports: The and parentless children,
Indian cultural legacy were also
Company contributed towards destitute women and widows
organised for cross pollination
Overview financial accounting such as GST the promotion of sports and was undertaken at Vrindavan,
of ideas and creativity where art
This programme imparts training and Tally, spoken English, grooming sportsmen in six schools, bringing them together and
exhibitions, graffiti and band
in vocational skills that enhances and personality development, covering eight villages in the raising them as a family in a
competitions, art bazaar, musical
employability. The programme among others. vicinity of the Pantnagar factory community environment. Some
concerts, folk performances,
by enrolling sports talent into 15 Vatsalya Parivars benefitted
comprises in-demand skills such workshops and talks, virtual talk
institutions. Around 192 sporting under this program consisting of
as apparel designing, stitching and sessions and film screenings
talents were identified under 169 children and 55 women.
tailoring, beauty and hairdressing, were held.
this program, comprising 129
SHE – Commerce: 50+ women
boys and 63 girls. Around 90 Disaster management and
Initiatives   Hooghly district of West Bengal in were trained on e-commerce
parents were also counselled rescue services: The Company’s
various trades through CSR Skill to support women’s economic
Skill development programme: to encourage their children in rescue team provided disaster
Development Centres operating empowerment by addressing
Skill and vocational training sports. relief during the pandemic; it
under the aegis of Emami the practical need of women to
provided to 800+ underprivileged supported thousands with dry
Promotion of arts and culture: become self-sufficient.
youths in Kolkata and the Foundation. and cooked rations; it provided
The Company played an
relief to thousands during natural
instrumental role in connecting
disasters in Sundarbans, Contai
urban youth to their cultural
and Ghatal areas of West Bengal.
Project roots by promoting classical
It rescued 380+ vulnerable people
and traditional music. Under
from Kolkata streets and reunited
PADHENGE HUM PADHAANE KE LIYE Emami’s Residency Programme,
them with their families.

This initiative improves learning outcomes of students

by capacity building of teachers through training and Project
innovative teaching pedagogies.
Overview
The Company trains teachers to
a collaborative platform that
facilitates communication among
SWASTHYA
teachers, students, parents and the
This initiative provides the underprivileged population
enable them to address the specific access to preventative & promotive healthcare services that
learning needs of students through entire community.
facilitate demographic and socio-economic transition.
Overview Emami offers medical aid to
Initiatives    for 100+ teachers at rural schools
The Company’s mission is to financially challenged patients
Teachers’ Training Program: under the Daksh Teachers’ Digital and conducts clinics to address
democratise healthcare - accessible,
Digital training was undertaken Empowerment Program. healthcare needs.
affordable, and available for all.

Project
Diabetes care centre: It up a research and rehabilitation benefitting 70,000+ beneficiaries

JAN KALYAN launched a pioneering diabetes

care and management centre for
the underprivileged (comprising
centre for children with cerebral
palsy; also upgraded the health
infrastructure of the Haripal CSR
at Emami Foundation-operated
CSR Centres in Kolkata and
suburbs.
This initiative focuses on social
specialist diabetologist centre.
uplift of the vulnerable sections Eye screening: A project on eye
consultation, diabetes
Financial aid: Supported the screening of students was held
foot examination, diabetic
treatment and health care of 800 through training school teachers
Overview social infrastructure, addressing hunger, retinopathy examination,
+ patients by providing financial to detect defective vision among
promoting arts and sports, animal welfare and diabetes diet advice and diabetes
At Emami, sustainable development warrants a aid to patients who needed school children in Haripal
managing disasters. education). These services have
commitment to corporate social responsibility, urgent & emergency medical area of West Bengal. Improved
supporting socio-economic progress. The been availed by 1100+ diabetes
Hunger mitigation program: The Company intervention. academic performance and
initiative comprises a variety of actions like patients during the last year.
addresses the issue of hunger, poverty overall wellbeing of the students
enhancing rural and slum areas, improving Promoting health care:
and malnutrition by distributing food and Health infrastructure: Provided was achieved with improved /
Operated and managed
healthcare infrastructure support corrected vision.
outpatient department clinics,
to Mahavir Seva Sadan for setting

92 | Integrated Annual Report 2022-23 Emami Limited | 93

Natural Capital

EMAMI’S SUSTAINABLE JOURNEY

Emami’s efforts towards environment protection

Water stewardship GHG emissions reduction

TO BUILD A BETTER WORLD • Implementation of zero liquid

discharge at all manufacturing
units
• Reducing water intake by
• Initiatives to reduce
greenhouse gas (GHG)
emissions
• Utilisation of an efficient
utilizing treated wastewater environmental management
• Reducing dependence on system and innovative
groundwater extraction technology

Addresses the need to grow the • Operating in line with • Monitoring and containing

