THE YEAR IN RETROSPECT

2020 witnessed unprecedented disruptions in the lives and livelihoods of millions of people in India and across the world. After significant GDP contraction in the April to June quarter, the nation witnessed a gradual recovery in its economy. The Government has announced strong measures to bring the economy back on growth trajectory, thereby increasing the momentum of employment generation. The economy has begun to show growth in several core sectors.

A slow but sure recovery in demand growth has been in sight since the July-September quarter, which is expected to pick up further, supported by policy-driven initiatives. Aggregate demand has been better in the retail and rural segments with slower pick-up from the commercial segment.

The Government’s impetus on low cost housing and infrastructure is expected to bolster cement demand in the coming quarters.

COVID-19 RESPONSE

During the reporting year, the Business Resilience Team (BRT) took proactive steps in guarding the safety of our employees, business partners and communities.

With help from our CSR arm – ACC TRUST we procured and distributed food and ration to the poorest of the poor from across the country. With the help of Self Help Groups (SHG’s), ACC TRUST stitched and distributed over 4 Lakh cloth masks. Our teams across plant locations also partnered with local government authorities to disinfect communities and surroundings. Our employees and associated volunteers on the ground spread awareness about the need for social distancing, personal hygiene and need to wear mask to avoid the spread of the virus. To support daily-wagers, migrant labourers and slum-dwellers stranded across the country during the lockdown, ACC supported three NGOs Praja Foundation, Roti Bank and Goonj. These NGOs were at the forefront of disaster relief and distributed ration kits and cooked food to thousands of stranded migrant labourers. As the COVID-19 scenario is still evolving, we are mapping the developments on a real-time basis to ensure the health and safety of all our stakeholders.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) OBJECTIVES

The Board is committed to strong sustainability practices. This includes ethical, environmental and corporate social responsibility principles supported by a robust governance structure.

We are playing our part in addressing the risks that climate change poses to our business. At the same time, we are also involving our stakeholders in our overall ESG strategy and its implementation. Our ESG agenda is supported by a detailed framework and comprehensive policies.

We are redefining the contours of the cement industry by bringing sustainable green products to India. We are committed to leading the way in sustainable construction. Our latest product ECOPact – the Green Concrete for high-performing, sustainable and circular construction was launched in Mumbai and Hyderabad. ECOPact range will be rolled out across India in a phased manner in the next few months.

COLLECTIVE ACTION

Building on our commitment to the United Nations Sustainable Development Goals (UN SDGs), we have formulated a set of sustainability targets with a 2030 vision. It supports our promise to build a better world and is aimed at helping solve some of the biggest challenges communities are facing today. We aim to establish leadership in energy performance, use a circular approach in the management of materials, waste and water, and intend to develop and deliver climate-resilient solutions.

REACHING OUT TO COMMUNITIES

We have worked diligently through ACC TRUST towards the social and economic welfare of our host communities. Our CSR journey included various initiatives and projects to provide livelihoods, quality education and water sanitation. The community development projects touched more than 8.3 Lakh people, residing in 166 villages and 15 municipal areas in the vicinity of our plants.

PEOPLE REMAIN AT OUR CORE

Our people continue to be our key strength and every member of our workforce played an important part in delivering the business objectives and goals. We are committed to developing our people and I would like to thank all our employees for their dedication.

INTO THE FUTURE

Our exciting journey of growth and holistic value creation will continue with the support and guidance of our customers, employees, shareholders, suppliers, bankers, government and the Board.

Taking a broader perspective, the next few months may still be riddled with challenges. However, we will continue to draw strength from our strong relationship with our customers and business partners, as well as our robust and resilient business model and our strong financials. As a strong player, we are well positioned to take advantage of the industry upcycle and contribute to nation-building.

As we look forward to a year of recovery, let us continue to prioritise health and safety and commit ourselves to supporting one another. I am optimistic about the work that we all are doing and the processes that we have put in place for sustainable value creation.

Best regards,

Narotam Sekhsaria