Stock Report

APL Apollo Tubes Ltd has received a score of 29 and stands at the 80th percentile

Posted On : 2022-11-28 17:48:47( TIMEZONE : IST )

APL Apollo Tubes Ltd has received a score of 29 and stands at the 80th percentile

APL Apollo Tubes Ltd. has announced that it stands at the 80th percentile in industry rankings on ESG in S&P Global Corporate Sustainability Assessment, up from 56th percentile in 2021. APL Apollo is part of the S&P Dow Jones Sustainability Index (DJSI) for the Emerging Markets for 2022, one of the few Indian companies to be part of this coveted list. The results of the assessment were announced on Nov 18, 2022, where the company received a score of 29.

The ESG scores reflect measures taken by APL Apollo to integrate ESG principles into the company's business strategies and operations. This year, the company calculated Scope 3 emissions from its operations for the first time and has committed to set near term and Net Zero targets for decarbonizing its operations as per guidelines set by the Science-based targets initiative, aligned with a 1.5oC world.

APL Apollo has committed to reducing Scope 1and 2 emissions per metric ton of steel produced by 25% by 2030, against 2022 base-year. To achieve this goal, the company is focusing on increasing the share of renewable electricity in its operations. In FY22, 38% of APL Apollo's total electricity consumption was from renewable energy sources. At two of APL Apollo's plants (in Malur, Karnataka and Hosur, Tamil Nadu), over 85% of electricity needs were met through renewable energy.

In addition to the climate-related targets, APL Apollo has also invested in environmentally friendly products. For instance, the company's Tubular Steel product offers a better alternative to RCC as a method of building construction, with benefits such as recyclability, zero dust, no water consumption and quicker construction. Meanwhile, Apollo Chaukhat is replacing wood as the material of choice for door frames, saving about 2.5 lakh trees annually.

In FY23, APL Apollo plans to continue its ESG journey and assess climate-related risks and opportunities in line with the recommendations set by the Taskforce for Climaterelated Financial Disclosures (TCFD).

Commenting on the Company's ESG performance for FY22, Mr. Sanjay Gupta, Chairman, APL Apollo, said, "I am delighted to see APL Apollo's rankings in its second S&P Global sustainability assessment. This outcome reaffirms and validates our corporate philosophy followed through for over 36 years of our existence of responsible business conduct. 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. 1084.40 as compared to the previous close of Rs. 1080.50. The total number of shares traded during the day was 6229 in over 637 trades.

The stock hit an intraday high of Rs. 1089.20 and intraday low of 1070.10. The net turnover during the day was Rs. 6731832.00.

Source : Equity Bulls


APLApolloTubes INE702C01027 80thPercentile IndustryRanking ESG