Havells India Ltd
Directors Reports
To
The Members
Your Directors take pleasure in presenting the 39th Annual
Report (Integrated) on the business and operations of the Company and the accounts for the
Financial Year ended 31st March, 2022.
1. Financial Summary or Highlights
The Board's Report is prepared based on the standalone financial
statements of the Company. The Company's financial performance for the year under
review alongwith previous year's figures are given hereunder:
(Rs. in crores)
| Particulars |
Standalone |
|
Consolidated |
|
|
2021-22 |
2020-21 |
2021-22 |
2020-21 |
| Revenue from Operations |
13,889 |
10,428 |
13,938 |
10,457 |
| Other Income |
160 |
188 |
160 |
187 |
| Operating Profit before Finance Costs, Depreciation, Tax and
Extraordinary items |
1,918 |
1,753 |
1,921 |
1,759 |
| Less: Depreciation and amortisation expenses |
261 |
249 |
261 |
249 |
| Finance Cost |
53 |
73 |
53 |
73 |
| Profit before Tax and Exceptional Expenses |
1,604 |
1,432 |
1,607 |
1,438 |
| Less: Tax |
409 |
392 |
410 |
393 |
| Profit for the year |
1,195 |
1,040 |
1,196 |
1,044 |
| Other Comprehensive Income |
6 |
(2) |
6 |
(2) |
| Total comprehensive income for the year, net of tax |
1,200 |
1,038 |
1,203 |
1,043 |
Encouraging performance across verticals led to a revenue growth of 33%
and profit growth of 15%, however Margins were under pressure due to spiralling cost
inflation. We exited the year with a positive momentum recording highest ever revenue and
profits. It has been a year of revival despite transitional impact of Covid and commodity
inflation.
Advertising and promotion, as planned, reverted to normalised levels
against last year. Increase in expenses representative of Company's decision to
continue investment in Brand, Research & Development, IT infrastructure and other
long-term growth drivers despite short term impact on the EBITDA margins.
While the inflationary environment continues to pose a challenge,
however, we maintain a positive outlook on demand growth and gradual recovery of margins.
2. Brief Description of the Company's Working During the Year/
State of Company's Affairs
Your Company registered robust revenue growth across segments with a
21% CAGR over 2 years. The initiatives towards channel expansion are paying off with
decent growth in Ecom, Rural, Enterprise business and International markets. New customers
were added, broad basing demand channels. In line with the trend over past few years,
growth in B2C has been outpacing B2B, however, there has been increased conversion in
projects and B2B over last year.
Switchgear grew by 22% benefiting from new construction and range
expansion. Efficient cost and price management helped maintain the switchgear margins.
Cable segment grew by 46%, largely contributed by higher commodity prices. Timely
transmission of price increases helped maintain Cable margins.
Channel expansion and market share gains helped lighting segment to
achieve 26% revenue growth with stable margins. Electrical consumer durables grew by 29%
with a healthy mix of value and volume growth, however time lag in passing on the costs to
the market impacted the margins.
Lloyd business reported a 34% revenue growth despite Covid striking in
the peak summer season in first quarter of the year. Lloyd has undertaken channel and
portfolio expansion strengthening its market position. Lloyd margins were severely
impacted as hypercompetitive environment restrained adequate price increases required to
compensate the cost inflation.
Encouraged by the demand environment, company continued with new
product launches and dealer engagements. Manufacturing capacities were added in the water
heater and air conditioner units and new setup was created for manufacturing of washing
machines.
Digitisation remained high on agenda, with initiatives focusing on
improving ease of doing business both for internal and external stake holders.
Prudent financial management and healthy profits helped maintain a
Strong Balance sheet. Working capital reverted to normality leading to robust cash levels.
Awards and Accolades
Your Company received the following awards during the Financial Year
ended 31st March, 2022:
1. "ICSI CSR Excellence Award" under medium category in its
21st edition of ICSI National Awards for Excellence in Corporate Governance,
2021
2. India Design Mark 2021 - Silencio mixer grinder
3. India Design Mark 2021 - Puro storage electric water heater
4. India Design Mark 2021 - Endura Pearl Grand street light series
5. India Design Mark 2021 - Freedom adaptable architectural light
6. Cll Design Excellence Award 2021 - Freedom adaptable architectural
light
7. Good Design Japan 2021 - Nu Bulb + Lamp
8. Red Dot Award 2021- Vogue Highbay Light
9. Great Place to Work
Subsidiary Companies, Joint Venture and Consolidated Financial
Statements
As on 31st March, 2022, the Company had two direct overseas
subsidiaries:
1. Havells Holdings Limited based at Isle of Man.
2. Havells Guangzhou International Limited based at China.
The Consolidated Profit and Loss Account for the period ended 31st
March, 2022, includes the Profit and Loss Account for the subsidiaries for the complete
Financial Year ended 31st March, 2022. The Board of Directors of the Company
has, by Resolution passed in its Meeting held on 4th May, 2022, given consent
for not attaching the Balance Sheets of the subsidiaries concerned. The Consolidated
Financial Statements of the Company including all subsidiaries duly audited by the
statutory auditors are presented in the Integrated Annual Report. The consolidated
financial statements have been prepared in strict compliance with applicable Accounting
Standards and wherever applicable, the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as prescribed by the Securities and Exchange Board of
India. A Report on Performance and Financial Position of each of the Subsidiaries Company
included in the Consolidated Financial Statements is presented in a separate section in
this Integrated Annual Report. Please refer (Form No. AOC-1) annexed to the Financial
Statements in the Integrated Annual Report. The standalone annual accounts of the
subsidiary companies and the detailed related information shall be made available to
Shareholders of the Company and of its subsidiary companies upon request and it shall also
be made available on the website of the Company i.e.
https://www.havells.com/en/discover-havells/investor-
relation/financials/balance-sheet.html
The annual accounts of the subsidiary companies shall also be kept for
inspection by any shareholder in the
Head Office of the Company and the respective offices of its subsidiary
companies.