NATURAL Consent to Operate (CTO) GHG emissions within

business with a lower carbon terms regulatory standards

CAPITAL footprint

Fuel consumption Circular economy and Renewable energy use

Overview use in boilers as it produces negligible sulphur and reduction plastic recycling • Installation of solar
In a world becoming increasingly sensitive, there is mercury; besides, Co2 emissions can be curbed to
• Transitioning from • Introduction of significant rooftops in four
a premium on the use of responsible resources and just 13% of High Speed Diesel.
high speed diesel to recycled plastic in primary manufacturing units
processes. This is the standard by which companies • The Company invested 1MW renewable energy in piped natural gas and and secondary packaging • Increased use of
are now being appraised. Pacharia, which facilitated 12% of solar energy being bio-briquettes in boiler • Reduced dependence on renewable energy sources
used to address the electricity appetite. At Masat, the operations
Emami made investments in cutting-edge virgin plastics
Company undertook solar generation with 200KW
technologies that improved process yields, reduced • Running boilers with • Lowering carbon footprint
capacity and at Dongari, it invested in 320KW
waste, improved output quality and moderated 96% briquette and 4% HSD associated with virgin plastic
capacity.
power or resource consumption. selectively manufacturing
• The Company established an integrated waste
Emami has embarked on a sustainability journey • Introduction of electric
management system, responsible scrap disposal,
to ensure the Company’s transformation into an vehicles in the corporate
reduction in ETP waste, recycling of plastic and
organisation of the future, enhancing a sustainable office and e-rickshaws in
e-waste through certified vendors.
outlook across all its businesses. units
Our R&D initiatives to reduce carbon
Our approach footprint
Emami embraced a holistic approach to achieve Emami has undertaken various initiatives to drive
sustainability in operations, encompassing sustainability. To moderate environment and
safety, environment, water conservation, energy social impact, the R&D team is engaged in product
conservation and waste management. Over the innovation and technology improvement. The
years, the Company achieved few milestones Company is committed to reduce its environment
towards zero accidents, zero liquid discharge and footprint and promote sustainable practices. Some
zero environmental incidents. R&D initiatives comprised:
Key highlights, 2022-23 • For the production of Zandu Rhumasyl, the
• Overall energy consumption reduced 8% Company shifted to a cold-press process, reducing
energy consumption and moderating carbon
• Overall renewable energy use increased 15% footprint.
• Overall water consumption reduced 14%
• The Company made changes to Zandu Lalima’s
• Reduced high speed diesel consumption by 36% manufacturing process to conserve water.
in Pacharia. The boilers are now charged with
approximately 96% bio-briquette and 4% diesel in • The Company replaced sugar with jaggery in
most manufacturing units. the production of Zandu Chyavanprash, reducing
• At Pantnagar, the Company transitioned to PNG upstream carbon emissions due to minimal
processing requirements

94 | Integrated Annual Report 2022-23 Emami Limited | 95

Natural Capital

Sourcing and supply chain technical guidance and training.

The Company invested in cross- It engaged in the distribution of
knowledge and implementing ‘Good requirements of Plastic Waste Management
functional communication quality planting materials and
Agricultural Practices’. Rules, 2016 and subsequent amendments;
for optimal sourcing based facilitated farmer registration
its waste collection plan is in line with
on manufacturing and sales under government cultivation Value-addition: Zandu Foundation for
the Extended Producer Responsibility
forecasts. The Company invested programmes. It enhanced Healthcare (ZFHC) organises farmer
(EPR) plan submitted to Pollution Control
in light and recycled packing farmer incomes and promoted demonstration programmes that educates
Boards. Emami partnered three associations
materials. It focused on the medicinal plant conservation farmers on the value-addition techniques
Zandu Foundation - Biotech Kisan Hub registered with Central Pollution Control
optimisation of structural and awareness. associated with
- Farmers’ Training Board (CPCB) as a Plastic Waste Processor
material design. aromatic plants.
(PWP).
Herb cultivation and farmer Azadi Ka Amrit Mahotsav: As a part of the
It appraised social, ethical, and engagement initiatives Waste bought back by PWP for brands
environmental factors before ‘Azadi Ka Amrit Mahotsav’ programme,
Chirayta cultivation: Farmers in are collected through waste pickers /
selecting suppliers. A majority ZFHC conducted on-field training for
the Western Himalayas, situated aggregators and are subsequently sent to
of raw and packing materials farmers in Gujarat.
at an elevation of 2700 meters, collection centres / manufacturing facilities
sourced were from suppliers Biotech Kisan hub: ZFHC is implementing where wastes are segregated and sorted.
are engaging in the cultivation of
covered by sustainable sourcing the ‘Biotech Kisan Hub’ project in Gujarat, The segregated wastes are then cleaned,
Chirayta, an endangered species.
programs or compliant with funded by Department of Biotechnology, washed, extruded and compounded to
This cultivation initiative is being Kutki Cultivation
ISO 14001, OHSAS 45001, FSC, Ministry of Science & Technology, pellets which are used to manufacture the
extensively backed by Emami.
FDA, BRC and USRA. It engaged Government of India. This initiative has final products.
with suppliers and transporters Kutki cultivation: Under the benefited approximately 1000 farmers.
The Company uses 50% Post-Consumer
to deepen their sustainable supervision of Emami, the
Ashwagandha cultivation: ZFHC is Recycled (PCR)-LDPE in shrink bundling
sourcing commitment. It cultivation of Kutki, a valuable
promoting farmers in Gujarat to engage films. Emami is qualified to use PCR PET
engaged in comprehensive and endangered species, is taking
in the cultivation of Ashwagandha. This for primary and secondary packaging
supplier assessment to identify place at an elevation of 2800
includes providing technical assistance and after robust stability and moulding process
improvement areas. meters in the Western Himalayan
marketing support to farmers. qualifications. For the primary packaging
region.
of Navratna Oil, Emami uses PET bottles
Collaboration and farmer Kapur Kachri cultivation: With
Kapur Kachri Cultivation Koncha cultivation: For over ten years,
with 25% R-PET; for secondary packaging,
engagement the assistance of Emami, farmers
farmers in Gujarat have been cultivating
PET jar is used with 40% R-PET content. In
The Company collaborated with Koncha, a variety developed by ZFHC. This
in Uttarakhand are cultivating 2022-23, 10,204 MT of waste was processed
local authorities, government variety is known for its high content of
Kapur Kachri, a prominent via EPR, which accounted for approximately
institutions, and self-help groups. L-dopa in seeds.
species native to the Himalayas. 74% of the total plastic consumption liability
It engaged in the contractual in each category.
cultivation of medicinal herbs Farmer training: In the Western Sustainable packaging
with farmers and collectors. It Himalayas, the Company Emami is in compliance with the
conducted capability building organises training programmes
programs for farmers, providing for farmers focused on imparting
Farmers’ Training in Uttarakhand

Various Awards received by Emami Ltd. for environment protection

Pacharia unit was declared Pacharia unit

Pacharia
winner of in the “22nd Greentech was awarded
plant was
Environment Award 2022” Winner for
awarded 3
for the second time in a row EHS Best
star rating
for outstanding achievements Practices
two times
‘Environment Protection‘ category at the
in a row by
CII Eastern Greentech
Region International
Safety, EHS Summit,
Health & 2023
Environment
(SHE) Awards

