Sona Blw Precision Forgings Limited has informed the Exchange about Investor Presentation
Date: - 30th April, 2025
BSE Ltd. Regd. Office: Floor - 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400 001. BSE Scrip Code: 543300
National Stock Exchange of India Ltd. Listing Deptt., Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 NSE Scrip: SONACOMS
Subject: - Investor Presentation on the financial results for quarter and financial year ended on 31st March, 2025.
Dear Sir / Madam,
In compliance with Regulation 30 read with Para 15(a) of Part A of Schedule III and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Investor Presentation inter-alia, encompassing an overview of the Company, its operations and audited Standalone and Consolidated Financial Results for the quarter and financial year ended on 31st March, 2025.
Kindly take the same on record.
Thanking you, For Sona BLW Precision Forgings Limited
Ajay Pratap Singh Group General Counsel, Company Secretary and Compliance Officer
Enclosed: As above
Q4 & FY25 Earnings Presentation
30 April 2025
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sona BLW Precision Forgings Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
forward-looking
statements are not guarantees of
Certain matters discussed in this presentation may contains certain forward-looking statements concerning the Company’s future business prospects and business profitability. Such future performance and are subject to a number of risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to, the Company’s ability to manage growth, the fluctuations in earnings, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, the Company’s ability to manage its international operations, Government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.
© Sona BLW Precision Forgings Limited (Sona Comstar). Reproduction and distribution of this Presentation without the permission of Sona Comstar is prohibited.
2
Our Management
Mr. V. Vikram Verma CEO, Driveline Business
Mr. Sat Mohan Gupta CEO, Motor Business
Mr. Praveen Chakrapani Rao Group CTO
Mr. Rohit Nanda Group CFO
Mr. Vivek Vikram Singh MD & Group CEO
Mr. Amit Mishra Head, Investor Relations
3
Business Performance Highlights
Complete Drivetrain of an Electric Vehicle
Q4 FY25 Financial Performance Highlights
8,684 mn | -2%
2,350 mn | -5%
1,641 mn | 10%
Revenue | YoY Growth
EBITDA | YoY Growth
PAT1 | YoY Growth
27.1% EBITDA Margin
18.8% PAT Margin2
2,944 mn | 8%
BEV Revenue | YoY Growth
35% Q4 FY25 Product Revenue
Share from BEV
Notes: 1. 2.
PAT includes an impact of ₹19 million in exceptional expenses related to potential acquisition opportunities PAT margin percentage calculated from PAT including non-controlling interest
5
FY25 Financial Performance Highlights
35,545 mn | 12%
9,753 mn | 8%
6,012 mn | 16%
Revenue | YoY Growth
EBITDA | YoY Growth
PAT1 | YoY Growth
27.4% EBITDA Margin
16.9% PAT Margin2
18.4%
RoCE2
17.7%
RoE3
Notes: 1. 2. 3. 4.
PAT includes an impact of ₹144 million in exceptional expenses related to potential acquisition opportunities PAT margin percentage calculated from PAT including non-controlling interest ROCE = LTM EBIT/ Average tangible capital employed + capital deployed for acquiring NOVELIC ROE = LTM PAT/ Average tangible net worth + capital deployed for acquiring NOVELIC
6
Update on our Strategic Priorities
Tool and Die Shop in our Gurgaon Plant
Update on our Strategic Priorities
Electrification
Global Market Significance
Diversification
Technology
8
We believe electrification is an inevitable trend lead by tech innovations addressing major consumer concerns
EVs with ultra-fast charging technology can be charged faster, as fast as 5 minutes in some cases
Innovation in battery chemistry and economies of scale in manufacturing has led to reduction in battery prices
Price parity between EVs and ICE vehicles is expected to reach by 2030 in all major markets
1000
147
126
300
67
90
64
in 2022
by 2028
by 2030
2020
2025
2020
2025
2020
2025
2030
China
Europe
USA
Average1
Fastest2
Charging Speeds (in kW)
Global Average Battery Pack Prices (US$/kWh)3
Year of Price Parity Between ICE and EV Models4
Smaller Size of Battery Pack
Lower Price of Battery Pack
Faster price parity between EV and ICE
Hence, we believe, electrification is an inevitable trend
Sources: 1. Rho Motion EV Charging Speed Infographic – 2023; 2. OEM announcements for the respective calendar years; 3. Goldman Sachs report on EV battery prices – 2024; 4. IEA Global EV outlook – 2024 (before subsidies and purchase tax exemptions)
9
Sizeable and Increasing Presence in EVs
36%
25% 26%
29%
14%
6.0x
6,707
5,042
2,057
1.4x
12,235
8,859
3.9x
42
30
15
1.1x
54
58
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Revenue Share from BEV
BEV segment revenue
57 (15+14+28)1
EV Programs1 awarded across
32 customers as at the end of
Q3 FY25
+1
FY21
FY23
FY22
FY25 Cumulative No. of EV
FY24
Programs awarded
58 (15+16+27)1
EV Programs1 awarded across
32 customers as at the end of
Q4 FY25
Notes: 1.