Joint Venture
Your Company had formed a 50:50 joint venture in People's Republic
of China with Shanghai Yarning Lighting Co. Limited under the name of Jiangsu Havells
Sylvania Lighting Co. Limited (JV). This Joint Venture Company was created with an
objective to produce energy efficient lighting lamps. In Financial Year 2017- 18, owing to
the technological changes in the lighting Industry, the Company along with its JV partner
had decided to close the business and liquidate the JV. Accordingly, the regular
operations were fully closed in October 2017. Liquidation of the company was completed in
the current financial year and the final approval for deregistration has been received on
8th February, 2022.
The Liquidation proceeds from the JV amounting to Rs. 18.43 crores have
been received in the month of March, 2022.
3. Names of Companies which have become or ceased to be its
Subsidiaries, Joint Ventures or Associate Companies during the year
During the financial year 2021-22 Jiangsu Havells Sylvania Lighting Co.
Limited upon liquidation ceased to be a joint venture. Besides, there are no companies
which have become or ceased to be subsidiary and / or associate of the company during the
financial year 2021-22.
4. Reserves
Your Directors do not propose to transfer any amount to the general
reserve and entire amount of profit for the year forms part of the ‘Retained
Earnings'.
5. Dividend
In line with the Dividend Policy of the Company which is available in
the "Codes & Policies" section in the Investor Relations section on the
website of the Company and can be accessed at https://www.havells.com/en/
discover-havells/investor-relation/codes-and-policies. html. the Board of Directors, in
its Meeting held on 20th October, 2021, declared an Interim Dividend of Rs.
3.00 per equity share of face value of Re. 1/- each, to all the Shareholders who were
recorded on the Register of Members as on 28th October, 2021, being the record
date fixed for this purpose.
In addition to the Interim Dividend, your Directors are pleased to
recommend a Final Dividend @ Rs. 4.50 per equity share for the financial year 2021-22.
The proposed dividend, subject to approval of Shareholders in the
ensuing Annual General Meeting of the Company, would result in appropriation of Rs. 281.84
crores (inclusive of TDS). The dividend would be payable to all Shareholders whose names
appear in the Register of Members as on the Book Closure Date. The Register of Members and
Share Transfer books shall remain closed from 16th June, 2022, Thursday to 21st
June, 2022, Tuesday (both days inclusive).
6. Material changes and commitments, if any, affecting the financial
position of the Company which have occurred between the end of the financial year of the
Com pany to which the financial statements relate and the date of the Report No
material changes and commitments affecting the financial position of the Company occurred
between the end of the financial year to which these financial statements relate and the
date of this Report.
However, in terms of the Employee Stock Purchase Schemes of the
Company, which are administered by Havells Employees Welfare Trust, 2,16,759 Equity Shares
of Re. 1/- each, were approved for Grant on 4th May, 2022 and Vested (pursuant
to the respective Employees Stock Purchase Shemes as hereunder) to the eligible employees,
which, if exercised, shall result in an equivalent no. of Equity Shares of Re. 1/- each to
be allotted/ transferred to the eligible employees under the respective schemes.
A summary is given below:
|
No of Shares Granted |
No of Shares Vested |
| Havells Employees Stock Purchase Plan 2014 |
41,817 |
41,817 |
| Havells Employees Stock Purchase Scheme 2015 |
1,50,000 |
1,50,000 |
| Havells Employees Stock Purchase Scheme 2016 |
24,942 |
13,534* |
*8,306 Shares vested as 1st tranche out of a total of 24,942
Shares granted for financial year 2021-22; 2,045 Shares vested as 2nd tranche
out of a total of 8,454 Shares granted for financial year 2020-21 and 3,183 Shares vested
as 3rd tranche out of a total of 13,157 Shares granted for financial year
2019-20.
7. Change in the nature of business
There was no change in the nature of business of the Company during the
financial year ended 31st March, 2022.
8. Details of Directors or Key Managerial Personnel including those who
were appointed or have resigned during the year
During the financial year 2021-22, the following were appointed as
Independent Directors for a First Term of 5 (Five) years as approved by the Shareholders
in the last Annual General Meeting of the Company held on 30th June, 2021.
• Smt. Namrata Kaul (DIN: 00994532)
• Shri Ashish Bharat Ram (DIN: 00671567)
During the year, Smt. Pratima Ram (DIN: 03518633) ceased to be a
Director of the Company upon completion of her second term as an Independent Director,
which was upto the date of the last Annual General Meeting of the Company held on 30th
June, 2021.
The Board places on record its appreciation for the valuable
contributions made by Smt. Pratima Ram in all areas of Board's functioning during her
tenure as Non- Executive Independent Director on the Board.
Further, pursuant to the provisions of Section 152 of the Companies
Act, 2013, Shri Siddhartha Pandit (DIN: 03562264) and Shri Anil Rai Gupta (DIN: 00011892),
are due to retire by rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The Board recommends their reappointment.
The details of Directors being recommended for reappointment as
required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 are contained in the accompanying Notice convening the ensuing Annual General Meeting
of the Company. Appropriate Resolution(s) seeking your approval to the re-appointment of
Directors are also included in the Notice.
9. Number of Meetings of the Board of Directors
During the Financial Year 2021 -22, the Board of Directors of the
Company, met 5 (Five) times on 20th May, 2021, 21st July, 2021, 20th
October, 2021, 20th January, 2022 and 24th March, 2022.
Pursuant to the requirements of Schedule IV to the Companies Act, 2013
and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, separate
Meeting of the Independent Directors of the Company was also held on 20th
January, 2022, without the presence of Non-Independent Directors and members of the
management, to review the performance of Non-Independent Directors and the Board as a
whole, the performance of the Chairperson of the Company, taking into account the views of
Executive Directors, Non-Executive Non-Independent Directors and also to assess the
quality, quantity and timeliness of flow of information between the Company management and
the Board.
10. Directors' Responsibility Statement
Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Directors
to the best of their knowledge hereby state and confirm that:
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
b) the Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit and loss of the Company for that period;
c) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) the Directors had prepared the annual accounts on a going concern
basis;
e) the Directors, had laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and were
operating effectively; and
f) the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
11. Declaration by Independent Director(s) and reappointment, if any
All the Independent Directors have submitted their disclosures to the
Board that they fulfil all the requirements as stipulated in Section 149(6) of the
Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, so as to qualify themselves to be appointed as
Independent Directors under the provisions of the Companies Act, 2013 and the relevant
rules thereof.
