Annual Report 2023 2024

TOWARDS TOMORROW
Our Diversified Future
INTEGRATED REPORT FY 2023-24
Touching lives in more ways than one

PCBL Limited
Reporting Scope and Boundary
ABOUT The scope and boundary for financial information is on a consolidated basis. The scope and boundary for
The Report
non-financial information with reference to GRI Standards cover all operations at our four manufacturing
units in India at Durgapur, Kochi, Palej, and Mundra, along with 1 registered office and 1 corporate office in
Kolkata and 3 other regional offices across India (Delhi, Chennai and Mumbai).
With this year’s Annual Report, aligned with the Value Reporting Foundation’s
(VRF) principles of Integrated Reporting <IR>, we at PCBL seek to enhance Management Assurance
communication with stakeholders regarding key material activities, The Board of Directors and its sub-committees have thoroughly examined the Report
and are content with the materiality, accuracy, and balanced nature of the disclosures
value creation through the six capitals, strategies, risks and opportunities, presented herein. Complete external assurance has been conducted for the report by
business highlights, and targets for the future. This report depicts both Indian Register Quality Systems (IRQS), a third-party agency, for the applied reporting
period from 1 April, 2023 to 31 March, 2024 and this is in accordance with the BRSR
quantitative and qualitative disclosures on our performance along with
framework as per the requirements of Securities Exchange Board of India (SEBI) , the
emphasis on our commitment to circular economy and sustainability. requirements defined in the National Guidelines for Responsible Business Conduct
(NGRBC), AA1000, ISAE 3000 and GRI 2021 Standards.
Reporting principles Independent Assurance
Reporting period
Statutory section Statutory section The Report represents information and data from 1 April, 2023 to 31 March, 2024.
The financial and statutory data, Assurance on financial statements has been provided by Comparative figures, as applicable, for the last two to five years have been incorporated in
provided in the Integrated Report Statutory Auditors M/s S R Batliboi & Co. LLP, Chartered this report to provide a holistic view.
& Annual Accounts 2023-24 is in Accountants. Further, the Board’s Report contains
line with the requirements of the the Secretarial audit report and report on Corporate Approach to materiality
Companies Act, 2013 (including Governance, provided by M/s. Anjan Kumar Roy & Co.,
This report highlights material issues, which are factors that can significantly impact
the rules made thereunder), Indian Company Secretaries and M/s S R Batliboi & Co. LLP,
PCBL’s value creation in the short, medium, and long-term, and are of primary concern
Accounting Standards, Securities Chartered Accountants, respectively giving assurance
to investors and other stakeholders. These material issues are identified through
and Exchange Board of India on compliance with the secretarial and governance
various channels and engagement forums within the organization and with external
(Listing Obligations and Disclosure requirements under the Companies Act, 2013, the
stakeholders. In FY 2022-23, PCBL updated its Environmental, Social, and Governance
Requirements) Regulations, 2015 SEBI Listing Regulations and other applicable SEBI
(ESG) material issues and integrated them into its long-term plans.
(SEBI Listing Regulations) read with Regulations.
all applicable SEBI Circulars, and the
Secretarial Standard(s) issued by The ESG parameters
Institute of Company Secretaries of Our stakeholders
Independent assurance has been carried out by
India. Indian Register Quality Systems (IRQS) and the
following topics have been assured for PCBL by the
ESG parameters
entity-
The report on ESG parameters is
“Certificate of Verification” to Zero Waste to
prepared:
Landfill – baseline category in accordance with the
People Supply Chain Customers Communities Shareholders, Government
In accordance with the Value requirements of the standard ISO 14064-1:2018 and
Partners Investors and and
Reporting Foundation’s (VRF) verification is conducted in line with the ISO 14064-
Lenders Regulatory
principles of Integrated Reporting 3:2019
Authorities
<IR> (now consolidated into IFRS
Limited Assurance Statement for Green House
Foundation)
Gas issued by Indian Register Quality Systems in
In accordance with GRI 2021
Our capitals
accordance with the requirements of the standard
Standards ISO 14064-1:2018 and verification conducted in line
with the ISO 14064-3:2019
Aligned with the UN Sustainable
Development Goals (SDGs) Sustainability parameters forming a part of the
Sustainability Report, forming a part of the Integrated
Aligned with the United Nations
Annual Report, prepared in accordance with the GRI
Global Compact (UNGC) Financial Manufactured Intellectual Human Social & Natural
Disclosures
Capital Capital Capital Capital Relationship Capital
Sustainability parameters forming a part of the Capital
Business Responsibility and Sustainability Report,
forming a part of the Integrated Annual Report
Statutary Reports
173-337
ACROSS Notice 173
the Pages
Board’s Report 187
Management Discussion and 198
Analysis
Report on Corporate Governance 230
Business Responsibility and 272
Sustainability Report
Corporate Overview 44
06-171
Financial Statements
338-495
Acquisition of Aquapharm 06 Standalone Financial Statements
Materiality Assessment
Chemicals Private Limited
About the Group 10 Independent Auditors’ Report 338
Corporate Portrait 12
Balance sheet 350 Investor Information
Key Highlights of the Year 16
Product Applications Statement of Profit & Loss 351
18 Market Cap ` 10,105 Crores as on 31 March, 2024
Investment Case 22 Statement of Cash Flow 352
CIN L23109WB1960PLC024602
Chairman’s Communique 26 Statement of Changes in Equity 354
BSE Code 506590 (Equity), 975353 (Debt)
From the Managing Director’s Desk 28 Notes forming part of Financial 355
NSE Symbol PCBL
Value-Accretive Growth through Statements
Strategic Initiatives Dividend ` 5.50 Equity Share (on face value of
Operating Environment 32 Consolidated Financial Statements
Declared(Interim) Re. 1 each)
Business Model 34 AGM Date and Time 28 August, 2024 at 10:30 am (IST)
Stakeholder Engagement 36 Independent Auditor’s Report 416
Video Conferencing/Other Audio
AGM Mode
Materiality Assessment 44 Balance sheet 426 Visual Means (OAVMs)
Risk & Opportunity Management 51 Statement of Profit & Loss 427
Strategic Roadmap
Responsible Procurement
62
66
Statement of Cash Flow 428 10 Disclaimer: The statements in the report, which may be
considered forward-looking statements within the meaning
Statement of Changes in Equity 430 About the Group of applicable laws and regulations, have been based upon
Six-Capital Approach current expectations and projection about future events. The
Financial Capital Notes forming part of Financial 432 management cannot, however, guarantee that these forward-
76 looking statements will be realised or achieved.
Statements
Manufactured Capital 80
Intellectual Capital 88
ESG Strategies
Natural Capital
96 88
100
Intellectual Capital
Human Capital 132
Social and Relationship Capital 148
Governance 158
Corporate Information 169
Awards and Accolades 170 TOWARDS TOMORROW
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of the Report
INTEGRATED REPORT FY 2023-24
Touching lives in more ways than one

PCBL Limited
For more investor-related

information, please visit
https://www.pcblltd.com/investor-
relation/financials/annual-reports
TOWARDS
TOMORROW
As we reflect on our journey, our evolution and
diversification have been integral to our success.
Over the past few years, we’ve placed a strong
emphasis on the specialty segment, leading to
significant growth and development. This year, we
celebrated several key milestones that underscore
our commitment to innovation and expansion.
One of the most notable achievements was the acquisition of Aquapharm
Chemicals Private Limited. This strategic move has allowed us to diversify
beyond the carbon molecule, marking a transformative entry into the
global specialty segments of water treatment and oil & gas chemicals. This
acquisition not only propels PCBL from a single chemistry platform to
multiple chemistry platforms but also significantly enhances our offerings.
It supports our vision of becoming a trusted global player with a diversified
specialty chemical portfolio, strengthening our position in the fast-growing
and high-margin specialty chemicals sector.
In addition, our partnership with a leading nanotechnology company -

Kinaltek Pty Limited to develop materials for environment friendly, efficient
batteries aligns perfectly with our goal of enhancing our product offerings.
This collaboration aims to create batteries that are more efficient and
environment friendly, contributing to the development of more affordable
and sustainable electric vehicles.
Looking ahead, we have further expansion and diversification initiatives in

the pipeline. These initiatives are designed to establish PCBL as a diversified
chemicals company and empower a sustainable world. Our strategic moves
reflect our unwavering commitment to innovation and diversification. As
we continue to evolve, we remain focussed on building a future that is not
only prosperous but also sustainable.
CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Acquisition of Aquapharm Chemicals Private Limited
Segments and Products

SYNERGISING BEYOND Organo Green Oil & Gas Polymer
Carbon Molecules Phosphonates
Phosphonates
Chelates
GLDA
Chemicals
Imidazoline Maleic Acid
Specialty Quats Acrylic Acid

Phosphonates
Aquapharm Overview Triazine
Blends
1974 4
Establishment Year Manufacturing Revenue: Geography-Wise FY 2023-24 (in %)
facilities
North America Europe
India’s Among 57 18
INTEGRATED REPORT 2023-24

Largest Top 3
Phosphonate Phosphonate
Producer Producers Globally
~60 Countries
Global Presence
India Rest of the World (RoW)
14 11
275+
No. of Products
650+
No. of Employees
6 7
Revenue: Segment-Wise FY 2023-24 (in %) Key Synergies

Phosphonates Oil & Gas Chemicals Polymers
51 32 6
Exposure to Manufacturing
Supply Chain R&D
Growth Sectors Excellence
Green Chelates Others Attractive End Industries

Leading specialty chemicals global
player in high growth sectors
1 10
Resilient Core Business

Strong foundation in phosphonates
Marquee Customer Portfolio

Global partner of choice for 250+ customers
Why Aquapharm Chemicals

New Segments
Diversification and Attractive new segments

Global Presence Advantages of
and green chemistries
Future-Proofing this Acquisition
Our acquisition of Aquapharm With production facilities in India, USA, and Saudi Arabia, and a which Excites Us
Chemicals, a specialty chemicals strong market presence in Europe and the America, this acquisition Scaled-Up Operations
company with product is set to synergise the strengths of both entities, driving forward
Multi-geography manufacturing
applications in industrial water our mission to deliver increasingly higher value to our customers.
treatment, detergents, and the
oil & gas industry, is a significant
Proven R&D Capabilities
step towards future-proofing Landmark Move
and diversifying our product Focus on new product development
portfolio. This transformative The acquisition of Aquapharm Chemicals is a landmark move, with successful launches
entry into the global specialty marking the largest acquisition by the RPSG Group.
segments of water treatment
and oil & gas chemicals propels New Opportunities
PCBL from a single chemistry
Multiple adjacencies based on customers
platform to multiple chemistry Vision and Strength
platforms, significantly
enhancing our offerings. This acquisition supports our vision of becoming a
Diversified Applications
trusted global player with a diversified specialty chemical
portfolio and strengthens our position in the fast-growing Home care, water treatment, Desalination,
and high-margin specialty chemicals sector. textile, and pharma, among others
8 9
About the Group

The RPSG Group’s Diverse Business Portfolio
ABOUT
RP-Sanjiv Goenka Group Power IT-Enabled
Services
Media and
Entertainment
Healthcare Plantations
Chemicals Consumer Sports Education and

& Retail Infrastructure
The RP-Sanjiv Goenka

(RPSG) Group is a leading
Core Values Core Strengths
Indian conglomerate
with a robust global RPSG Group’s Vision
To be a dynamic
presence. With assets conglomerate driven
Customer First
Focus on Execution Financial
totalling ` 60,000 Crores by sustainable growth, Keep customer at the core
of every action
Value Addition Excellence Discipline
efficiency, and innovation
and revenue of ` 36,500

Crores, the RPSG Group Execution Excellence
has decades-long legacy Strive to be the best in Focus on Strong Portfolio
of setting benchmarks everything we do People and Focus on of Consumer
Performance- Operational and Growth-
across diverse industries. Oriented Excellence Oriented
The Group embraces Credibility Culture Businesses
Instill trust, confidence,

innovation, continually and accountability with
enhancing operations our actions
and processes to achieve Strategic Priorities

excellence in every sector, Agility
driven by a commitment Move ahead of time quickly

Enriching
Sustainably portfolio of
to progress. RPSG Group growing our businesses by
Profitable
Risk-Taking growth (focus
employs over 50,000 diligent businesses increasing share
on ROCE as
Dare to go beyond (organic and of value-added
individuals and has more inorganic mix) products and
KPI)
than 11,00,000 shareholders, services

Humaneness
solidifying its position as Be fair, respectful,
a leader in the industry. transparent, and sensitive
Transforming
into R&D and Commitment to Shareholder
Our Corporate Office, the RPSG House is Sustainability innovation-led sustainability value creation
a Certified Green Building by the Indian Be equally responsible for culture
Green Building Council (IGBC) people, planet, profits
10 11
Corporate Portrait
THIS IS Our Vision

PCBL Limited A trusted Global player
providing cutting
edge solutions to our
Partners and an exciting
workplace to our People
Currently, the production capacity of PCBL stands
PCBL Limited (also referred to as ‘PCBL’, ‘our Company’, or at 7,70,000 MT per annum, complemented by
‘We’), part of the RP-Sanjiv Goenka Group, has been playing 122 MW of green power generation, with further
expansions underway. This includes the production
a pioneering role in the carbon black industry for over six capacity of PCBL (TN) Limited which stands
decades. As India’s largest carbon black manufacturer, at 1,47,000 MT per annum along with power Our commitment extends beyond growth
generation capacity of 24 MW. to encompass environmental stewardship
we lay strong emphasis on performance materials and and community engagement. Sustainability
At PCBL, our focus on pioneering solutions is
specialty chemicals, serving customers across 50+ countries. tailored to diverse industries, including tyres, is ingrained in our operations, ensuring the
highest standards of Environmental, Social,
Our operations spans over four strategically located state- rubber, plastics, inks, coatings, engineering plastics,
and Governance (ESG) practices and Corporate
batteries, and conductives. Our transformative
of-the-art plants in Durgapur (West Bengal), Palej and journey aims to redefine PCBL as a leading Governance. This holistic approach ensures

our operations are not only profitable but also
Mundra (Gujarat) and Kochi (Kerala), supported by R&D chemical manufacturer, driving innovation
in material science and transforming our responsible and respectful of our planet and
centres in Palej (Gujarat) and Ghislenghien (Belgium). organisational DNA. communities.
Furthermore, we have one plant in Chennai (Tamil Nadu)

under our wholly owned subsidiary, PCBL (TN) Limited.
Product Application Categories
Tyres
Performance
Chemicals
Specialty
Chemicals
12 13
Credible Certificates
Our Stature Our company have received the following certifications:
ISO Certifications
5 7,70,000 MTPA 122 MW

Manufacturing Units Manufacturing Green Power Generation
(including the unit of wholly owned Capacity Capacity
subsidiary, PCBL (TN) Limited) (including the green power
(including the capacity of Wholly
generation capacity of Wholly
Owned Subsidiary, PCBL (TN)
Owned Subsidiary, PCBL (TN)
Limited)
Limited)
Other Certifications
7 th
~50 Countries 2

Global Position Global Presence One R&D Centre in India
and an Innovation
Centre in Belgium
100+ 60+ 1,275

Grades of Tyres, Grades of Specialty Employees
Performance and Chemicals (including permanent workers)
Specialty Chemicals Our products adhere to the following
Produced Global Food Contact Regulations:
Our high purity furnace black is compliant with the
Code of Federal Regulation of the USFDA 21 CFR-
178.3297
2,40,000+ 200+ 1st Commission Regulation of the European Union EC

10/2011 sets out safety requirements for plastic materials
Number of Shareholders Strategic Supply Carbon Black and articles intended to come into contact with food
Chain Partners Company
to be awarded Carbon Indian Standard (Fourth Revision) lays down
Credit under the Kyoto requirements for high-density polyethene pipes used
Protocol of the United in buried water mains and services and for water supply
Nations Framework
Convention of Climate above ground
Change (UNFCCC) in
the World China Hygienic Standards prescribe the use of
additives in food containers and packaging materials
European Standard EN 71 specifies toy safety

requirements
Japan Hygienic Olefin and Styrene Plastics

Association ensures Japanese food packaging
compliance
14 15
Key Highlights of the Year
SETTING NEW BENCHMARKS

across Parameters
Financial* Environment Social Governance
` 5,674.32 Crores 122 MW 100% ` 10.01 Crores 100% 10+ Years

Net Sales Green Power Generating ZLD Compliant Allocated towards ISO 45001:2018 Average Experience
Capacity Manufacturing Sites CSR Activities Certified Manufacturing of Directors in the
[including 24 MW capacity of Sites Company
wholly owned subsidiary PCBL
(TN)]
` 997.54 Crores 79,000+ Zero

EBITDA Lives Impacted Fatalities
63.63%
Independent
22,18,321 tCO e 2
100% through CSR
Programmes Directors
Total GHG Emissions ISO 14001: 2015 (7 Independent Directors
(Scope 1, 2 and 3) Certified Manufacturing Sites including 2 Women Directors
` 533.29 Crores 100% 94% and a Lead Independent
Director)
Profit after Tax
23,11,924 GJ 3.03+ Lakh m 3 Employees Trained on Value Chain Partners
Human Rights (by Value) Assessed
Green Energy Water Recycled for Health and Safety
Produced Practices 2,40,000+
17.58% 275+ Shareholders
EBITDA Margin 2,86,253 tCO e 2 New
Employees Hired
GHG Offset
during FY 2023-24 Zero
9.40% 79,055 Man Hours
Pending Shareholders
complaints
PAT Margin 1.93 tCO e/MT 2
Employee Training
GHG Emissions Intensity
(Scope 1 and Scope 2)
` 5.5 Zero
Dividend per Share on Face
3,876+ Pending Customer
Value of Re. 1/- each Saplings Planted Complaints
* On a standalone basis
16 17
Product Applications
TOUCHING LIVES IN
More Ways Than One
Our diverse portfolio includes tyres, performance chemicals, and specialty chemicals, serving over 200+
Carbon Black
strategic partners worldwide. PCBL has a diversified and
comprehensive carbon black
portfolio for numerous needs.
PCBL manufactures products that
Multi-End Users meet stringent American Society
for Testing and Materials (ASTM)
standards, ensuring high quality
and reliability. We go above and Brand
beyond by providing customised, ®
Extruded Profile,
high-performance products tailored
Industrial
to meet the evolving needs of the
Hoses, Power Performance The CarboNext grades have been meticulously
business landscape. This diverse
Transmission Belts, Chemicals designed with engineered morphology, and have a
range adds significant value to

Tyres
and Conveyors, remarkably high level of purity tailored for specific
a wide variety of tyres and high-
Among Others rubber applications.
performance rubber goods, making
Moulded Articles, it a key driver of volume in our
Agricultural business.
Products, Insulating
Items, and
Seals & Gaskets, Downstream Applications under Carbon Black and
Among Others Performance Chemicals:
Product Use
Segmentation
Tyres Technical and High-Performance Rubber Goods
Plastics
Passenger Vehicle Tyres Conveyor Belts
Inks
Specialty Truck and Bus Tyres Construction
Paints & Coatings Chemicals Off-The-Road Tyres Extruded Profiles
Adhesives & Racing Tyres Damping Elements
Sealants
Solid Tyres Hoses and Ducting
Batteries and
Agricultural Tyres Power Transmission Belts
Conductives
Forestry Tyres Rubber Mats and Shoe Soles
Others (Pipes,
Two-Wheeler Tyres Rubber Pads and Caps
and Films,
Tyres
Among Others Three-Wheeler Tyres Anti-Vibration Products
Cycle Tyres Moulded Rubber Goods
Tyre Retreading Materials Seals and Gaskets
Roofing Elements
Performance Chemicals
Rubber-to-Metal Bonded Goods
Rubber Sheets
Bonded Gum
Specialty Chemicals
Tubing
18 19
Specialty Chemicals NuTone, our powder carbon

black series, is renowned for
Our extensive range of specialty chemical grades allows us to
its remarkable gloss, superior
fulfill a diverse array of application requirements across various
colour, and excellent dispersion
industries. From films and fibres to pipes and wires, our products
properties. Each grade is
are carefully tailored to meet every customer’s need. Moreover, Energia, we provide high conductivity, superior dispersibility,
meticulously crafted to meet
we offer specialised grades for food contact plastics, conductive and high purity in our product offerings. These grades
market demands and cater to
materials, engineering plastics, inks, paints & coatings, adhesives are specifically designed to cater to applications such as
customer needs across various
& sealants, and batteries. This comprehensive portfolio ensures conductive polymer, electrostatic discharge (ESD), wires
ink applications. Moreover,
that we provide the perfect solution for our customer’s unique & cables, and battery, meeting our customer’s specific
NuTone is highly recommended
demands, regardless of their industry or application requirements. requirements. We have optimised Energia’s morphology to
for different adhesive and sealant
enhance end-user performance, maximising efficiency, and
applications. This showcases its
effectiveness in various applications. Our goal is to deliver
versatility and high performance
high-quality, technologically advanced solutions that meet
in diverse industrial settings.
the unique needs of our customers across a wide range of
conductive applications.
®
for engineering plastics
and coatings
Downstream Applications Sustainable Product

under Tyres and Portfolio
Product Segments
Performance Chemicals
Our commitment to research of Newly Acquired
® Food Contact Plastic and innovation, coupled Aquapharm Chemicals
for inks, paints & coatings,
Brands with a relentless pursuit of
adhesives & sealants applications Synthetic Fibre and
sustainability, has enabled us
Textile Fabric
to craft a comprehensive range Organo Phosphonates
Wires & Cables of sustainable products. These
Phosphonates
Film and Sheet Application include:
Specialty
® various conductive applications Geotextile/Geomembrane New carbon black grades for Phosphonates
like conductive polymer, ESD, ‘Eco-friendly’ and ‘Volatile Blends
Pressure Pipe Organic Content (VOC)’
wires & cables, and batteries
Drip Irrigation Pipe System free ink applications
Green Chelates
ESD and Conductive Novel carbon black grades to GLDA
improve the fuel efficiency
Plastic Moulded Parts
of the vehicle by lowering
Oil & Gas Chemicals
Engineering Plastics the rolling resistance of tyre
Imidazoline
Inks Technology development
for making carbon black Quats
Bleumina, is a series of Medium/High Colour Furnace (MCF/ Paints
HCF) blacks that provide excellent aesthetics, along with high with a permissible level
Triazine
Coatings of Polycyclic Aromatic
durability, in the final product. With very low particle size and
a balance of structure, it exhibits good UV protection, high Hydrocarbons (PAHs)
Adhesives
jetness, and gloss. These blacks are designed to be highly fulfills the global regulatory Polymers
Sealants requirements for end use
dispersible, provide excellent colour, while maintaining Maleic Acid
mechanical properties. A balance of jetness, gloss and blue Batteries
Acrylic Acid
tone is maintained to provide exquisite colour properties and
aesthetics in the final application.
20 21
Investment Case
1
RESILIENT AND Growth within Our Business Segment
Committed to Growth
Nations thrive when their industries flourish. At PCBL, we help key
industries in their progress by our innovative products and services.
Capturing Robust Market Demand Resilient against Sluggish Global Economy
At PCBL, our legacy spans over six glorious decades. Opportunity Opportunity
We have built a remarkable brand that is renowned for Global auto and tyre Global growth likely to taper down due to
its commitment to innovation and lasting relationships companies setting up high interest rates, supply chain disruptions,
manufacturing base in India geopolitical issues, and cost creating uncertainty
with customers. We diligently monitor market trends Consolidation in carbon
on raw material price movement
and prioritise innovation to provide tangible value to our black industry in China Global demand for carbon black is likely to grow
customers. This firm approach enables us to maintain our Redistribution of supply chains
at around 3-4% over the medium to long term
and sanctions on Russia Likely visible growth due to an accelerated

reputation as a trusted partner across key industries. pace of economic reforms, massive potential
Replacement demand
for domestic consumption, strong industrial
in tyre industry

and agricultural base, conducive ecosystem for
Response start-ups and a large and young workforce
Expanding capacity in India Response
Setting up supply chain Pass-through pricing model to prevent
infrastructure in key the impact on profitability
global markets
Efficient inventory management to ward off
Generating higher revenue share risk of over-stocking and write downs
from international markets
Diversification of feedstocks and sourcing
2
Diversifying Our Portfolio
The recent acquisition of Aquapharm
Chemicals is significant for PCBL. It leads
our foray into the global specialty segments
of water treatment chemicals and oil & gas
chemicals. Aquapharm Chemicals Private
97%
Limited, established in 1974, has emerged Revenue from the Mobility Segment
as India’s largest phosphonate producer
and ranks among the top three globally
(excluding China, where it holds the #2 spot).
With a strong customer base in FMCG and
oil & gas industries, this acquisition opens
3%
new avenues for us in terms of diversifying Revenue from the Energy Segment
our business across various end markets.
22 23
At PCBL, our commitment

WHERE
to excellence shines through
CARBON
in everything we do, from
BLACK
pristine facilities to our
MEETS
signature white packaging,
SPOTLESS
reflecting our dedication to
WHITE
quality and transparency.
5
12%
3 Track Record of
Consistent Growth
R&D and Technological 31 Our consistently strong financial
Revenue Growth
(5-Year CAGR)
Advancement performance shows the Company’s
New Products Developed in the
Our team is dedicated to consistently Last Three Years commitment to delivering value to our
pioneering innovative products. This shareholders. This achievement is an 13%
characteristic has helped us evolve from outcome of our well-crafted business
being a carbon black company to a value- ` 90.67 Crores strategies, operational excellence, and agility PAT Growth
(5-Year CAGR)
added specialty chemical manufacturer in responding to shifting market dynamics.

adapting the industry’s dynamic demands. Investment in Technology in the
Last Three Years
6
Strong Leadership and
Independent Board
At PCBL, our success is an outcome of
4 the collective expertise and experience

of our diverse team of professionals.
10+ Years
Robust Financial Profile 0.87 We are committed to acting in the
Our optimal capital structure has strongly Company’s best interests and the well- Average Experience of the
Net Debt-to-Equity Ratio in FY
positioned us to pursue and realise our being of our stakeholders. Our Board Directors in the Company
2023-24
growth objectives. We have consistently and Management team, with diverse
maintained robust cash reserves and backgrounds and expertise, collaborate
healthy bank balances, enhancing ` 997.54 Crores seamlessly across our business operations.
Together, we are dedicated to achieving
9+ Years
our liquidity profile significantly.
EBITDA our strategic objectives, which include Average Experience of the Senior
enhancing profitability, optimising Leadership Team
efficiency, and embedding sustainability
principles into our operations.
24 25
2024 saw a significant increase, driven by robust The ongoing global geopolitical tensions and
CHAIRMAN’S sales across our diverse product portfolio. Despite

the challenging market conditions, we achieved a
economic uncertainties are driving a gradual shift
in investment and sourcing to more stable regions.
Communique
healthy EBITDA margin, reflecting our operational This presents a unique opportunity for Indian
efficiency and strategic cost management. businesses to emerge as key players in global
PBT witnessed a rise of more than 16% and supply chains. The World Bank’s recent report
PAT stood at ` 491 Crores, underpinned by our underscores India’s position as the fastest-growing
focus on high-margin specialty chemicals and major economy, a testament to our country’s
Dear Stakeholders, cost rationalisation efforts. This strong financial resilience and robust economic performance.
performance underscores our resilience and This positive outlook, coupled with significant
It is my privilege to present strategic foresight in navigating a complex and infrastructural investments and reforms, bodes
to you PCBL’s first Integrated volatile market environment. well for the future of Indian businesses.
Report for the fiscal year
Our growth strategy has been both organic and PCBL remains committed to increasing our
2023-2024. This year has been
marked by significant global inorganic. Organically, we have made significant allocation to research and development, creating
investments in expanding our manufacturing innovative and efficient solutions for our
challenges, including conflicts
and disruptions, which have capabilities. The commissioning of our Greenfield customers. Our vision to enhance our competitive
had far-reaching impacts on Project in Chennai and the first phase of our edge and drive growth is well-aligned with the
various sectors of the Indian Brownfield Project in Mundra have increased our ongoing expansion of our market presence, both
production capacity to 7,70,000 MT. Incorporating domestically and internationally. As we extend our
economy, including the
Industry 4.0 technologies equipped with AI, supply chains to new geographies, we are poised
chemical industry. The spikes

ML, and Data Analytics at these facilities has set to leverage the robust economic growth and
in crude prices, increased
a benchmark for our other plants, paving the capitalise on emerging opportunities.
operational costs, supply chain
disruptions, and potential way for a smarter, interconnected, and highly
Sustainability is at the core of our operations and
automated manufacturing environment. This
trade interruptions have posed corporate philosophy. We have made significant
substantial challenges. However, expansion not only enhances our production
strides in greenhouse gas management, ensuring
capabilities but also positions us to meet the
I am proud to report that PCBL all our manufacturing plants are Zero Liquid
has demonstrated remarkable growing demand in the market. Inorganically, we
Discharge compliant, and increasing our green
resilience and adaptability in have strategically expanded our portfolio through
power generation capacity. Our commitment to
navigating these turbulent acquisitions and joint ventures.
sustainability is demonstrated through substantial
times. The acquisition of Aquapharm Chemicals is a investments in green and sustainable products,
landmark move, marking the largest acquisition prioritising eco-friendly feedstock and innovative
Despite these global adversities,
by the RPSG Group. This transformative entry into solutions that align with our environmental
PCBL has managed to sustain
the global specialty segments of water treatment objectives.
its business operations with
minimal impact. Our strategic and oil & gas chemicals propels PCBL from a
In closing, I extend my heartfelt gratitude to our
initiatives in supply chain single chemistry platform to multiple chemistry
employees, partners, customers, and shareholders
adjustments, sales model platforms, significantly enhancing our offerings.
for their unwavering support and dedication.
changes, rapid product This acquisition supports our vision of becoming
Together, we will continue to navigate the
launches, and diversification a trusted global player with a diversified specialty
challenges and seize the opportunities that lie
of our product portfolio have chemical portfolio and strengthens our position
ahead, driving PCBL towards a future of sustained
been pivotal in mitigating in the fast-growing and high-margin specialty
growth and success.
these challenges. Furthermore, chemicals sector.
our efforts in forming new Moreover, our partnership with a nanotechnology Warm regards,
Our growth strategy has been both partnerships and rationalising company to develop materials for Dr. Sanjiv Goenka
organic and inorganic. Organically, we operational costs have ensured environmentally friendly, efficient batteries Chairman
our continued stability and
have made significant investments growth.
aligns perfectly with our goal of enhancing our
product offerings. This collaboration aims to
PCBL Limited
in expanding our manufacturing PCBL has delivered create batteries that are not only more efficient
capabilities. commendable financial but also more environmentally friendly, thereby
performance. Our consolidated contributing to the development of more
revenue for the fiscal year 2023- affordable and sustainable electric vehicles.
26 27
Our acquisition of Aquapharm Chemicals, a specialty greenhouse gas emissions, underscoring our
chemicals company with product applications in commitment to combating climate change and
FROM THE industrial water treatment, detergents, and the oil
& gas industry, is a significant step towards future-
minimising our environmental footprint. We have
also increased our green power capacity to 122 MW
Managing Director’s Desk proofing and diversifying our product portfolio.

With production facilities in India, USA, and Saudi
Arabia, and a strong market presence in Europe and
to further offset greenhouse gases.
Maintaining a strong customer-centric approach

is integral to our strategy. We continue to prioritise
the Americas, this acquisition is set to synergise the
the needs of our customers, delivering high-quality
strengths of both entities, driving forward our mission
products and exceptional service. This approach not
Dear Stakeholders, to deliver increasingly higher value to our customers.
only strengthens our customer relationships but also
The fiscal year 2023-2024 has In parallel, our proposed strategic partnership with drives our long-term success in the market. Moreover,
been particularly eventful and a company specialising in nanotechnology-based our transition from traditional Customer Relationship
successful, marked by a series battery solutions, perfectly aligns with our strategy Management (CRM) to a holistic Customer
of significant milestones in to enhance our product offerings and deliver Experience Management (CEM) approach reflects
our growth and diversification groundbreaking solutions to our customers. Our our dedication to creating exceptional experiences
journey. We successfully collaboration aims to use nanotechnology to create for our customer partners.
commissioned our cutting-edge batteries that are more efficient and environmentally
We place great emphasis on leadership development
Greenfield Project in Tamil Nadu, friendly. These advancements will contribute to the
and succession planning. Our goal is to nurture
acquired Aquapharm Chemicals, creation of EVs that are more affordable, reliable, and
leaders from within the organisation, ensuring a
partnered with a nanotechnology sustainable, aligning with our dedication to embracing
strong pipeline of talent to drive future growth.
company, and incorporated a advanced technologies for a better future.

Through comprehensive training programmes and
subsidiary in Europe. Each of Furthermore, the incorporation of a subsidiary in development initiatives, we are preparing our next
these achievements represents Europe as part of our global expansion strategy generation of leaders to meet the challenges of
a strategic leap forward extends our footprint and brings us closer to our tomorrow with confidence and competence.
for PCBL. Additionally, our European customers, enabling us to serve them with
financial performance has been We recognise that our employees are the
greater efficiency and local expertise.
remarkable, with the highest cornerstone of PCBL, and their well-being is our
ever volumes, profitability, and PCBL remains committed to increasing our allocation top priority. Through substantial investments in
market capitalisation. These to research and development, creating innovative technology, infrastructure, training, and processes,
achievements reflect our strategic and efficient solutions for our customers. Our vision we empower our workforce with the skills needed
focus on high-margin products, to enhance our competitive edge and drive growth is to tackle future challenges. Ensuring a safe and
cost-efficient operations, and well-aligned with the ongoing expansion of our market engaging workplace is not just a commitment but
prudent financial management. presence, both domestically and internationally. As we a constant endeavour. Further, we are also striving
extend our supply chains to new geographies, we are to cultivate a culture of belonging where Diversity,
The successful commissioning poised to leverage the robust economic growth and Equity, and Inclusion are not only acknowledged but
of our Greenfield Project in Tamil capitalise on emerging opportunities. We are in the celebrated as a fundamental strength.
Nadu through wholly owned process of developing a new product roadmap that
subsidiary, has not only enhanced In conclusion, I extend my heartfelt gratitude to
emphasises sustainability, prioritising the development
our production capabilities but our dedicated employees, valued partners, loyal
of eco-friendly feedstock and innovative solutions
also significantly improved our customers, and esteemed shareholders for their
aligned with our environmental objectives.
overall supply chain efficiency. unwavering support. Together, we have navigated
Incorporating Industry 4.0 Our sustainability journey has been marked by a challenging year with resilience and have laid a
technologies equipped with AI, significant milestones and achievements, representing strong foundation for future growth. I am confident
ML, and Data Analytics at this our continuous progress towards a more sustainable that with our strategic initiatives and dedicated
We successfully commissioned our facility has set a benchmark for future. Over the past year, we have made remarkable efforts, PCBL will continue to thrive and achieve
cutting-edge Greenfield Project in Tamil our other plants, paving the way progress in advancing our sustainability agenda on greater heights in the years to come.
for a smarter, interconnected, and all fronts. One of our most notable achievements this
Warm regards,
Nadu, acquired Aquapharm Chemicals, highly automated manufacturing year has been the attainment of key milestones in
partnered with a nanotechnology environment. This leap forward our environmental performance. Our manufacturing Kaushik Roy
underscores our commitment plants are 100% Zero Liquid Discharge (ZLD) compliant, Managing Director
company, and incorporated a subsidiary in a testament to our unwavering dedication to water PCBL Limited
to digital transformation and
Europe. reinforces our position at the conservation and pollution prevention. Additionally,
forefront of the industry. we have made significant strides in managing our
28 29
VALUE-ACCRETIVE Our Value Creation Initiatives
Operating Environment
Risk and Opportunity
GROWTH
Management
32 51
through Strategic Business Model
34
Strategic Roadmap
62
Initiatives Stakeholder Engagement Responsible Procurement
36 66
At PCBL, our dedication to
creating significant value for

stakeholders is unwavering. Materiality Assessment
To this end, we have 44
crafted a robust strategy
aimed at seizing emerging
opportunities. Our seven
business pillars underscore
our commitment to
growth that adds value.
We strategically prioritise
Business Leadership, R&D
and Innovation, Digital
Transformation, Building
Capability, Customer
Centricity, Environment,
Social and Governance,
and Financial Performance.
Together, these pillars
form the foundation of our
next phase of growth.
30 31
Operating Environment Plastic Industry

Growing demand for plastic products in packaging, automotive,
construction, consumer goods, electronics and other industries is
a major driver for the plastic manufacturing market. Plastic parts
ALIGNED WITH are also seen as a viable alternative to metals parts for automotive
components, to reduce weight and increase fuel efficiency. Growing
Industries Landscape consumer demand for convenience and on-the-go products is

significantly boosting global plastic consumption. This trend is
particularly pronounced in emerging markets like India, where
increasing urbanisation and shifting lifestyles are driving future
Thriving in an ever-evolving landscape requires edge in today’s dynamic business environment. growth in plastic demand. In India, the packaging sector holds
a comprehensive understanding of internal Amid global crises, disruptions, and market the largest share of the plastics market, fuelled by heightened
dynamics, external market influences, and volatility, our objective is to expand our footprint, consumption of packaged goods, expanding disposable incomes,
strategic imperatives. Through intricate interplay enhance customer service, foster innovation, and the burgeoning e-commerce sector. Moreover, the Asia-Pacific,
of technology adoption, regulatory compliance, and achieve sustainable long-term growth and spearheaded by economic powerhouses like China and India, is
and sustainable practices, we aim to achieve profitability. emerging as a pivotal growth region due to rapid industrialisation
operational excellence and maintain a competitive and robust infrastructure development, further propelling the
demand for plastics across various sectors.
Trends in the Industry

Global Carbon Black
Demand Supply (In MT)
Our Response
Automobile Industry
We are expanding our manufacturing and R&D

The automotive industry is evolving rapidly, with advancements
capabilities to better serve our customers.
13.95
11.85
23.6
18.5
19.7
in electric vehicles, autonomous driving, connectivity, and
15
sustainability driving major trends. These innovations are shaping Our product portfolio is growing to include printing
significant trends globally. The Asia-Pacific region is dominating the inks, high-end fibres, engineering plastics, conductive
global EV market, while North America is also expected to see rapid plastics, and batteries, broadening our market reach.
growth. Regional factors like government policies and consumer
preferences are also shaping these dynamics. By 2030, electric To meet the rising demand in North America, the
vehicles and shared mobility solutions are projected to transform fastest-growing market globally, and to better serve
the industry. The Indian automotive industry saw robust growth European markets, we have invested in enhancing
across all segments in FY 2022-23 due to a low base, economic our warehousing capabilities in both regions.
recovery, and increased mobility. However, growth has slowed in FY
We’ve entered a joint venture with an Australian
2023-24 and is anticipated to continue this trend into FY 2024-25,
company, Kinaltek Pty to tap into the expanding battery
despite global supply chain issues and rising ownership costs. EV
application market. This joint venture aims to leverage
sales nearly doubled, now comprising 2% of total passenger vehicle
material science innovations to tackle significant battery
sales. This growth is driven by government initiatives like the FAME
2030F 2023E 2013 challenges, such as increasing capacity, extending
subsidy, infrastructure development, and climate change concerns.
battery life, enhancing safety, and promoting eco-friendly
The Indian government aims for 30% EV adoption by 2030, and F - Forecasted manufacturing processes. By combining Kinaltek’s
various state policies with buyer subsidies further supporting this E - Estimated
innovations with PCBL’s extensive manufacturing
target. Demand expertise, we aim to scale this technology globally.
Capacity
We have acquired specialty chemicals company, Aquapharm
Lithium-ion Battery Industry Chemicals Private Limited, marking our entry into the
Source: Notch Carbon Black Data book
The electric vehicle market is projected to expand at a CAGR global specialty segments of water treatment and oil &
of 49% from 2022 to 2030. This booming demand is a major gas chemicals. Aquapharm, India’s largest phosphonate
catalyst for growth in the lithium-ion battery sector. Continuous producer and one of the top three globally, has a strong
innovations in battery technology—improving energy density, customer base in FMCG and in the oil & gas industries.
charging speed, and longevity—are making lithium-ion batteries This acquisition is our first step in diversifying beyond
increasingly attractive and economical for various uses. Additionally, carbon molecules, with a vision of creating a multi-
favourable government policies, incentives, and stringent emissions platform global specialty chemical business portfolio.
regulations globally are driving the adoption of electric vehicles and
renewable energy, further boosting the lithium-ion battery market.
32 33
Business Model
CREATING VALUE-ACCRETIVE
Growth Consistently
Resources Financial Capital Manufactured Capital Intellectual capital Human Capital Social and Relationship Capital Natural Capital
We allocate substantial financial Our physical assets, including Leveraging proprietary The expertise, knowledge, Our relationships with key stakeholders We utilise natural
resources to ensure smooth our manufacturing facilities, knowledge and market motivation, and conduct of and communities are critical for resources efficiently
operations. These resources are form a crucial part of our insights, we drive innovation our employees are vital in our social responsibility. By actively to deliver value-added
the backbone of our business, operational infrastructure. to strengthen our market executing and enhancing engaging with them, we foster trust products. Our core
enabling us to navigate Through effective utilisation, leadership. By staying our business aspirations. and support, enabling us to effectively business priority is to
challenges, seize opportunities, we strive to maximise attuned to industry dynamics Their dedication and operate and build a strong reputation. minimise waste and
and deliver value to output, while optimising and customers need, we professionalism bring optimise resource usage.
stakeholders. By deploying these costs and harnessing the full develop innovative solutions our vision to life, driving
assets judiciously, we strengthen potential of these assets. that deliver unmatched our organisation towards
our foundation and thrive in a value, propelling us ahead greater achievements.
dynamic business landscape. of the competition.
Inputs Equity: ` 37.75 Crores Property, Plant, and R&D Centre: Asia Total Employees: 1,275 CSR Expenditure: GHG Emissions
Reserves: `3,241.46 Crores Equipment: Innovation Centre: Europe (Permanent Employees ` 10.01 Crores Intensity
` 2,040.29 Crores R&D and Technology and Permanent Workers) Number of Strategic Supply (Scope 1 and Scope 2):
Manufacturing Facilities: 5 Talent Pool: 45+ Women Employees: 6% in Chain Partners: 200+ 1.93 tCO2e/MT
(including greenfield project Number of Patents Filed Total Permanent Employees Key Industry Associations: 8

at Chennai, Tamil Nadu Efficient Use of
(Last Three Years): 4 Total Hours of Training: Natural Resources
Assets under Construction:
` 162.86 Crores 79,055 Man Hours
Capital Expenditure:
` 181.30 Crores
Value
Sourcing Manufacturing Process Green Power Generation Finished Goods Aftersale Services
Creation
Carbon Fuel Combustion
Paradigm Processes Black Feed
Water Quenching
Packing and Capturing
Followed Stock Feedstock Injection Heat Exchange Storing Customer
across the Waste Tail Gas Utilisation
(CBFS) and Vaporisation Transportation Feedback
Value Chain Filtration
from Oil and Resolving
Power Export
Refineries Feedstock Partial Pelletisation Product-Related
Combustion and Drying Concerns
and Pyrolysis
Value Financial Capital Manufactured Capital Intellectual capital Human Capital Social and Relationship Capital Natural Capital
Created Revenue: ` 5,674.32 Crores World-class standards in New Products Lost Time Injury Frequency Impacted 79,000+ Lives Water Recycled: 831 KLPD
EBITDA: ` 997.54 Crores operational excellence Launched Rate (LTIFR): 0 through CSR Activities
PAT: ` 533.29 Crores and performance (Last 3 Years): 31 Fatality: 0 24 Supplier Engagements/
EPS: ` 14.13 Strategically located (Includes 10 New Highly Motivated Training Programmes
Return on Capital plants and improved Grades Launched in Employees Long-Term Customer Relationship
Employed: 12.46% capacity utilisation FY 2023-24)
Dividend (Interim): to meet demand Cumulative Patent
`5.5 per Share (on Face Optimum capacity Applications Filed: 10
Value of Re. 1 per Share) utilisation Cumulative Patents
Granted: 3
SDGs 1 8 8 9 12 13 17 9 11 13 1 3 5 8 1 2 3 4 6 9 11 13
Impacted
9 10 16 17 8 10 11 15 17 7 12
34 35
Stakeholder Engagement
Identify Set
NURTURING and access

stakeholders
engagement
objectives
Impactful Relationships 1 2
Measure Develop
and report engagement
At PCBL, we recognise that the success of process 7 OUR 3 plans and
organisations depends significantly on meaningful ENGAGEMENT techniques
PROCESS
interactions with a diverse array of stakeholders.
These engagements foster alliances that mutually benefit all parties involved. Our 6 4
Respond to Implement
approach emphasises identifying common ground and shared aspirations, driving
engagement 5 engagement
stakeholders towards collaborative efforts for the greater good. We align with the global
results plans
trend of businesses increasingly recognising the importance of sustainable value creation
and maintain transparent communication with our stakeholders. Access the
engagement
process

Why they are important? Key concerns and expectations Approach to engagement How we respond SDGs Impacted
Sampark townhall: Conducted once in a quarter

for the employees to connect with our MD and
senior leadership team, share business updates, Implementing
challenges, and way forward smart
Advance Engineering Programme in collaboration recruitment
Employee welfare with IIT Roorkee, this programme identified key methodologies
areas and skills essential for PCBL engineers
Strategic direction and performance Enhancing
EMBARK PCBLite: Induction module for new joiners retention and
Transparent communication,
diversity, and inclusion Ensuring workplace safety succession
Empowering workforce through awareness’ planning
Leaders as coaches
Our people are at the core of our training on Whistle-Blower Mechanism and Informing about
Career growth and progression
People business. We encourage an open Prevention of Sexual Harassment (POSH) policy important
Learning and development AI chatbot Leena is used to engage with employees advances in
dialogue to allow them to identify
opportunities and address their concerns. The feedback from our Company
and resolve challenges together.
Regular engagement this survey helps in determining the employee
Helping the
satisfaction level
Health, safety, and employees
environmental standards Training academy for graduate engineers and
expand their
management trainees
Effective grievance mechanisms knowledge in
Fun-at-work activities that nurture and showcase the industry
the creative skills of PCBLites. These activities
also help in relieving any work-related stress and Rewards and
ensuring psychological well-being of our employees recognitions
Focussed group discussions to understand
employee challenges and improve workplace
experience
36 37
Meetings and workshops with

Local procurement and
global raw material suppliers and
resource support
We have developed a robust logistics partners to develop common
network of suppliers worldwide. Responsible sourcing Integrated business
approaches based on shared values
From maintaining the quality along the supply chain planning
Meetings with (potential) suppliers
Supply of raw material sourced and Timely payments Supplier training
and business partners
Chain tackling social and environmental Sustainability of the business Consolidated our
Regular compliance and risk
Partners challenges to maintaining a and associated risks supplier base
assessments of key suppliers
seamless supply chain and other focussing on high-
Statutory and legal compliance Discussion on procurement standards
aspects, we work on various quality products
solutions. Our objective is to build Health and safety needs and information on the Company’s
and services
a relationship of trust and mutual Environmental and social issues tenders and procurement plans
support with all of them. Rationalising costs All our major suppliers publish
sustainability reports and discuss their
targets along with performance

Joint development
Regular interactions with project with the
We work with the leading key account managers customers to
prominent national and provide the most
Customised grades of carbon black Regular digital customer interface
international customers in the effective solution
to meet specific requirements Collaboration on product innovation
industry. Our engagement
Sustainable packaging Increasing
Customers helps us ensure long-term Customer and industry
development spend
success for our business and Product innovation events and exhibitions
High-quality
customers through innovative Quality and service Regular feedback from customers
manufacturing,
and sustainable solutions. Our Responsible sourcing Coverage of all material topics sourcing, and
differentiated solutions help us along the supply chain impacting our customers by environmental
generate repeat business and
After sales service reviewing their disclosures in standards
ensure customer satisfaction and
their sustainability reports
retention. Product and technology
roadmaps based on
emerging trends
38 39
We aim to give back to society

and enhance our positive impact Periodic need assessment
Annual reviews
Communities on communities. We invest Employment and enterprise support and engagement
and checks
directly in the communities where Community health and impact Need-based interventions across
Upliftment
we operate in by supporting on the environment focus areas: education, health and
programmes for
education, health and sanitation, Local infrastructure investments sanitation, community development,
the marginalised
community development, and and environment sustainability
environmental sustainability.