Include only BEV and PHEV programs currently in serial production as well as in the orderbook; numbers in brackets to be read as (# of programs in fully ramped up production + # of programs in ramp-up + # of programs not yet in production)
10
We have secured another program from a high-end new age EV OEM and commercialized a new product - Steering Bevel Box
Rotor Embedded Differential Sub-Assembly and Epicyclic Geartrain
Steering Bevel Box
For Electric Passenger Vehicles
For Commercial Vehicles
Existing Customer
Existing Customer
North American New Age OEM of Electric PVs
Global OEM of Commercial Vehicles
₹15,200 mn
addition in our orderbook
Q4 FY26
Start of Production
₹1,100 mn
addition in our orderbook
Q3 FY26
Start of Production
11
Our Strategic Priorities
Electrification
Global Market Significance
Diversification
Technology
12
Orders worth ₹47 billion were added to our orderbook during FY25
Net Orderbook (Rs. Billion)
47
(31)
226
47
179
242
55
187
At the end of FY24
Orders Consumed during the year
Orders Added during the year
At the end of FY25
EV
Non-EV
Notes: 1. 2.
As per CRISIL’s market size estimates for CY23 & CY24 Across light vehicles; as per CRISIL’s market size estimates for CY23 & CY24
32
7
Programs won in FY25
New customers added in FY25
Global Market Share of
Differential Gears
8.1% 8.8%
CY231
CY241
Global Market Share of
Starter Motors
4.2% 4.4%
CY232
CY242
13
Our net order book1 stands at ₹242 billion (6.8x FY25 revenue)
232 bn
Orderbook at the end of Q3 FY25
7 bn
Orders consumed from matured and ramp-up programs during Q4 FY25
17 bn
Orders added for programs won in Q4 FY25
242 bn
Orderbook at the end of Q4 FY25
EV: ₹187 billion (77%)
Non-EV: ₹55 billion (23%)
# of Programs
# of Customers
58% 21 10
PV
10% 13 11
9% 9 9
7% 19 11
6% 25 9
10% 65 21
2W &3W
CV &OHV
PV
CV
OHV
Notes: 1.
Net order book means the aggregate revenue from awarded programs which are either yet to start production or are yet to fully ramp up, in the next 10 years, after adjusting for the negative impact of all programs that are expected to reach end of life or be phased out. We have also applied a discount to accommodate any unforeseen delays or changes in program launches that may happen in the future.