In the opinion of the Board, they fulfil the condition for appointment/
re-appointment as Independent Directors on the Board. Further, in the opinion of the
Board, the Independent Directors also possess the attributes of integrity, expertise and
experience as required to be disclosed under Rule 8(5)(iiia) of the Companies (Accounts)
Rules, 2014.
12. Nomination and Remuneration Policy of Directors, Key Managerial
Personnel and other employees
In adherence of Section 178(1) of the Companies Act, 2013, the Board of
Directors of the Company in its Meeting held on 22nd December, 2014, approved a
policy on directors' appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other matters provided
u/s 178(3), based on the recommendations of the Nomination and Remuneration Committee. The
broad parameters covered under the Policy are - Company Philosophy, Guiding Principles,
Nomination of Directors, Remuneration of Directors, Nomination and Remuneration of the Key
Managerial Personnel (Other than Managing/Whole-time Directors), Key-Executives and Senior
Management and the Remuneration of Other Employees. The Company's Policy relating to
appointment of Directors, payment of Managerial remuneration, Directors'
qualifications, positive attributes, independence of Directors and other related matters
as provided under Section 178(3) of the Companies Act, 2013 is furnished in ANNEXURE -
1 and forms part of this Report. The Policy is also available in the Investor
Relations section, under the "Codes & Policies" tab, on the website of the
Company and can be accessed at the weblink https://www.havells.com/en/
discover-havells/investor-relation/codes-and-policies. html
13. Formal Annual Evaluation
The Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI LODR") contain provisions for the
evaluation of the performance of:
(i) the Board as a whole,
(ii) the individual directors (including independent directors and
Chairperson) and
(iii) various Committees of the Board.
The Board of Directors has carried out an annual evaluation of its own
performance, Board Committees and Individual Directors pursuant to the provisions of the
Companies Act, 2013 and Regulation 17(10) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Consequently, the Company is required to disclose the
manner of formal annual evaluation.
The Board evaluation exercise for financial year 2021-22 was carried
out by way of internal assessments done based on a combination of detailed questionnaires
and verbal discussions.
Performance evaluation of the Board and Committees
The performance of the Board was evaluated by the Board Members after
considering inputs from all the Directors primarily on:
• Board composition and quality with emphasis on its size, skill,
experience and knowledge of members;
• Periodic review of Company's management and internal
control system for appropriateness and relevance;
• Board process and procedure with emphasis on the frequency of
meetings, attendance thereof, flow of information;
• Oversight of Financial Reporting process including Internal
Controls and Audit Functions;
• Engagement in Corporate Governance, ethics and compliance with
the Company's code of conduct.
The Board evaluated the performance of the Committees on the following
parameters:
• Appropriateness of size and composition;
• Clarity of mandate and well-defined agenda;
• Reporting to the Board on the Committee's activities;
• Availability of appropriate internal and external support or
resources to the Committees.
Performance Evaluation of Individual Directors
The performance evaluation of the Individual Directors were carried out
by the Board and other Individual Directors, considering aspects such as:
• Sufficient knowledge of Company strategy and objective;
• Understand their role as Director, as distinct from management;
• Adequate and productive use of knowledge and experience of the
Independent Directors for the functioning of Board;
• Efforts for professional development to enable better fulfilment
of their responsibilities;
• Ask questions/ critique proposals with confidence;
• Open and effective participation in Board discussions;
• Keep stakeholder interest as the touchstone in endorsing
decisions.
Performance Evaluation of Chairman
• Display of effective leadership qualities and skill;
• Implementation of observations/ recommendations of Board
Members;
• Effective and timely resolution of grievances of Board Members;
• Ability to bring convergence in case of divergent views and
conflict of interest situation tabled at Board Meetings;
Evaluation Outcome
The evaluation brought to notice that the sharing of information with
the Board, its timeliness, the drafting of agenda notes and the content thereof as well as
the drafting of the minutes were found to be satisfactory. All the Board Members were
satisfied with the way the affairs of the Company were conducted.
14. Annual Return
A copy of the Extracts of the Annual Return of the Company as required
under section 134(3)(a) of the Companies Act, 2013, in Form No. MGT-9, as they stood on
the close of the financial year i.e. 31st March, 2022 is furnished in ANNEXURE
- 2 and forms part of this Report.
Further, a copy of the Annual Return of the Company containing the
particulars prescribed u/s 92 of the Companies Act, 2013, in Form No. MGT-7, as they stood
on the close of the financial year i.e. 31st March, 2021 is uploaded on the
website of the Company in the Investor Relations Section under Disclosures and can be
accessed from https://havells.com/en/discover-havells/ investor-relation/disclosures.html
15. Auditors
1. Statutory Auditors
As per provisions of Section 139(1) of the Companies Act, 2013, the
Company appointed M/s Price Waterhouse & Co Chartered Accountants LLP (Registration
No. 304026E/ E300009) as Statutory Auditors for a period of 5 (Five) years in the AGM of
the Company held on 30th June, 2021.
Statutory Auditors' Report
The observations of Statutory Auditor in its reports on standalone and
consolidated financials are self-explanatory and therefore do not call for any further
comments.
Details in respect of frauds reported by auditors
There were no instances of fraud reported by the auditors.
2. Cost Auditors
As per Section 148 of the Companies Act, 2013, the Company is required
to have the audit of its cost records conducted by a Cost Accountant in practice.
Pursuant to the provisions of Section 141 read with Section 148 of the
Companies Act, 2013 and Rules made thereunder, M/s Sanjay Gupta & Associates, Cost
Accountants (Firm Regn. No. 000212) were appointed as the Cost Auditor of the Company for
the year ending 31st March, 2022.
The due date for filing the Cost Audit Report of the Company for the
financial year ended 31st March, 2021 was 18th June, 2021 and the
same was filed in XBRL mode by the Cost Auditor within due date.
Disclosure on maintenance of Cost Records
The Company made and maintained the Cost Records under Section 148 of
the Companies Act, 2013 (18 of 2013) for the Financial Year 2021-22.
3. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with corresponding Rules framed thereunder, M/s MZ & Associates were appointed as
the Secretarial Auditors of the Company to carry out the secretarial audit for the year
ending 31st March, 2022.