Events, including annual general

meeting, results presentations, Focussed decisions
investors’ calls, conferences, and actions
and earnings calls
Strong delivery on
Disclose plans to achieve carbon financial performance
We are committed to a neutrality and our efforts to reduce
Adherence to
transparent engagement with Business strategy and execution plan carbon emissions by responding to the
Shareholders, CDP questionnaire. Also, provide crucial
highest standards
stakeholders to ensure clear
Investors Consistency in financial of transparency
understanding of how the data and insights to global investors,
performance and returns and integrity
and Lenders Company performs in all areas helping them make informed decisions
Sound corporate governance Constituting best-
from strategic and financial Annual report, sustainability
performance to environmental, ESG priorities and strategy in-class Board with
report, and regulatory filings
social and governance. strong governance
One-on-one interactions mechanisms
Grievance redressal Focus on ESG with
Lenders’ meeting transparent and
Negotiate financing facilities detailed disclosures
Analysts’ congregations
40 41
Annual report, sustainability

report, and regulatory filings
Meeting on government directives
We engage with national and local Adherence to national and
and policy development
governments and regulators to international regulations
Facility inspection
share our intent, understand the Good governance practices
Government latter’s concerns and priorities, and
Regular meetings They help and guide
Community engagement
and find mutually beneficial solutions. Periodic evaluation and improvement in terms of connecting
Regulatory compliance with government
Regulatory We comply with all applicable of our benchmarks conforming to
Ethical business conduct schemes for increased
Authorities regulations in our operating prevailing environmental, social, and
Environmental stewardship corporate governance requirements, effectiveness
environment and proactively
evaluate our performance Maintaining safety be it local, national, or global
regularly. Project approvals Ensuring strict adherence to
the ‘Whistle-Blower Policy’ and
protecting our employees by
preserving utmost confidentiality

42 43
Materiality Assessment
Key Material Issues Identified for FY 2023-24

ACHIEVING SUSTAINABLE During the annual review by our Management Committee Members (MCM) and top management team,
Priorities and
it was decided that these material issues are equally applicable for FY 2023-24. This stability reflects our
ongoing alignment with strategic priorities and stakeholder expectations.
Strategic Integrations
GRI
year, these topics were re-evaluated by our
Material Topic Capital Impacted Standard SDGs Impacted
We diligently focus on our business’ impact
Management Committee Members (MCM) and
Impacted
on stakeholders as part of our commitment to
Environmental, Social, and Governance (ESG) senior management team. They conducted a
initiatives. Recognising the extensive scope of ESG thorough assessment using global sector-specific
topics and frameworks, we prioritise areas that frameworks. This allowed PCBL leaders to prioritize GHG Emissions GRI 302
directly influence our stakeholders. To achieve this, these topics and enhance our sustainability and Energy Natural Capital
Management GRI 305
we conduct a thorough materiality assessment strategy, ensuring we meet our commitments.
tailored to our business.
These identified key material issues were assessed
In FY 2021-22, we identified seven key material in the current financial year for reviewing the
topics based on input from stakeholders, applicability of these issues in the current context.
considering their impact on the economy, This dedicated assessment enables us to identify, Water Management Natural Capital GRI 303

environment, people (including human rights), and refine, and evaluate potential material topics
long-term value creation. that may significantly impact the economy,
environment, people (including human rights).
In FY 2022-23, we consulted with PCBL’s
By pinpointing these critical areas, we can align
leadership team to better align our goals related
our ESG efforts with strategic priorities, risks, and Solid Waste
to employee welfare, the topic on ‘Human Rights Natural Capital GRI 306
opportunities effectively. This not only strengthens Management
and Community Engagement’ has been revised
our sustainability initiatives but also reinforces our
to ‘Human Rights, Employee Well-being and
commitment to responsible business practices and
Community Engagement’. In the same financial
stakeholder engagement.
Human
Health and Safety GRI 403
Capital
Human Rights,
Employee Well-
Human
being and GRI 413
Capital
Community
Engagement
Product Manufactured GRI 306

Stewardship Capital GRI 416
Social and
Leadership and GRI 2-9 to
Relationship
Governance GRI 2-21
Capital
44 45
GHG Emissions and Energy

Management
Issue Solid Waste Management

Negative impact on the environment can hinder
our operational sustainability. Therefore, reducing
GHG emissions is crucial to minimising these Issue
impacts and improving air quality. Enhancing
energy efficiency will also decrease fuel Waste generation is an inherent part of the carbon
combustion in the fossil fuel-dominated grid, black manufacturing process. However, it is
subsequently reducing our carbon footprint. essential to manage this waste responsibly to avoid
These efforts align with our commitment to potential legal and regulatory issues. Unchecked
environmental responsibility and sustainability. waste generation and improper disposal practices
can not only harm the environment but also
tarnish our reputation as a safe workplace.
Response Status
Reduce specific power 3% reduction in specific power consumption Response Status

consumption by 10% by in FY 2023-24 from FY 2022-23
FY 2029-30, from the Reduce percentage of waste to 49% reduction in waste to landfill (ratio
baseline year FY 2020-21 landfill by 15% by FY 2024-25, from of waste sent to landfill to total waste
the baseline year FY 2021-22 disposed) during FY 2023-24 as compared
Increase in percentage Working on exploring the possibility of substituting
to the baseline year FY 2021-22
of renewables in off- electricity sources with renewable sources
battery limits energy Increase use of recycled plastics (plastic 38% increase in usage of recycled plastic

consumption by 10% by pallets, etc.) by weight, used in packaging, packaging during FY 2023-24 as compared
FY 2029-30, from the by 10% by FY 2024-25 and by 20% by FY to the baseline year FY 2021-22
baseline year FY 2021-22 2029-30, from the baseline year FY 2021-22
Reduce GHG intensity GHG intensity under Scope 1 and Scope 2 in the financial year 2023-24 has
by 15%, by FY 2029- increased by 35.9% as compared to the baseline year of 2020-21 mostly
30, from the baseline due to increase in production volume of specialty black (having lower
year FY 2020-21 yield percentage) to meet business requirements. Moreover, to align our Health and Safety
targets with SBTi, our GHG emissions accounting has becomes much more
comprehensive, taking into account eleven categories (as compared to 4 Issue
categories considered earlier) under Scope 3 emissions during FY 2023-24
At PCBL, we prioritise a people-first culture and
Plant a minimum of 5000 Planted 3,876+ saplings during FY 2023-24
strive to create a motivating work environment for
saplings every year
all. We recognise that health and safety impact the
broader ecosystem.
Safety-related incidents not only pose risks to

individuals but also reflect poorly on our reputation
Water Management
as a safe workplace. Such incidents can have a
significant impact on our operations, highlighting
the importance of maintaining stringent safety
Issue measures and fostering a culture of proactive risk
Water plays a vital role in our operational processes, management.
and we recognise the importance of responsible
water management. It is our responsibility to
reduce freshwater consumption, particularly in Status
Response Status
water-stressed areas where we operate. 10 % reduction in specific water consumption
during FY 2023-24, from FY 2022-23. However, Achieve zero Lost time injury frequency Achieved Zero LTIFR for
the specific water consumption has been rate (LTIFR) by FY 2024-25 employees and workers
Response
increased by 9% from as compared to the Cover 100% of our employees, including 100% workers and 98.6% employees have
Reduce specific water consumption by 20% by baseline year primarily due to addition of three permanent, contract and casual, for been trained on health and safety measures
FY 2029-30, from the baseline year FY 2020-21 captive power plants of total 22 MW capacity safety training by FY 2024-25
46 47
Human Rights, Employee Well-

Being and Community Engagement
Issue
The role of a socially responsible corporate citizen is to strengthen
relationships with stakeholders, ranging from suppliers to customers,
regulators, investors, and the communities in which it operates. By
respecting human rights, businesses showcase their commitment to
fostering sustainable and mutually beneficial relationships with those who
influence or are impacted by their operations. It is through this commitment
that businesses can build trust and goodwill among their stakeholders.
This, in turn, helps to enhance the reputation of the business as a safe and
responsible workplace, ensuring continued operational success.
Response Status
100% coverage of employees under PF, 100% employees are covered under the
health insurance, retirement, maternity/ benefits by Group Term Life Insurance,
paternity benefits on continuous basis Medical Insurance, Parental Leaves,
Retirement Provisions and Flexi
working hours as per requirement
Train 100% of employees and workers on 100% employees are trained for human Product Stewardship
human rights issues and policies of the entity rights issues and policies of the
by FY 2022-23 and continue the process entity, and it is being continued

Conduct regular training on security 100% of our employees are trained
breaches, prevention of sexual harassment regularly on security breaches, POSH Issue
(POSH) awareness, anti-corruption, awareness, anti-corruption (fraud
This material topic addresses the extended
and anti-bribery topics, covering 100% prevention, money laundering, conflict
of employees, by FY 2022-23 of interest and anti-bribery) topics producer responsibility (EPR). This involves sharing
responsibility among manufacturers, retailers,
Resolve 100% of grievances received 100% of grievances received through
users, and disposers throughout the product
within 30 days from the date of the Leena AI and Sampark are resolved
life cycle. The aim is to collectively reduce the
registered complaint (sexual harassment, within the set timeframe
discrimination at workplace, child labour, environmental impact of products by ensuring
forced labour/involuntary labour, wages, that all stakeholders play a role in managing and
and other human rights-related issues) minimising environmental harm.
Assessment of all the plants and offices All our plants and offices are assessed on
(by entity or statutory authorities or human rights issues through internal audits
third-parties) on sexual harassment, Response Status
discrimination at workplace, child labour,
forced labour/involuntary labour, wages, Achieve zero percent of product revenues Target achieved for FY 2023-24.
and other human rights-related issues, that are subject to lawsuits due to health No lawsuits due to health concerns
every year, effective from FY 2022-23
concerns, effective from FY 2022-23 arising from the impact of product
Increase the percentage of permanent 3% increase in the percentage of permanent
Adhere to the statutory requirements Banned product, as per statutory
women employees by 20% by FY 2024- female employees during FY 2023-24
of developed countries on banned requirements of developed
25, from the baseline year FY 2021-22 as compared to the baseline year
product with effect from FY 2022-23 countries, was not delivered
Target 30% of total CSR spends for identified 100% of annual CSR spend was invested
vulnerable groups, effective from FY 2022-23 in supporting vulnerable communities Increase R&D spending on green/ R&D expenditures on green and sustainable
sustainable products by 20%, by FY 2024- products are same during FY 2023-24 and
A minimum of two projects by each unit Target achieved for FY 2023-24
25, from the baseline year FY 2021-22 during the baseline year FY 2021-22
every year for the development of community
through education, hygiene, road, and Initiate life cycle assessment (LCA) We have initiated the LCA of two of our
basic infrastructure in the community of our products portfolio from the major products and currently we are on
Conduct social impact assessment As per applicable laws, Social Impact year FY 2022-23 and cover 25% of our track to complete it within FY 2024-25
(SIA) of CSR projects undertaken by Assessment (SIA) is not mandatory for products in LCA by FY 2024-25
the organisation based on applicable PCBL. However, feedback is taken from the
representatives of local communities who are
laws, if any from the year FY 2022-23
benefitted by the CSR projects. All the feedback
received from the community were found to be
positive
48 49
Risk & Opportunity Management

Leadership and Governance
Issue
Good governance is fundamental to our business operations, and we
are deeply committed to upholding high standards of corporate
SUSTAINABLE SUCCESS
governance throughout our organisation. Our goal is to maintain
the utmost levels of ethical and responsible behaviour in all aspects
of our operations. A robust corporate governance framework not
through Resilient Management
only ensures compliance but also fosters effective engagement with
our stakeholders and enables us to adapt to evolving challenges and We are currently establishing a robust risk management framework aimed at adeptly
opportunities. addressing challenges from both internal operations and the external environment.
We prioritise cybersecurity and data governance to safeguard sensitive Taking a proactive stance ensures consistent value delivery to all stakeholders, even amid
employee and consumer data, reflecting our dedication to maintaining trust industry fluctuations and economic challenges. Our ability to effectively mitigate risks
and confidentiality. and flexibly adapt to evolving circumstances remains pivotal to our sustained success,
generating value across our stakeholder spectrum.
Our Board of Directors and senior leadership teams, both at the corporate and plant levels, play pivotal roles
in driving our sustainability initiatives. They oversee policy adherence, implementation, and monitoring,
demonstrating our holistic approach to sustainability and responsible business practices across the
organisation. Risk Management System
Response Status

Certify all operational sites with an All our operational sites have been certified Identification Reviewing and
information security management system with ISO 27001:2022 during FY 2023-24 Prevention and
(ISMS), certified to ISO 27000 (or other and Assessment Monitoring Reporting on the
Control Strategy
equivalents/similar standards) by FY 2024-25 Approach Risk
All third-party intermediary contracts Work in progress to include social and environmental
(existing and new) to include sustainability clauses during renewal of the contracts Anticipating and Inspecting the
clauses (w.e.f. FY 2022-23) estimating the Articulating measures to effectiveness of Reviewing the
probability of avoid the occurrence of controls, responding management process
Structured vigil mechanism and redressal We have implemented a comprehensive
system will be implemented for compliance Whistle-Blower Policy that contains detailed occurrence, severity, risk, limit its severity, and to the results, and at appropriate intervals
to Whistle-Blower Policy. w.e.f. FY 2023-24 vigil mechanism and redressal system to protect category, and rating of reduce its consequences improving the (at least once a year)
the rights of senior management, employees, risk approach
and other personnel who report concerns
A digital learning ecosystem will be continued A digital learning ecosystem is being continued
Collaboration with esteemed educational Target achieved for FY 2023-24. Initiated Advance
academies for leadership development Engineering Programme in collaboration with
aligned with global standards IIT Roorkee for PCBL engineers to support the
organisation’s goals of process digitisation, The below-mentioned criteria has been used
automation, and increased plant productivity to determine the risk level:
100% of employees to receive
Code of Ethics training Risk Rating Risk Level
100% of employees to be regularly trained
on anticorruption and anti-bribery policy 1-100 Low
100% of employees to receive 101-200 Medium

POSH awareness training 100% employees receive all relevant trainings (Code
of Ethics, Anti-corruption and Anti-Bribery, POSH,
201-1,000 High
Insider Trading and Awareness on security breaches),
covering various business ethics issues
100% of employees to receive training
on Insider Trading Regulations
Risk Rating = Severity x Occurrence x Detection
100% awareness among employees on security
breaches through e-learning programmes
about e-mails and other information
technologies following best practices, globally
50 51
Economic Risk
Risk Impact Mitigation Risk Impact Mitigation
Investing in global A comprehensive grasp of country-specific risks is a The reliability of PCBL’s At PCBL, we adopt a proactive approach to effectively
markets is filled with major aspect of PCBL’s investment strategy. This entails supply chain partners is manage the risks associated with supply chain disruptions
opportunities and a multifaceted approach where the Company leverages important for ensuring and raw material price volatility. The Company has cultivated
challenges. These expert assessments from accredited agencies alongside seamless operations. Any strong relationships with its suppliers and maintains backup
include navigating conducting its own extensive evaluations. These evaluations disruptions in the supply sources to ensure continuous and uninterrupted operations.
political nuances, delve into a spectrum of factors encompassing economic, of materials from major In response to raw material price fluctuations, we take
economic fluctuations, political, social, and structural aspects influencing the suppliers could lead to strategic actions such as implementing cost-reduction
currency volatilities, targeted country. Supply Chain significant implications initiatives and adjusting non-contract sales prices.
and technological Risk for the Company’s
The senior leadership team and Board of Directors at PCBL Additionally, a significant portion of our sales volume follows
advancements. Each (Mid-Term) production processes and
engage in robust discussions and meticulous deliberations. a formula-driven pricing mechanism. This approach allows
aspect brings its own timelines. PCBL maintains
This strategic dialogue aims to garner a holistic perspective Likelihood of us to pass on any cost changes to customers effectively, thus
set of potential risks that a vigilant approach by
on the nuanced risks associated with investments. By occurrence: safeguarding profitability while maintaining competitive
Country Risk could impact investment closely monitoring and
fostering an environment of informed decision-making, Low pricing.
(Mid-Term) outcomes unpredictably. anticipating market
PCBL aligns its investment objectives with prudent risk
Therefore, it is of volatility, especially in These proactive measures not only help the Company
Likelihood of management practices, ensuring a strategic and resilient
paramount importance crude oil prices. Such navigate market uncertainties but also ensure the consistent
occurrence: approach to international ventures.
for prudent investors fluctuations can have a delivery of high-quality products to its customers. By staying
Low to conduct meticulous direct impact on both raw agile and responsive to market dynamics, we reinforce
risk assessments material costs and end- our commitment to operational excellence and customer
before venturing into product prices, potentially satisfaction.

new territories or affecting our bottom line.
making significant
investment decisions. The dynamic nature By actively seeking and incorporating customer feedback,
These assessments of the market and the we continuously enhance our products and services.
help make informed emergence of new This helps us to not only meet but also exceed customer
choices, ensuring a competitors pose ongoing expectations. Regular review meetings are conducted to
proactive approach to challenges to both the ensure customer satisfaction, proactively addressing any
managing uncertainties market position and concerns or grievances they may have.
Competition
in an ever-evolving global financial performance of
Risk To stay ahead of the competition, PCBL invests in market
environment. the Company.
(Mid-Term) intelligence and strategic product differentiation. This
approach enables us to identify emerging trends and
The Company’s business The senior leadership team of the Company demonstrates Likelihood of
customer preferences, thereby offering unique and tailored
outlook could be adversely a high level of proficiency in monitoring emerging trends, occurrence:
solutions that resonate with our customer base. This
Economic Risk affected by the ongoing regulatory changes, and economic shifts. This proactive Low
customer-centric strategy not only strengthens our market
(Mid-Term) sluggishness in both the approach allows us to adjust our business strategies position but also fosters long-term relationships with our
global economies. accordingly, staying agile in response to market dynamics. clientele, contributing to sustained growth and success in a
Likelihood of
occurrence: The Company conducts impact assessment studies as competitive landscape.
Medium necessary to stay abreast of the continuously evolving
business environment, ensuring strategic alignment and
resilience in its operations.
The revenue generated At PCBL, we strategically build and maintain robust
It is imperative to At PCBL, we emphasise on efficient project management from power sales is partnerships through bilateral power purchase agreements.
maintain efficient project given its profound influence on the Company’s financial a vital component of These agreements play a crucial role in securing reliable
management practices well-being. We therefore adopt a meticulous approach by the Company’s overall and cost-effective power supply for the Company across
that ensure timely delivery conducting comprehensive project planning and feasibility earnings structure. the short-, medium-, and long-term horizons. By forging
within budgeted capex to studies. The Company believes in regular review meetings Rate Risk Therefore, any fluctuations strategic alliances in the power sector, we ensure a stable
Investment avoid potential impacts to maintain transparency among all stakeholders and (Short-Term) in power tariffs could and efficient power supply, contributing to operational
Risk on cash flows or increased streamline the execution of projects. potentially impact our continuity and financial resilience. These partnerships
(Mid-Term) Likelihood of bottom line significantly. underscore our commitment to strategic planning and
debt burden.
Likelihood of The team at PCBL is composed of highly skilled professionals occurrence: This underscores the proactive risk management in ensuring sustainable business
occurrence: with extensive experience in overseeing such projects. They Low importance of closely operations.
Low leverage cutting-edge technologies and innovative tools to monitoring and
ensure projects are completed on time and within budget staying informed about
constraints. This proactive approach not only enhances developments related to
operational efficiency but also minimises the risks associated power tariffs.
with project execution, contributing to the overall success of
PCBL’s initiatives.
52 53
Risk Impact Mitigation Risk Impact Mitigation
PCBL’s advanced level of We maintain stringent control over our manufacturing Exploring new territories At PCBL, we adopt a proactive stance in assessing
automation integrated process by continuously monitoring operations. We have and introducing potential gaps within our product portfolio. We do this
into our production implemented cutting-edge predictive and preventive unfamiliar products can through thorough evaluations of our R&D capabilities.
process signifies a high maintenance programmes to ensure that our equipment Product indeed pose potential We meticulously evaluate the risks and benefits before
degree of efficiency and remains in top-notch condition. These proactive measures Development risks to PCBL’s business investing in any product development project. Our product
precision. However, it also not only minimise the risk of unexpected breakdowns but Risk performance, especially development strategy involves rigorous testing at customer
Operational means that any machine also enhance operational efficiency and reliability. (Mid-Term to when expertise and sites to ensure a perfect fit for their needs and exceed their
Risk breakdown has the Long-Term) knowledge in these areas expectations.
In addition to predictive and preventive maintenance,
(Mid-Term) potential to cause a ripple are limited. Successful
the Company conducts regular equipment overhauls as Likelihood of Prior to initiating product development, the Company
effect, impacting the implementation in
Likelihood of part of our maintenance strategy. This approach ensures occurrence: conducts informal market research to gauge customer
entire operation. such scenarios requires
occurrence: that machinery remains in optimal working condition, Low demand, ensuring alignment with their evolving needs.
careful consideration
Medium contributing to uninterrupted and seamless production This customer-centric approach not only enhances product
and strategic planning to
processes. By staying proactive in equipment maintenance relevance but also maximises the chances of successful
mitigate associated risks
and adopting modern technologies, we reinforce our implementation and customer satisfaction.
effectively.
commitment to operational excellence and sustained
productivity. PCBL’s growth is We proactively shield the Company from the repercussions
Downstream intricately linked to the of downstream industry slowdowns by broadening our
Risk health of downstream product portfolio and establishing a robust network of
(Mid-Term) industries. Any slowdown customers across diverse regions and countries.
The volatility of interest At PCBL, we employ proactive strategies to navigate interest or deceleration in these
rates poses a significant rate fluctuations, strategically managing our borrowing Likelihood of
sectors could potentially
challenge to PCBL’s mix with a judicious blend of fixed and floating rates. Our occurrence:
pose a threat to our overall
profitability. Additionally, vigilant oversight of liquidity ensures we consistently meet Medium
progress and expansion.
maintaining sufficient operational demands, while surplus funds are intelligently
liquidity and managing invested in liquid, short-term instruments for optimal returns

The evolving information We take a proactive approach to managing Information
working capital effectively and financial agility.
technology industry technology security risks by continuously enhancing our ICT
Financial Risk are crucial factors for
Our credit risk management framework is anchored in and the increasing infrastructure and governance practices, benchmarking with
ensuring financial viability.
(Mid-Term) meticulous customer profiling and continuous monitoring of cybersecurity threats pose reputable partners, and utilising best-in-class platforms.
We also face the risk
Likelihood of credit ratings, regulatory landscapes, and payment histories. significant risks to the
of non-payment from A structured risk identification and mitigation process is
occurrence: By staying attuned to industry trends and leveraging secure confidentiality, integrity,
debtors, which could have in place for Enterprise IT systems and platforms. Annual IT
Medium payment mechanisms, we mitigate risks associated with and availability of PCBL’s
a substantial impact on General Computer Controls (GCC) and Business Cycle Control
defaults and uphold financial stability. Adherence to debt IT-enabled systems
our bottom line. Therefore, (BCC) audits by Statutory Auditors ensure risk mitigation
covenants underscores our commitment to responsible and related business
it is imperative for us to of the core ERP system. Periodic security audits by external
financial practices, ensuring a resilient financial footing for processes.
prioritise strict compliance auditors on Cloud Infrastructure and Internet Gateway help
PCBL’s operations.
with the terms of our IT and Cyber mitigate identified risks.
borrowing arrangements to Security Risk
uphold credit ratings and Key initiatives include Managed Security Services (MSS) for
(Mid-term)
overall financial stability. Firewalls and Advanced Threat Protection (ATP) Software
Likelihood of for End-User Devices, a remote Disaster Recovery setup for
occurrence: ERP and Internet, automated Data Backup of Servers and
The rapid evolution of To remain at the forefront of technological advancements,
Technology Low/Medium End-User Devices, an IT governance framework through an
technology poses a risk we prioritise on staying abreast of the latest innovations.
Risk ITSM tool, centralised deployment of Software, and Policies
to PCBL, as outdated Our dedicated technical team consistently reviews and
(Mid-Term to and Patches through Active Directory, among others. These
technology may result updates our technology infrastructure to uphold the highest
Long-Term) help in mitigating known ICT and cybersecurity risks. The
in non-compliance standards of quality and efficiency. Moreover, we invest in
Company also has Cybersecurity Insurance in place to
Likelihood of with quality standards hiring qualified personnel with the expertise to evaluate
manage the impact of any residual risks.
occurrence: and hinder operational and recommend new technologies that can optimise our
Medium/Low efficiency. operations and drive continual improvement. With a designated chief information security officer (CISO),
the Company is also in the process of adopting the latest
version of Information Security Management System (ISMS):
Foreign currency We adopt proactive measures to mitigate the risk posed by ISO 27001. This will further strengthen our cybersecurity
exchange rate volatility, foreign currency exchange rate volatility, particularly due posture and resilience.
particularly the to the depreciation of the Indian rupee. We diversify our
depreciation of the Indian sales portfolio between domestic and international markets, R&D investments are Optimise R&D expenditure with transparent strategy/agenda
Currency Risk
rupee, presents a potential reducing its exposure to currency fluctuations. Future Focus comparatively low in
(Mid-Term)
risk to PCBL’s profitability. Risk the context of a rapidly
Additionally, the Company utilises financial instruments such
Likelihood of (Long-term) changing environment &
as forward contracts and cross-currency interest rate swaps
occurrence: current challenges
to hedge against potential currency risks. This strategic Likelihood of
Medium
approach enhances our agility and resilience in adapting occurrence:
to the dynamic economic environment, ensuring the Low
protection of our financial health and overall stability.
54 55
Risk Impact Mitigation
Risk Impact Mitigation Environmental impact At PCBL, we implement sustainable practices by

poses a significant threat to generating power through process emissions, thereby
The Company faces Our research team diligently undertakes market and gap operational sustainability, reducing our environmental impact. The Company takes
a potential risk to our analysis and feasibility studies, to understand customer especially considering the proactive measures to prevent leaks, effectively mitigating
Environmental
profitability due to the demands and requirements before initiating the production Impact Risk
evolving landscape of green potential harm to the environment. Our adherence to
industry’s shift towards of any specific carbon black grade. (Mid-Term to
regulations that may affect ISO 14001:2015 underscores our commitment to stringent
eco-friendly products such businesses adversely. It is environmental management standards.
In the case of a potential shift towards a coal tar-based Long-Term)
as silica as a substitute crucial for companies like
CBFS, PCBL would conduct thorough testing to validate Furthermore, the Company places a high priority on
for carbon. Presently, we Likelihood of PCBL to proactively manage
Substitute the reliability of the new input material. We would also be promoting environmental awareness and responsibility
benefit from the cost- occurrence: their environmental
Risk prepared to modify our production process as needed to among employees through regular training initiatives.
effective use of crude Low footprint and stay compliant
(Mid-Term to maintain optimal efficiency and uphold product quality with changing regulations
These efforts align with our commitment to
to derive carbon black
Long-Term) standards. environmentally conscious operations and sustainability
feedstock (CBFS), which to ensure long-term
practices.
Likelihood of gives us a competitive sustainability and resilience.
occurrence: edge. However, if crude
Low prices rise and alternatives Continuous monitoring We remain at the forefront of innovation, continuously
like CBFS derived from of market trends and developing cutting-edge products to meet the evolving
coal tar become more consumer preferences demands of the modern market. We take pride in serving
cost-effective, it could is crucial for PCBL to a diverse and global customer base with excellence,
negatively impact the stay abreast of evolving ensuring that our offerings are aligned with customer
Company’s operations and Lost demands. This proactive needs and expectations.
profitability. Opportunity approach helps the
Risk Company anticipate shifts
(Mid-Term to in customer preferences
Long-Term) and market dynamics,
Likelihood of allowing us to adjust our
occurrence: strategies accordingly. By
Low staying closely attuned

Environmental Risk to market trends, we can
avoid any negative impact
on our product offtake and
maintain a competitive
edge in the industry.
Going Mandate for green More focus/research on green technology
Non-compliance with At PCBL, we prioritise regulatory compliance, leveraging technology adoption with
regulatory requirements advanced management information system (MIS) tools Green Risk
(Mid-Term to time bound action plans
poses significant risks to to stay updated with the latest regulations. Regular can become a norm,
operations, potentially audits are conducted to pinpoint any compliance gaps, Long-Term)
Ongoing transition plans
resulting in reputational and corrective actions are swiftly taken. The Company’s Likelihood of of auto companies, Cost of
and financial losses for expert team remains abreast of regulatory changes and occurrence: capital.
the Company. Legal ensures adherence to all applicable laws, directives, and Low
proceedings arising from requirements.
non-compliance can disrupt
Employees undergo regular training sessions to stay
plant operations and
informed about the latest regulations and understand their
adversely impact business
Regulation roles in compliance. We also maintain a dedicated team to
continuity.
Risk monitor legal proceedings and assess potential risks to our
(Mid-Term to Furthermore, changes in operations, taking proactive measures and implementing
Long-Term) environmental regulations, contingency plans as needed. Social Risk
Likelihood of such as the potential
In anticipation of potential environmental changes like
occurrence: requirement for Flue Gas
the need for FGD, we plan to conduct thorough impact
Low Desulphurisation (FGD)
assessments to gauge implications. This will be followed
equipment installation, can
by a structured implementation process for FGD, ensuring
lead to additional capital Risk Impact Mitigation
minimal disruption to our operations while maintaining
expenditure and recurring
compliance with environmental norms. At PCBL, we have established rigorous standard operating
operating costs, further The Company acknowledges
impacting the Company’s that health-related hazards procedures (SOPs) throughout our manufacturing units,
financial performance. Health Risk can disrupt our operations. regional offices, and corporate headquarters. These SOPs
It is crucial for PCBL to (Mid-Term) Therefore, we prioritise are designed to uphold the highest standards of health
proactively monitor and Likelihood of maintaining a safe and healthy and hygiene, providing protection against potential
adhere to regulatory occurrence: work environment for our health hazards. Our commitment to maintaining a
standards to mitigate these Low employees through stringent safe work environment is reflected in these stringent
risks effectively. health and safety protocols. protocols, ensuring the well-being of our employees and
stakeholders.
56 57
Risk Impact Mitigation Key Risks Identified during the Year

The continuity of the At PCBL, we place the highest priority on ensuring
Company’s operations is the safety of our employees and on continuing our
Climate Change Risks
closely tied to the safety and operations without any interruptions. The Company has
security of our plant premises, implemented a comprehensive suite of safety measures,
Safety Risk making it crucial to prevent including hazard identification, risk analysis protocols, fire
Climate change poses significant risks, including acute physical risks of floods, droughts and chronic
(Mid-Term) any potential incidents. hydrant systems, smoke detectors, and CCTV surveillance
across our facilities. physical risks of water shortage, rising sea levels and increasing mean temperatures.
Likelihood of
occurrence: To further strengthen safety awareness, we conduct Causes of the Risk
Low regular safety awareness events to educate and prepare
High emissions and poor energy management
our employees for potential risks. Moreover, we have
proactively secured comprehensive insurance coverage to Uncontrolled water consumption
mitigate potential incidents such as fire, theft, and transit
accidents, ensuring a robust safety net for our operations. Generation of wastes and poor system of waste handling
Losing top talent or facing At PCBL, we give importance to attracting and retaining Consequences of the Risk
labour disruptions could top talent, recognising their pivotal role in our success.
Decreased availability of raw materials, water shortage, regulatory change (carbon pricing) and
impact PCBL’s operations Our recruitment process is methodical, transparent, and
negatively. Unplanned equitable, ensuring the selection of the most suitable technology disruption impacting competitive position, global warming.
outages can also adversely candidates for each position. Mitigation Plan
affect our performance.
In addition to a competitive salary structure, we
Additionally, engaging Reduction of emissions
conduct regular benchmarking exercises to ensure
contractors for the
that our compensation packages remain attractive. Proper energy management
recruitment of contractual
Human The implementation of incentives and a non-compete
labourers may bring legal
Resource Risk agreement further incentivises employees to align Reduction of water consumption
liabilities under Indian laws.
(Mid-Term to their objectives with the Company’s long-term goals,

Long-Term) contributing to higher retention rates. Reduction of waste generation and proper handling of waste
Likelihood of To nurture talent and maintain workforce stability, we

occurrence: conduct periodic talent reviews and robust succession
Low planning. These initiatives foster employee engagement,
Anti-Competition Risk
motivation, and career growth opportunities, reducing
the risk of planned outages or labour disruptions.
Moreover, we prioritise clear agreements outlining rights Violating competition or anti-trust laws poses significant risks for PCBL, including the potential disruption
and obligations, which helps in managing contractual of market fairness and the negative impact on the business interests of other organisations.
relationships effectively and mitigating potential legal
or operational challenges. These proactive measures Causes of the Risk
collectively contribute to PCBL’s ability to attract, retain,
Violation of competition or anti-trust laws
and leverage top talent for sustained business success.
Formation of cartels to control prices or engage in predatory pricing tactics
Dissemination of false or misleading information about other organisations
Misleading customers regarding price, production methods, or quality of goods, and

Governance Risk unauthorised use of other organisations’ trademarks, firm names, product labelling,
packaging, or confidential scientific, technical, production, or business information
Consequences of the Risk
These risks may lead to the promotion of monopolies by a few suppliers, hindering technological
advancement and affecting the quality and reliability of products or services. Additionally, they can
Failure to stay updated Remaining updated with evolving laws and regulations is harm the business interests of other organisations, negatively impact the brand image, and undermine
with rapidly changing of paramount importance for maintaining smooth business credibility.
Compliance laws and regulations operations. At PCBL, we are committed to adhering
Risk can create hurdles in to international standards and regulations, while also Mitigation Plan
(Mid-Term to business operations, addressing specific regulatory requirements across different
potentially leading to non- countries. For our export activities to European countries, We have implemented an Anti-Trust and Fair Competition Policy to eliminate anti-competition risks. Our
Long-Term)
compliance issues and we have partnered with an expert agency as our ‘ONLY internal audit team closely monitors adherence to fair competition, and our management takes corrective
Likelihood of legal consequences. REPRESENTATIVE’ to ensure full compliance with REACH actions if any deviations occur. We maintain a zero-tolerance policy towards unfair trade practices and
occurrence: registration and related regulations. We emphasise on anti-competitive behaviour. Additionally, we prevent the distribution of false or misleading information
Low ongoing learning and development to proactively manage that could harm the business interests of other organisations.
compliance matters, regularly updating our knowledge base
and analysing potential impacts.
58 59
Opportunity Management
Corruption Risk
PCBL may face corruption risks including bribery, money laundering, fraud, conflict of interest, Electric Vehicles (EVs) Engagement & Collaboration with Value
and unethical practices. These threaten organisational integrity and fairness, necessitating robust Chain Partners on Sustainability Agenda
Fundamental shifts in the nature of the market
controls and ethical oversight to mitigate potential harm and uphold trustworthiness.
for mobility, with EVs taking centre stage and To realise ambition on circularity, alternatives to
Causes increasing awareness on climate change feedstock, alternate advanced materials
Lack of stringent systems Opportunities: (a) EV tyres wear out faster Developing relationships and collaborating with
Lack of ethics and integrity
vis-à-vis conventional tyres (b) Lithium batteries extended supply chain partners for an efficient
in EVs use carbon black (CB) and optimised supply chain, also enhancing
Consequence/Impact brand value
Corruption can severely damage the reputation of both the Company and its employees, This leadership approach will also help enhance
stakeholders, negatively impacting our ability to conduct business. Violations of applicable anti- Future Market Opportunity: Circular the corporate brand (proactive vs reactive
corruption and anti-bribery laws and regulations governing our global operations can result Solutions approach)
in heavy penalties for both the Company and the individuals involved, including substantial
Extracting oil from natural and synthetic rubber
corporate and individual fines, as well as imprisonment.
and using it as Feedstock (FS) for Carbon Black
Mitigation Plan (CB) production New Technologies which Dramatically
At PCBL, we have implemented an Anti-Corruption and Anti-Bribery Policy under our Code of
Reduce Emissions
Designing sustainable material which can
Ethics and Compliance Standards to ensure fairness and integrity in all our business activities. We be used in new tyres, plastics, and rubber Incremental reductions of 10-15% vs
are committed to upholding anti-bribery and anti-corruption laws and regulations that govern compounds at tyre End-of-Life (EOL) fundamental shifts (e.g. new technology – 98%
our global operations. We require third-party entities to comply with the relevant anti-bribery reduction)
and anti-corruption laws in the regions where we operate. We maintain a strict zero-tolerance
Simultaneous exploration of multiple
stance towards any individuals found guilty of such misconduct, considering it a severe breach of

Bio Alternatives to Feedstock technologies
our ethical principles and values. Our dedicated Whistle-Blower mechanism allows individuals to
report concerns or wrongdoings without fear of reprisal. This mechanism provides direct access to Accelerated pace critical to fructify early R&D centre in Belgium well-positioned to drive
the Chairperson of the Audit Committee, ensuring a confidential and secure channel for reporting experiments the new technology (and circularity) agenda
any violations or unethical practices. We ensure detection through regular internal audits,
To accelerate efforts to look for sustainable
vigilance, and reviews by our Ethics Committee.
carbonaceous material designed to re-enter
the economy as new tyres, plastics, or rubber Distributed Manufacturing: Multiple Benefits
Risk Management Chart compounds Strategically located manufacturing facilities
along with distributed manufacturing will
provide a distinct advantage, aiding in reducing
Occurrence Climate Change Risk Renewable Sources of Energy
Scope 3 emissions, improving market access,
10
Renewables in all areas of energy consumption: reducing cost, and help diversify the vendor
Anti-Competition Risk
8 fuel, data storage, and offices base
6 Corruption Risk Exploring acquisitions globally
2
Regulatory Compliance
Risk Type Risk Rating Risk level
0
Developing robust policies and enhancing
Climate Change Risks 126 Medium existing ones along with stringent
Anti-Competition implementation
125 Medium
Risks
Corruption Risk 75 Low

Detection Severity
Additionally, we have also performed risk assessment on biodiversity to assess the temporary and permanent
impact of our operations on biodiversity. However, none of operations are adjacent to protected areas and
areas of high biodiversity value outside protected areas, hence it is not applicable to us.
60 61
Strategic Roadmap R&D and Innovation
EMPOWERING GROWTH Characterisation and
through Prudent Strategies

functionalisation
Fundamental research on
climate action and clean
energy
To maintain relevance in the dynamic market landscape and meet evolving customer needs, we continually
reassess our strategic priorities at PCBL. We understand the importance of adapting to the current business New product development
environment to build a robust foundation for sustainable long-term growth. To achieve this, we have Oil engineering
strategically identified key drivers that empower us to capitalise on external opportunities and achieve our
ambitious growth objectives.
Our strategic focus spans seven critical areas: Business Leadership, R&D and Innovation, Digital Material Issue Addressed Key Risk Considered Capital Impacted
Transformation, Building Capability, Customer Centricity, Environment, Society and Governance (ESG) and
Financial performance. These elements form the cornerstone of our upcoming growth phase, underpinned Product Stewardship Economic Risk Financial Capital
by our commitment to ESG principles. This commitment underscores our dedication to sustainability and
GHG Emissions and Environmental Risk
responsible business practices in all our endeavours. Intellectual Capital
Energy Management Social Risk
Leadership and
Human Capital
Governance

Strategic Priorities Manufactured Capital
Health and Safety
Business Leadership
SDGs
Focussing on service, quality, technology, and cost leadership Impacted
Moving up the value chain with higher focus on customised
solutions both in performance and specialty portfolios
Digital Transformation
Enhancing the bandwidth of R&D team
Increasing the level of automation and digitisation for operational Digitalisation and
efficiencies automation across
processes
Adding capacity
Creating an integrated
Allocating and managing capital efficiently business value chain
Developing new specialty and performance chemicals grades Using digital technology
to create new business
Being a preferred partner for tyre, performance, and specialty processes, culture, and
chemicals customer experiences
Material Issue Addressed Key Risk Considered Capital Impacted

Product Stewardship Economic Risk Financial Capital
Product Stewardship Environmental Risk Financial Capital
Leadership and Environmental Risk
Manufactured Capital Leadership and Economic Risk
Governance Governance Risk Intellectual Capital
Governance Social Risk
Human Capital Human Rights,
Governance Risk Human Capital
Employee Well-Being
and Community
SDGs
Engagement Manufacturing Capital
Impacted SDGs
Impacted
62 63
Environmental, Social, and Governance (ESG) Capability Building
Moving from just compliance disclosures to ESG Empowering people with accountability
stewardships Building capability through coaching
Fulfilling commitment to environmental sustainability Growing from within
across business operations to ensure that resources are
Collaborating through cross-functional team
recycled and utilised judiciously
Being professionally qualified
Integrating risk management strategies to ESG issues
Ensuring cross-cultural sensitivity
Adhering to various internationally recognised standards
of environment (CDP disclosure, UNFCCC), social Ensuring a mix of energy and wisdom
(EcoVadis, European REACH), and governance
Offering rewards based on performance and potential
Material Issue Addressed Key Risk Considered Capital Impacted Economic Risk
Health and Safety Financial Capital
Environmental Risk Social Risk
GHG Emissions and
Financial Capital Human Rights,
Energy Management Social Risk Governance Risk Human Capital
Employee Well-Being
Water Management Governance Risk Natural Capital and Community SDGs
Engagement Intellectual Capital
Economic Risk Impacted
Solid Waste Social and

Leadership and Social and
Management Relationship
Governance Relationship Capital
Health and Safety Human Capital
Customer Centricity
Human Rights, Intellectual Capital
Employee Well-Being
and Community Emerging as a preferred partner
Manufactured Capital
Engagement Penetrating new geographies and increasing customer base
Product Stewardship Focussing on quality, timely delivery of products, and efficiency

SDGs Concentrating on aftersale services
Leadership and Impacted
Governance Improving supply chain efficiency
Building go-to-market capability
Developing new grades of performance and specialty chemicals
Customising grades
Shifting focus from customer relationship management to

customer experience management
Human Rights, Social Risk

Financial Capital
Employee Well-Being Economic Risk
and Community Social and
Environmental Risk
Engagement Relationship Capital
Governance Risk
Product Stewardship
Health and Safety SDGs

Impacted
64 65
Responsible Procurement To mitigate our environmental footprint, we have integrated the use of recycled materials such as plastic
pallets, bulk bag covers, and truck liners into our operations. We consider our local medium-sized and small
suppliers as crucial for our operations and support them by sourcing from them our packaging, machinery
and spare parts. This includes obtaining paper bags for our automated packaging system and sourcing
TAKING SUSTAINABLE ACTION machinery and spare parts, through knowledge and technology transfer. This not only helps them flourish
but also allows us to reduce our logistics-related carbon footprint, emphasising on our commitment to
across Our Supply Chain

sustainability principles. Our strategic focus on acquiring vendors near our plant locations has resulted in
advantages such as a reduction in carbon footprint, inventory levels, and freight costs. Additionally, our
endeavours to replace road tankers with larger carrying capacity have contributed significantly to lowering
carbon emissions, particularly in Scope 3 emissions.
Sustainability is an organisational priority, and the supply

Results of Our Sustainable Engagement
chain function plays a key role in enabling sustainability
plans. We have forged strong partnerships with over
Strengthening
200 strategic partners within our supply chain network, of Sustainable Securing Supply Chain
Responsible
Consumption of
emphasising collaboration and shared goals. Procurement
Framework
Resources
At PCBL, we have adopted a proactive sourcing strategy, acknowledging the importance of flexibility
in responding to market dynamics. Each year after COVID-19 has brought different set of challenges
and agility was of the prime importance to tackle those challenges. The Company responded adeptly Implementation of
Optimisation of bulk
to challenges such as supply chain disruptions and escalating energy costs throughout the year. We sustainable procurement
Increased domestic bags to enhance

implemented various measures to mitigate those challenges and ensured minimal disruptions while policy to promote greater
procurement of raw loadability per bag and
maximising operational efficiency. Some of the decisive actions we took include: responsibility of suppliers
materials reduce polypropylene
towards reducing
Sustainable sourcing consumption per MT
Environmental impact
of CB
Proactive sourcing strategy and improving Social and
Governance parameters.
Quality assurance
Training on sustainable Developing multi-
Reducing in-transit losses procurement was modal transportation Increased usage of
provided to 100% of model for cost-effective plastic pallets made
our procurement team usage of domestic of recycled material
Sustainable Sourcing and service. These opportunities were also used members (buyers) during feedstock
to discuss sustainability initiatives being taken FY 2023-24.
In line with organisational objective of at their end. Lastly, we also conducted online
sustainability, we have started increasing Targets and objectives on
training of suppliers on sustainability through video
procurement from domestic sources. Our sustainable procurement
conferencing sessions.
domestic sourcing of raw material has increased are also integrated into
from 17% to 21% year-on-year basis. Our prime Our reliance on suppliers for crucial raw materials their performance KPIs
focus in FY 2024 was to enhance awareness of and services across all our manufacturing which are reviewed
procurement managers and our supply chain plants makes it imperative to raise awareness during annual appraisal
partners on sustainable procurement. We among them about environmental issues. cycle.
were able to cover 100% of our procurement Recognising that their processes can have
managers and 94% of supply chain partners adverse environmental impacts, we consider it our
under awareness programme on sustainable responsibility to engage with them to encourage Introduction of supplier
procurement. Awareness programme for supply the adoption of sustainable practices. code of conduct for
chain partners includes engaging them through sustainable procurement
We are actively involved with our critical supply
routine correspondence via phone, email and to set out the expected
chain partners on Environmental, social and
one-to-one meeting. International suppliers were standards of ethical
governance (ESG) fronts. During FY 2023-24, 94%
trained through one-on-one meeting with them conduct, social
of our critical suppliers underwent assessments
during yearly visit. Additionally, we annually host and environmental
on the above ESG fronts. This reflects our
key partners at our premises, providing a platform responsibility from the
commitment to sustainability and responsible
for them to exchange insights on market trends, suppliers.
sourcing practices.
cost efficiencies, and advancements in quality
66 67
Raw Material Sourcing Strategy Reducing Losses-in-Transit

At PCBL, we have adopted a proactive sourcing strategy, At PCBL, we prioritise a seamless and secure transit process through comprehensive measures
acknowledging the importance of flexibility in responding to market and strategic enhancements:
dynamics. We witnessed another war between Isarel and Hamas in the
2023. In retaliation to this, Iran aided Houthi rebels who attacked the
vessels plying through Red Sea, resulting into halting vessel’s transit Risk Mitigation Measures
through busiest trade route, the Suez Canal. PCBL was first Carbon
Black manufacturer in India to divert their vessel’s transit via Cape of We procure transit insurance for all shipments
Good Hope instead of Red Sea, without hampering their production to safeguard against unforeseen circumstances,
units. Parallelly alternate feedstocks were arranged from domestic adhering to maritime regulations. Vessel owners
sources and sources in Southeast Asia to keep plants running. are held accountable for transit losses exceeding
0.5%, ensuring accountability and minimising risks.
Diversified Sourcing Approach
In addition to local partnerships, we actively explore alternative domestic and international sources of raw
materials. This diversified approach enhances our supply chain resilience and allows us to capitalise on
market opportunities efficiently.
Third-Party Supervision
Local Sourcing Commitment Third-party supervision is integral from loading
68.37% of the total domestic raw material procurement was sourced from local suppliers within the district to final delivery, ensuring accurate quantity
and neighbouring districts, reinforcing our dedication to supporting local economies and reducing our finalisation and sealing of tankers at loading
environmental footprint. facilities by certified surveyors. This meticulous
oversight guarantees compliance with stringent
quality standards.