14
Our Strategic Priorities
Electrification
Global Market Significance
Diversification
Technology
15
Diversified Product Revenue Mix – By Powertrain
Battery EV increasing as 36% of our revenue continues to be our dominant and secular theme
Our pure ICE dependence continues to reduce steadily going from 18% in FY22 to 9% in FY25
FY22
FY23
FY24
FY25
25%
26%
31%
18%
26%
21%
38%
15%
29%
24%
37%
10%
36%
21%
34%
9%
Battery EV
Micro-hybrid / Hybrid
Power source Neutral
ICE Dependent
16
Diversified Revenue Mix
By Geography
5%
1%
26%
40%
By Product
5% 1% 1%
3%
10%
24%
FY24
FY24
28%
6% 0.3%
24%
41%
FY25
29%
32%
24%
2% 0.4%
8%
3%
9%
FY25
27%
29%
21%
By Market segment
FY24
70%
14%
5%
10%
PV
CV
E2W/E3W
Non-Automotive
FY25
71%
11%
8%
9%
Semiconductors & Embedded SW
1.0%
1.3%
17
Our Strategic Priorities
Electrification
Global Market Significance
Diversification
Technology
18
Our Technology Roadmap for E.P.I.C. Mobility Harnessing capabilities to continue our journey from components to subsystems to systems in all areas of EPIC mobility
Mechanical | Materials | Electrical | Electronics | Software
Differential Gear
Steering Bevel Box
Differential Assembly
Humanoid Components
Auto
Transmission Gears
eVTOL
Reduction Gearbox
Humanoid Robot Actuators
4-Wheeler HV e-Axle
2-Wheeler Integrated Motor-Controller
Industrial Robot Gearbox
EPIC Mobility
AGV/AMR Drive Unit
eVTOL/Drone Propulsion Unit
Legacy Products
Current Products
Future Products
Current Products added in Q4FY25
Note: The product images shown are for illustration purposes only and may not be an exact representation of the products
Auto HV
eVTOL
Humanoid Motors
Auto LV
Traction Motors
Starter Motor
Suspension Motor-Controller
LV
HV
Inverters
In-cabin Sensors
Short-range Radar Sensors
Zone Monitoring Sensors
Integrated Radar Sensor
19
We are preparing to enter the Humanoid Robot market, which is expected to reach 10 million units by 2035
Components
Qty
% of BOM Cost
Frameless Torque & Coreless Motors
40-42
20-29%
Planetary Roller Screws
Reducers & Gears
Torque & Force Sensors
10-26
28-30
32-40
Depth Camera & LiDAR Sensors
Others
20-23%
9-13%
11-37%
3-4%
5-25%
53-60% of the total BOM Cost of $35-50k of Humanoid Robots, we can target with our Driveline and Motor capabilities
Sources: 1. BofA Global Research - Who Makes the Humanoid Robot? – 2025; 2. Morgan Stanley Research – The Humanoid 100 – 2025; 3. Company Analysis
20
Q4 & FY25 Financial Update
Cross Sectional View of Hub Type EV Traction Motor
Q4 FY25 Financials
Revenue (Rs. mn)
1
EBITDA (Rs. mn)
EBITDA Margin (%)
PAT (Rs. mn)
2 PAT Margin (%)
BEV
YoY: -2%
8,853
8,684
YoY: -5%
YoY: -6%
2,481
2,350
2,562
2,399
28.0%
27.1%
28.9%
27.6%
YoY: 10%
1,487
YoY: 10%
1,641
1,547
1,698
2,727
2,944
16.7%
18.8%
17.4%
19.5%
Q4 FY24
Q4 FY25
Q4 FY24 Q4 FY25 Q4 FY24
(adj)
Q4 FY25 (adj)
Q4 FY24 Q4 FY25 Q4 FY24
(adj)
Q4 FY25 (adj)
o BEV Revenue grew by 8% and constitutes 35%
of total revenue
o Adjusted EBITDA margin is lower by ~1.3%
largely due to product mix
o Total Revenue degrown by 2% while light in our top-3 markets (North
vehicle sales America, India, and Europe) grew by 1%
o Adjustment to EBITDA for Q4FY25 is on account of ESOP cost ₹50 mn under the approved ESOP scheme 2023. (₹80 mn in Q4FY24)
o Adjusted PAT margin is higher by 2.1% mainly due to net finance income from QIP proceeds
for Q4FY25
includes o Adjusted PAT adjustment for exceptional expenses (post-tax) related to potential acquisition opportunities ₹19 mn
Notes: 1. 2.
