Business Responsibility & Sustainability Report

As we grow our business, we remain committed to create a positive impact on nature, promote societal wellbeing and
operate in a transparent manner. We have always looked at intertwining our sustainability agenda into the Company’s
business objectives and considered our focus on ESG to be a key driver of long term value creation for all our stakeholders.

We endeavour to bring complete transparency in our disclosures. This Business Responsibility and Sustainability Report
(“BRSR”) is our third report which covers operations of Asian Paints Limited on a standalone basis. Along with mandatorily
required BRSR core indicators to be assured, we have further added indicators as part of limited/reasonable assurance to
increase the confidence of stakeholders in our reporting.

We believe, our ESG commitments will propel us to steer our purpose of bringing joy to people’s lives.
Amit Syngle
Managing Director & CEO

The Reasonable/Limited Assurance Report is annexed to this Integrated Annual Report on page no. 521.

SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity
Sr. Particulars Response
No.
1. Corporate Identity Number (CIN) of the Listed L24220MH1945PLC004598
Entity
2. Name of the Listed Entity Asian Paints Limited
3. Year of incorporation 1945
4. Registered office address 6A, Shantinagar, Santacruz (East), Mumbai – 400 055, Maharashtra, India
5. Corporate address Same as mentioned in point no. (4)
6. E-mail [email protected]
7. Telephone (022) 62181000
8. Website www.asianpaints.com
9. Financial year for which reporting is being done 1st April, 2023 to 31st March, 2024
10. Name of the Stock Exchange(s) where shares are BSE Limited (BSE)
listed National Stock Exchange of India Limited (NSE)
11. Paid-up Capital ` 95,91,97,790
12. Name and contact details (telephone, email Name R J Jeyamurugan
address) of the person who may be contacted in Designation CFO & Company Secretary
case of any queries on the BRSR report
Tel No. (022) 62181139
E-mail [email protected]
13. Reporting boundary - Are the disclosures under The disclosures under this report are made on standalone basis for Asian
this report made on a standalone basis (i.e. only for Paints Limited and includes all locations where we have operational
the entity) or on a consolidated basis (i.e. for the control.
entity and all the entities which form a part of its
consolidated financial statements, taken together)
14. Name of assurance provider Price Waterhouse Chartered Accountants LLP
(Firm registration no. 012754N/N500016)
15. Type of assurance obtained Reasonable assurance on indicators covered under BRSR core and
reasonable/limited assurance on select additional indicators as marked
under each indicator.

II. Products/services

16. Details of business activities (accounting for 90% of the turnover):

S. No. Description of Main Activity Description of Business Activity % of Turnover of the entity

1. Sale of products Manufacture/purchase and sale of wide range of paints 96.1

(Chemical and Chemical Products)

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Business Responsibility & Sustainability Report (Contd.)

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S. No. Product/Service NIC Code* % of total Turnover contributed

1. Manufacture of paints, varnishes, enamels, and thinners 202 96.1

* As per National Industrial Classification - Ministry of Statistics and Programme Implementation.

III. Operations
18. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total

National 11 238* 249

International^ - - -

*Includes leased warehouses, distribution centres and testing facilities

^ The international operations are carried out by the Company through its subsidiary companies and are outside the reporting boundary of this
report.
Further, the above excludes:
• One plant which is yet to be commissioned, pending regulatory approvals.
• 24 Colour Academy locations where CSR activities are carried out.
• Outside processing centres where the Company has tie-ups for manufacturing and purchase of certain products but does not have
operational control.
19. Markets served by the entity
a. Number of locations:
Locations Number
National (No. of States) 28
National (No. of Union Territories) 8
International (No. of Countries)^ 14
^The International operations are carried out by the Company through its subsidiary companies and are outside the reporting boundary

of this report.

b. What is the contribution of exports as a percentage of the total turnover of the entity?
The contribution of exports as a percentage of total turnover of the Company is 0.2%.
c. A brief on types of customers
The Company is in the business of manufacturing, trading and selling wide range of paints and coatings,
wallcoverings, adhesives, tools, home décor products like rugs, furnishings, and furniture, bath fittings and
sanitaryware. The Company also provides various services like end-to-end design to execution services, beautiful
homes painting services, interior designing services, etc. The Company caters to a wide range of customers,
including homeowners, large project sites, dealers, corporates, architects, interior designers, influencers,
contractors through wholesalers and distributors, retailers, and e-commerce channels.
IV. Employees
20. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
Male Female
S. No. Particulars Total (A)
No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1. Permanent (D) 7,804 7,060 90.5 744 9.5
2. Other than Permanent (E) 7,050 6,304 89.4 746 10.6
3. Total employees (D + E) 14,854 13,364 90.0 1,490 10.0
WORKERS
4. Permanent (F) 1,678 1,672 99.6 6 0.4
5. Other than Permanent (G) 14,139 13,749 97.2 390 2.8
6. Total workers (F + G) 15,817 15,421 97.5 396 2.5
Note: Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

02  
 b. Differently abled employees and workers:

S. No. Particulars Total (A) Male Female

No. (B) % (B / A) No. (C) % (C / A)

DIFFERENTLY ABLED EMPLOYEES

1. Permanent (D) 28 22 78.6 6 21.4
2. Other than Permanent (E) - - - - -
3. Total differently abled 28 22 78.6 6 21.4
employees (D + E)
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 5 5 100.0 - -
5. Other than Permanent (G) 18 17 94.4 1 5.6
6. Total differently abled 23 22 95.6 1 4.3
workers (F + G)
Note: Limited assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.


21. Participation/Inclusion/Representation of women:

Total (A) No. and percentage of Females

No. (B) % (B / A)

Board of Directors (BoD) 13 5 38.5%

Key Management Personnel (KMP) 2* - -

Notes:

1. *KMPs are the Managing Director & CEO and CFO & Company Secretary.

2. The above details of BoD and KMP are as on 31st March, 2024.

3. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

22. Turnover rate for permanent employees and workers:

FY 2023-24 FY 2022-23 FY 2021-22

(Turnover rate in current FY) (Turnover rate in previous FY) (Turnover rate in year prior to the
previous FY)
Male Female Total Male Female Total Male Female Total

Permanent 22.1% 18.5% 21.7% 19.6% 19.0% 19.5% 14.5% 23.0% 15.3%
Employees*

Permanent 2.2% - 2.2% 2.2% - 2.2% 1.8% - 1.8%

Workers*

Note:

1. *Only voluntary attrition & retirements considered.

2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

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Business Responsibility & Sustainability Report (Contd.)

V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. (a) Names of holding/subsidiary/associate companies/joint ventures

S. No. Name of the holding/subsidiary/associate companies/joint ventures (A) Indicate whether % of shares held
holding/Subsidiary/ by listed entity
Associate/Joint Venture

A. Subsidiaries of Asian Paints Limited

1. Asian Paints (Nepal) Private Limited Subsidiary 52.71
2 Asian Paints International Private Limited Subsidiary 100

3. Asian Paints Industrial Coatings Limited Subsidiary 100

4. Maxbhumi Developers Limited Subsidiary 100

5. Sleek International Private Limited Subsidiary 100

6. Weatherseal Fenestration Private Limited Subsidiary 51

7. Asian Paints (Polymers) Private Limited Subsidiary 100

8. Asian White Cement Holding Limited Subsidiary 70

9. Obgenix Software Private Limited (Note 2) Subsidiary 60

10. Harind Chemicals and Pharmaceuticals Private Limited Subsidiary 51

B Subsidiaries of Asian Paints International Private Limited

11. Enterprise Paints Limited Subsidiary 100

12. Universal Paints Limited Subsidiary 100

13. Kadisco Paint and Adhesive Industry Share Company Subsidiary 51

14. PT Asian Paints Indonesia Subsidiary 100

15. PT Asian Paints Color Indonesia Subsidiary 100

16. Asian Paints (South Pacific) Pte Limited Subsidiary 54.07

17. Asian Paints (S.I) Limited Subsidiary 75

18. Asian Paints (Bangladesh) Limited Subsidiary 95.09

19. Asian Paints (Middle East) SPC Subsidiary 100

20. SCIB Chemicals S.A.E. Subsidiary 61.31

21. Samoa Paints Limited Subsidiary 80

22. Asian Paints (Vanuatu) Limited Subsidiary 60

23. Causeway Paints Lanka (Pvt) Ltd Subsidiary 99.98

24. A P International Doha Trading W.L.L (Note 3) Subsidiary 100

25. Asian Paints Doha Trading W.L.L. Subsidiary 100

C. Subsidiary of Enterprise Paints Limited

26. Nirvana Investments Limited Subsidiary 100

D. Subsidiary of Nirvana Investments Limited

27. Berger Paints Emirates LLC Subsidiary 100

E. Subsidiary of Universal Paints Limited

28. Berger Paints Bahrain W.L.L. Subsidiary 100

04  
 S. No. Name of the holding/subsidiary/associate companies/joint ventures (A) Indicate whether % of shares held
holding/Subsidiary/ by listed entity
Associate/Joint Venture

F. Subsidiary of Asian White Cement Holding Limited

29. Asian White Inc. FZE Subsidiary 70

G. Subsidiary of Harind Chemicals and Pharmaceuticals Private

Limited
30. Nova Surface-Care Centre Private Limited Subsidiary 51

H. Joint Ventures of Asian Paints Limited

31. PPG Asian Paints Private Limited Joint Venture 50

32. Asian Paints PPG Private Limited Joint Venture 50

I. Subsidiary of PPG Asian Paints Private Limited

33. Revocoat India Private Limited Associate 100

Notes:
1. Business responsibility initiatives disclosed are pertaining to Asian Paints Limited on standalone basis and does not include the
information/initiatives undertaken, if any, by the companies indicated in column A.
2. Obgenix Software Private Limited (‘Obgenix’) was an associate of the Company. Pursuant to acquisition of further 11% stake, in
Obgenix, it had become a subsidiary of the Company with effect from 23rd July 2023.
3. A P International Doha W.L.L. is yet to commence the operations.

VI. CSR Details

24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No)
Yes, CSR is applicable as per Section135 of the Companies Act, 2013. A brief of the CSR vision of the Company
and the activities undertaken has been detailed in the Synergising Relationship section and Annual Report on CSR
activities of the Board’s Report forming part of this Integrated Annual Report.

(ii) Turnover (in `) - 37,112.8 Crores

(iii) Net worth (in `) - 18,441.2 Crores

VII. Transparency and Disclosures Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct:
Stakeholder Grievance Redressal Mechanism in
FY 2023-24 FY 2022-23
group from Place (Yes/No)
whom complaint
(If Yes, then provide web-link for Number of Number of Remarks Number of Number of Remarks
is received
grievance redress policy) complaints complaints complaints complaints
filed pending filed pending
during the resolution at during the resolution
year close of the year at close of
year the year
Communities Yes - - - - - -
Link to the Grievance Redressal
Mechanism http://asianpaints.
ethicspoint.com/.
Additionally, grievances for all the
CSR activities undertaken by the
Company can also be communicated
to the respective plant heads by
emailing at [email protected].

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Business Responsibility & Sustainability Report (Contd.)

Stakeholder Grievance Redressal Mechanism in

FY 2023-24 FY 2022-23
group from Place (Yes/No)
whom complaint
(If Yes, then provide web-link for Number of Number of Remarks Number of Number of Remarks
is received
grievance redress policy) complaints complaints complaints complaints
filed pending filed pending
during the resolution at during the resolution
year close of the year at close of
year the year
Investors Yes - - - - - -
(other than
shareholders) Link to the Grievance Redressal
Mechanism is https://www.
asianpaints.com/IGRPolicy.html.
Shareholders Yes 109 2 Refer 118 2 Refer
Notes 2 Notes 2
Link to the Grievance Redressal &3 &3
Mechanism is https://www.
asianpaints.com/IGRPolicy.html.
Additionally, shareholders can
lodge complaints by emailing at
investor.relations@asianpaints.
com or to the Registrar and
Share Transfer Agent (RTA) who
principally is responsible for
managing the shares related affairs
by emailing at
[email protected].
Employees Yes 36 4 - 5 1 -
and workers
Link to the Grievance Redressal
Mechanism is http://asianpaints.
ethicspoint.com/.
Customers Yes 24,502 2,062 Refer 27,934 1,061 Refer
Notes 1 Notes 1
Link to the Grievance Redressal &3 &3
Mechanism is http://asianpaints.
ethicspoint.com/.
Additionally, customers can
lodge complaints by emailing at
[email protected]
and/or calling on Toll free No.
18002095678.
Below is the link where all channels
of communication are given:
https://www.asianpaints.com/
contact-us.html.
Value Chain Yes 7 2 - - - -
Partner
Link to the Grievance Redressal
Mechanism is http://asianpaints.
ethicspoint.com/.
Others Yes 13 4 Refer - - -
Note 4
Link to the Grievance Redressal
Mechanism is http://asianpaints.
ethicspoint.com/.
Notes:
1. The customer complaints pending at the close of the year, inter alia, are on account of (i) re-opening/non-closure of complaints to the
satisfaction of the customers (ii) pending customer acknowledgment for closure (iii) resolution in progress and (iv) complaints registered
during last week of March, 2024.
2. The shareholder complaints pending at the close of the year, inter alia, are on account of i) resolution in process and ii) complaints registered
during last week of March, 2024.
3. Number of complaints reported above represent agreed complaints.
4. Complaints reported under Others are the anonymous complaints received by the Company through whistle blower mechanism.
5. Limited assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

06  
26. Overview of the entity’s material responsible business conduct issues. Please indicate material responsible
business conduct and sustainability issues pertaining to environmental and social matters that present a
risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the
risk along-with its financial implications, as per the following format.

Refer Managing Risks under Governance section of this Integrated Annual Report on page no. 107.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting
the following NGRBC principles and core elements:

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

Policy and management processes

1. a. Whether your entity’s policy/ Yes

policies cover each principle
and its core elements of the
NGRBCs (Yes/No)

b. Has the policy been approved Yes*

by the Board? (Yes/No)

c. Web Link of the Policies, if Refer Note 1

available

2. Whether the entity has Yes

translated the policy into
procedures (Yes/No)

3. Do the enlisted policies extend Yes, Code of Conduct for Business Partners extends to value chain partners
to your value chain partners?
(Yes/No)

4.  Name of the national

P1

P2

P3

P4

P5

P6

P7

P8

P9
and international codes/
certifications/labels/standards
ISO 14001, ISO 45001, ISO 9001, ISO 14040, GRI standards.

CSR disclosures pursuant to Section 135 of the Companies

Development (OECD), Principle of Corporate Governance,

(e.g. Forest Stewardship Council,

Nations, ISO 45001, British Safety Council, GRI standards.

Disclosures (TCFD) Framework, ISO 9001, ISO 27001, GRI

Fairtrade, Rainforest Alliance,
Corporate Governance Voluntary Guidelines, 2009, GRI

Act, 2013, read with the Companies (Corporate Social

Universal Declaration on Human Rights of the United

Universal Declaration on Human Rights of the United

Universal Declaration on Human Rights of the United

Trustea) standards (e.g. SA 8000,

ISO 14001, Indian Green Building Council (IGBC), GRI

ISO 14001, Task Force on Climate-Related Financial

standards, GHG Protocol Corporate Accounting and

OHSAS, ISO, BIS) adopted by Responsibility Policy) Rules, 2014, GRI standards.
your entity and mapped to each
Organisation for Economic Co-operation and

principle.
ISO 14001, GRI standards.

