BRSR STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 103 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No) If Yes, provide details of the same. Yes, the Company has a Code of Conduct for the Board and Senior Management, which includes areas of ethics, integrity, honesty, and provides guidelines and processes on addressing unethical behaviour. The Code also details the processes in place to manage conflicts of interest involving board members, contributing to a culture of transparency and accountability. Refer Link published in the companies website : https://www.heritagefoods.in/ uploads/investors/pdf/1605093903916-Code_of_Conduct_for_Senior_Managment_and_Board.pdf Principle 2: Business should provide goods and services in a manner that is sustainable and safe. The Company understands the risks associated with goods and services and the subsequent environmental impacts they may have. To ensure an eco-friendly sourcing process, the Company actively engages in various Environmental and Social Impact (ESI) initiatives that support and empower farmers in supplying milk. These initiatives not only ensure a sustainable supply chain but also promote responsible farming practices and benefit the agricultural community as a whole. Moreover, the Company is committed to mitigate the adverse effects of plastic waste. It actively participates in plastic recycling initiatives, recognizing the importance of responsible waste management. By promoting recycling and seeking innovative solutions, the Company strives to minimize plastic waste and contribute to a circular economy that conserves resources and reduces environmental harm. Through these combined efforts, the Company demonstrates its dedication to sustainable practices, environmental stewardship, and positive socio-economic impacts. By prioritizing responsible sourcing and actively engaging in recycling initiatives, the Company sets an example for others in the industry to adopt similar environmentally conscious practices. Together, we can work towards a greener and more sustainable future. Essential Indicators 1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of products and processes to total R&D and capex investments made by the entity, respectively. Segment FY2024 FY2023 Details of improvements in environmental and social impacts R&D 25.00% 30.00% • Developed innovative process/solutions can- reduced the environmental footprint of food production Eeg. Utilization of whey instead of disposing. • Developed multiple products with improved nutrition & diversion and inclusions. Eg. Millet sweets, Easy digestion, Probiotics & fortified milk etc. • Developing the recyclable packaging solutions etc. Capex 8.44% 11.00% The Company is taking a lot of initiatives for conservation of energy. The Company is continuously investing in latest technologies and efficiencies to conserve energy and improve the environmental and social impacts of products and processes. 2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) No. The Company is planning to introduce sustainable sourcing in the coming years starting FY25 as part of the NETZERO Carbon reduction footprint. Over the last 32 years, the Company’s milk sourcing has risen many folds. The Company has a sustainable sourcing strategy from farmers across the states in which we operate. To keep the sourcing environment-friendly, the Company engages in a variety of initiatives which help farmers keep supplying milk to the Company. The Company has also implemented green energy measures in order to generate power from renewable sources. b. If yes, what percentage of inputs were sourced sustainably? Not Applicable. This is planned in 2 years’ time horizon , with technology automation and AI innovation. 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. Since, the Company is dairy based Company, all the products are of perishable in nature (consumption base) they are not meant to be recycled. However, during the production process, the Company recycle effluent water used in our production facilities for washing milk storage tankers and crates, gardening etc. 1. (a) Plastics (including packaging): Plastic plays a crucial role in maintaining product safety and reducing leaks and thus making it a significant component. However, the plastic waste generated by factories is a major contributor to environmental pollution. The company is dedicated to mitigating the effects of plastic waste
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