Godrej & Boyce looks to earn 1/3rd of revenue from green products

Godrej Group flagship firm Godrej & Boyce on Tuesday said it aims to generate over one-third of its overall revenues from environment-friendly products by this fiscal end.
The company aims to achieve the target as part of its environmental, social and governance (ESG) goals along with the investment targets for the next 10 years.

The Mumbai-based Godrej Group firm had reported revenue of Rs 11,500 crore in 2019-20 fiscal. In the last ten years, Godrej & Boyce has invested more than Rs 500 crore towards its ESG initiatives.

"We focus on four key strategic pillars – employability, innovating for good and green products, creating a greener India and creating shared value through community development," Godrej & Boyce Chairman and Managing Director Jamshyd N Godrej said in an online event.

He noted that the company is working relentlessly to contribute towards India's sustainable development goals (SDGs) for 2030, while simultaneously creating value for its business, the communities and the planet through unique and scalable initiatives.

"Together, my team and I have set ambitious goals for ourselves. We are committed to generating over one-third of our overall revenues from Good & Green products by FY22," Godrej stated.

Over the last ten years, Godrej & Boyce has invested Rs 18 crore in their skilling initiative- Disha and has observed a social return of 6X.

The company has also facilitated green building footprints of over 300 million square feet and over 300 gold and platinum rated projects, including manufacturing facilities and buildings of their own.

Godrej Electricals & Electronics COO George Menezes, Godrej Appliances EVP and Business Head Kamal Nandi and other company officials also elaborated on the company's ESG commitments.

Nandi noted that 54 per cent revenue of Godrej Appliances comes from environment-friendly products.

He also shared that the business vertical uses 50 per cent renewable energy across its manufacturing facilities across the country.

Besides, the vertical has also been supporting the country's Covid-19 vaccination drive and has delivered 25,000 vaccine refrigerators and freezers in the last one year, Nandi stated.

Godrej & Boyce was founded in 1897. It patented the world's first springless lock and since then, has diversified into 14 businesses across various sectors from security, furniture, aerospace, infrastructure and defence.