Zandu Foundation - Azadi Ka Amrit Mahotsav - on- Chirata cultivation

field farmers’ training

96 | Integrated Annual Report 2022-23 Emami Limited | 97

Awards & Accolades

AWARDS & ACCOLADES

CORPORATE AWARDS AND RANKINGS

BRANDS
AND MARKETING
AWARDS
BoroPlus felicitated
as one of the ‘Iconic Software Defined
Brands of India’
Network (SDWAN)
at the 5th edition
of ‘The Economic implementation project
Times Iconic Brands selected as a winner
of India’ at the 3rd Quantic
India Technology
Excellence Awards 2023
Received the ET Bengal Corporate Award (ETBCA) under the category of
2022 for ‘Best Financial Performance’ among ‘Best Infrastructure
companies with a turnover of over H1500 Cr Transformation in
FMCG Industry’

QUALITY & OPERATIONS AWARDS

Emami Limited, Kamrup, Assam Received the prestigious ‘Golden
on behalf of Emami Guwahati Peacock Business Excellence
Cluster (Amingaon & Pacharia) Award’, for the year 2022
awarded as ‘Best Unit for recognizing Emami’s best in class
Compliance of Labours Laws’ standards of performance through
and ‘Best Labour Practices’ by structured continuous improvement
the Labour Welfare Department, and innovation projects with
Govt. of Assam. a specific focus on the various
operations excellence initiatives at
our units.

INDIVIDUAL RECOGNITION
Mr Harsha V. Agarwal,
Vice Chairman &
Managing Director,
elected as Vice President
of Federation of Indian
Chambers of Commerce
and Industry – FICCI

CNBC TV18’s list of India’s

top seven Indian ‘heiresses’,
featured Wholetime
Director, Ms Priti A Sureka,
for leading her family
businesses successfully.

Businessworld,
featured Ms.
Priti A. Sureka, Mr Prashant Goenka, Wholetime
Co-Founder and Chairman,
Wholetime Director Director, felicitated with the
Mr. R. S. Goenka conferred with the prestigious
in its Special Issue Entrepreneur of the Year – 2022
“Banga Bibhusan” award from the State
on ‘Most Influential Award (Consumer Category) in
Government of West Bengal.
Women’ of India. Dubai by the ITP Media Group at
its 14th Annual CEO Middle East
Awards.
98 | Integrated Annual Report 2022-23
 Corporate Overview Statutory Reports Financial Statements

Directors’ Report

It gives me great pleasure to share with you the During the year under review, the newly acquired
performance of your Company along with audited brand Dermicool was integrated from April 1,2022
accounts for the financial year ended March 31, and Helios Lifestyle which operates under the
2023. In compliance with the applicable provisions brand “The Man Company” became the Company’s
of Companies Act, 2013, (“the Act”) and the Securities subsidiary with effect from July 1,2022
and Exchange Board of India (Listing Obligations
Further, the Company launched more than 20
and Disclosure Requirements) Regulations, 2015
products in FY23, with a majority being digital first
(“SEBI Listing Regulations”), this report covers the
launches on its D2C portal Zanducare.
financial results and other developments during the
financial year from April 1, 2022 to March 31, 2023. The Company’s Modern Trade and E-Commerce
channels continued to grow strongly during the
1. Operational Review year. While Modern Trade grew by 37%, it increased
its contribution to domestic business by 220 bps
During the year under review, the demand
to 9.3%. E-Commerce sales also increased by 82%
environment continued to remain challenging with
increasing its contribution to domestic business by
the FMCG sector impacted by an unprecedented
400 bps to 9.3%.
inflation leading to rural slowdown, liquidity
pressure and subdued consumer sentiment. Over the past 2 years, the Company embarked on
a journey under “Project KHOJ” to double its rural
The year also witnessed significant corrections in
coverage adding ~20,000 rural towns & villages,
two categories - pain management and Healthcare
taking its overall footprint to 52,000 such rural
– that enjoyed a high revenue base during the
villages. In FY24, the Company plans to add further
pandemic year. This, along with high input costs
8,000 villages to reach its target of 60,000 villages.
and favourable portfolio mix last year impacted
This rural expansion is getting digitized and
margins.
geocoded at the same time giving the organization
Further, a warmer winter season impacted the sales a wealth of rural retail level behaviour and buying
of winter portfolio in Q3FY23 and unseasonal rains patterns to ensure higher service levels.
across the country impacted the loading of summer
The Company’s International business continued
products in Q4FY23. In the given macroeconomic
its stellar performance growing by 20% in FY23
environment, the Company posted Revenues of
despite of high inflation and several key markets
Rs. 3,406 cr. which was 7% higher than the previous
facing challenges like currency depreciation in
year.
Bangladesh, economic crisis in Sri Lanka, forex
Most of the Company’s major brands increased their & liquidity crisis in Nepal and ongoing political
household penetration levels during the year under conflict in CIS countries etc. This was made possible
review. Sustained interventions and marketing only on account of strong brand building activities
efforts ensured that they further cemented their across key geographies.
leadership positions in their respective categories.
During the financial year, Gross Margins at 64.7%
Major brands like Navratna grew by 6%, Male
declined by 160 bps on account of higher input
Grooming range grew by 4%, 7 Oils in One grew
costs and favourable portfolio mix in the base year.
by 10% and BoroPlus and Kesh King grew by 1%
EBIDTA margins excluding strategic investments at
respectively.
26.7% are close to pre-COVID levels and including
Pain Management range and Healthcare range, strategic investments, they stand at 25.2%. PAT
being COVID contextual categories witnessed before MAT credit entitlement of earlier years at Rs.
corrections during the year, however on a 4 year 627 Cr grew by 4% over previous year and by 20% on
CAGR basis, Pain Management range grew by 6% a 4 year CAGR basis.
and Healthcare range grew by 8%.