Quality Assurance
We conduct comprehensive checks at multiple stages to identify and address any
potential gaps or issues. This ensures that we uphold our high-quality standards. Vehicle Tracking and Monitoring
Continuous vehicle tracking during transit
Domestic Sourcing International Sourcing ensures transparency and accountability. Any
Our quality assurance process encompasses Our commitment to superior product quality is discrepancies, such as shortages exceeding 30 kg
several key checkpoints aimed at ensuring exemplified through our comprehensive quality during road transportation, prompt immediate
product integrity. Initially, suppliers are required to control procedures embedded throughout the action is undertaken for recovery from transporters,
conduct quality checks and provide a Certificate supply chain. Initially, before loading, quality of the maintaining operational integrity.
of Analysis before goods are loaded. Upon receipt, feedstock is ensured by a third-party lab testing
incoming raw materials undergo thorough testing at the load port. Upon arrival at the first discharge
at our manufacturing facilities. The samples are port in India, a composite sample undergoes
also meticulously assessed at our R&D lab in evaluation by both a third-party lab and our R&D Enhanced Tanker Capacity
Palej, and we occasionally leverage third-party lab in Palej. Subsequently, samples from the shore
We’re actively enhancing tanker capacity to reduce
labs for supplementary testing when deemed tank are subjected to testing by a third-party lab
trips, transit losses, and freight costs per metric
necessary. These rigorous measures underscore our post-discharge. Lastly, rigorous quality checks are
tonne. This initiative not only optimises efficiency
dedication to delivering consistent and dependable carried out at our manufacturing units before the
but also supports our commitment to sustainability
product quality. use of that feedstock. These meticulous testing
by minimising carbon emissions.
protocols underscore our unwavering dedication
to maintaining superior quality at every stage of
production and distribution.
Standardised Weighbridge Calibration

Raw Material Procurement Break-up (in %)
Across all locations, a standardised weighbridge
Indian Suppliers International Suppliers calibration process ensures precision in
measurements, vital for maintaining quality and
21 79 operational efficiency.
68 69
Supply Chain Mechanism

At PCBL, we have implemented several strategic measures to enhance operational efficiency and mitigate 24 94%
risks across our supply chain:
Awareness Programmes Held for Value Value Chain Partners Covered under
Chain Partners on ‘Role of Supply Awareness Programmes
Optimised Vessel Chartering Transition to Larger-Capacity Vehicles
Chain in Environment Sustainability
We meticulously schedule vessel chartering, We have initiated a transition from road tankers to and Responsible Sourcing’
leveraging market dynamics to optimise larger-capacity vehicles. This move reduces freight
transportation expenses and logistical efficiency. costs per metric tonne and enhances overall
This proactive approach ensures cost-effective and cost-effectiveness while concurrently decreasing
timely deliveries. greenhouse gas emissions.
Strategic Vendor Sourcing These initiatives reinforce our commitment to

94% 100%
continuous improvement and proactive risk Suppliers Assessed for Social, New Suppliers of Critical Items
We actively seek out new strategic vendors
management in our operations. Our aim is to boost Environmental and Governance Assessed on Social, Environmental and
situated near our plant locations, particularly for
the reliability of our supply chain while lowering Impact Governance Criteria
critical spares and packaging. This localisation (92% of total audits conducted on-site and 8%
Scope 3 emissions and freight costs per metric were conducted remotely)
mitigates potential risks associated with supply
tonne.
chain disruptions and enhances supply chain
resilience.
Integrating Sustainability
ZERO ZERO
Number of Assessed Critical Assessed Critical Suppliers Identified
At PCBL, sustainability is at the core of our operations. We actively promote sustainable procurement
Suppliers Identified as Having at Risk of Child Labour, Forced or
practices through ongoing dialogue with our supply chain partners. By sharing insights and fostering
Significant Actual and Potential

Compulsory Labour and Young Workers
awareness, we encourage them to adopt sustainable approaches that align with our values.
Negative Environmental Impact Exposed to Hazardous Work
Recycling Initiatives Supplier Code of Conduct
To reduce our environmental footprint, we To ensure sustainability throughout our supply
integrate recycled materials such as plastic chain, we’ve developed a Supplier Code of Conduct.
pallets, bulk bag covers, and truck liners into our This document outlines ethical standards and ZERO ZERO
operations. Collaborating with customers, we’ve environmental responsibilities expected from
implemented a programme to collect and reuse our suppliers. Regularly updated to align with Freedom of Association or Collective Assessed Critical Suppliers Identified
Bargaining Violations Among Having Actual and Potential Negative
plastic pallets (used as one of the packaging regulatory changes, it prohibits child, coercive,
Assessed Critical Suppliers Social and Environmental Impacts on the
materials) supplied by PCBL, enhancing circularity or mandatory labour. Non-compliance can
Supply Chain
in our processes. lead to contract termination, underscoring our
commitment to ethical sourcing practices.
Innovative Packaging Solutions
Innovating for Sustainability
Our commitment extends to supporting local
medium-sized and small suppliers by sourcing We’re advancing carbon black properties to
At PCBL, we give significant importance to
packaging, machinery, and spare parts locally. This improve tyre fuel efficiency, reducing vehicle
developing a sustainable supply chain. We rely on
not only supports their growth but also reduces our carbon footprints. This initiative reflects our
our suppliers to provide the necessary feedstock We are strongly committed to
logistics-related carbon footprint. Innovations like ongoing commitment to innovation and
essential for our production processes. Therefore, ensuring a sustainable supply chain,
enhancing plastic packing bags’ loadability have sustainability in every aspect of our operations.
any disruption in the supply chain from our major and our ongoing efforts and various
significantly reduced our plastic consumption and
We assess our existing and new suppliers on ESG suppliers could significantly impact our operations. supplier engagement initiatives
increased material transport efficiency.
criteria along with QMS, actively engage with our Consequently, we recognise the importance of aptly reflect our belief in the spirit of
Reducing Carbon Footprint supply chain partners to improve their awareness conducting timely assessments of our suppliers to collaboration to create shared value
on ESG and sustainability so as to ensure mitigate risks. Moreover, we collaborate closely with for all our stakeholders.
Strategic sourcing near our plant locations has sustainable supply chain management. our suppliers to develop solutions and continuously
lowered carbon emissions, inventory levels, and improve quality standards.
freight costs. Transitioning from road tankers to Jiten Keluskar
higher-capacity vehicles has notably reduced Chief Procurement Officer
Scope 3 emissions, reinforcing our sustainability
efforts.
70 71
Parameters Considered during Supplier Assessment Types of Suppliers Evaluated
Environmental
Suppliers of high-value items
Raw material
Packaging suppliers such as refractory items,
Awareness trainings for supply chain stakeholders to implement suppliers
among others
systems and processes on responsible use of resources
Conduct regular audits to monitor
Reduction in emissions
Minimisation in the use of any hazardous or toxic materials
Reduction in use of energy, water, and waste, among others Initiatives for a Responsible, Green, and Sustainable Supply Chain
Implementation of Environmental Management Systems Reduction in emissions and water consumption
(eg. ISO 14001:2015)
Digital communication and processes
Waste management
Packing and loadability optimisation

Social
Efficient systems and processes
Adoption of robust and relevant management practices to comply Reduction in the consumption of hazardous and toxic materials
with applicable health and safety laws, rules, regulations, and industry
Responsible sourcing
standards

Engagement with suppliers
Training supply chain stakeholders and encouraging them to conduct
trainings and awareness activities for employees on health and safety
Encouraging stakeholders to take responsible actions to prevent

accident and injuries by analysing and minimising risk exposure
Encouraging supply chain stakeholders to engage with the local

community for their social and economic development
Implementation of Occupational Health and Safety Management

Outlook for 2025
Systems eg. (ISO 45001:2018)
Oil prices surged during the last quarter of FY 2023-24 as the supply/demand
Governance outlook tightened and global geopolitical concerns intensified, pushing
both U.S. and European benchmark crude futures to five-month highs.
Conducting business with stakeholders who comply with all Rising concerns over tightening supply along with the persistent
applicable laws and regulations within the country of operation and uncertainty in the Middle East continue to support the uptrend in
outside speculative bets on Brent and WTI, China’s GDP growth and inflation
numbers are showing positive outlook, U.S. economic indicators are
Encourage suppliers to adopt free and fair-trade practices and
continuing to beat forecasts, and OPEC’s output cut has been extended to
implement anti-bribery policies, along with Whistle-Blower Policy December 2025. Freight market will remain high for the 2024-25, as trade
Ensure to do business with stakeholders: route through Red Sea is still disrupted.
Who do not employ child and/or engage in forced labour Among all uncertainties, PCBL’s focus would be on increasing the domestic
procurement and procurement from other geographies. We would continue
Who comply with labour laws such as minimum wages, among procuring material directly from refineries to maintain consistency in quality
others. of the raw material. We will be chartering Aframax vessels to optimise
freight. We are also working on shifting our base from one discharge port to
Who hire workforce without any discrimination on the basis of
best possible option to enhance operational efficiencies.
race, colour, gender, religion, sexual orientation, marital status,
disability, and medical condition, among others
72 73
SIX-CAPITAL Natural Capital
100
Approach As a company operating in a resource-

intensive sector, we are making deliberate
investments in environmental management
and resource optimisation projects across
various geographical locations. This helps us to
effectively manage our ecological footprint. We
are looking at reducing emissions and to align
with SBTi. This underscores our dedication to
Financial Capital
sustainability and responsible environmental
76 stewardship.
We maintain a deep focus on optimising capital

allocation to ensure sustainable long-term
returns for our stakeholders.
Human Capital
132
We are committed to cultivating an equitable
80 and agile work culture that fosters collaboration,

innovation, and high performance, with a robust
emphasis on diversity, equity, and inclusion
We are actively pursuing our growth aspirations
(DEI). Our commitment extends to ensuring
by expanding our capacity through various
zero harm to both our employees and the
avenues. At the same time, we are also
broader community we engage with. This
prioritising efficiency, reliability, safety, and
demonstrates our core values of promoting a
sustainability through innovative processes and
safe, inclusive, and thriving environment for all
technologies.
stakeholders involved.
Intellectual Capital Social and Relationship Capital
88 148
At PCBL, we remain invested in the At PCBL, we emphasise on continuous
development of disruptive sustainable products. stakeholder engagement as a cornerstone of
We are focussed on achieving technology- our business growth and sustainability efforts.
led environmental leadership and cultivating Our enduring relationships with customers,
knowledge-intensive businesses by exploring suppliers, and communities are pivotal to our
opportunities in materials beyond carbon. long-term success and integral to our core
Through digital transformation initiatives and strategic approach. We prioritise nurturing
strategic collaborations that leverage both our these relationships through established
in-house capabilities and external expertise, the channels and continuously evolving forums,
Company is driving sustainability, continuous ensuring that they remain vibrant and mutually
improvement, and innovation across all levels. beneficial over time.
Financial Capital Revenue (` in Crores) EBITDA (` in Crores) Profit after Tax (` in Crores)
4,446.42
5,674.32
5,873.89
444.09
997.54
774.84
533.29
427.14
682.31
SUSTAINABLE GROWTH
through Financial Excellence
Material Issues
Addressed
At PCBL, we continuously enhance
our financial capital through surplus FY 2023-24 FY 2022-23 FY 2021-22 FY 2023-24 FY 2022-23 FY 2021-22 FY 2023-24 FY 2022-23 FY 2021-22
Product
Stewardship generated from business operations
and financing activities. Our primary
goal is to optimise returns from our
financial resources, supporting our
Earnings per Share (in `) Debt-Equity Ratio (in Times) Sales Volume (in MT)
Key Risk Considered
growth targets globally. This strategy
4,82,020
Economic Risk
4,55,389
4,45,184
14.13
empowers us to create sustainable
11.84
0.87
11.76
0.26
0.25
Environmental Risk
Governance Risk value for shareholders and ensures

long-term business viability

We are committed to maintaining a robust financial position,
Strategies Impacted enabling us to pursue strategic opportunities and navigate economic
challenges effectively. Beyond maximising profit, our focus on
Business Leadership
sustainable practices underscores our responsibility as a corporate FY 2023-24 FY 2022-23 FY 2021-22 FY 2023-24 FY 2022-23 FY 2021-22 FY 2023-24 FY 2022-23 FY 2021-22
R&D and Innovation entity. This approach creates balanced and enduring value for both
shareholders and stakeholders.
Environment
Capability Building
Customer Centricity
SDGs Impacted
76 77
Our commitment is to develop a sustainable business

by ensuring higher and consistent economic growth
while performing better in every other aspect, and
investing in sustainable development initiatives to
During FY 2023-24, PCBL achieved significant improvements
create shared value for all stakeholders.
in operating efficiencies, with Return on Capital Employed
(ROCE) reaching 12.46% and Return on Equity (ROE) at
16.26%. These positive trends are expected to continue with Raj Kumar Gupta
enhanced operational efficiencies and capacity expansions, Chief Financial Officer
driving sustained financial performance and reinforcing our
commitment to growth and value creation.
Capital Trade-Offs
Financial Capital Interlinked with Other Capitals
Direct Economic Value Generated and Distributed

Capitals Trade-Offs
(All amounts in ` Crores, unless otherwise stated)
FY 2023-24 FY 2022-23 FY 2021-22 Our intangible assets, including R&D, technology-based

infrastructure, digital interphase for strategic partnerships,
and collaborations with banks, maintain their robustness

Direct economic value generated 5,674.3 5,873.9 4,446.4
through consistent funding allocated to these initiatives.
Revenue from sales of goods 5,649.6 5,851.7 4,425.0
Our financial capital plays a pivotal role in our expansion

strategy, facilitating the establishment of additional facilities
Other operating income 24.7 22.2 21.4
Manufactured Capital across the country. It is instrumental in broadening our
geographic reach and enhancing our ability to serve a larger
Economic value distributed 5,453.7 5,605.2 4,180.5 audience.
Operating expenses 4,629.0 4,947.2 3,632.1 Through deliberate and responsible management of our
day-to-day operations, we are dedicated to minimising our
Wages and other payments to Natural Capital environmental footprint. This commitment not only aligns
204.9 190.3 158.7 with our sustainability goals but also fosters long-term cost
employees
efficiency within our business operations.
Payments to providers of capital 333.8 261.1 221.5
We allocate financial capital to ensure fair and non-

(i) Payments to shareholders 207.6 207.6 188.7 discriminatory compensation for our employees. This
Human Capital
approach not only fosters employee retention but also
enhances productivity within our organisation.
(ii)Payments of interest 126.2 53.5 32.8
Payments to government
286.0 206.6 168.1 We understand the significance of fostering strong
(Including income tax)
relationships with our customers, communities, investors,
Economic value retained Social and Relationship
and other stakeholders in our ecosystem. This necessitates
220.6 268.7 265.9 Capital
investments of both time and financial resources, focussed
on regular and meaningful interactions.
78 79
Using Industry 4.0 for Efficient Operations to Achieve Manufacturing Excellence

REINFORCING
Efficient Operations
Material Issues
Addressed
We are committed to continuously
GHG Emissions
and Energy
investing in enhancing our capabilities
Management and acquiring best-in-class
Water equipment and machinery to achieve
Management
manufacturing excellence and ensure
safe and efficient operations. Our
Solid Waste
Management
Product integrated approach to operations,

Stewardship
coupled with efforts to enhance
Leadership and
Governance
efficiency and expand capacity,
positions us for accelerated growth and

success on our chosen path.
Key Risk Considered
Zero Waste-to-Landfill
Economic Risk
In our commitment to balancing People, Planet, and
Governance Risk Profit, we have implemented strategic action plans to
Environmental Risk significantly reduce waste directed to landfills. This year,
we underwent a third-party certification audit for ‘Zero
Waste-to-Landfill’ across our four plants.
We are pleased to share that our Durgapur plant achieved
Strategies Impacted
the prestigious Platinum category, Mundra and Kochi
Business Leadership plants secured the Silver category, and our Palej plant
Environment
met the Baseline category. These rankings reflect the
percentage of waste successfully diverted from landfills
Capability Building at each facility.
Customer Centricity
This certification underscores our unwavering dedication
to minimising environmental impact and showcases our
ongoing efforts to foster sustainable practices.
SDGs Impacted
80 81
8,9
Our Strategic Location Key Features of Greenfield Project in

7 Global Offices Chennai, Tamil Nadu through WOS
At PCBL, our goal is to excel in three crucial
aspects of business: cost, service, and quality, Across Europe, Asia, and North America
making us the preferred choice for our customers. Smart Factory Strategic Location
Our strategically positioned, state-of-the-art
manufacturing units near ports and major national Decanting Stations
The Smart Factory concept at PCBL integrates Our strategic proximity to Kattupalli and Ennore
markets provide a competitive advantage. This
Across Europe, Asia, and North America Industry 4.0 principles, leveraging advanced Ports provides us with a significant advantage in
positioning allows efficient sourcing of high-quality
technologies such as machine learning and AI for terms of easy import of raw materials, specifically
imported raw materials and seamless service to
enhanced process control and efficiency. CBFS, and facilitates international sales. This not
domestic and international markets.
Innovation Centre only streamlines our supply chain for raw material
Furthermore, our diversified presence across procurement but also enhances our capabilities to
multiple locations mitigates the risk of In Belgium and R&D Centre in India efficiently serve global markets.
overdependence on any single manufacturing unit.
Combined with our multi-faceted manufacturing
capabilities, this approach enables us to anticipate 7th Largest Sustainable Factory Automation
market shifts and effectively meet industry
demands. Carbon Black Company Globally
The Company has implemented several initiatives We have implemented an automated advanced
to prioritise environmental sustainability and material handling and warehouse management
responsible water management. One of our key system to streamline our operations and enhance
Achieving Operational Excellence
initiatives is the implementation of a zero liquid efficiency in handling materials within our facilities
At PCBL, our commitment to manufacturing excellence is embedded in our organisational ethos. Our state- discharge (ZLD) plant, which ensures that no liquid
of-the-art manufacturing facilities are meticulously designed and benchmarked against global standards, waste is discharged from our operations.

enabling us not only to meet but also exceed the rigorous demands of our discerning clientele.
Quality Management System Key Features of Our Brownfield In our projects, we meticulously
To uphold our commitment to quality, we have

5 Project in Mundra, Gujarat apply sustainable design principles,
incorporating eco-friendly materials
seamlessly integrated an advanced Quality Manufacturing Plants and implementing energy-efficient
Management System (QMS) across all our (including wholly owned subsidiary, PCBL (TN) Limited)
Planned Expansion systems. We also give careful
manufacturing units. This robust system ensures
consideration to social impacts. Our
that every product leaving our production lines
The first phase of our specialty chemicals capacity sustainable project design plan not
adheres to the highest international standards
of quality. All our manufacturing sites are ISO
7,70,000 MTPA expansion project at the Mundra Plant was only prioritizes sustainability but
successfully commissioned on 10 July, 2023. This also ensures that all other project
9001:2015 and IATF 16949:2016 certified. Total CB Capacity
(including wholly owned subsidiary, PCBL (TN) Limited) phase involved adding 20,000 metric tonnes per objectives are met.
Adopting World-Class Methodologies annum (MTPA) out of the planned 40,000 MTPA.
Our pursuit of excellence extends beyond Sudipto Kumar Ghosh

infrastructure. We employ a range of world-class 122 MW Phase Approach
Head – Projects
manufacturing methodologies and tools such as
DMAIC, Lean Fundamentals, Kaizen, 8D Problem- Total Green Power Capacity
(including wholly owned subsidiary, PCBL (TN) Limited)
Solving, Root Cause Analysis (RCA), Focussed The capacity expansion project is strategically
Improvement Projects (FIP), Overall Equipment planned in two phases to minimise the impact on
Effectiveness (OEE), and the 5S framework. our day-to-day operations. This phased approach
allows us to maintain operational continuity while
Driving Continuous Improvement Our products, manufactured through gradually scaling up our production capabilities to
These strategic tools guide us in continuous innovative processes, which are powered meet market demands efficiently.
process enhancement, increased efficiency, and by sustainability at its core, boast in its
streamlined production. As a result, we consistently superior quality and efficiency.
deliver products of unmatched quality while
maintaining competitive pricing. Target Completion
Alumkal Paulose Abraham
Head – Corporate Quality Assurance
The estimated timeframe for commencing
commercial production is during the current year.
82 83
Key Features of the Greenfield Key Features of the Brownfield Digital Transformation for Better Efficiency
and Brownfield Expansion Expansion Planned in Jeddah
Planned in Texas
Industry 4.0 Digital Data Security AI and Metaverse

Planned increase of specialty phosphonate Local production to cater to key accounts demand Infrastructure
products to Oil & Gas Industry in Saudi
Advance process Cloud Servers Robust Microsoft Enhancing
Control for plant AD (Active Customer
Data Lake
Manufacturing Directory) Engagement,
process Disaster Recovery Experience and
Advance Threat
24x7 Access On-the- Protection
Machine Learning Protection
Green Chelates production to serve the US market Expansion of product line to serve the Middle East
and Artificial Go
and North Africa Region
Intelligence for
advance analytics
and Predictive
maintenance.
Automated Storage

Expand the drilling and production related Strengthen the core of serving to the desalination and Retrieval
chemicals industry in the middle east warehouse system
Automated
manufacturing
execution system
for shopfloor
84 85
Manufacturing Presence Global Footprint
PCBL Limited
PCBL (TN) Limited (WOS of PCBL

Limited)
Aquapharm Chemicals Private

Limited (Subsidiary of PCBL Limited)
North
America
Durgapur
Mundra
West Bengal
Gujarat
Carbon Black Middle
Carbon Black Africa Asia
East
1,63,000 MTPA Pacific
2,25,000 MTPA
South America Europe
Green Power
Green Power
30 MW
32 MW
Pirangut
Palej
Maharashtra Capital Trade-Offs
Gujarat Specialty Chemicals Financial Capital Interlinked with Other Capitals
11,183 MTPA
Carbon Black
1,42, 000 MTPA Mahad Capitals Trade-Offs

Green Power Maharashtra
19 MW Specialty Chemicals
1,70,628 MTPA
Our physical assets enable us to establish and maintain
Financial Capital
Kochi Chennai profitable operations across the globe.
Kerala Tamil Nadu
Carbon Black
Carbon Black
93,000 MTPA
1,47,000 MTPA
Green Power The presence of manufactured capital in the Company plays
Green Power a crucial role in preserving our brand reputation, technology
17 MW
24 MW
Intellectual Capital infrastructure, strategic partnerships with product
stewardship, risk management, and the delivery of effective
products across destination.
We are actively working towards maximising the efficient

utilisation of natural resources and minimising waste at
Natural Capital
our facilities and offices, with the aim of reducing our
Texas Jeddah environmental impact.
USA KSA
Specialty Chemicals Specialty Chemicals

34,000 MTPA 10,000 MTPA
As our manufactured capital generates revenue, it is
Human Capital appropriately allocated to compensate our valuable human
resources.
The existence of manufactured capital has facilitated the

Social and Relationship
Disclaimer: This map is a generalised illustration only for the ease of the reader to understand the locations, and it is not intended to be development of strong relationships with local stakeholders
used for reference purposes. The representation of political boundaries and the names of geographical features/states do not necessarily
Capital
and underprivileged communities.
reflect the actual position. The Company or any of its directors, officers or employees, cannot be held responsible for any misuse or
misinterpretation of any information or design thereof. The Company does not warrant or represent any kind of connection with its accuracy
or completeness.
86 87
R&D and Innovation

INNOVATING FOR A
R&D and innovation are essential for PCBL’s
Better Tomorrow
structured Carbonaceous Materials. PCBL’s
technical and business growth. Our investments
R&D philosophy is closely aligned with market
in infrastructure, human resources, and strategic
needs, employing cutting-edge technology and
Material Issues collaborations have significantly bolstered
partnerships to enhance product performance.
Addressed our capabilities in product development and
Our commitment to enriching lives operational efficiency. By leveraging Competitive Our global research facilities, such as the Sushila
Product
Stewardship
drives us to continually stay ahead Intelligence and Business Intelligence, PCBL Goenka Research and Development Centre in
identifies opportunities for market expansion, Palej, Gujarat, India, and the Sushila Goenka
GHG Emissions
in the ever-evolving global market. customer engagement, and patent development. Innovation Centre in Ghislenghien, Belgium, are
and Energy Innovation is not just our primary Our strategic innovations, outlined in the New
the cornerstones of our innovation drive. These
Management centres are staffed with experienced scientists
tool but also the foundation of our and Novel Product and Process Development
and engineers and equipped with state-of-the-art
Leadership and Roadmap, encompass a wide range of areas,
technology, enabling us to push the boundaries of
Governance journey to introduce new products including specialty and rubber applications,
what is possible and deliver superior products to
Health and and combinations that cater to a wide Renewable Resourced Carbon Black, and Nano-
our customers.
Safety
range of opportunities.
Our innovation capabilities are a crucial part of this equation, ` 35.52 Crores 2
complemented by external collaborations and industry insights.

Key Risk Considered Total R&D Expenditure One R&D Centre in Asia and One
We invest in partnerships, specialised innovation centres, and
Innovation Centre in Europe
Economic Risk cutting-edge facilities to strengthen our innovation prowess. These
investments empower us to develop new products and processes,
Environmental Risk
Governance Risk
leading to breakthroughs that positively impact the lives of our
stakeholders.
31
By embracing innovation as our guiding principle, we are confident New Products Launched in the Last 2
in our ability to enrich lives through exceptional solutions and 3 Years
(10 New Grades in FY 2023-24) Number of Patents Granted
experiences. This approach reinforces our commitment to excellence during the Year
and continuous improvement.
Strategies Impacted
R&D and Innovation
Our highly skilled and enthusiastic R&D team

is committed to continuously innovating and
developing cutting-edge solutions that are
SDGs Impacted sustainable and enable our customers to meet
their highest environmental target. Our team is
motivated and strongly backed by our leadership
in terms of investments and explorations directed
towards sustainable development.
Valerie Smits
Chief – Global R&D
88 89
Details of Improvement
New Product Development

Development of new carbon Development of carbon black Technology transfer of ‘Unique
Oil Engineering black grades for ‘Eco-friendly’ grades for ‘Fibre’ and ‘Pressure Binder System’ from laboratory
and ‘Volatile Organic Content Pipe’ applications scale to plant level to improve
(VOC)’ free ink applications organoleptic properties of
Characterisation and Functionalisation
carbon blacks
Fundamental Research
R&D explored the opportunity Patents granted in India for
of using renewable resourced process of oxidation of specialty
Moving Up the Chain in Specialty and CBFS to implement in carbon carbon black and surface
Key Focus Performance Chemicals black manufacturing process modified carbon black grades
Areas for that will improve fuel efficiency
Global R&D Focussing on Alternate Feedstock and tyre life
and Innovation Development
Short- and Mid-Term Goal

Unlocking Hidden Values – Product
Customisation Research and identify emerging Carbon Enrich and diversify the specialty grade carbon
Technologies with untapped application black portfolio through the introduction of new
Focussing on Futuristic Technologies potential products and processes
Explore advanced filler technology utilising Develop advanced filler technologies leveraging
Fostering the Stage of Eco-Friendly nano-structured carbonaceous materials nanostructured carbonaceous materials

Carbon Black Feedstock (CBFS) and Investigate the potential and opportunities of Create regulatory-compliant carbon black
Enabling to Commence Sourcing of renewable carbon black to optimise overall end- variants to meet evolving standards
Carbon Black Feedstock (CBFS) from use performance sustainably
Renewable Resources Engage with customers leveraging expertise
Introduce Sustainable Carbon Black Feedstock to support their needs and drive market
(CBFS) as a viable alternative to conventional development
CBFS in the carbon black manufacturing
Initiatives Carried Out during the Year File patent applications for novel product and
process
process technologies
Implement purification processes for CBFS to
Advancement of novel carbon black Implementation of CBFS purification
ensure product quality and compliance
formulations and their applications aimed processes to elevate product quality and
at enhancing fuel efficiency, improving end- production efficiency
product aesthetics, optimising processability,
Investigation into the integration of
enhancing conductivity, and refining
renewable resources into the carbon black
battery electrode performance to meet both
manufacturing process
international and domestic market demands
Conducting investigative research to
Facilitation of technology transfer from
address customer complaints effectively
laboratory-scale experimentation to full-scale
production within our plants Approval of grades or products for both Our extensive range of
existing and prospective customers Specialty Black grades,
Introduction of innovative carbon black varieties
crafted through innovative
tailored for specialty and rubber applications, Vigilant monitoring of product stewardship
and resource-efficient
broadening PCBL’s product spectrum and adherence to regulatory standards
processes, enables us to
concerning carbon black and CBFS
Refinement of carbon black properties to meet the evolving needs of
unveil latent capabilities and meet the exacting Pioneering the development of new our global customers.
standards of diverse customers and applications methodologies for testing, characterising,
analysing, and pelletising carbon blacks, Lohit Shringi
Exploration and development of new vendors
for Carbon Black Feedstock (CBFS), prioritising
CBFS, plastics, rubber compounds, inks, Chief- Specialty Blacks
coatings, and related materials
improved yield, productivity, environmental
compliance, and supply chain resilience
90 91
Digitalisation We have embarked on a smart automation journey Fortifying Our Digital Landscape with IT Excellence
At PCBL, we are committed to enhancing with our new manufacturing unit (subsidiary) In alignment with our strategic vision for digital transformation, Information Technology serves as
our digital visibility to foster transparency in at PCBL (TN), with plans to implement these the backbone of our business evolution and the guardian of our digital assets. By cultivating strategic
production, improve efficiency, increase yield, and technologies in our other four plants as well. The partnerships with top-tier IT platforms and service providers, we relentlessly pursue cutting-edge
boost productivity. This approach provides agility equipment in these smart factories generates technological advancements. This ensures that our IT-enabled business processes remain secure,
and facilitates faster decision-making across our valuable data used in analytics and dashboards for confidential, and consistently available, keeping us ahead in the digital landscape.
operations. various stakeholders. This helps reduce errors, lower
manpower costs, improve safety, and enhance
Our factories are driven by data-driven insights
productivity. Cybersecurity Measures Disaster Recovery Preparedness
and smart analytics, utilising high-end software
solutions to enable informed decision-making. Our goal for smart factories is to establish an Amid the rising tide of global cybersecurity threats, Aligned with our Business Continuity Risk
By leveraging data for digital maintenance, we ecosystem that enables data analytics, predictive we have fortified our critical IT infrastructure with Assessment, we have instituted a remote
enhance the visibility of operations and equipment maintenance, downtime reduction, and asset robust security measures. This includes deploying Disaster Recovery (DR) Datacentre dedicated to
reliability while reducing manual tasks. health monitoring. All this further contributes to Unified Threat Protection Firewalls (UTM) at key safeguarding our critical ERP production data
operational excellence and sustainable growth. Cloud Datacentres and central Internet Gateways, and Active Directory setup. This robust DR setup
bolstered by Managed Security Services through features continuous real-time data replication,
our trusted partners. Furthermore, we regularly centralised synchronisation monitoring, and
Foundation of Our Digital Initiatives
conduct Security Assessments and Social regular mock drills to validate our Recovery Point
Engineering drills, partnering with renowned Objective (RPO) and Recovery Time Objective
experts to strengthen our core IT systems (RTO). These measures ensure that we are well-
Digital Digital Smart Digitised Smart Digital Quality against potential threats. Our employees receive prepared to mitigate risks and maintain business
Visibility Maintenance Automation Execution Analytics Management ongoing updates on best practices and protocols continuity in the event of a major disaster
through multiple communication channels, impacting our primary Datacentre or ERP servers.
ensuring vigilance and preparedness across the

organisation.
Digital Infrastructure
We have established a disaster recovery data centre 100 % of Our Operations were
to protect critical data in case of emergencies. Assessed on Information Security
Data Security
Additionally, we have implemented automated tool- through Internal Audits
We are committed to adopting and
based backup processes for all critical cloud servers,
deploying best-in-class software and
which are regularly scheduled and monitored. This There were no cases of information security
advanced threat protection measures for all
setup enables us to safeguard important data and incidents reported during FY 2023-24
end-users within the Company.
ensure business continuity. There were no cases of breach of customer
privacy reported during FY 2023-24
Steps towards Digital

Transformation
People Process
We have implemented digital
Industry 4.0
platforms to enhance the
The implementation of smart factory solutions and smart automation
overall employee experience
in our new manufacturing unit (subsidiary) at PCBL (TN), allows for
and streamline processes,
smart manufacturing and the creation of intelligent factory solution
making them more efficient
which geared towards enhancing productivity, efficiency, Advance
and paperless. This initiative
process control and optimization for manufacturing process , reducing
aligns with our commitment
cycle time with automated storage and retrieval system for warehouse
to sustainability by reducing
and introducing LIMS system for automated quality processes ,
paper usage and promoting
reducing downtime, enhancing equipment efficiency, providing
eco-friendly practices.
transparency while enabling more intelligent decision-making. With
continuous access to useful data and comprehensive reporting,
management can rely on objective reasoning to make the best
possible decision in every situation.
92 93
Investing on Technological Advancement Capital Trade-Offs

Our strategic investments in Cloud and Digital platforms have reaped significant benefits, elevating Financial Capital Interlinked with Other Capitals
governance, enhancing organisational efficiency, and boosting business performance. Key highlights include:
Capitals Trade-Offs
Migration to SAP S/4 We’ve upgraded to the latest version, seamlessly integrated with SAP
We are committed to developing fresh and innovative
HANA ERP on AWS SuccessFactors HCM Platform. This transition makes our Digital Core future-
solutions for our customers. This not only enhances our
Cloud ready, with numerous built-in functional and security enhancements.
Financial Capital ability to connect with a broader range of target audiences
but also contributes to our profitability and the well-being of
marginalised communities.
By implementing Azure Active Directory, Intune, Microsoft 365, and OneDrive,
Deployment of Azure
we’ve streamlined governance, fortified cybersecurity management, and
Solutions The development of innovative products and solutions,
ensured robust business data security.
including digitalisation, has a significant impact on the
arrangement and design of our facilities. Our goal is to create
a more customer-centric experience through these changes,
Advanced Threat We’ve integrated Microsoft’s Advanced Threat Management Platform (ATP) for ensuring that our services align with the evolving needs and
Management comprehensive threat management across all end-user devices. preferences of our customers.
We firmly believe that integrating sustainability into our

operations as a fundamental practice will yield long-term
Real-Time Backup Adoption of tool-based automated real-time backup solutions safeguards end- environmental benefits. This commitment not only aligns
Natural Capital

Solutions user data against ransomware attacks. with our core values but also demonstrates our dedication
to responsible business practices and environmental
stewardship to our stakeholders.
We’ve implemented an AD-integrated, reputable ITSM tool for efficient

ITSM Integration ticketing, incident management, change requests, workflow, asset As innovation is an ongoing process, it continuously
management, and MIS dashboard functionalities. influences the regular job responsibilities of our employees.
Human Capital This necessitates ongoing training to ensure their
adaptability to the required changes and keep them abreast
of the latest developments in their roles.
These advancements underscore our commitment to leveraging cutting-edge technology to drive

As we strive towards offering a more inclusive and
organisational excellence and resilience.
responsible range of solutions, we anticipate that our efforts
Social and Relationship will be recognised by our key stakeholders. This will not
We are ISMS: ISO27001: 2022 Certified Capital only foster trust in our organisation but also strengthen our
relationships with stakeholders over an extended period of
time.
PCBL has attained ISO 27001:2022 Certification for

Information Security Management Systems across all its
manufacturing plants and head office, certified by an
esteemed international audit organisation. As one of the
early adopters of this latest ISO standard, we have embraced
a comprehensive framework that integrates information
security, cybersecurity, and privacy protection. This
achievement marks a significant milestone in our steadfast
commitment to navigating and meeting the evolving
challenges of the digital landscape.
94 95
ESG Strategies ESG Strategy

To uphold sustainability across our operations, we integrate ESG practices into every facet of our business.
With a commitment to responsible growth, we focus on energy and waste management, reduction of
emissions, including GHG, water conservation, employee diversity, social impact, innovation, and strong
EMBEDDING SUSTAINABILITY governance. Our approach emphasises ethical and environmentally conscious operations, aiming to create
shared value while adhering to high moral standards in all interactions. Through targeted initiatives, we
Principles for Success actively reduce our carbon footprint, promote waste recycling, and optimise resource allocation. We are also
adopting renewable energy, implementing innovative waste management practices, promoting rainwater
harvesting, and creating green spaces in our operational areas.
Central to our vision is fortifying the foundational pillars of the Company to ensure sustainable value creation
This era is marked by mounting concerns regarding climate for the long term. By embedding sustainability into our operations through robust policies and governance
structures, we integrate it seamlessly into our strategic framework, yielding positive outcomes for our
change, escalating inequality, poverty, hunger, pandemics, stakeholders. Below are key highlights of our ESG strategy:
geopolitical tensions, and numerous other challenges. We
recognise the critical importance of enabling transformative
shifts in societal behaviour. For the well-being of future
generations, it is incumbent upon us to promote community- Environmental Social Governance
driven changes, advocate for the circularity of resources, Commitment to Risk-based training programmes 64% of the Board of
gender parity, ethical practices, and safeguard human rights. environmental sustainability to improve employee health and Directors are independent
across business operations safety
To ensure the Board is

to ensure recycling and
Proactively working towards the diverse in terms of skills
responsible usage
development of underprivileged and expertise in the fields
Our Journey
ZLD compliant plants communities with a focus on of global business, strategy
PCBL, environmentally conscious since the beginning, made history as the world’s first Carbon Black education, health and sanitation, and planning, leadership,
Recycling wastewater for
company to be awarded carbon credits under the Kyoto Protocol of UNFCC in 2004. With sustained environmental sustainability, legal and regulatory
utilisation in the process
dedication to environmental awareness, PCBL initiated a comprehensive carbon footprint assessment and holistic community matters, finance, risk
across all its facilities and offices in FY 2020-21. Through inputs from our stakeholders, we have identified Focussing on Green factory development management, and
and prioritised the key material topics for the Company and classified them under the three pillars of and office buildings and relevant technologies
Adherence to international
Environmental, Social, and Governance. reducing consumption of
standards such as European Continued focus on
freshwater
REACH designing and improving
Environmental Initiatives include maximising the flow of activities
Equal opportunity employment,
GHG Emissions and Energy Management heat recovery by different to ensure economic
small vendor development,
inline heat exchangers prosperity and long-
and rewards and recognition
Solid Waste Management (APH, WHB & OPH) and term value creation for
programmes in place
other measures on energy all stakeholders in the
Water Management
efficiency, emissions Certification of ISO 45001:2018 foreseeable future
reduction, rainwater standard on Occupational
To ensure anti-bribery,
harvesting, and plantation, Health and Safety Management
quality, sustainability,
among others Systems
Social risk management, and
Green power generation Rolling out an occupational Whistle-Blower Policy,
Health and Safety health and safety management vigil mechanisms, and
Adherence to international
programme across our plants, prevention of sexual
Human Rights, Employee Well-Being standards such as CDP
identification of work-related harassment and
and Community Engagement disclosure, UNFCCC
hazards through HIRA, HAZOP, prohibition of insider
Certification of ISO 14001:2015 JSA techniques, and initiating trading policies are in
standard on Environment action place
Governance Management Systems
Community engagement to
Product Stewardship combat the pandemic through
monetary assistance and
Leadership and Governance
awareness campaigns
96 97
Sustainability Policy R&D and Innovation Digital Transformation

We have two state-of-the-art R&D facilities: the Accelerating adoption of machine learning and
Sushila Goenka Research and Development AI
Centre located in Palej, Gujarat, and the Sushila
Implemented Industry 4.0 standards at new
Ethics, Life Cycle Goenka Innovation Centre in Ghislenghien,
Responsiveness manufacturing plant (subsidiary), PCBL (TN)
Transparency, Sustainability Employee Belgium. These centres boast a combined team
towards (WOS)
and of Goods and Well-Being of 45 dedicated scientists, diligently working
Stakeholders towards advancing innovation and driving Strengthening capabilities across IT security,
Accountability Services
progress in their respective fields and data confidentiality, integrity, and
governance
We are ISMS: ISO27001: 2022 certified
Public and
Human Environmental Regulatory Environmental, Social, and Governance Capability Building
Rights Stewardship Policy
ESG priorities are well integrated within our risk Focus on leadership development, build a talent
management strategies pipeline and succession planning, and nurture
functional leaders into business leaders
Implementing ESG efforts, standards, and
targets for continual improvement Enhance know-how on product and process
Inclusive
technology
Growth and Customer
PCBL’s remarkable Equitable Services Amplify diversity and inclusion
sustainability journey Development
is a true reflection of

how deeply our core
Customer Centricity
value of Sustainability
is embedded in our Building robust customer relationships, and revenue visibility Reach out to us
work culture. Learning and Focussing on quality, timely delivery of products and efficient Feedback from our stakeholders
Development aftersales services helps us improve our
Soumyendra M. Lahiri performance. Please email or call
Driving strategic relationships with esteemed customers
Head- ME, EHS & us for any issues regarding PCBL’s
marked by the manufacturing of customised products on one
Sustainability sustainability aspects and reports.
hand and joint product development on the other
Dr. Kinsuk Mukherjee
Collaborating with customers and vendors to explore
the evolving needs of next-generation CB products, Email ID:
manufacturing processes for improved yields, end-use pcbl.sustainability@rpsg.in
applications, and enhanced performance Phone: +91-33-248 70524
Growing the specialty portfolio, including inks coatings,
ESG Initiatives towards Strategic Priorities plastics masterbatch segments and customised/modified
We deliver industry-leading products and solutions tailored to meet the diverse needs of downstream ASTM rubber grades, considering future demand
industries globally. Through a comprehensive assessment of the entire product life cycle, we continuously
innovate to develop sustainable solutions that make a tangible difference in our daily lives. This concerted
effort enables us to enhance our positive influence on both society and the environment, all while fostering
profitable growth.
Business Leadership
Embarked on two expansion projects – a Greenfield Project in Chennai and
a Brownfield Project at Mundra, Gujarat
Greenfield plant of wholly owned subsidiary, PCBL (TN) Limited in Chennai

added 1,47,000 MTPA of Carbon Black capacity and 24 MW of green power
Our ongoing Brownfield Project at Mundra, Gujarat, added a capacity of

20,000 MTPA during FY 2023-24 and will add an additional capacity of
20,000 MTPA upon its completion
98 99
Natural Capital
ENSURING LONG-TERM 8,72,663 GJ 122 MW

Environmental Sustainability Green Energy Utilisation Green Power Generating Capacity
(including PCBL (TN) Limited)
Material Issues
Addressed
At PCBL, sustainability is at the Zero 3,876+
GHG Emissions
and Energy
core of our responsibility. We have Liquid Discharge from Our Plants Saplings Planted during FY 2023-24
Management implemented advanced systems,
Water processes, and controls across our
Management Management Approach
units to meticulously monitor our
Solid Waste The pursuit of operational sustainability requires a meticulous approach to mitigate adverse
Management carbon footprint. Our focus includes environmental impacts.
integrating cutting-edge technologies,

Reducing GHG Emissions ISO 14001:2015 Certified Environmental
implementing effective waste We are dedicated to reducing GHG emissions to
Management
Key Risk Considered management practices, optimising safeguard air quality and minimise environmental Central to our environmental stewardship is our ISO
disturbances. 14001:2015 certified environmental management
resource allocation, and initiating

Economic Risk
system. 100% of our manufacturing sites are ISO
Environmental Risk energy-saving initiatives. These Water Conservation Strategies 14001:2015 certified.
Recognising water as a critical resource, particularly
efforts are aimed at creating value in water-stressed regions, we have implemented
Innovative Energy Utilisation
while significantly reducing our strategies to reduce freshwater intake across our This system optimises energy consumption,
operations. water usage, and waste generation. Innovatively,
environmental impact. we harness waste heat and gases from our CB
Circular Waste Management production process to generate power, reducing
Strategies Impacted Addressing climate change concerns is of paramount importance to
Our waste management strategy prioritises the reliance on fossil fuels.
Business Leadership us, and we are actively pursuing measurable actions towards achieving
principles of reduction, reuse, and recycling,
a low-carbon future. We enforce stringent systems, processes, and Zero Liquid Discharge (ZLD) Compliance
R&D and Innovation fostering a circular economy.
controls across all our manufacturing units to continuously monitor
Additionally, our commitment is reinforced by
ESG and minimise our environmental footprint. Through ongoing
Zero Liquid Discharge (ZLD) compliance across all
initiatives, we strive to enhance the efficiency and sustainability of our
Customer Centricity plants, ensuring wastewater is treated, recycled,
operations, ensuring a positive impact on both our business and the
and reused internally.
environment.
SDGs Impacted
100 101
Compliance with Environmental Regulations Environmental Contingency Planning

Solid Waste Management
We rigorously comply with local, national, To preempt environmental emergencies, we have
and international environmental regulations, developed a robust contingency plan, enabling
demonstrating our commitment to responsible prompt and effective response measures to Goals Target Year Progress in FY 2023-24 and Plan of Action
stewardship. minimise disruptions and enhance resilience
in adverse scenarios. Periodic mock-drills are 15% reduction in FY 2024-25 49% reduction in waste to landfill (ratio of waste sent
conducted across all our manufacturing sites to percentage of waste to landfill to total waste disposed) during FY 2023-24 as
review the effectiveness of our contingency plan to landfill (baseline compared to the baseline year FY 2021-22
and our preparedness to handle any environmental year FY 2021-22)
Monitoring and mapping waste type and quantity to
Our team is committed to emergencies. 100% of our employees have been reduce waste generation at the source
manufacture best-in-class quality trained on environmental issues. Besides training,
Collaborating with third party for proper waste disposal
products in an efficient manner we also conduct environmental risk assessment
within consented environmental covering all our manufacturing sites. Exploring new ways to recycle and reuse waste
norms and continually challenging
ESG targets to maintain the 10% increase in 10% by FY 38% increase in recycled plastic packaging during FY 2023-24
operations sustainable. recycled plastics in 2024-25 as compared to the baseline year FY 2021-22
packaging (baseline
20% by FY
Vijay Joshi year FY 2021-22)
2029-30
Chief – Operations
Product Stewardship
GHG Emissions and Energy Management

Goals Target Year Progress in FY 2023-24 and Plan of Action
Goals Target Year Progress in FY 2023-24 and Plan of Action
20% increase in R&D FY 2024-25 R&D expenditures on green and sustainable products are
10% reduction in FY 2029-30 3% reduction in specific power consumption achieved during spend across green/ same during FY 2023-24 as in the baseline year FY 2021-22
specific power FY 2023-24 as compared to FY 2022-23. Implementing short sustainable products
consumption and long-term measures to improve energy efficiency. For Exploring the opportunity of using renewable resourced
(baseline year FY 2021-
(baseline year FY example, the installation of more efficient heat exchangers in CBFS to implement in carbon black manufacturing process
22)
2020-21) the production process. Patents granted in India for process of oxidation of specialty
carbon black and surface modified carbon black grades that
10% increase in FY 2029-30 Generation of electrical power by using waste gas (tail gas) will improve fuel efficiency and tyre life
renewables in released during the manufacturing process.
off-battery limits
We are currently exploring the feasibility of substituting our
energy consumption Initiate life cycle FY 2024-25 We have initiated the LCA of two of our major products and
current electricity sources with renewable sources, including
(baseline year FY 2021- assessments of our currently we are on track to complete it within FY 2024-25
solar energy.
22) product from FY 2022-
23 and cover 25% of
product portfolio
15% reduction in GHG FY 2029-30 GHG intensity under Scope 1 and Scope 2 in the financial
intensity (baseline year 2023-24 has been increased by 35.9% as compared to the Adhere to the statutory Ongoing Banned products, as per statutory requirements of developed
year FY 2020-21) baseline year of 2020-21 mostly due to increase in production requirements of countries, was not delivered.
of specialty black (having lower yield percentage) to meet developed countries
business requirements. Moreover, to align our targets with on banned products
SBTi, our GHG emissions accounting has been made much with effect from FY
more comprehensive by taking into account eleven categories 2022-23
(earlier only four categories were considered) under
Scope 3 emissions during FY 2023-24 for robust monitoring of Achieve zero percent Ongoing Target achieved for FY 2023-24
our carbon footprint and taking actions to reduce it. of product revenues
No lawsuits due to health concerns arising from the impact of
that are subject to
products
Plant at least 5,000 Ongoing 3,876+ saplings planted during FY 2023-24. lawsuits due to health
saplings concerns, effective
from FY 2022-23
102 103
Materials from Renewable Sources

Water Management
Quantity in Metric Tonnes (MT)
Materials
Goals Target Year Progress in FY 2023-24 and Plan of Action FY 2023-24 FY 2022-23
Molasses 2,468 2,830

20% reduction FY 2029-30 10% reduction in specific water consumption during FY
Sugar 107 246
in specific water 2023-24, from FY 2022-23. However, the specific water
Packaging materials (bulk bags, and plastic pallets) 2,610 2,523
consumption consumption has been increased by 9% from the baseline
(baseline year FY year primarily due to addition of three captive power plants Water 30,96,821 31,87,062
2020-21) of total 22 MW capacity Total 31,02,005 31,92,661
Monitoring water consumption in all operations, capturing
* Note: All above figures are rounded to nearest value
opportunities for improvement and taking actions to
reduce water consumption
Recycling of water through ETP and STP

Action on Climate Change
At PCBL, addressing climate change is fundamental to our global customer service strategy. We prioritise
Rainwater harvesting
minimising environmental impact through process optimisation, efficient resource use, and sustainable
practices. Across all our facilities, we actively monitor and reduce our footprint, focussing on operational
efficiency and emission reductions. Initiatives include increasing renewable energy use, stringent water
Sustainable procurement conservation, and responsible waste management, supported by ISO 14001:2015 standards. We collaborate
with partners throughout our value chain to enhance raw material sourcing practices, aiming to reduce
Goals Target Year Progress in FY 2023-24 and Plan of Action material consumption and environmental impact responsibly.
Within the manufacturing sector, our operations require a substantial amount of electricity. We address this
15% increase in recycled FY 2029-30 9.8% of total water consumption was recycled and used energy demand through two distinct avenues, including:

input materials during FY 2023-24
purchase (baseline year
Exploring opportunities to substitute virgin input materials
FY 2021-22)
with recycled input materials
Innovative Energy Solutions Commitment to Mitigating Impacts
As outlined in our management approach, we The Company remains committed to mitigating
harness waste heat and gases, channelling them adverse impacts associated with our business
Material Management to our co-processing unit. This innovative system activities, including CB production, material
As manufacturers in the CB industry, we rely on a variety of raw materials. This includes CBFS and associated generates electricity and alternative fuels, which transportation, and employee commuting or
process materials such as essential lubricants, caustic flakes, potassium acetate, potassium nitrate, and find application within our manufacturing facilities. business travel.
sodium lignosulfonate. These critical components are procured from external suppliers. Simultaneously, we continue to draw electricity
from the grid.
In alignment with our dedication to environmental responsibility, we have taken steps to source some of
our raw materials from renewable bio-based alternatives such as molasses and sugar. By integrating these
sustainable options into our supply chain, we contribute to a greener future while maintaining the quality
and integrity of our products.
Materials from Non-Renewable Sources

Quantity in Metric Tonnes (MT)
Materials
FY 2023-24 FY 2022-23
Caustic flakes 20 18
Potassium acetate 26 18
Potassium carbonate 89 81
Potassium nitrate 133 86
Sodium lignosulfonate 1 0
Ammonium lignosulfonate 232 26
Oil (PFS+SFS) 8,99,488 8,22,082
Packaging materials (bulk bags, polystyrene, and plastic 3,218 2,694
pallets)
Lubricants 32 31
Total 9,03,238 8,25,036

104 105
Green Supply Chain Initiatives Energy Efficiency and Innovation Management Approach
A crucial aspect of our sustainability strategy Our energy management strategy focusses We are dedicated to reducing our GHG intensity by 15% by FY 2029-
revolves around cultivating a green supply chain. To on innovative solutions. For example, we have 2030 compared to FY 2021-22 levels. To achieve this, our energy
this end, we have taken specific measures aimed at installed improved heat exchangers across all management strategy focusses on innovative solutions. Our primary
achieving environmental stewardship and long- the manufacturing sites to enhance energy energy management approach focusses on reducing consumption of
term viability. efficiency and reduce fuel consumption and fuel through optimal resource utilisation, while our secondary strategy
thereby reducing GHG emissions per tonne of CB involves capturing waste heat and reintegrating it into the process.
Supplier Engagement and Emissions produced. By capturing and recirculating heat generated in our manufacturing
Reduction
process, we significantly reduce the need for additional input energy.
Co-Generation Power Plant
Encourage our suppliers to identify and reduce
Moreover, we prioritise sourcing electricity from our own co-
their Scope 1 & 2 emissions Our co-generation power plant utilises tail gas and
generating green power plants and closely monitor and manage
waste heat recovery from production processes,
Strive towards continuous improvement and our GHG emissions. We aim to enhance energy efficiency,
supplementing our energy needs while minimising
process efficiencies reduce emissions, and utilise waste gases generated during the
fossil fuel combustion.
manufacturing process for power generation. Electricity thus
Reduce hazardous and toxic materials
impacting the environment Surplus Electricity and Local Grid generated is sold to the local grid after meeting our own power
Contribution requirements. By doing so, we offset the GHG emissions that would
Support handling toxic waste as per regulatory have been caused by using fossil fuels to produce the same amount of
compliances Any surplus electricity beyond our operational
electricity.
needs is supplied to the local grid, serving as a
GHG Reduction Goals primary catalyst for our energy conservation efforts Generation of electricity in our co-generation power plants reduces
We are dedicated to reducing our GHG intensity and environmental advantages. our reliance on conventional energy sources and facilitates the 3,99,795 MWH
by 15% by 2030 compared to 2021 levels. To achieve transition towards renewables where feasible. Furthermore, we extend
this, we prioritise sourcing electricity from green
Supplier Support support to our suppliers, encouraging their transition to renewables of Electricity Sold to the
and enhancing energy efficiency, aligning with our overarching Local Grid

power plants and closely monitor and manage our Furthermore, we extend support to our suppliers,
GHG emissions. encouraging their transition to renewables and sustainable policy.
enhancing energy efficiency, aligning with our
overarching sustainable policy. Energy Consumption within PCBL
Fuel Type Unit FY 2023-24 FY 2022-23 FY 2021-22
High-speed diesel GJ 428 2,237 806
Electricity (self-generated
GJ 8,72,663 8,30,872 8,00,549
green power)
Electricity (Import) GJ 8,769 7,085 14,226
Breakdown of Energy Management during the Reporting Period
Parameter Unit FY 2023-24 FY 2022-23 FY 2021-22
Electricity generatedl GJ 23,11,924 21,48,223 19,57,437
Green electricity
GJ 8,72,663 8,30,872 8,00,549
consumption
Imported electricity
GJ 8,769 7,085 14,226
consumption
Electricity exported GJ 14,39,262 13,17,350 11,56,889
106 107
Initiative to Optimise Energy Intensity Case Study: From Waste to Energy