Revenue includes net gain from foreign exchange PAT margin percentage calculated from PAT including non-controlling interest
22
FY25 Financials
Revenue (Rs. mn)
1
EBITDA (Rs. mn)
EBITDA Margin (%)
PAT (Rs. mn)
2 PAT Margin (%)
BEV
YoY: 12%
31,848
35,545
8,859
FY24
12,235
FY25
o BEV Revenue grew by 38% and constitutes
36% of total revenue
o Total Revenue grew by 12% while light vehicle sales in our top-3 markets (North America, India, and Europe) grew by 2%
YoY: 8%
YoY: 9%
9,021
9,753
9,168
10,029
28.3%
27.4%
28.8%
28.2%
FY24
FY25
FY24 (adj)
FY25 (adj)
o Lower input cost and operating leverage had a positive impact on the EBITDA margin whereas change in product mix has pulled it down with a net margin impact of ~0.6%
o Adjustment to EBITDA for FY25 is on account
of ESOP cost ₹276 mn (₹147 mn in FY24)
YoY: 16%
YoY: 19%
5,173
6,012
5,348
6,364
16.3%
16.9%
16.8%
FY24
FY25
FY24 (adj)
17.9%
FY25 (adj)
o Adjusted PAT margin is higher by 1.1% mainly due higher net finance income from QIP proceeds
for FY25|FY24
includes o Adjusted PAT for exceptional expenses adjustment (post-tax) acquisition related opportunities|NOVELIC, ₹145 mn|₹65 mn respectively
to
Notes: 1. 2.
Revenue includes net gain from foreign exchange PAT margin percentage calculated from PAT including non-controlling interest
23
FCFO of INR 3,597 mn in FY25
Numbers in Rs. mn
Free Cash Flow from Operations: INR 3,597 mn
7,752
3,058
(4,155)
23,695
(3,625)
26,725
Opening Cash, FDs & Mutual Funds as on 1st April 2024
Net Cash Flow from Operations
Capex
QIP Net Proceeds
Others Cash Movements
Closing Cash, FDs & Mutual Funds as on 31st March 2025
EBITDA
9,753
∆ Working capital
(331)
Tax paid
Others
(1740)
70
NOVELIC + CMI Investments
Loan repayment (net of drawdown)
Dividend
(593)
(2,199)
(1,892)
Net Interest Income
1,211
Others
(152)
24
Key Ratios
VA/Employee cost 6.4
6.2
5.7
5.2
RoCE (%)
RoE (%)
5.8
36.1% 32.4% 30.4% 31.0%
34.6% 36.3%
26.6% 28.5%
18.4%
17.7%
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Net Debt to EBITDA
0.76
(0.01)
(0.12)
(0.08)
Working Capital Turnover
Fixed Asset Turnover
3.9
3.9
4.2
4.6
5.0
5.0
4.7
3.9
3.6
3.4
(2.73)
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Note:
1) 2)
3)
VA/Employee Cost (for manufacturing businesses only) = Material margin / (Employee cost + Manpower cost on hiring) ROCE = LTM EBIT/(Average tangible capital employed + capital deployed for acquiring NOVELIC)
ROE = LTM PAT/(Average tangible net worth + capital deployed for acquiring NOVELIC)
Net Debt to EBITDA = Short-term & long-term debt less cash, bank balances & mutual fund investments / LTM EBITDA
4) 5) Working Capital Turnover = LTM Revenue/ Average net working capital 6)
Fixed asset turnover (for manufacturing businesses only) = LTM Revenue/ Average Tangible net block
25
Q&A
Appendix
Our Stall at Bharat Mobility Global Expo 2024
Our story so far…
Phase - 1
• 18 Customers • 2 Plants • 1 Product
Revenue in INR millions
FY99 – FY25 Avg EBITDA margin 26.8% Revenue CAGR 34.4% Industry CAGR 9.2%
