The Indian Hotels Company Limited (IHCL) has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2024-25 to the exchanges, which forms part of its Integrated Annual Report. The report includes an Independent Practitioner’s Reasonable Assurance Report provided by KPMG Assurance and Consulting Services LLP.
Key highlights from the report:
- For FY 2024-25, IHCL reported a turnover of ₹4,916.54 crore and a net worth of ₹11,255.92 crore. The paid-up capital stands at ₹1,42,34,32,227.
- The BRSR covers 28 hotels under the company’s ownership and management across 10 states and 2 Union Territories in India.
- IHCL has identified and addressed material responsible business conduct issues, including Climate Strategy, Emission and Energy Management, Waste Stewardship, Food Safety and Quality, Talent Management and Retention, Guest Experience, and Supply Chain Management, detailing both risks and opportunities.
- The company's comprehensive ESG roadmap, known as the 'Paathya' framework, outlines specific targets to be achieved by 2030, including:
- Environmental Stewardship: 50% renewable energy consumption, 100% wastewater recycling, elimination of single-use plastics beyond 10 mandated items, 100% eligible hotels EarthCheck Certified, and 100% green business meetings and conferences.
- Social Responsibility: Skilling over 100,000 youth and contributing 12 hours of volunteering annually per employee.
- Partner Transformation: Achieving over 90% compliance for Tier-1 suppliers as per the Supplier Code of Conduct and sourcing over 50% of raw materials locally.
- Preservation of Heritage and Brand: 100% adoption of Intangible Cultural Heritage (ICH) projects through collaboration with UNESCO.
- Prudent Corporate Governance: Aiming for 25% women representation on the Board, 100% Board Level Committee Chairs by Independent Directors, and having 3 Sustainability/ESG experts as Board Members.
- Mr. Puneet Chhatwal, Managing Director & Chief Executive Officer, stated, "Being the oldest operating company of the Tata Group, we have always embraced the vision of our founder Jamshedji Tata, who believed that the community is not just another stakeholder, but the very reason for our existence." He added that IHCL is dedicated to its ESG+ programme 'Paathya' and is actively working towards Net Zero Emissions. He highlighted that 27 of their hotels are EarthCheck Certified, with 18 at Platinum level and 3 Master Certified, and the company is implementing measures for decarbonization, including green power agreements and supply chain collaboration for Scope 3 emissions.
- The company maintains robust grievance redressal mechanisms, with all 175 complaints received from shareholders, employees, value chain partners, and others in FY 2024-25 having been resolved with zero pending issues.
- Minor monetary penalties totaling ₹9,03,402 were incurred during FY 2024-25 for GST liability and a pollution control board matter.
- Accounts payables days improved to 49 in FY 2024-25 from 60 in FY 2023-24.