Nations, GRI standards.

Nations, GRI standards.

Reporting Standards.
standards.

standards.

5. Specific commitments, goals and The Company has set targets for ESG commitment for 2025 and 2030, inter alia, related
targets set by the entity with to Products stewardship, Water neutrality, Energy conservation, Nature positive, Safe
defined timelines, if any. workplace, Energising, equitable & inclusive workplace, Water stewardship, World Class
Governance, Ethics, transparency, quality and accountability, and Sustainable supply chain
management. For more information, refer the ESG performance snapshot forming part
of this Integrated Annual Report on page no. 8. The Company monitors the performance
against the specific commitments on an ongoing basis.

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Business Responsibility & Sustainability Report (Contd.)

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

6. Performance of the The Company constantly monitors the performance towards ESG commitment. The
entity against the specific performance against the set targets has been published in the our ESG Performance
commitments, goals and targets Snapshot forming part of this Integrated Annual Report on page no. 8.
along-with reasons in case the
same are not met.

Governance, leadership and oversight

7. Statement by director Mr. Amit Syngle, Managing Director & CEO of the Company is the director responsible
responsible for the business for the BRSR. For the statement, refer the Managing Director & CEO statement at the
responsibility report, highlighting beginning of the BRSR on page no. 270.
ESG related challenges, targets
and achievements

8. Details of the highest authority The Board of Directors (The Board) of the Company are responsible for implementation
responsible for implementation and oversight of the business responsibility policies. The Board has empowered the
and oversight of the Business Stakeholders Relationship Committee (SRC) to provide direction to the management and
Responsibility policy (ies). exercise oversight on the implementation of targets committed under ESG. Read more
about the SRC including its composition, terms of reference, etc. in the Report on Corporate
Governance forming part of this Integrated Annual Report on page no. 221. Further, the
Board of Directors periodically discusses progress in respect to ESG/Sustainability matters
in its meetings.

9. Does the entity have a specified The Board of Directors (The Board) of the Company responsible for decision making
Committee of the Board/Director on all sustainability related issues. The Stakeholders Relationship Committee (SRC) is
responsible for decision making responsible for providing direction to the management on ESG strategy and monitoring
on sustainability related issues? the progress and performance on its medium-term and long-term ESG commitments and
(Yes/No). If yes, provide details. targets. Read more about the SRC including its composition, terms of reference, etc. in the
Report on Corporate Governance forming part of this Integrated Annual Report on page
no. 221. Further, the Board of Directors periodically discusses progress in respect to ESG/
Sustainability matters in its meetings.

* The Advocacy Policy has been approved by the Managing Director & CEO of the Company.

10. Details of Review of NGRBCs by the Company:

Subject for Review Indicate whether review was undertaken Frequency (Annually/Half yearly/
by Director/Committee of the Board/Any Quarterly/Any other – please specify)
other Committee

P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9

Performance against above policies and The Managing Director & CEO reviews the Ongoing basis
follow up action performance of the systems and processes
in place for NGRBC related principles. The
Audit Committee reviews the performance
and grievance redressal mechanisms as
per the Code of Conduct of the Company.

Compliance with statutory requirements The Company complies with all the Quarterly and as & when required as per
of relevance to the principles, and, applicable statutory requirements and statutory requirements
rectification of any non-compliances rectifies, non-compliance, if any. This is
reviewed by the Audit Committee.

11. Has the entity carried out As a part of the oversight of the internal financial controls in the Company, the
independent assessment/evaluation Management and Audit Committee reviews the adherence to the stated policies in
of the working of its policies by an the Company. The Internal Audit function assists the Audit Committee with the above.
external agency? (Yes/No). If yes, Further, independent assessment/evaluation is carried out periodically by external
provide name of the agency. agencies for certain policies.

08  
Note 1:

Principle Applicable Policies Link for policies

Principle 1: Businesses should conduct 1. Code of Conduct for Employees, https://www.asianpaints.com/

and govern themselves with Integrity, and 2. Code of Conduct to Regulate, Monitor CodesandPolicies.html
in a manner that is Ethical, Transparent and Report Trading by Designated
and Accountable https://www.asianpaints.com/
Person, PositionStatement.html
3. Code of Practices and Procedures for
Fair Disclosure of Unpublished Price
Sensitive Information,
4. Policy on dealing with and materiality
of Related Party Transactions,
5. Whistle Blower Policy,
6. Code of Conduct for Business
Partners,
7. Advocacy Policy,
8. Code of Conduct for Board and Senior
Management Personnel,
9. Anti-Bribery and Anti-Corruption
Position Statement,
10. Tax Governance Position Statement

Principle 2: Businesses should provide 1. Environment Policy, https://www.asianpaints.com/

goods and services in a manner that is 2. Health and Safety Policy, EnvironmentPolicy.html
sustainable and safe
3. Information Security Policy, https://www.asianpaints.com/
4. Net Zero Carbon Emission Position HealthandSafetyPolicy.html
Statement, https://www.asianpaints.com/
5. Sustainable Supply Chain Position CodesandPolicies.html
Statement
https://www.asianpaints.com/
PositionStatement.html

Principle 3: Businesses should respect and 1. Policy for Prevention, Prohibition and https://www.asianpaints.com/
promote the well-being of all employees, Redressal of Sexual Harassment of CGpolicies.html
including those in their value chains Women at Workplace,
https://www.asianpaints.com/
2. Code of Conduct for Employees, PositionStatement.html
3. Code of Conduct for Business
Partners, https://www.asianpaints.com/
EqualOpporunityPolicy.html
4. Policy on Equal Oppurtunity and
Non- Discrimination,
5. Environment Policy,
6. Health and Safety Policy,
7. Human Rights Position Statement

Principle 4: Businesses should respect the 1. Corporate Social Responsibility Policy, https://www.asianpaints.com/
interests of and be responsive to all its 2. Customer Policy, CodesandPolicies.html
stakeholders
3. Code of Conduct for Employees, https://www.asianpaints.com/
4. Code of Conduct for Business CustomerPolicy.html
Partners, https://www.asianpaints.com/
5. Code of Practices and Procedures for AdvocacyPolicy.html
Fair Disclosure of Unpublished Price
Sensitive Information,
6. Dividend Distribution Policy,
7. Advocacy Policy

09
Business Responsibility & Sustainability Report (Contd.)

Principle Applicable Policies Link for policies

Principle 5: Businesses should respect and 1. Code of Conduct for Employees, https://www.asianpaints.com/
promote human rights 2. Code of Conduct for Business CodesandPolicies.html
Partners, https://www.asianpaints.com/
3. Policy for Prevention, Prohibition and PositionStatement.html
Redressal of Sexual Harassment of
Women at Workplace, https://www.asianpaints.com/
EqualOpporunityPolicy.html
4. Policy on Equal Opportunity and Non
Discrimination,
5. Nomination and Remuneration Policy,
6. Human Rights Position Statement

Principle 6: Businesses should respect and 1. Environment Policy, https://www.asianpaints.com/

make efforts to protect and restore the EnvironmentPolicy.html
2. Health and Safety Policy,
environment
3. Net Zero Carbon Emission Position https://www.asianpaints.com/
Statement, HealthandSafetyPolicy.html
4. Sustainable Supply Chain Position https://www.asianpaints.com/
Statement, PositionStatement.html
5. Biodiversity & No Deforestation
Position Statement

Principle 7: Businesses, when engaging 1. Advocacy Policy https://www.asianpaints.com/

in influencing public and regulatory AdvocacyPolicy.html
policy, should do so in a manner that is
responsible and transparent

Principle 8: Businesses should promote 1. Corporate Social Responsibility Policy, https://www.asianpaints.com/

inclusive growth and equitable 2. Policy on Equal Opportunity and Non- CodesandPolicies.html
development Discrimination

Principle 9: Businesses should engage 1. Customer Policy, https://www.asianpaints.com/

with and provide value to their consumers 2. Information Security Policy CustomerPolicy.html
in a responsible manner
https://www.asianpaints.com/
CodesandPolicies.html

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:

Questions
P1 P2 P3 P4 P5 P6 P7 P8 P9

The entity does not consider the Principles material to its

business (Yes/No)
The entity is not at a stage where it is in a position to
formulate and implement the policies on specified principles
(Yes/No)
Not Applicable
The entity does not have the financial or/human and technical
resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)

10  
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is
Ethical, Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:-
Segment Total number Topics/principles covered under the training and its impact %age of persons
of training in respective
and awareness category covered
programmes held by the awareness
programmes
Board of 13 sessions Outlook of paint industry and home décor sector, governance and 100
Directors regulatory compliance requirements, risk management, cyber
(BoD) security risk and ESG commitments.

Key 13 sessions Updates and awareness related to regulatory changes are provided 100
Managerial for the benefit of the Key Managerial Personnel. Topics covered
Personnel include: Corporate Governance, Companies Act, 2013, SEBI
(KMPs) regulations as applicable to the Company, ESG matters, cyber
security risk.
Employees 8,133 unique Values-based capability building programme, Code of Conduct for 87
other than employees Employees, Prevention of Sexual Harassment Act Workplace (POSH),
BoD and attended 307 Well-being (financial, physical and mental), safety linked sessions,
KMPs Instructor Led sensitisation of compliances under Code of Conduct to regulate,
Training & 1,252 monitor, and report trading by Designated Persons, and fair trade
Online Training practices, competition law, sessions on soft skill enhancement and
sessions function specific knowledge sessions.
Workers 206 sessions Health & Safety related trainings. Wellness sessions and skill 100
upgradation.
Notes:

1. The Company provides regular trainings on health and safety to minimise workplace accidents without focusing upon the numbers of
hours spent in training.

2. Training on skill upgradation includes both soft skill and functional skills. Such trainings are imparted by individual functions basis the
need for their department and are not specially tracked.

3. The numbers are reported for all the employees who were on the rolls of the Company during the year.

4. Limited assurance has been carried out by Price Waterhouse Chartered Accountant LLP on the above indicator.

2.  etails of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings

D
(by the entity or by directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the
financial year, in the following format:
Monetary
NGRBC Name of the regulatory/ Amount (In `) Brief of the Case Has an appeal
Principle enforcement agencies/ been preferred?
judicial institutions (Yes/No)

Penalty/Fine

Settlement Nil
Compounding fee

Non-Monetary
NGRBC Name of the regulatory/enforcement agencies/ Brief of the Case Has an appeal
Principle judicial institutions been preferred?
(Yes/No)
Imprisonment
Nil
Punishment
Note: Materiality threshold as specified in Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 has been applied for the purpose of this disclosure.

11
Business Responsibility & Sustainability Report (Contd.)

3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where
monetary or non-monetary action has been appealed. - Not Applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Yes, the Company has a published position statement on anti-corruption and anti-bribery available on its website at
https://www.asianpaints.com/PositionStatement.html. Further, the Company’s Code of Conduct for Employees and
the Code of Conduct for Business Partners, cover aspects relating to anti-corruption or anti-bribery, the scope of which
extends to all employees of the Company and its subsidiaries and associate companies.
The Company is committed to maintaining the highest ethical standards while undertaking fair business operations
and implementing and enforcing effective systems to detect, counter, and prevent bribery and corruption. The
Company has zero tolerance towards corruption and giving or offering to give, directly or through a third party, undue
incentive (“bribery”) to a public servant or any business partner intending to obtain or retain business or an advantage
in the course of business.

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/corruption:
FY 2023-24 FY 2022-23

Directors - -
KMPs - -
Employees - -
Workers - -

6. Details of complaints with regard to conflict of interest:

FY 2023-24 FY 2022-23
Number Brief details of the complaint Number Brief details of the complaint

Number of Complaints received - - 1 The Company had received a

in relation to issues of Conflict of complaint from an individual
Interest of the Directors (ex–employee and a vendor of the
Company), through the National
Stock Exchange of India (NSE),
alleging impropriety with respect to
certain related party transactions
entered into by the Company among
other matters. The Company has
appropriately responded to the same.
Number of complaints received - - - -
in relation to issues of Conflict of
Interest of the KMPs
Note: Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

7.  rovide details of any corrective action taken or underway on issues related to fines/penalties/action taken by
P
regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts of interest.
Not Applicable

8. Number of days of accounts payables [(Accounts payable *365)/Cost of goods/services procured]:

FY 2023-24 FY 2022-23

Number of days of accounts payables 67 65

Notes:
1. Average trade payable and net purchases of raw material, packaging material and stock in trade has been considered in the computation of
days of accounts payable.
2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

12  
9. Open-ness of business
Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with
loans and advances & investments, with related parties, in the following format:

Parameter Metrics FY 2023-24 FY 2022-23

Concentration of a. Purchases from trading houses as % of total purchases 11.8% 11.7%

Purchases^
b. Number of trading houses where purchases are made from 411 344
c. Purchases from top 10 trading houses as % of total purchases 77.5% 80.3%
from trading houses
Concentration of a. Sales to dealer/distributors as % of total sales 99.1% 99.1%
Sales*
b. Number of dealers/distributors to whom sales are made 74,129 70,174
c. Sales to top 10 dealers/distributors as % of total sales to 0.9% 0.8%
dealers/distributors
Share of RPTs in a. Purchases^ (Purchases with related parties/Total Purchases) 3.5% 3.5%
b. Sales (Sales to related parties/Total Sales) 0.3% 0.4%
c. Loans & advances (Loans & advances given to related parties/ Nil Nil
Total loans & advances)
d. Investments (Investments in related parties/Total Investments 31.7% 31.2%
made)

Notes:
1. 
^Purchases of raw material, packing material and stock in trade as disclosed in note no. 24 of the standalone financial statements.
2. *Gross sales as disclosed in note no. 22(C) of the standalone financial statements.
3. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
The Company is committed to conducting business in an ethical, fair, legally, socially and environmentally responsible
manner. The Company’s business partners are an integral part of the ecosystem, and the Company encourages the
business partners to be responsible corporate citizens. The Company has in place a documented Code of Conduct for
Business Partners to emphasise its commitments in the areas of business integrity, human rights, labour practices,
environment stewardship, etc.

