APL Apollo Tubes achieves 86th Percentile in industry in S&P Global Corporate Sustainability Assessment 2023

APL Apollo Tubes Ltd.(APL) has announced that it stands at the 86th percentile in the steel industry on ESG rankings in S&P Global Corporate Sustainability Assessment, up from 80th percentile in 2022 and 56th percentile in 2021. The results of the assessment came in the last week of March'24, where the company scored 40.

APL's CSA score improvement to 40 in 2023 from 29/25 in 2022/2021 reflects APL's commitment to integrate ESG into the company's business strategies and operations. We are very focused on improving our overall ESG performance at all levels like we did in the last few years. We are confident of achieving the highest standards by following the best ESG practices in the upcoming years.

APL has invested in environmentally friendly products like Tubular Structural Steel product that offers a better alternative to RCC/ wood as a method of building construction, with benefits such as recyclability, zero dust, no water consumption and quicker construction.

APL has committed to a Science Based Targets initiative(SBTi) to become Net Zero by 2050. APL has pledged to reduce its Scope 1 and 2 emissions per metric ton of steel produced by 25% by 2030, relative to 2022. To reach this target, the company is increasing the proportion of renewable electricity in its operations. In the fiscal year 2023, 38% of APL's total electricity consumption came from renewable energy sources. At two of APL's facilities (located in Malur, Karnataka, and Hosur, Tamil Nadu), more than 85% of electricity requirements were fulfilled by renewable energy.

During the fiscal year 2023, the company performed climate risk assessments for all its facilities and released its TCFD (Taskforce on Climate Related Financial Disclosure) report for the first time, aligned with International Sustainability Standards Board (ISSB) S2 (Climate-related disclosures). TCFD reporting helps APL in making its business more resilient against future climate risks. By considering climate scenarios, APL has been able to assess potential risks and opportunities such as shifts in market preferences. It also demonstrates how the management is involved in assessing and managing climate related risks and opportunities, and our strategies and processes for climate-related risk management.

Commenting on the Company's ESG performance for FY23, Mr. Sanjay Gupta, Chairman, APL Apollo, said, "I am delighted to see APL Apollo's rankings in its third S&P Global sustainability assessment. We are proud to announce that our overall score has improved and now stands at 86th percentile in 2023. We believe in doing well by doing good. We are committed to improving our ESG performance and are confident of achieving the highest standards by following the best ESG practices."

Shares of APL Apollo Tubes Limited was last trading in BSE at Rs. 1589.70 as compared to the previous close of Rs. 1552.70. The total number of shares traded during the day was 39767 in over 3517 trades.

The stock hit an intraday high of Rs. 1609.95 and intraday low of 1559.00. The net turnover during the day was Rs. 63260743.00.

Source : Equity Bulls

Keywords

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