Integrated Annual Report 2022-23 97

 Financial results for the year under review are summarised below:

Financial results
(Rs. lacs)
Particulars Standalone Consolidated
2022-23 2021-22 2022-23 2021-22
Operating income 2,90,683 2,86,687 3,40,573 3,19,203
Profit before interest, depreciation and taxation 82,544 1,02,012 93,168 1,04,762
Interest 373 345 739 507
Depreciation and amortisation 21,538 32,761 24,725 33,478
Profit Before Tax and Exceptional Items 60,633 68,906 67,704 70,777
Exceptional Items - - - 518
Profit before taxation 60,633 68,906 67,704 70,259
Less: Provision for taxation
- Current tax 11,077 12,209 12,678 13,539
- Deferred tax ( net ) 760 438 90 404
-MAT credit entitlement (8,554) (28,809) (8,554) (28,809)
Profit after taxation 57,350 85,068 63,490 85,125
Non-controlling interest - - (1216) (232)
Profit after minority interest 57,350 85,068 64,706 85,357
Share of profit/(loss) of associate - - (750) (1,458)
Profit for the year 57,350 85,068 63,956 83,899
Balance brought forward 1,16,684 67,182 1,15,830 67,646
Profit available for appropriation 1,74,034 1,52,250 1,79,786 1,51,545
Appropriation
Effects of adoption of new accounting standard , i.e, - -
Ind AS 115
Interim dividend 35,292 35,561 35,292 35,561
Corporate dividend tax - -
Re-measurement of net defined benefit plans (net of 72 5 -29 154
tax)
Acquisition of Non-controlling interests - - 515 -
Balance carried forward 1,38,670 1,16,684 1,44,008 1,15,830
Total 1,74,034 1,52,250 1,79,786 1,51,545

2. Changes in the nature of business, 4. Transfer to reserve

if any Your Directors do not propose to transfer any
There has been no change in the nature of business amount to the general reserve.
of the Company during the financial year 2022-2023.
5. Material changes and commitments
3. Dividend No material changes and commitments have
During the year under review, the Company has occurred from the date of close of the financial year
paid two Interim Dividends aggregating to Rs. 8/- till the date of this Report, which might affect the
per share of Re. 1/- each. The two interim dividends financial position of the Company.
so paid will be placed for confirmation by the
members at the ensuing AGM. The total dividend 6. Buyback of Equity Shares
outgo for the financial year ended March 31, 2023 The Board of Directors at its Meeting held on March
amounted to Rs. 35,292 lacs and dividend pay-out 24, 2023 approved the Buyback of equity shares
ratio works out to 55.17%. The dividend pay-out from its shareholders/beneficial owners (other
is in accordance with the Company’s Dividend than those who are promoters, members of the
Distribution Policy. The Policy is available on the promoter group or persons in control), from the
Company’s website [Link]. open market through stock exchange mechanism
for an aggregate amount not exceeding INR 18,600

98 Emami Limited
 Corporate Overview Statutory Reports Financial Statements

lacs (Rupees Eighteen Thousand Six Hundred Internal financial controls

Lakh Only) which represented 9.94% and 9.99% of The Company has in place adequate financial
the aggregate of the total paid-up capital and free controls commensurate with its size, scale and
reserves of the Company based on the audited complexity of its operations. The Company has in
standalone and consolidated financial statements place policies and procedures required to properly
of the Company respectively as at March 31, 2022. and efficiently conduct its business, safeguard its
The Buyback process commenced on April 13,2023 assets, detect frauds and errors, maintain accuracy
and would tentatively close on July 19, 2023. and completeness of accounting records and
The Company has bought back 17,26,508 equity prepare financial records in a timely and reliable
shares till May 24, 2023 pursuant to the buyback manner.
offer by utilizing a sum of Rs. 65,59,44,574 (Rupees
Sixty-Five Crores Fifty-Nine Lakhs Forty-Four 9. Subsidiary companies, joint ventures
Thousand Five Hundred and Seventy-Four Only) and associate companies
which represents 35.26% of the Maximum Buyback
Size. The Company has completed the process of Subsidiary companies
extinguishment of 7,41,881 Equity Shares bought Pursuant to Section 134 of the Companies Act,
back under the Buyback Process so far. 2013 and Rule 8(1) of the Companies (Accounts)
Rules, 2014, the report on performance and
7. Share Capital financial position of subsidiaries is included in the
As on March 31, 2023 the authorised share capital Consolidated Financial Statements of the Company.
of the company is 50,00,00,000 equity shares of Re. The Company has a policy for determining the
1 each and the issued, subscribed and fully paid-up materiality of a subsidiary, which is available at
share capital of the company is 44,11,50,000 equity [Link]/investor-info/pdf/Policy-for-
shares of Re. 1 each. There has been no change in Determining-Materiality-of [Link]. As of
the Capital during the year. March 31, 2023, your Company had the following
subsidiary companies:
8. Internal control systems and i) Emami Bangladesh Ltd., Bangladesh, wholly-
their adequacy owned subsidiary of Emami Limited;
Your Company has in place an adequate system ii) Emami Lanka (Pvt.) Ltd., Sri Lanka., wholly-
of internal controls commensurate with its size, owned subsidiary of Emami Limited;
requirements and the nature of operations. These
iii) Emami International FZE, UAE, wholly-owned
systems are designed keeping in view the nature
subsidiary of Emami Limited;
of activities carried out at each location and various
business operations. iv) Crème 21, GmbH, wholly-owned subsidiary of
Emami International FZE;
Your Company’s in-house internal audit department
alongwith other audit firms carries out internal v) Emami International Personal Care Trading
audits at all manufacturing locations, offices and LLC- Dubai, a wholly-owned subsidiary of
sales depots across the country and overseas. The Emami international FZE;
objective is to assess the existence, adequacy and
vi) Emami Rus (LLC), Russia, a 99.99% subsidiary of
operation of financial and operating controls set up
Emami International FZE;
by the Company and to ensure compliance with
the Companies Act, 2013, SEBI (Listing Obligations vii) Emami Overseas FZE, UAE., wholly-owned
& Disclosure Requirements) Regulations, 2015 and subsidiary of Emami International FZE;
corporate policies.
viii) Pharma Derm SAE Co, Egypt, a 90.60% subsidiary
Your Company’s internal audit department and risk of Emami Overseas FZE;
management system have been accredited with
ix) Brillare Science Pvt. Ltd., an 82.92% subsidiary of
ISO 9001:2015 and ISO 31000:2018 certifications,
Emami Ltd;
respectively.
x) Helios Lifestyle Private Limited, a 50.40%
A summary of all significant findings by the audit
subsidiary of Emami Limited.
department along with the follow-up actions
undertaken thereafter is placed before the Audit In compliance with IND-AS-110, your Company
Committee for review. The Audit Committee has prepared its consolidated financial
reviews the comprehensiveness and effectiveness statements, which forms part of this Annual
of the report and provides valuable suggestions Report. Pursuant to the provisions of Section
and keeps the Board of Directors informed about its 129(3) of the Companies Act, 2013, a separate
major observations, from time to time. statement containing the salient features of the