Annual Secretarial Audit Report
In terms of Section 204 of the Companies Act, 2013 and Regulation 24Aof
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a
Secretarial Audit Report given by the Secretarial Auditors in Form No. MR-3 is annexed
with this Report as ANNEXURE - 3. There are no qualifications, reservations
or adverse remarks made by Secretarial Auditors in their Report.
Annual Secretarial Compliance Report
A Secretarial Compliance Report for the financial year ended 31st
March, 2022 on compliance of all applicable SEBI Regulations and circulars/ guidelines
issued thereunder, was obtained from M/s MZ & Associates, Secretarial Auditors.
16. Particulars of Loans, Guarantees or Investments under Section 186
The particulars of loans given, investments made and guarantees
provided by the Company, under Section 186 of the Companies Act, 2013, as at 31st
March, 2022, are furnished in ANNEXURE - 4 and forms part of this Report.
17. Particulars of contracts or arrangements with Related Parties
The particulars of every contract and arrangement if entered into by
the Company with related parties referred to in sub-section (1) of Section 188 of the
Companies Act, 2013 including certain arm's length transactions under third proviso
thereto are disclosed in Form No. AOC-2 in ANNEXURE-5 and forms part of this
Report.
18. Contribution to Exchequer
The Company is regular in payment of taxes and other duties to the
Government. During the year under review your Company paid Rs. 426.85 crores towards
Corporate Income Tax as compared to Rs. 271.78 crores paid during the last financial year.
The Company has also paid an amount of Rs. 2,849.67 crores on account of GST and Custom
duty and claimed government assistance and support of Rs. 1.02 crores during financial
year 2021-22 as compared to Rs. 2,166.38 crores paid and not claimed any government
assistance and support during last Financial Year.
19. Details relating to deposits covered under Chapter V of the
Companies Act, 2013
The Shareholders vide their Special Resolution dated 9th
June, 2014, passed by way of Postal Ballot, have approved inviting/ accepting/ renewing
deposits, in terms of the provisions of Companies Act, 2013 making the Company eligible
for the same. However, the Company has not accepted any deposits during the year under
review.
20. Corporate Social Responsibility (CSR)
Social and Environmental responsibility has always been at the
forefront of Havells' operating philosophy and as a result the Company consistently
contributes to socially responsible activities. Havells Corporate Social Responsibility
Policy is deep rooted in the Company's core values of quality, reliability and trust
and driven by our aspiration for excellence in the overall performance of our business.
Havells CSR ethos are motivated by the belief that small steps lead to
meaningful change in people's lives "Chhote Kadam Badi Soch".
This belief has led to targeted efforts by the organisation for the
communities revolving around six strong pillars of Health and Nutrition, Education, Skill
and Development, Sanitation, Environment, Heritage Conservation and other humanitarian
causes. These pillars not only move hand in hand with the ones envisioned by the
government but are also aligned to United Nations Sustainable Development Goals.
Being a responsible corporate citizen, our CSR initiatives are focused
at delivering maximum value to the society. Company's approach to CSR has been more
than just compliance. Our social initiatives started way before CSR was mandated by the
government under the Companies Act, 2013.
While at Havells CSR is carried out with the sole philosophy of giving
it back to the society, this year Havells was conferred the ICSI CSR Excellence Award
"Best Corporate Medium" by Institute of Company Secretaries of India
recognizing the responsible work being done by the Company in the identified areas.
Some of the key initiatives include:
Meals Distribution (Mid Day Meal Programme) -
Prior to Covid times, we were serving more than 60,000 students across
693 schools every day, in Alwar district of Rajasthan under mid-day meal programme.
In line with the local governments' initiative of food
distribution to the needy people, we distributed Dry Ration instead of cooked food to the
people impacted by the pandemic. During financial year 2021-22, we distributed Dry Ration
to more than 7 lakhs students in coordination with School Authorities.
Hygiene and Sanitation (Bio-toilets and distribution of Re-usable
Sanitary Napkins) - The Company has been proactive in delivering its responsibility in
the areas of hygiene and sanitation to the society. It is our firm belief that WASH
(Water, Health and Sanitation) initiative is critical for ensuring overall development of
the child. This initiative aligns with the ambitious ‘Swachh Bharat Mission'
advocated by the Government of India and with the United Nations Sustainable Development
Goals. Over the last few years we have constructed more than 4,000 bio toilets. Today, not
only we are funding the upkeep of these bio-toilets but also focus on another key aspect
which is sensitising stakeholders on the importance of sanitation. Havells started
providing reusable sanitary napkins as well as started educating the girls through
workshops and during financial year 2021 -22 more than 97,000 sanitary napkins - were
distributed in Alwar.
Conserving National Heritage - Your Company aims to preserve
country's rich heritage and pass it on to the future generations in the best possible
condition. Keeping this in mind, your Company tied-up with Aga Khan Trust for Culture
(AKTC) for contributing towards building Humayun's Tomb Interpretation Centre. Your
Company has also been contributing towards conserving the 15th century monument
of national importance "Subz Burj" situated at Nizamuddin, New Delhi. It has
been conserved and restored over the last four years using traditional materials and
building-craft techniques favoured by 16th Century craftsmen.
Societal Education and Infrastructure - Your Company has partnered
with Plaksha, a collective philanthropic effort to re-imagine engineering and technology
education in India and the World. The tie up with Plaksha will provide financial
assistance to needy students in the form of scholarship as well as creating infrastructure
for the benefit of such students. With an objective to strengthen the school
infrastructure, the Company recycles the waste wood across its manufacturing plants and
converts them into tables and benches which are donated in the government schools in
Alwar, Neemrana and Haridwar. Till date, your Company has donated over 4,000 set of table
& bench benefitting over 7,000 students in the government schools.
Tree Plantation - Tree plantation has been a regular activity at
Havells with the twin purpose to save endangered environment and to preserve flora and
fauna. Your Company has planted over 15 lakhs trees in last 5 years in Bhopal, Madhya
Pradesh and Neemrana, Rajasthan.
Further, the Company has in place CSR Committee and Policy as per the
applicable laws and regulations. The disclosures on the same as per Rule 8 of Companies
(Corporate Social Responsibility Policy) Rules, 2014 are annexed herewith as ANNEXURE -
6 to this Report in the prescribed format.