All the agreements/contracts/purchase orders entered into by the Company with the business partners includes
stated confirmation on the above-mentioned aspects. The Code of Conduct for Business Partners is available at
https://www.asianpaints.com/CodeofConductforBusinessPartners.html. The Company also seeks confirmation from
the business partners on acceptance and adherence to the Code of Conduct for Business Partners. The process of
holding discussions and conducting awareness sessions with our value chain partners on these principles has been
initiated.
Total number of awareness Topics/principles covered under the %age of value chain partners covered (by value of business done
programmes held training with such partners) under the awareness programmes

- - -

2.  oes the entity have processes in place to avoid/manage conflict of interests involving members of the Board?
D
(Yes/No) If yes, provide details of the same.
Yes, the Company has Code of Conduct for Board of Directors and Senior Management Personnel (Code) which
stipulates guidelines for avoiding and disclosing actual or potential conflict of interest with the Company. The
Company receives an annual declaration and changes, if any, from time to time, from its Board of Directors and Senior
Management Personnel on their concern and interest in other entities, and ensures requisite approvals as required
under the applicable laws are taken prior to entering into transactions with such entities. Further, the Directors
abstain from participating in the Board/Committee meetings on matters in which they are interested or deemed to be
interested.
Additionally, the Company also receives an annual declaration from the members of the Board confirming adherence
to the Code. The Code is available on the Company’s website at https://www.asianpaints.com/CodesandPolicies.html

13
Business Responsibility & Sustainability Report (Contd.)

PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe

Essential Indicators
1.  ercentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
P
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
Current Financial Previous Details of improvements in environmental and social impacts
Year Financial
Year

R&D 2.0% 1.4% The Company has an in-house Research & Technology (R&T) facility where experts/
scientists work on various innovations/technologies including finding pathways for
bringing on more sustainable and environment friendly products which includes
low Volatile Organic Compound (VOC) paints, reducing/eliminating lead and
heavy metals, etc. The Company has spent `115.8 Crores & `105.4 Crores (only
operating cost) on R&T expenses during FY 2023-24 and FY 2022-23 respectively.
These include expenses on multiple projects embodying several benefits including
environmental and social benefits, however, separately identifying such costs is
not feasible. The reported percentage of R&D include only separately identified
expenses, excluding employee cost and other direct expenses of R&T.
Capex 6.8% 8.5% The capital spends include investments in renewable energy, installation of
environment monitoring systems, expenditure on energy efficient equipment,
waste reduction & treatment infrastructure, automation of laborious activities and
improvement of safety infrastructure among others.

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes. The Company has the Code of Conduct for Business Partners (Code) which acts as the umbrella policy for
driving the ESG agenda in its value chain. During the year, 2,793 existing vendors have acknowledged/accepted
the Code which represents more than 90% of raw material and packaging suppliers of the Company by value.
Vendor selection and on-boarding criteria include a necessary evaluation of compliance with environment-related
regulations such as valid consent and other authorizations, availability of environment policy and management
system as well as self-declaration on key Human Rights principles. During the year, 149 such suppliers were
on-boarded based on the evaluation.
During the year, we rolled out our Supply Chain Sustainability program “Samaveta”, to institutionalize
collaboration on sustainability by establishing the ESG baseline, maturity and identifying areas of possible
collaboration. As part of the program, we have assessed the maturity and impact of our suppliers using ESG
criteria based on the response on Self Declaration Forms (SDFs). A detailed description of the program Samaveta
along with the way forward has been provided in the Sustainable Supply Chain Management under Governance
section forming part of this Integrated Annual Report on page no. 117.
b. If yes, what percentage of inputs were sourced sustainably?
The Company continuously assesses the source of inputs from vendors and evaluates if these vendors are certified
by third-party agencies. Such information is gathered from the public domain & disclosure by vendors. Basis this
assessment, more than 80% of the raw material procurement by value are certified to be compliant with social
and environmental standards such as SA 8000, ISO 14001/EMS, OHSAS 18001/ISO 45001, EcoVadis rating (bronze
or higher) or relevant labels like Rainforest Alliance, Rugmark, RSPO, etc.
Further, under the program Samaveta we have assessed 77% of raw material and packaging material suppliers by
value based on their response to SDFs.

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end
of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Paints is a product applied on surfaces and gets completely utilized once it reaches consumers. However, we focus on
reducing the generation of dead, damaged, and defective materials on the inventory management front. These stocks
are collected back, reprocessed, and utilized to the maximum extent possible. Additionally, our packaging material is
predominately plastic, and we also provide electric tools used while painting, details of which are provided below:

14  
 a)  lastics (including packaging): The Company follows the Extended Producer Responsibility (EPR) approach
P
for managing downstream operations of plastic packaging waste ensuring compliance with the Plastic Waste
Management Rules, 2016 (PWM Rules, 2016). Further, the Company has increased the use of recycled plastic in a
host of its product packaging. The total quantity of recycled plastic used in packaging was 10,324 Metric Tonnes
(MT) in FY 2023-24. This accounts for 14.6% of total plastic packaging procured.
E-waste: The Company provides a range of painting-related electrical mechanised tools which are covered under
b) 
the purview of E-waste (Management) Rules, 2022 (E-waste Rules, 2022). We have ensured compliance with the
requirement for EPR set out in the said rules.
c) Hazardous Waste: Not applicable
d) Other: Not applicable

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes,
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to
Pollution Control Boards? If not, provide steps taken to address the same.
Yes, EPR is applicable to the Company under PWM Rules, 2016 and E-waste Rules, 2022.
The Company has been ensuring the collection and safe disposal of plastic packaging waste through the EPR approach
since 2018. The Company has collected over 7,200 MT of flexible & Multi-Layered Plastic (MLP) and 70,000 MT of rigid
plastic in FY 2023-24. The collection and responsible channelization was ensured across 25 states.
Further, the Company provides a range of painting-related electrical mechanised tools which are covered under the
purview of E-waste Rules, 2022. The Company fulfilled the EPR obligation during the year and ensured the collection
and recycling of 86.27 MT of e-waste as per the E-waste Rules, 2022 and Central Pollution Control Board (CPCB)
directions.

Leadership Indicators
1. Has the entity conducted Life Cycle Perspective Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
At Asian Paints, we follow life cycle approach to assess the environmental impact of our products throughout their
entire life cycle, from raw materials sourcing to disposal. We believe that by understanding the full life cycle impact
of our products, we can identify opportunities to reduce environmental impacts, increase resource efficiency, create
value for our stakeholders and provide our customers with a range of Sustainably Advantaged Products.

During FY 2023-24, the Company has undertaken a third-party product LCA for 53 products which included a range
of exterior & interior paints, wood finishes, waterproofing, colorants and adhesives in line with ISO 14040. The key
impacts covered under the LCA are Abiotic Depletion (ADP elements), Abiotic Depletion (ADP fossil), Acidification
Potential (AP), Eutrophication Potential (EP), Global Warming Potential (GWP 100 years), Global Warming Potential
(GWP 100 years) excluding biogenic carbon, Ozone Layer Depletion Potential (ODP, steady state), Photochemical
Ozone Creation Potential (POCP), primary energy demand (net calorific value), bluewater consumption, ecotoxicity,
human toxicity cancer, and non-cancer.

Further, we have invested in advanced LCA capabilities to estimate product carbon footprints and its environmental
impact. A group of scientists from our R&T and sustainability team have received effective training in undertaking LCA
studies for the products.

NIC Name of Product/Service % of total Boundary for Whether Results communicated in

Code Turnover which the Life conducted by public domain (Yes/No).
contributed Cycle Perspective/ independent If yes, provide the web-
Assessment was external agency link.
conducted (Yes/No)

202 Top volume products across 70% Cradle to grave Yes No

exterior & interior paint, wood
finishes, waterproofing, colorants
and adhesives

15
Business Responsibility & Sustainability Report (Contd.)

2. I f there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products services, as identified in the Life Cycle Perspective Assessments (LCA) or through any other
means, briefly describe the same along-with action taken to mitigate the same.
There are no significant social/environmental concerns and/or risks arising from the production or disposal of
products/services. However, based on the LCA study, the Company is working to mitigate identified hotspots in regard
to the environmental impact of the products. This has been discussed in detail in the Sustainable Operations section
forming part of this Integrated Annual Report on page 44. The key initiatives are listed below:

A. Scope 3 emission: The majority of our emissions lie in scope 3 and hence multiple initiatives are being undertaken
by the Company.
a. Emission reduction through formulation efficiency and process innovations. This results in emission reduction
at the raw material stage as product life cycle which is a key contributor to Scope 3 emissions. During the year,
the Company realized a reduction of 30,143 metric tCO2e.

b. Multimodal Transportation: In line with national logistics policies, the Company has adopted multimodal
transport, using cleaner fuel-powered vehicles. Such initiatives help in reducing the emissions in our outbound
logistics. These initiatives helped reduce more than 5,500 tCO2e of GHG emissions from logistics footprint,
while also optimizing freight costs.

B. Water Footprint: The Company continue to work extensively to reduce overall water footprint by driving
water conservation activity within plants, harvesting and utilizing rainwater in process, and water recharge
and conservation initiatives outside plants. During the year, the Company replenished 387% of freshwater
consumption. The specific non-process water consumption has been reduced by 54% since 2013-14 to 0.44 KL/KL.

C. Sustainability Advantaged Products: Our Sustainably Advantaged Products are products that are more
sustainable than the current norm for the industry and bring tangible sustainability benefits to our customers.
These include products that provide resource efficiency benefits in use-phase by reducing surface temperature,
offering longer-lasting performance, providing health and well-being benefits, etc.

• High Durability Products: The Company is committed to deliver products that surpass expectations by
combining durability and environmental responsibility. Enhancing product longevity is vital in minimizing
waste and conserving resources throughout the lifecycle. The Company strive to create long-lasting,
low-maintenance products that uphold our performance and aesthetic standards through research and
development, rigorous testing, and consumer research. Additionally, the focus is on extending in-can shelf
life, ensuring optimal usability for consumers.
• Low VOC Products: The Company is constantly changing and improving its paint formulations to offer
low-VOC paints that ensure health and environmental benefits while providing higher performance levels.
Further, the Green Seal and the Company’s Green Assure products are low VOC products as VOC is one of the
important criteria to comply with these certification standards.

Name of Product/Service Description of the risk/concern Action Taken

- - -

3. Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry):
Indicate input material Recycled or re-used input material to
total material (%)
FY 2023-24 FY 2022-23

Recycled content in plastic packaging procured 14.6% 7.8%

Wash water reuse in the process 6.2% 5.7%
Note: Limited assurance has been carried out by Price Waterhouse Chartered Accountants LLP.

16  
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
recycled, and safely disposed, as per the following format:
FY 2023-24 FY 2022-23

Re-Used Recycled Safely Re-Used Recycled Safely

Disposed Disposed

Plastics (including packaging)# - ~73,000 ~4,200 - ~53,400 ~500

E-waste - 86.27 - - - -

Hazardous waste - - - - - -

Other waste - - - - - -

 At the time of reporting, we are in the process of traceability assessment to ascertain the quantity of plastic channelized for recycling and safe
#

disposal. The breakup provided in the table is a conservative estimate for recycling based on the assessment done so far.

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category:
Indicate product category Reclaimed products and their packaging materials as % of total products sold in
respective category

Plastic Waste as part of Extended Producers 100% of total plastic packaging material [rigid, flexible & Multi-Layered
Responsibility Plastic (MLP)]

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in
their value chains
Essential Indicators
1. a. Details of measures for the well-being of employees:
% of employees covered by

Category Total Health insurance Accident insurance Maternity benefits Paternity benefits Day-care facilities
(A)
Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)

Permanent employees

Male 7,060 7,060 100 7060 100 - - 7039 99.7 1384 19.6

Female 744 744 100 744 100 744 100 - - 476 63.9

Total 7,804 7,804 100 7804 100 744 9.5 7039 90.2 1860 23.8

Other than Permanent employees

Male 6304 6304 100 6304 100 - - - - - -

Female 746 746 100 746 100 746 100 - - - -

Total 7050 7050 100 7050 100 746 10.6 - - - -

Notes:
1. Vendors are required to adhere to the statutory compliances as per applicable laws and rules made thereunder.
2. Day-care facilities are available on the Company premises (including plants) as per provisions of the Factories Act, 1948.
3. Some locations do not fall under the Maternity Benefit Act, 1961 and accordingly do not meet the requirement of having a day-care
facility.

17
Business Responsibility & Sustainability Report (Contd.)

b. Details of measures for the well-being of workers:

% of workers covered by

Category Total Health insurance Accident insurance Maternity benefits Paternity benefits Day-care facilities
(A)
Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)

Permanent workers

Male 1,672 1,672 100 1,672 100 - - 1,672 100 61 3.6

Female 6 6 100 6 100 6 100 - - 6 100

Total 1,678 1,678 100 1,678 100 6 0.4 1,672 99.6 67 3.9

Other than Permanent workers

Male 13,749 13,749 100 13,749 100 - - - 1,431 10.4

Female 390 390 100 390 100 390 100 - - 101 25.9

Total 14,139 14,139 100 14,139 100 390 2.8 - - 1,532 10.8

Notes:
1. Vendors are required to adhere to the statutory compliances as per applicable laws and rules made thereunder.
2. Day-care facilities are available on the Company premises (including plants) as per provisions of the Factories Act, 1948.
3. Some locations do not fall under the Maternity Benefit Act, 1961 and accordingly do not meet the requirement of having a day-care
facility.

c. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent): #

FY 2023-24 FY 2022-23

Cost incurred on well-being measures as a % of total revenue of the 0.4% 0.3%

Company
Note: # Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

2. Details of retirement benefits:

Benefits FY 2023-24 FY 2022-23

No. of No. of workers Deducted and No. of No. of workers Deducted and
employees covered as a deposited employees covered as a deposited with
covered as a % of total with the covered as a % of total the authority
%of total workers authority %of total workers (Y/N/NA)^
employees* (Y/N/NA)^ employees*

PF 100 100 NA 100 100 NA

Gratuity 100 100 NA 100 100 NA

ESI NA 100 Yes NA 100 Yes

Notes:

1. *Eligible as per statute.

2. ^ The Provident fund and Gratuity contribution are deposited with the Company’s Trust Funds.

3. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

18  
3. Accessibility of workplaces:
Are the premises/offices of the entity accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by
the entity in this regard.

The Company has Policy on Equal Opportunity and Non-Discrimination basis which the Company takes proactive
measures to build systems and processes to ensure:
1. That appropriate infrastructural facilities and amenities are provided to employees and workers with disabilities to
enable them to discharge their duties safely and effectively in the establishment.
2. The facilities are in compliance with the Harmonised Guidelines and Space Standards for Barrier Free Built
Environment for Persons with Disability and Elderly Persons (as amended from time to time), issued by the
Ministry of Urban Development, Government of India.
3. Accessible environment and assistive devices as required are made available.
Accordingly, all employees/workers with disability are provided resources necessary for their smooth functioning and
create an inclusive environment.

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes, the Company has a Policy on Equal Opportunity and Non-Discrimination which is available on it’s website at
https://www.asianpaints.com/policyonequalopportunityandnondiscrimination.html.

5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Gender Permanent employees Permanent workers

Return to work rate Retention rate Return to work rate Retention rate

Male 100 85.1 100 100

Female 100 86.7 * *

Total 100 85.2 100 100

Notes:
1. *None of the female permanent workers availed parental leave in this year.
2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief.

Yes/No
(If Yes, then give details of the mechanism in brief)

Permanent Workers Yes. Grievances received from workers are duly recorded in the appropriate registers at
the plant premises. Grievances can also be raised at http://asianpaints.ethicspoint.com/
through our toll free no. 000-800-100-1622, emailing at [email protected]
and/or by way of a letter addressed to the Ethics Committee at the Registered Office of
Other than Permanent Workers the Company.