Our Energy Usage Our energy intensity covers both non-renewable
To enhance energy efficiency across our and renewable energy sources within the
operations, several strategic initiatives have been Company. This includes all plants and offices in Carbon black manufacturing at PCBL is inherently power-
implemented: India. Electricity and diesel fuel oil are considered intensive. While most of our electricity requirements are met
for energy intensity. through self-generated power in co-generational plants utilising
Interconnection Provision for Process Air waste gas heat, reducing specific power consumption (power per
Blowing System unit of production) remains a top priority. This allows us to increase
Energy Intensity (in GJ/MT)
Linking high pressure and low-pressure header green power exports to the grid and offset associated greenhouse
lines optimises blower running hours, conserving gas (GHG) emissions.
energy effectively.
During FY 2023-24, focussed improvement projects were initiated 2.5 Million kWh
1.82
1.88
1.78
Stopping Cooling Tower Fan at Lower across all manufacturing sites by Cross Functional Teams (CFT)
using DMAIC methodology.
Power Saved
Atmospheric Temperatures
Adjusting cooling tower fan operations based on These initiatives aimed to:
specified atmospheric temperature parameters
minimises power consumption during colder
Educate and sensitise workers on energy conservation ~` 1 Crore
practices
months. Financial Savings Achieved
Optimise the usage of power-intensive compressors and
Third-Party Energy Audits FY 2023-24 FY 2022-23 FY 2021-22 process air blowers
Conducting third-party audits across
manufacturing sites identifies opportunities
Identify and eliminate idle running of equipment to minimise
energy wastage
1,790 tCO e 2
for energy conservation and operational

Prevent energy leakages, including compressed air and steam, GHG Emissions
improvements.
from the system Offset Achieved
Equipment Efficiency Upgrades
The successful implementation of these initiatives at one
Replacing lower efficiency equipment with higher manufacturing site has facilitated their horizontal deployment
efficiency alternatives reduces overall energy across all PCBL facilities, underscoring our commitment to
consumption. sustainable energy practices and operational excellence.
Heat Exchanger Refurbishment

Enhancing existing heat exchangers improves
efficiency and reduces energy waste.
Emissions
Energy Leakage Campaigns
At PCBL, we remain
Organising comprehensive campaigns across all acutely aware of the
sites to detect and rectify energy leakages such as repercussions of non-
steam, process air, and heat loss. compliance with
established emission
norms. We have
` 52 Crores meticulously designed
policies and measures
Spent as CAPEX on Energy Conservation
in alignment with the
Initiatives in FY 2023-24
regulations set forth by
both Central and State
Heat exchangers have been deployed within our Governments. These
production chain to minimise the necessity for guidelines serve as our
burning fossil fuels. By efficiently capturing and compass, guiding us
transferring heat between process components, towards maintaining a
these heat exchangers contribute to the pristine environment.
overall energy efficiency of the system, thereby
diminishing reliance on fossil fuels.
108 109
Management Approach Steps towards Renewable Energy Projects Total Emissions in FY 2023-24 (in %)
Our Climate Change Policy guides us to take a We have committed substantial investments
Scope 1 Scope 2 Scope 3
leadership role in mitigating our environmental to upgrade our processes and technologies.
footprint. This framework empowers us to Our research & development team focusses on
adopt eco-friendly technologies, decarbonise innovating low-carbon production methods, 42.1 0.1 57.8
operations, and enhance stakeholder value. We including substituting conventional feedstock
have formed a dedicated management team to with bio-based alternatives. These initiatives aim to
oversee GHG reduction efforts, identifying areas reduce our environmental impact while improving
for improvement and implementing strategies our business profitability. Additionally, we are
across processes and transportation. Department exploring the installation of solar panels to power
heads and leaders at each plant execute these auxiliary activities such as offices and streetlights,
strategies, with unit heads formulating action plans further advancing our sustainability efforts.
and assigning responsibilities. We aim to achieve
our emission reduction targets with the collective
support and cooperation of all PCBL staff. Emissions from Our Operations
In our pursuit of sustainability, we have continued Scope 1 emissions are from our direct fuel
using raw materials with minimal sulphur consumption sources such as combustion of
Emissions (in tCO2e) FY 2023-24 FY 2022-23 FY 2021-22
content. This strategic move contributes to the fuel gas (tail gas) for generation of power, diesel
reduction of SOx emissions. Additionally, we have generators located at all manufacturing plants
and offices in India, LPG used in canteens, light Scope 1 9,34,494.5 7,09,970 6,35,210
installed highly efficient filter bags — specifically,
membrane-coated polytetrafluoroethylene (PTFE) diesel oil (LDO) used for igniting the reactor for
bags for effective filtration of carbon black from operations, refrigerants (R22, R32, and R410, among Scope 2 1732 1,688 3,502
gas — at our by-product collection areas. These others) for AC, CO2 based fire extinguisher, and fuel

advanced filters effectively capture even fine dust consumed by our owned vehicles.
Scope 3 12,82,095 1,56,887 1,62,851
particles, significantly enhancing the overall plant Most of our electricity needs, crucial for our daily
environment. Regular bag replacements ensure functions, are fulfilled by our eco-friendly co-
prolonged filter life. generating power plants. Yet, in circumstances
FY 2023-24 FY 2022-23 FY 2021-22
like the temporary shutdown/breakdown of these Scope 1 + Scope 2 Emissions
The following team members form our dedicated
plants, we resort to sourcing some power from the Intensity (tCO2e/MT)
GHG management team: 1.93 1.59 1.40
grid to sustain our operations. This strategy enables
us to mitigate our environmental footprint by
minimising Scope 2 emissions.
Dr. Kinsuk Mukherjee
(Head - ME & Sustainability) Scope 3 emissions are from our upstream and
downstream operations, i.e. purchase of goods
Mr. Nitesh Kumar Jha and services, transportation of CBFS and other
(Chief Manager-Procurement) raw materials required for manufacturing and
Mr. Poltu Ghoshal transporting finished CB product via road transport
(Senior Manager - Planning and seaways, business travel, processing of sold
& Customer Service) products, and end of life treatment, among
others. In FY 2023-24, we have considered eleven
Mr. Amit Kumar Maji
categories under Scope 3 emissions (excluding
(Unit Head- Palej)
four categories which are not applicable to us) for
Mr. Amit Verma the first time, to ensure we account our carbon
(Unit Head- Mundra) footprint comprehensively.
Mr. Kevin Simon Chittilappily

(Unit Head- Kochi)
Mr. Sanjib Kumar Chowdhury

(Unit Head- Durgapur)
110 111
Other Significant Emissions Case Study: Optimised Delivery of Carbon Black

UOM FY 2023-24 FY 2022-23 FY 2021-22
As a responsible corporation, we
have developed a strategy that NOx mg/Nm3 18 21 16
emphasises our dedication to
PCBL embarked on an ambitious initiative to
reducing emissions of harmful SOx mg/Nm 3
96 78 77
optimise the delivery of carbon black to its
gases beyond greenhouse
domestic customers across India, leveraging
gases. This commitment drives PM mg/Nm3 39 33.7 37
resources efficiently from its manufacturing plants.
improvements in our processes
The initiative focussed on aligning available grades,
and operations, including
quantities, and quality with specific customer
upgrades to equipment
requirements while minimising the distance of
and machinery. Continuous 2,86,253 tCO e 2 downstream transportation from PCBL plants and Distance per MT Reduced to
Emission Monitoring System
(CEMS) is installed at three of Offset in FY 2023-24 Due to Our Co-Generation
Power Plants by Exporting Net 3,99,795 MWH
warehouses.
66.6 km in FY 2023-24 from
our plants and Captive Power
Plant (CPP) of Durgapur. Our of Electricity Key Actions 72.5 km in FY 2022-23 (an
monitoring systems, with robust Carbon black dispatched to domestic customers 8.1% reduction)
checks and balances, promptly from all four PCBL plant locations via road
detect emergencies or leaks, 242 tCO e 2 transport
enabling proactive responses
to minimise environmental
GHG Emissions Reduced by Opting for Delivery of some A Cross Functional Team (CFT) meticulously 1,626 tCO e 2
of Our Products to Domestic Customers through Coastal monitored grades, quantities, and quality
impact. Authorised third-party Reduction in GHG Emissions
Movement (via Ships) in Place of Road Transportation parameters to match customer needs
agencies are engaged across
all our manufacturing sites to Executed the plan to reduce transportation

monitor our stack emissions distances (km travelled per metric tonne of
periodically. We adhere strictly UOM FY 2023-24 FY 2022-23 product delivered) to cut fuel consumption, ` 62.7 Lakhs
to regulatory guidelines to greenhouse gas emissions, and transportation
ensure compliance at all times. NOx MT 195.3 210.4 costs Reduction In
Transportation Costs
SOx MT 931.6 781.5
PM MT 401.8 337.7
Notes: Water Management

1. Our emissions are well within the permissible limits set by our regulatory bodies. For PCBL, water is a fundamental resource utilised
2. All above figures are averaged values of stack emissions monitored by third-parties.
across various operations. We fulfil our water
requirements through multiple sources, including
surface or groundwater and, when necessary,
Using Technology to Drive Emissions Control Excellence third-party suppliers such as municipal water
Implemented a novel reactor design at our manufacturing facilities systems. Across all our manufacturing facilities in
to enhance conversion and reduce GHG emissions per tonne of CB India, we adhere to ZLD compliance. Furthermore,
manufactured, along with quality consistency we have implemented various initiatives aimed at
reducing, reusing, and recycling water to reinforce
Deployed an innovative oil preheater design aimed at optimising
our commitment to water conservation. Our
waste heat recovery, thereby enhancing energy efficiency within
wastewater is repurposed within our processes,
our operations
and each of our plants is equipped with efficient
Incorporated an air preheater (APH) management programme effluent treatment plant (ETP) facilities. Our
aimed at enhancing heat recovery efficiency, resulting in improved manufacturing sites at Mundra and Palej also
energy efficiency across our plants. have Sewage Treatment Plants (STP). We have
also installed rainwater harvesting systems at
Increasing procurement from nearby suppliers to reduce
our manufacturing plants. The water collected
transportation cost and emissions from upstream transportation
is reused for horticulture purposes and for
Proper planning for distribution of product to customers from replenishing the groundwater through injection-
nearby plants of PCBL to reduce distance of transportation per well technology. These efforts underscore our
MT of product and thereby reducing emissions from downstream dedication to sustainable water management
transportation development of local suppliers practices.
112 113
Management Approach
Recognising the vital role of water in our
operations, we have committed to reducing
specific water consumption by 20% by FY 2029-30,
457 KLPD
compared to the baseline year of FY 2020-21. This of Water Recycled and Reused in
pledge is particularly crucial for our Mundra and Durgapur
Palej manufacturing units in Gujarat, situated in
water-stressed areas.
To achieve this goal, we are prioritising zero 123 KLPD

water discharge by implementing various
measures. These include closely monitoring water of Water Recycled and Reused in
consumption across our operational processes, Kochi
identifying opportunities for water recycling to
minimise freshwater usage, and replenishing
groundwater by harnessing harvested rainwater for
horticultural purposes.
103 KLPD
of Water Recycled and Reused in
Our commitment to water sustainability is
Mundra
evidenced by our continued adherence to ZLD
practices. Additionally, we have successfully
integrated recycled water into our scrubber and Source: https://www.wri.org/applications/aqueduct/water-risk-atlas
mixture operations, resulting in the elimination of 148 KLPD

water discharge from our factories. These initiatives Total Water Withdrawal by All Plants Located in Water-Stressed Areas (in KL)
of Water Recycled and Reused in

underscore our dedication to responsible water
management and environmental stewardship. Palej
Water Source FY 2023-24 FY 2022-23 FY 2021-22
Ground Water 10,51,345 8,24,856 6,44,361

Total Water Withdrawal by All Manufacturing Plants (in KL)
Surface Water 0 3,93,910 3,61,717
Water Source FY 2023-24 FY 2022-23 FY 2021-22
Third Party 2,27,533 21,792 0

Ground Water 11,38,674 9,12,712 7,49,357
Surface Water 4,19,645 8,01,290 3,61,717

Total Withdrawal from Water-Stressed Areas (in KL)
Third Party 15,65,715 15,07,848 18,12,156

FY 2023-24 FY 2022-23 FY 2021-22
12,78,878 12,40,558 10,06,078

Based on water-stress mapping performed by us with reference to official website of World
Resources Institute (WRI), our Mundra and Palej manufacturing sites, both located in Gujarat, fall
under water-stressed areas.
Water Withdrawal from Water-Stressed Areas (in KL) FY 2023-24
Mundra Palej
Surface Water 0 0
Ground Water 5,15,999 5,35,346
Third Party 2,27,533 0
114 115
Total Water Consumption by Our Manufacturing Plants Located In Case Study: Enhancing Sustainability through Water Conservation
Water-Stressed Areas FY 2023-24 (in KL)
Mundra Palej Water serves as a crucial yet finite resource in PCBL’s carbon
black manufacturing processes, supporting activities such as
7,13,577 5,35,346 quenching, steam generation, pelletising, and horticulture.
Acknowledging our responsibility to minimise environmental
impact, PCBL embarked on focussed improvement projects
Total Water Consumption vs. Withdrawal (in KL) during FY 2023-24 across all manufacturing sites. Led by Cross
Functional Teams (CFT) using DMAIC methodology, these
initiatives aimed to:
FY 2023-24 FY 2022-23 FY 2021-22
Educate and sensitise workers on effective water
conservation practices
68,700 KL
Total Water Withdrawn 31,24,034 32,21,850 29,23,230
Reduce raw water consumption and maximise recycling of Water Savings
Total Water Consumed 30,96,821 31,87,062 29,20,321 wastewater within the manufacturing processes
Capture and condense vented steam to recycle back into

the process and thereby optimising operational efficiency
Prevent water leakages to eliminate waste. The successful ~` 2 Lakhs

implementation of these initiatives at one manufacturing
20,854 KL 831 KLPD site has facilitated seamless adoption across all PCBL
facilities, reinforcing our commitment to sustainable
Financial Savings
Rainwater Harvested in FY 2023-24 Recycled Water Used in FY 2023-24 manufacturing practices

(20,079 KL of Rainwater Harvested in FY 2022-23) (847 KLPD Recycled Water Used in FY 2022-23)
This case study underscores PCBL’s proactive approach to
sustainability, showcasing how strategic water conservation
measures not only enhance environmental stewardship but
also drive operational efficiencies and cost savings across the
organisation.
Waste
As a manufacturer of Carbon Black, waste
generation is an inherent aspect of our operations.
However, as a Company deeply committed to
sustainable development, we are persistent in our
efforts to minimise waste generation at source and
undertake responsible disposal practices always.
What we strive for:
Reduce the quantity of waste we generate at

the source by adopting adequate measures
Ensure appropriate disposal mechanisms of the

waste generated, in line with regulatory bodies
Explore possibilities to recycle and reuse

generated waste
116 117
Management Approach The activities that lead to waste generation include:

Waste Generation Data (in MT)
We actively seek out the most effective techniques Raw Material Processing
FY 2023-24 FY 2022-23 FY 2021-22
and real-world practices both within and outside
Manufacturing Process
our operations and assets to manage waste Plastic waste (A) 268.22 144.55 65
and minimise our impact on ecosystems. To Equipment Maintenance
E-waste (B) 2.47 1.83 4
address this commitment, numerous focussed Water Treatment
Bio-medical waste (C) 0.0068 0.02 0
improvement projects (FIPs) have been initiated
across all our manufacturing units. These projects Packaging and Loading of Products Construction and demolition waste (D) 0 0 0
involve cross-functional teams utilising the Administration Activities Battery waste (E) 4.5 2.93 3
DMAIC methodology to achieve a 15% reduction in
Canteen Operations Radioactive waste (F) 0 0 0
percentage of waste sent to landfill by FY 2024-25,
compared to the baseline year of FY 2021-22. Occupational Health Centres Other hazardous waste. Please specify, if any. (G) 1,832.15 1,883.08 726
Other non-hazardous waste generated (H). Please specify, 2,342.11 1,961.68 48
In our efforts to manage waste effectively, we Initiatives undertaken for effective waste
if any. (Break-up by composition i.e. by materials relevant
categorise it into hazardous and non-hazardous management:
to the sector)
types, further classifying each by its specific
Categorisation of our generated waste into
characteristics (e.g., plastic, insulation, ETP sludge, Total (A+B + C + D + E + F + G+ H) 4,449.45 3,994.07 846
hazardous and non-hazardous categories, which
WTP sludge, e-waste, used batteries, and used oil,
also optimises the process of waste handling, Note: Since FY 2022-23, we have also started monitoring and reporting the waste/scrap sold to third parties for their use.
among others). This systematic approach ensures
storage, and disposal
accurate mapping and accounting of all waste
generated throughout our various operations. Additional sorting according to waste type to
ensure accurate mapping and accounting of Waste Disposal Data
During FY 2023-24, we meticulously monitored the
waste produced
types of waste generated, including ETP sludge, Hazardous Waste Diverted from Disposal
cotton, rubber gloves, and bags (plastic and paper).

Action plan for waste management system;
This data allowed us to establish a baseline for standard operating procedure is followed Indicator Unit FY 2023-24 FY 2022-23 FY 2021-22
waste generation. As part of our action plan, all for handling of waste and disposal which is
operational sites have been tasked with identifying overseen by our cross functional teams at each Preparation for reuse MT 0.0 0 0
and implementing waste management plans site
focussed on waste reduction, reuse, and recycling.
Waste disposal methods for each type of waste Recycling (through third parties) MT 130.3 81 105.7
Furthermore, we have defined proper disposal as per the statutory guideline, ensuring no
methods for each type of waste in accordance transboundary movement of our waste
Other recovery operations MT 0.0 0 0
with the guidelines set forth by pollution control
Collaborating with third-party vendors to ensure
boards (PCBs) and other relevant government
effective recycling and reuse of our waste Total weight of hazardous waste
regulatory bodies. These measures ensure that our MT 130.3 81 105.7
waste management practices adhere to stringent Legally binding contractual agreements with diverted from disposal
environmental standards while promoting authorised TSDF (treatment, storage, and
sustainability and responsible stewardship. disposal facilities) vendors for the effective
recycling, reuse, and disposal of our waste Non-Hazardous Waste Diverted from Disposal
Indicator Unit FY 2023-24 FY 2022-23 FY 2021-22
Preparation for reuse MT 0.0 0 0

Key Achievements
PCBL Durgapur has been certified with Platinum rate diversion category under ZERO Waste-to-Landfill Recycling (through third parties) MT 2587.1 2046 47.73
(ZWL) assessment done by a third party
Employee training sessions are conducted across manufacturing units to enhance awareness on waste Other recovery operations MT 0 0
management, supported by detailed standard operating procedures (SOPs) guiding the process. 100% of
our employees across all our manufacturing sites have been trained on waste management procedures Total weight of hazardous waste
MT 2587.1 2046 47.73
The Company actively seeks opportunities to convert waste into resources, including the generation of diverted from disposal
electricity from waste gases emitted during carbon black production
Invested ` 15.97 Lakhs on various initiatives for waste handling
118 119
Hazardous Waste Directed to Disposal Waste Diverted to Disposal (MT)
Indicator Unit FY 2023-24 FY 2022-23 FY 2021-22

FY 2023-24 FY 2022-23 FY 2021-22
Incineration (with energy

MT 0.0 0 0 Incineration 17.62 0 8.5
recovery)
Incineration (without energy Landfill 1714.49 1742.31 501.1

MT 17.6 0 8.5
recovery)
Recycling through third-parties 2717.35 2127.86 153.43
Landfilling MT 1714.5 1710 499.4
Other disposal operations MT 0.0 0 0

Case Study: Engagement with Customers for Reuse of Plastic Pallets
Total weight of hazardous waste
MT 1732.1 1710 507.9
directed to disposal
In the operations hub of PCBL Durgapur, where

bulk bags of carbon black, along with plastic pallets,
Non-Hazardous Waste Directed to Disposal are dispatched regularly to major customers, our
commitment to environmental stewardship has driven
Indicator Unit FY 2023-24 FY 2022-23 FY 2021-22 a proactive initiative. Recognising the significant impact
Incineration (with energy

of plastic pallets within our supply chain, our Cross 91.2 MT
Functional Team (CFT) initiated a strategic effort of

MT 0.0 0 0
recovery) reclaiming these plastics pallets from customers and Plastic Consumption
reusing them. Reduced Annually
Incineration (without energy
MT 0.0 0 0
recovery) By reusing 90% of the reclaimed pallets for dispatch to
the same customer and dedicating 10% for in-house
Landfilling MT 0.0 32 1.67 storage replacing the wooden pallets, substantial
outcomes were achieved. This initiative reduced our
317.2 tCO e 2
plastic consumption by 91.2 MT per annum and thereby
Other disposal operations MT 0.0 0 0 Emissions Avoided
reducing Waste-to-Landfill and environmental impact.
Additionally, it avoided the emission of 314 MT of CO2
Total weight of hazardous waste equivalents that would have been emitted during
MT 0.0 32 1.67
directed to disposal production of new plastic pallets.
~` 1 Crore
Also, it resulted in reduction of consumption of wooden
pallets for in-house storage and thereby prevented Net Savings
17.4 MT deforestation equivalent to carbon sequestration of Achieved
3.2 tonne. Financially, this transition resulted in annual
of Plastic Consumption Avoided in FY 2023-24 by savings, factoring in freight costs associated with pallet
reusing 2,172 number of plastic pallets returns.
Waste Generated in Waste Directed to Waste Diverted from

FY 2023-24 (MT) Disposal in FY 2023-24 (MT) Disposal in FY 2023-24 (MT)
1,862.4 2,587.1 1,732.1 0 130.3 2,587.1
Note: Hazardous waste mentioned

above also includes battery waste and
Hazardous Waste Non-Hazardous Waste
biomedical waste
120 121
Green Belt Development

Target for FY 2049-50
We have initiated a programme to plant saplings within Target for FY 2032-33
(Net Zero Target)
and around our factory premises, with the objective of %age
establishing green belts. Our dedicated team diligently contri-
nurtures and cares for these saplings. Additionally, we bution % Ab-
GHG Base Year solute
have organised awareness programmes to educate our in total
S. No. emissions (FY 2023- reduc- % Absolute
employees about the significance and advantages of emis- Abso-
category 24)* Absolute tion as reduction as
a greener environment. Through these efforts, we are sions lute
committed to promoting sustainability and biodiversity (Base value com- compared to
value
year) pared base year
while enhancing the well-being of our surroundings.
to base
year
3,876+ Scope 3
Saplings Planted During FY 2023-24 3 emissions 12,82,095 57.8% 8,65,414 32.5% 1,28,210 90.0%
(tCO2e)
Total
4 emissions 22,18,321 12,90,461 41.8% 2,21,832 90.0%
GHG Emissions Reduction Targets (SBTi aligned) and Roadmap (tCO2e)

Scope & Boundary: All four manufacturing plants of PCBL located at Durgapur, Kochi, Mundra, Palej * Base year has been changed as eleven categories under Scope-3 were considered during GHG accounting for the FY 2023-24 as
compared to only four categories considered during previous three reporting years
and offices located at Delhi, Mumbai, Chennai and Kolkata
Target Setting Method: Absolute Contraction

Improving the yield percentage of Carbon Black to reduce the
Scope 1 generation of carbon containing off gas
Target for FY 2049-50
Target for FY 2032-33 Emissions
(Net Zero Target) Introduction of renewable feedstock for Carbon Black manufacturing
%age
Improving the fuel efficiency of process equipment and company
contri-
bution % Ab- owned vehicles
GHG Base Year solute
in total
S. No. emissions (FY 2023- reduc- % Absolute
emis- Abso- Reduction of unplanned breakdowns of Captive Power Plants and
category 24)* Absolute tion as reduction as
sions lute Scope 2 development of renewable sources of energy to reduce the import of
(Base value com- compared to Emissions
value power from the external grid
year) pared base year
to base
year
Action Plan
Scope 1 (Assuming Zero emissions from capital goods)

1 emissions 9,34,494 42.1% 4,24,260 54.6% 93,449 90.0% Reduction of upstream transportation by developing local suppliers
(tCO2e)
Reduction of downstream transportation by delivering material to
Scope 3 customers from nearby plants of PCBL
Emissions
Scope 2 Minimizing business travel by encouraging virtual meetings, wherever
2 emissions 1,732 0.1% 786 54.6% 173 90.0% possible.
(tCO2e)
Encouraging the use of shared vehicle for employee commuting
Increasing the use of electric vehicles (EVs)
Reduction of generation of waste
122 123
Capital Trade-Offs
Financial Capital Interlinked with Other Capitals
Capitals Trade-Offs
By implementing energy-saving initiatives and embracing

practices such as water recycling, we not only achieve cost
rationalisation but also underscore our commitment to
Financial Capital
sustainability. These actions contribute to enhancing our ESG
ranking, showcasing our dedication to responsible corporate
citizenship.
The availability of natural resources plays a major role in

establishing the essential physical infrastructure required for
expanding our business footprint, highlighting their critical
importance to our operations. These resources serve as the
foundational elements that enable us to develop and sustain
the necessary infrastructure to support our growth initiatives.
OUR
ASSURANCE

By embracing sustainability in our offerings, we are poised to
transform our approach to innovation. This shift will empower
us to integrate sustainable practices into our thought
CERTIFICATIONS
processes, thereby catalysing positive change.
Embedding environmental conservation as an integral

part of our organisational culture will not only influence our
work ethos but also shape our learning and development
Human Capital endeavours. This integration fosters a collective commitment
to sustainability, inspiring employees to incorporate eco-
conscious practices into their daily routines and decision-
making processes.
Responsible utilisation underscores our commitment to

making common resources available and accessible to all
members of society, aligning with our mission to promote
Social and Relationship
equitable distribution. By conscientiously managing
Capital
resources, we not only fulfil our societal responsibilities but
also contribute to fostering a more sustainable and inclusive
future for all.
124 125

126 127
Verification No. Verification No.

IRQS / 244100795 Annexure To IRQS / 244100795
To assure the Specification with guidance at the organization level for quantification and reporting of
greenhouse gas emissions PCBL Limited
Kolkata
PCBL Limited
Kolkata 1) ‘PCBL Limited’ (hereafter PCBL) engaged IRCLASS Systems and Solutions Pvt. Ltd. to conduct the
independent assurance of ‘PCBL’ GHG emission, which includes a “limited level of assurance” of direct
and indirect (Scope 1, 2 and 3 emissions) emissions for the applied reporting period. This assurance
ADDRESS SITES
has been conducted against the methodology & standards of ISO 14064-3, GHG protocol and ISAE
Head Office : - Plant : Durgapur, Palej, Mundra, Kochi
RPSG House, 2/4 Judge’s Court Road, - Office Buildings : Gurugram, Chennai, Mumbai, Kolkata 3410 (GHGs) for verification of ‘PCBL’ GHG emissions from 01st April 2023 to 31st March 2024
Alipore, Kolkata 700027 - Warehouses : Kolkata, Chennai, Haridwar, Medak, Goa
2) Limitation and Assumption:

The results are limited to the reported emission categories. The GHG emission from the below
The scope of the assessment included the verification of quantity of GHG emissions for the above organisation
categories are not considered as these are declared as “Not applicable for PCBL’ and not verified under
within the organization boundary. The assessment found to be in accordance with the requirements of the standard
ISO 14064-1:2018 and verification is conducted in line with the ISO 14064-3:2019. this assurance Engagement.
Exclusions List:
ORGANIZATION BOUNDRY VERIFICATION DATE ISSUE DATE
 Category 11 : Use of sold product
PCBL Limited APRIL 23 and 24, 2024 MAY 10, 2024  Category 13 : Downstream leased assets
 Category 14 : Franchises
 Category 15 : Investments
ASSURANCE STATEMENT
Based on the assessment, a limited level of assurance
is recommended for the emissions detail as below : 3) Conclusions
During the verification nothing has come to our attention (except explicitly stated “Limitations”) that
VERIFIED EMISSIONS IN THE REPORTING PERIOD: causes us to believe that the information subject to the limited assurance engagement is not prepared,
FROM APRIL 1, 2023 TO MARCH 31, 2024
w.r.t. GHG emission (Scope 1, 2 and 3) in accordance with the ISO 14064-1, ISAE 3410 (GHGs) and GHG
Protocol.
Scope GHG Emissions
Scope 1 Direct Emission 9,34,494.5 ton CO2 Equivalent
Scope 2 Indirect Emission 1,732 ton CO2 Equivalent
Scope 3 Other Indirect Emissions 12,82,095 ton CO2 equivalent
MATERIALITY THRESHOLD 5 %
128 129
Verification No. Verification No.

Annexure To IRQS / 244100795 IRQS / 244100795
Annexure To
PCBL Limited
Kolkata PCBL Limited
‘PCBL’ has reported the following GHG emissions for reporting period 01st April 2023 to 31st March 2024:
Kolkata
Scope-1 (Direct GHG Emissions) GHG Emissions Unit
GHG emission due to Captive power generation & Dryer Operation - Fuel Gas 931455.28 tCO2 e In the context of GHG reporting the following contemporary principles has been observed:
GHG Emissions due to Diesel consumption in DG 29.96 tCO2 e
GHG Emissions due to LPG consumption in canteen 108.30 tCO2e
GHG Emissions due to LDO or CBM use in process 1814.95 tCO2 e  Inclusivity:
Fugitive GHG emissions from Refrigeration 601.38 tCO2 e
‘PCBL’ included the GHG sources under direct and indirect category. All concerned data owners were
Fugitive GHG emissions from CO2 based Fire Extinguisher 0.33 tCO2 e
engaged through corporate communications. ‘PCBL’ engaged with their different plants and offices

GHG Emissions due to operations of Company Owned Vehicles 484.26 tCO2 e
Total Scope 1 GHG Emissions 934494.46 tCO2 e in India, encouraging them to disclose GHG emissions. GHG data describes the chosen approach for
GHG emission accounting in a structured and transparent manner in line with the GHG Protocol and
Scope-2 (Indirect GHG Emissions) GHG Emissions Unit
ISO 14064-1.
GHG Emissions due to purchased electricity 1732.00 tCO2 e
Total Scope 2 GHG Emissions 1732.00 tCO2 e
 Materiality:
Scope-3 (Indirect GHG Emissions) GHG Emissions Unit The principle of materiality has been considered by including all relevant GHG emission sources. GHG
Category 1: Purchased goods and services 347968.01 tCO2 e data is updated annually to reflect the GHG emission value and material issue. In accordance with
Category 2: Capital goods 3437.10 tCO2 e
the requirements of its key stakeholders, ‘PCBL’ has identified its significant emission sources within
Category 3: Fuel-and energy-related activities not included in Scope1 or Scope2 14144.48 tCO2 e
the chosen scope (scope 1, 2 and 3 emissions following the GHG Protocol Definition).
Category 4: Upstream Transportation 147869.00 tCO2 e
Category 5: Waste generated in operations 886.41 tCO2 e
 Responsiveness:
Category 6: Business Travel 1316.00 tCO2 e
Responsiveness is integrated into the stakeholder engagement process. GHG-related information is
Category 7: Employee Commuting 1111.00 tCO2 e
Category 8: Upstream leased assets 6.56 tCO2 e intended to be shared with intended stakeholders.
Category 9: Downstream Transportation 39018.00 tCO2 e
Category 10: Processing of sold products 716196.00 tCO2 e  Impact:
Category 12: End-of-life treatment of sold products 10142.48 tCO2 e ‘PCBL’ is monitoring and measuring the environment KPIs through their sustainability report.
Total Scope 3 GHG Emissions 1282095.04 tCO2 e
130 131
Human Capital
Safety and Shared Value

FOSTERING THE At PCBL, we uphold a people-first approach, striving to cultivate a dynamic work environment that prioritises
Capabilities of Our Workforce safety. Through standard procedures, instructions, and comprehensive training, we equip our workforce with
the necessary tools and knowledge to uphold safety standards. We aim to create shared value within the wider
community by focussing on factors significantly impacting the Company, with employee health and safety at the
Material Issues
Addressed forefront.
Aligned with our vision of becoming
Health and a trusted global leader in providing Health and Safety
Safety
cutting-edge solutions, we Goals Target Year Progress in FY 2023-24 and Plan of Action
Human Rights,
Employee have consistently emphasised
Well-Being and Safety training for FY 2024-25 100% workers and 98.6% employees have been trained on
Community capability building to achieve 100% employees - health and safety measures
Engagement
market excellence. This initiative, permanent, contract,
Emphasis on HIRA, HAZOP and JSA incident investigation
and casual
Leadership and
Governance
a cornerstone of our People- and training
Philosophy, is designed to enhance Occupational, health and safety management programmes

across all plants
the critical knowledge of our team All plants are certified with ISO 45001:2018 standard

Key Risk Considered Achieve zero lost time FY 2024-25 Zero LTIFR achieved during FY 2023-24
Management Approach
Social Risk injury frequency rate
Product Portfolio Diversification and Sustainable Growth (LTIFR)
Strict adherence to standard operating protocols for
Governance Risk following the highest level of health and hygiene
With a strong emphasis on product portfolio diversification, PCBL is
committed to evolving our business to ensure sustainable growth. Regular employee engagement to understand their needs
Expanding product and industry knowledge is crucial for supporting and challenges
our customers, ensuring the seamless integration of our products into Established a Safety Committee across all plants
their processes, and identifying market needs to develop new grades
Strategies Impacted Regular safety audits conducted to ensure compliance to
accordingly.
safety guidelines
Business Leadership
R&D and Innovation
Capability Building
SDGs Impacted
132 133
Human Rights, Employee Well-Being, and Community Engagement Other Targets
Goals Target Year Progress in FY 2023-24 and Plan of Action Goals Target Year Progress in FY 2023-24 and Plan of Action
100% workforce trained Ongoing 100% workforce received human rights training. 10% increase in input Ongoing 5.41% of total input material was sourced from MSMEs during
on human rights material sourced FY 2023-24 as compared to 1.73% during the baseline year FY
(by value) from 2021-22.
100% human rights- Ongoing 100% of grievances received through Leena AI and Sampark are neighbouring districts
related grievances resolved within the set timeframe. Our employee net promoter and MSMEs/small
reported to be resolved score (eNPS) as captured through Leena AI for FY 2023-24 is 4.6 producers (baseline
within 30 days on a rating scale of 5. year FY 2021-22)
100% of PCBL plants Ongoing All our plants and offices are assessed on human rights issues
and offices to be through internal audits. 90% critical suppliers FY 2023-24 94% value chain partners covered under awareness
assessed on human trained on sustainable programmes on sustainable procurement.
rights procurement
30% of annual CSR Ongoing 100% of annual CSR spend was invested in supporting 50% critical suppliers FY 2023-24 94% critical suppliers screened on sustainability and CSR issues
spend to be invested in vulnerable communities. screened on
supporting vulnerable 96% of these assessed suppliers are engaged in corrective
sustainability and CSR
communities within 30 actions with respect to the non-conformities raised during the
issues
days assessment.
Each business unit to Ongoing Target achieved for FY 2023-24. 90% of suppliers (by FY 2023-24 96% of suppliers (by value) adhere to the Suppliers Code of

support two or more value) adhere to the Conduct.
CSR projects across Suppliers Code of
education, hygiene, or Conduct
infrastructure annually
Conducting social Ongoing As per applicable laws, Social Impact Assessment (SIA) is not 90% critical supplier FY 2023-24 Work in progress to include social and environmental clauses
impact assessments mandatory for PCBL. However, feedback is taken from the (by value) contracts during renewal of contracts with suppliers.
(SIA) for all CSR projects representatives of local communities who benefit from the CSR to include social and
projects. All the feedback received from the community are environmental clauses
found to be positive.
100% employees Ongoing 100% employees are covered by Group Term Life Insurance,
covered by well-being Medical Insurance, Parental Leaves, Retirement Provisions, and Continuous Learning Fostering a Diverse and
benefits Flexi working hours as per requirement. and Development Inclusive Workplace
By fostering continuous learning and development, PCBL is dedicated to fostering an inclusive
we nurture a skilled workforce, driving motivation and supportive workplace for all employees.
and success. Upholding human rights policies Embracing diversity means recognising and
underscores our commitment to preserving dignity valuing the unique perspectives, experiences, and
across our workforce and stakeholder community. backgrounds that individuals bring to the table.
Nurturing a Nurturing Atmosphere

At PCBL, our responsibility towards our people We strive to maintain an exciting
includes building a nurturing atmosphere workplace which provides a diverse,
that fosters employee development, which is inclusive and engaging environment
fundamental to fortifying the Company’s resilience. for our employees where they
We put our employees at the forefront of our feel welcomed, respected and
operations, recognising them as the backbone of empowered.
our enterprise. We strive to create a diverse and
vibrant workforce to strengthen and enhance our
Ravi Sinha
organisation’s flexibility.
Chief- HR
134 135
Workforce Diversity (Head Count) Board Diversity
Categorisation 2023-24 2022-23 2021-22 <30 Years 30-50 Years >50 Years
by Contract Male Female Total Male Female Total Male Female Total Male Female Male Female Male Female
Permanent 0 0 1 1 8 1
944 59 1,003 843 51 894 796 48 844
Employees
Permanent Workers 272 0 272 283 1 284 291 0 291

18%
Contract Workers 730 15 745 663 14 677 719 15 734 Women on the Board of Directors (One Non-
Executive Director and One Non-Executive
Independent Director)
Equal Rights and Opportunities access for individuals with disabilities, promoting
Employee Diversity (Head Count) an inclusive physical environment.
At PCBL, we engage in cultivating a diverse
2023-24 2022-23 2021-22 workforce, enriching our organisational culture, Supporting Diversity through
Categorisation by Age enhancing problem-solving capabilities, and better Hiring Practices
Male Female Total Male Female Total Male Female Total
reflecting the communities we serve. We advocate
Through inclusive hiring practices and ongoing
for equal rights and opportunities without
<30 Years 379 18 397 298 14 312 259 14 273 training and support initiatives, we strive to build
discrimination based on factors such as origin,
a workplace where diversity is celebrated as a
nationality, religion, race, disability, gender, age, or
30-50 Years 500 37 537 486 34 520 477 31 508 strength, driving our collective success forward.
sexual orientation.

Comprehensive Hiring Practices
>50 Years 65 4 69 59 3 62 60 3 63 Inclusive Physical Environment
A company’s success hinges on its ability to
Our offices are well equipped with essential
attract and retain top talent, and comprehensive
Total 944 59 1,003 843 51 894 796 48 844 infrastructure such as ramps, elevators, and
hiring practices are of paramount importance in
specially designed washrooms to facilitate easy
achieving this goal.
Details of New Joiners
Categorisation by 2023-24 2022-23 2021-22 Category FY 2023-24 FY 2022-23 FY 2021-22

Level of Employment Male Female Total Male Female Total Male Female Total
Male 258 212 190
Senior Management 31 3 34 30 2 32 31 2 33
Female 17 12 9
Middle Management 161 19 180 183 20 203 151 15 166 Total 275.00 224.00 199.00
Junior Management 752 37 789 630 29 659 614 31 645

FY 2023-24
Total 944 59 1003 843 51 894 796 48 844 Categorisation

Based on Level of
Employment Male Female Total
Trainee 41 1 42
9% Junior
194 13 207
Management
Women in Senior Management Category
Middle
18 2 20
Management
Top Management 5 1 6
136 137
Categorisation Based FY 2023-24 FY 2023-24 FY 2023-24

Categorisation Based Categorisation Based
on Location Male Female Total on Age <30 30-50 >50
Male Female Total on Age
Years Years Years
Durgapur 18 1 19
Male 86 56 11
<30 160 10 170
Kochi 27 - 27
Female 6 1 1
Palej 78 5 83 30-50 91 6 97
Total 92 57 12
Mundra 96 3 99
>50 7 1 8
Head Office 39 8 47
Investing in Employee Well-Being
At the heart of PCBL lies the well-being of our
Workforce Turnover (including VRS, Retirement, and Death) employees. Investing in their well-being isn’t
just altruistic but strategic too. Creating a safe,
2023-24 2022-23 2021-22 secure and positive working environment is
crucial for development of the workforce, boosting
competence, and enhancing satisfaction. We take
Male Female Total Male Female Total Male Female Total
Workforce Turnover every reasonable step to promote the overall health
and well-being of our employees, ensuring they get
153 8 161 146 7 153 128 12 140 access to well defined benefits.
Coverage of the Organisation’s Defined Benefit Plan for the Employees

Categorisation Based on Level FY 2023-24 Categorisation Based on FY 2023-24 Growth % (FY 2023-24 vs.
Contribution to Benefit Plan (in ` Crores) FY 2023-24 FY 2022-23
of Employment Male Female Location Male Female FY 2022-23
Durgapur 10 0 Contributions to Provident and Other Funds 18.71 17.43 7.34

Trainee 7 0
Kochi 18 2 Staff Welfare Expenses 18.66 14.67 27.20

Junior Management 122 8
Palej 48 2 Total 37.37 32.10 16.42
Middle Management 19 0
Mundra 60 0
Top Management 5 0
HO 17 4 Employee Grievance Mechanisms
Total 153 8 We also have a clearly laid out procedure for handling employee grievances, ensuring a supportive and
Total 153 8
responsive workplace culture.
Parental Leave
Category Male Female
Total number of employees that were entitled to parental leave 59 944
Total number of employees that took parental leave 1 51
Total number of employees that returned to work in the reporting period

1 51
after parental leave ended
Total number of employees that returned to work after parental leave ended
1 49
that were still employed 12 months after their return to work
Return to work rate 100% 100%
Retention rate 100% 96%
138 139
Employee Average Salary (`) Ensuring Employee Health and Safety

ZERO
We have implemented rigorous measures to
Categorisation Male Female Ratio (M:F) prioritise the safety and well-being of our team. LTIFR for Employees
Our goal is to cultivate a workspace that promotes
Board of Directors (BOD) - Total Salary 34,75,77,430 38,60,000 90.05 health and productivity, empowering our
employees to thrive. The following measures have
Key Managerial Personnel (KMP) - Total Salary 3,96,16,810 - 100
been taken for a safe, healthy, and productive ZERO
Employees other than BODs and KMPs 8,01,744 9,04,393 0.89 workplace:
Fatalities among Employees and Workers in
Workers 4,73,000 - 100 A Safety Committee has been established across Last Three Years
all plants to oversee the operations and ensure
the well-being of our employees and workers.
Safeguarding Operations
Human Rights Our Safety, Health & Environment (SHE) policy
ZERO delineates measures aimed at establishing and At PCBL, as manufacturers of CB and its products,
At PCBL, championing human rights is a core
upholding a safe working environment for all maintaining a proactive approach to identifying
principle of our operations. Respecting and Incidents Involving Violation of the Rights of
Indigenous People stakeholders, including employees, contractors, potential hazards and assessing associated risks
upholding human rights are not just a moral
and vendors, with a focus on preventing safety- is of paramount importance. We employ Hazard
imperative but a fundamental aspect of the
related incidents and injuries. Identification and Risk Assessment (HIRA), Hazard
Company’s ethos. At every level of our operations,
and Operability Studies (HAZOP), and Job Safety
we are committed to promoting and safeguarding
the rights and dignity of every individual. Any
100% An OHS system is in place, aligned with the
Factories act, 1948, the Petroleum Act 1934, the Analysis (JSA) techniques to comprehensively
of Employees and Workers Paid Above the Environment (Protection) Act 1986, the BOCW evaluate risks during our operations.
violation is strongly condemned, including acts
of discrimination, forced labour, coercion, and Minimum Wage* Act 1996 (building and other construction Safety Reporting and Medical Support
child labour. Our Human Rights Policy outlines workers), the NFPA (National fire protection
Hazards identified through our Learning Event

*Minimum wage is determined as per applicable laws association) Rules, and the NBC (National
our standards and anticipations for both the
(LE) reporting system enable employees to report
employees and partners across our value chain. Building Code of India).
unsafe conditions, unsafe acts, and near misses
We provide thorough training to all stakeholders 100% of our manufacturing sites are ISO promptly. This proactive reporting system helps us
to ensure they understand the policy’s provisions. 45001:2018 certified. implement preventive measures swiftly, ensuring
We conduct rigorous monitoring of compliance
Standard operating procedures (SOPs), standard the safety of our employees and surrounding
with the Human Rights Policy, supplemented by a
operating conditions (SOCs), work instructions, communities. Annual medical check-ups for all
Whistle-Blower mechanism designed to address
and several process-oriented training and employees and contractors, supported by an on-
any concerns promptly. Our Human Rights Policy
assessment tools are in place. These have site Occupational Health Centre (OHC), further
is applicable to internal as well as the external
comprehensive work instructions, associated enhance preventive measures and immediate
stakeholders to ensure protection of human rights
risks and mandatory safety precautions to guide medical assistance.
of all of our stakeholders.
our team on various protocols concerning the Incident Investigation and Continuous
Link to the Policy safety at the workplace. Improvement
https://www.pcblltd.com/responsibility/policies Regular employee engagement sessions are Safety-related incidents prompt thorough
conducted to understand their needs and investigations to determine root causes, informing
challenges. enhancements to safety protocols and training
100% We also comply with international standards programmes. Ongoing training initiatives focus on
such as the European REACH regulations. hazard awareness and mitigation, equipping our
Workforce Trained on Human Rights
workforce with essential skills to navigate potential
All visitors, customers, and business officials risks effectively and fostering a culture of safety
POSH Policy receive a safety briefing at the main gate before across our organisation.
100% Reinforcing our commitment to provide a safe entering the plant area. We have installed safety
training kiosks at our Durgapur and Mundra Performance and Safety Metrics
and healthy workplace for all our employees, our
of Permanent Workers Covered by Collective POSH Policy has been designed to address any plants, allowing individuals to access safety Through these measures, we have successfully
Bargaining Agreements misconduct faced by our employees. The POSH modules conveniently. reduced the Lost Time Injury Frequency Rate
committee comprises 10 members, with 6 females, Link to the policy (LTIFR) from 0.71 in FY 2022-23 to Zero in FY 2023-
3 males and an external female member (from https://www.pcblltd.com/responsibility/safety- 24, reflecting our commitment to continuous
ZERO an NGO). The committee is helmed by a female
employee.
and-health improvement in safety performance.
Incidents of Discrimination During the

Link to the policy
Reporting Period
https://www.pcblltd.com/responsibility/policies
140 141
Health and Safety Data - Employees Comprehensive Worker Training hazards and protocols. Visitors and officials receive
safety inductions before entering plant premises,
Regular training sessions, conducted in local
Description Unit FY 2023-24 FY 2022-23 FY 2021-22 ensuring a safe environment for all.
languages by skilled trainers, form the cornerstone
of our commitment to staff well-being, safety, Establishing Safety Committees
Lost Time Injuries (LTI) Number 0 0 0 and product quality. Our training calendar covers
Safety Committees, chaired by Unit Heads and
a wide range of Environmental, Health, and
comprising various department managers and
Number per Safety (EHS) topics, ensuring comprehensive
Lost Time Injury Frequency worker representatives, are established at all PCBL
10,00,000 0 0 0 understanding among workers.
Rate (LTIFR) facilities. These formally elected representatives
working hours Safety Protocols and Preparedness of employees and workers jointly represent 100%
Recordable work-related of our workforce. These committees play a crucial
Number 7 0 0 Before commencing any task, workers undergo
injuries (first-aid injuries) role in reinforcing safety protocols through daily
safety briefings, supported by safety display
toolbox talks, regular safety audits, and fostering a
Number per boards in plant areas that educate them about
culture of vigilance and preparedness among our
Total Recordable Incident
2,00,000 0.48 0 0 workforce.
Rate (TRIR)
working hours
Cases of work-related illness Number 0 0 0
Total number of manhours

Hours 29,28,760 26,10,480 24,64,480
worked
Man-days lost due to injuries Number 0 0 0

Health and Safety Data - Workers (including Contractual Workers)
Description Unit FY 2023-24 FY 2022-23 FY 2021-22
Lost Time Injuries (LTI) Number 0 2 4
Number per
Lost Time Injury Frequency
10,00,000 0 0.71 1.34
Rate (LTIFR)
working hours
Recordable work-related
Number 36 41 34
injuries (first-aid injuries)
Number per
Total Recordable Incident
2,00,000 2.42 2.92 2.27
Rate (TRIR)
working hours
Cases of work-related illness Number 0 0 0
Total number of manhours

Hours 29,69,640 28,06,120 29,93,000
worked
Man-days lost due to injuries Number 0 106 124
142 143
Capability Building employees to excel at all levels. To encourage a Total No. of Employees No. of Hours of Training Average Hours of Training
culture of continuous learning, we offer top-tier Category of per Category per Category per Year per Employee
At PCBL, we prioritise providing a diverse array of learning and development support accessible Employees
professional development opportunities to our anytime, anywhere. Our comprehensive approach Male Female Total Male Female Total Male Female Total
workforce, ensuring inclusivity, skill enhancement, blends traditional classroom settings with online
and equitable talent practices. Through these Senior Management 31 3 34 264 20 284 8.52 6.67 8.35
coaching, mentorship programmes, and hands-
initiatives, we have attracted and retained a loyal on training. Skilled experts are on hand to provide
and diverse workforce, fostering meaningful tailored guidance, ensuring our employees receive Middle Management 161 19 180 5,755 570 6,325 35.75 30.00 35.14
career growth trajectories and a culture of the support they need to thrive professionally. By
continuous learning. By integrating personalised cultivating a learning environment, we empower Junior Management 752 37 789 70,670 1,776 72,446 93.98 48.00 91.82
and intentional developmental experiences our teams to excel in their roles while also
throughout the job life cycle, we cultivate an advancing the Company’s overarching mission. Total 944 59 1,003 76,689 2,366 79,055 81.24 40.10 78.82
environment that nurtures and empowers our
Training Hours as per Employee Categories ConvoCraft

Our Training Initiatives
FY 2023-24 FY 2022-23 FY 2021-22 We have various training programmes curated The workshop was designed to equip participants
Training (in Manhours) with essential communication skills, fostering a
for our teams at different levels. Each programme
Male Female Male Female Male Female
addresses a specific need such as orientation harmonious and productive work environment.
for new joiners, career development for current During the workshop, participants gained
Senior Management 264 20 232 4 155 0
employees, and leadership workshops for our Head clarity in expressing ideas, enhanced their active
of Departments, to mention a few. listening abilities, and promoted collaborative
Middle Management 5,755 570 1,739 180 1,057 97
team dynamics. They also learned to adapt to
Market Excellence Building Programme
diverse communication scenarios and excel in
Junior Management 70,670 1,776 59,964 9,780 10,178 514

Over a six-month period, the Market Excellence providing constructive feedback. Additionally, the
Building Programme engaged participants from workshop refined their written communication,
the Sales & Marketing Team. The programme bolstered leadership communication, and elevated
Training Hours per Year employed a hybrid approach, combining classroom presentation skills. Over three hours, participants
and online sessions with e-learning prerequisites to from the Specialty Blacks and R&D Team engaged
FY 2023-24 FY 2022-23 FY 2021-22
Total Training Hours maximise flexibility and effectiveness. in this workshop.
79,055 71,899 12,001
47 26
Participants Participants
940 78
Total Man-Hours of Learning Total Man-Hours of In-Person Training
144 145
CollaboCraft Advance Engineering Programme B2MOM (Big Ideas, Business Themes,

Methods, Obstacles, and Measures)
The CollaboCraft workshop is designed to foster In collaboration with IIT Roorkee, this programme
a positive and collaborative work environment by
harnessing the transformative power of teamwork,
identified key areas and skills essential for PCBL
engineers to support the organisation’s goals of
The purpose of this programme is to build future
leaders. The performance of all our employees
100%
communication, and cohesiveness. The objective process digitisation, automation, and increased is reviewed, during annual cycle, through our of Employees have Received Feedback
is to strengthen team connections, enabling plant productivity. This comprehensive course is Performance Management System (PMS) to on Regular Performance and Career
collective success. This four-hour workshop included divided into three modules over each quarter. improve the performance and career development Development Review During FY 2023-24
participants from the Process Technology team. of the individuals and the teams.
21 Day
19 Capital Trade-Offs
Course
Human Capital Interlinked with Other Capitals
Participants
20 Capitals Trade-Offs
76
Participants
Total Man-Hours of In-Person Training
Our employees are crucial for driving growth and improving
efficiency in all business units and departments. Their
Financial Capital
Learning Academy contributions directly contribute to our overall financial
success.
We are dedicated to equipping new employees
with the essential skills, knowledge, and cultural
understanding needed for seamless integration

into the organisation. This initiative enhances By investing in training and development, and creating a
engagement and job satisfaction from the very conducive work environment, we ensure that our employees
beginning. Key components include an overview of are equipped with the necessary skills and knowledge
PCBL and our Group through e-learning modules, to effectively utilise the manufacturing assets, maximise
mandatory safety awareness training, insights productivity, efficiency, and innovation, ultimately driving
into industry knowledge and the value chain, and success in the market.
comprehensive on-the-job training.
Leadership Now and Beyond

This workshop aimed to enhance leadership Our workforce plays a crucial role in implementing,
capabilities to effectively navigate future challenges Intellectual Capital maintaining, and improving intangible assets like our brand
and opportunities. Its purpose was to establish a reputation, technology infrastructure, and innovation.
foundation for shaping PCBL’s leadership ethos
and strategies in the upcoming months. This one- E-Learning Strategy
day workshop was specifically designed for the
current leadership team. We have bolstered our e-learning strategy to
improve accessibility, learning outcomes, and Educating our employees about integrating environmental
engagement by harnessing a competency- sustainability practices into their daily routines helps in
based learning framework. In the FY 2023-24, Natural Capital
minimising our operational environmental footprint and
we made over 50 e-learning modules accessible, takes us closer towards our targets.
accumulating a total of 7,320 man-hours dedicated
to learning and development.
50 Social and Relationship

Developing the skills of our personnel enables us to uphold
positive relationships with customers, communities,
E-Learning Modules Capital
investors, and other stakeholders in our ecosystem.
7,320
Man-hours Dedicated
146 147
Social and Relationship Capital
Giving Back to the Community

CULTIVATING
At PCBL, we believe in creating a difference in the lives of the local communities we serve. We intend to
Social Relationships enhance their living conditions by emphasising on inclusive growth and utilising resources to enhance access
to basic facilities for the underserved. With a focus on education, healthcare, community development,
Material Issues agriculture, sports, and environmental sustainability, we meticulously formulate policies that balance
Addressed efficiency with the values and needs of the communities we serve. This ensures a holistic approach towards
We remain steadfast in our dedication fostering sustainable development. Our CSR policy has been designed in adherence to the Companies Act of
Human Rights,
Employee
to our communities and our 2013, and the corresponding regulations set forth by the Ministry of Corporate Affairs. This policy is designed
to align our CSR endeavours with the stipulations outlined in Schedule VII of the Act.
Well-Being and
Community
consumers, driven by a deep sense of
Engagement sincerity. Our initiatives in education,
Leadership and skill development, and aspire to 79,000+ ` 10.01 Crores
Governance
catalyse holistic transformation in the Number of Lives Impacted CSR Expenditure
Product
Stewardship lives of those within our operational
sphere. With our customers at the
Key Risk Considered forefront of our operations, we commit
ourselves daily to delivering value and

Social Risk
Environmental Risk ensuring their utmost satisfaction.