21. Audit Committee
As at 31st March, 2022, the Audit Committee of the Board of
Directors of the Company comprised of 4 (Four) Members, namely Shri Upendra Kumar Sinha,
Smt. Namrata Kaul, Shri Subhash S Mundra and Shri Surjit Kumar Gupta, majority of them
being Independent Directors except Shri Surjit Kumar Gupta, who is a Non- Independent
Non-Executive Director. Shri Upendra Kumar Sinha, an Independent Director, is the Chairman
of the Audit Committee. The Board accepted the recommendations of the Audit Committee
whenever made by the Committee during the year.
22. Enterprises Risk Management Framework
Havells Enterprises Risk Management (ERM) & Governance Framework is
based on Internationally accepted framework, issued by the Committee of Sponsoring
Organisations of the treadway Commission (COSO). Havells ERM framework uses the principle
of the four ‘Ts' to address the identified risk - we first attempt to treat
it, either decide to tolerate it (keeping the costs and risks in mind), or we transfer
it (to an area where it can be treated), or else we terminate it.
Company's well established ERM framework, enables business to
achieve sustainable, predictable and profitable growth, by first recognizing and then
optimizing adverse impacts, thereby bringing predictability and efficiency of operations.
ERM is closely entrenched across all Functions and business divisions
of the company and is effectively being used today to make business decision. More than a
100 meetings contributing to -8400 Man hours of intense discussions, bear testimony to the
intrinsic nature of ERM's role within the company. ERM framework has also been
refreshed in line with updated COSO Framework, which is integrated with strategy &
performance.
ERM Committee of the Board, chaired by an Independent Director, reviews
the progress status of top identified risks bi-annually and guides the ERM Coordinator,
who works closely with business & functional team for identification, monitoring &
execution of agreed risk responses. The Company has recently introduced the Risk Maturity
model, which identifies and progress made against each risk as per the action plan taken
for its mitigation.
The Company is continuously focusing on adopting AI/ML based
technologies, Industries 4.0, Robotic, Data analytics, Enterprise resource planning (ERP),
governance, risk and compliance (GRC). Adoption of next Generation Technologies help us in
enhancing productivity, efficiency & decision making process across the organisation
and support in achieving operating effectiveness of company's integrated risk
management framework.
23. Details in respect of adequacy of internal financial controls with
reference to the Financial Statements
The Company has robust internal financial controls (IFC) systems, which
is in line with requirement of the Companies Act, 2013, which is intended to increase
transparency & accountability in an organisation's process of designing and
implementing a system of internal control. The Company has a clearly defined Governance,
Risk & Compliance Framework aligned with Policies, Standard Operating Procedures
(SOP), Financial & Operational Delegation of Authority (DOA). Our SAP ERP & GRC
system facilitate mapping with role based authority to business & functional team to
ensure smooth conduct of their operations across the organisation.
The Company has well established Internal audit function. Risk based
audit are performed for all businesses, functions & locations (Plants, Branch,
warehouse, Head office). Risk Based annual Audit plan is approved by the Audit Committee,
further on a quarterly basis summary of key findings along with their root cause analysis
and action taken status are presented to the Audit Committee.
Risk Control Matrix (RCM) has been prepared with respect to each
Business functions and their mapping are being done with Functional Dashboard/ Compliance
Management System/ GRC Process Control. The internal control system ensures compliance
with all applicable laws and regulations.
Our IFC process, supports orderly and efficient conduct of its business
including adherence to Company's policies, safeguarding of its assets, prevention and
detection of frauds and errors, accuracy and completeness of the accounting records and
timely preparation of reliable financial information.
24. Details of establishment of Vigil Mechanism for Directors and
Employees
The Company has a very strong Whistle blower policy in place under the
name "Satark", whereby a forum is available for all Employee(s), business
associate(s) engaged with the Company who can report any fraud, irregularity, wrong doing
and unethical behaviour. The Policy provides that the Company investigates such reported
matters in an impartial manner and takes appropriate action to ensure that requisite
standards of confidentiality, professional and ethical conduct are always upheld. Any
complaint received under Satark policy are even mapped to the Chairman of the Audit
Committee. This Satark policy is also available on the website of the company
https://www.havells.com/en/ discover-havells/investor-relation/codes-and-policies. html
25. Details of significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company's operations in
future
There was no significant and material order passed by the regulators or
courts or tribunals impacting the going concern status and Company's operations in
future.
26. Compliance with Secretarial Standards
The Company is in compliance with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India and approved by the Central
Government under Section 118(10) of the Companies Act, 2013.
27. Employee Relations
Last year the Havells family emerged stronger, because we learnt from
the experiences of the pandemic and were very well prepared to deal with an evolving and
ambiguous situation.
The year started with a clear focus on expediting vaccination for all.
We realised that the only way out of the pandemic was to ensure the safety of our people.
We persuaded and facilitated vaccination through dedicated camps, reimbursements for
employees. Keeping in mind that we need to handle this for a distributed work force,
across plants and branches and ensure full coverage; we leveraged Digital Technology to
help tracking. The Employee Self Service (ESS) App, was added with features wherein people
could upload their vaccination status through uploading certificate and ensure real time
tracking of vaccination status. This was followed up with regular weekly calls and mailers
to ensure maximum vaccination.
The second wave created unforeseen challenges to the health and
wellness of our employees and their families. We ensured that we do whatever we can to
provide material and emotional support to the employees and their families. As the
availability of oxygen was severely impacted due to unprecedented demand; we airlifted
oxygen cylinders and distributed across our branches, plants and HO so that any employee
who needed one for himself/herself or immediate family could borrow the same and return
post usage. A cross functional team was created across each location/plant to monitor and
facilitate the distribution and collection of these.
Despite best efforts by all concerned in case of an unfortunate demise
of a company employee, we ensured the immediate family is taken care of in the near term.
To facilitate the same, the Company launched two important employee welfare policies. The
existing medical insurance of the deceased employee was extended to the immediate family
for a term of five years. Financial support for education of upto two children was also
extended for five years.
At the beginning of 2022, the management announced a wealth creation
opportunity called EOP (Employee Ownership Plan) for all employees. The thought is that
every employee stays in the organisation longer and strives to do beyond what is expected,
so that their profession and personal growth is linked to the organisation's growth.