Permanent Employees Yes. Employees can raise grievances with their reporting managers and/or with HR
business partner. Grievances can also be raised at http://asianpaints.ethicspoint.com/,
through our toll free no. 000-800-100-1622, emailing at [email protected]
Other than Permanent Employees and/or by way of a letter addressed to the Ethics Committee at the Registered Office of
the Company.

19
Business Responsibility & Sustainability Report (Contd.)

7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Category FY 2023-24 FY 2022-23
Total No. of employees % (B / A) Total No. of employees % (D / C)
employees/ /workers in employees/ /workers in
workers in respective workers in respective
respective category, who respective category, who
category (A) are part of category (C) are part of
association(s) or association(s) or
Union (B) Union (D)

Total Permanent Employees 7,804 141 1.8 6,372 136 2.1

- Male 7,060 138 1.9 5,768 131 2.3

- Female 744 3 0.4 604 5 0.8
Total Permanent Workers 1,678 1,539 91.7 1,684 1,577 93.6
- Male 1,672 1,539 92.0 1,678 1,577 93.9
- Female 6 - - 6 - -
Note: Limited assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

8. Details of training given to employees and workers:

Category FY 2023-24 FY 2022-23
Total On Health and On Skill upgradation Total On Health and safety On Skill upgradation
(A) safety measures* (D) measures*
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)

Employees
Male 7,060 1092 15.5 5,205 73.7 5,768 1,363 23.6 4,957 85.9
Female 744 97 13.1 544 73.1 604 111 18.4 514 85.1
Total 7,804 1,189 15.2 5,749 73.7 6,372 1,474 23.1 5,471 85.9
Workers
Male 1,672 1,672 100 1,678 1,678 100
Female 6 6 100 # 6 6 100 #
Total 1,678 1,678 100 1,684 1,684 100
Notes:

1 * The Company provides regular trainings on health and safety to minimise workplace accidents without focusing upon the numbers of
hours spent in training.
2. 
#
Trainings on skill upgradation includes both soft skill and functional skills. Such trainings are imparted by individual functions basis the
need for their department and are not specifically tracked.
3. Limited assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

9. Details of performance and career development reviews of employees and worker:

Category FY 2023-24 FY 2022-23
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)

Employees

- Male 7,060 7,060 100 5,768 5,768 100

- Female 744 744 100 604 604 100
Total 7,804 7,804 100 6,372 6,372 100
Workers
- Male 1,672 1,672 100 1,684 1,684 100
- Female 6 6 100 6 6 100
Total 1,678 1,678 100 1,690 1,690 100
Note: All our employees and workers are eligible to receive performance and career development reviews. For employees who have joined the

Company during the period January to March, 2024 career development reviews would only have been received.

20  
10. Health and Safety management system:
a. Whether an occupational health and safety management system has been implemented by the entity?
(Yes/No). If yes, the coverage of such system?
Yes. In accordance with the Health and Safety Policy of the Company, Occupational Health and Safety Management
System has been implemented at all in-house manufacturing facilities and Research & Technology laboratory.
Further, all other locations also comply with the applicable statutory requirement pertaining to health and safety. The
Company’s health and safety management system is based on ISO 45001, the International Standard for Occupational
Health and Safety. All 8 decorative paints manufacturing plants are Five Star Certified by British Safety Council (BSC). Of
these, 3 plants have also received Sword of Honour from BSC during the year.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
The Company has Health and Safety Policy. The health and safety guidelines are applicable to all operating locations
of the Company and lay down required parameters to be followed at all the locations. Some of the key processes for
identifying work-related hazards and assessing risks on a routine and non-routine basis are given below:
(i) Hazard Identification and Risk Assessment (HIRA) is used for routine and non-routine activities.
(ii) Hazard and Operability Study (HAZOP) is being used for identifying hazard related to chemical processes.
(iii) Chemical Risk Assessment is used for identifying health hazards during handling of chemicals.
(iv) Manual Material Handling Assessment Chart (MAC) tool is used for identifying hazards during manual material
handling activities.
(v) Fire Risk Assessment is done for handling fire related risks.
(vi) Work place monitoring by laboratories accredited by National Accreditation Board for Testing and Calibration
Laboratories or approved by the Ministry of Environment, Forest and Climate Change.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves
from such risks. (Yes/No)
Yes, all workers at plants can report work related hazards through an internal portal. All the work hazards reported
are monitored and actioned upon through the Department Safety Committee which in turn is supplemented by
Apex Safety Committee at the plant. A process of ‘stoppage of work due to unsafe act and unsafe condition’ to
safeguard employees’ interest is in place to report or remove themselves from situations they believe could cause
injury. At non-manufacturing locations, the workers can approach the location head to report any work-related
hazards and to remove themselves from such risks.
d. Do the employees/worker of the entity have access to non-occupational medical and healthcare services?
(Yes/No)
Yes, all employees/workers are covered under the Company’s health insurance and personal accident policy.
11. Details of safety related incidents:
Safety Incident/Number Category FY 2023-24 FY 2022-23

Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked) Employees 0.15 0.19
Workers 0.25 0.24
Total recordable work-related injuries Employees 17 17
Workers 46 43
No. of fatalities Employees 3 -
Workers - -
High consequence work-related injury or ill-health (excluding fatalities) Employees - -
Workers - -
Notes:
1. The details of safety related incidents now include non-manufacturing units in addition to manufacturing sites and R&T Centre reported till
last year. The numbers for previous year have been appropriately revised.
2. The lost time injury details for manufacturing locations and R&T Centre, is as per the criteria defined in Factories Act, 1948. For non-
manufacturing locations, where Factories Act, 1948 is not applicable, man days lost >= 2 has been considered.
3. The fatalities pertains to road accidents during on-duty travel.
4. There are no incidents resulting in permanent disabilities
5. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

21
Business Responsibility & Sustainability Report (Contd.)

12. Describe the measures taken by the entity to ensure a safe and healthy work place.
In line with the Company’s Health and Safety Policy, there are various measures taken to ensure access to a safe and
healthy work-place to all employees and workers. The Company invests in technologies and processes to avoid and
minimise the manual interfaces with machines. The Company ensures that all statutorily required norms are complied
with and get third party safety audits done for validation.
The Company endeavours to design any new facility by using latest technology and include all possible safety measure
such that there is near zero risk to human health. At the existing facilities, newer mechanism, machines, and techniques
are put in place.
Performing internal and external studies and surveys:
The Company performs various internal and external studies like ‘HIRA’, ‘HAZOP’, chemical risk assessment, fire risk
assessment, manual material handling assessments, quantitative risk assessment for chemical storage tank and surveys
relating to structural stability, noise survey, illumination survey, etc. to identify process safety hazards and controls.
Safety management systems:
The health and safety management system is based on ISO 45001 - the International Standard for Occupational
Health and Safety and is also designed to cater to the ‘Five Star Integrated Audit’ by British Safety Council which is a
leading global recognition in the field of Occupational Health and Safety Systems. This covers eight decorative paints
manufacturing plants, one industrial paints plant, one chemical plant and Research and Technology Centre. It covers
our workforce including contractor workmen, drivers, cleaners as well as visitors etc.
Training:
The Company encourages and works on building Behaviour Based Safety Management to encourage adherence to safe
behaviour and promote safety culture. It provides periodic trainings to employees on the manner of performing such
assessments/surveys, handling hazardous chemicals and equipment. All employees and workers are trained on safety
aspects which includes First – aid, Fire – fighting, Onsite Emergency Plan, Work Permit System, HIRA, HAZOP, etc.
Use of technology and other safety measures:
Most of the paint manufacturing process are automated/semi-automated and are controlled through Distributed
Control System (DCS) and Manufacturing Excellence System (MES). All the new plants are highly automated with
conveyors and robotics palletisation to reduce manual material handling thereby, creating safer work environment.
Moving parts of machineries are equipped with machine guarding mechanism like separately demarcated routes for
vehicles and pedestrians, installation of convex mirrors at blind corners for Material Handling Equipment (MHE) trucks,
monitoring speed of all vehicular movements, installation of safety alarms, interlocks to eliminate hazard related to
moving parts, etc.
Over and above, it is ensured that fire protection equipment such as hydrant system, water monitors, foam
monitors, fire extinguishers, fire detection and sprinkler fire system are provided as per relevant Indian Standards.
Pre-employment and annual medical examinations are carried out for employees and contractor workmen as per
Company’s Policy. Personal Protective Equipment (PPE) are identified for various activities and maintained in the form
of PPE matrix for each section in the plants conforming to relevant Indian/International Standard as applicable.
Road safety initiatives:
We understand that road safety is paramount, extending beyond our office premises to the roads our employees
travel on daily basis. Committed to fostering a culture of safety and responsibility, we have implemented several
initiatives to create awareness like Touch on Safety (Video Series) - highlighting importance of road safety, Defensive
Driving Training by Safe Drive India, Simulator Driving Workshop, Infra Changes for ease in travelling, etc.
Periodic equipment maintenance, review and testing:
There is a well-defined checklist basis which periodic safety inspections are carried out and actions are taken in a time
bound manner. Regular inspections and maintenance are done by competent persons for various critical equipment,
with necessary permits wherever needed, ensuring lockout tagout system is implemented.

22  
 Redressal and investigation mechanism:
There are Safety Committees constituted at locations to ensure that safe work practices are in place. The Committees
promote the participation of employees and workers to participate in ensuring workplace safety and have a well laid
out procedure of investigation for work – related incidents, review and investigation along with implementation of
corrective and preventive actions.

13. Number of Complaints on the following made by employees and workers:

FY 2023-24 FY 2022-23
Filed during Pending Remarks Filed during Pending Remarks
the year resolution the year resolution
at the end of at the end of
year year
Working Conditions - - - - - -
Health & Safety - - - - - -

The Company encourages employees and workers to highlight any issues noticed towards working conditions and
Health & Safety concerns at all its locations. The employees can also lodge complaints on the internal portal of the
Company as well. Throughout the year, the employees have raised many such queries/concerns on the portal which
have been largely addressed by the Company. Such complaints are mostly in the nature of flagging of possible need
of repairs or availability of proper working conditions which are regular in nature and addressed as and when raised.
These queries/concerns are not reported considering them as trivial.

14. Assessments for the year:

% of your plants and offices that were assessed (by entity or statutory authorities or third parties)

Health and safety practices 100

Working conditions 100
Note: % is based on cases which were due for an assessment either basis regulatory requirements and/or basis the Company’s internal guidelines.

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks/concerns arising from assessments of health & safety practices and working conditions.
The Company continuously monitors and assesses its health and safety practices and working conditions. Investigation
is conducted in case any incident is reported using various methodology to identify the root cause. The investigation
team presents corrective and preventive measures which is reviewed at various levels by the local management and
central teams. Such corrective actions are then deployed horizontally across locations.

Leadership Indicators
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(Yes/No) (B) Workers (Yes/No).
Yes, the Company has extended life insurance or compensatory package in the event of death of both employees and
workers.

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partners.
The Company has a robust mechanism to ensure that all statutory dues have been deducted and deposited by the
value chain partners. As per the business agreements/contracts and purchase orders, all vendors are obliged to
make necessary statutory payments timely. The Company regularly verifies the payment made by vendors to various
government authorities towards statutory payments internally or through third party audits. With such reviews, the
Company internally rates the vendors on their compliance status. The Company issues notices or penalises them or
ceases business dealing with defaulting vendors depending on the number of defaults.

23
Business Responsibility & Sustainability Report (Contd.)

3.  rovide the number of employees/workers having suffered high consequence work-related injury/ill-health/
P
fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment:
Total no. of affected employees/ No. of employees/workers that are
workers rehabilitated and placed in suitable
employment or whose family
members have been placed in suitable
employment
FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23

Employees 3 - - -
Workers - - - -

4. Does the entity provide transition assistance programs to facilitate continued employability and the management
of career endings resulting from retirement or termination of employment? (Yes/No)
Yes, the Company has a transition assistance program across cadres right from junior level to senior management
to provide guidance to new promotees to discharge their duties more effectively and develop their functional and
behaviour skill sets. Each program is uniquely designed depending on the cadre and required developmental needs.
The program also allows individuals to nominate themselves for one on one and group coaching programs which helps
them in addressing any specific transitional need. In case of retirement, various insight sharing sessions are held with
the employees to gain from their experiences. The Company engages with them to assist them in financial planning
needs, if any. Refer the Synergising Relationships section forming part of this Integrated Annual Report on page no. 62

5. Details on assessment of value chain partners:

The Company has in place a Code of Conduct for Business Partners. Accordingly, business partners are expected
to provide a safe and healthy workplace for their employees and contractors. Business partners must be compliant
with applicable laws and regulations on Occupational Health and Safety, and have the required permits, licenses and
permissions granted by local and national authorities.
% of value chain partners (by value of business done with such partners) that were assessed

Health and safety practices -

Working Conditions -

6.  rovide details of any corrective actions taken or underway to address significant risks/concerns arising from
P
assessments of health and safety practices and working conditions of value chain partners - Not Applicable

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
Essential Indicators
1. Describe the processes for identifying key stakeholder groups of the entity.
Refer Stakeholder Engagement section forming part of this Integrated Annual Report on page no. 38.

2.  ist stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
L
group.
Refer Stakeholder Engagement section of forming part of this Integrated Annual Report on page no. 38.

Leadership Indicators
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
Stakeholder engagement is a crucial process that contributes to the growth ambitions. Refer Stakeholder Engagement
section forming part of this Integrated Annual Report on page no. 38 which covers the process for consultation
between stakeholders and the Board.

The Company reports annually on the progress of ESG targets to update all stakeholders on ongoing initiatives. The
comprehensive reporting approach demonstrates an unwavering dedication to provide stakeholders a transparent and
holistic view of the Company’s performance and progress toward achieving ESG commitments.

24  
2.  hether stakeholder consultation is used to support the identification and management of environmental, and
W
social topics (Yes/No). If so, provide details of instances as to how the inputs received from stakeholders on
these topics were incorporated into policies and activities of the entity.
Yes, the Company in consultation with the stakeholders has identified material environmental and social topics.
Material topics were shortlisted and prioritised based on their impact on the stakeholders and the business. The details
on the same have been provided in the Stakeholder Engagement and Identifying Materiality Issues sections forming
part of this Integrated Annual Report.

3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups.
The Company identifies the need of communities including vulnerable and marginalised groups and accordingly takes
up various programs through Corporate Social Responsibility initiatives. The initiatives undertaken by the Company
under the thrust areas of Corporate Social Responsibility is after assessing the need of the communities including the
vulnerable/marginalised stakeholder groups and other members of the community. The Company has undertaken
nutrition projects for children, adolescents, pregnant and lactating women and organised Eye Care programme
for school students. The Colour Academies works on imparting skill education and enhancing productivity of the
people in paint application, plumbing, carpenter training, etc. and strives to make an impact on their lives by bringing
positive economic, professional and inter personal & intrapersonal impact. For more information, please refer to the
Synergising Relationships section forming part of this Integrated Annual Report on page no. 62.