Integrated Annual Report 2022-23 99

 subsidiary companies in the prescribed form During the period ended March 31, 2023, the
(AOC-1) is a part of the consolidated financial Company earned revenues of Rs 80 lacs [previous
statements. The accounts of the subsidiary year Rs. 985 lacs] and Profit after tax of Rs. (17) Lacs
companies will be available to any member [previous year Rs. (1) lacs].
seeking such information at any point of time.
The financial statements of the Company along Emami International Personal Care Trading
with the accounts of the subsidiaries will be LLC- UAE
available at the website of the Company, www. Emami International Personal Care Trading LLC-
[Link], and kept open for inspection at the UAE, was incorporated on January 28, 2022. It has
registered office of the Company. become the Wholly Owned Subsidiary of Emami
international FZE w.e.f. February 15, 2022. It is
Brief financial and operational details of the
enaged in the trading business of FMCG products.
subsidiary companies are provided hereunder:
During the period ended March 31, 2023, the
Emami Bangladesh Ltd., Bangladesh Company earned revenues of Rs. 3,588 lacs
Emami Bangladesh Ltd., was incorporated on (previous year Rs. Nil) and Profit/(loss) after tax of Rs.
November 25, 2004 under the Companies Act of (677) Lacs [previous year Rs. (4) lacs].
Bangladesh. It is engaged in the manufacture, import
and sale of cosmetics and ayurvedic medicines from Emami (RUS) LLC
its unit in Dhaka. During the financial year ended Emami (RUS) LLC was incorporated on August
March 31, 2023, the Company clocked revenues 14, 2018 with an objective of trading of Perfumery
worth Rs. 17,824 lacs (previous year Rs. 15,501 lacs) products, Cosmetics and Pharma products.
and profit after tax of Rs. 3,875 lacs (previous year Rs.
During the period ended March 31, 2023, the
2,597 lacs).
Company earned revenues of Rs. 6,254 lacs
Emami Lanka (Pvt) Ltd., Sri Lanka [previous year Rs. 3,415 lacs] and Profit/(loss) after
Emami Lanka (Pvt) Ltd., Sri Lanka was incorporated tax of Rs. 699 lacs [previous year Rs. (758) Lacs ]
on June 27, 2017, with an objective of tapping the
Emami Overseas FZE
potential of the local market. It started manufacturing
Emami Overseas FZE was incorporated on
locally through a contract manufacturer. During the
November 25, 2010. It is the holding company of
financial year 2021-2022 name of the Company had
Pharma Derm S. A. E. Co. in Egypt.
been changed from Emami Indo Lanka (Pvt) Ltd. to
Emami Lanka (Pvt) Ltd. During the financial year ended March 31, 2023, the
Company recorded nil revenues and Profit/(loss)
During the period ended March 31, 2023, the
after tax of Rs. (2) lacs [previous year profit of Rs. (8)
Company earned revenues of Rs. 852 lacs (previous
lac].
year Rs. 1,785 lacs) and Profit/(loss) after tax of Rs.
(53) Lacs {previous year Rs. (174) lacs}. Pharma Derm S. A. E. Co.
Pharma Derm S. A. E. Co. was registered on
Emami International FZE
September 6, 1998 under the relevant Companies
Emami International FZE, was incorporated on
Act of Egypt.
November 12, 2005 in the Hamriyah Free Zone,
Sharjah, UAE and is governed by the rules and The Company was acquired to manufacture
regulations laid down by the Hamriyah Free Zone pharmaceuticals, disinfectants, cosmetics, chemicals,
Authority. It is engaged in the business of purchasing among others as a subsidiary of Emami Overseas FZE
and selling cosmetics and ayurvedic medicines. in FY 2010-11. The Company has not yet commenced
During the financial year ended March 31, 2023, the operations.
Company clocked revenues worth Rs. 23,479 lacs During the financial year ended March 31, 2023,
(previous year Rs. 21,450 lacs) and profit/loss after the Company recorded nil revenues (previous year
tax of Rs. 1,465 lacs (previous year Rs. 1,079 lacs). Rs. NIL) and profit/ (loss) after tax of Rs. (836) lacs
[previous year Rs. (225) lacs].
Crème 21, GmbH (Formerly Known as Fentus 113.
GmbH) Brillare Science Private Limited
Fentus 113 GmbH. Germany, was incorporated on Brillare Science Private Limited has become a
January 3, 2019. It is engaged in the business of subsidiary of Emami Limited w.e.f. October 1, 2021.
manufacturing skin care products.
It is engaged in the manufacturing of professional
salon products and during the financial year ended

100 Emami Limited

 Corporate Overview Statutory Reports Financial Statements

March 31, 2023, the Company earned revenues 12. Consolidated financial statements
worth Rs. 1,958 lacs (previous year Rs. 1,772 lac) and The consolidated financial statements, prepared in
Profit/(loss) after tax of Rs. (1,133) Lacs [previous year accordance with (Ind AS 110) consolidated financial
Rs. (495) lacs]. statements, form part of this Report. The net worth
of the consolidated entity as on March 31, 2023,
Helios Lifestyle Private Limited
stood at Rs. 2,30,280 lacs as against Rs. 2,07,659 lacs
Helios Lifestyle Private Limited has become a
at the end of the previous year.
subsidiary of Emami Limited w.e.f 1st July, 2022.
It is engaged in online male grooming sector and 13. Compliance with Secretarial
during the financial year ended March 31, 2023, Standards of ICSI
earned revenues worth Rs. 11,500 lacs (previous
year Rs. 8,278 lacs) and a profit/(loss) after tax of Rs. The Ministry of Corporate Affairs has mandated
(2,204) lacs {previous year Rs. (2,701) lacs}. SS-1 and SS-2 with respect to board meetings and
general meetings respectively. The Company has
Associate companies ensured compliance with the same.