Continuous Learning & Development was ensured through LMS (Learning
Management System) portal ‘Saksham'. Instructor led trainings were conducted
using a combination of online sessions, exercises and quizzes.
For the third year in succession, we are recognised among ‘the
Great Places to Work 2022'.
At Havells, we ensure that there is full adherence to the Code of
Ethics and fair business practices. Havells is an equal opportunity employer and employees
are evaluated solely on the basis of their contribution and performance. We provide equal
opportunity in all aspects of employment, including retirement, training, work conditions,
career progression etc. Further, Havells is committed to maintaining a workplace where
each employee's privacy and personal dignity is respected and protected.
Nirbhaya
As a responsible employer, Havells has always been conscious of its
duty towards prevention and control of sexual harassment at workplace. Reckoned to be a
Great Place to Work? organisation, is an achievement which puts the organization amongst
its global peers. As mandated by law, Havells has in place a "Nirbhaya" policy
for women employees. An Internal Complaints Committee has been constituted as per the
policy to provide a forum to all female personnel to lodge complaints (if any) and seek
redressal. The Committee meets regularly to take note of useful tools, mobile
applications, media excerpts, interactive sessions, etc., that sensitize the female
employees. The Committee submits an Annual Report to the Audit Committee of the Board of
Directors on the complaints received and action taken by it during the relevant financial
year. During the Financial Year 2021-22, no complaint was lodged with the Internal
Complaints Committee (ICC).
28. Details pursuant to Section 197(12) of the Companies Act, 2013
Details pursuant to Section 197(12) of the Companies Act, 2013 read
with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
forms part of this Report and are annexed herewith as ANNEXURE - 7.
29. Employees Stock Option/ Purchase Plans
The Company has in place 3 (Three) employee benefit schemes, namely,
Havells Long Term Incentive Plan 2014 (LTIP 2014), Havells Stock Purchase Scheme 2015
(ESPS 2015) and Havells Stock Purchase Scheme 2016 (ESPS 2016).
Besides, with the intent to grant equity-based incentives to its
eligible employees in order to inter-alia attract and retain talented employees and
reward their performance, the Board upon the recommendation of Nomination and Remuneration
Committee has also approved the "Havells Employees Stock Purchase Scheme 2022"
and recommends the same for Shareholders approval in the forthcoming AGM, details whereof
are included in the Notice of AGM.
Further, the Board upon the recommendation of Nomination and
Remuneration Committee has also approved amendment to Part B - Havells Employees Stock
Purchase Plan 2014 of the Havells Employees Long Term Incentive Plan 2014 and recommends
the same for Shareholders approval in the forthcoming AGM, details whereof are included in
the Notice of AGM.
All the existing and proposed benefit schemes are administered by
Havells Employees Welfare Trust under the supervision of the Nomination and Remuneration
Committee.
Promoters, Independent Directors, Directors directly or indirectly
holding 10% or above of the equity share capital of the Company, Employees not residing in
India or Non Resident Indians (NRIs) are not eligible for the grant of options/ issue of
shares under any of the Schemes. The Company has received a certificate dated 4th
May, 2022 from the Secretarial Auditors of the Company that the Schemes have been
implemented in accordance with the applicable SEBI Guidelines and the Resolutions passed
by the shareholders dated 9th June, 2014, 4th December, 2015 and 13th
July, 2016 in respect of LTIP 2014, ESPS 2015 and ESPS 2016 respectively. The Certificate
will be placed at the Annual General Meeting for inspection by Members. There has been no
material change in any of the subsisting Schemes. Disclosures pursuant to SEBI (Share
Based Employee Benefits) Regulations, 2014, in respect of LTIP 2014, ESPS 2015 and ESPS
2016 as at 31st March, 2022 are available on the website of the Company at
https:// www.havells.com/en/discover-havells/investor-relation/ disclosures.html
30. Credit Ratings CARE Ratings
CARE has yet again assigned a CARE AAA [Triple A] rating to the
long-term facilities of your Company during the current Financial Year. This rating is
applicable to facilities having a tenure of more than one year. Instruments with this
rating are considered to have the highest degree of safety regarding timely servicing of
financial obligations. CARE has also reaffirmed the CARE A1+ [A One Plus] rating assigned
to the short-term facilities of your Company. This rating is applicable to facilities
having a tenure upto one year. Instruments with this rating are considered to have very
strong degree of safety regarding timely payment of financial obligations.
31. Global Certifications
The Company augmented its global certifications from its existing
bucket like BASEC, KEMA, UL, TIS, and CB, for its various products to expand its reach in
international arena.
The Company further obtained the following certifications during the
year:
• IEC 60335-2 for different models of mixers and grinders.
• RCBO CB report upgradation as per IEC 61009-1
• RCCBs CB Report as per IEC 61008-1
• AFDDs certification as per IEC 62606
• Auto-reclosure certification as per IEC 63024
• Various MCB certifications as per IEC 60947-2
32. Corporate Governance
The Company is committed to highest corporate governance standards by
applying the best management practices, compliance of law in true letter and spirit and
adherence to ethical standards for effective management and distribution of wealth and
discharge of social responsibility for sustainable development of all stakeholders.
Parameters of Statutory compliances evidencing the standards expected
from a listed entity have been duly observed and a Report on Corporate Governance as well
as the Certificate from Statutory Auditors confirming compliance with the requirements of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of
Annual Report.
Further, the Management Discussion and Analysis Report and CEO/ CFO
Certificate as prescribed under SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 are also presented in separate sections forming part of Integrated
Annual Report.
33. Environment, Health and Safety
During the financial year 2022 which was still reeling under the shadow
of the pandemic, Havells continued to focus on the aspects of Environment, Social and
Governance (ESG) that would work towards an inclusive society, which was stronger and more
resilient. For Havells, Environment, Health and Safety (EHS) is an integral part of the
larger ambit of Sustainability umbrella and is fully committed to run its operations
including allocation of resources using principles of sustainable deployment to curtail
the impact on the environment and communities.