PRINCIPLE 5 Businesses should respect and promote human right

Essential Indicators
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity:
Category FY 2023-24 FY 2022-23

Total (A) No. of % (B/A) Total (C) No. of % (D/C)

Employees/ Employees/
workers workers
covered (B) covered (D)

Employees

Permanent 7,804 7,162 91.8% 6,372 4,096 64.3%

Other than permanent 7,050 7,838

Refer Note (2) Refer Note (2)
Total Employees 14,854 14,210

Workers

Permanent 1,678 1,684

Other than permanent 14,139 Refer Note (2) 16,142 Refer Note (2)

Total Workers 15,817 17,826

Notes:
1. The trainings on human rights and other policies are a part of the Code of Conduct and various other awareness programmes. The
Company has deployed an e-module on Code of Conduct for training of the employees.

2. Several discussions are held with all employees and workers to create awareness around human rights and the Company’s Code of
Conduct. In addition to HR led sessions and e-module, all employees and workers (including new joinees) are trained/made aware of
the Code of Conduct by their functional team leads. Such sessions are currently not tracked. Further, the Code of Conduct is available
for reference on the Company’s website and on the Company’s intranet portal. They are expected to read and understand this Code,
uphold these standards in day-to-day activities, and comply with: all applicable laws, rules and regulations, and all applicable policies and
procedures adopted by the Company.

3. Limited assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

25
Business Responsibility & Sustainability Report (Contd.)

2. Details of minimum wages paid to employees and workers:

Category FY 2023-24 FY 2022-23

Total (A) Equal to minimum More than Total Equal to minimum More than Minimum
wage Minimum Wage (D) wage Wage

No. (B) %(B / A) No. (C) % (C / A) No. (E) %(E/D) No. (F) % (F / D)

Employees
Permanent
Male 7,060 - - 7,060 100 5,768 - - 5,768 100
Female 744 - - 744 100 604 - - 604 100
Other than
Permanent
Male 6,304 572 9.1 5,732 90.9 6924 740 10.7 6,184 89.3
Female 746 411 55.1 335 44.9 914 604 66.1 310 33.9
Workers
Permanent
Male 1,672 - - 1,672 100 1678 - - 1,678 100
Female 6 - - 6 100 6 - - 6 100
Other than
Permanent
Male 13,749 2,798 20.4 10,950 79.6 15,735 13,311 84.6 2,424 15.4
Female 390 81 20.8 309 79.2 407 306 75.2 101 24.8

Notes:

1. The number for previous year has been revised basis the information received from the partners.
2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

3. Details of remuneration/salary/wages
a. Median remuneration/wages:

Male Female

Number Median remuneration/ Number Median remuneration/

salary/wages of respective salary/wages of respective
category category

Board of Directors (BoD)* 8 63,00,000 5 57,00,000

Key Managerial Personnel (KMP)*^ 2 12,24,07,218 - -
Employees other than BoD and KMP 7,058 15,19,104 744 12,22,869
Workers 1,672 4,86,248 6 2,24,070
Notes::

1. *Includes Managing Director & CEO

2. ^Key Managerial Personnel are the Managing Director & CEO and CFO & Company Secretary

3. Include details of Directors and KMP as on 31st March 2024.

4. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

b. Gross wages paid to females as % of total wages paid by the entity:

FY 2023-24 FY 2022-23

Gross wages paid to females as % of total wages 7.8% 6.7%

Note: Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

26  
4. Do you have a focal point (Individual/Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes, Ms. Savitha Shivsankar, the Chief Human Resources Officer of the Company, is responsible for addressing any
human rights issues caused or contributed by the business. Further, these cases are presented to the Audit Committee
along with the status and its resolutions on a quarterly basis.

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
The Company is committed to providing a safe and conducive work environment to all of its employees and workers.
Transparency and openness are organisational values and are practised across all levels. Employees are encouraged to
share their concerns with their reporting manager or the members of the Senior Management. Employees can reach
out independently to the Human Resource function if they so choose to. The Company has an open-door approach,
wherein any employee irrespective of hierarchy has access to the Senior Management. In addition, the Code of
Conduct for Employees and the Whistle Blower Policy allows all our employees to report any kind of suspected or
actual misconduct in the organisation in an anonymous manner including grievances related to human rights issues.
Refer to the Company’s position statement on Human Rights at https://www.asianpaints.com/PositionStatement.html.
6. Number of Complaints on the following made by employees and workers:
FY 2023-24 FY 2022-23
Filed Pending Remarks Filed during Pending Remarks
during the resolution the year resolution
year at the end of at the end of
year year
Sexual Harassment 11 2* - 5 1*
Discrimination at workplace - - - - -
Child Labour - - - - -
Forced Labour/Involuntary Labour - - - - -
Wages 1 - -
Other human rights related issues - - - - -
Notes:

1. 
*The cases pending for resolution are not beyond 90 days - defined period for resolution as per Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 or POSH policy.
2. Limited assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

7.  omplaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
C
Act, 2013:
FY 2023-24 FY 2022-23

Total complaints reported under Sexual Harassment of Women at Workplace (Prevention, 11 5

Prohibition and Redressal) Act, 2013 (POSH)

Complaints on POSH as a % of female employees/workers 1.5% 0.8%

Complaints on POSH upheld 11 5

Note: Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases
The Company believes in the principle of natural justice and ensures that full confidentiality of complainant is
maintained during and after resolution of complaint. Such complaints are usually handled by senior members in
the organisation. These members are trained on aspects like how such complaints must be handled, the rights of
complainants, and manner of dealing with complaints and respondents, sensitivity and judgement to be applied on
such matters.
The members handling such complaints maintain full confidentiality to protect the complainant during as well as
after closure of complaints. The complainant is protected against any adverse action not limited to harassment, unfair
termination of employment, demotion, suspension and biased behaviour.

27
Business Responsibility & Sustainability Report (Contd.)

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes, all critical human rights requirements are part of business agreements, purchase orders and contracts with
suppliers. Further, the Code of Conduct for Business Partners is applicable to all the suppliers and service providers
according to which suppliers are expected to respect human rights and avoid causing/contributing to human rights
infringements through their business actions.
10. Assessments for the year
% of your plants and offices that were assessed (by entity or statutory authorities or third parties)

Child labour
Forced/involuntary labour
Sexual harassment
100
Discrimination at workplace
Wages
Others- please specify

11. P
 rovide details of any corrective actions taken or underway to address significant risks/concerns arising from
the assessments at Question 10 above.: Not Applicable

Leadership Indicators
1.  etails of a business process being modified/introduced as a result of addressing human rights grievances/
D
complaints.
During the reporting period, no business processes have been modified or introduced for addressing human rights
grievances/complaints.

2. Details of the scope and coverage of any Human rights due-diligence conducted.
The Company is committed to protecting and respecting Human Rights and remedying human rights violations
in case they are identified; for example, issues relating to human trafficking, forced labour, child labour, freedom
of association, right to collective bargaining, equal remuneration and discrimination. The Company work towards
providing equal employment opportunity, ensuring distributive, procedural, and interactional fairness, creating
a harassment-free, safe environment and respecting fundamental rights. As an equal opportunity employer, no
discrimination is tolerated in any aspect. Refer to the Company’s Human Right Position Statement at https://www.
asianpaints.com/PositionStatement.html.

3. I s the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
Differently abled visitor at Head Office are given access to required facilities. The Company is taking appropriate
measures to build systems and processes to ensure that provisions are made for an accessable environment & assistive
devices as required.
4. Details on assessment of value chain partners:
% of value chain partners ( by value of business with such partners) that were assessed

Sexual Harassment
Discrimination at workplace
Child labour
Nil*
Forced Labour/Involuntary Labour
Wages
Others- please specify
* In accordance with the Company’s policy on Code of Conduct for Business Partners, all business partners must treat all employees with
respect and dignity and exhibit zero tolerance towards unacceptable sexual harassment, workplace discrimination and must not engage
in child labour, Forced Labour/Involuntary Labour, etc. They must provide safe and healthy workplace for their employees and contractors.
Business partners must be compliant with local and national laws and regulations on Occupational Health and Safety, and have the required
permits, licenses and permissions granted by local and national authorities. They must also provide their employees with safe and human
working conditions.

5.  rovide details of any corrective actions taken or underway to address significant risks/concerns arising from
P
the assessments at Question 4 above. Not Applicable

28  
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
We have expanded our reporting boundary for the disclosures in this principle. The boundary now includes all paints and
chemical manufacturing units, R&T center, owned offices and leased offices/warehouses. Hence, the performance for FY
2022-23 has been updated appropriately.

For the purpose of calculation of revenue adjusted Purchasing Power Parity (PPP), conversion factor @22.88 INR/USD as
per World Bank website has been considered.

Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity:
Parameter FY 2023-24 FY 2022-23
(in GJ) (in GJ)

From renewable sources

Total electricity consumption (A) 2,32,622 2,05,565

Total fuel consumption (B) 6,172 2,066

Energy consumption through other sources (C) - -

Total energy consumed from renewable sources (A+B+C) 2,38,794 2,07,631

From non-renewable sources

Total electricity consumption (D) 1,87,649 1,92,732

Total fuel consumption (E) 8,53,773 8,64,356

Energy consumption through other sources (F) 12,329 10,447

Total energy consumed from non- renewable sources (D+E+F) 10,53,751 10,67,535

Total energy consumed (A+B+C+D+E+F) 12,92,545 12,75,166

Energy intensity per rupee of turnover (Total energy consumed/Revenue from operations) 41.9 GJ/ 42.4 GJ/
` crore ` crore

Energy intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) 958.6 GJ/ 970.0 GJ/
(Total energy consumed/Revenue from operations adjusted for PPP) $ crore $ crore

Energy intensity in terms of physical Output 0.98 GJ/KL 1.03 GJ/KL

Notes:
1. Total diesel consumption for the leased assets have been calculated by considering the total amount spent on the purchase of diesel by
average of diesel prices at four metros (Chennai, Kolkata, Delhi and Mumbai).
2. Electricity consumption at leased offices/warehouses is included under non-renewable electricity consumption.
3. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

2.  oes the entity have any sites/facilities identified as designated consumers (DCs) under the Performance,
D
Achieve and Trade (PAT) Scheme of the Government of India? (Yes/No) If yes, disclose whether targets set
under the PAT Scheme have been achieved. In case targets have not been achieved, provide the remedial
action taken, if any.
Not applicable, as we are not an energy-intensive industry as outlined under the Performance, Achieve and Trade (PAT)
Scheme of the Government of India.

29
Business Responsibility & Sustainability Report (Contd.)

3. Provide details of the following disclosures related to water:

Parameter FY 2023-24 FY 2022-23

Water withdrawal by source (in kiloliters)

(i) Surface water - -
(ii) Groundwater 57,998 59,394
(iii) Third party water 12,08,996 10,04,001
(iv) Seawater/desalinated water - -
(v) Others (Rain water) 66,829 2,35,011
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 13,33,823 12,98,406
Total volume of water consumption (in kilolitres)1 13,24,370 12,89,593
Water intensity per rupee of turnover (Total water consumption/Revenue from operations) 42.9 KL/ 42.9 KL/
` Crore ` Crore
Water intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) (Total water 982 KL/ 981 KL/
consumption/Revenue from operations adjusted for PPP) $ Crore $ Crore
Water intensity in terms of physical output 1.00 KL/KL 1.04 KL/KL
Notes :
1. All our manufacturing units have zero liquid discharge i.e., water withdrawn is completely consumed within the units. The difference


in the withdrawal and consumption is the quantity that is being procured at our owned corporate offices, wastewater from which it is
channelized to the municipal corporation for further treatment. The total withdrawal for these offices is 9,453 Kl and in the absence of
discharge information water withdrawn has been assumed to be equal to water discharged. Similarly, total withdrawal at offices in FY
2022-23 was 8,813 Kl.
The above details provide water withdrawal and consumption at manufacturing locations and owned offices. The water withdrawal and
consumption for leased offices, which is not included in the above table, is estimated to be 53,000 KL and the same has been calculated
based on methodology prescribed in IS 1172:1993.
2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

4. Provide the following details related to water discharged: All our manufacturing facilities are Zero Liquid Discharge
i.e., no wastewater is discharged outside the premises.
Parameter FY 2023-24 FY 2022-23
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment - -
- With treatment – please specify level of treatment - -
(ii) To Groundwater
- No treatment - -
- With treatment – please specify level of treatment - -
(iii) To Seawater
- No treatment - -
- With treatment – please specify level of treatment - -
(iv) Sent to third-parties
- No treatment 1 9,453 8,813
- With treatment – please specify level of treatment - -
(v) Others
- No treatment - -
- With treatment – please specify level of treatment - -
Total water discharged (in kilolitres) 9,453 8,813
Notes:
1. Wastewater is estimated to be discharged from our owned corporate offices which is being sent to the municipal corporation for further
treatment. The quantity for the same is estimated to be 9,453 KL.
2. In absence of discharge information at leased offices, complete quantity of estimated 53,000 KL is considered to be discharged. This is not
included in the above table.
3. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

30  
5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
All our manufacturing plants including our R&T centre are Zero Liquid Discharge facilities. Recognizing the importance
of water as a resource, we undertake several initiatives to optimize consumption and reduce resultant wastewater
generation through our reuse or recycling schemes. Such wastewater is further recovered and used back in the
process. The details of such initiatives can be found under the Water Neutrality head in the Sustainable Operations
section forming part of this Integrated Annual Report on page no. 56.
6. Details of air emissions (other than GHG emissions) by the entity:
Parameter Unit FY 2023-24 FY 2022-23

NOx Metric Tonnes 44.4 40.3

SOx Metric Tonnes 13.1 10.7
Particulate matter (PM) Metric Tonnes 14.0 10.5
Persistent organic pollutants (POP) - - -
Volatile organic compounds (VOC) - - -
Hazardous air pollutants (HAP) - - -
Note : Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

7. Details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity:
Parameter Unit FY 2023-24 FY 2022-23

Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2 equivalent 72,794 74,943
CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 2 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2 equivalent 44,357 44,600
CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emission intensity per rupee of Metric tonnes of CO2 3.8 4.0
turnover equivalent/` crore
(Total Scope 1 and Scope 2 GHG emissions/Revenue from
operations)

Total Scope 1 and Scope 2 emission intensity per rupee of Metric tonnes of CO2 86.9 90.9
turnover adjusted for Purchasing Power Parity equivalent/$ crore
(Total Scope 1 and Scope 2 GHG emissions/Revenue from
operations adjusted for PPP)
Total Scope 1 and Scope 2 emission intensity in terms of Kg CO2 equivalent/KL 88.6 96.6
physical output

Notes:
1. The emissions from leased offices/warehouses accounted in Scope 3 Category 8 (leased assets) in FY 2022-23 has been accounted in
Scope 1 and Scope 2 emissions. The number reported for Scope 3 in previous year has been appropriately revised.

2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on above indicator.