Governance Risk
Strategies Impacted
CSR Strategy
Customer Centricity
SDGs Impacted
148 149
Management Approach
PCBL believes that, along with sustained Education
economic performance, environmental and social
stewardship is also a key factor for holistic business
Rural Development
growth. Our social investment strategy intertwines
community engagement and infrastructure
development, serving as vital pillars in our mission
Sustainability
to enhance living conditions. Our CSR initiatives Empowering Our
encompass focus areas such as education, rural Community Focus Areas
development, community development, sports, Community Development
and environmental sustainability. They align with
the SDGs 1, 3, 4, 5, 6, 9, 10, 12, 13 and 15, reflecting
our commitment to uplifting the communities Sports
we serve in. Our CSR policy has been formulated
as per the Companies Act, 2013, aligning with National Heritage, Art,
Schedule VII. A CSR committee has been teams stationed at each manufacturing plant and Culture
constituted to overlook the activities, evaluate their actively address local community grievances,
implementation, and gauge their progress. The facilitating direct engagement or through an
RP-Sanjiv Goenka Group CSR Trust (RPSG Trust) implementation agency. These grievances
was constituted in February 2015 as a not-for-profit are regularly communicated to the Board- Promoting Education
entity dedicated to community development level committee, ensuring prompt resolution.
Additionally, regular stakeholder consultations We recognise the
and also fulfilling our CSR commitments. Our
are conducted to ensure that the initiatives transformative power of
implementing partners along with our NGO
undertaken are tailored to address the specific quality education in vulnerable

partners, work closely with the CSR committee
needs of community members, fostering an communities and have
and the Board to identify, implement, and evaluate
approach that benefits the communities along focussed on enhancing local
our CSR initiatives. Regular progress reports
with ensuring the long-term viability of all projects. school infrastructure to unlock
are submitted to the Board members and the
individual potential. Initiatives
CSR committee in making informed decisions Link to our CSR policy include distributing essential
regarding the CSR programmes. Additionally, CSR https://www.pcblltd.com/responsibility/csr educational equipment
like desktops, laptops, and
projectors to 9 schools in Kochi,
CSR Committee and Composition alongside renovating school
Committed to driving positive change and upholding our corporate values, the committee members oversee buildings for improved learning
the planning, execution, and evaluation of the CSR initiatives. This committee formulates recommendations environments. In Palej, efforts
for the Board, specifying activities and budget allocations, monitoring policy adherence, and reviewing have focussed on upgrading
project implementations. Reports from implementing agencies are gathered to assess project impacts. infrastructure, including 3,100+
Each project has its own committee to ensure effective implementation. With a shared dedication to social renovations and installations
responsibility and sustainable development, the committee strives to align the CSR efforts with the needs of of roof tin sheds, benefitting Students Benefitted
communities and the broader goals of the organisation. 1,600 students. Beyond
physical improvements, we are
establishing an International
Baccalaureate school in
CSR Expenditure (` in Crores) Kolkata to offer high-quality
Mr. Kaushik Roy education to underprivileged
Chairman children. Additionally, we
10.01
have supported students with

8.50
8.66
Mr. Shashwat Goenka uniforms and educational tours

Member near our Mundra plant, aiming
Our CSR to enrich their educational
Committee experience and broaden their
Mrs. Rusha Mitra
Members horizons. These efforts reflect
Member
our commitment to fostering
inclusive education and
empowering students to thrive
FY 2023-24 FY 2022-23 FY 2021-22
in their academic journey and
150 beyond. 151
Rural Development Sustainability
Access to basic infrastructure such as good We understand our responsibility towards our surrounding environment and are taking steps to combat the
roads, potable drinking water, and food is still an pressing issue of climate change. We have undertaken initiatives such as developing a green belt outside the
aspiration for many living in the rural areas near plant premises and in the surrounding village areas, constructing a godown shed for a gaushala in Vadala
our plants. In response to this deficit, we have village, building a boundary wall and installing five dustbins at a gaushala in Mokha village, and contributing
undertaken the initiative of rural electrification, towards a cow fodder production site. Additionally, we were involved in the distribution of food packets to
construction of quality roads and drainage systems, villagers and laborers during the cyclone.
and allocated funds for village development and
essential ration supplies to the villagers.
Community Development
Several community initiatives were conducted near
our Mundra plant, such as organising a session Ensuring the health and well-being of the communities near our plants is our top priority. This year,
on women’s empowerment, the celebration of we have undertaken several initiatives to support various community needs. For instance, we provided
the Navaratri festival at various locations as well a Refractometer to the Blind Relief Society, benefitting over 500 individuals. We also supported polio
as plumbing work around the village. We also vaccination drives with essential resources and donated a computer to the Pragpar police station.
We extended our support by funding a
contributed towards distributing sweets at the Additionally, we constructed a community shed for the Sarvajanik Samajwadi in Mokha village, enhancing
medical camp organised by the MLA and ward,
Mokha primary school on Republic Day. To better local infrastructure for communal activities.
underscoring our commitment to community
manage the issues such as runoff, waterlogging health initiatives. Additionally, we actively Furthermore, we allocated approximately ` 10 Lakhs towards constructing an office room and washroom
and to prevent flooding, a drainage system was also participated in the Amrita Kuteeram Housing for the new fire station at Palej GIDC. This facility will serve over 25,000 people in the area, ensuring better
constructed at Karangapara near our Durgapur Project Scheme, contributing to efforts aimed at emergency response capabilities and infrastructure support. These efforts underscore our commitment to
plant. providing housing solutions for the community. improving community welfare through targeted investments and partnerships that directly impact the lives
of residents.

Kochi
Case Study: Aquapharm’s Community Centre for Senior Citizens
Desciption of initiatives Number of beneficiaries
Installation of 500 Streetlights 2,600 Aquapharm is Vision and Mission

dedicated to
Drinking Water Project at Choikkaramugal - Phase 3 2,600 The Community Centre for Senior Citizens embodies
enhancing societal
Aquapharm’s vision of ‘Adding an Element of Happiness to
well-being through
the Ageing Process in Senior Citizens.’ Our mission is to foster
its comprehensive
holistic well-being among seniors through interventions
Corporate Social
Palej across five essential dimensions: Physical, Cognitive, Creative,
Responsibility
Informative, and Social.
Desciption of initiatives Number of beneficiaries (CSR) initiatives.
At the heart of At Aquapharm, we prioritise Corporate Social Responsibility
Food Ration Kit Distribution 500 Families these efforts lies through initiatives like our Community Centre for Senior
the Aquapharm Citizens, which stands as a testament to our commitment to
Installation of a 36-watt 6-metre-high street light pole with design Foundation’s enhancing the lives of elderly individuals. Guided by our vision
bracket and a 10-meter-high mast ladder pole with 6 flood lights of 150 25,000+ Community Centre to ‘Add an Element of Happiness to the Ageing Process in
watt each for Senior Citizens, Senior Citizens,’ our mission is to foster comprehensive well-
a pioneering being through programmes that address physical health,
initiative designed cognitive stimulation, creative expression, informational
Durgapur to enrich the sessions, and social engagement.
lives of elderly
Desciption of initiatives Number of beneficiaries
community Impact
Distribution of sewing machine and other equipment to women in the members through
500+ Throughout FY 2023-24 period, we hosted 142 sessions, reaching
villages diverse support
3,735 seniors and maintaining an average participation of 26
services and
Providing a wheelchair to a bilateral amputee 1 (indirectly 12) individuals per session. These efforts reflect our dedication
engaging activities.
to promoting active ageing and creating a supportive
Computer literacy programme 400+ environment where seniors can thrive emotionally, mentally,
and socially.
Distribution of water cooler for visitors/disha persons/villagers 500+
Construction of a drain and a road at Khudiram Colony, a slum area 900+
152 153
Sports Management Approach Customer Engagement
We encourage our communities to actively Our approach remains customer-centric,

participate in various sports activities, promoting encompassing every aspect from design to Direct
a healthy lifestyle. Women are earnestly motivated execution. Our products are engineered to
deliver health, safety, environmental, and By prioritising a customer-centric approach,
to take part in such activities, serving as role
overall sustainability benefits to our customers we consistently seek to understand their
models and challenging gender stereotypes
and throughout our value chain, reflecting needs. We collaborate closely with the
and social standards. Our contributions towards
our commitment to pioneering solutions. As appropriate departments throughout the
sports infrastructure development in our plants,
responsible manufacturers, we uphold our product development journey.
signify our commitment to facilitating inclusive
participation and well-being through sports. obligation to provide thorough information
regarding the health, safety, and environmental
aspects of our products. All our customers receive
the Certificate of Analysis (COA), that provides Supply Chain Partners
600+ information on the manufacturing process and We depend on our supply chain partners to
material quality. The grade, manufacturing unit, evaluate and adapt to the evolving needs
Beneficiaries quantity, date of manufacturing, batch number, of niche markets or specific geographical
bag number, company name, and handling regions. They serve as the gateway for us to
instructions are all included in the product engage with micro-level customers, utilising
Creating Value for Our Customers package. Safety Data Sheet (SDS) containing our advanced technologies to fulfil their
At the core of our operations lies a commitment to delivering value to our customers through our selected all the relevant information regarding the demands.
line of products that offer befitting solutions to various customer needs. We prioritise sustainability in all our handling, storage and disposal of our products
solutions, recognising our responsibility to the environment as well as our customers’ health and safety. is communicated to customers. Our product
complies with the EU waste code 61303 as per

Steps taken to enhance customer experience: Council directive 75/442/EEC. Global Conferences
Capturing customer’s voice through different modes & forums We also have standardised procedures in place for Participating in conferences and exhibitions
product recall for any such situations in which our globally is a valuable method for enhancing
Setting up new storage warehouse nearby customer location for JIT (just in time) service
product seems to pose any risk (eg. product quality, our customer relationships. These events
Initiate self-certification process with major tyre customers packaging, safety, and processing, among others) offer us the opportunity to engage with
to our customers. existing customers, while also effectively
Digital initiative taken for capturing & implementation of customer-specific requirements
Our primary focus revolves around cultivating communicating our evolving business
Robust customer complaints handling process and prompt response to customers’ grievances dynamics to potential customers.
dynamic customer engagement and fostering
collaborative partnerships across organisations. A
key priority involves meticulously identifying and
addressing Customer Specific Requirements (CSR)
Our strong base to propel our business development initiatives Levels of Interactions With Customers
of overseas forward. We are dedicated to innovating packaging Regular interaction during visit at site,
customers materials that not only meet rigorous regulatory attending conference, and expo, among
consistently standards but also prioritise sustainability, others
drives us to reflecting our commitment to environmental
Physical meeting or virtual meeting
deliver products responsibility. Our specialised knowledge
which are at par extends to providing expert guidance on product Seminar & webinar
with the global stewardship and navigating the intricate landscape
Customer audit
benchmarks of product safety regulations pertaining to carbon
pertaining black. We are proactive in promoting the adoption
to quality, of next-generation carbon black grades and In alignment with both local and global
performance and collaborating on bespoke grade developments manufacturing regulations and standards, we
sustainability tailored to meet unique customer needs. underwent a remote plant audit conducted by a
indicators. Emphasising supply flexibility, our multi-plant leading tyre manufacturer, with officials from five
approval process enables us to respond effectively countries assessing our manufacturing practices.
Gautam Kalia to diverse customer demands. By embracing
Chief- International industry-leading practices, we are steadfast in
Markets | Rubber driving sustainable business development that
Blacks delivers enduring value to our stakeholders.
154 155
Customer Grievance Expanding to Newer Markets and Customers and paper. We are poised to expand our market
At PCBL, customers are at the heart of our

15 Days With the acquisition of Aquapharm Chemicals,
reach and drive revenue growth, particularly in the
lucrative markets of the US and Europe.
operations, and we consider addressing their Target Complaint Resolution Time (a subsidiary of PCBL) in January 2024, we have
grievances as one of our top priorities. Our further expanded our reach across India and
customer support team utilises our SAP customer in global markets in the US, Europe, and the Initiatives Taken to Increase Customer Base
Initiatives Taken for Seamlessness in Customer
relationship management platform to promptly Grievance Middle East. This strategic move has facilitated New grade approval to existing customer and/or
address customer concerns related to product our transition from manufacturing carbon-based approval of existing grade by new customer
quality, delivery, health and safety issues, among molecules to diversifying our portfolio to include
Promotion for next generation Carbon Black in
others. Customer complaints are logged in the SAP Prompt visit or interaction with customers phosphonates, polymers, and green chelates,
the market to establish the brand
system with relevant details by regional marketing for better assessment & quick resolution allowing us to serve a broader customer base.
manager and forwarded to the coordinator- Aquapharm’s established reputation as the Regional offices across different geographies to
customer complaints handling. On acceptance preferred global partner for over 250 customers expand business sphere
of the complaint after review, the complaint across various industries in more than 60 countries
Customer complaints are registered in SAP PCBL follows all regional & geographical
is forwarded to manufacturing plant for Root includes sectors like home care, industrial water
& subsequently 8D RCA report is shared regulations to adhere product safety criterion
Cause Analysis (RCA) and Corrective Actions and treatment, oil & gas, pharma, textile, and pulp
with customer for closure of the issue
Preventive Actions (CAPA). Immediate containment
actions are taken, if applicable and informed to
customer. Root cause analysis is conducted by
a Cross Functional Team (CFT), and an action Resolution of disagreement by bilateral
Capital Trade-Offs
plan is sent for approval. The RCA/CAPA report is interaction Social and Relationship Capital Interlinked with Other Capitals
reviewed by the coordinator-customer complaint
handling. On acceptance of the RCA and CAPA
report, it is closed in SAP and a system-generated Capitals Trade-Offs
ZERO

email with the RCA report is sent to the marketing
By cultivating strong relationships with customers, communities,
team for customer submission. Timely resolution is
Incidents of Non-Compliance Concerning suppliers, and other key stakeholders, we can enhance our
targeted within 15 days, and feedback is collected
Health and Safety Impacts, Information and Financial Capital reputation, build trust, and foster loyalty. These connections not
post-resolution to address customer concerns and
Labelling of Products and Services only facilitate smoother business operations but also open up
improve satisfaction.
opportunities for collaboration, innovation, and growth.
Additionally, we actively seek post-resolution
feedback from our customers to continually
enhance our processes and ensure customer
ZERO Strong social and relationship capital can lead to improved
collaboration with suppliers, resulting in better quality inputs
satisfaction. These proactive measures have led Incidents of Non-Compliance with Regulations Manufactured Capital
and more favourable terms. This will ultimately enhance
to a notable reduction in customer complaints, and/or Voluntary Codes Identified manufacturing efficiency and reduce costs.
demonstrating the effectiveness of our ongoing
efforts to address customer grievances.
ZERO We recognise that the dynamic and evolving needs of our
stakeholder groups provide essential insights and inputs for
Incidents of Non-Compliance Concerning the ongoing development and advancement of our intellectual
Marketing Communications capital.
By prioritising environmental stewardship and sustainability

practices, we demonstrate our dedication to the well-being of
Our valuable customers play a our stakeholders and the communities in which we operate.
Natural Capital
significant role in motivating us to Our efforts to protect and enhance natural resources not only
drive our sustainability efforts more contribute to the resilience and longevity of ecosystems but also
aggressively and enthusiastically, foster positive relationships with stakeholders.
and for that, we are proud to be
associated with them. Our commitment to creating sustainable, long-term value for
all stakeholders serves as a catalyst for inspiring our employees
Mainackya Ghosh to excel and fostering higher rates of employee retention. By
Human Capital
Chief- National Markets prioritising the needs and interests of stakeholders, including
Rubber Blacks employees, customers, suppliers, and the community, we cultivate
a culture of purpose and shared success within our organisation.
156 157
Governance Board Composition
Non-Executive Directors (Promoter) 3

Composition of the
CHAMPIONING ETHICAL Board of Directors of

the Company as on 31
Executive Director, who is the Managing Director of the Company 1
Business Growth
Non-Executive Independent Directors 7
March, 2024
Total 11
At the heart of our operations is a steadfast commitment Board Composition by Gender

to fulfilling the aspirations of all stakeholders. Guided by
FY 2023-24 FY 2022-23 FY 2021-22
principles of transparency, integrity, and accountability, we
Categorisation
aim to drive sustained growth and create enduring value. Male Female Total Male Female Total Male Female Total
Management Approach By Age

Our Board of Directors rigorously upholds the highest standards of corporate governance. This includes
<30 0 0 0 0 0 0 0 0 0
adherence to industry norms, organisational policies, codes of conduct, and robust internal control systems.
Dr. Sanjiv Goenka, our Chairman, serves as the Non-Executive Director and the highest governance authority 30-50 1 1 2 1 1 2 1 1 2
on our Board. Our commitment to governance excellence underscores our dedication to responsible and
>50 8 1 9 8 1 9 7 1 8
ethical business practices.

Strategic Governance Approach Board Composition and Expertise
We prioritise robust corporate governance to The Company’s Board comprises a mix of At PCBL, ethical leadership and integrity are at the heart of
effectively manage stakeholder expectations Executive and Non-Executive Directors, our governance practices. We are committed to upholding
and navigate dynamic market landscapes. including Independent Directors. In our the highest standards of ethics, transparency, and
Through our Enterprise Risk Management selection process, we prioritise diverse
(ERM) framework, we proactively identify and individuals with expertise in sales, marketing, 10+ Years accountability. We believe that trust and integrity are the
foundations of sustainable business success.
address potential risks, ensuring alignment with leadership, governance, legal, finance, risk
Average Board
strategic objectives and adherence to relevant management, ESG, cybersecurity, and relevant
Tenure in the Kaushik Mukherjee
legislation. technologies. Quarterly Board meetings assess Company Company Secretary & Chief Legal Officer
performance and provide valuable insights for
Ethical Business Practices strategic decision-making.
Guided by ethical principles, PCBL sustains

responsible growth through innovation and
a diverse product range while maintaining
the highest moral and legal standards. Our
dedication to ethical conduct permeates every
aspect of our business operations, enabling
expansion while upholding integrity and social
responsibility.
Regulatory Compliance and Culture

As a publicly listed company, we comply with
Listing Regulations, appoint Independent
Directors, and maintain strict audit oversight to
ensure adherence to laws. Our corporate culture
promotes diversity, honesty, and safety, creating
an environment where employees, customers,
and partners thrive.
158 159
Board Committees ESG Governance

Our Board members have established statutory Various committees under the Management
committees, each with well-defined duties and and Board of Directors of PCBL meticulously
formal consent from the Board. Oversight is oversee ESG aspects of the Company. Specialised
provided by the Board to ensure the effectiveness committees such as the auditing, sustainability
of these committees, with the Chairs presenting and risk management, and corporate social
regular updates, progress reports, and stakeholder Audit Committee responsibility (CSR) committees look into the
feedback. These committees are integral to the Nomination and seamless integration of ESG principles into
organisation, addressing specific concerns and Remuneration the Company’s operations. These committees
impact areas, with the respective committee Committee regularly assess ESG performance, identify areas
Chairs informing the Board regarding the meeting for improvement, and devise strategies to elevate
discussions. Minutes of each committee meeting Stakeholders’ sustainability, social responsibility, and corporate
are regularly reviewed by the Board to ensure Relationship governance standards, engaging all stakeholders
thorough oversight and informed decision-making. Committee for valuable insights. Stakeholder inputs are
Corporate Social directed to Board-level committees for assessment,
Responsibility incorporation into strategies, and subsequent
Committee communication back to the stakeholders. Strong
ESG governance not only mitigates risks but also
Sustainability and
provides competitive advantages, enhancing
Risk Management
reputation and stakeholder relationships, ZERO

Committee
ultimately fostering a culture of integrity and
Independent compliance for a resilient and sustainable business Instances of Non-Compliance with
Directors’ Committee environment. Laws and Regulations
ESG Ratings for PCBL

At PCBL, we take immense pride in our steadfast commitment to Environmental, Social, and Governance
(ESG) standards. Our recent improvements and prestigious recognitions highlight our unwavering dedication
to sustainability and responsible business practices.
EcoVadis
Board Responsibility The pinnacle of our achievements is the Gold Medal in the EcoVadis rating for 2024, with
an overall score of 73 out of 100. This score places us in the top 5% of companies assessed
The Board Committees serve as platforms for addressing specific issues requiring specialised knowledge,
by EcoVadis over the past 12 months, a testament to our superior ESG performance. Over
with members discussing significant matters and presenting proposals for Board approval. They are
the last three financial years, we have demonstrated a meteoric rise in our EcoVadis scores,
established to aid in the functional organisation of the Board and understand each member's specialised
as illustrated below:
responsibilities. These committees oversee the Company's daily operations, streamlining processes,
monitoring activities, and providing strategic direction. Independent Directors' performance and adherence ECOVADIS SCORE OVER LAST THREE YEARS
to regulatory requirements are assessed by the entire Board. Our commitment to sustainability is evidenced
by the implementation of the Sustainability Policy authorised by the Board. The CSR Committee, reporting Sustainable
to the Board, evaluates CSR efforts and guides policy execution. Quarterly meetings of the management Procurement 70
50
committee, led by the Managing Director, ensure policy adherence. The Board approves the sustainability Ethics 50 70
report and scrutinises financial results and strategic plans. In upholding governance standards, the 50
30
Labor and
Board receives regular committee reports, reviews the corporate governance framework, and considers Human 70 70
Rights 50
feedback from stakeholders, including investors, employees, and customers, thus ensuring transparency,
60 80 80
accountability, and organisational effectiveness. The Board reviews and suggests adjustments to the Environment
leadership team while also reviewing succession and talent management strategies, including efforts aimed Financial Year 2020-21 (Overall Financial Year 2021-22 (Overall Financial Year 2022-23 (Overall
Score 53: Bronze Category) Score 63: Silver Category) Score 73: Gold Category
at enhancing diversity ratios.
These scores reflect our continuous and vigorous efforts to enhance our sustainability
practices, achieving high marks in critical categories such as Environment, Labour, and
Human Rights, Ethics, and Sustainable Procurement.
160 161
CDP Whistle-Blower Policy

A
In the CDP Climate Change Rating Report 2023, we achieved 37.5% A- We have implemented a comprehensive Whistle-
B
improvement since the baseline year FY 2020-21, elevating our B- Blower Policy to protect the rights of senior
rating from D- to C+. This significant leap underscores our relentless C management, employees, and other personnel
C-
efforts to combat climate change and implement impactful D who report concerns. The policy allows individuals
D-
environmental strategies. to report wrongdoings confidentially without fear
of retaliation. As a part of the policy, personnel can
Moreover, in the CDP Supplier Engagement Rating Report 2023, A
A- directly contact the Audit Committee Chairperson
we received an impressive B+ rating, placing us in the esteemed B
B- through a secure channel to report violations or
Management band. This rating not only surpasses the Asia regional C
C- unethical practices. To report a concern, individuals
average of C+ but also exceeds the Chemicals sector average of B-,
D are encouraged to email at:
highlighting our exceptional performance in engaging suppliers on D-
pcbl.whistleblower@rpsg.in
sustainability issues.
CRISIL Child Labour Policy

Additionally, the CRISIL ESG Score for the Chemicals-Bulk and Polymers sector further To cultivate an ethically responsible workplace, we prioritise
solidifies our reputation for balanced and robust ESG performance. Our overall CRISIL adherence to our country’s laws, particularly in our efforts
score is 60, which is categorised as Adequate. High rating in Governance highlights our to eradicate child labour and foster a society free from its
commitment to maintaining stringent governance standards. exploitation. Our commitment to this cause is evident in 100%
our strict adherence to the Child and Adolescent Labour
of Our Operations were
(Prohibition and Regulation) Act of 1986. Guided by our Assessed on Human
Our significant and sustained achievements in various ESG ratings are a powerful testament to our comprehensive child labour policy, no child is ever employed Rights Issues (i.e. Child

dedication to sustainability and ethical business practices. The continuous improvement in scores and the by us or any of our supply chain partners. We also actively Labour, Forced Labour/
recognition from renowned rating agencies confirm our position as a leader in creating a positive impact on advocate for the adherence to our child labour policy among Involuntary Labour, Posh),
the environment and society while upholding exemplary governance standards. our business associates, emphasising the paramount Insider Trading, Anti-
importance of compliance. Furthermore, we emphasise that Corruption, Antitrust and
any breach of this policy will result in severe consequences Fair Competition, through
for the implicated partner, including the termination of our Internal Audits
business relationship.
Our Core Policies
Code of Ethics and Compliance Standards

POSH (Prevention of Sexual Harassment)
PCBL holds all its employees, customers, and The Code of Ethics and Compliance Standards Policy
suppliers to the same high standards delineated also outlines the implementation mechanism and
in the Company’s Code of Ethics and Compliance The Company has enacted a comprehensive POSH
is regularly reviewed and revised as necessary.
Standards, regardless of their role or affiliation. This Policy in compliance with the Sexual Harassment
The Codeof Ethics and Compliance Standards is
Code, intricately linked to the organisation’s vision, of Women at the Workplace (Prevention,
publicly available on the Company’s website and
mission, values, and guiding principles, serves as a Prohibition & Redressal) Act, 2013. This policy
is communicated to employees through virtual
compass for ethical behaviour. extends to all employees and establishes an
training programmes arranged by the HR team.
Internal Complaints Committee (ICC) dedicated
Regardless of their location within the Company, all
Our Code of Ethics and Compliance Standards to addressing instances of sexual harassment. The
employees are mandated to adhere strictly to the
covers following policies: primary aim of the ICC is to safeguard women
principles outlined in this document.
and facilitate the prevention and resolution of
Anti-corruption (i.e anti-bribery, fraud The Ethics Committee is responsible for promoting complaints effectively. To raise awareness, we
prevention, anti-money laundering, and conflict and upholding ethical standards within PCBL. The have introduced a dedicated module on sexual
of interest) committee reviews and addresses ethical concerns harassment, designed to educate employees
raised by employees, customers, suppliers, and and cultivate a work environment that is safe
Insider trading
stakeholders. Complaints against ethics issues and respectful for all. Through guidelines and
Prevention of sexual harassment should follow the Whistle-Blower Policy of PCBL. other relevant information, we are committed
Antitrust and fair competition The Chief Ethics Officer monitors the effectiveness to fostering a culture that actively prevents and
and reviews the implementation of compliance addresses sexual harassment, highlighting the
Personal integrity principles regularly. significance of a supportive atmosphere for every
Gift and hospitality principles individual within our organisation.
162 163
Safety, Health, and Environment Policy Tax Strategy

Our commitment to the Safety, Health, and Environment (SHE) policy is of paramount importance. We are At PCBL, our tax strategy is intricately intertwined We have outlined processes, programmes, and
committed to protect the safety and occupational health of all the interested parties and to protect the with our commitment to sound corporate initiatives aimed at supporting adherence to our
environment. governance practices. Integrity and transparency tax approach and strategy. This includes:
Our efforts towards this end are demonstrated through the following actions: stand as foundational pillars, ensuring sustained
trust among all stakeholders. Oversight of our tax Providing training and guidance to relevant
We prioritise the safety and well-being of our We emphasise on educating our workforce employees regarding the connection between
strategy is vested in the tax team and the Chief
employees by implementing rigorous safety about the importance of SHE practices. Through Financial Officer, operating within our robust tax strategy, business strategy, and sustainable
protocols, conducting risk assessments, and effective communication strategies, we strive governance framework. Compliance with tax filing, development
providing necessary equipment and training. to raise awareness among all stakeholders, reporting, and payment obligations is rigorously
We cultivate a culture of well-being, promoting including employees and external parties. By Implementing succession-planning measures
tracked through a dedicated compliance tracker
awareness of occupational hazards and promoting understanding and engagement, system, equipped with early warning mechanisms for roles within the organisation responsible for
involving employees in safety initiatives. we foster a culture of safety and environmental to proactively manage tax obligations and risks. tax compliance
Within the SHE framework, we establish targets consciousness throughout our organisation.
In our approach to taxation, we prioritise prompt Tax risk encompasses various elements:
and conduct regular performance evaluations
disclosure and transparency, fostering open
through periodic reviews. This enables Transactional risk involves the risks and
communication channels with tax authorities.
us to monitor progress, identify areas for
While adhering to our obligation to pay appropriate exposure associated with specific Company
enhancement, and ensure ongoing compliance
taxes, we remain mindful of utilising tax incentives transactions
with our SHE objectives.
aligned with our business objectives, always
Our primary objective is to eradicate hazards operating within legal bounds, and seeking Operational risk pertains to the underlying risks
and minimise occupational health and safety external tax advisor support as needed. As a matter associated with applying tax laws, regulations,
risks within our operations. By doing so, we of principle, we undertake aggressive tax planning and decisions to the Company’s routine
aim to gain greater control over our processes and evasion, committing to upholding ethical tax business operations

and create a safer working environment for our practices.
employees. Compliance risk relates to the risks associated
Our tax governance is further strengthened by
with meeting the organisation’s tax compliance
the implementation of a tax control framework
obligations
(TCF), which serves as a comprehensive set of
Prohibition of Insider Trading processes and internal control procedures to We ensure that stakeholder feedback received
Aligned with the SEBI Regulations on Prohibition of Insider Trading, we proactively cultivate a culture manage and mitigate tax risks. This framework through diverse channels is addressed in the best
of ethical behaviour among senior management. We urge them to abstain from engaging in share encompasses all aspects of tax compliance, from interests of the Company and its stakeholders. A
transactions involving the Company or our affiliated entities. To enforce this commitment, we have accurate and timely tax return submissions to clearly defined Whistle-Blower Policy allows any
established a stringent code of conduct for Directors, senior management personnel, and designated effective communication and cooperation with stakeholder to raise concerns about unethical
individuals. This code offers detailed directives on the processes and disclosures related to share transactions. tax authorities. By prioritising transparency, or unlawful behaviour or activities that may
Furthermore, we have initiated an awareness campaign aimed at reinforcing comprehension and adherence compliance, and proactive risk management, we compromise the organisation’s tax integrity. We
to the regulatory framework governing insider trading. ensure that our tax governance practices align with maintain ongoing monitoring and tracking of
our broader commitment to ethical conduct and complaints/grievances received from different
The link for the same is as follows: corporate responsibility. stakeholder groups.
PCBL | Creating Awareness on Prohibition of Insider Trading - YouTube
Anti-Bribery Policy
We are dedicated to combatting bribery and
corruption with a strict zero-tolerance policy. 100%
Our anti-bribery policy ensures compliance with
of Employees Receive Anti-Corruption Training
anti-corruption laws worldwide and mandates
adherence from all third-party collaborators.
This policy extends across our entire workforce,
including employees, officers, Directors, Zero
consultants, and contractors. We firmly embrace
Incidents of Corruption in FY 2023-24
a strict zero-tolerance approach towards any
individual found engaging in such misconduct,
viewing it as a grave violation of our ethical
standards and principles.
164 165
Board of Directors
Best Industry Practices, Policies, and Codes Adopted by PCBL
Sustainability Policy: https: //www.pcblltd.com/responsibility/policies
Climate Change Policy: https://www.pcblltd.com/responsibility/policies
Supplier Code of Conduct: https://www.pcblltd.com/responsibility/policies
Corporate Social Responsibility: Policy https://www.pcblltd.com/investor-relation/general-policies
Related Parties Policies: https://www.pcblltd.com/investor-relation/general-policies Dr. Sanjiv Goenka Kaushik Roy Preeti Goenka
Chairman Managing Director Non-Executive Director
Risk Management Policy: https://www.pcblltd.com/investor-relation/general-policies
Policy on Material Subsidiary: https://www.pcblltd.com/investor-relation/general-policies Scan the QR to know more Scan the QR to know more Scan the QR to know more
Statement on Materiality and Dealing with Related Parties: https://www.pcblltd.com/investor-relation/general-

policies
Material Events Policy: https://www.pcblltd.com/investor-relation/general-policies
Policy on Preservation of Documents: https://www.pcblltd.com/investor-relation/general-policies
Insider Trading Prohibition Code: https://www.pcblltd.com/investor-relation/general-policies
Code of Conduct for Board Members and Senior Management:

https://www.pcblltd.com/investor-relation/compliances-under-sebi-regulations

Shashwat Goenka Paras K. Chowdhary Pradip Roy
Familiarisation Programme for Independent Directors: Non-Executive Director Non-Executive Independent Director Non-Executive Independent Director
https://www.pcblltd.com/investor-relation/general-policies
Scan the QR to know more Scan the QR to know more Scan the QR to know more
Vigil Mechanism/Whistle-Blower Policy: https://www.pcblltd.com/responsibility/policies
Anti-Bribery Policy: https://www.pcblltd.com/responsibility/policies
Policy on Prevention of Sexual Harassment at Workplace: https://www.pcblltd.com/responsibility/policies
Remuneration Policy: https://www.pcblltd.com/investor-relation/general-policies
Quality Policy: https://www.pcblltd.com/responsibility/policies
Safety, Health, and Environment Policy: https://www.pcblltd.com/responsibility/policies
Sustainable Procurement Policy: https://www.pcblltd.com/responsibility/policies

Rusha Mitra R. K. Agarwal T. C. Suseel Kumar
Succession Planning for Board and Senior Management: https://www.pcblltd.com/investor-relation/general-
Non-Executive Independent Director Non-Executive Independent Director Non-Executive Independent Director
policies
Dividend Distribution Policy: https://www.pcblltd.com/investor-relation/general-policies Scan the QR to know more Scan the QR to know more Scan the QR to know more
Human Rights Policy: https://www.pcblltd.com/responsibility/policies
Child Labour Policy: https://www.pcblltd.com/responsibility/policies
Code of Ethics and Compliance Standards: https://www.pcblltd.com/responsibility/policies
End-User Mobility and Data Security Policy: https://www.pcblltd.com/responsibility/policies
Equal Employment Opportunity Policy: https://www.pcblltd.com/responsibility/policies
Prohibition of Anti-competitive practices Policy: https://www.pcblltd.com/investor-relation/general-policies

K. Jairaj Dr. S. Ravi
Board Diversity Policy: https://www.pcblltd.com/investor-relation/general-policies
Non-Executive Independent Director Non-Executive Independent Director
Web Archival Policy : https://www.pcblltd.com/investor-relation/general-policies
Scan the QR to know more Scan the QR to know more
166 167
CORPORATE
Information
Management Committee Members BOARD OF DIRECTORS REGISTERED OFFICE Delhi
Dr. Sanjiv Goenka PCBL Limited PCBL Limited
Chairman 31, Netaji Subhas Road 315, Third Floor, MGF Metropolis
Kolkata – 700 001 M.G. Road, Gurugram – 122 002
Kaushik Roy West Bengal, India Haryana, India
Managing Director Phone: +91 33 6625 1443 Phone: (0124) 4031 975/235 2924
Fax: +91 2230 6844/2243 6681
Preeti Goenka Email: pcbl.delhi@rpsg.in
CIN: L23109WB1960PLC024602
Non-Executive Director
Email: pcbl@rpsg.in Mumbai
Shashwat Goenka
Non-Executive Director PCBL Limited
Kaushik Roy CORPORATE OFFICE Zenia Building, Hiranandani Circle,
Managing Director Paras K Chowdhary PCBL Limited Hiranandani Business Park,
Non-Executive Independent Director RPSG House, 4th Floor Thane - 400607
2/4 Judges Court Road Maharashtra, India
Pradip Roy
Kolkata – 700 027 Phone: 9619230088/9619680428
Non-Executive Independent Director
West Bengal, India Email: pcbl.mumbai@rpsg.in
Rusha Mitra Phone: +91 33 4087 0500/0600
Kaushik Mukherjee Raj Kumar Gupta Non-Executive Independent Director Email: pcbl@rpsg.in BRANCH OFFICE
Company Secretary & Chief Financial Officer R K Agarwal PCBL Limited
Chief Legal Officer Non-Executive Independent Director MANUFACTURING UNITS 7822 Ghislenghien
T C Suseel Kumar Durgapur Rue des Foudriers 1, Belgium
Non-Executive Independent Director PCBL Limited Phone: +32 6826 5800

27, R N Mukherjee Road Email: belgium.ic@rpsg.in
K. Jairaj Dist: Paschim Burdwan
Ravi Sinha Vijay Joshi Non-Executive Independent Director Durgapur – 713 201
Chief – HR Chief – Operations
GLOBAL R&D CENTRE
Dr. S Ravi West Bengal, India
Sushila Goenka Research &
Non-Executive Independent Director Phone: +91 74790 37118
Development Centre
Email: pcbl.durgapur@rpsg.in PCBL Limited
COMPANY SECRETARY & CHIEF
National Highway No. - 8
Kochi
Gautam Kalia
LEGAL OFFICER Palej – 392 220, Gujarat, India
PCBL Limited Phone: +91 02642 277158 +91 02642
Jiten Keluskar Chief – International Markets Kaushik Mukherjee
Brahmapuram, Karimugal 244069
Chief Procurement Officer (Rubber Blacks) Kochi – 682 303
CHIEF FINANCIAL OFFICER Email: research.development@rpsg.in
Kerala, India
Raj Kumar Gupta Phone: +91 48427 88158/116
INNOVATION CENTRE
AUDITORS Email: pcbl.kochi@rpsg.in
Sushila Goenka Innovation Centre
S. R. Batliboi & CO., LLP Mundra PCBL Limited
Lohit Shringi Chartered Accountants PCBL Limited 7822 Ghislenghien,
Mainackya Ghosh
Chief – Specialty Blacks Survey No. 47, SH- 46 Mokha Rue des Foudriers 1, Belgium
Chief – National Markets SOLICITORS
Mundra – 370 421, Phone: +32 6826 5800
(Rubber Blacks) Khaitan & Co. Gujarat, India email: belgium.ic@rpsg.in
Phone: +91 2838 283634/619201
DEBENTURE TRUSTEE
Email: pcbl.mundra@rpsg.in MARKETS
Catalyst Trusteeship Limited
Palej National
BANKERS
Valerie Smits PCBL Limited pcbl.india@rpsg.in
Bank of Baroda National Highway No. 8
Chief – Global R&D
ICICI Bank Limited Palej – 392 220, Gujarat, India International
HDFC Bank Limited Phone: +91 26422 77902
IDFC First Bank Limited Global: pcbl.international@rpsg.in
Email: pcbl.palej@rpsg.in Europe: pcbl.europe@rpsg.in
Axis Bank Limited
DBS Bank India Limited Japan: adrian.koh@rpsg.in
REGIONAL OFFICES Vietnam: thuy.tran@rpsg.in
The Hongkong and Shanghai
Banking Corporation Limited Chennai Korea: yongsoo.kwon@rpsg.in
Standard Chartered Bank USA: paul.abosch@rpsg.in
PCBL Limited
Kotak Mahindra Bank Limited Level 5, Prestige Palladium Bayan
Export-Import Bank of India SPECIALTY BLACKS
No. 129, Greams Road,
Citi Bank N.A. Chennai – 600 006 pcbl.specialtyblack@rpsg.in
IndusInd Bank Limited Tamil Nadu, India
CTBC Bank Company limited Phone: (044) 4654 9316
Fax: (044) 2855 3257
Email: pcbl.chennai@rpsg.in
168 169
Awards and Accolades
RECOGNISED FOR
OUR EXCELLENCE
PCBL awarded Gold for BRSR at ICAI Sustainability Reporting Awards

PCBL, Durgapur has been awarded with 5 star
rating along with a runner -up trophy in general
category in the CII Energy Conservation (Encon)
Competition, 2023
Outstanding performance delivery (Domestic)

for FY 23-24 by CEAT Limited
Recognition for being best performer- self certification 2024 by J K Tyre
170 171
PCBL LIMITED
CIN: L23109WB1960PLC024602
Regd. Office: 31, Netaji Subhas Road, Kolkata - 700 001
Tel: (033)-6625-1443; Fax: 033-2230-6844/2243-6681
E-mail: pcbl@rpsg.in; Website: www.pcblltd.com
NOTICE TO THE MEMBERS

Notice is hereby given that the Sixty-third Annual March, 2024 and in this regard to consider and
General Meeting (AGM) of the Members of PCBL if thought fit, to pass, the following resolution as
Limited will be held on Wednesday, the 28th day of an Ordinary Resolution:
August, 2024, at 10:30 A.M. Indian Standard Time
“RESOLVED THAT the Interim Dividend @ 550%
(“IST”), through Video Conferencing/ Other Audio
(i.e. ` 5.50/- per share on 37,74,62,604 Equity
Visual Means (“VC/OAVM”) to transact the following
Shares) paid to the Company’s shareholders for
business:
the Financial Year ended March 31, 2024, be and
is hereby noted and confirmed.”
ORDINARY BUSINESS:
1. To receive, consider and adopt : 3. To appoint a Director in place of Mrs. Preeti
Goenka (DIN 05199069), who retires by rotation
a) the Audited Financial Statements of the and, being eligible, offers herself for re-
Company for the financial year ended 31 appointment and in this regard to consider and

March, 2024 together with the Reports of if thought fit, to pass, the following resolution as
the Board of Directors and the Auditors an Ordinary Resolution:
thereon;
“RESOLVED THAT in accordance with the
b) the Audited Consolidated Financial provisions of Section 152 and other applicable
Statements for the financial year ended 31 provisions, if any, of the Companies Act, 2013,
March, 2024 together with the Reports of read with the Articles of Association of the
the Auditors thereon. Company, Mrs. Preeti Goenka (DIN: 05199069)
and in this regard to consider and if thought fit, who retires by rotation at this meeting, and
to pass, the following resolution as an Ordinary being eligible for re-appointment, be and
Resolution: is hereby re-appointed as a Director of the
Company liable to retire by rotation.”
“RESOLVED THAT:
Statutory i) the audited financial statements of the

Company for the financial year ended
March 31, 2024 and the reports of the Board
of Directors and the Auditors thereon, as
SPECIAL BUSINESS:
4. To consider, and if thought fit, to pass with
or without modification(s) the following
Resolution as an Ordinary Resolution
Reports ii)
circulated to the Members; and
the audited consolidated financial

statements of the Company for the financial
year ended March 31, 2024 and reports of
“Resolved that pursuant to the provisions of
Section 148 of the Companies Act, 2013 and
other applicable provisions, if any, read with
the Companies (Audit and Auditors) Rules,
the Auditors thereon, as circulated to the 2014, and the Companies (Cost Records and
Members; Audit) Rules, 2014 (including any statutory
be and are hereby considered and adopted.” modification(s) or re-enactment thereof, for
the time being in force), the remuneration
2. To confirm and take on record the payment of of ` 5,50,000/- (plus applicable goods and
Interim Dividend, for the financial year ended 31 services tax and re-imbursement of out of
173
pocket expenses) to be paid to M/s. Shome & Resolved further that, the Board be and is advance mentioning their name, DP D Pursuant to the provisions of Section 108 of
Banerjee, Cost Accountants, the Cost Auditors hereby authorized to do all acts and take all such ID and Client ID number /Folio No., the Act read with Rule 20 of the Companies
of the Company, as approved by the Board of steps as may be necessary, proper or expedient email ID, mobile no. at pcbl.investor@rpsg.in (Management and Administration) Rules,
Directors of the Company, for conducting the to give effect to the aforesaid Resolution.” till 4 p.m. (IST) on Friday, the 23rd day of 2014 (as amended), Secretarial Standard on
audit of cost records of the Company for the August, 2024. General Meetings (SS-2) issued by the Institute
financial year ending March 31, 2025, be and is of Company Secretaries of India (“ICSI”) and
(ii) Members who would like to ask
hereby ratified. notified by the Ministry of Corporate Affairs,
questions during the Sixty-third AGM
Govt. of India and Regulation 44 of the
Registered Office By Order of the Board of Directors of the Company need to register Securities and Exchange Board of India (Listing
themselves as a speaker by sending Obligations and Disclosure Requirements)
31, Netaji Subhas Road their requests preferably along with Regulations, 2015 (“SEBI Listing Regulations”)
Kolkata – 700 001 their questions mentioning their read with MCA Circulars, as amended from
CIN: L23109WB1960PLC024602 name, DP ID and Client ID number/ time to time, the Company is providing remote
folio number, email id, mobile number, e-Voting facility to its Members in respect of the
Kaushik Mukherjee to reach the Company’s email address business to be transacted at the 63rd AGM and
Place: Kolkata Company Secretary at pcbl.investor@rpsg.in latest by facility for those Members participating in the
Date: 23 May, 2024 (ICSI Membership No: F5000) 4 p.m. (IST) on Friday, the 23rd day of 63rd AGM to cast vote through e-Voting system
August, 2024. during the 63rd AGM. For this purpose, the
NOTES: be held through VC/OAVM. The deemed venue Company had entered into an agreement with
(d) When a pre-registered speaker is invited
for the 63rd AGM of the Company shall be the National Securities Depository Limited (NSDL)
1. A Statement pursuant to Section 102 of the to speak at the meeting but he / she does
Corporate Office of the Company situated at 2/4, as the authorised agency for facilitating voting
Companies Act, 2013, (“the Act”) setting out not respond, the next speaker will be
through electronic means.
Judges Court Road, Alipore, Kolkata – 700027. invited to speak. Accordingly, all speakers
material facts relating to the Special Business
Hence, Members can attend and participate in are requested to get connected to a device E NSDL will be providing facilities for voting
to be transacted at the Annual General Meeting
the AGM through VC/OAVM only. The detailed with a video/ camera along with good through remote e – Voting and VC/ OAVM
(‘AGM’) is annexed hereto.
procedure for participating in the Meeting internet speed. facility for participation in the 63rd AGM.