Phase - 2
• 22 Customers • 2 Plants • 2 Products
Phase - 3
Phase - 4
• Acquisition of Comstar • 47 Customers (37+10) • 9 Plants (5+4) • 10 Products (5+5)
• Became publicly listed • 78 customers • 11 plants • 22 products
FY12– FY16 Avg. EBITDA margin 25.0% Revenue CAGR 10.6% Industry CAGR 1.7%
FY99– FY11 Avg. EBITDA margin 21.5% Revenue CAGR 50.6% Industry CAGR 16.1%
697
910
1,135
1,348
1,174
1,492
2,207
2,807
2,616
3,309
3,456
3,653
35,545
31,866
FY17– FY25 Avg. EBITDA margin 27.4% Revenue CAGR 28.8% Industry CAGR 4.7%
26,756
21,306
15,663
12,201
6,992
6,088
5,033
16
9 9 Y F
120
223
183
221
0 0 Y F
1 0 Y F
2 0 Y F
3 0 Y F
399
4 0 Y F
5 0 Y F
6 0 Y F
7 0 Y F
8 0 Y F
9 0 Y F
0 1 Y F
1 1 Y F
2 1 Y F
3 1 Y F
4 1 Y F
5 1 Y F
6 1 Y F
7 1 Y F
8 1 Y F
9 1 Y F
0 2 Y F
1 2 Y F
2 2 Y F
3 2 Y F
4 2 Y F
5 2 Y F
Notes: 1. 2.
FY20 onwards financials include Comstar Industry data source: SIAM
28
One Vision To become one of the World’s most Respected and Valuable Mobility Technology companies for our Customers, Employees & Shareholders.
29
Guided by Values
Agility
24%
Growth
5-year Revenue
CAGR
Vitality
Integrity
Frugality
27%
Margins
5-year Avg.
EBITDA
>25%
Returns
5-year Avg. ROE1
Note:
1)
ROE = 5-year average of PAT/5-year average of (Average tangible net worth + capital deployed for acquiring NOVELIC)
30
Established Global Presence to Serve Customers Locally
USA Location
Capacity2
Tecumseh, MI 1 mn starter motors
Ypsilanti, MI
Belgium
Genk
Germany
Cologne
China Location Capacity2
Hangzhou
0.06 mn suspension motors
7 of the world’s top 10 PV OEMs1a
3 of the world’s top 10 CV OEMs1b
7 of the world’s top 10 tractor OEMs1b
Irapuato 1 mn starter motors
Mexico Location Capacity2
Serbia
Belgrade
Novi Sad
Niš
3 of the world’s top 10 EV OEMs1c
3 of the Indian top 10 Indian e-2-Wheeler OEMs1d
Silao
-
11 4 1 8 3
Manufacturing Plants
R&D Centres
Tool & Die Shop
Warehouses
Engineering Capability Centres
India
Location Capacity2
Gurugram 43.1 mn gears
Manesar
2.8 mn differential assemblies
Pune
21.0 mn gears
Chennai
3.8 mn starter motors 0.9 mn traction motors
Hosur, Sanand, Rudrapur, Mehsana
Notes: 1. 2.
Data Source: a) BofA Global Automobiles Report; b) Ricardo Report; c) EV-Volumes; d) Vahan Database; Company Analysis Capacity as of March 2025
31
Revenue share from BEV has grown 18x over 5 years, with absolute BEV revenue growth at 52x
Revenue from BEV (%)
BEV Segment Revenue (Rs. mn)
18x
14%
2%
25%
26%
29%
36%
52x
6,707
5,042
12,235
8,859
2,057
234
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
32
58 EV programs across 321 different customers
No. of programs customers
29 10
3
3
3
3
13 10
1
1
-
8
1
8
1
-
North America 7 Customers 5 19
14
19
+1
Europe2 4 Customers 3 5
3 1
6
Asia 6 Customers 2 4 3 2
1
6
27
Programs in fully ramped-up production
Programs in ramp-up or not yet in production
Programs for Driveline business
Programs for Motor business
Programs for Sensors and Software business
Notes: 1. 2.