Tru Native F&B Pvt Ltd. 14. Transfer of Unclaimed Dividend and
The Company made strategic investment in Tru
Native F&B Pvt Ltd on March 5, 2022. The current
Unclaimed shares
strategic investment in Tru Native F & B Pvt. Ltd., The details relating to unclaimed dividend and
is equivalent to 20.65% of its paid up capital on unclaimed shares forms part of the Corporate
fully diluted basis. Tru Native is a smart nutrition Governance Report forming part of this report.
company dedicated to empowering health and
fitness enthusiasts with affordable and healthy food 15. Auditors and Auditors’ Reports
& nutrition options.
Statutory auditor
During the financial year ended March 31, 2023, Your Company’s Statutory Auditors, M/s. S.
the Company earned revenues worth Rs 324 lacs R. Batliboi & Co. LLP, Chartered Accountants
(Previous year Rs. 62 lacs) and a profit/(loss) after tax (FRN :301003E/E300005), were re-appointed as the
of Rs. (421) lacs (previous year Rs. (117) lacs). Statutory Auditors of the Company for a second
term of consecutive five years from the conclusion
Cannis Lupus Services India Pvt Ltd.
of 39th Annual General meeting till the conclusion of
The Company has made strategic investment in
44th Annual General Meeting.
Cannis Lupus Services India Pvt Ltd on 21st July,
2022. The current strategic investment in Cannis The Auditor’s report on the standalone &
Lupus Services India Pvt. Ltd. is equivalent to 30% consolidated financial statement of the Company
of its paid up capital on fully diluted basis. Cannis for the financial year ended on March 31, 2023 does
Lupus is a pet-care start- up offering Ayurvedic / not contain any qualification, reservation or adverse
herbal remedies for pets under the brand “Fur Ball remark or disclaimer.
Story”.
Secretarial auditor
During the financial year ended March 31, 2023,
the Company earned revenues worth Rs 46 lacs Pursuant to the provisions of Section 204 of the
(Previous year Rs, 22 lacs) and a profit/(loss) after tax Companies Act, 2013 read with the Companies
of Rs. (123) lacs (previous year Rs. 5 lacs). (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed
M/s MKB & Associates, Practicing Company
10. Public Deposits Secretaries (FRN: P2010WB042700) as its secretarial
The Company has not accepted any public deposits auditor to undertake the Secretarial Audit for
covered under Chapter V of the Companies Act, FY 2022-2023.
2013 read with the Companies (Acceptance of
Deposits) Rules, 2014. The secretarial audit report certified by the
secretarial auditors, in the specified form MR-3
is annexed herewith and forms part of this report
11. Non-convertible debentures (Annexure I). The secretarial audit report does not
The Company did not issue any non-convertible contain any qualifications, reservations or adverse
debentures during the financial year 2022-23. remarks. Furthermore, the Secretarial Auditor M/s
MKB & Associates, Practicing Company Secretaries,

Integrated Annual Report 2022-23 101

 have also certified the compliance as per the SEBI 18. Corporate Social Responsibility
(Listing Obligations and Disclosure Requirements) Corporate social responsibility forms an integral
Regulations, 2015 and the same has been intimated part of your Company’s business activities.
to the stock exchanges within the stipulated time. The Company carries out its corporate social
responsibility initiatives not just in letter but also
Cost Auditor
in spirit and thus has touched thousands of lives
The Company’s Cost Auditors, M/s. V.K. Jain & across India.
Co. (FRN: 00049), were appointed by the Board
of Directors at its meeting held on May 13, 2022 In compliance with Section 135 of the Companies
to audit the cost accounting records, as may be Act, 2013 read with Companies (Corporate Social
applicable to the Company for FY 2022-23 and their Responsibility Policy) Rules, 2014, the Company has
remuneration was approved during the previous adopted a CSR policy, which is available at: http://
Annual General Meeting. [Link]/holisticliving/pdf/CorporateSocial
Responsibility Policy of [Link]
As per the requirements of section 148 of the Act
read with the Companies (Cost Records and Audit) The Report on CSR expenditures during the FY 2022-
Rules, 2014, the Company has maintained cost 23 is annexed herewith and forms part of this report
accounts and records in respect of the applicable (Annexure III).
products for the year ended March 31, 2023. The Company spent Rs. 1059.20 lacs on CSR
M/s V. K. Jain & Co has been re-appointed as cost activities during the year against obligation of Rs.
auditors for FY 2023-24 by the Board of Directors in its 1023.93 lacs including Rs. 40 lacs which has been
meeting held on May 25, 2023 and the remuneration deposited into separate bank account towards its
payable to the cost auditors is required to be placed on-going project. Also, there is an excess spent of
before the members in the ensuing Annual General Rs. 7.07 lacs during the year under review which is
Meeting for their ratification. M/s V. K. Jain & Co. available for set off in the succeeding Financial Year.
have given their consent to act as Cost Auditors
and confirmed that their appointment is within the 19. Directors and Key Managerial
limits of the section 139 of the Companies Act, 2013. Personnel
Accordingly, a resolution seeking members’ In accordance with provisions of Section 152 of
ratification for the remuneration payable to the Cost the Companies Act 2013 read with Rules made
Auditor is included in the notice convening the thereunder, Shri Sushil Kumar Goenka (DIN:
Annual General Meeting. The Board recommends 00149916), Shri Harsha Vardhan Agarwal (DIN:
the same for approval by members at the ensuing 00150089) and Shri Aditya Vardhan Agarwal (DIN:
Annual General Meeting. 00149717) are liable to retire by rotation at the 40th
Annual General Meeting and being eligible, offer
Pursuant to Companies (Cost Records and Audit)
themselves for re-appointment.
Rules, 2014, the Cost Audit Report for the financial
year March 31, 2022 was filed with the Ministry of The first term of appointment of Smt. Mamta
Corporate Affairs within prescribed time. Binani & Shri Debabrata Sarkar as Independent
Directors of the Company will also be completed
16. Conservation of energy, technology on October 28, 2023 and on February 20, 2024
respectively. Considering their skills, expertise and
and exchange outgo
contribution and based on the recommendation
The particulars of conservation of energy, of the Nomination and Remuneration Committee,
technology absorption and foreign exchange the Board has proposed their re-appointment
earnings and outgo in accordance with the for a second term of five consecutive years
provisions of Section 134(3) of the Companies Act, commencing from October 29, 2023 and February
2013 read with Rule 8 of the Companies (Accounts 21, 2024 respectively based on the approval of the
of Companies) Rules, 2014, is annexed herewith and Shareholders by way of Special Resolution at the
forms part of this Report. (Annexure II). ensuing Annual General Meeting.
The above proposed re-appointment of Independent
17. Annual Return
Directors is as per the Board Diversity Policy of the
In terms of Section 92(3) the Companies Act 2013 Company.
and Rule 12 of the Companies (Management and
Administration) Rules 2014, a copy of the Annual Pursuant to section 149 of the Companies Act, 2013
Return of the Company for the financial year ended (as amended) and Regulation 25(8) of SEBI Listing
on March 31, 2023 is available on the website of Regulations, 2015 the Company has received
the Company at the link [Link] declarations from all the Independent Directors that
investor-info/[Link]#Compliance they have met the criteria of Independence.