8. Does the entity have any project related to reducing Green House Gas (GHG) emission? If Yes, then provide
details.
GHG emissions reduction is an important focus area under our ESG commitments. As part of our Scope 1 and Scope 2
GHG emissions reduction plan, we focus on key enablers of energy efficiency and renewable energy.
Energy Efficiency:
The Company is committed to energy conservation and ensuring efficient energy usage at all operational facilities.
Energy management forms a vital part of the approach toward sustainable operations. During the year, multiple
energy efficiency projects were implemented in continuation of this long-term agenda such as X-plate nano
technology installation, Fitch Catalyst installation, switching to an electric boiler, etc. Our specific electricity
consumption at the decorative paints plants has been reduced by 36% from FY 2013-14.

31
Business Responsibility & Sustainability Report (Contd.)

Renewable Electricity:
Renewable electricity generation is one of the key area and several investments have been made over the years to
build infrastructure. Renewable electricity accounts for 65.8% of the total electricity consumption in FY 2023-24 at
decorative paint manufacturing units.

Switching to Greener Fuel:

The Company has always been exploring Greener Fuels for meeting heating requirements in its plants, whether it is
switching to gas-based generators or using biogas. In FY 2023-24, 122 MT of biogas was used in place of fossil-based fuel.

9. Provide details related to waste management by the entity, in the following format:
Parameter FY 2023-24 FY 2022-23

Total Waste generated (in metric tonnes)

Plastic waste (A) 2732.1 2,983
E-waste (B) 12.4 26.4
Bio-medical waste (C) 1.2 0.6
Construction and demolition waste (D) 0 3,915.6
Battery waste (E) 85.1 68.2
Radioactive waste (F) - -
Other Hazardous waste (G) 1,362.8 1,436.9
Other Non-hazardous waste generated (H) 9,585.1 9,742.3
Total (A + B + C + D + E + F + G + H) 13,779 18,173
Waste intensity per rupee of turnover 0.4 MT/ 0.6 MT/
(Total waste generated/Revenue from operations) ` crore ` crore
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) 10.2 MT/ 13.8 MT/
(Total waste generated/Revenue from operations adjusted for PPP) $ crore $ crore
Waste intensity in terms of physical output 10.4 Kg/KL 14.7 Kg/KL

For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in
metric tonnes)
Category of waste
(i) Recycled 11,305 16,984
(ii) Re-used 62 -
(iii) Other recovery operations 1,687 410
Total 13,054 17,394

For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste

(i) Incineration 451 547

(ii) Landfilling 274 232
(iii) Other disposal operations - -

Total 725 779

Notes:

1. The above details provide waste disposal at manufacturing locations and owned offices. For leased offices/warehouses located across
the country, due to the type of the setup, the nature of the waste is non-hazardous and is estimated not to be material.
2. Other Hazardous waste includes waste categorized under Hazardous Waste Rules, 2016 and disposed of which is through Pollution
Control Board authorized/licensed vendors in line with the Consent to Operate/Hazardous Waste Authorization condition.
3. Other Non-Hazardous primarily include metal, wooden and paper waste.
4. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP.

32  
10. B
 riefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and processes and
the practices adopted to manage such wastes.
Waste generation is an inevitable part of our manufacturing process, efforts are put in to create value from our waste.
With an aim to divert a significant quantum of waste from going to landfills, we have adopted systems and procedures
that help us repurpose used material and reintroduce excess material into our production process. We follow the
‘3R’ strategy of Reduce, Reuse and Recycle for our waste management. This has resulted in a significant decrease
in both hazardous waste and non-hazardous waste disposal during the year. Our specific hazardous waste and non-
hazardous waste disposal has been decreased by 77% and 47% respectively from the baseline year of FY 2013-14, at
our decorative paint manufacturing units.
We follow legally prescribed procedures and apply environmentally sound disposal techniques for disposing of
hazardous waste whereas the non-hazardous waste is sent to authorised recyclers. A detailed description has been
provided in the Sustainable Operations section forming part of this Integrated Annual Report on page no. 44.
Safety and environmental sustainability are integral parts of the product development processes established by the
Company. These processes are built on advanced IT platforms which enable the Company’s state-of-the-art Research
& Technology Centre in Mumbai to screen and prevent the entry of potentially hazardous raw materials right at the
development stage.
11. I f the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals/clearances are required, please specify details in the following format:
S. No. Location of Type of Whether the conditions of environmental approval/clearance are being
operations/offices Operations complied with? (Yes/No)

If no, the reasons thereof and corrective action taken, if any.

Not Applicable

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year:
Environment Impact Assessment Notification, 2006 (EIA) mandates the Company to undertake study for establishment
or expansion of an integrated paint manufacturing plant or synthetic organic chemicals manufacturing plant. Details of
EIA study undertaken during the year is provided below:

Name and brief details of EIA Date Whether conducted by Results Relevant
project Notification No. independent external communicated in Weblink
agency (Yes/No) public domain
(Yes/No)
Environment Impact S.O.1533 July 2023 Yes No
Assessment (EIA) for Environment Impact
Environmental Clearance Assessment
of proposed expansion of Notification 2006
existing paints and water-
based polymers manufacturing
industry in a notified industrial
area at SIPCOT Industrial Park,
Ponder Village, Sriperumbudur
Taluka, Kancheepuram District,
Tamil Nadu

13. Is the entity compliant with the applicable environmental law/regulations/guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
Protection Act and rules thereunder (Yes/No). If not, provide details of all such non-compliances:
S. No. Specify the law/regulation/ Provide details of the Any fines/penalties/action taken Corrective action taken,
guidelines which was not non- compliance by regulatory agencies such as if any
complied with pollution control boards or by
courts

Not Applicable

33
Business Responsibility & Sustainability Report (Contd.)

Leadership Indicators
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): As per recent assessment
report released by Central Ground Water Authority (CGWA) in December, 2022, none of the Company’s plant is located
in the water stress area. Thus, the disclosure is not applicable.
For each facility/plant located in areas of water stress, provide the following information:
(i) Name of the area: Not applicable
(ii) Nature of operations: Not applicable
(iii) Water withdrawal, consumption and discharge in the following format: Not Applicable

2. Details of total Scope 3 emissions & its intensity:

Parameter Unit FY 2023-24 FY 2022-23

Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, Metric tonnes of 33.2 Lakhs 32.8 Lakhs
PFCs, SF6, NF3, if available) CO2 equivalent

Total Scope 3 emissions per rupee of turnover Metric tonnes of 107.6 108.9
CO2 equivalent/
` Crore
Notes:

1. “Scope 3 Category 8 - Leased Assets” has been accounted in Scope 1 and Scope 2 emissions.
2. Limited assurance has been carried out for absolute Scope 3 emissions as part of GRI indicators by Price Waterhouse Chartered Accountants
LLP.

3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention
and remediation activities.
Not applicable. The Company operates from sites which are located in industrial areas and are not close to ecologically
sensitive areas. However, biodiversity initiatives are being undertaken, details of which can be referred to in the
Sustainable Operations section forming part of this Integrated Annual Report on page no. 44.

4. I f the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions/effluent discharge/waste generated, please provide
details of the same as well as the outcome of such initiatives:
Sr. Initiative undertaken Details of the initiative (Weblink, if any, may Outcome of the initiative
No be provided along-with summary)

1. Emission reduction through Please refer Product Stewardship under Avoidance of 30,413 metric tonnes of
formulations and process Sustainable Operations section forming CO2e in FY 2023-24.
innovations. part of this Integrated Annual Report.
2. Use of recycled content in plastic Please refer Nature Positive under 10,324 tonnes of recycled content in
packaging. Sustainable Operations section forming plastic packaging in FY 2023-24.
part of this Integrated Annual Report.
3. Water replenishment and Please refer Water Neutrality under In FY 2023-24, we replenished 387% of
conservation outside factory Sustainable Operations section forming the total fresh water that we use in our
premises. part of this Integrated Annual Report. manufacturing sites.
4. Multi-modal outbound logistics – Please refer Climate Change under Reduction of more than 5,500 tCO2e in
Sea & multi-modal. Sustainable Operations section forming FY 2023-24.
part of this Integrated Annual Report.
Note: For more Company and plant-specific initiatives, please refer to the Sustainable Operation of Integrated Annual Report on page no. 44

onwards.

5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/weblink.
The Company has a standardised disaster management and business continuity plan in place which ensures resilient
business operations and utmost safety of employees and the Company’s assets. The business continuity plans are
integrated in our Enterprise Risk Management program and guides our response to disruptions of our operations. This
covers various scenarios as a part of risk management processes and provides for risk mitigation and management in
case of uncertainties.

34  
6.  isclose any significant adverse impact to the environment, arising from the value chain of the entity. What
D
mitigation or adaptation measures have been taken by the entity in this regard ?
The Company has in place sustainability targets which serve as a tool to mitigate and tackle the issues that arise from
our value chain partners. For details of our mitigation plans, refer the Manufacturing and Innovations section and
Managing Risks under Governance section forming part of this Integrated Annual Report.

7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts:
Under the supplier engagement program Samaveta we have assessed maturity and impact of 77% of raw material and
packaging material suppliers by value based on their response to Self Declaration Forms.

PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a
manner that is responsible and transparent
Essential Indicators
1. a. Number of affiliations with trade and industry chambers/associations.
The Company is affiliated with 9 (nine) trade and industry chambers/associations.

b. List the top 10 trade and industry chambers/associations (determined based on the total members of such
body) the entity is a member of/affiliated to.
Sr. Name of the trade and industry chambers/associations Reach of trade and industry
No. chambers/associations (State/
National)
1. The Confederation of Indian Industry (CII) National
2. The Federation of Indian Chambers of Commerce & Industry (FICCI) National
3. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) National
4. The Indian Paint Association (IPA) National
5. The Society of Indian Defence Manufacturers (SIDM) National
6. The Public Affairs Forum of India (PAFI) National
7. The Advertising Standard Council of India (ASCI) National
8. The Indian Society of Advertisers (ISA) National
9. The Media Research Users Council India (MRUC India) National

2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct
by the entity, based on adverse orders from regulatory authorities.

Name of authority Brief of the case Corrective action taken

- - -
Note: The Competition Commission of India (CCI) had passed a prima facie Order dated 14 January, 2020 directing the Director General
 th

(DG) to conduct an investigation against the Company under the provisions of the Competition Act, 2002. The DG submitted a detailed
report to the CCI. Based on the findings of the DG’s report and after hearing both the parties, the CCI passed a favourable Order on 8th
September, 2022 dismissing the allegations relating to abuse of dominance and anti-competitive agreements made by the competitor. The
competitor has now filed an appeal against CCI’s Order before the National Company Law Appellate Tribunal. The said appeal is pending
for hearing.

35
Business Responsibility & Sustainability Report (Contd.)

Leadership Indicators
1. Details of public policy positions advocated by the entity:

S. Public Policy advocated Method resorted Whether Frequency of Weblink, if available

No for such information review by Board
advocacy available in public (Annually/Half
domain? (Yes/No) yearly/Quarterly/
Others – please
specify)

1 Plastic waste management through

Extended Producer Responsibility and
environmental clearance issues.

2 Engagement with Government on

‘Ease of Doing Business’ initiatives on
harmonizing State and Central laws and
compliances.

3 Consensus building on integration

of state approvals in National Single
Window System to simplify the process
of applying for regulatory approvals and
compliances for the investor.
The Company
represents
4 Engaged with department of
itself in key
Consumer affairs on changes in the
business
Legal Metrology Act, 2009, and Legal
associations No, the
Metrology (Packaged Commodity)
and/or information
Rules, 2011 on decriminalizing of
directly at the is generally
various offences.
government not available
forums in a in the public
5 Provided inputs for amending standards
responsible and domain. These
for paints proposed by the Bureau of https://www.
transparent representations Advocacy policy
Indian Standards. asianpaints.com/
manner. The are directly is reviewed
AdvocacyPolicy.
issues taken up made via mail once in 3 years.
6 Recommendations gives on sustainable html
are generally or letters,
and inclusive growth of manufacturing
related to either directly
sector in India.
ease of doing or through
business and the industry
7 Provided inputs for making only authorised chamber/
manufacturing more competitive in representatives associations.
India. of the Company
can interact
8 Recommendation given on the with these
SEBI’s consultation paper on institutions.
various amendments to the SEBI
(Listing Obligations and Disclosure
Requirements) Regulations, 2015 -
Strengthening corporate governance,
strengthening compliance, reviews of
disclosure requirements for material
events or information.

9. Recommendation given on the SEBI’s

consultation paper on providing
flexibility in provisions relating
to “Trading plans” under the SEBI
(Prohibition of Insider Trading)
Regulations, 2015.

36  
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development
Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year: Not Applicable

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity: Not Applicable

3. Describe the mechanisms to receive and redress grievances of the community.

The Company works closely with the community in the identified areas for carrying out the Corporate Social
Responsibility initiatives. Within the area of work, the employees of the Company work with the communities to
understand the impact of the projects on the intended beneficiaries. These interactions provide the people with
ample opportunities to gauge and address community concerns. Based on these interactions, the Company has not
encountered any specific grievances from the community at present.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2023-24 FY 2022-23

Directly sourced from MSMEs/small producers 28.3% 25.7%

Directly from within India 81.1% 82.2%
Notes:
1. Figures for FY 2022-23 have been updated in line with ‘Input Material’ defined under BRSR core.
2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent/on contract basis) in the following locations, as % of total wage
cost:
Location FY 2023-24 FY 2022-23

Rural 23.0% 22.5%

Semi-urban 6.0% 5.6%
Urban 20.0% 21.2%
Metropolitan 51.0% 50.7%
Notes:
1. Places categorised as per RBI Classification System - rural/semi-urban/urban/metropolitan.
2. Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

Leadership Indicators

1.  rovide details of actions taken to mitigate any negative social impacts identified in the Social Impact
P
Assessments (Reference: Question 1 of Essential Indicators above): Not Applicable

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts
as identified by government bodies:

S. No. State Aspirational District Amount spent

(In ` Crores)
1 Gujarat Narmada 1.7

3. a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized/vulnerable groups? (Yes/No)
The Company prefers suppliers in local community for sourcing of input material, barring speciality chemicals
which are procured from buyers who may not be available in local vicinity.

37
Business Responsibility & Sustainability Report (Contd.)

b) From which marginalized/vulnerable groups do you procure?

Refer point 4 of principle 8 above
c) What percentage of total procurement (by value) does it constitute?
Refer point 4 of principle 8 above

4.  etails of the benefits derived and shared from the intellectual properties owned or acquired by your entity
D
(in the current financial year), based on traditional knowledge.
S. No. Intellectual Property based on Owned/Acquired (Yes/No) Benefit shared (Yes/No) Basis of calculating benefit
traditional knowledge share

- - - - -

The Company owns various Intellectual Property based on traditional knowledge. However, no benefit is derived or
shared with any party.

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved:
Not Applicable

6. Details of beneficiaries of CSR Projects:

S.No CSR Project No. of persons benefitted from CSR % of beneficiaries from vulnerable and marginalized groups
Projects
1 Health & Hygiene 3,53,000+ 46
2 Colour Academy 6,80,000+ Colour Academies work on imparting skill education and
enhancing productivity of the people in paint application
(plumbing) carpenter training, etc.

PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
Essential Indicators
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company treats customer complaints with utmost priority and believes that it needs to be agile, transparent, and
solution-oriented to resolve them efficiently and satisfactorily. The Company ensures to keep the customer informed
throughout the entire process of complaint resolution via multiple points of communication i.e. through SMS/E-mail/
Whatsapp and focus on resolving retail customer complaints within five working days, which includes calling the
customer within four hours, connecting with the customer within two days, and providing the final resolution to the
customer. These timelines are relevant to our decorative category’s customer/applicator/trade expectations. The link
containing channels of communication can be accessed at: https://www.asianpaints.com/contact-us.html.

2. Turnover of products and/services as a percentage of turnover from all products/services that carry information
about:
As a percentage to total turnover

Environmental and social parameters relevant to the product 100

Safe and responsible usage 100
Recycling and/or safe disposal 100

38  
3. Number of consumer complaints in respect of the following:
FY 2023-24 Remarks FY 2022-23 Remarks

Received Pending Received Pending

during the resolution at during the resolution at
year end of year year end of year

Data privacy
Advertising
Cyber-security
Delivery of essential services Nil
Restrictive Trade Practices
Unfair Trade Practices
Other

4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall

Voluntary recalls
Nil
Forced recalls

5. Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a weblink of the policy:
Yes, the Company has a policy on cyber security and risk related to data privacy, which is available on its website at
https://www.asianpaints.com/CodesandPolicies.html.

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty/action taken by regulatory authorities on safety of products/services:
Not Applicable
7. Provide the following information relating to data breaches:
a. Number of instances of data breaches: Nil

b. Percentage of data breaches involving personally identifiable information of customers: Nil

c. Impact, if any, of the data breaches: Not applicable

Note: Reasonable assurance has been carried out by Price Waterhouse Chartered Accountants LLP on the above indicator.

Leadership Indicators
1. Channels/platforms where information on products and services of the entity can be accessed -(provide weblink,
if available).
The platforms used for the information are the Company’s website, Integrated Annual Report, social media platforms
and media advertisement/publications. Information relating to all the products and services provided by the Company
are available on the Company’s website at https://www.asianpaints.com/.

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
The Company publishes artwork and shade card for all the products detailing relevant content which also includes
instructions for safe usage to be referred while using our products. The same is also available on the Company’s
website. During the meetings with the painters and contractors, they are made aware about safe usage of products.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Not Applicable

39
Business Responsibility & Sustainability Report (Contd.)

4. Does the entity display product information on the product over and above what is mandated as per local laws?
(Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to
consumer satisfaction relating to the major products/services of the entity, significant locations of operation
of the entity, or the entity as a whole? (Yes/No)
Yes, the Company ensures that all the information as required to be displayed on the product labels as per the
applicable rules and regulations are properly displayed. Further, product information is available in the Product
Information Sheet that is shared with the dealers of the Company and hosted on the website of the Company.

The Company regards customer delight as the final testimony to its success in the market and it carries out annual
customer experience surveys for all its products and services and measures customer satisfaction with the Net
Promoter Score (NPS). The NPS method measures the percentage of customers who would promote the products and
services to other customers and covers most of the customer interaction points, including retail experiences, project
sites, bath fittings, beautiful home painting services etc. Company has Customer Centricity department which carries
out regular consumer survey/consumer satisfaction trend analysis.

40  
Assurance Report
Independent Practitioner’s Reasonable Assurance Report on Identified Sustainability Information
in Asian Paints Limited’s Integrated Annual Report, which includes the Business Responsibility and
Sustainability Report
To the Board of Directors of Asian Paints Limited
We have undertaken to perform a reasonable assurance engagement for Asian Paints Limited (the “Company”) vide our
Engagement Letter, in respect of the agreed Sustainability Information referred in “Identified Sustainability Information”
paragraph below (the “Identified Sustainability Information”) in accordance with the Criteria stated in the “Criteria”
paragraph below. The Identified Sustainability Information is included in the:
(a) Business Responsibility and Sustainability Report (“BRSR”) section in the Integrated Annual Report of the Company for
the financial year ended March 31, 2024, (the “Integrated Annual Report”) pursuant to the requirement of Regulation
34(2)(f) of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended) (the “LODR Regulations”). The Reporting Boundary for BRSR is as disclosed under
Question No. 13 of Section A of the BRSR, and any exceptions thereto are disclosed by way of a note under the
respective questions in BRSR; and
(b) the “GRI Content Index” section in the Integrated Annual Report of the Company for the financial year ended March
31, 2024.
This engagement was conducted by a team comprising of assurance practitioners and environment experts.

Identified Sustainability Information

The Identified Sustainability Information for the financial year ended March 31, 2024, is summarized in Appendix 1 to this
report.
Our reasonable assurance engagement was with respect to the financial year ended March 31, 2024, information only and
we have not performed any procedures with respect to prior periods or any other elements included in the Integrated
Annual Report, which includes the BRSR, other than those listed in Appendix 1 to this report and, therefore, do not express
any opinion thereon.

Criteria
The criteria used by the Company to prepare the Identified Sustainability Information are as follows:
In respect of the BRSR:
(a) for the information summarised in Part A – BRSR Core indicators in the Appendix 1 to this report, the criteria used
is the “BRSR Core”, which is a subset of the BRSR, consisting of a set of Key Performance Indicators (“KPIs”)/ metrics
under nine Environmental, Social and Governance (“ESG”) attributes, as specified by SEBI vide Annexure I and Annexure
II to the circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023 (the “SEBI Circular”).
(b) for the information summarised in Part B – BRSR Indicators in the Appendix 1 to this report relating to the selected
BRSR Indicators, the criteria used is the set of KPIs under Section A - General Disclosures/ Section C – Principle Wise
Performance Disclosures under the nine ESG principles, as specified by SEBI vide Annexure II to the SEBI Circular.
(c) In respect of the Identified Sustainability Indicators in the GRI Content Index included in the Integrated Annual Report
and summarised in Part C – GRI Indicators in the Appendix 1 to this report, the criteria used is the Global Reporting
Initiative Standards, 2021 (“GRI Standards”).

Management’s Responsibilities
The Company’s Management is responsible for determining the Reporting Boundary of the Integrated Annual Report
including the BRSR, and for selecting or establishing suitable criteria for preparing the Identified Sustainability Information,
taking into account applicable laws and regulations including the SEBI Circular and GRI Standards, related to reporting on
the Identified Sustainability Information, identification of key aspects, engagement with stakeholders, content, preparation
and presentation of the Identified Sustainability Information in accordance with the Criteria. This responsibility includes
design, implementation, and maintenance of internal control relevant to the preparation of the Integrated Annual Report,
which includes the BRSR, and the measurement of Identified Sustainability Information, which is free from material
misstatement, whether due to fraud or error. The Management and the Board of Directors of the Company are also
responsible for overseeing the Company’s compliance with the requirements of LODR Regulations and the SEBI Circular

   41
Assurance Report (Contd.)

in relation to the BRSR and the GRI Standards in relation to the sustainability information in the Integrated Annual Report
which includes the BRSR.

Inherent Limitations in Preparing the Identified Sustainability Information

The absence of a significant body of established practice on which to draw to evaluate and measure non- financial
information allows for different, but acceptable, measures and measurement techniques and can affect comparability
between entities. In addition, Greenhouse Gas (“GHG”) quantification is subject to inherent uncertainty because of
incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of
different gases.

Our Independence and Quality Control

We have maintained our independence and confirm that we have met the requirements of the Code of Ethics issued by
the Institute of Chartered Accountants of India (“ICAI”) and the International Code of Ethics for Professional Accountants
(including International Independence Standards) (“IESBA Code”) issued by the International Ethics Standard Board for
Accountants, which is founded on the fundamental principles of integrity, objectivity, professional competence and due
care, confidentiality and professional behavior.
Price Waterhouse Chartered Accountants LLP (the “Firm”) applies Standard on Quality Control 1, “Quality Control for
Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements”, the International Standard on Quality Management (“ISQM”) 1 “Quality Management for Firms that
perform Audits or Reviews of Financials Statements, or Other Assurance or Related Services Engagements” and ISQM 2
“Engagement Quality reviews”, and accordingly maintains a comprehensive system of quality control including documented
policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and
regulatory requirements.

Practitioner’s Responsibilities
Our responsibility is to express a reasonable assurance opinion on the Identified Sustainability Information based on the
procedures we have performed and the evidence we have obtained.
We conducted our engagement in accordance with the Standard on Sustainability Assurance Engagements (“SSAE”)
3000, “Assurance Engagements on Sustainability Information” and the Standard on Assurance Engagements (“SAE”) 3410,
“Assurance Engagements on Greenhouse Gas Statements”, both issued by the Sustainability Reporting Standards Board of
the ICAI, and the International Standard on Assurance Engagement (“ISAE”) 3000 (Revised), “Assurance Engagements other
than Audits or Reviews of Historical Financial Information” and the ISAE 3410 “Assurance Engagements on Greenhouse
Gas Statements” both issued by the International Auditing and Assurance Standards Board (collectively referred to as “the
Standards”). These Standards require that we plan and perform our engagement to obtain reasonable assurance about
whether the Identified Sustainability Information is prepared, in all material respects, in accordance with the Criteria. A
reasonable assurance engagement involves assessing the risks of material misstatement of the Identified Sustainability
Information whether due to fraud or error, responding to the assessed risks as necessary in the circumstances.
The procedures we performed were based on our professional judgement and included inquiries, observation of processes
performed, inspection of documents, evaluating the appropriateness of quantification methods and reporting policies, and
agreeing or reconciling with underlying records.
Given the circumstances of the engagement, in performing the procedures referred above, we:
• Obtained an understanding of the Identified Sustainability Information and related disclosures.
• Obtained an understanding of the assessment criteria and their suitability for the evaluation and /or measurements of
the Identified Sustainability Information.
• Made enquiries of Company’s Management, including the various teams such as Sustainability team, Corporate Social
Responsibility (CSR) team, etc., and those with responsibility for managing Company’s Annual Reporting.
• Obtained an understanding and performed an evaluation of the design of the key systems, processes, and controls for
managing, recording and reporting on the Identified Sustainability Information as per Appendix 1, including at the sites
and corporate office visited. This did not include testing of the operating effectiveness of management systems and
controls.

42  
• Based on above understanding, the risks that the Identified Sustainability Information may be materially misstated,
determined the nature, timing, and extent of further procedures.
• Performed substantive testing on a sample basis of the Identified Sustainability Information within the standalone
boundary to check that data had been appropriately measured with underlying documents recorded, collated, and
reported. This included assessing records and performing testing, including recalculation of sample data to establish
an assurance trail.
• Checked the consolidation for various sites and corporate office under the standalone reporting boundary (as
mentioned in the Integrated Annual Report, which includes BRSR) for ensuring the completeness of data being
reported.
• Assessed the level of adherence to GRI Standards and the BRSR followed in preparing the Integrated Annual Report.
• Assessed the Integrated Annual Report, which includes BRSR, for detecting, on a test basis, any major anomalies
between the information reported in the Integrated Annual Report, which includes BRSR, on performance with
respect to Identified Sustainability Information and the relevant source data/information.
• Where applicable for the Identified Sustainability Information in the Integrated Annual Report, which includes BRSR,
we have relied on the information in the audited standalone financial statements of the Company for the year ended
March 31, 2024, which were audited by another firm of chartered accountants under the Companies Act, 2013 who,
vide their report dated May 9, 2024, expressed an unmodified opinion on those financial statements.
• Evaluated the reasonableness and appropriateness of significant estimates and judgments made by the Management
in the preparation of the Identified Sustainable Information.
• Obtained representations from the Company’s Management.
Exclusions
Our reasonable assurance scope excludes the following and therefore we do not express an opinion on the same:
• Operations of the Company other than the Identified Sustainability Information listed in Appendix 1 to this report.
• Aspects of the Integrated Annual Report, including the BRSR, and data/ information (qualitative or quantitative)
included in the Integrated Annual Report, including the BRSR, other than the Identified Sustainability Information.
• Data and information outside the defined reporting period i.e., the financial year ended March 31, 2024.
• The statements that describe expression of opinion, belief, aspiration, expectation, aim or future intentions provided
by the Company and testing or assessing any forward-looking assertions and/or data.
Opinion
Based on the procedures performed and the evidence obtained, the Company’s Identified Sustainability Information
and summarised in Appendix 1 to this report and included in the Integrated Annual Report, which includes BRSR, for the
financial year ended March 31, 2024, are prepared, in all material respects, in accordance with the Criteria.

Restriction on Use
Our work was performed solely to assist you in meeting the reporting requirements. This deliverable has been issued solely
at the request of the Board of Directors of the Company to whom it is addressed, solely to comply with the requirements
of SEBI Circular and LODR Regulations, in reporting the Company’s sustainability performance and activities and for
publishing the deliverable in the Integrated Annual Report, which includes the BRSR. Accordingly, we accept no liability to
anyone, other than the Company. Our deliverable should not be used for any other purpose or by any person other than
the addressees of our deliverable. We do not accept or assume any liability or duty of care for any other purpose or to any
other person to whom this deliverable is shown or into whose hands it may come without our prior consent in writing.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Sumit Seth
Partner
Place: Paris, France Membership Number: 105869
Date: May 29, 2024 UDIN: 24105869BKFWTW7080

   43
Assurance Report (Contd.)

Appendix 1
Identified Sustainability Information
A. BRSR Core Indicators
S. Principle/Indicator
Attribute Parameter
No. Reference
1. Principle 6 – E7 Green-house gas (GHG) 1. Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O,
footprint HFCs, PFCs,SF6, NF3, if available)
2. Total Scope 2 emissions (Break-up of the GHG (CO2e) into CO2, CH4,
N2O, HFCs, PFCs, SF6, NF3, if available)
3. GHG Emission Intensity (Scope 1 +2)
a) Total Scope 1 and Scope 2 emissions (MT) / Total Revenue from
Operations adjusted for PPP
b) Total Scope 1 and Scope 2 emissions (MT) / Total Output of
Product or Services
2. Principle 6 – E3 Water footprint 1. Total water consumption
and E4 2. Water consumption intensity
a) Water Intensity per rupee of turnover adjusted for PPP
b) Water Intensity in terms of physical output
3. Water Discharge by destination and levels of Treatment
3. Principle 6 – E1 Energy Footprint 1. Total Energy Consumed
2. % of energy consumed from renewable sources
3. Energy intensity
a) Energy Intensity per rupee of turnover adjusted for PPP
b) Energy Intensity in terms of physical output
4. Principle 6 – E9 Embracing circularity- 1. Plastic waste (A)
details related to waste 2. E-waste (B)
management by the
entity 3. Bio-medical waste (C)
4. Construction and demolition waste (D)
5. Battery waste (E)
6. Radioactive waste (F)
7. Other Hazardous waste (G)
8. Other Non-hazardous waste generated (H)
9. Total waste generated (A+B+C+D+E+F+G+H)
10. Waste intensity
a) Waste Intensity per rupee of turnover adjusted for PPP
b) Waste Intensity in terms of physical output
11.  For each category of waste generated, total waste recovered through
recycling, re-using or other recovery operations.
12.  For each category of waste generated, total waste disposed by nature
of disposal method.
5. Principle 3 – E1(C) Enhancing employee 1. Spending on measures towards well- being of employees and workers-
Principle 3 – E11 wellbeing and Safety cost incurred as a % of total revenue of the company.
2. Details of safety related incidents for employees and workers
a) Number of Permanent Disabilities
b) Lost Time Injury Frequency Rate (LTIFR) (per one million-person
hours worked)
c) No. of fatalities