2 customers are present in more than one geography Europe geography includes the UK
India 18 Customers 5 13
14
22
+x denotes the change during Q4 FY25
33
Market Shares for Differential Gears and Starter Motors
Global Market Share of Differential Gears1
Global Market Share of Starter Motors1
CY19
4.5%
CY20
5.0% CY21
6.3%
CY22
7.2%
CY23
8.1%
CY24
8.8%
CY19
2.5%
CY20
3.0% CY21
4.6%
CY22
4.1%
CY23
4.2%
CY24 4.4%
While we continue to dominate the Indian market for Differential Gears
Passenger Vehicles
Commercial Vehicles
Tractors
Notes: 1. 2.
As per Ricardo report; starter motor market share across light vehicles As per CRISIL report dated Feb 2021
34
55-60%2
80-90%2
75-85%2
Product Summary
Passenger Vehicles
Electronically Locking Differential (EDL)
Spool Gears
Limited Slip Differential (LSD)*
1
2
15
11
3
10
9
13
12
15
8
7
6
5
4
In-Cabin Radar Sensors
Short Range Radar Sensors*
Epicyclic Geartrain
Intermediate Gears
Commercial Vehicles
Integrated Motor Controller Module (for Predictive Active Suspension)
Traction Motor*
Input/Rotor Shaft
Differential Assembly
Differential Bevel Gears
Park Gear
Controller*
Starter Motor
6
5
7
8
4
12
13
9
10
14
Steering Bevel Box
Coupling/ Sleeves
2
1
Inter-Axle Gear Set
35
*Product under development
Product Summary
Buses
Differential Bevel Gears
1
3
2
4
5
7
Controller*
Steering Bevel Box
360° Short Range Radar Sensors*
Traction Motor*
In-Cabin RADAR Sensors
*Product under development
In-Cabin Radar Sensors
Off Highway Vehicles
6
5
3
4
87
1
2
Spiral Bevel Gears
Portal Axle Gears
Short Range Radar Sensors*
Traction Motor
Controller
Light Commercial Vehicles /3-Wheeler (Cargo)
6
7
4
5
3
7
2
1
Differential Assembly
Differential Bevel Gears
Starter Motor
36
Product Summary
Electric 2-Wheelers
Hub Wheel Motor
1
4
6
5
2
3
Integrated Drive Motor & Controller
Integrated Hub Motor & Controller*
Non-Automotive
1
2
AGV/AMR Drive Unit*
3
4
Drive Motor
Electric 3-Wheelers
Short Range Radar Sensors*
360° Short Range Radar Sensors*
1
2 3
*Product under development
Controller
eVTOL Motor*
7
5
4
6
eVTOL Reduction Gearbox*
Humanoid Motors *
Industrial Robot Gearbox*
Zone Monitoring Sensors
Humanoid Components*
4
8
37
ESG Performance Highlights
14.3
Low Risk
Top 9%
Negligible
Low
Medium
High
Severe
0-10
10-20
20-30
30-40
40+
Out of 15,104 global companies1
ESG Risk Rating (Core)
We have published our third sustainability report in December 2024
Click on the image to read the report
E
Environmental
S
Social
G
Governance
• 10% and 15% improvement in emissions intensity and water intensity respectively, in FY24 from FY22
•
Setting up a total solar group captive capacity of 21.35 MWp across Maharashtra, Haryana, and Tamilnadu
• Pune Chakan Plant has been rated by IGBC in the Green Factory Building category with “IGBC Gold” Rating
• Great Place to Work Certified in Jan 2023 and recertified in Jan 2024 with a higher rating
• Driving incubation of 11 startups innovating for sustainability in partnership with IIT Delhi and IIM Ahmedabad
•
Improved the female participation in the total workforce from 3% to 6%
• Golden Peacock Award won in 2023 for excellence in corporate governance
• 5 independent directors and 2 women directors out of 7 board members
• Promoter holds the position of a non-executive chairman
Notes: 1.
As on the date of publishing sustainability report 2024
38