102 Emami Limited

 Corporate Overview Statutory Reports Financial Statements

None of the Directors of the Company is disqualified about the business and operations of the Company
for being appointed/re-appointed as Director, as from time to time.
specified under section 164(2) of the Companies Act,
The Directors are also updated on the changes
2013 and Rule 14(1) of the Companies (Appointment
in relevant corporate laws relating to their roles
and Qualification of Directors) Rules, 2014.
and responsibilities as Directors. The details
A brief resume of the Directors proposed to be re- of the Board familiarisation programme for
appointed is provided in the Notice of the Annual the Independent Directors can be accessed
General Meeting forming part of the Annual report. at:[Link]
p d f / E m a m i L t d Fa m i l i a r i s a t i o n P r o g r a m m e
The existing Company Secretary, Shri A.K. Joshi’s term
[Link]
is going to complete at the end of closing hours of May
31, 2023 (on his retirement). Upon recommendation
of the Nomination and Remuneration Committee, the 23. Performance evaluation
Board of Directors has appointed Shri Sandeep Kumar Pursuant to the provisions of Section 178 of
Sultania as Company Secretary & Compliance Officer the Companies Act, 2013 read with rules made
of the Company with effect from June 01, 2023. thereunder, Regulation 17(10) of the SEBI Listing
Regulations and the Guidance note on Board
20. Business Responsibility and evaluation issued by SEBI vide its circular dated
January 5, 2017, the Company has framed a policy
Sustainability Report
for evaluating the annual performance of its
As required under Regulation 34 of SEBI Listing Directors, Chairman, the Board as a whole, and the
Regulations 2015, the Business Responsibility various Board Committees. The Nomination and
and Sustainability Report of the Company for the Remuneration Committee of the Company has laid
financial year ended March 31, 2023 is attached as down parameters for performance evaluation in the
part of the Annual Report. policy.

21. Dividend Distribution Policy The Board also evaluated the performance of each
of the Directors, the Chairman, the Board as a whole
The Company has formulated a Dividend and all committees of the Board. The process of
Distribution Policy, which has been displayed on the evaluation is carried out in accordance with the
website of the Company, [Link] Board Evaluation Policy of the Company and as
investor-info/pdf /Dividend_Distribution_Policy_ per the criteria laid down by the Nomination &
[Link]. Remuneration Committee.

22. Board induction, training and 24. Number of meetings of the Board
familiarisation programme for The Board of Directors held five meetings during
Independent Directors the year on May 13, 2022, July 29, 2022, November
Prior to the appointment of an Independent 11 , 2022, February 3, 2023 and March 24, 2023. The
Director, the Company sends him/her a formal maximum gap between any two meetings was less
invitation along with a detailed note on the profile of than 120 days, as stipulated under SEBI’s Listing
the Company, the Board structure and other relevant Regulations, 2015. The details of Board Meetings
information. At the time of appointment of the held and attendance of Directors are provided in the
Director, a formal letter of appointment which inter Report on Corporate Governance forming part of
alia explains the role, functions, and responsibilities this report.
expected of him/her as a Director of the Company is
given. The role, functions, and responsibilities of the 25. Committees of the Board
Director are also explained in detail and informed
The Company has constituted/reconstituted
about the various compliances required from him/
various Board-level committees in accordance with
her as a Director under the various provisions of the
the requirements of the Companies Act, 2013 and
Companies Act 2013, SEBI Listing Regulations, 2015,
SEBI Listing Regulations, 2015. The Board has the
SEBI (Prohibition of Insider Trading) Regulations,
following committees as under:
2015, the Code of Conduct of the Company and
other relevant regulations. I. Audit Committee
A Director, upon appointment, is formally inducted II. Nomination and Remuneration Committee
to the Board. In order to familiarise the Independent
III. Share Transfer Committee
Directors about the various business drivers,
they are updated through presentations at Board IV. Stakeholders Relationship Committee
Meetings about the performance and financials of
V. Finance Committee
the Company. They are also provided presentations