Our manufacturing facilities are certified with the integrated
management systems such as IS045001/ OHSAS 18001 (Occupational Health and Safety) and ISO
14001 (Environment Management System) and ISO 50001 (Energy Efficiency). We are committed
to providing a safe and productive environment for our workforce and we continue to
maintain best health and safety measures leading to Zero occupational fatality. Adhering
to the COVID-19 prevention directions, we maintained the highest level of health and
safety protocols at all our plants and offices. Our approach at workplaces was
strategically formulated and implemented, considering the nature of working site, employee
strength, floor density and other relevant attributes, through the robust COVID-19
Standard Operating Procedures (SOPs).
Detailed directions through SOPs continued to be systematically
disseminated to the workforce via workmails, Company's intranet, displays at factory/
office sites, online trainings, etc. We also deployed Work from Home policies for our
employees to maintain safe working conditions in Covid times along with ensuring
vaccination of the workforce. Through the new normal, we have sustained best environmental
and health & safety standards that are derived out of our Integrated Management
System- Quality Energy Environment Health and Safety (IMS-QEEHS) Policy.
Despite the trying times of pandemic and stricter ESG rating
methodology, Havells was ranked 7th in the electrical equipment section
globally in Dow Jones Sustainability Index (DJSI) Assessment. Havells has been
consistently ranked in the top 10 global companies for ESG performance in the electrical
sector for last three years, in addition to be featured in S&P Global Sustainability
Yearbook.
In addition, during the year, in October 2021, Havells has been
upgraded from ‘BBB' to A' rating in Morgan Stanley formulated MSCI ESG
Rating. MSCI ESG methodology is formulated to evaluate a company's resilience in the
long-term and gauge companies' exposure to ESG risks.
With an aim to continuously strengthen our processes, we conducted
various awareness sessions and events on health, safety and environmental topics, online
and in field. Even though our Company does not fall under energy intense sector, we are
still mindful of our impact on the environment and are taking progressive steps to
minimise the same. Contributing proactively to Nation's ambition to achieve the
United Nations Sustainable Development Goals (UN-SDGs), we have mapped our activities and
sustainability efforts to SDGs. In pursuit to reduce our resource footprint, some of the
major initiatives includes, planting over 15 lakhs tree saplings in the last 4 years,
doubling our total solar installed capacity to 9 MW from existing capacity of 5.6 MW. With
our dedicated and planned efforts, we have implemented resilient strategic measures across
the organisation to create sustainable and equitable progress.
34. Research and Development
We continue to make very good progress on the roadmap that we laid out
for our R&D transformation few years ago.
During financial year 2021-22, our R&D spend stood at Rs. 110.26
crores, which is 0.79% of total revenue. The spends continued to be focused on capacity
and capability building at our three core R&D centers based out of Noida HO, Noida
Sector 59 and Bengaluru. Our target is to further intensify the efforts on R&D
investments and expand it to ~ 2% of total revenue in coming years.
Our investments in state-of-the art Customer Experience and Design
(CXD) studio forms the core of understanding social, emotional and behavioural needs of
customers through design thinking and co-creation methodologies with dealers, business
teams, industry thought leaders and potential customer groups. CXD focuses on discovering
customer pain points and addressing them through novel and useful product designs.
The efforts of CXD studio are continuously appreciated by our customers
and its further augmented by tally of acclaimed design awards. In 2021, we received the
prestigious India design mark awards for Silencio mixer grinder, Freedom - adaptable
architectural light, Puro storage water heater and Endura pearl grand streetlights series.
NU Bulb+ and Vogue high bay luminaires won Good design awards Japan 2021 and Red dot award
2021 respectively. Freedom - adaptable architectural light was also awarded Cll Design
excellence award.
Our Bengaluru Innovation Centre launched in 2019-20 continues to drive
our transformational strategy with clear focus on establishing Centers of Excellence
(COEs) in Internet of things (loT), Software, Engineering Design, and Power Electronics.
These COEs are playing a pivotal role in our innovation journey and self-reliance for
critical technologies while accelerating the digital journey for our products giving an
unparalleled smart and connected experience to our customers. In a short span of less than
two years, this center has grown to a team of 80+ top-notch R&D members who are
actively leveraging the Silicon Valley of India ecosystem by collaborating with technology
providers, start-ups and academia.
The advanced R&D center at Noida Sector 59, continues to play a
critical role in ensuring the Havells brand promise of quality and customer value
proposition. With many industry leading and accredited labs under its umbrella, the
R&D center ensures every product and Innovation that goes out in the market undergoes
rigorous validation and testing to meet the standards of safety, reliability and customer
experience till the end of lifecycle. This includes building new infrastructures for
adoption of new technologies across our product range like the recent addition of anechoic
test facility for understanding and regulating noise factors in appliances. Furthermore,
to improve whole value chain of product development and delivery to customers, various
initiatives and methodologies are driven like advance simulation to improve cycle time of
development and advanced material substitution for cost reduction without compromising on
product quality.
Overall, we are promoting a culture and mindset of intellectual assets
creation. During 2021-22, we applied for 9 new patents and 233 new design registrations
taking our cumulative tally to 112 and 781, respectively. We are extremely proud to report
that our innovation efforts are getting recognised across the industry. Havells was
awarded prestigious Cll Top 25 Innovative company award for 2021- the only FMEG Company to
qualify for this highly coveted list. Two of our flagship products - Havells Efficiencia
Neo ceiling fan and Monza DX25 storage water heater, won appliance of the year NECA
(National Energy Conservation) award instituted by Bureau of energy efficiency.
As the world is coming out of the pandemic, our strong resolute in
R&D has helped to navigate many challenges like materials supply disruptions, cost
escalations and changes in customer preferences. The wealth of knowledge and
infrastructures that we have created over these couple of years will stay with us and will
continue to be source of competitive advantage.
35. Transfer to Investor Education and Protection Fund
(A) Transfer of Unpaid Dividend
Pursuant to the provisions of Section 124(5) of the Companies Act,
2013, your Company has transferred Rs. 25,76,135 during the year to the Investor Education
and Protection Fund.
These amounts were lying unclaimed/ unpaid with the Company for a
period of 7 (Seven) years after declaration of Interim Dividend and Final Dividend for
financial year ended 2013-14.