44  
S. Principle/Indicator
Attribute Parameter
No. Reference
6. Principle 5 – E3(b) Enabling Gender Diversity 1. Gross wages paid to females as a % of wages paid.
Principle 5 – E7 in Business
2. Complaints on POSH
a) Total Complaints on Sexual Harassment (POSH) reported.
b) Complaints on POSH as a % of female employees / workers
c) Complaints on POSH upheld

7. Principle 8 – E4 Enabling Inclusive 1. Input material sourced from following sources as % of total purchases –
Principle 8 – E5 Development Directly sourced from MSMEs/ small producers and directly from within
India.
2. Job creation in smaller towns- wages paid to people employed in
smaller towns (permanent or non-permanent/on contract) as % of total
wage cost
8. Principle 9 – E7 Fairness in Engaging with 1. Instances involving loss/ breach of data of customers as a percentage of
Principle 1 – E8 Customers and Suppliers total data breaches or cyber security events.
2. Number of days of accounts payable

9. Principle 1 – E9 Open-ness of business 1. Concentration of purchases & sales done with trading houses, dealers,
and related parties
a) Purchases from trading houses as % of total purchases
b) Number of trading houses where purchases are made from.
c) Purchases from top 10 trading houses as % of total purchases from
trading houses
d) Sales to dealers / distributors as % of total sales
e) Number of dealers / distributors to whom sales are made.
f) Sales to top 10 dealers / distributors as % of total sales to dealers /
distributors.
2. Loans and advances & investments with related parties Share of RPTs
(as respective %age) in-
a) Purchases
b) Sales
c) Loans & advances
d) Investments

   45
Assurance Report (Contd.)

B. BRSR Indicators

S.
Principle Reference Attribute Parameter
No.

1. Section A – 20a Employees Number and percentage of Gender-wise Employees and

Workers (including differently abled)
2. Section A – 21 Participation/Inclusion/Re Number and percentage of Representation of Women in
presentation of women Board of Directors and Key Managerial Personnels
3. Section A – 22 Turnover rate for permanent Turnover Rate of Permanent Employees & Workers
employees and workers
4. Section C – Principle 3 – E2 Details of retirement Details of retirement benefits, (excluding amounts deducted
benefits for Current and deposited with the authority)
Financial Year

5. Section C – Principle 3 – E5 Return to work and Return to work and retention rates of permanent employees
Retention rates of and workers that took parental leave
permanent employees

6. Section C – Principle 5 – E2 Details of minimum wages Details of minimum wages paid to employees and workers
paid to employees and
workers
7. Section C – Principle 5 – E3(a) Details of remuneration/ Male-Median remuneration/ salary/ wages of respective
salary/wages category Female-Median remuneration/ salary/wages of
respective category
8. Section C – Principle 6 – E6 Emissions Air emissions (other than GHG emissions)

9. Section C – Principle 1– E6 Governance Number of complaints with regard to conflict of interest

(Directors and Key Managerial Personnels)

GRI Indicators
S. GRI
Particulars of Indicators
No. Reference
1. 301-2 Recycled input materials used
2. 302-1 Energy consumption within the organization
3. 302-3 Energy intensity
4. 303-3 Water withdrawal
5. 303-4 Water discharge
6. 303-5 Water consumption
7. 305-1 Direct (Scope 1) GHG emissions
8. 305-2 Energy indirect (Scope 2) GHG emissions
9. 305-4 GHG emissions intensity
10. 305-5 Reduction of GHG emissions
11. 305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions
12. 306-3 Waste generated
13. 306-4 Waste diverted from disposal
14. 306-5 Waste directed to disposal
15. 401-1 New employee hires and employee turnover
16. 401-3 Parental leave
17. 405-1 Diversity of governance bodies and employees
For BRSR indicators, “E” indicates Essential indicator.

46  
Assurance Report
Independent Practitioner’s Limited Assurance Report on Identified Sustainability Information in
Asian Paints Limited’s Integrated Annual Report, which includes the Business Responsibility and
Sustainability Report
To the Board of Directors of Asian Paints Limited
We have undertaken to perform a limited assurance engagement for Asian Paints Limited (the “Company”) vide our
Engagement Letter, in respect of the agreed Sustainability Information referred in “Identified Sustainability Information”
paragraph below (the “Identified Sustainability Information”) in accordance with the Criteria stated in the “Criteria”
paragraph below. The Identified Sustainability Information is included in:
(a) the “GRI Content Index” section in the Integrated Annual Report of the Company for the financial year ended
March 31, 2024 (the “Integrated Annual Report”); and

(b) the Business Responsibility and Sustainability Report (“BRSR”) section of the Integrated Annual Report, prepared by
the Company pursuant to the requirement of Regulation 34(2)(f) of the Securities and Exchange Board of India (“SEBI”)
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (the “LODR Regulations”).
This engagement was conducted by a team comprising of assurance practitioners and environment experts.

Identified Sustainability Information

The Identified Sustainability Information for the financial year ended March 31, 2024, is summarised in Appendix 1 to this
report.
Our limited assurance engagement was with respect to the financial year ended March 31, 2024, information only and we
have not performed any procedures with respect to prior periods or any other elements included in the Integrated
Annual Report, which includes the BRSR, other than those listed in Appendix 1 to this report, and therefore, do not
express any conclusion thereon.

Criteria
The criteria used by the Company to prepare the Identified Sustainability Information are as follows:
In respect of the selected BRSR Indicators summarised in Part A – BRSR Indicators in the Appendix 1 to this report and
included in the BRSR, the criteria used is the set of Key Performance Indicators (“KPIs”) / metrics under Section A - General
Disclosures/ Section C - Principle wise Performance Disclosures under the nine Environmental, Social and Governance
(“ESG”) principles, as specified by SEBI vide Annexure II to its circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated
July 12, 2023 (the “SEBI Circular”).
In respect of the Identified Sustainability Indicators in the GRI Content Index included in the Integrated Annual Report and
summarised in Part B – GRI Indicators in the Appendix 1 to this report, the criteria used is the Global Reporting Initiative
Standards, 2021 (the “GRI Standards”).

Management’s Responsibilities
The Company’s Management is responsible for selecting or establishing suitable criteria for preparing the Identified
Sustainability Information, taking into account applicable laws and regulations, related to reporting on the Identified
Sustainability Information, identification of key aspects, engagement with stakeholders, content, preparation, and
presentation of the Identified Sustainability Information in accordance with the Criteria. This responsibility includes the
design, implementation, and maintenance of internal control relevant to the preparation of the Integrated Annual Report,
which includes the BRSR, and measurement of the Identified Sustainability Information, which are free from material
misstatement, whether due to fraud or error.

Inherent Limitations in Preparing the Identified Sustainability Information

The absence of a significant body of established practice on which to draw to evaluate and measure non- financial
information allows for different, but acceptable, measures and measurement techniques and can affect comparability
between entities. In addition, Greenhouse Gas (“GHG”) quantification is subject to inherent uncertainty because of
incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of
different gases.

   47
Assurance Report (Contd.)

Our Independence and Quality Control

We have maintained our independence and confirm that we have met the requirements of the Code of Ethics issued by
the Institute of Chartered Accountants of India (“ICAI”) and the International Code of Ethics for Professional Accountants
(including International Independence Standards) (“IESBA Code”) issued by the International Ethics Standard Board for
Accountants, which is founded on the fundamental principles of integrity, objectivity, professional competence and due
care, confidentiality and professional behaviour.
Price Waterhouse Chartered Accountants LLP (the “Firm”) applies Standard on Quality Control 1 “Quality Control for
Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements”, the International Standard on Quality Management (“ISQM”) 1 “Quality Management for Firms that
perform Audits or Reviews of Financials Statements, or Other Assurance or Related Services Engagements” and ISQM 2
“Engagement Quality reviews”, and accordingly maintains a comprehensive system of quality control including documented
policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and
regulatory requirements.

Practitioner’s Responsibilities
Our responsibility is to express a limited assurance conclusion on the Identified Sustainability Information based on the
procedures we have performed and evidence we have obtained.
We conducted our limited assurance engagement in accordance with the Standard on Sustainability Assurance
Engagements (SSAE) 3000, “Assurance Engagements on Sustainability Information” and the Standard on Assurance
Engagements (SAE) 3410 “Assurance Engagements on Greenhouse Gas Statements”, both issued by the Sustainability
Reporting Standards Board of the ICAI, and the International Standard on Assurance Engagement (“ISAE”) 3000 (Revised)
“Assurance Engagements other than Audits or Reviews of Historical Financial Information” and the ISAE 3410 “Assurance
Engagements on Greenhouse Gas Statements” both issued by the International Auditing and Assurance Standards Board
(collectively referred to as “the Standards”). These Standards require that we plan and perform our engagement to obtain
limited assurance about whether the Identified Sustainability Information is free from material misstatement.
A limited assurance engagement involves assessing the suitability in the circumstances of the Company’s use of the Criteria
as the basis for the preparation of the Identified Sustainability Information, assessing the risks of material misstatement of
the Identified Sustainability Information whether due to fraud or error, responding to the assessed risks as necessary in the
circumstances, and evaluating the overall presentation of the Identified Sustainability Information.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both
the risk assessment procedures, including an understanding of internal control, and the procedures performed in response
to the assessed risks.
The procedures we performed were based on our professional judgement and included inquiries, observation of processes
performed, inspection of documents, evaluating the appropriateness of quantification methods and reporting policies and
agreeing or reconciling with underlying records.
Given the circumstances of the engagement, in performing the procedures referred above, we:
• Obtained an understanding of the Identified Sustainability Information and related disclosures.
• Obtained an understanding of the assessment criteria and their suitability for the evaluation and /or measurements of
the Identified Sustainability Information.
• Made enquiries of Company’s Management, including the various teams such as Sustainability team, Corporate Social
Responsibility (CSR) team, etc., and those with the responsibility for managing Company’s Annual Reporting.
• Obtained an understanding and performed an evaluation of the key systems and processes for managing, recording,
and reporting on the Identified Sustainability Information as per Appendix 1, including at the sites and corporate office
visited. This did not include testing of the design and operating effectiveness of management systems and controls.
• Based on above understanding, the risks that the Identified Sustainability Information may be materially misstated,
determined the nature, timing, and extent of further procedures.
• Checked the consolidation for the standalone boundary (as mentioned in the Integrated Annual Report, which includes
the BRSR) for ensuring the completeness of data being reported.

48  
• Performed limited substantive testing on a sample basis of the Identified Sustainability Information within the
standalone boundary to check that data had been appropriately measured with underlying documents recorded,
collated, and reported. This included assessing records and performing testing, including recalculation of sample data
to establish an assurance trail.
• Assessed the level of adherence to GRI Standards and BRSR followed by the Company in preparing the Integrated
Annual Report, which includes the BRSR.
• Assessed the Integrated Annual Report, which includes the BRSR, for detecting, on a test basis, any major anomalies
between the information reported in the Integrated Annual Report, which includes the BRSR, on performance with
respect to Identified Sustainability Information and relevant source data/information.
• Evaluated the reasonableness and appropriateness of significant estimates and judgments made by the Management
in the preparation of the Identified Sustainable Information.
• Obtained representations from the Company’s Management.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than
for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement
is substantially lower than the assurance that would have been obtained had we performed a reasonable assurance
engagement. Accordingly, we do not express a reasonable assurance opinion about whether the Identified Sustainability
Information have been prepared, in all material respects, in accordance with the Criteria.

Exclusions
Our limited assurance scope excludes the following and therefore we do not express a conclusion on the same:
• Operations of the Company other than the Identified Sustainability Information listed in Appendix 1 to this report.
• Aspects of the Integrated Annual Report, including the BRSR, and data/ information (qualitative or quantitative)
included in the Integrated Annual Report, including the BRSR, other than the Identified Sustainability Information.
• Data and information outside the defined reporting period i.e., the financial year ended March 31, 2024.
• The statements that describe expression of opinion, belief, aspiration, expectation, aim, or future intentions provided
by the Company and testing or assessing any forward-looking assertions and/or data.
Limited Assurance Conclusion
Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to
believe that the Company’s Identified Sustainability Information and summarised in Appendix 1 to this report and included
in the Integrated Annual Report, which includes the BRSR, for the financial year ended March 31, 2024, is not prepared, in
all material respects, in accordance with the Criteria.

Restriction on Use
Our work was performed solely to assist you in meeting the reporting requirements. This deliverable has been issued solely
at the request of the Board of Directors of the Company to whom it is addressed, solely to assist the Company in reporting
the Company’s sustainability performance and activities and for publishing the deliverable in the Integrated Annual Report,
which includes the BRSR. Accordingly, we accept no liability to anyone, other than the Company. Our deliverable should not
be used for any other purpose or by any person other than the addressees of our deliverable. We do not accept or assume
any liability or duty of care for any other purpose or to any other person to whom this deliverable is shown or into whose
hands it may come without our prior consent in writing.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Sumit Seth
Partner
Place: Paris, France Membership Number: 105869
Date: May 29, 2024 UDIN: 24105869BKFWTV6781
.

   49
Assurance Report (Contd.)

Appendix 1
Identified Sustainability Information
Reporting Principle/ Indicator
Parameter
Criteria Reference

A – BRSR Indicators
BRSR Section A – 20b Number and percentage of Gender-wise Differently Abled Employees and Workers.

BRSR Section A – 25 Number of Complaints/Grievances on any of the principles (Principles 1 to 9) under the
National Guidelines on Responsible Business Conduct.

BRSR Section C – Principle 1 – E1 Percentage coverage by training and awareness programmes on any of the principles
during the financial year.

BRSR Section C – Principle 2 – L3 Percentage of recycled or reused input material to total material (by
value) used in production.

BRSR Section C – Principle 3 – E7 Membership of employees and worker in association(s) or Unions recognized by the
listed entity.

BRSR Section C – Principle 3 – E8 Details of trainings given to employees and workers.

BRSR Section C - Principle 5 – E1 Number and percentage of Employees and workers who have been provided training on
human rights issues and policies of the entity.

BRSR Section C – Principle 5 – E6 Number of Complaints on “Sexual Harassment, Discrimination at workplace,

Child Labour, Forced Labour/Involuntary Labour, Wages and Other human rights related
issues” made by employees and workers.

B - GRI Indicators
GRI 205-3 Confirmed incidents of corruption and actions taken.

GRI 302-4 Reduction of energy consumption.

GRI 305-3 Other indirect (Scope 3) GHG emissions.

GRI 406-1 Incidents of discrimination and corrective actions taken.

GRI 413-1 Operations with local community engagement, impact assessments, and development
programs.
For BRSR indicators, “E” indicates Essential indicator and “L” indicates Leadership indicator.

50