2. General instructions for accessing and through VC/OAVM is annexed herewith (Refer
(e) The Company reserves the right to restrict F The attendance of the Members participating
participating in the 63rd AGM through Video Serial No. 27 of these Notes).
the number of questions and number in the 63rd AGM through VC/OAVM facility using
Conferencing (VC)/ Other Audio-Visual Means
VC/OAVM – Major Guidelines: of speakers, as appropriate, for smooth their login credentials shall be counted for
(OVAM) Facility:
conduct of the AGM. the purpose of reckoning the quorum under
A. The Government of India, Ministry of Corporate (a) Members are requested to join the AGM
Section 103 of the Act.
Affairs has allowed conducting Annual General through VC/OAVM mode not later than B In terms of the MCA Circulars, physical
10:15 am IST by clicking on the link https:// attendance of members has been dispensed 3. The business set out in the Notice will be
Meeting through Video Conferencing (VC)
www.evoting.nsdl.com under Members with and therefore, there is no requirement of transacted through remote electronic voting
or Other Audio Visual Means (OAVM) and
login, where the EVEN of the Company will appointment of proxies. Accordingly, the facility system and the Company is providing facility
dispended the personal presence of the
be displayed, by using the Remote E-Voting of appointment of proxies by Members under for voting by remote electronic means.
members at the meeting. Accordingly, the
credentials and following the procedures Instructions and other information relating to
Ministry of Corporate Affairs issued Circular No. Section 105 of the Act will not be available for the
mentioned later in these Notes (Refer to E-voting are given in the Notice under Note No.
14/2020 dated April 8, 2020, Circular No. 17/2020 63rd AGM. However, in pursuance of Section 112
27 hereunder.
dated April 13, 2020, Circular No. 20/2020 dated Serial No. 27). Facility for joining the VC/ and Section 113 of the Act, the representatives
May 5, 2020, Circular No. 02/2021 dated January OAVM shall be kept open for the Members of the members specified under Section 112 4. Electronic copy of the Annual Report for the
13, 2021, Circular No. 19/2021 dated 8 December, from 10:00 a.m. IST and may be closed at and Section 113 may be appointed for the financial year 2023-24 is being sent to all the
2021, Circular No. 21/2021 dated December 14, 10:45 a.m. IST or thereafter. purpose of e-Voting through Board Resolution/ members whose email addresses are registered
2021, Circular No. 02/2022 dated May 5, 2022 Power of Attorney/ Authority Letter etc. and for with the Company/ Depository Participant(s)
(b) Members may note that the VC/OAVM
and Circular No. 09/2023 dated September participation through VC/ OAVM facility during for communication purposes.
Facility provided by NSDL, allows
25, 2023 (“MCA Circulars”) and SEBI Circular the 63rd AGM. Since the 63rd AGM is being held 5. Electronic copy of this Notice of the 63rd AGM of
participation of atleast 1,000 Members on
No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated through VC / OAVM facility, the Route Map is the Company, inter-alia, indicating the process
a first-come-first-served basis. The large
May 12, 2020, SEBI Circular No. SEBI/HO/CFD/ not annexed in this Notice. and manner of electronic voting (“e-voting”)
shareholders (i.e. shareholders holding
CMD2/CIR/P/2021/11 dated January 15, 2021, SEBI is being sent to all the members whose email
2% or more shareholding), promoters, C In line with the MCA Circulars, this Notice and
Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 addresses are registered with the Company/
institutional investors, directors, key the Integrated Report for the financial year
dated May 13, 2022, SEBI Circular No. SEBI/HO/ Depository Participants(s) for communication
managerial personnel, the Chairpersons 2023-24, will be available on the website of the
CFD/PoD-2/P/CIR/2023/4 dated January 5, 2023 purposes unless any member has requested for
of the Audit Committee, Nomination Company at www.pcblltd.com., on the websites
and SEBI Circular No. SEBI/HO/CFD/CFD-PoD- a hard copy of the same.
and Remuneration Committee and of the Stock Exchanges, namely, National Stock
2/P/CIR/2023/167 dated October 7, 2023 issued
Stakeholders Relationship Committee, Exchange (NSE) at www.nseindia.com, and BSE In case any member is desirous of obtaining hard
by the Securities and Exchange Board of India
auditors, etc. can attend the 63rd AGM Limited (BSE) at www.bseindia.com and also on copy of the Annual Report for the financial year
(“SEBI Circulars”) prescribing the procedures
without any restriction on account of first- the website of National Securities Depository 2023-24 and Notice of the 63rd AGM of the Company,
and manner of conducting the Annual General
come-first-served principle. Limited (NSDL) (Agency for providing the may send request to the Company’s email address
Meeting through VC/OVAM. In terms of the
Remote e-Voting facility) at www.evoting.nsdl. at pcbl.investor@rpsg.in mentioning their Folio
said circulars, the 63rd Annual General Meeting (c) (i) Members are requested to express
com. No. / DP ID and Client ID.
(“AGM”) of the Members of the Company will their views/send their queries in
174 175
6. Members, whose email address, bank account Residential Status, PAN, Category as per the IT 12. In the event the Company is unable to pay the 14. Pursuant to the provisions of IEPF Rules, all
details or mobile number is not registered Act with their Depository Participant(s) or in dividend to any Member directly in their bank shares in respect of which dividend remains
with the Company or with their respective case shares are held in physical form, with the accounts through Electronic Clearing Service unpaid or unclaimed for seven consecutive
Depository Participant(s) [‘DPs’], and who wish Company by sending email to the Company’s or any other electronic means, due to non- years shall be transferred by the Company to
to receive the Notice of the 63rd AGM and the email address at pcbl.investor@rpsg.in or by registration of the Electronic Bank Mandate the IEPF Account within a period of thirty days
Annual Report for the financial year 2023- email to the RTA’s mail address at kolkata@ or other reasons whatsoever, the Company of such shares becoming due to be transferred
24 and all other communication sent by the linkintime.co.in. For details, members may shall follow SEBI Circular bearing reference no. to the IEPF Account. Accordingly, the Company
Company, from time to time, can get their refer to the Communication related to TDS on SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37 transferred 1,43,190 Equity Shares of the face value
email address, bank account details and mobile Dividend available in the ‘Investors Relations’ dated 16 March, 2023 in supersession of earlier of Re. 1/- each to the IEPF Account pertaining
number registered by following the steps as Section on the website of the Company at www. circulars issued by SEBI from time to time for to the Financial Year 2015-16, on which the
given below:- pcblltd.com. such disbursement. dividends remained unpaid or unclaimed for
seven consecutive years with reference to the
A. Members holding shares in physical form 10. The dividend/s, if any, approved by the Members 13. Pursuant to the provisions of Section 124 and due date of 26 August, 2023 after following the
may send scanned copy of a signed request or declared by the Board of Directors of the
Section 125 of the Act, Investor Education prescribed procedure. Besides, the Company
letter mentioning the folio number, name, Company from time to time, will be paid as per
and Protection Fund Authority (Accounting, had also transferred 69,482 Equity Shares
complete address, email address to be the mandate registered with the Company or
Audit, Transfer and Refund) Rules, 2016 (“IEPF of the face value of Re. 1/- each to the IEPF
registered along with scanned self attested with their respective Depository Participants.
Rules”) read with the relevant circulars and Account pertaining to the Financial Year 2016-
copy of the PAN and any document (such as 11. Further, in order to receive dividend/s in a timely amendments thereto, the amount of dividend 17, on which the dividends remained unpaid
Driving License, Passport, Bank Statement, manner, Members holding shares in physical remaining unpaid or unclaimed for a period or unclaimed for seven consecutive years with
AADHAR) supporting the registered mode, who have not updated their mandate for of seven consecutive years from the due date reference to the due date of 6 April, 2024 after
address of the Member, by email to the receiving the dividends directly in their bank following the prescribed procedure. In this
is required to be transferred to the Investor
RTA’s email address – kolkata@linkintime. accounts through Electronic Clearing Service or regard, the Company has individually informed
Education and Protection Fund (“IEPF”),
co.in. any other means (“Electronic Bank Mandate”), the Members concerned and also published
constituted by the Central Government.
B. Members holding shares in Demat mode can register their Electronic Bank Mandate The Company had, accordingly, transferred the notice in the newspapers as per the IEPF
may update the email address, bank to receive dividends directly into their bank ` 13,45,547.50/- (Rupees Thirteen Lakhs forty five Rules. The details of such Members and shares

account details and mobile number account electronically or any other means, by thousand five hundred forty seven and fifty paisa transferred for the Financial Year 2015-16 and
through their respective Depository sending scanned copy of the following details/ only) being the unpaid and unclaimed dividend 2016-17 are uploaded in the “Investor Relations”
Participant(s). documents by email to the RTA’s email address amount pertaining to the Final Dividend for the Section of the website of the Company viz.
– kolkata@linkintime.co.in or to the Company’s www.pcblltd.com. Mr. Kaushik Mukherjee,
Financial Year 2015-16 on 5 September, 2023.
7. The Register of Members and Share Transfer email address at pcbl.investor@rpsg.in: Company Secretary & Chief Legal Officer is the
Besides, the Company had also transferred
Books of the Company shall remain closed from Nodal Officer of the Company for the purpose
the 22nd day of August, 2024 to the 28th day of (a) signed request letter mentioning your ` 32,34,972/- (Rupees Thirty two lakhs thirty four
name, folio number, complete address and of verification of such claims.
August, 2024 (both days inclusive). thousand nine hundred and seventy two rupees
following details relating to bank account only) being the unpaid and unclaimed dividend 15. To prevent fraudulent transactions, members
8. An interim dividend @ 550% (i.e. ` 5.50/- per in which the dividend is to be received: amount pertaining to the Interim Dividend for are advised to exercise due diligence and
equity share of Re. 1/- each), was declared at the Financial Year 2016-17 on 10 April, 2024. notify the Company of any change in address
(i) Name and Branch of Bank and Bank
the Meeting of the Board of Directors of the or demise of any member as soon as possible.
Account type; The Company has been sending reminders to
Company held on 15 January, 2024 to those Members are also advised to not leave their
Members whose names appeared in the (ii) Bank Account Number allotted by members having unpaid / unclaimed dividends
Demat account(s) dormant for long. Periodic
Company’s Register of Members, or appeared as your bank after implementation of before transfer of such dividend(s) to IEPF.
statement of holdings should be obtained
beneficial owners at the close of business on 29 Core Banking Solutions; Details of the unpaid/ unclaimed dividend are
from the concerned Depository Participant and
January, 2024 (‘Record Date’) and the same was also uploaded on the website of the Company
(iii) 11-digit IFSC Code; holdings should be verified from time to time.
paid on and from 9 February, 2024. The Board of at www.pcblltd.com. Accordingly, Members,
who have not yet encashed their dividend 16. SEBI vide its Circular dated March 16, 2023
Directors wish to conserve resources for future (b) self-attested scanned copy of cancelled
pertaining to the Interim and Final Dividend for mandated furnishing of PAN, KYC details (i.e.
expansion and growth of the Company. Hence, cheque bearing the name of the Member
the Financial Year 2017-18 are advised to write to postal address with pin code, email address,
the Board of Directors have not recommended or first holder, in case shares are held jointly;
the Company immediately claiming dividends mobile number, bank account details) and
the final dividend, the payment of interim
(c) self attested scanned copy of the PAN Card; declared by the Company. The Interim and Final Nomination details by holders of physical
dividend may be treated as final dividend for
and Dividend for the Financial Year 2017-18 are due securities.
financial year 2023-24.
(d) self attested scanned copy of any document to be transferred to the IEPF Fund immediately In terms of the above Circular, holders of the
9. Pursuant to the provisions of the Income Tax Act, after 29 November, 2024 and 1 September, 2025
(such as AADHAR Card, Driving Licence, Physical folios wherein the said details are not
1961 (“the IT Act”), dividend income is taxable in respectively. In case valid claim is not received
Election Identity Card, Passport) in support available, would be eligible for lodging grievance
the hands of the members and the Company by that date, the Company will also proceed
of the address of the Member, as registered or any service request only after registering
is required to deduct tax at source (“TDS”) from to transfer the respective shares to the Demat
with the Company. the required details. Any payments including
the dividend paid to the members at rates Account of the IEPF Authority (‘IEPF Account’) dividend in respect of such folios shall only be
prescribed in the IT Act. In general, to enable For the Members holding shares in Demat
in terms of the IEPF Rules by following the made electronically with effect from April 1, 2024
compliance with TDS requirements, members mode, please update your Electronic Bank
prescribed procedure. upon registering the required details.
are requested to complete and/ or update their Mandate through your Depository Participant/s.
176 177
17. Nomination facility as per the provisions of be returned to such members after making Requisite declarations have been received from appear in the Register of Members / Beneficial
Section 72 of the Act is available to individuals requisite changes thereon. the Director seeking re-appointment. Owners as on the cut-off date of i.e. Wednesday,
holding shares in the Company. Members can the 21st day of August, 2024, may cast their vote
21. Non-resident Indian Members are requested to 26. To support the ‘Green Initiative’, the Members
nominate a person in respect of all the shares electronically. The voting right of shareholders
inform Company’s Registrar and Share Transfer who have not registered their e-mail addresses
held by him singly or jointly. Members holding shall be in proportion to their share in the paid-
Agent, Link Intime India Private Limited (‘RTA’), are requested to register the same with the up equity share capital of the Company as on
shares in physical form and who have not yet
immediately of: Company’s RTA/Depositories for receiving all the cut-off date, being Wednesday, the 21st day
registered their nomination are requested to
communications including Annual Reports, of August, 2024.
register the same by submitting Form No. SH- (a) Change in their residential status on return
Notices, Circulars etc. from the Company
13. If a member desires to opt out or cancel to India for permanent settlement. A person who is not a Member as on the cut- off
electronically.
the earlier nomination and record a fresh date should treat this Notice of the 63rd AGM for
(b) Particulars of their bank account 27. INSTRUCTIONS FOR MEMBERS FOR REMOTE
nomination, he/ she may submit the same in information purpose only. Once the vote on a
maintained in India with complete name, E-VOTING AND JOINING AGM THROUGH VC/
Form ISR-3 or SH-14 as the case may be. The Resolution is cast by the Member, the Member
branch, account type, account number and OAVM ARE AS UNDER:-
said forms can be downloaded from the website shall not allowed to change it subsequently.
address of the bank with pin code number,
of the Company and RTA. Members holding
if not furnished earlier. The remote e-voting period begins on 25th day of A. How do I vote electronically using NSDL
shares in electronic form may approach their August, 2024 at 9:00 A.M (IST). and ends on 27th e-Voting system?
respective DPs for completing the nomination 22. SEBI has also mandated that, the Members day of August 2024 at 5:00 P.M.(IST). The remote The way to vote electronically on NSDL e-Voting
formalities. whose folio(s)/demat account(s) do not have e-voting module shall be disabled by NSDL for system consists of “Two Steps” which are
18. Members may please note that SEBI vide PAN or Choice of Nomination or Contact Details voting thereafter. The Members, whose names mentioned below:
its Circular No. SEBI/HO/MIRSD/MIRSD_ or Mobile Number or Bank Account Details or
RTAMB/P/CIR/2022/8 dated 25 January, Specimen Signature updated, shall be eligible Step 1: Access to NSDL e-Voting system
2022 has mandated the listed companies to for any payment including dividend, interest A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in
issue securities in dematerialised form only or redemption in respect of such folios/demat demat mode
while processing service requests, viz. Issue accounts, only through electronic mode with
effect from 1 April, 2024, upon their furnishing In terms of SEBI circular dated 9 December, 2020 on e-Voting facility provided by Listed Companies,
of duplicate securities certificate; renewal/
Individual shareholders holding securities in demat mode are allowed to vote through their demat
exchange of securities certificate; endorsement; all the aforesaid details in entirety. If a Member

account maintained with Depositories and Depository Participants. Shareholders are advised to update
sub-division/splitting of securities certificate; updates the above mentioned details after 1
consolidation of securities certificates/folios; April, 2024, then such Member would receive their mobile number and email Id in their demat accounts in order to access e-Voting facility.
transmission and transposition. Further SEBI all the dividends etc. declared during that Login method for Individual shareholders holding securities in demat mode is given below:
vide its circular No. SEBI/HO/MIRSD/MIRSD_ period (from 1 April, 2024 till date of updation)
RTAMB/P/CIR/2022/65 dated 18 May, 2022 has pertaining to the shares held after the said Type of shareholders Login Method
simplified the procedure and standardised updation automatically. Individual 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://
the format of documents for transmission of Shareholders holding eservices.nsdl.com either on a Personal Computer or on a mobile. On the
23. Documents referred to in the accompanying
securities. Accordingly, members are requested securities in demat e-Services home page click on the “Beneficial Owner” icon under “Login”
Notice of the 63rd AGM and the Explanatory
to make service requests by submitting a duly
Statement shall be available for inspection in mode with NSDL. which is available under ‘IDeAS’ section, this will prompt you to enter your
filled and signed Form ISR-4 & ISR-5, as the case
the ‘Investor Relations’ section of the website of existing User ID and Password. After successful authentication, you will be
may be. The said forms can be downloaded
the Company at www.pcblltd.com. able to see e-Voting services under Value added services. Click on “Access
from the website of the RTA.
to e-Voting” under e-Voting services and you will be able to see e-Voting
24. The Register of Directors and Key Managerial
19. SEBI vide its Circulars dated July 31, 2023, and page. Click on company name or e-Voting service provider i.e. NSDL and you
Personnel and their shareholding maintained
August 4, 2023, read with Master Circular dated will be re-directed to e-Voting website of NSDL for casting your vote during
under Section 170 of the Act and the Register
July 31, 2023 (updated as on August 11, 2023), the remote e-Voting period or joining virtual meeting & voting during the
of Contracts and Arrangements in which
has established a common Online Dispute meeting.
Directors are interested maintained under
Resolution Portal (“ODR Portal”) for resolution
Section 189 of the Act shall be made available at 2. If you are not registered for IDeAS e-Services, option to register is available at
of disputes arising in the Indian Securities
the commencement of the meeting and shall https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
Market. Pursuant to above-mentioned circulars,
remain open and accessible to the Members https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
post exhausting the option to resolve their
during the continuance of the 63rd AGM. During
grievances with the RTA/ Company directly 3. Visit the e-Voting website of NSDL. Open web browser by typing the following
the 63rd AGM, Members may access the scanned
and through existing SCORES platform, the URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a
copy of these documents, upon Logging into
investors can initiate dispute resolution through NSDL e-Voting system at https://www.evoting. mobile. Once the home page of e-Voting system is launched, click on the icon
the ODR Portal (https://smartodr.in/login). nsdl.com. “Login” which is available under ‘Shareholder/Member’ section. A new screen
20. Members holding shares in physical form in will open. You will have to enter your User ID (i.e. your sixteen digit demat
25. Details as required under Regulation 36 of
identical order of names in more than one account number hold with NSDL), Password/OTP and a Verification Code as
the SEBI Listing Regulations and Secretarial
folio are requested to send to the Company shown on the screen. After successful authentication, you will be redirected to
Standard on General Meeting (SS-2) issued by
or Registrar and Share Transfer Agent, the NSDL Depository site wherein you can see e-Voting page. Click on company
the Institute of Company Secretaries of India,
details of such folios together with the share name or e-Voting service provider i.e. NSDL and you will be redirected to
in respect of the appointment of Director
certificates for consolidating their holdings in seeking re-appointment at the 63rd AGM, forms e-Voting website of NSDL for casting your vote during the remote e-Voting
one folio. A consolidated share certificate will an integral part of the Notice of the 63rd AGM. period or joining virtual meeting & voting during the meeting.
178 179
Type of shareholders Login Method B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders
holding securities in demat mode and shareholders holding securities in physical mode.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede”
facility by scanning the QR code mentioned below for seamless voting How to Log-in to NSDL e-Voting website?
experience.
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.
evoting.nsdl.com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code
as shown on the screen.
4. Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.
Individual 1. Users who have opted for CDSL Easi / Easiest facility, can login through their nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in
Shareholders holding existing user id and password. Option will be made available to reach e-Voting
credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.
securities in demat page without any further authentication. The users to login Easi /Easiest are
mode with CDSL requested to visit CDSL website www.cdslindia.com and click on login icon Your User ID details are given below:
& New System Myeasi Tab and then user your existing my easi username &
password. Manner of holding shares i.e. Demat Your User ID is
(NSDL or CDSL) or Physical
2. After successful login the Easi / Easiest user will be able to see the e-Voting
option for eligible companies where the evoting is in progress as per the a) For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID
information provided by company. On clicking the evoting option, the user will demat account with NSDL. For example if your DP ID is IN300*** and Client ID is 12****** then
be able to see e-Voting page of the e-Voting service provider for casting your your user ID is IN300***12******.
vote during the remote e-Voting period or joining virtual meeting & voting
b) For Members who hold shares in 16 Digit Beneficiary ID
during the meeting. Additionally, there is also links provided to access the
demat account with CDSL. For example if your Beneficiary ID is 12************** then your user
system of all e-Voting Service Providers, so that the user can visit the e-Voting

service providers’ website directly. ID is 12**************
3. If the user is not registered for Easi/Easiest, option to register is available at c) For Members holding shares in EVEN Number followed by Folio Number registered with the
CDSL website www.cdslindia.com and click on login & New System Myeasi Physical Form. Company
Tab and then click on registration option. For example if folio number is 001*** and EVEN is 129668 then
4. Alternatively, the user can directly access e-Voting page by providing user ID is 129668001***
Demat Account Number and PAN No. from a e-Voting link available on
www.cdslindia.com home page. The system will authenticate the user by 5) Password details for shareholders other Open the email and open the
sending OTP on registered Mobile & Email as recorded in the Demat Account. than Individual shareholders are given attachment i.e. a .pdf file. Open
After successful authentication, user will be able to see the e-Voting option
below: the .pdf file. The password to open
where the e-voting is in progress and also able to directly access the system
the .pdf file is your 8 digit client ID
of all e-Voting Service Providers. (a) If you are already registered for
for NSDL account, last 8 digits of
Individual You can also login using the login credentials of your demat account through e-Voting, then you can user your
client ID for CDSL account or folio
Shareholders (holding your Depository Participant registered with NSDL/CDSL for e-Voting facility. Upon existing password to login and cast
number for shares held in physical
securities in demat logging in, you will be able to see e-Voting option. Click on e-Voting option, you your vote.
form. The .pdf file contains your
mode) login through will be redirected to NSDL/CDSL Depository site after successful authentication,
(b) If you are using NSDL e-Voting system ‘User ID’ and your ‘initial password’.
their depository wherein you can see e-Voting feature. Click on company name or e-Voting service
for the first time, you will need to
participants provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for (ii) If your email ID is not registered,
retrieve the ‘initial password’ which
casting your vote during the remote e-Voting period or joining virtual meeting & please follow steps mentioned
voting during the meeting. was communicated to you. Once you
below in process for those
retrieve your ‘initial password’, you
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID shareholders whose email ids are
need to enter the ‘initial password’ and
and Forget Password option available at abovementioned website. not registered.
the system will force you to change
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to your password. 6. If you are unable to retrieve or have not
login through Depository i.e. NSDL and CDSL. received the “Initial password” or have
(c) How to retrieve your ‘initial password’?
forgotten your password:
Login type Helpdesk details
(i) If your email ID is registered in
Individual Shareholders holding Members facing any technical issue in login can contact NSDL (a) Click on “Forgot User Details/
your demat account or with the
securities in demat mode with NSDL helpdesk by sending a request at evoting@nsdl.com or call at 022 Password?”(If you are holding shares
Company, your ‘initial password’
- 4886 7000 in your demat account with NSDL
is communicated to you on your
or CDSL) option available on www.
Individual Shareholders holding Members facing any technical issue in login can contact CDSL email ID. Trace the email sent to
securities in demat mode with CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia. evoting.nsdl.com.
you from NSDL from your mailbox.
com or contact at toll free no. 1800-21-09911
180 181
(b) Physical User Reset Password?” (If you 7. Once you confirm your vote on the 2. In case shares are held in demat mode, D) INSTRUCTIONS FOR MEMBERS FOR ATTENDING
are holding shares in physical mode) resolution, you will not be allowed to please provide DPID-CLID (16 digit DPID THE AGM THROUGH VC/OAVM ARE AS UNDER:
option available on www.evoting.nsdl. modify your vote. + CLID or 16 digit beneficiary ID), Name, 1. Shareholder will be provided with a facility
com. client master or copy of Consolidated
B) General Guidelines for shareholders to attend the EGM/AGM through VC/
(c) If you are still unable to get the Account statement, PAN (self attested OAVM through the NSDL e-Voting system.
1. Institutional shareholders (i.e. other than scanned copy of PAN card), AADHAR (self
password by aforesaid two options, you Members may access by following the
individuals, HUF, NRI etc.) are required to attested scanned copy of Aadhar Card)
can send a request at evoting@nsdl. steps mentioned above for Access to NSDL
send scanned copy (PDF/JPG Format) of e-Voting system. After successful login, you
com mentioning your demat account to pcbl.investor@rpsg.in. If you are an
the relevant Board Resolution/ Authority can see link of “VC/OAVM” placed under
number/folio number, your PAN, your Individual shareholders holding securities
letter etc. with attested specimen signature “Join meeting” menu against company
name and your registered address etc. in demat mode, you are requested to refer
of the duly authorised signatory(ies) who name. You are requested to click on VC/
(d) Members can also use the OTP (One to the login method explained at step 1 (A)
are authorised to vote, to the Scrutiniser by OAVM link placed under Join Meeting
Time Password) based login for casting i.e. Login method for e-Voting and joining
e-mail to akroyco@yahoo.co.in with a copy menu. The link for VC/OAVM will be available
the votes on the e-Voting system of virtual meeting for Individual shareholders
marked to evoting@nsdl.com. Institutional in Shareholder/Member login where the
NSDL. holding securities in demat mode.
shareholders (i.e. other than individuals, EVEN of Company will be displayed. Please
7. After entering your password, tick on Agree HUF, NRI etc.) can also upload their Board 3. Alternatively shareholder/members may note that the members who do not have
to “Terms and Conditions” by selecting on Resolution / Power of Attorney / Authority send a request to evoting@nsdl.com for the User ID and Password for e-Voting or
the check box. Now, you will have to click Letter etc. by clicking on “Upload Board procuring user id and password for e-voting have forgotten the User ID and Password
on “Login” button. Resolution / Authority Letter” displayed by providing above mentioned documents. may retrieve the same by following the
under “e-Voting” tab in their login. remote e-Voting instructions mentioned in
8. Now, you will have to click on “Login” 4. In terms of SEBI circular dated 9 December, the notice to avoid last minute rush.
button. 2. It is strongly recommended not to share 2020 on e-Voting facility provided by
your password with any other person and 2. Shareholders are encouraged to join
9. After you click on the “Login” button, Home Listed Companies, Individual shareholders
take utmost care to keep your password the Meeting through Laptops for better
page of e-Voting will open. holding securities in demat mode are

confidential. Login to the e-voting website experience.
allowed to vote through their demat
Step 2: Cast your vote electronically and join will be disabled upon five unsuccessful account maintained with Depositories and 3. Further Shareholders will be required to
General Meeting on NSDL e-Voting system. attempts to key in the correct password. In Depository Participants. Shareholders are allow Camera and use Internet with a good
A) How to cast your vote electronically and join such an event, you will need to go through required to update their mobile number speed to avoid any disturbance during the
General Meeting on NSDL e-Voting system? the “Forgot User Details/Password?” or meeting.
and email ID correctly in their demat
“Physical User Reset Password?” option
1. After successful login at Step 1, you will be account in order to access e-Voting facility. 4. Please note that Participants Connecting
available on www.evoting.nsdl.com to reset
able to see all the companies “EVEN” in from Mobile Devices or Tablets or through
the password. C) THE INSTRUCTIONS FOR MEMBERS FOR
which you are holding shares and whose Laptop connecting via Mobile Hotspot
e-VOTING ON THE DAY OF AGM ARE AS
voting cycle and General Meeting is in 3. In case of any queries, you may refer the may experience Audio/Video loss due to
UNDER:- Fluctuation in their respective network. It is
active status. Frequently Asked Questions (FAQs) for
Shareholders and e-voting user manual 1. The procedure for e-Voting on the day therefore recommended to use Stable Wi-
2. Select “EVEN” of company for which you Fi or LAN Connection to mitigate any kind
for Shareholders available at the download of the AGM is same as the instructions
wish to cast your vote during the remote of aforesaid glitches.
section of www.evoting.nsdl.com or call mentioned above for remote e-voting.
e-Voting period and casting your vote
on.: 022 - 4886 7000 or send a request 5. Institutional investors who are Members
during the General Meeting. For joining 2. Only those Members/ shareholders, who
virtual meeting, you need to click on “VC/ to Ms. Pallavi Mhatre, Senior Manager at of the Company, are encouraged to attend
will be present in the AGM through VC/
OAVM” link placed under “Join Meeting”. evoting@nsdl.com and vote in the 63rd AGM of the Company
OAVM facility and have not casted their
through VC/OAVM facility.
3. Now you are ready for e-Voting as the Process for those shareholders whose email vote on the Resolutions through remote
Voting page opens. ids are not registered with the depositories e-Voting and are otherwise not barred from Other Instructions:
for procuring user id and password and doing so, shall be eligible to vote through 28. (i) The voting rights of the Members shall be
4. Cast your vote by selecting appropriate
registration of e mail ids for e-voting for the e-Voting system in the AGM. in proportion to their shares of the paid up
options i.e. assent or dissent, verify/modify
resolutions set out in this notice: equity share capital of the Company as on
the number of shares for which you wish 3. Members who have voted through Remote
1. In case shares are held in physical the cut-off date of Wednesday, the 21st day
to cast your vote and click on “Submit” and e-Voting will be eligible to attend the AGM.
mode please provide Folio No., Name of of August, 2024.
also “Confirm” when prompted. However, they will not be eligible to vote at
shareholder, scanned copy of the share the AGM. (ii) A person, whose name is recorded in the
5. Upon confirmation, the message “Vote
certificate (front and back), PAN (self Register of Members or in the Register
cast successfully” will be displayed. 4. The details of the person who may be
attested scanned copy of PAN card), of Beneficial Owners maintained by the
6. You can also take the printout of the votes AADHAR (self attested scanned copy of contacted for any grievances connected Depositories as on the cut-off date only
cast by you by clicking on the print option Aadhar Card) by email to pcbl.investor@ with the facility for e-Voting on the day shall be entitled to avail the facility of
on the confirmation page. rpsg.in. of the AGM shall be the same person remote e-Voting or casting vote through
mentioned for Remote e-voting. e-Voting system during the Meeting.
182 183
(iii) Pursuant to the provision of Section 108 of (v) The Scrutiniser shall after the conclusion STATEMENT PURSUANT TO SECTION 102 OF II) DETAILS OF DIRECTOR SEEKING RE-APPOINTMENT
the Act read with rules thereof, Mr. Anjan of e-Voting at the 63rd AGM, first download THE COMPANIES ACT, 2013 AS REQUIRED UNDER REGULATION 36 OF THE
Kumar Roy, Practicing Company Secretary, the votes cast at the AGM and thereafter SEBI LISTING REGULATIONS AND APPLICABLE
Annexed to the notice convening the sixty
(Membership No. FCS 5684) has been unblock the votes cast through remote SECRETARIAL STANDARD 2 ON GENERAL MEETINGS:
third annual general meeting on Wednesday,
appointed as the Scrutiniser to scrutinise e-Voting system and shall make a
the 28th day of August, 2024. ITEM NO. 3 - Re-appointment of Mrs. Preeti
consolidated Scrutiniser’s Report.
the Remote e-Voting process and casting Goenka(DIN 05199069)
Item No. 4
vote through the e-Voting system during (vi) The Results of voting will be declared within
The Board of Directors of the Company, on Mrs. Preeti Goenka, aged about 61 years
the Meeting in a fair and transparent 2 (two) working days from the conclusion
the recommendation of the Audit Committee, completed her schooling from Welhams Girls
manner. of AGM. The declared results along with
has approved in their Meeting held on 23 May, High School, Dehradun and later studied
the Scrutiniser’s Report will be available
(iv) During the 63rd AGM of the Company, 2024, the appointment and remuneration of Interior Designing at South Delhi Polytechnic to
forthwith on the website of the Company
the Chairman shall, after responding to ` 5,50,000/- (Rupees five lakhs fifty thousand secure a diploma. Married to Dr. Sanjiv Goenka,
www.pcblltd.com and on the website of
the questions raised by the Members NSDL. Such results will also be displayed only) (plus applicable taxes) payable to M/s. Mrs. Preeti Goenka has vast experience in art
in advance or as a speaker at the 63rd on the Notice Board at the Registered Shome & Banerjee, Cost Accountants, as the and support creative talents in diverse fields.
AGM, formally propose to the Members Office as well and shall be forwarded to the Cost Auditors to conduct the audit of the cost She is currently the chairperson of the Ladies
not having already cast their votes by National Stock Exchange of India Limited records of the Company for the Financial Year Study Group of Indian Chamber of Commerce,
following the remote e-voting process and and BSE Limited. ending 31 March, 2025. Kolkata.
participating through VC/OAVM facility, to 29. Members desiring to have any information The Board of Directors of the Company at its Mrs. Preeti Goenka is currently a Non- Executive
vote on the resolutions as set out in the relating to the accounts are requested to write Meeting held on 23 May, 2024 considered that Non- Independent Director of the Company.
Notice of the 63rd AGM of the Company. to the Company at the e-mail id. pcbl.investor@ the Special Business under Item No. 4, being Mrs. Preeti Goenka was appointed as a Non-
The facility of remote e-voting will continue rpsg.in latest by Friday, the 23rd day of August, considered unavoidable, be transacted at the Executive Non- Independent Director on the
to be available for 15 minutes pre and post 2024 by 4 P.M. (IST) so that the Company can 63rd AGM of the Company. Board of Directors of the Company on 27 July,
conclusion of the meeting. reply accordingly. In accordance with the provisions of Section 148 2018. Mrs. Preeti Goenka attended nine Board
(3) of the Companies Act, 2013 read with Rule Meetings during the financial year 2023-24.

Registered Office By Order of the Board of Directors 14 of the Companies (Audit and Auditors) Rules, Mrs. Preeti Goenka retires by rotation at the
2014 (including any statutory modification(s) forthcoming AGM of the Company and being
31, Netaji Subhas Road or re-enactment thereof, for the time being eligible, offers herself for re-appointment. Mrs.
Kolkata – 700 001 in force), the remuneration payable to the Preeti Goenka is the wife of Dr. Sanjiv Goenka,
CIN: L23109WB1960PLC024602 Cost Auditors as recommended by the Audit
Non-Executive Non- Independent Director,
Committee and approved by the Board of
Chairperson of the Company and mother of
Kaushik Mukherjee Directors of the Company has to be ratified by
Mr. Shaswat Goenka, Non-Executive Non-
Place: Kolkata Company Secretary the Members of the Company. Accordingly,
Independent Director of the Company.
Date: 23 May, 2024 (Membership No: F5000) ratification by the Members of the Company is
sought to the remuneration payable to the Cost Mrs. Preeti Goenka is on the Board of Saregama
Auditors for the financial year ending 31 March, India Limited. She did not serve as a Member
2025, by passing an Ordinary Resolution as set or Chairman of any of the Committees of
out in Item No. 4 of the Notice. the Board during the financial year 2023-24.
Mrs. Goenka has not resigned from any listed
The Board recommends the Ordinary
Resolution set out at Item No. 4 of the Notice entity during the past three years.
for your consideration and ratification. Mrs. Preeti Goenka does not hold by herself or
None of the Directors or Key Managerial for any other person in any manner, any shares
Personnel of the Company or their relatives are in the Company.
in anyway concerned or interested, financially Mrs. Preeti Goenka is not related to any other
or otherwise, in the resolution set out in Item director of the Company except Dr. Sanjiv
No. 4 of the Notice. Goenka and Mr. Shashwat Goenka.
184 185
The sitting fees for the Board Meetings paid to being related to Mrs. Preeti Goenka, none of the
Mrs. Preeti Goenka, Non-Executive Director of other Directors and Key Managerial Personnel BOARD’S REPORT
the Company during the financial year ended 31 of the Company and their relatives is concerned
March, 2024 is ` 9,00,000/- and the Commission or interested financially or otherwise, in the DEAR SHAREHOLDERS,
paid for the financial year 2022-23 during the Resolution as set out at Item No. 3 of the Notice. Your Board of Directors are pleased to present the 63rd Annual Report on business and operations of the
financial year 2023-24 is ` 10,00,000/-. This Statement may also be regarded as Company along with the Audited Financial Statements of your Company for the financial year ended 31 March,
a disclosure under Regulation 36 of the 2024.
The Board recommends the Ordinary Resolution
SEBI (Listing Obligations and Disclosure
set out at item no. 3 for your consideration .
Requirements) Regulations, 2015 and FINANCIAL PERFORMANCE
Except Mrs. Preeti Goenka, being the appointee Secretarial Standard on General Meetings (SS- The Audited Financial Statements of your Company as on 31 March, 2024, are prepared in accordance with the
and Dr. Sanjiv Goenka and Mr. Shashwat Goenka, 2) of ICSI. relevant applicable Indian Accounting Standards (“Ind AS”) and Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)
Registered Office By Order of the Board of Directors and the provisions of the Companies Act, 2013 (“Act”).
The summarised financial highlight is depicted below:

31, Netaji Subhas Road (` in Crores)
Kolkata – 700 001
Particulars Standalone Consolidated
CIN: L23109WB1960PLC024602
Year ended FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23
Revenue from operations 5,674.32 5873.89 6,419.77 5,774.06
Kaushik Mukherjee
Place: Kolkata Company Secretary PBDIT 997.54 774.84 1,074.37 771.83
Date: 23 May, 2024 (ICSI Membership No: F5000) Less: Finance cost 126.20 53.41 180.78 53.41
PBDT 871.34 721.43 893.59 718.42
Less: Depreciation 150.53 136.60 217.26 136.74

PBT 720.81 584.83 676.33 581.68
Tax expense 187.52 140.74 185.22 139.49
PAT 533.29 444.09 491.11 442.19
Earnings Per Equity Share (FV Re. 1/- Per Sh.) 14.13 11.76 13.00 11.70
(EPS) (in `)
 There are no material changes and commitments Power

affecting the financial position of your Company Your Company’s power segment revenue (excluding
which have occurred between the end of the inter segment revenue) in FY 2023-24 was at ` 163
financial year and the date of this report. Crores as compared to ` 142 Crores in FY 2022-23,
 Previous year's figures have been regrouped/ which is an increase by ` 21 Crores due to higher
re-arranged wherever necessary. sales volume as well as better realisation.
 There has been no change in nature of business PCBL (TN) Limited Performance Summary
of your Company. Your Company’s subsidiary PCBL (TN) Limited
during FY 2023-24 sold 49,830 MT of Carbon Black.
PERFORMANCE OVERVIEW Revenue from operations (excluding inter segment
Standalone Basis revenue) during FY 2023-24 was ` 507 Crores while
Your Company’s FY 2023-24 EBITDA was ` 998 EBITDA during the same period was ` 61 Crores.
Crores as against ` 775 Crores in the previous year. Consolidated Basis
PAT for the year was ` 533 Crores, as against previous
Your Group’s FY 2023-24 EBITDA was ` 1074 Crores
year’s PAT of ` 444 Crores.
as against ` 772 Crores in the previous year. PAT for
Carbon Black the year was ` 491 Crores, as against previous year’s
Your Company's carbon black segment EBIT in FY PAT of ` 442 Crores.
2023-24 was at ` 897 Crores as compared to ` 699 A detailed review of the operations of your Company
Crores in FY 2022-23, which is an increase by ` 198 for the financial year ended 31 March 2024 is given
Crores due to higher volume, change in product mix in the Management Discussion and Analysis Report,
and operational efficiencies. which forms a part of this Report
186 187
BOARD’S REPORT (CONTD.) BOARD’S REPORT (CONTD.)
DIVIDEND The brownfield expansion at our existing facility at SHARE CAPITAL Kinaltek will be responsible for overseeing the
The Board of Directors of your Company at its Mundra Plant to produce specialty chemicals is in Your Company’s paid-up Equity Share Capital as on development and commercialisation of nano-
meeting held on 15 January, 2024 had declared an full swing. 31 March, 2024 stood at ` 37.75 Crores. During the silicon-based products, as well as the establishment
Interim Dividend @ 550 %, i.e. ` 5.50 /- per equity year under review, your Company has not issued of manufacturing facilities to support production.
With its strategically located plants, your Company
share on the face value of Re. 1/- per equity share, shares with differential voting rights nor granted With this partnership, your Company aims to
is well equipped to serve customers in India as well
for the financial year ended 31 March, 2024. The as all over the globe. Proximity to seaports reduces stock options nor sweat equity. As on 31 March, 2024, diversify and boost its product portfolio with high-
said Interim Dividend was paid on and from 9 logistics costs. none of the Directors of your Company hold shares margin offerings, thereby enhancing its competitive
February, 2024. The dividend recommendation is in or convertible instruments of your Company. edge in the marketplace. Under this agreement,
accordance with the Dividend Distribution Policy of ENVIRONMENTAL, SOCIAL AND GOVERNANCE your Company will hold a majority share of 51% in
your Company which is annexed hereto and forms (ESG) ACQUISITION the Joint Venture Company, while Kinaltek will hold
part of the Annual Report and the same is available On 31 January, 2024, your Company has acquired the remaining 49% share.
With its continuous commitment towards
on your Company’s website and can be accessed at
sustainability, your Company has been working Aquapharm Chemicals Private Limited (ACPL), a
https://www.pcblltd.com/investor-relation/general- NON- CONVERTIBLE DEBENTURES (NCDs)
on enhancing its ESG efforts by undertaking a Pune-based specialty chemicals company. This
policies. There has been no change in the policy landmark acquisition, the largest by the RPSG Group, Your Company had allotted rated, listed, secured,
comprehensive and independent ESG strategy
during the year. The Notice convening the ensuing redeemable 70,000 non-convertible debentures of
and assessment exercise by adhering to certain is a transformative entry for your Company into
Annual General Meeting (“AGM”) of the Members of the face value of ` 1,00,000/- each for a total sum of
Key Performance Indicators (KPIs) derived out of the global specialty segments of water treatment
your Company includes an item for confirmation of ` 700 Crores on private placement basis on 29 January,
materiality targets. Key material factors have been and oil and gas chemicals. The acquisition propels
the said interim dividend. 2024. The NCD’s are listed on the BSE Limited.
sharply defined in alignment with the context of your Company from a single platform to multiple
the business. These are Greenhouse Gas (GHG) platforms, enhancing its offerings in line with your The proceeds of the non-convertible debentures
MANUFACTURING
emissions and energy management, Water Company’s vision of becoming a trusted global player have been fully utilised before March 31, 2024, for
Carbon Black production during FY 2023-24

management, Solid waste management, Health with a diversified specialty chemical portfolio. It acquisition of shares of Aquapharm Chemicals
was 4,84,035 MT as compared to 4,47,003 MT in and safety, Human rights and Employee wellbeing represents a pivotal moment for both your Company Private Limited, through a subsidiary Advaya
FY 2022-23 on standalone basis. Your Company’s and community engagement, Product stewardship, and Aquapharm, strengthening your Company’s Chemical Industries Limited incorporated on
subsidiary PCBL (TN) Limited during FY 2023-24 Leadership and Governance. position in the fast-growing and high-margin January 11, 2024.
produced 52,165 MT of carbon black. However, we
For the FY 2023-24, your Company had conducted specialty chemicals sector.
are focusing on the production of value-added
products in the performance and specialty chemical a carbon footprint accounting process across As your Company ventures into new avenues of PREFERENTIAL ISSUE
segment, which is having higher contribution all manufacturing plants and offices. The GHG specialty chemicals, this strategic move puts your Pursuant to SEBI guidelines and necessary approval
margin. emissions covered by the report include both direct Company on the path of sustained growth. This of Members, the Board has approved the allotment
and indirect emissions generated by the business. will further enable your Company to capitalise on of 1,60,00,000 warrants of your Company, on a
As a manifestation of our commitment to
The GHG emission intensity (tCO2 emission/MT the increasing demand for water treatment and preferential basis by way of a private placement on
sustainability, we are continuously working towards
production of carbon black) was 1.93 tCO2e/MT for oil and gas chemicals worldwide. The success of 7th May, 2024. The allotment has been undertaken
a reduction in water and power consumption.
Scope1 and Scope2 in FY 2023-24. Eleven categories this acquisition will undoubtedly reinforce your in accordance with the provisions of the Securities
We are endlessly strategising towards conversion
out of total fifteen were found to be applicable for Company’s position as a dominant player in the and Exchange Board of India (Issue of Capital and
cost reduction through inventory and spare
your Company while calculating GHG emission dynamic landscape of specialty chemicals. Disclosure Requirements) Regulations, 2018 and
management as well as improving our reliability by
under Scope3. other applicable rules/ regulations / guidelines,
strengthening preventive measure compliances,
Your Company’s specific key risks and opportunities JOINT VENTURE if any, prescribed by any other regulatory or
condition-based monitoring and periodic reviews of
SOPs. relating to ESG material issues have been On 16 March, 2024, your Company entered into a statutory authorities. The equity shares issued upon
identified. Action plans have been formulated to Joint Venture agreement with Kinaltek Pty Limited conversion of the warrants so issued will be listed
Subsequent to the commencement of commercial
achieve the targets under each of the identified ('Kinaltek'), an Australian firm renowned for its on BSE Limited and the National Stock Exchange of
production of first phase (63,000 MTPA) of the
key material issues. Implementation of some expertise in nano silicon technology tailored for India Limited.
Greenfield Project in Chennai on 14 April, 2023,
of the action plans to mitigate the risks and battery applications. This strategic partnership is
the final phase (84,000 MTPA) of the Project was
exploring the opportunities may have long founded on the principle of maximising synergies SUBSIDIARY COMPANIES
successfully commissioned on 12 September, 2023.
lead times, but your Company is committed and harnessing the combined expertise of both Your Company has 6 subsidiaries as on date, namely
With this, the Project’s total capacity has reached
to this. entities to pioneer breakthroughs in nano-silicon- Phillips Carbon Black Cyprus Holdings Limited, PCBL
1,47,000 MTPA.
based products for battery applications. The (TN) Limited, PCBL Europe SRL, Advaya Chemicals
During the year, 24 MW green power plant was also CREDIT RATINGS primary objective is to capitalise on the lucrative Limited, Advaya Chemical Industries Limited and
commissioned at the Greenfield Project by PCBL Your Company’s financial discipline and prudence opportunities presented by the burgeoning Nanovace Technologies Limited. There are no
(TN) Limited, a wholly owned subsidiary of your is reflected in the strong credit ratings ascribed battery application market, particularly in sectors associate companies or joint venture companies
Company in the state of Tamil Nadu. With this, the by rating agencies. The details of credit rating are such as electric vehicles, where significant growth within the meaning of Section 2(6) of the Act. Further,
total capacity of the cogeneration power of your disclosed in the Corporate Governance Report, potential exists. Holding the intellectual property your Company has acquired Aquapharm Chemicals
Company and its subsidiary stands at 122 MW. which forms part of this Integrated Annual Report. and know-how of products for battery application, Private Limited on 31 January, 2024 through one of
188 189
its subsidiaries namely Advaya Chemical Industries accordance with Section 92(3) of the Act is made Committees: Audit Committee, Nomination BOARD EVALUATION
Limited. available on the website of your Company and can and Remuneration Committee, Stakeholders The Board adopted a formal mechanism for
be accessed at https://www.pcblltd.com/investor- Relationship Committee, Corporate Social evaluating its performance and as well as that of its
Pursuant to the provisions of Sections 129, 134 and
relation/compliances-under-sebi-regulations. Responsibility Committee, Independent Directors’ Committees and individual Directors, including the
136 of the Act read with rules made thereunder
and Regulation 33 of the SEBI Listing Regulations, Committee and the Sustainability and Risk Chairman of the Board. The exercise was carried out
CONSERVATION OF ENERGY, TECHNOLOGY
your Company has prepared consolidated financial Management Committee. through a structured evaluation process covering
ABSORPTION, FOREIGN EXCHANGE EARNINGS
statements of your Company and a separate various aspects of the Boards' functioning such
AND OUTGO Details of all the committees such as terms of
statement containing the salient features of as composition of the Board and Committees,
The information on conservation of energy, reference, composition, and meetings held during
financial statement of subsidiaries, joint ventures experience and competencies, performance of
technology absorption and foreign exchange the year under review are disclosed in the Corporate
and associates in Form AOC-1, which forms part of specific duties and obligations, contribution at the
earnings and outgo stipulated under Section Governance Report, which forms part of this
this Integrated Annual Report. meetings and otherwise, independent judgment,
134(3)(m) of the Act read with Rule 8 of the Companies Integrated Annual Report.
governance issues etc.
The annual financial statements and related detailed (Accounts) Rules, 2014, as amended is provided as
information of the subsidiary companies shall be ‘Annexure-B’ of this Integrated Annual Report. CORPORATE SOCIAL RESPONSIBILITY During the financial year ended 31 March, 2024, your
made available to the shareholders of the holding Company engaged a leading HR Consulting Firm
The details of the CSR Committee are provided in
and subsidiary companies seeking such information PUBLIC DEPOSITS for carrying out and implementation of the Board
the Corporate Governance Report, which forms part
on all working days during business hours till the There were no outstanding deposits within the Evaluation survey. With regard to the same, the
of this Integrated Annual Report. The CSR policy
date of the AGM of the Company. The financial meaning of Sections 73 and 74 of the Act read with leading HR Consulting Firm has been engaged in the
statements of the subsidiary companies shall also be is available on the website of your Company at
rules made thereunder at the end of FY 2023-24 or process of compilation of the report and feedback
kept open for inspection by any shareholder during https://www.pcblltd.com/investor-relation/general-
the previous financial years. Your Company did not received from the Board Members, Committee
working hours at your Company’s registered office policies. The Annual Report on CSR activities is
accept any deposit during the year under review. Members and Directors in the questionnaires