(B) Transfer of Shares underlying Unpaid Dividend
During the Financial Year, the Share Allotment and Transfer Committee
in its Meeting held on 28th April, 2021, transmitted 13,079 Equity shares on
account of Unclaimed Dividend for financial year 2013-14 (Interim) into the DEMAT Account
of the IEPF Authority held with NSDL (DPID/ Client ID IN300708/10656671) in terms of the
provisions of Section 124(6) of the Companies Act, 2013 and the IEPF Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time. These
Equity Shares were the Shares of such 7 Shareholders whose unclaimed/ unpaid dividend
pertaining to Financial Year 2013- 14 (Interim) had been transferred into the IEPF and who
had not encashed their dividends for 7 years.
Further, the Share Allotment and Transfer Committee, in its meeting
held on 27th August, 2021, also transmitted 15,200 Equity Shares of the Company
into the DEMAT Account of the IEPF Authority. These Equity Shares were the Shares of such
3 Shareholders whose unclaimed/ unpaid dividend pertaining to Financial Year 2013-14
(Final) had been transferred into IEPF and who had not encashed their dividends for 7
(Seven) years.
Individual reminders were sent to concerned Shareholders advising them
to encash their dividend and the complete List of such Shareholders whose Shares were due
for transfer to the IEPF was also placed in the Unclaimed Dividend section of the Investor
Relations Section on the website of the Company at httos://www.
havells.com/en/discover-havells/investor-relation/ unclaimed-dividend.html
With the transfer of abovesaid shares into IEPF, a total of 2,28,165
Shares of the Company (after taking into account the shares claimed back out of IEPF) were
lying in the Demat A/c of the IEPF Authority, hereinabove mentioned, after considering the
valid claims made therefrom.
Concerned Shareholders may still claim the shares or apply for refund
to the IEPF Authority in Web Form No. IEPF-5 available on www.iepf.aov.in. The voting
rights on shares transferred to the IEPF Authority shall remain frozen until the rightful
owner claims the shares. The shares held in such DEMAT account shall not be transferred or
dealt with in any manner whatsoever except for the purpose of transferring the shares back
to the claimant as and when he approaches the Authority. All benefits except rights issue
accruing on such shares e.g. bonus shares, split, consolidation, fraction shares etc.,
shall also be credited to such DEMAT account. Any further dividend received on such shares
shall be credited to the IEPF Fund.
36. Shares lying in unclaimed suspense account in electronic mode
As at 31st March, 2022, total 1,84,100 Shares were lying in
the Unclaimed Suspense Account in dematerialised form in the Havells India Limited
Unclaimed Suspense A/c held with IDBI Bank Limited (DP). The voting rights on the said
shares shall remain frozen till the rightful owner of such shares claims the shares. The
rightful owner can still claim his/ her shares from the suspense account after complying
with the procedure laid down in the statute regarding the same. The Company had so far
transferred 2,27,100 (Two Lakhs Twenty Seven Thousand and One Hundred Only) Equity Shares
into Unclaimed Share Suspense Account in terms of Regulation 39(4) read with Schedule VI
to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Subsequently, 43,000 Shares of Re. 1/- each were transferred to the rightful owners as
approved by the Share Transfer and Allotment Committee. Further, the corresponding amount
of dividend against the claimed shares has already been paid/ under process of payment, to
the Shareholders.
37. Listing of shares
The equity shares of the Company are listed on the National Stock
Exchange of India Ltd. (NSE) and BSE Limited (BSE). The listing fee for the year 2022- 23
has already been paid to the credit of both the Stock Exchanges.
38. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo as required under Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is
furnished in ANNEXURE - 8 and forms part of this Report.
39. Business Responsibility and Sustainability Report (BRSR)
Havells believes in communicating its ESG performance in a transparent
manner and in line with global standards to our stakeholders. Continuing with this
philosophy, we are now moving from Business Responsibility Report (BRR) to the newly
introduced reporting requirements on ESG parameters i.e. Business Responsibility &
Sustainability Report (BRSR). We are proud to publish our 1st BRSR of the
Company for the year 2021-22, ahead of the mandate. The BRSR would follow the format
detailed in the amendment to Regulation 34(2)(f) of SEBI LODR Regulations vide Gazette
notification no. SEBI/LAD-NRO/GN/2021/22 dated May 05, 2021 and will form a part of this
Integrated Annual Report. The BRSR for Financial Year 2021 -22 is aligned with the nine
principles of the National Guidelines on Responsible Business Conduct notified by the
Ministry of Corporate Affairs, Government of India. We have further enhanced our existing
strong reporting structure and mechanisms to ensure we capture reliable and accurate data
for the requirements of BRSR disclosures.
Havells strongly believes that resilient and inclusive growth is only
possible on strong pillars of environmental and social responsibility balanced with good
governance. While setting aspirational targets and improving economic performance to
ensure business sustainability, the company has been resilient to the impacts of pandemic
fluctuations to a larger degree. We are committed to our focus on indigenous manufacturing
to build competitive advantage. Our value creation is realised through imbibing customer
centricity, innovation, good governance and inclusive human development while being
conscious of our impact on the environment.
The report is a testimony to our continuous efforts towards embracing
and implementing balanced approach to ESG parameters in our business operations that are
communicated to the stakeholders in addition to our annually published voluntary
sustainability disclosures based on globally accepted Global Reporting Initiative (GRI)
standards and six capitals based Value Reporting Foundation's framework on Integrated
Reporting that is available on our website at www.havells.com.
We have also provided the requisite mapping of information and
principles between the Sustainability disclosures and the Business Responsibility &
Sustainability Report as prescribed by SEBI. The same is also available on the website
www.havells.com.
40. Acknowledgements
The continued co-operation and support of its loyal customers has
enabled the Company to make every effort in understanding their unique needs and deliver
maximum customer satisfaction. Our employees at all levels, have been core to our
existence and their hard work, co-operation and support is helping us as a company face
all challenges. Our vendors, who form a part of our global footprint reinforce our
presence across the globe and relentlessly push forward in establishing the Havells brand.
Our Company is always grateful for their efforts. The flagbearers of fair play and
regulations, which includes the regulatory authorities, the esteemed league of bankers,
financial institutions, rating agencies, stock exchanges and depositories, auditors, legal
advisors, consultants and other stakeholders have all played a vital role in instilling
transparency and good governance. The Company deeply acknowledges their support and
guidance.
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