Integrated Annual Report 2022-23 103

 VI. Corporate Governance Committee the Remuneration Policy have been disclosed on
the Company’s website: [Link]
VII. Corporate Social Responsibility Committee
investor-info/[Link]#Compliance
[Link] Management committee
IX. Shares Buy-back Committee 29. Related party transactions
All related party transactions entered into by the
Details of all the above Committees along with Company during the financial year were conducted
composition and meetings held during the in the normal course of business on an arm’s length
year under review are provided in the Report on basis. No material contracts or arrangements with
Corporate Governance forming part of this Report. related parties were entered into during the year
under review.
26. Separate meeting of Independent
Accordingly, disclosure of Related Party
Directors
Transaction as required under Section 134(3)(h) of
Details of the separate meeting of the Independent the Companies Act 2013 read with Rule 8 of the
Directors held and attendance of Independent Companies (Accounts) Rules 2014 in form AOC-2
Directors therein are provided in the Report on is not applicable.
Corporate Governance forming part of this Report.
During the year, the Audit Committee had granted
an omnibus approval for transactions, which were
27. Whistle-blower policy
repetitive in nature for one financial year. All such
The Company has established an effective Whistle- omnibus approvals were reviewed by the Audit
blower policy (Vigil mechanism) and procedures Committee on a quarterly basis. All related party
for its Directors and employees. The details of the transactions were placed in the meetings of Audit
same are provided in the Corporate Governance Committee and the Board of Directors for the
Report, which forms part of the Annual Report. necessary review and approval. The Company
The vigil mechanism of the Company provides has developed and adopted relevant SOPs for
for adequate safeguards against victimization of the purpose of monitoring and controlling such
Directors, employees and third parties who avail transactions.
of the mechanism and also provides for direct
access to the Chairman of the Audit Committee in Your Company’s policy for transactions with the
exceptional cases. related party which was reviewed by the Audit
Committee and approved by the Board, can be
The policy on vigil mechanism may be accessed on accessed at: [Link]
the Company’s website at: [Link] pdf/[Link].
investor-info/pdf/[Link].
30. Particulars of loans, guarantees and
28. Remuneration policy investments
The remuneration policy of the Company aims to
Particulars of loans, guarantees and investments
attract, retain and motivate qualified people at the
made by the Company pursuant to Section 186 of
executive and Board levels. The remuneration policy
the Companies Act, 2013 are given in the notes to
seeks to employ people who not only fulfill the
financial statements. The Company has granted
eligibility criteria but also have the attributes needed
loans, provided guarantee and made investment in
to fit into the corporate culture of the Company. The
its wholly owned subsidiary(ies) / associate(s) and
remuneration policy seeks to provide well-balanced
other body corporate for their business purpose.
and performance-related compensation packages,
The Company also holds securities of other body
taking into account industry standards and relevant
corporates as strategic investor.
regulations.
The remuneration policy ensures that the 31. Particulars of employees and
remuneration to the directors, key managerial managerial remuneration
personnel and the senior management involves a
balance between fixed and incentive pay reflecting The information of employees and managerial
short and long-term performance objectives remuneration, as required under Section 197(2) read
appropriate to the working of the company and its with Rule 5 of the Companies (Appointment and
goals. The remuneration policy is consistent with Remuneration of Managerial Personnel) Rules 2014,
the ‘pay-for-performance’ principle. and other details are annexed herewith and forms
part of this Report. (Annexure IV)
The Company’s policy on remuneration and
appointment of Board members as mentioned in

104 Emami Limited

 Corporate Overview Statutory Reports Financial Statements

32. Management discussion and analysis philosophy against discrimination and sexual
and Corporate Governance Report harassment including awareness programme,
which included creation and dissemination of
As per Regulation 34(3) read with Schedule V of
comprehensive and easy-to-understand training
the SEBI Listing Regulations 2015, Management
and communication material.
Discussion Analysis, Corporate Governance
Practices followed by your Company, together
with a certificate from the Company’s auditors 35. Details of significant and material
confirming compliance of conditions of Corporate orders passed by regulators/courts/
Governance are an integral part of this Report. tribunals
There was no instance of any material order passed
33. Risk management system by any regulators/courts/tribunals impacting the
The Company has developed and implemented going concern status of the Company.
a risk management policy which is periodically
reviewed by the management. The system also 36. Other Confirmations
complies with the requirements laid down under During the year under review, the Company filed an
the ISO 31000: 2018 norms. application before the Hon’ble National Company
In accordance with Regulation 21 of SEBI Listing Law Tribunal, Mumbai Bench (NCLT) to initiate
Regulations, 2015, the enterprise risk management corporate insolvency resolution process under
policy of the Company, which has been duly approved the Insolvency and Bankruptcy Code, 2016 (Code)
by the Board, is reviewed by the Risk Management against Future Retail Limited, C.P (IB) No. 638 of
Committee, Audit Committee and the Board on 2022 for recovery of dues which is pending as on
a quarterly basis. The risk management process 31st March, 2023. Further, there are no instances of
encompasses practices relating to identification, one-time settlement with any Bank or Financial
assessment, monitoring and mitigation of various Institutions.
risks to key business objectives. Besides exploiting
the business opportunities, the risk management 37. Directors’ Responsibility Statement
process seeks to minimise adverse impacts of risk to Pursuant to the requirements laid down under
key business objectives. Section 134(5) of the Companies Act, 2013, with
respect to the Directors’ Responsibility Statement,
34. Prevention of sexual harassment the Directors confirm that:
at workplace I. In the preparation of the annual accounts for
Your Company is committed to provide a work the year ended March 31, 2023, the applicable
environment which ensures that every woman accounting standards have been followed and
employee is treated with dignity, respect and no material departures have been made;
equality. There is zero-tolerance towards sexual
harassment and any act of sexual harassment II. The Directors have selected such accounting
invites serious disciplinary action. policies and applied them consistently and
made judgments and estimates that are
As per the requirements of the Sexual Harassment of reasonable and prudent so as to give a true and
Women at the Workplace (Prevention, Prohibition fair view of the state of affairs of the Company
and Redressal) Act, 2013 (POSH), your Company has as on March 31, 2023, and of the profit of the
established a policy to prevent sexual harassment Company for the year ended on that date;
of its women employees. The policy allows every
employee to freely report any such act with the III. The Directors have taken proper and sufficient
assurance of prompt action to be taken thereon. The care for the maintenance of adequate
policy lays down severe punishment for any such accounting records in accordance with the
act. The Company has complied with provisions provisions of the Companies Act, 2013 for
relating to the constitution of internal complaints safeguarding the assets of the Company and
committee under POSH. During the year under for preventing and detecting fraud and other
review, the company has received one complaint irregularities;
under the Sexual Harassment of Women at the IV. The annual accounts were prepared on a going
Workplace (Prevention, Prohibition and Redressal) concern basis;
Act, 2013 and it has been resolved. There is no
pending case at any of the business places of the V. The Directors have laid down effective internal
Company. financial controls to consistently monitor the
affairs of the Company and ensured that such
Several initiatives were undertaken during the internal financial controls were adequate and
year to demonstrate the Company’s zero tolerance operating effectively;

Integrated Annual Report 2022-23 105

 VI. The Directors have devised a proper system to the year under review. Your Directors recognise
ensure compliance with the provisions of all and appreciate the efforts and hard work of all the
applicable laws and that the same are adequate employees of the Company and their continued
and operating effectively contribution to its progress.

38. Acknowledgements
Your Directors would like to acknowledge and For and on behalf of the Board
place on record their sincere appreciation of all
stakeholders – shareholders, bankers, dealers, R.S. Goenka
vendors and other business partners for the Place: Kolkata Chairman
unstinted support received from them during Date: May 25, 2023 (DIN – 00152880)

106 Emami Limited