and that of the respective subsidiary companies annexed marked as ‘Annexure C’ and forms part of
circulated and for identifying key inferences
concerned. In accordance with Section 136 of the DETAILS OF SIGNIFICANT AND MATERIAL ORDERS this Integrated Annual Report.
and observations with respect to Performance
Act, the audited financial statements, including PASSED BY THE REGULATORS, COURTS AND The Chief Financial Officer of your Company has Evaluation of the Directors. A consolidated report
consolidated financial statements and related TRIBUNALS certified that CSR spends of your Company for FY was shared with the Chairman of the Board for his
information of your Company and audited accounts
No significant and material order has been passed 2023-24 have been utilised for the purpose and in review and giving feedback to each Director.
of each of its subsidiaries, are available on website of
by the Regulators, Courts and Tribunals impacting the manner approved by the Board of Directors of
your Company at www.pcblltd.com.
the going concern status and your Company’s REMUNERATION POLICY
your Company.
operations in future. The Board has, on the recommendation of the
MATERIAL SUBSIDIARIES
No proceedings have been initiated / pending VIGIL MECHANISM / WHISTLE BLOWER POLICY Nomination and Remuneration Committee, framed
As on 31 March, 2024, your Company had 1 unlisted
against the Company under the Insolvency and Your Company has adopted a whistle blower policy a policy for the selection and appointment of
material subsidiary i,e. PCBL(TN) Limited. Your
Bankruptcy Code, 2016. Directors, Senior Management Personnel and their
Company has formulated a policy for determining and has established the necessary vigil mechanism
remuneration. The Remuneration Policy and the
Material Subsidiaries. The policy on Material No instances of one-time settlement with any bank for directors and employees in confirmation with
Subsidiary is available on your Company’s website details pertaining to the remuneration paid during
or financial institution were incurred during the Section 177 of the Act and Regulation 22 of SEBI
and may be accessed at the link:. https://www.pcblltd. the year are furnished in the Corporate Governance
financial year under review. Listing Regulations, to facilitate reporting of the
com/investor- relation/general-policies. Section of the Annual Report.
genuine concerns about unethical or improper
Pursuant to Section 134 of the Act read with rules INTERNAL FINANCIAL CONTROL SYSTEM AND activity, without fear of retaliation. The Remuneration Policy is also posted on your
made thereunder, the details of developments at THEIR ADEQUACY Company’s website and may be accessed at the link:
The vigil mechanism of your Company provides
the level of subsidiaries are covered in the Corporate The details in respect of internal financial controls https://www.pcblltd.com/investor-relation/general-
for adequate safeguards against victimisation of
Governance Report, which forms part of this and their adequacy are included in the Management policies
whistle blowers who avail of the mechanism and
Integrated Annual Report. Discussion and Analysis Report, which forms part of
this Integrated Annual Report. also provides for direct access to the Chairman of TRANSACTIONS WITH RELATED PARTIES
MANAGEMENT DISCUSSION AND ANALYSIS the Audit Committee in exceptional cases.
All transactions with related parties are placed before
The Management Discussion and Analysis Report PARTICULARS OF LOANS, GUARANTEES OR the Audit Committee for its approval. An omnibus
No person has been denied access to the Chairman
for the year under review, as stipulated under the INVESTMENTS approval from Audit Committee is obtained for the
of the Audit Committee. The said policy is uploaded
SEBI Listing Regulations, is presented in a section Details of Loans, Guarantees and Investments made on your Company’s website and may be accessed at related party transactions which are repetitive in
forming part of this Integrated Annual Report, during the year under review, are given in the notes nature.
the following link: https://www.pcblltd.com/investor-
marked as ‘Annexure -A’. to the financial statements.
relation/compliances-under-sebi-regulations. All transactions with related parties entered into
ANNUAL RETURN COMMITTEES OF THE BOARD During the financial year 31 March, 2024, your during the year under review were at arm’s length
As required under the Act and the SEBI Listing Company has not received any complaint under the basis and in the ordinary course of business and
Pursuant to Section 134(3)(a) of the Act, the draft
Regulations, the Board has six (6) Statutory vigil mechanism / whistle blower policy. in accordance with the provisions of the Act and
annual return as on 31 March, 2024 prepared in
190 191
the rules made thereunder, the SEBI Listing (Appointment and Remuneration of Managerial regarding compliance of the conditions of corporate The details of such programmes are provided in the
Regulations and the Company’s Policy on Related Personnel) Rules, 2014, relating to percentage governance, as stipulated. Corporate Governance Report, which forms part of
Party Transactions. increase in remuneration, ratio of remuneration of this Integrated Annual Report.
In compliance with corporate governance
each Director and Key Managerial Personnel (KMP)
The Audit Committee comprises solely of the requirements as per the SEBI Listing Regulations,
to the median of employees’ remuneration are DIRECTORS’ RESPONSIBILITY STATEMENT
Independent Directors of your Company. The your Company has formulated and implemented a
provided in ‘Annexure-D’ of this Integrated Annual Pursuant to Section 134(5) of the Act, the Board,
members of the Audit Committee abstained from Code of Conduct for all Board members and senior
discussing and voting in the transaction(s) in which
Report. to the best of their knowledge and based on the
management personnel of your Company (“Code
information and explanations received from the
they were interested. The statement containing particulars of employees, of Conduct”), who have affirmed the compliance
management of your Company, confirm that:
During FY 2023-24, your Company has not entered as required under Section 197 of the Act, read thereto. The Code of Conduct is available on the
into any transactions with related parties which with Rule 5(2) of the Companies (Appointment website of your Company at https://www.pcblltd. a. in the preparation of the Annual Financial
could be considered material in terms of Section and Remuneration of Managerial Personnel) com/investor-relation/share-information/code-of- Statements, the applicable accounting
188 of the Act. Accordingly, the disclosure of related Rules, 2014, forms a part of this Integrated Annual conduct standards have been followed and there are no
party transactions as required under Section Report. However, in terms of Section 136 of the Act, material departures;
the Integrated Annual Report is being sent to the NUMBER OF MEETINGS OF THE BOARD
134(3)(h) of the Act, in Form AOC 2, is not applicable. b. they have selected such accounting policies
shareholders and others entitled thereto, excluding The Board met 11 (eleven) times during the year
Your Company did not enter into any related party and applied them consistently and judgements
the said annexure. If any shareholder is interested under review. The intervening gap between two
transactions during the year under review, which and estimates that are reasonable and prudent
in obtaining a copy thereof, such shareholder may consecutive board meetings did not exceed 120
could be prejudicial to the interest of minority so as to give a true and fair view of the state
write to your Company Secretary in this regard at days, as prescribed under the Act and SEBI Listing
shareholders. of affairs of your Company at the end of the
pcbl.investor@rpsg.in. Regulations. The details of board meetings and
financial year and of the profit of your Company
The Policy on Related Party Transactions is available the attendance of the Directors are provided in the
for that period;

on your Company’s website and can be accessed KEY MANAGERIAL PERSONNEL Corporate Governance Section, which forms part of
using the link https://www.pcblltd.com/investor- During the year, there was no change in the Key this Integrated Annual Report. Your Company has c. proper and sufficient care has been taken for the
relation/general-policies. Managerial Personnel (KMPs) of your Company complied with the Secretarial Standards issued by maintenance of adequate accounting records
and the Company had the following KMPs as on the Institute of Company Secretaries of India on in accordance with the provisions of the Act for
Pursuant to the provisions of Regulation 23 of the
March 31, 2024 as per Section 2(51) of the Act: Board Meetings and General Meetings. safeguarding the assets of your Company and
SEBI Listing Regulations, your Company has filed
for preventing and detecting fraud and other
half yearly reports to the stock exchanges, for the Sl. Key Managerial Designation INDEPENDENT DIRECTORS’ MEETING irregularities;
related party transactions. No. Personnel
The Independent Directors met on 27 February, d. the annual financial statements have been
1. Mr. Kaushik Roy Managing Director
RISK MANAGEMENT 2024, without the attendance of Non-Independent prepared on a going concern basis;
2. Mr. Kaushik Company Secretary and
Your Company has a structured Risk Management Mukherjee Chief Legal Officer Directors and members of the management. The
e. they have laid down internal financial controls
Framework, designed to identify, assess and 3. Mr. Raj Kumar Chief Financial Officer Independent Directors reviewed the performance
to be followed by your Company and that such
mitigate risks appropriately. The Board has formed Gupta of Non-Independent Directors, the Committees and
internal financial controls are adequate and
a Sustainability and Risk Management Committee the Board as a whole along with the performance of
operating effectively;
(SRMC) inter-alia to frame, implement and monitor LISTING the Chairman of your Company, taking into account
the risk management plan for your Company. The equity shares of your Company continue to be the views of Executive Directors and Non-Executive f. proper systems have been devised to ensure
The SRMC is responsible for reviewing the risk listed on the National Stock Exchange (NSE) and Directors and assessed the quality, quantity and compliance with the provisions of all applicable
management plan and ensuring its effectiveness. BSE Limited (BSE). The Non- convertible debentures timeliness of flow of information between the laws and that such systems are adequate and
The Audit Committee has additional oversight in issued by your Company during the year was management and the Board that is necessary for operating effectively.
the area of financial risks and controls. The major listed on BSE Limited. Your Company has paid the the Board to effectively and reasonably perform
risks identified by the businesses are systematically requisite listing fees to all the Stock Exchanges for their duties. DECLARATION BY INDEPENDENT DIRECTORS
addressed through mitigation actions on a continual FY 2024-25. Your Company has received declarations from all the
basis. Further details on the Risk Management BOARD FAMILIARISATION AND TRAINING Independent Directors of your Company confirming
activities, including the implementation of risk CORPORATE GOVERNANCE PROGRAMME that they meet the criteria of independence as
management policy, key risks identified and their Your Company is committed to maintain highest The Board is regularly updated on changes in statutory prescribed under Section 149(6) of the Act and
mitigations are covered in Management Discussion standards of corporate governance practices. The provisions, as applicable to your Company. The Board Regulation 16(1)(b) read with Regulation 25(8) of
and Analysis section (‘Annexure – A’), which forms Corporate Governance Report, as stipulated by SEBI is also updated on the operations, key trends and the SEBI Listing Regulations and there has been no
part of this Integrated Annual Report. Listing Regulations, forms part of this Integrated risk universe applicable to your Company’s business. change in the circumstances which may affect their
Annual Report along with the required certificate These updates help the Directors in keeping abreast status as an Independent Director. The Independent
PARTICULARS OF EMPLOYEES from M/s. S. R. Batliboi & Co. LLP, Chartered of key changes and their impact on your Company. Directors have also given declaration of compliance
The information required under Section 197 of Accountants, (Firm Registration No. 301003E/
the Act, read with Rule 5(1) of the Companies E300005), the Statutory Auditors of your Company,
192 193
with Rules 6(1) and 6(2) of the Companies under the Act, the remuneration payable to the Secretarial Standard-1 and Secretarial Standard-2 DIRECTORS
(Appointment and Qualification of Directors) Rules, Cost Auditors is required to be placed before the issued by the Institute of Company Secretaries of In accordance with the provisions of Section 152
2014, with respect to their name appearing in the Members in a General Meeting for their ratification. India. of the Act, read with rules made thereunder and
data bank of Independent Directors maintained by Accordingly, a Resolution seeking ratification of the Articles of Association of your Company, Mrs. Preeti
the Indian Institute of Corporate Affairs. Members for the remuneration payable to Messrs PREVENTION OF SEXUAL HARASSMENT AT Goenka (DIN: 05199069) is liable to retire by rotation
Shome & Banerjee, Cost Auditors is included at Item WORKPLACE at the ensuing AGM and being eligible, offers herself
STATUTORY AUDITORS AND AUDITOR’S REPORT No. 4 of the Notice convening the AGM. As per the requirement of The Sexual Harassment for re-appointment.
At the AGM of the Shareholders of your Company of Women at Workplace (Prevention, Prohibition The Board recommends the re-appointment of
Your Company has received their written consent
held on 28 June, 2022, M/s. S. R. Batliboi & Co. LLP, & Redressal) Act, 2013 and rules made thereunder, Mrs. Preeti Goenka as Director for your approval. Brief
that the appointment is in accordance with the
Chartered Accountants, having Firm Registration your Company has laid down a Prevention of Sexual details as required under Secretarial Standard-2 and
applicable provisions of the Act and rules framed
No. 301003E/E300005, have been re-appointed as Harassment (POSH) Policy and has constituted Regulation 36 of the SEBI Listing Regulations, are
thereunder. The Cost Auditors have confirmed that
the Statutory Auditors of your Company to hold Internal Complaints Committees (ICC), at all relevant provided in the Notice of AGM.
they are not disqualified to be appointed as the
office for the 2nd term of five consecutive years from Cost Auditors of your Company for the financial year
locations across India to consider and resolve the
the conclusion of the sixty first (61st) AGM till the ending 31 March, 2025.
complaints related to sexual harassment. The ICC POLICY ON DIRECTORS’ APPOINTMENT AND
conclusion of the 66th AGM of your Company to be includes external member with relevant experience. REMUNERATION
held in the year 2027, at a remuneration as may be Your Company submits its Cost Audit Report with The ICC, presided by the Chairperson, conduct the Pursuant to Section 178(3) of the Act, your Company
decided by the Board of Directors in consultation the Ministry of Corporate Affairs within the stipulated investigations and make decisions at the respective has framed a policy on Directors’ appointment and
with the Statutory Auditors of your Company. time period. locations. Your Company has zero tolerance on sexual remuneration and other matters (“Remuneration
harassment at the workplace. The ICC also work
The Report given by M/s. S R Batliboi and Co. LLP, SECRETARIAL AUDITORS AND SECRETARIAL Policy”) which is available on the website of your
extensively on creating awareness on relevance of
Chartered Accountants on the financial statement STANDARDS Company at https://www.pcblltd.com/investor-

sexual harassment issues, including while working
of your Company for the FY 2023-24 is part of this relation/general-policies. The Remuneration Policy
The Secretarial Audit was carried out by M/s. Anjan remotely. The employees are required to undergo a
Integrated Annual Report. The Notes on financial for selection of Directors and determining Directors’
Kumar Roy & Co., Company Secretaries (Membership mandatory training/ certification on POSH to sensitise
statement referred to in the Auditors’ Report are independence sets out the guiding principles for
No. FCS 5684, CP No. 4557) for the financial year themselves and strengthen their awareness.
self-explanatory and do not call for any further the Nomination and Remuneration Committee for
ended on 31 March, 2024.
comments. During the year under review, your Company has identifying the persons who are qualified to become
The Report given by the Secretarial Auditors is not received any complaint pertaining to POSH. the Directors. Your Company’s Remuneration Policy
The Auditors’ Report does not contain any
marked as ‘Annexure -E’ and forms a part of the is directed towards rewarding performance based
qualification, reservation, adverse remark, or All new employees go through a detailed personal
Board’s Report. The Secretarial Audit Report is
disclaimer. During the year under review, the orientation on anti-sexual harassment policy on review of achievements.
self-explanatory and do not call for any further
Auditors had not reported any matter under Section adopted by your Company.
comments. The Secretarial Audit Report does not BOARD DIVERSITY
143 (12) of the Act, therefore no detail is required to
contain any qualification, reservation, adverse
be disclosed under Section 134 (3) (ca) of the Act. BUSINESS RESPONSIBILITY AND SUSTAINABILITY Your Company recognises and embraces the
remark or disclaimer. During the year under review,
REPORTING importance of a diverse board in its success. The Board
Representatives of Statutory Auditors of your the Secretarial Auditors had not reported any matter
In accordance with the SEBI Listing Regulations, the has adopted the Board Diversity Policy which sets out
Company attended the previous AGM of your under Section 143 (12) of the Act, therefore no details
BRSR for the FY 2023-24, describing the initiatives the approach to the diversity of the Board of Directors.
Company held on 11 July, 2023. is required to be disclosed under Section 134 (3)(ca)
taken by your Company from an Environment, The said Policy is available on your Company’s website
of the Act.
COST ACCOUNTS AND COST AUDITORS Social and Governance (ESG) perspective, forms and may be accessed at the link: https://www.pcblltd.
SECRETARIAL AUDIT OF MATERIAL UNLISTED part of this Integrated Annual Report (Annexure – F). com/investor-relation/general-policies.
Pursuant to Section 148 of the Act read with
INDIAN SUBSIDIARY In addition to BRSR, the Integrated Annual Report
the Companies (Cost Records and Audit) Rules,
of your Company provides an insight on various SUCCESSION PLAN
2014, the Cost Audit records maintained by your As per the requirements of SEBI Listing Regulations,
ESG initiatives adopted by your Company. The Your Company has an effective mechanism for
Company relating to manufacturing of Carbon the Practicing Company Secretary appointed by
ESG disclosures including BRSR Report have been succession planning which focuses on orderly
Black and generation and transmission of electricity material unlisted Indian subsidiary of your Company
independently assured by Indian Register Quality succession of Directors, Key Managerial Personnel
at its plants located at Durgapur in West Bengal, undertook secretarial audit for FY 2023-24.
Systems (IRQS). and Senior Management. The Nomination and
Kochi in Kerala, Mundra and Palej in Gujarat, is Secretarial audit report confirms that the material
required to be audited. Accordingly, the Directors subsidiary has complied with the provisions of the Remuneration Committee (NRC) implements this
QUALIFICATION, RESERVATION OR ADVERSE
of your Company had, on the recommendation Act, rules, regulations and guidelines and that there mechanism in concurrence with the Board. The
REMARK IN THE AUDIT REPORTS
of the Audit Committee of the Board of Directors were no deviations or non- compliances. Succession Planning Policy for Board and Senior
There is no qualification, reservation or adverse Management is available on your Company's
of your Company, appointed Messrs Shome
SECRETARIAL STANDARDS remark made by the Statutory or Cost or Secretarial website and may be accessed at the link: https://
& Banerjee, to audit the cost accounts for the
Auditors in their Audit Reports issued by them.
FY 24-25 at a remuneration of ` 5,50,000/- (Rupees During the year under review, your Company has www.pcblltd.com/investor-relation/generatpolicies.
Five Lakhs Fifty Thousand only). As required complied with all the applicable provisions of
194 195
BOARD’S REPORT (CONTD.)

DIVIDEND DISTRIBUTION POLICY
BOARD POLICIES procedures to be followed by designated persons PREAMBLE  The Board shall recommend dividend when,
The details of various policies approved and adopted while trading/ dealing in Company’s shares and The Equity shares of the Company (the ‘Company’ according to the Board’s opinion, it is financially
by the Board as required under the Act and SEBI sharing Unpublished Price Sensitive Information or PCBL) are listed with National Stock Exchange prudent to do so, especially considering the
(“UPSI”). The Code covers Company’s obligation to of India Ltd and BSE Limited. As per the SEBI need to preserve resources.
Listing Regulations are provided in Pg no. 166 of this
maintain a structured digital database, mechanism (Listing Obligations and Disclosure Requirements)
Integrated Annual Report.  While recommending any dividend for payment
for prevention of insider trading and handling Regulations, 2015 (‘SEBI Listing Regulations’), as by the Company, the Board shall consider the
HUMAN RESOURCES of UPSI, and the process to familiarise with the amended, all listed companies are required to following:
sensitivity of UPSI. Further, it also includes code formulate a Dividend Distribution Policy. The Policy
A detailed section on your Company’s Human
for practices and procedures for fair disclosure of has to be disclosed in your Company’s Annual - Current year’s profits, future outlook, with
Resource Development is a part of the Management
unpublished price sensitive information which has Report and on its website. due consideration of internal and external
Discussion and Analysis Report, which forms a part been made available on your Company’s website environment.
of the Board’s Report. and link for the same may be accessed at https:// OBJECTIVE
- Operating cash flows and treasury position
www.pcblltd.com/investor-relation/general-policies. The objective of the Dividend Distribution Policy of
KEY FINANCIAL RATIOS - Possibilities of alternative usage of cash,
The employees are required to undergo a mandatory your Company is to reward shareholders by sharing
Key Financial Ratios for the financial year ended e.g. capital expenditure etc., with potential
training on this Code to sensitise themselves and a portion of the available profits, after ensuring that
31 March, 2024, are provided in the Management to create greater value for shareholders.
strengthen their awareness. sufficient funds are retained for the future business
Discussion and Analysis Report given in
requirements of your Company. - Providing for unforeseen events and
“Annexure – A”, which is annexed hereto and forms
ACKNOWLEDGEMENT contingencies with financial implications.
a part of the Board’s Report.
Your Directors are highly grateful for all the EFFECTIVE DATE
- Other factors that may be considered
CYBER SECURITY guidance, support and assistance received from the This Policy is effective from the financial year 2017-18.
relevant from time to time

Government of India, Governments of various states
In view of increased cyber attack scenarios, the Definitions
in India, concerned Government Departments,  The Board may declare interim dividend(s) as
cyber security policy is reviewed periodically and the
Financial Institutions and Banks. Your Directors  ‘Act’ means the Companies Act, 2013 and Rules and when they consider it fit, and recommend
processes, technology controls are being enhanced
thank all the esteemed shareholders, customers, made thereunder, including any amendments final dividend to the shareholders for their
in-line with the threat scenarios. Your Company’s
suppliers and business associates for their faith, or modifications thereof. approval in the annual general meeting of your
technology environment is enabled with real time
trust and confidence reposed in your Company.  ‘Board of Director’ or ‘Board’ means the Company.
security monitoring with requisite controls at
various layers starting from end user machines to Your Directors wish to place on record their sincere collective body of the Directors of your  Dividend distribution shall be in accordance
network, application and the data. appreciation for the dedicated efforts and consistent Company. with the applicable provisions of the Act
contribution made by the employees at all levels, to  ‘Company’ means PCBL Limited. and Rules framed thereunder, SEBI Listing
CODE FOR PREVENTION OF INSIDER TRADING ensure that your Company continues to grow and Regulations and other legislations governing
 ‘Policy’ means, the ‘Dividend Distribution dividends and the Articles of Association of your
Your Company has adopted a Code of Conduct excel.
Policy’.
(“Code”) to regulate, monitor and report trading Company, as in force and as amended from
in Company’s shares by Company’s designated For and on behalf of the Board of Directors time to time.
Guidelines for Distribution of Dividend
persons and their immediate relatives as per the
 The Company shall pay dividend (including Amendments
requirements under the Securities and Exchange Dr. Sanjiv Goenka
interim dividend) in compliance with the
Board of India (Prohibition of Insider Trading) Place: Kolkata Chairman The Board reserves the right to amend, modify or
provisions of Section 123 of the Act and
Regulations, 2015. The Code, inter alia, lays down the Date: 23 May, 2024 (DIN: 00074796) review this Policy in whole or in part, at any point of
Companies (Declaration and Payment of
time, as may be deemed necessary.
Dividend) Rules, 2014.
196 197
(ANNEXURE ‘A’ TO THE BOARD’S REPORT) Brazil Mexico
MANAGEMENT DISCUSSION AND ANALYSIS
2.6
3.6
2.2
1.5
2.1
3.1
Global Economic Overview Middle East, compounded by the Russia-Ukraine
conflict, has heightened geopolitical risks. Such
In 2023, the global economy exhibited remarka- conflict escalation could lead to surging energy
ble resilience. Consequently, the projected global prices, with broader implications for global eco-
growth for 2023 has been adjusted to 2.6%. This is nomic activity and inflation. Additionally, other
followed by an estimated 2.4% growth in 2024, with significant risks include financial stress from
an anticipated increase to 2.7% in 2025. Despite elevated real interest rates, persistent inflation, 2023 2024 2025F* 2023 202 2025F*
challenges, economic activity flourished, buoyed weaker-than-expected growth in China, further *F - Forecasted
by several factors such as greater-than-expected trade fragmentation, and climate change-related
government spending, robust household con- Source: Global Economic Prospects - January 2024 (worldbank.org)
disasters. These factors collectively contribute to
sumption, and a notable expansion on the supply an uncertain and challenging global economic
side. The employment landscape remained stable, landscape.
reflecting supportive demand dynamics and an un-
expected boost to labour force participation. One In the current global scenario, policymakers world- Indian Economic Overview increased private consumption. Its gross value
significant contributor to this economic resilience wide are confronted with significant challenges. added (GVA) is anticipated to expand by 6.9%, with
Despite the likelihood of subdued investment in India has firmly established itself as the world’s the manufacturing and services sectors emerging
was the ability of households in major advanced
emerging markets, and developing economies fifth-largest economy, further solidifying its as the primary drivers of growth. However, inflation
economies to tap into substantial savings accu-
(EMDEs), insights gleaned from periods of invest- position as the third-largest by purchasing in India followed a moderate trend. Headline CPI
mulated during the pandemic, thereby sustaining
ment growth acceleration over the past seven dec- power parity (PPP). This is an outcome of inflation eased to 5.3% between October 2023 and
consumption levels.
significant investments in emerging sectors,

ades underscore the critical role of macroeconomic February 2024, down from an average of 5.5% in
The outlook for the global economy remains pre- and structural policy actions, as well as well-func- ongoing government initiatives, and efficiency the first half of FY 2023-24. This has prompted the
carious amid pronounced vulnerabilities, elevated tioning institutions, in stimulating investment and improvements due to digitalisation and Monetary Policy Committee (MPC) to maintain
debt, and rising financing costs. Downside risks to fostering long-term growth prospects. advancements in physical connectivity. This makes the policy repo rate at 6.50%, demonstrating its
this outlook predominate. The recent conflict in the India one of the fastest-growing major economies commitment to aligning inflation with the target
globally. Due to its significant economic output while supporting economic growth. This trajectory
and demographic strength, India has emerged as a is likely to be influenced by the evolving dynamics
Global Economy GDP Growth Rate (%)
compelling force in the global landscape. in food inflation, including factors such as Rabi
World Advanced Economies USA Euro Area
India’s GDP growth is estimated to reach 7.6% in sowing levels and water reservoir conditions.
FY 2023-24 due to robust investment activity and
0.4
2.4
0.7
2.6
2.7
2.5
1.6
1.6
1.6
1.2
1.7
1.5
Indian Economy GDP

Growth Rate (%)
Despite the risks due to persisting uncertainties on the
global front, real GDP growth is forecasted at 7% in FY
7.0
7.6
2024-25. CPI inflation is forecasted to further ease to 4.5% in
2023 2024 2025F* 2023 2024 2025F* 2023 2024 2025F* 2023 2024 2025F* FY 2024-25, subsequently decreasing to 4.1% in FY 2025-26.
This reduction can be attributed to factors such as stabilised
global commodity prices and improved supply chain
Japan Emerging Economies China Russian Federation dynamics. However, external factors like uneven economic
growth among key trading partners and geopolitical
4.0
4.0
0.8
0.9
0.9
4.3
4.5
2.6
3.9
5.2
1.8
uncertainties could dampen the growth prospects.

1.3
FY FY
2022-23 2023-24E*
*E - Estimated Source: RBI
2023 2024 2025F* 2023 2024 2025F* 2023 2024 2025F* 2023 2024 2025F*
198 199
Global Automobile Industry

The global automotive industry is a key
enabler of the world economy. Despite facing
Outlook
challenges such as supply chain disruptions
in 2023, the industry showcased resilience. In CY 2024, the automotive
The sale of both passenger and commercial industry is poised for significant
vehicles tops 90 Million units. This can be transformations driven by
attributed to expansion of the EV market, advancements in smart
despite obstacles like reduced incentives and manufacturing, giga casting, digital
limited charging infrastructure. Additionally, twins, and the impending impact of
there is a notable surge in online car sales Euro-7 norms. These developments
and used car market, particularly in North are likely to bring about efficiencies
America and the Asia-Pacific region, driven and redefine operational strategies
by younger demographics, increased across the sector. Despite a
convenience. The luxury automotive segment projected slowdown in the growth
is undergoing a paradigm shift, with SUVs rates for 2024, the industry is set
emerging as the preferred choice and EVs to achieve a landmark milestone
gaining traction in the luxury market. of 100 Million units in sales,
encompassing both passenger and
Furthermore, the adoption of 5G and
commercial vehicles by 2026.
connected cars is reshaping vehicles
into integral components of connected
environments and providing original Source: Forbes, January 2024
equipment manufacturers (OEMs) with

additional revenue opportunities.
Indian Automobile Industry EV sales nearly doubled, and they now constitute 2% driven by rising consumer interest despite barriers like cost, range uncertainty, and battery safety concerns.
of the overall passenger vehicle (PV) sales. This can Government revisions to EV incentive schemes could impact demand. Contributing to industry growth are
The Indian automotive industry experienced strong be attributed to government initiatives like the Faster the increasing adoption of EVs, advancements in autonomous vehicles, circular economy initiatives, tyre
growth trends across segments in FY 2022-23, Adoption and Manufacturing of Electric Vehicles material innovations, climate change concerns, and rising commercial and passenger vehicle sales due to
benefitting from a low base, recovery in economic (FAME) subsidy, infrastructure development, and urbanisation, lifestyle changes, economic growth, and increasing population. However, resource shortages
activities, and heightened mobility. However, after growing concerns over climate change. Another and higher fossil fuel prices may pose challenges.
a period of robust growth and with a relatively significant driver is the Indian government’s
healthy base established across automotive ambitious target of achieving 30% EV adoption by
segments, the pace of growth has moderated in 2030, surpassing internal combustion engine (ICE)
FY 2023-24. This trend is anticipated to persist in
Indian Tyre Industry
vehicles. Many Indian states have launched EV
FY 2024-25 as well. This is despite challenges such India’s tyre industry holds the potential to emerge as a global
policies to support this target with subsidies for EV
as global supply chain disruptions and increasing leader in manufacturing, particularly amid the ongoing
buyers, further fuelling segment growth.
ownership costs. search for alternatives to China prompted by geopolitical
tensions. This sector embodies the essence of the Make in
India initiative, having achieved self-reliance and establishing
Source: FADA February 2024
itself as a significant exporter of tyres to more than 170
countries, including the US and Europe. This is evident in the
increasing demand for Indian-made tyres. Domestically, the
Global Tyre Industry preferences emphasising performance and safety, tyre industry growth was driven by demand from OEMs and
regulatory influences, economic conditions, and replacement segments which is 45% and 55%, respectively.
The growth of the global tyre market is primarily the replacement tyre market.
fuelled by the expansion of global vehicle While consumer segments are poised for healthy growth,
The automotive industry faces challenges such the commercial segments are expected to face challenges,
production and sales. In 2023, the global tyre
as the ongoing energy crisis, slower global including the impact of the General Elections on Government
market was estimated around US$ 250 Billion
capital expenditure and a high base effect. In terms of
and expected to growth 2.5-3% over next five demand, and persistent supply-chain issues,
industry revenues, there has been a subdued growth. As a
years as per various research reports. This growth yet global new-vehicle sales are expected to
result, new capacity expansion plans are anticipated to slow
is influenced by several factors, including the remain stable. Notably, the Electric Vehicle (EV)
down due to weak global demand and flat growth in tyre
expansion of the automotive industry, consumer sector is anticipated to continue its growth, replacements, coupled with available capacity headroom.
200 201
Outlook experienced remarkable growth, nearly doubling in The global carbon black industry has experienced Further, this sector capitalises on the growth of the
value. As of FY 2023-24, India’s tyre exports stand at significant growth over the past decade, with global automotive industry, especially in emerging
The Indian tyre industry has set ambitious goals to US$ 3 Billion, constituting over 25% of the industry’s demand rising from 11.85 Million tonnes (MT) in 2013 markets, thereby stimulating tyre demand and
enhance its global presence. It is expected to cross turnover. This remarkable growth trajectory to an estimated 13.95 MT in 2023 and is forecasted to propelling market expansion. Carbon black is
US$ 5 Billion in export value and establish itself highlights the industry’s dedication to expanding reach 18.5 MT by 2030. Correspondingly, production extensively used in the tyre & various automotive
among the top three global tyre hubs by 2030. its presence on the global stage and reinforcing its capacity has also increased, from 15 MT in 2013 components as a reinforcing agent. It helps in
Over the past four years, Indian tyre exports have reputation for manufacturing high-quality tyres. to an estimated 19.7 MT in 2023, with projections enhancing tyre strength, durability, and resilience.
indicating a further rise to 23.6 MT by 2030. There The demand for high-performance and energy-
Source: ICRA are several factors which contributes towards the efficient tyres further boosts carbon black demand.
growth of global carbon black industry, such as Continuous innovation in tyre manufacturing
growing automotive tyre sector in developing technology enables more specialised applications
economies, increasing demand for specialty carbon of carbon black, thereby further supporting market
Global Carbon Black Industry process, leading to its classification by the method black, advancements in manufacturing techniques, expansion.
used. Various processes involved in carbon black widespread application in plastics production, inks,
Carbon black is manufactured through either the production include the furnace black process, and paints & coating applications, among others.
thermal decomposition method or the partial channel process, acetylene black process, and
combustion method, utilising hydrocarbons like oil lampblack process, among others. Among these,
or natural gas as raw materials. It is obtainable in the furnace black process is the most widely
powder or bead form. The characteristics of carbon
Global Carbon Black Demand Supply (in MT) Specialty Carbon Black Segment
employed method for manufacturing carbon black.
black vary depending on the manufacturing Our extensive range of specialty chemical grades
2013 2023E* 2030F# allows us to fulfil a diverse array of application
requirements across various industries. From films
and fibres to pipes and wires, our products are
13.95
11.85
23.6
18.5
19.7
15
carefully tailored to meet every customer need.

Carbon Black Uses Moreover, we offer specialised grades for food
Product Use Segmentation contact plastics, conductive materials, engineering
plastics, inks, paints, coatings, adhesives, sealants,
and batteries. This comprehensive portfolio
Extruded Profile, Plastics
ensures that we provide the perfect solution for our
Industrial Hoses, customers’ unique demands, regardless of their
Power Transmission industry or application requirements.
Belts, and Conveyors, Demand Capacity Demand Capacity Demand Capacity
Inks
Among Others *E - Estimated
*F - Forecasted
Moulded Articles, Paints, and

Tyres Specialty Source: Notch Carbon Black Data book
Performance Agricultural Coatings
Chemicals
Chemicals Products,
Insulating Items, Adhesive and
Seals & Gaskets, Sealants
Among Others
Batteries and
Conductives
Others (Pipes, and

Films, Among
Others etc.)
202 203
Indian Carbon Black Industry for tyres, consequently generating substantial
The carbon black market in India is primarily

propelled by robust automotive production within
demand for carbon black in the country. The
tyre industry consumes over 70% of the carbon Company Overview
black produced thereby driving growth of this
the country. India holds a significant position market. However, there are also challenges
Corporate Profile excellence, research & development-driven
in the global heavy vehicles market, being the due to volatility in raw material prices and the innovations, cultivating a highly adept workforce
largest producer of tractors, the second-largest increasing emphasis on green tyres. Despite these PCBL Limited (also referred to as ‘PCBL’, ‘the and customer-centric ethos, making a diversified
manufacturer of buses, and the third-largest obstacles, the Indian Government is taking various Company’, or ‘We’) an integral component of portfolio of value-enhanced products, and a
producer of heavy trucks worldwide, as reported steps for the promotion of the manufacturing the esteemed RP-Sanjiv Goenka Group, was steadfast focus on specialty chemicals. Our recent
by the India Brand Equity Foundation. This of electric vehicles. In India, Faster Adoption and conceptualised by the visionary Mr. K. P. Goenka acquisition of Aquapharm Chemicals Private
strong automotive production fuels the demand Manufacturing of Hybrid and Electric Vehicles in 1960. Its inception took place in Durgapur with Limited represents a strategic move towards
(FAME) India was launched to promote the growth an initial capacity of 14,000 metric tonnes per diversification, positioning us as a specialty
and early adoption of hybrid and electric vehicles. annum (MTPA). Having pioneered excellence for chemical manufacturer. This acquisition allows us
The scheme is expected to boost India’s battery over six decades, PCBL has been at the forefront to enter the global specialty segments of water
infrastructure. The increasing adoption of electric of innovation in the domains of tyres, and high- treatment chemicals and oil & gas chemicals.
vehicles and favourable government initiatives performance and specialty chemicals. The Notably, it secures our position among the
for electric vehicles and battery infrastructure in Company has strategically positioned 5 state-of- top three producers of phosphonates globally.
the-art plants including, Chennai (Tamil Nadu) via
The tyre industry the country are boosting the carbon black market
growth. its wholly-owned subsidiary PCBL (TN) Limited.
With a strong customer base in FMCG, and oil
& gas industries, this acquisition opens up new
consumes We have established an R&D centre in Palej horizons for us, diversifying our business across
Backed by export, total capacity has surged about
(Gujarat) and an innovation centre in Ghislenghien various end markets. Additionally, PCBL’s ongoing
36% to approximately 20,00,000 Metric Tonne
over 70% of Per Annum (MTPA) over 2021-23. This can be
(Belgium). A significant milestone achievement digitalisation initiatives are poised to revolutionise
is being recognised as the world’s first carbon internal processes, driving operational efficiencies
attributed to favourable geopolitical factors. For
the carbon black company awarded Carbon Credits under the and giving the Company a competitive edge.

instance, the European Union (EU), traditionally
Kyoto Protocol of the United Nations Framework
black produced the largest importer of carbon black, is expected
to encounter supply challenges following a ban
Convention on Climate Change (UNFCCC). As we persist in expanding our reach and
capabilities, our journey is guided by an deep
thereby driving on imports from Russia, effective from 1 July, 2024, Over the years, PCBL has embarked on a commitment to quality and value creation.
amid the ongoing Russia-Ukraine conflict. Having transformative journey, implementing numerous
growth of this expanded their capacities recently, Indian carbon initiatives aimed at strengthening its resilience.
black producers are well-equipped to address Some of these include achieving operational
market. the EU’s supply gap. Additionally, environmental
concerns and high input costs have impacted
carbon black production in China, enhancing the
competitiveness of Indian carbon black, primarily
derived from crude oil feedstock.
Source: CRISIL. February 24
204 205
Capacity To further enhance its capabilities, PCBL has Global Presence ten warehouses across various regions, and four
embarked on two major expansion projects. The manufacturing units (two in India and one in USA)
PCBL began its manufacturing journey in 1960 with first, a Greenfield project in Chennai through its PCBL has established a prominent global presence, and one in Saudi Arabia. PCBL is well-equipped to
a modest capacity of 14,000 MTPA. Over the years, wholly-owned subsidiary PCBL (TN) Limited, saw with seven strategically located offices across expand its presence and offerings on a global scale.
the Company has achieved remarkable growth, the successful commissioning of the final phase Europe, Asia, and North America. Serving clients in
now boasting an impressive annual capacity (84,000 MTPA) on 12 September, 2023, bringing the over 50 countries, the Company maintains well- PCBL’s commitment to diversifying its product
of 7,70,000 MTPA. This includes the successful total project capacity to 147,000 MTPA. The second, a portfolio and consistently delivering strong
equipped decanting stations and warehouses
commissioning of 1,47,000 MTPA Greenfield project brownfield expansion in Mundra, Gujarat, aims for an performances has provided it with a competitive
strategically positioned throughout the US,
in Chennai, Tamil Nadu, through its wholly-owned additional 40,000 MTPA capacity, with the first phase edge. Notably, PCBL’s impressive clientele includes
Europe, and Asia, ensuring efficient product
subsidiary PCBL (TN) Limited. (20,000 MTPA capacity) already commissioned. These
distribution. With this in mind, PCBL’s acquisition some of the most renowned global majors,
The facilities in Durgapur (West Bengal), Mundra strategic initiatives are set to elevate PCBL’s total solidifying its position as a key global player and an
of Aquapharm positions it favourably to achieve a
(Gujarat), Kochi (Kerala), and Chennai (Tamil Nadu), manufacturing capacity to 790,000 MTPA, solidifying industry leader in the specialty chemical segment.
more diverse global footprint. With an extensive
leverage cutting-edge technology. This enables its industry position. Additionally, a 24 MW green
power plant was commissioned at the Greenfield distribution network serving over 60 countries,
seamless switching between alternative feedstocks,
efficient resource utilisation, production of diverse project through its wholly-owned subsidiary PCBL
grades, and maintenance of high-quality standards. (TN) Limited, increasing the total green power capacity
of the Company and its subsidiary to 122 MW. Product Portfolio
Manufacturing Unit
Core Portfolio New Portfolio
PCBL has five manufacturing units located in strategic proximity to customer locations and ports in
PCBL has a comprehensive product portfolio The acquisition of Aquapharm Chemicals
Durgapur (Eastern India), Kochi (Southern India), Palej and Mundra (Western India), and Chennai (Southern
encompassing tyres, specialty chemicals, and Private Limited opens doors to serve diverse
India) through its wholly-owned subsidiary PCBL (TN) Limited.
performance chemicals. All the products are end-user markets. Established in 1974,
crafted using state-of-the-art technology to Aquapharm Chemicals Private Limited has
emerged as India’s largest phosphonates
INTEGRATED
ANNUAL
meet the diverse needs of its global clientele.
Plant producer, securing a position among the top
Within its portfolio, PCBL includes carbon three globally (excluding China, ranked #2).
Durgapur Kochi Palej black grades specifically tailored to meet With a robust customer base in FMCG and oil
REPORT
1,63,500 MTPA 92,500 MTPA 1,42,250 MTPA the needs of renowned global tyre and & gas industries, the acquisition broadens our
REPORT
industrial rubber goods manufacturers. These business horizons, diversifying our presence
Carbon Black Carbon Black Carbon Black
2023-24
grades enhance the physical properties across various end markets.
30 MW 17 MW 19 MW
of their products, contributing to superior Aquapharm’s dedication to sustainability
2023-24
Green Power Green Power Green Power
performance and durability. is evident in their production of Green
Chelates, a biodegradable chelating agent.
PCBL’s product portfolio extends to high-
This seamlessly aligns with PCBL’s vision for
margin non-rubber applications, with plastics
greener products, enriching our portfolio and
holding the largest market share globally. The
reinforcing our commitment to responsible
Company’s specialty portfolio is strategically business practices. This acquisition propels
curated to capture over 90% of the plastic PCBL from a single platform to multiple
market across various industries worldwide. platforms, enhancing our offerings in line with
PCBL has extensive expertise in engineering our vision of becoming a trusted global player
plastics, fibres, US FDA-compliant food with a diversified specialty chemical portfolio.
contact grades, as well as applications in
semiconductors and cables, among others.
PCBL is focussed on strengthening its

Chennai (through
capabilities in areas such as ink, paints &
its wholly-owned
Mundra coatings, and high-conductive applications
subsidiary, PCBL
(TN) Limited) 2,24,750 MTPA like conductive polymers, electrostatic
Carbon Black discharge (ESD) solutions, and battery-related
1,47,000 MTPA
materials. PCBL is committed to leveraging its
Carbon Black 32 MW
deep expertise and cutting-edge technology
Green Power
24 MW to deliver innovative, high-quality specialty
Green Power
and performance chemicals that meet and
7,70,000 MTPA 122 MW exceed customer expectations.
Total
Carbon Black Green Power
206 207
Core Portfolio New Portfolio

Applications of Tyre and Performance Chemicals Key Application Industries
Tyres Phosphonates
Passenger Truck and Off-the- Racing Tyres Solid Tyres Agricultural Detergent Industrial Water Oil & Gas Textiles
Vehicle Tyres Bus Tyres Road Tyres Tyres Cleaners Treatment
Biodegradable Chelating Agent Polymers
Forestry Two-Wheeler Three- Cycle Tyres Tyre Retreading

Tyres Tyres Wheeler Tyres Materials
Detergent Industry Dish Water Oil & Gas Desalination Textile

Cleaners Wash Treatment Printing
Technical and Moulded Rubber Goods
MethyleneBis (Thiocayanate) (MBT) Acetyl Chloride

Conveyor Construction Extruded Damping Hoses Power Rubber Rubber
Belts Profiles Elements and Transmission Mats and Pads and
Ducting Belts Shoe Soles Caps
Wood Water Paper Pharmaceutical Agri - Chemical
Preservation Treatment Pulp
Operational Review diversified specialty chemical portfolio. It represents

Anti- Moulded Seals and Roofing Rubber- Rubber Bonded Tubing a pivotal moment for both PCBL and Aquapharm,
Vibration Rubber Gaskets Elements to-Metal sheets Gum Acquisition strengthening the Company’s position in the fast-
Grommets Goods Bonded PCBL has acquired Aquapharm Chemicals Private growing and high-margin specialty chemicals sector.
Goods Limited (ACPL), a Pune-based specialty chemicals
As PCBL ventures into new avenues of specialty
company, for ` 3,800 Crores. This landmark
chemicals, this strategic move puts PCBL on the
acquisition, the largest by the RPSG Group is a
path of sustained growth. This will further enable
Specialty Chemicals transformative entry for PCBL into the global
the Company to capitalise on the increasing
specialty segments of water treatment and oil
demand for home care/fabric care, water treatment
& gas chemicals. The acquisition propels PCBL
and oil & gas chemicals worldwide. The success of
from a single platform to multiple platforms,
this acquisition will undoubtedly reinforce PCBL’s
enhancing its offerings in line with the Company’s
position as a dominant player in the dynamic
vision of becoming a trusted global player with a
Food Synthetic Wires and Film and Geo-Textile/ Pressure Drip ESD and landscape of specialty chemicals.
Contact Fibre and Cables Sheet Geo- Pipe Irrigation Conductive
Plastic Textile Fabric Application Membrane Pipe Systems
Joint Venture
Further, on 16 March, 2024, the Company officially entered a Joint Venture agreement with Kinaltek Pty Limited,
an Australian firm renowned for its expertise in nano silicon technology tailored for battery applications. This
Plastics Engineering Inks Paints Coatings Adhesives Sealants Batteries strategic partnership is founded on the principle of maximising synergies and harnessing the combined
Moulded Plastics expertise of both entities to pioneer breakthroughs in nano-silicon-based products for battery applications. The
Parts primary objective is to capitalise on the lucrative opportunities presented by the burgeoning battery application
market, particularly in sectors such as electric vehicles, where significant growth potential exists. Holding the
208 209
intellectual property and know-how of products for to diversify and boost its product portfolio with high- Standalone Consolidated
battery application, Kinaltek will be responsible for margin offerings, thereby enhancing its competitive Particulars Numerator Denominator Year Year % Year Year % Reasons for
overseeing the development and commercialisation edge in the marketplace. ended ended Change ended ended Change Variance
of nano-silicon-based products, as well as the 31 March, 31 March, 31 March, 31 March,
Under this agreement, the Company will hold a 2024 2023 2024 2023
establishment of manufacturing facilities to support
majority share of 51% in the Joint Venture Company,
production. With this partnership, the Company aims Debtors’ Revenue Trade 67 69 (2.90) 68 68 0
while Kinaltek will hold the remaining 49%. Turnover from Receviables
Ratio - Days Operation
Refer to the note given below:

Business Review* (Revenue from operations) = Sales of Finished Goods and Traded Goods including GST+ Sale of Power)
Net Profit Net Profit Net Sales 9.44 7.59 1.85 7.69 7.69 0.00
Margin (%) (Profit after
` 997.54 Crores ` 533.29 Crores Interest

Tax)
Earning Interest 9.98 21.55 (53.68) 6.71 21.44 (68.70) Due to increase
Service Available Service in interest on
EBITDA Profit after Tax (PAT) Coverage for Interest incremental
Ratio Service long-term debt
for the purpose
of acquisition
of Aquapharm
` 5,674.32 Crores 4,82,020 Tonnes Chemicals Private
Limited (ACPL)
Revenue (excluding Sales Volume through a subsidiary
company Advaya
Inter-Segment Revenue) Chemical Industries
Limited.
* on a standalone basis Note:
Earning Available for Interest Service: profit before tax+finance costs excluding interest on lease liabilities+net gain

on foreign currency transaction+gain & loss on disposal of property, plant and equipment
Calculations and Explanation of Major Ratios Interest Service: finance costs excluding interest on lease liabilities+net gain on foreign currency transaction+gain &
loss on disposal of property, plant and equipment
Standalone Consolidated Long-term Non-Current Total Equity* 0.78 0.10 680.00 1.33 0.18 620.54 Increase on
Particulars Numerator Denominator Year Year % Year Year % Reasons for Debt Equity Borrowings account of
ended ended Change ended ended Change Variance Ratio incremental
31 March, 31 March, 31 March, 31 March, Long-Term Debt
2024 2023 2024 2023 for the purpose
of acquisition
Current Current Current 0.94 1.04 (9.62) 1.07 1.09 (1.84) of Aquapharm
Ratio Assets Liabilities Chemicals
Private Limited
Debt-Equity Total Debt = Total Equity* 0.87 0.25 248.00 1.48 0.33 348.48 Increase on
(ACPL) through
Ratio Non-Current account of
a subsidiary
Borrowings incremental
company Advaya
+ Current long-term debt
Chemical
Borrowings for the purpose
Industries Limited.
of acquisition
of Aquapharm Note:
Chemicals Non-Current Borrowings includes Current Maturities of Long-Term Debt
Private Limited Total Equity = Equity Share Capital + Other Equity
(ACPL) through
a subsidiary Operating Operating Revenue from 15.81 11.77 4.04 14.64 11.89 2.77
company, Profit Profit Operations
Advaya Chemical Margin (%)
Industries Limited.
Operating Profit = Profit before tax + Depreciation and Amortisation expense including Ind AS 116+ Finance Costs + Net loss/(gain) on
Return on Net Profit Total Equity* 16.26 15.75 0.51 15.11 15.57 (0.46) foreign currency transactions/translations + Loss on disposal of property, plant and equipment’s - Other Income - Payment to lease liability
Equity (%)/ after Taxes
Return on Note:
Net Worth The Company’s turnover is highly sensitive to the changes in crude prices which may fluctuate widely between quarters. The Company,
(%) therefore, believes that the Debtors and Inventory Turnover Days computed on the basis of simple average of the turnover days for each
of the four quarters of the year will be more appropriate and reflective on its operations. The turnover days for each quarter is derived by
Inventory Revenue Inventory 35 36 (2.77) 42 40 5.00 dividing the quarter-end outstanding debtors/ inventory balance with sales for the respective quarter.
Turnover from
Numbers for the previous year have also been recalculated accordingly.
Ratio - Days Operation
* Figures used for calculation of ratios for consolidated financial statements, include share of non-controlling interest whenever applicable
Refer to the note given below:
Inventories = Raw Materials + Finished Goods + Stores and Spares Parts (including Packing Material)
(Revenue from Operation = Sales of Finished Goods and Traded Goods without GST+Sale of Power)
210 211
Research & Development PCBL’s capabilities in value-added product Information Technology automated real-time backup solutions to shield
and Innovation development, customisation, application, and against ransomwares. Robust security measures,
process efficiency. In our organisation’s quest for digital including Unified Threat Protection Firewall (UTM)
Research & Development (R&D) and innovation transformation, Information Technology (IT) serves deployment at critical Cloud Datacentres and
serve as formidable pillars driving technical and Utilising Competitive Intelligence and Business as the linchpin, driving operational efficiency Internet Gateways, coupled with Managed Security
business growth within PCBL. The Company has Intelligence analyses, PCBL identifies opportunities and safeguarding our digital assets. Through Services, safeguard our critical IT infrastructures.
progressively fortified its commitment to research for expansion, customer engagement, and patent strategic collaborations with leading IT platforms
by strategically investing in infrastructure, human portfolio development through market-driven and service providers, we ensure the security, Furthermore, periodic Security Assessments &
capital, processes, collaboration, and joint ventures. research and innovation. The Company’s R&D confidentiality, and availability of our IT-enabled Social Engineering drills conducted by reputable
These investments have substantially enhanced initiatives are prominently featured in strategic business processes. Our investments in Cloud and partners bolster our defences against potential
Digital platforms yield tangible benefits, enhancing threats. Regular communication channels
governance, organisational efficiency, and business disseminate best practices and updates on
performance. cybersecurity protocols to our employees, ensuring
awareness and vigilance across the organisation.
An exemplary of our commitment to security is our
attainment of the ISO 27001:2022 Certification for Aligned with our commitment to business
PCBL’s R&D Information Security Management Systems across continuity, we have established a remote Disaster
all manufacturing plants and the head office. Early Recovery (DR) Datacentre for our most critical
philosophy revolves ERP Production data & Active Directory setup.
adoption of this latest ISO standard underscores
around addressing our dedication to navigating the evolving Continuous real-time data replication, coupled
market and business challenges of the digital landscape. with centralised sync monitoring and periodic
mock-drills with Recovery Point Objective (RPO)
needs, seamlessly Integral to our IT strategy is the migration to the & Recovery Time Objective (RTO), ensure the
latest version of SAP S/4 HANA ERP on AWS Cloud,
integrating them effectiveness of our DR setup in mitigating the risk
seamlessly integrated with SAP SuccessFactors of disruptions due to major disasters.
with cutting-edge

HCM Platform. This transformation renders
In essence, our Information Technology initiatives
technology solutions. our Digital Core future-ready, with enhanced
functionality and security features. Additionally, are meticulously designed to not only propel
deployment of Azure Active Directory, Intune, our organisation forward but also fortify our
Microsoft 365 & OneDrive ensures streamlined resilience against the ever-evolving digital
governance, cybersecurity management, and data landscape. Through proactive investments, robust
security. security measures, and a culture of continuous
improvement, we remain steadfast in our
To fortify our cybersecurity posture, we have commitment to technological excellence and
integrated an Advanced Threat Management business resilience.
Platform (ATP) of Microsoft and adopted
innovations, epitomised by the ‘New and Novel Product and Process Development Roadmap.’ This roadmap
spans various domains, including specialty and rubber applications, renewable resourced carbon black,
nano-structured carbonaceous materials, conducting carbon black, materials for energy storage devices,
and enhancements of existing product performance. PCBL’s innovation-centric approach has facilitated
the creation of a competitive product portfolio, accelerated sustainable business growth while adapting to
evolving market dynamics, environmental regulations, and futuristic technology trends.
PCBL’s R&D philosophy revolves around addressing market and business needs, seamlessly integrating
them with cutting-edge technology solutions to enhance the performance of both new and existing grades.
Through intra- and inter-organisational collaborations, PCBL harnesses partner knowledge and capabilities to
leverage application research effectively.
PCBL innovation drive extends globally through its research & development facilities, including the ‘Sushila
Goenka Research & Development Centre’ in Palej, Gujarat, India, and the ‘Sushila Goenka Innovation Centre’
in Ghislenghien, Belgium. These centres serve as hubs for pioneering research initiatives, spearheaded by a
team of experienced and qualified product and process development scientists and engineers. Supported by
comprehensive infrastructure, equipment, and facilities, they drive advancements in feedstock and carbon
black development, facilitating modifications tailored to diverse applications.
212 213
Environment, Health and Safety, Company’s operations but also helped controlling knowledge and technical skills necessary to Moreover, PCBL has initiated improvement
and Social Responsibility the Company’s GHG emissions and lower its overall perform their jobs safely. Additionally, the Company projects across its plants focussed on reducing
carbon footprints. is taking steps towards automating certain specific freshwater consumption, and minimising
Over the years, PCBL has not only expanded its processes to minimise manual interventions and power consumption and waste generation at the
product portfolio and global presence but also PCBL’s R&D team remains actively engaged
reduce potential risks. source. All plants of PCBL have been assessed
embraced a heightened sense of responsibility in exploring further possibilities, including
for Zero Waste-to-Landfill certification by an
towards the environment and communities. substituting fossil fuel consumption with bio- All PCBL’s manufacturing sites are equipped with
independent third-party to further strengthen its
The Company’s commitment to sustainable based fuels and other renewable energy sources. occupational health centres to provide primary
waste management system and to minimise its
development has been a cornerstone of its These ongoing endeavours reflect the Company’s medical treatment. The Company has a dedicated
environmental impact. These initiatives align with
operations, evident in its performance and actions. ongoing commitment to environmental team of trained first-aiders available around the
the Company’s commitment to environmental
stewardship and sustainability, aligning with clock to handle any medical incidents. PCBL has
A significant aspect of PCBL’s sustainability efforts sustainability and demonstrate its dedication to
its vision of being a responsible global player also established partnerships with nearby hospitals
is its utilisation of waste gas generated during responsible business practices.
contributing positively to the planet and society at to handle medical emergencies promptly. The
the carbon black manufacturing process in the large. Company provides medical insurance coverage to PCBL understands the importance of engaging
Company’s co-generation power plants. The its employees to ensure their financial well-being in with communities as one of its stakeholders. The
electricity generated is not only sufficient to meet PCBL recognises that its employees are the
case of any health-related challenges. Company has undertaken various CSR initiatives
the Company’s power needs but also contributes Company’s most valuable assets, and their safety and
to contribute to their well-being. It is committed to
to the local grid, further reducing reliance on well-being are its topmost priorities. The Company’s As a responsible organisation, PCBL recognises that
going beyond its legal obligations and providing
conventional energy sources. This innovative vision to provide an exciting workplace is intrinsically economic growth and environmental sustainability
necessary support to communities in areas
approach allows PCBL to produce electricity while linked to ensuring workplace safety, which plays a go hand in hand. The Company is committed
such as education, sports, healthcare, women’s
offsetting greenhouse gas (GHG) emissions that pivotal role in fostering a conducive environment to environmental stewardship and complying
empowerment, infrastructure development, green-
would have otherwise been resulted from using for its workforce. The Company is committed to with applicable regulatory guidelines concerning
belt development, and skill-building, among others.
fossil fuels for power generation. continuously implementing best safety practices emissions, effluent discharge, and waste disposal.
across all its operational locations, instilling a safety- Its plants are Zero Liquid Discharge compliant, PCBL’s guiding principle of ‘Touching Lives in
To complement this initiative, PCBL has optimised first culture throughout the organisation. and there are Continuous Emissions Monitoring More Ways than One’ inspires the Company to

various processes and operations to maintain a Systems (CEMS) installed for real-time monitoring care for the communities and work towards their
check on the intensity of its net GHG emissions. To achieve this, PCBL regularly provides technical
of environmental emissions. This enables PCBL to holistic development. The Company firmly believes
Investments in new technologies and energy- and behavioural safety training sessions to raise
take proactive action in case of any deviations from in building long-term value for the society as
efficient equipment have not only upgraded the awareness and equip its employees with the
set parameters. it continues to grow and expand its operations
each year. Investing in communities is not just
a responsibility but a commitment that PCBL
upholds with sincerity and dedication.
Product stewardship is a key focus area at PCBL,

and the Company’s R&D team is continuously
working to reduce hazardous substances such
as Polycyclic Aromatic Hydrocarbon( PAH) in
its products. The Company stays updated with
PCBL has not regulatory requirements of different countries e.g.
RoHS, and SVHC identification, among others, and
only expanded its ensures compliance with international regulations
product portfolio and norms. To facilitate its export operations
to European countries, PCBL has engaged an
and global presence
expert agency as the ‘only representative’ to assist
but also embraced a with REACH registration and meet regulatory
requirements.
heightened sense of
PCBL prioritises material handling and storage
responsibility towards
processes to ensure the safe use of its products, as
the environment and detailed in the Safety Data Sheet (SDS) Section 7.
communities. The Company’s products comply with EU Waste
Code 61303, and the disposal method is disclosed
in SDS Section 13, reflecting its commitment
to responsible product management and
environmental stewardship. These initiatives
underscore PCBL’s dedication to product safety,
regulatory compliance, and sustainable business
practices across all aspects of its operations.
214 215
Risk Management members on the intricacies of risk assessment and

mitigation strategies. PCBL’s Board recognises this
With a robust risk management framework in place, responsibility and places significant emphasis on
PCBL has demonstrated its proactive approach in managing risks comprehensively.
identifying and mitigating potential risks arising
from various sources, both internal and external. This The Board is fully committed to developing and
Monitoring Reviewing and Reporting on the Risk
strategic foresight enables the Company to navigate overseeing a comprehensive risk management
challenges effectively and continue delivering value plan that encompasses a wide range of potential Inspecting Effectiveness of Controls Risk Identifying and Assessment
to its stakeholders, even in challenging economic risks, including financial, operational, regulatory, Responding to Results Risk Evaluation and Prioritisation
and industry environments. and strategic risks. This proactive approach is
crucial for the Company’s sustainable growth and Improving the Approach Risk Mitigation and Control
The importance of risk management is success in the long term. By continually evaluating Implementation
By implementing these steps, the Company
underscored by regulatory requirements such and addressing risks, PCBL can enhance its Monitoring and Reviewing
can systematically evaluate control
as SEBI (Listing Obligations and Disclosure resilience and adaptability, ensuring continued
Requirements) Regulations, 2015, which emphasise effectiveness, respond effectively to control Reporting and Communication
success and value creation for all stakeholders.
the need for companies to educate their Board failures or incidents, and continuously Decision-Making and Action Planning
enhance the risk management approach
Annual Risk Review and Strategic Planning
to adapt to evolving threats and business
Sustainability and Risk Management Committee environments. This proactive approach By following this systematic approach and
fosters a culture of risk awareness, agility, conducting regular risk processing and
and continuous improvement within the management activities at appropriate
organisation. intervals, the Company can enhance resilience,
optimise decision-making, and maintain
effective governance practices to achieve their
objectives while navigating uncertainties and
challenges effectively.

Mr. Kaushik Roy Mr. Paras K. Chowdhary Mr. Pradip Roy Mr. T. C. Suseel Kumar
Chairman & Member Member Member To view the detailed risk management please refer to pages 51-61 of the Corporate Overview.
Managing Director Non-Executive Non-Executive Non-Executive
Independent Director Independent Director Independent Director
Human Resources Development customers, ensuring smooth integration of our

Risk Mitigation Plan
products into their processes, and identifying
The Board takes the following steps as a part of its risk management and mitigation plan: The fiscal year 2023-2024 has been particularly market needs to develop new grades accordingly.
Defines the roles and responsibilities of the Risk Management Committee eventful and successful, marked by a series Over a six-month duration, the Market Excellence
Takes part in major decision-making, affecting the organisation’s risk profile of significant milestones in our growth and Building Programme covered 47 participants from
Integrates risk management reporting with the Board’s overall reporting framework diversification journey. We successfully the Sales & Marketing Team, accumulating 940
commissioned our cutting-edge Greenfield Project workforce hours of learning through a hybrid mode
in Tamil Nadu, acquired Aquapharm Chemicals, of classroom and online sessions with e-learning
partnered with a nanotechnology company in prerequisites.
Australia, and incorporated a subsidiary in Europe.
Each of these achievements represents a strategic The ConvoCraft workshop aimed to empower
leap forward for PCBL. participants with essential communication skills for
a harmonious and productive work environment.
Identification and Assessment Approach Prevention and Control Strategy In line with our vision of becoming a trusted Participants developed clarity in expressing
Probability of Occurrence Risk Avoidance global player providing innovative solutions to ideas, enhanced active listening proficiency,
our partners, we have continuously focussed on
Severity Risk Mitigation and Severity Limitation fostered collaborative team dynamics, adapted to
capability building to drive market excellence. This diverse communication scenarios, and promoted
Category Consequence Reduction
initiative, a key pillar of our People-Philosophy, aims excellence in feedback. The workshop also refined
Risk Rating Continuous Improvement to enhance the critical knowledge required for our written communication, strengthened leadership
By systematically evaluating these aspects, By implementing these measures, the marketing teams in both the rubber and specialty communication, and elevated presentation skills.
the Company can gain a comprehensive Company can enhance their resilience, segments. The curriculum is tailored to meet the This three-hour workshop covered 26 participants
understanding of the risk landscape, prioritise reduce vulnerabilities, and effectively learning requirements of the PCBL Sales and from the Specialty Blacks and R&D Team, totalling
risks based on their significance, and manage risks to achieve the strategic Technical Service teams. With a strong focus on to 78 workforce hours of offline learning.
develop tailored risk management strategies objectives while safeguarding their assets, product portfolio diversification, PCBL is pursuing
business evolution to ensure sustainable growth. The CollaboCraft workshop is designed to cultivate
to mitigate and control potential threats reputation, and stakeholders’ interests.
Enhancing product and industry knowledge a positive and collaborative work environment
effectively.
and capability is essential for supporting our by exploring the transformative potential of
216 217
collaboration, communication, and cohesiveness.

The aim is to achieve deeper connections within
to enhance overall employee experience and
organisational performance. ANNEXURE B TO THE BOARD’S REPORT
teams to navigate success together. This four-hour
workshop included 19 participants from Process
As of 31 March, 2024, there were 1,275 permanent
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
employees on the Company’s payroll.
Technology, covering 76 workforce hours of offline
learning.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Internal Financial Control
Statement in accordance with Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies
Our New Joinee Learning Academy aims to equip System and Its Adequacy (Accounts )Rules, 2014 and forming part of the Boards’ Report for the year ended 31 March, 2024
new joiners with the necessary skills, knowledge,
PCBL has adequate internal financial control
and cultural understanding to integrate seamlessly 1.A. CONSERVATION OF ENERGY steam generation, in Air Pre-Heater (APH) and
systems in all areas of its operations. The Board
into the organisation, enhancing engagement Oil Pre-Heater(OPH)for heating atmospheric air
of Directors has adopted policies and procedures (a) Energy conservation measures taken:
and job satisfaction from the outset. The key and Oil Feedstock respectively, which are used
for ensuring the orderly and efficient conduct -The process of manufacture of Carbon Black
components of this initiative include a PCBL & as input to carbon black manufacturing process
of business. These include adherence to the results in generation of waste gases. This waste
Group Overview through e-learning modules, and thereby help in improving the process
Company’s policies, safeguarding its assets, gas also called tail gas is utilised for generation
mandatory safety awareness training, industry efficiency.
prevention and detection of frauds and errors, of steam and power in specially designed state
knowledge and value chain insights, and on-the- of the art Green Power Plants having total 98
ensuring accuracy and completeness of the (b) Additional investments and proposals, if
job training. MW capacity, which are located in its each
accounting records and timely preparation of any, being implemented for reduction of
carbon black manufacturing facility, having site consumption of energy:
The Leadership Now & Beyond Workshop aimed reliable financial information. From time to time,
wise installed capacity of :
to strengthen leadership capabilities to navigate PCBL employs both internal and external auditors -
future challenges and opportunities. The purpose to supplement its in-house expertise and resources. 30 MW Green Power Plant at Durgapur,
(c) Impact of measures (a) and (b) above for
was to lay the foundation for shaping PCBL’s The Company continuously upgrades its systems in 32 MW Green Power Plant at Mundra,
reduction of energy consumption and
leadership ethos and strategies in the coming line with the best practices in the industry. Reports 19 MW Green Power Plant at Palej and consequent impact on the cost of production
months. This one-day workshop targeted the and deviations are regularly discussed with the of goods:
current leadership team. Management Committee members, and action is 17 MW Green Power Plant at Kochi
Reflected in the improved financial performance

taken whenever necessary. An Independent Audit Steam and Power requirement of carbon black
In collaboration with IIT Roorkee, the Advanced of your Company.
Committee of the Board reviews the adequacy of manufacturing process is met first from the
Engineering Programme identified critical areas
the internal financial control. above green power plants and surplus power is (d) Total energy consumption and energy
and skills that need development for PCBL injected into the electricity grid for sale. consumption per unit of production
engineers to align with the organisational need for
Cautionary Statement Excess heat generated during carbon black As per Form-A of the Annexure to the Rules in
process digitisation, automation, and enhanced
production process is utilised in various heat respect of Industries specified in the Schedule
plant productivity. This 21-day course, spread across The financial statements appearing above are exchangers like Waste Heat Boiler(WHB) for thereto:
three modules over each quarter, involved 20 in conformity with the accounting principles
Form - A
participants. generally accepted in India. The statements in
the Management Discussion and Analysis Report, Form for disclosure of particulars with respect to Conservation of Energy
Our e-learning strategy has been strengthened to
which may be considered ‘forward-looking’ Current year Previous Year
enhance accessibility, learning, and engagement
statements, within the meaning of applicable 31 March, 2024 31 March, 2023
by leveraging a competency-based learning
laws and regulations, have been based on current A. Power and Fuel consumption
framework. Over 50 e-learning modules were made 1. Electricity
expectations and projections about future
available, clocking a total of 7,320 workforce hours Purchased units(KWH) 23,51,910 18,33,289
events. The actual results could differ from those (a) Total amount(` in Crores) 7.25 7.60
in 2023-24. To digitise the recruitment process, we
expressed or implied. Important factors that could Rate per unit(`) 30.83 41.47
introduced the Recruitment Management System
influence the Company’s operations include global (b) Own generation
(RMS), enhancing efficiency and streamlining
geopolitical shifts, economic developments within (i) Through diesel generators units (KWH) - -
recruitment workflows. Units per ltr. of diesel oil (KWH) - -
the country, demand and supply conditions in Cost per unit (`) - -
The fiscal year 2023-2024 has been a year of the industry, input prices, changes in Government (ii) Through steam/turbine generators units (KWH) - -
substantial achievements for PCBL, reflecting regulations, tax laws and other factors, such as Units per ltr. of fuel/gas oil (KWH) - -
our commitment to growth, innovation, and industrial relations. The Management cannot, Cost per unit (`) - -
excellence. These initiatives highlight our focus (iii) Through green power plants
however, guarantee that these ‘forward-looking’
(off-gas burning) units (KWH) 24,24,06,300 23,07,97,869
on building capabilities, fostering a collaborative statements will be realised or achieved. Units per ltr. of fuel oil (KWH) 855 1170
work environment, and leveraging digital tools Cost per unit (`) 0.07 0.07
Current year Previous Year

31 March, 2024 31 March, 2023
2. Coal(specify quality and where Quantity(tonnes) - -
For and on behalf of the Board of Directors
used)
Dr. Sanjiv Goenka Total Cost(` in Crores) - -
Place: Kolkata Average rate(`) - -
Chairman
3. Furnace Oil Quantity(K.ltr) - -
Date: 23 May, 2024 (DIN: 00074796)
218 219
ANNEXURE B TO THE BOARD’S REPORT (CONTD.) ANNEXURE B TO THE BOARD’S REPORT (CONTD.)
Current year Previous Year 4. Benefits derived as a result of the above TECHNOLOGY ABSORPTION, ADAPTATION &
31 March, 2024 31 March, 2023 Research and Innovation: INNOVATION:
Total Cost(` in Crores) - -
 To generate new business opportunity for 1. Efforts in brief towards technology absorption,
Average rate(`) - -
the Company. adaptation & innovation:
4. Others/internal generation Quantity(MT) 29,74,171 27,76,138
(process steam)  Synergize and validate the proof of concept
 The revision in Standard Operating
Total Cost(` in Crores) 1.08 1.66 of unique carbon black technology.
Procedures resulted in improved yields.
Average rate(`) 3.65 5.98  Employ the ‘proof of concept’ in ‘plant level’
5. Consumption per unit of to manufacture exclusively performing and 2. Benefits derived as a result of the above efforts:
production sustainable carbon black grades.  Improved quality of the product
CARBON BLACK: i) Electricity (KWH/MT) 372 385
 Improve/optimize product quality/
ii) Furnace Oil (Ltr. /MT) - - 3. Particulars of Imported Technology in the last 5
iii) Coal - -
attributes to augment product acceptance
years:
iv) Others-process steam (MT/MT) 6.14 6.21 by the customers.
 Desired and targeted expansion of the (a) Technology Imported : Not Applicable
B. TECHNOLOGY ABSORPTION: carbon blacks, CBFS, plastics and rubber specialty business in emerging and
compounds, inks, coatings etc. evolving markets. (b) Year of Import : Not Applicable
(a) Efforts made in technology absorption as per
Form-B of the Annexure is given hereto:  Protection of Intellectual Property for the (c) Has the technology : Not Applicable
2. Technical Services (TS)
Company. been fully absorbed?
Form - B  Customer engagement and inter-
organizational collaboration. 5. Future Plan of Action: (d) If not fully absorbed, : Not Applicable
Form for disclosure of particulars with respect to areas where this
 Identification of Customer Specific  Identify emerging Carbon Technologies
absorption: has not taken place,
Requirement (CSR) for business with new application potential. reasons thereof and
1. Specific areas in which Research and Innovation development.  Advanced filler technology adopting nano- future plans of action.
carried out by your Company:

 Development of packaging material structured carbonaceous materials.
 Development of new and/or novel carbon meeting the regulatory and Sustainability C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
 Probing scope and opportunities of
black grades and their performance and aspect. renewable carbon black to optimize (a) Activities relating to exports, initiatives taken
applications to improve fuel efficiency, end  Service on Product stewardship and balanced end use performance. to increase exports, development of new
product aesthetics, ease of processability, Product safety related regulatory affairs for export markets for products and services and
 Sustainable CBFS as a replacement
conductivity, battery electrodes considering carbon black. solution of conventional CBFS in carbon export plans:
international and domestic markets.  Promotion of next generation carbon black black manufacturing process. Various initiatives relating to improvement in
 Transfer of technology from laboratory level grades & co-development of customised  Purification of CBFS. quality and service, developing new markets,
to plant level grades. etc. have resulted in exports of ` 1876.36 Crores
 To further enrich and improve the product
 Introduction of new carbon blacks for  Supply flexibility through multi plant portfolio of specialty grade carbon blacks by
specialty business and rubber business to approval process with customers. (b) Total foreign exchange used and earned:
implementing new product and process.
expand product portfolio of the Company.  Adoption of industry best practices for  Development of advanced filler and (` In Crores)
 Enhancement of carbon black sustainable business development. advanced filler technology utilising nano-
characteristics to unlock hidden properties Current Previous
3. Process Technology (PT) structured carbonaceous materials.
year Year
and fulfill rigorous customer and  To develop regulatory compliance carbon
 Optimization of Manufacturing Process
application requirements.
conditions to improve Yield, Productivity blacks. Foreign Exchange used* 2985.31 4,404.42
 New vendor development of Carbon Black and Quality.  Customer engagement with expertise built Foreign Exchange 1866.03 2,745.54
Feedstock (CBFS) to improve the yield, up to support customers and development
 Analysing Critical Process issues, Critical earned#
productivity, to satisfy environmental Equipment Breakdowns, Quality issues of market.
compliance and to derisk limited supply. * includes repayment of loan in foreign currency
and Troubleshooting.  Patent applications for new product / #
includes receipt of loan in foreign currency
 Purification of CBFS for superior product  Use of Computational Fluid Dynamics (CFD) process technologies.
quality, productivity. for simulating Equipment Retrofitting, 6. Expenditure on R & D :
 Explore the scope of renewable resourced Nozzle development, etc.
CBFS in carbon black manufacturing  Developing New Grades of Carbon Black (` In Crores) For and on behalf of the Board of Directors
process. in Specialty Segment, improving existing Current Previous
 Investigative research to cater customer grades in Rubber Segment to cater the year Year
Dr. Sanjiv Goenka
complaint addressal. changing requirements of customers, (a) Capital 5.05 2.54
increasing the number of grades in PCBL's Place: Kolkata Chairman
 Grade or product approval for existing and (b) Recurring 30.47 30.74
portfolio. Date: 23 May, 2024 (DIN: 00074796)
new customers. (c) Total 35.52 33.28
 Providing Sustainable Solutions for (d) Total R&D 0.71% 0.62%
 Probing of product stewardship and
Feedstock and Refractory by developing Expenditure as a
regulatory events of carbon black and CBFS.
new Partners, exploring new resources. percentage of total
 New methods development for testing,  Imparting high level of Technical expenditure
characterization, analysis, pelletization of Knowledge throughout the organisation.
220 221
ANNEXURE C TO THE BOARD’S REPORT (CONTD.)

ANNEXURE C TO THE BOARD’S REPORT
REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
FOR THE FINANCIAL YEAR 2023-24 Amount (` in Crore)
[Pursuant to Section 135 of the Companies Act, 2013, as amended read with Notification issued by the Ministry 5. (a) Average Net Profit of the Company as per Section 135(5) 500.59
of Corporate Affairs & Rules made thereunder] (b) Two percent of the average net profit of the Company as per Section 135(5) 10.01
(c) Surplus arising out of the CSR Projects or programmes or activities of the Nil
1. A BRIEF OUTLINE OF THE COMPANY’S CSR holistic development. The Company’s focus
previous financial years
POLICY: areas are concentrated on increasing access to
health, education, environment sustainability, (d) Amount required to be set off for the financial year, if any Nil
In accordance with the provisions of the
community development and holistic (e) Total CSR obligation for the financial year [(b)+(c) – (d)] 10.01
Companies Act, 2013, as amended (“the Act”)
development with a focus on underprivileged 6. a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing 10.01
read with the Notification issued by the
people living around its manufacturing units Project)
Ministry of Corporate Affairs and the rules
and other establishments. The Company’s (b) Amount spent in Administrative overheads Nil
made thereunder, the Company has framed
CSR Policy also focuses on leveraging the full (c) Amount spent on impact assessment, if applicable Nil
its CSR Policy to carry out its CSR activities in
range of the Company’s resources to broaden (d) Total amount spent for the Financial Year 10.01
accordance with Schedule VII of the Act. The
access to the basic facilities for the underserved
Company, is one of the pioneers of the Carbon (e) CSR amount spent or unspent for the Financial Year :
population. The Company wishes to formalize
Black industry in India. Through the values
and institutionalize its efforts made in the Total Amount spent Amount Unspent (in ` in Crores)
and principles inherent within the Group, domain of Corporate Social Responsibility and for the financial year
the Company strives to positively impact the Total Amount transferred to Amount transferred to any fund specified
this Policy shall serve as a guiding document to (` in crore)
Unspent CSR Account as per under Schedule VII as per second proviso
community by promoting inclusive growth in help identify, execute and monitor CSR projects sub-section (6)of section 135 to sub-section (5) of section 135
the areas of education, healthcare, community in keeping with the spirit of the Policy. The Amount Date of Name of the Amount Date of
development, promoting agricultural and Company’s focus has always been to contribute (` in crore) Fund

Transfer Transfer
rural development, promoting sports and to the sustainable development of the society
6.86 3.15 29 April, 2024 - - -
environmental sustainability etc. Along and environment and to make our planet a
with sustained economic performance, better place for future generations. This Policy (f) Excess amount for set-off, if any:-
environmental and social stewardship is also shall apply to all CSR initiatives and activities Sl. Particulars Amount
a key factor for holistic business growth. Over taken up by the Company for the benefit of No. (` in Crores)
the period of its long existence, the Company different sections of the society. The Company’s (i) Two percent of average net profit of the company as per Section 135(5) 10.01
has upheld its tradition of community service revised CSR policy is placed on its website
(ii) Total amount spent for the Financial Year 10.01
and tried to reach out to the underprivileged and the web-link for the same is https://www.
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
in order to empower their lives and provide pcblltd.com/investor-relation/general-policies
(iv) Surplus arising out of the CSR projects or programmes or activities of the 0.12
2. COMPOSITION OF THE CSR COMMITTEE: previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 0.12
The Composition of the CSR Committee of the Board is as follows:-
SL Name of Director Designation Number of meetings Number of meetings of 7. DETAILS OF UNSPENT CORPORATE SOCIAL RESPONSIBILITY AMOUNT FOR THE PRECEDING THREE
No. / Nature of of CSR Committee CSR Committee attended FINANCIAL YEARS:
Directorship held during the year during the year Sl Preceding Amount Balance Amount Amount transferred Amount Deficiency,
1 Mr. Kaushik Roy Chairman 3 3 No. Financial transferred Amount in spent to a fund as remaining if any
Year(s) to Unspent unspent CSR in the specified under to be
2 Mr. Shashwat Goenka Member 3 3
CSR Account Account Financial Schedule VII as per spent in
3 Mrs. Rusha Mitra Member 3 3 under sub- under sub- Year second proviso to succeeding
section (6) of section (6) of (` in sub-section (5) of financial
NB:- The CSR Committee of the Board of Directors of the Company met 3 times on 15th May, 2023, 15th Section 135 Section 135 crores) Section 135, if any years.
January, 2024 and 27th March, 2024 during the financial year ended 31st March, 2024. (` in crores) (` in crores) Amount (` in crores)
(` in crores)
3. PROVIDE THE WEB-LINK(S) WHERE COMPOSITION OF CSR COMMITTEE, CSR POLICY AND CSR PROJECTS 1 FY 2020-21 1.50 Nil 1.50* N.A N.A. Nil
APPROVED BY THE BOARD ARE DISCLOSED ON THE WEBSITE OF THE COMPANY:
2 FY 2021-22 6.85 Nil 6.85* N.A. N.A. Nil
The web-link of the Company where composition of CSR Committee, CSR Policy and CSR Projects approved
3 FY 2022–23 1.43 1.43 - N.A. 1.43 Nil
by the Board are disclosed is https://www.pcblltd.com/investor-relation/general-policies.
* Unspent amount at the respective year end has been utilised for the ‘Ongoing Project’ in the next financial
4. PROVIDE THE EXECUTIVE SUMMARY ALONG WITH WEB-LINK(S) OF IMPACT ASSESSMENT OF CSR year.
PROJECTS CARRIED OUT IN PURSUANCE OF SUB-RULE 3 OF RULE 8, IF APPLICABLE:
Not Applicable during the year under review.
222 223
ANNEXURE C TO THE BOARD’S REPORT (CONTD.)

ANNEXURE D TO THE BOARD'S REPORT
(PARTICULARS OF REMUNERATION)
8. WHETHER ANY CAPITAL ASSET HAVE BEEN CREATED OR ACQUIRED THROUGH CORPORATE SOCIAL
RESPONSIBILITY AMOUNT SPENT IN THE FINANCIAL YEAR – NO
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT,
9. SPECIFY THE REASON(S), IF THE COMPANY HAS FAILED TO SPEND TWO PERCENT OF THE AVERAGE 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
NET PROFIT AS PER SUB-SECTION (5) OF SECTION 135 – Not Applicable PERSONNEL) RULES, 2014
Note:- (1) The ratio of the remuneration (including sitting fees) of the Directors - Mr. Kaushik Roy, Dr. Sanjiv Goenka,
RP-Sanjiv Goenka Group CSR Trust undertook a project in 2020 for setting up an International School at Mr. Shashwat Goenka, Mrs. Preeti Goenka, Mr. Paras K Chowdhary, Mr. Pradip Roy, Mrs. Rusha Mitra,
Alipore in Kolkata, inter alia, to complete the construction of the School Building and launch school from Mr. R K Agarwal, Mr. T C Suseel Kumar, Mr. K Jairaj and Dr. Sethurathnam Ravi* to the median
nursery to Grade 5 (“Ongoing Project – 1”). This Ongoing Project – 1 achieved its completion during the remuneration of employees of your Company for the financial year 2023-24 is 175.8122:1, 97.4576:1, 97.4686:1,
current financial year, i.e., FY 2023-24. CSR Trust has now undertaken launching from Grade 6 to Grade 12 2.0947:1, 2.0892:1, 2.2159:1, 2.1608:1, 2.5026:1, 2.0726:1, 1.7860:1 and 1.7860:1 and the percentage increase/
of the said school as an ongoing project from FY 2023-24 (“Ongoing Project – 2”). decrease in their remuneration during the said financial year is 10.377%, 6.96%, 6.96% 35.71%, 14.50%,
20.72%, 34.25%, 40.12%, 15.34%, 14.08%, 8000%* respectively. The increase/decrease in remuneration of
the Chief Financial Officer (CFO) and your Company Secretary and Chief Legal Officer during the said
Sd/- Sd/- financial year was 18 % and 16 % respectively. During the said financial year, there was an increase of 5.8 %
Kaushik Roy Rusha Mitra in the median remuneration of employees on the rolls as at 31 March, 2024. There were 1275 permanent
Chairman of the CSR Committee Member of the CSR Committee employees on the rolls of Company as on 31 March, 2024.
(DIN: 06513489) (DIN: 08402204)
(2) During the financial year 2023-24, the average increase in the remuneration was 14%.
Place:- Kolkata (3) The average % increase in the salaries of the employees on roll as at 31 March, 2024 other than the
Date:- 23 May, 2024 managerial personnel was 14% in 2023 - 2024 whereas the increase in the managerial remuneration for the

same financial year was 15%.
(4) It is hereby affirmed that the remuneration paid is as per the Remuneration Policy of the Company.
* Dr. Sethurathnam Ravi has been appointed as a Non-Executive Independent Director in the Board of Directors
of the Company to hold office for the first term of 5 (five) consecutive years with effect from 15 March, 2023 vide
the Special Resolution passed by the Shareholders of the Company by way of Postal Ballot through electronic
means on 9 March, 2023. Hence, he was not entitled to any commission for the FY 22-23. However, Dr. Ravi was
entitled to commission in FY 23-24. Hence, the %.
Place: Kolkata Dr. Sanjiv Goenka

Date: 23 May, 2024 (DIN: 00074796)
224 225
ANNEXURE E TO THE BOARD’S REPORT (CONTD.)

ANNEXURE E TO THE BOARD'S REPORT
SECRETARIAL AUDIT REPORT
regarding the Companies Act and (iii) We have also examined the Structured
FORM NO – MR 3
dealing with client; Digital Database pursuant to Regulation
For the financial year ended on 31st March, 2024 3(5) and 3(6) of the Securities and Exchange
f) Securities and Exchange Board of
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Board of India (Prohibition of Insider
India (Delisting of Equity Shares)
Remuneration of Managerial Personnel) Rules, 2014 and pursuant to Regulation 24A of the SEBI (Listing Trading) Regulation, 2015 maintained by
Regulations, 2021, as amended -
Obligations and Disclosure Requirements) Regulations, 2015] the Company for the financial year ended
Not Applicable to the Company
on 31st March, 2024 and to the best of our
during the audit period;
To knowledge, belief and understanding,
The Members g) Securities and Exchange Board we are of the view that the Company has
M/s. PCBL Limited of India (Share Based Employee complied with the provisions pursuant to
31 Netaji Subhas Road Benefits and Sweat Equity) Regulation 3(5) and 3(6) of Securities and
Kolkata – 700001 Regulations, 2021- Not Applicable Exchange Board of India (Prohibition of
to the Company during the audit Insider Trading) Regulation, 2015, during
1. We have conducted the Secretarial Audit of the (ii) The Securities Contracts (Regulation) period; the aforesaid audit period.
compliance of applicable statutory provisions Act, 1956 (‘SCRA’) and the Rules made
h) Securities and Exchange Board 4. (i) We have also examined compliance with
and the adherence to good corporate thereunder;
of India (Buy-back of Securities) the applicable clauses of the Secretarial
practices by M/s. PCBL Limited having (CIN:
(iii) The Depositories Act, 1996 and the Regulations, 2018, as amended- Standards issued by The Institute of
L23109WB1960PLC024602) (herein after to
Regulations and Bye-laws framed Not Applicable to the Company Company Secretaries of India under
be referred as ‘the Company’) for the financial
thereunder; during the audit period; Section 118 of the Companies Act, 2013 and
year ended 31 March, 2024 (herein after to be
referred as ‘audit period’). Secretarial Audit was (iv) Foreign Exchange Management Act, i) Securities and Exchange Board to the best of our knowledge, belief and

conducted on test check basis, in a manner that 1999 and the Rules and Regulations of India (Issue and Listing of Non- understanding, we are of the view that the
provided us a reasonable basis for evaluating the made thereunder; Convertible Securities) Regulations, Company has complied with the applicable
corporate conducts and statutory compliances 2021, as amended; clauses of the Secretarial Standards issued
(v) The Regulations and Guidelines by The Institute of Company Secretaries of
of the Company for expressing our opinion
prescribed under the Securities and (ii) We have also examined the secretarial India under Section 118 of the Companies
thereon.
Exchange Board of India Act, 1992 compliance on test check basis of the Act, 2013 during the aforesaid audit period.
2. Based on our verification of the records, (‘SEBI Act’) viz.: - records maintained by the Company for
minute books, documents, forms and returns the audit period, with the provisions of the (ii) We have checked the compliance with
a) Securities and Exchange Board the provisions of the Standard Listing
filed, and other records maintained by the following laws specifically applicable to the
of India (Substantial Acquisition Agreement entered by the Company. With
Company and also the information provided Company and as shown to us during our
of Shares and Takeovers) BSE Limited and National Stock Exchange
by the Company, its officers, agents, and audit;
Regulations, 2011, as amended; of India Limited and also with the provisions
authorized representatives during the conduct
i. Petroleum Act, 1934; of the Securities and Exchange Board of
of secretarial audit, we hereby report that in b) Securities and Exchange Board
our opinion, the Company has, during the audit of India (Prohibition of Insider ii. The Hazardous Wastes (Management, India (Listing Obligations and Disclosure
period covering the financial year ended on Trading) Regulations, 2015, as Handling and Transboundary Requirements) Regulations, 2015, as
31st March, 2024 complied with the statutory amended; Movement) Rules, 2008; amended, to the extent applicable during
provisions listed hereunder and also that the the audit period.
c) Securities and Exchange Board of iii. The Water (Prevention and Control of
Company has proper Board-Processes and India (Issue of Capital and Disclosure Pollution) Act, 1974; 5. That on the basis of the audit as referred
Compliance-Mechanism in place to the extent, Requirements) Regulations, 2018, as above and to the best of our knowledge,
in the manner and subject to the reporting iv. The Air (Prevention and Control of
amended; (to the extent applicable understanding, and belief, we are of the view
made hereinafter. Pollution) Act, 1981;
to the Company during the audit that during the audit period the Company
3. (i) We have examined the records, minute period) v. The Environment (Protection) Act, has complied with the provisions of the Act,
books, documents, forms, returns filed, and 1986; Rules, Regulations, Guidelines, Standards,
d) Securities and Exchange Board etc. as mentioned above in Paragraphs 3(i),
other records maintained by the Company vi. The Electricity Act, 2003; and
of India (Listing Obligations Paragraph 3(ii), Paragraph 3(iii), Paragraph 4(i)
for and during the financial year ended
and Disclosure Requirements) vii. The Indian Boilers Act, 1923 and Paragraph 4 (ii) of this report.
on 31st March, 2024, according to the
Regulation, 2015, as amended;
provisions of: And to the best of our knowledge, belief 6. We further report that,
e) Securities and Exchange Board and understanding, we are of the view
(i) The Companies Act, 2013 (the Act) and a) The Board of Directors of the Company
of India (Registrars to an Issue that the Company has complied with the
the Rules made thereunder; is duly constituted with proper balance
and Share Transfer Agents) specific laws mentioned above, during the
Regulations, 1993, as amended of Executive Directors, Non-Executive
aforesaid audit period.
Directors, and Independent Directors. There
226 227
ANNEXURE E TO THE BOARD’S REPORT (CONTD.) ANNEXURE A
has been no change in the composition

of the Board of Directors during the audit
b) Creation of mortgage or charge on the
assets, properties or undertaking(s) of the TO THE SECRETARIAL AUDIT REPORT OF M/S. PCBL LIMITED
period. Company under Section 180(1)(a) of the for the financial year ended 31 March, 2024
Act, provided that the aggregate extent of
b) Adequate notices are given to all directors
the indebtedness secured by the assets/ To
to schedule the Board Meetings. Agenda
properties/undertaking of the Company The Members
and detailed notes on agenda were sent at
does not exceed ` 6000 crores at any time. M/s. PCBL Limited
least seven days in advance.
31 Netaji Subhas Road
c) To invest, give loans, guarantees/letter
c) Majority decision is carried through and Kolkata – 700001
of support/letter of comfort and security
recorded as part of the minutes.
under Section 186 of the Act, for an amount
7. We further report that there are adequate not exceeding ` 6,000 crores, which may be Our Secretarial Audit Report for the financial year 3. We have not verified the correctness and
systems and processes in the Company in excess of limit under section 186(2) of the ended 31st March, 2024 of even date is to be read appropriateness of financial records and Books
commensurate with the size and operations Act. along with this letter. of Accounts of the Company.
of the Company to monitor and ensure
d) Advancement of any loan / financial 1. Maintenance of secretarial record is the 4. Where ever required, we have obtained the
compliance with applicable laws, rules,
assistance / give guarantee / provide responsibility of the management of the Management Representation about the
regulations and guidelines, generally applicable
security/letter of comfort/ letter of support Company. Our responsibility is to express an compliance of laws, rules and regulation and
to the Company.
under Section 185 of the Act to entities opinion on these secretarial records based on happening of events etc. The compliance of the
8. We further report that during the audit period, in which Directors are interested, for an our audit. provisions of Corporate and other applicable
the shareholders have passed the following aggregate amount not exceeding ` 6,000 laws, rules, regulations, standards is the
special resolutions at an Extra-ordinary General crores. 2. We have followed the audit practices and

responsibility of management. Our examination
Meeting (EGM) of the Company held on processes as were appropriate to obtain
e) Alteration of Articles of Association of the was limited to the verification procedures on
12th January,2024, to authorize the Board of reasonable assurance about the correctness
Company, to provide for empowerment of test check basis.
Directors to; of the contents of the secretarial records. The
the debenture trustees to appoint nominee verification was done on test basis to ensure that 5. The Secretarial Audit Report is neither an
a) Increase in borrowing limits under Section directors and also to remove such nominee correct facts are reflected in secretarial records. assurance as to the future viability of the
180(1)(c) of the Companies Act, 2013 (“Act”), directors. We believe that the processes and practices, we Company nor of the efficacy or effectiveness
upto an amount of ` 6,000 crores or
9. This Report is to be read with our letter of even have followed provides a reasonable basis for with which the management has conducted
equivalent amount in any other foreign
date which is annexed herewith as Annexure A, our opinion. the affairs of the Company.
currency including the loan already taken.
forming an integral part of this Report.
FOR, ANJAN KUMAR ROY & CO.

Company Secretaries
FOR, ANJAN KUMAR ROY & CO.
Company Secretaries
ANJAN KUMAR ROY
Proprietor
ANJAN KUMAR ROY FCS No. 5684
Proprietor CP. No. 4557
FCS No. 5684 Place : Kolkata UDIN: F005684F000405765
CP. No. 4557 Date : 23 May, 2024 Peer Review Certificate No. 869/2020
Place : Kolkata UDIN: F005684F000405765
Date : 23 May, 2024 Peer Review Certificate No. 869/2020
228 229
REPORT ON CORPORATE GOVERNANCE (CONTD.)

REPORT ON CORPORATE GOVERNANCE
I. COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE This report is divided into the following sections :
The Corporate Governance framework of the Company is based on an effective Independent Board of
Directors, separation of the supervisory role of the Board of Directors from the executive management 1 Company’s Philosophy on Corporate Governance 2 The Board of Directors
team and constitution of the committees of the Board of Directors, as required under applicable laws.
The Company strongly believes in ensuring and implementing good Corporate Governance across the
entire organisation with a view to sustain and improve, with each passing day, the Company’s efficiency,
effectiveness and social responsibility. The basic philosophy of Corporate Governance in our organisation 3 Committees of The Board 4 Subsidiary Companies
emphasises on highest levels of transparency, accountability, awareness and equity in all respect of
its operations. As a listed company, we are in compliance with the applicable provisions of the Listing
Regulations, as amended, pertaining to Corporate Governance, including the appointment of the 5 General Body Meetings 6 Disclosures
Independent Directors and constitution of Committees. The Board of Directors function either as a full
Board or through various committees constituted to oversee specific operational areas. Our Company’s
management provides the Board of Directors with detailed reports on a periodic basis. Our continuous
7 Means Of Communication 8 General Shareholder Information
`
endeavour aims at designing and improving the flow of activities in an effective manner and ensuring `
economic prosperity and long term value creation for the enterprise as well as the stakeholders. The
Company has a strong legacy of fair, transparent and ethical governance practices. The Board of Directors
of the Company have ultimate responsibility for the management, general affairs, direction, performance Status Of Adoption Of The Non
9 10 Confirmation Of Compliance
and long-term success of the business as a whole. Mandatory Requirements
Accurate, uniform and timely dissemination of disclosures of

Philosophy `
corporate, financials and operational information to all stakeholders.
of Corporate
Governance Transparency Accountability Awareness Equity
Complete and timely disclosure of relevant financial and operational
information to enable the Board to play an effective role in guiding
strategies.
Board Governance through specialised subcommittees in the areas

of Audit, Risk Management, HR & Nomination, ESG, Corporate Social
Company Ethical
strong legacy Responsibility and Stakeholders’ Relationship etc.
Fair Transparent Governance
practices Key pillars
of Corporate Compliance with all relevant laws in both form and substance.
Governance
Our robust corporate governance structure aligning their intentions and actions with our Philosophy Effective and clear Governance structure with diverse Board, Board
is based on well-structured policies and core values. of the Committees and Senior Management.
procedures that are the backbone of our
Responsible conduct: The Boards highlight Company
governance philosophy. Our policies are the Company’s commitment to positively
Robust risk management framework, strong foundation of Code of
formulated to ensure business continuity and Conduct and business policies & procedures.
impacting neighborhoods, terrains,
to maintain a high quality throughout our communities, and societies. Emphasizing
Well-defined corporate structure that establishes checks, balances
operations. accountability, the Company takes
and delegation of authority at appropriate levels in the organisation.
responsibility for its environmental and societal
Governance principles
impact, ensuring strict compliance with all Transparent procedures, practices and decisions based on adequate
At the heart of the Company, governance laws and regulations. Demonstrating this information.
commitment is a one tier Board system with commitment, the Company strives to exceed
Board of Directors possessing a disciplined minimum requirements, aiming to emerge as Oversight of Board on Company’s business strategy, major
orientation and distinctive priorities. a truly responsible corporate entity. developments and key activities.
Ethics and integrity: The Company’s Boards are Accountability and transparency: The Boards
dedicated to upholding the utmost standards are dedicated to thorough financial and non-
of integrity. Each director pledges, under oath, financial reporting, adhering to best practices
The Company is fully in compliance with the requirements specified in the SEBI (Listing Obligations and
to adhere to the ‘Code of Conduct,’ as well as all in transparency and disclosure. This process
Disclosure Requirements) Regulations, 2015, as amended, including any statutory modifications or re-
pertinent regulations and policies, consistently is guided by rigorous internal and external
enactments thereof, (hereinafter referred to as the “SEBI Listing Regulations”).
assurance and governance procedures.
230 231
REPORT ON CORPORATE GOVERNANCE (CONTD.) REPORT ON CORPORATE GOVERNANCE (CONTD.)
II. THE BOARD OF DIRECTORS The names and categories of Directors, the number of Directorships and Committee positions held by them in
other companies and the shareholdings in the Company are given below:
A. COMPOSITION AND CATEGORY OF DIRECTORS
The Board of Directors of the Company (referred to as “The Board”) is entrusted with the implementation of Name of the Category of Number of Number of Directorship in other No. of
the activities of the Company in an effective and efficient manner as well as it is bestowed with the ultimate Director the Director Directorships Committee listed entity (Category of Shares and
responsibility of the Management. The Board of Directors of the Company, being at the core of its Corporate held in other Memberships/ Directorship)3 Convertible
Governance Practice, have the ultimate responsibility for the management, direction, performance, Public Limited Chairmanships Instruments
long-term success of the business as a whole and protection of the interests of all its stakeholders. The Companies held in other Public held in the
incorporated Limited Companies Company
Board is constituted with a high level of integrated, knowledgeable and committed professionals. The
in India incorporated in India
Board provides strategic guidance and independent views to the Company’s senior management while
discharging its fiduciary responsibilities. The Board also provides direction and exercises appropriate Director1 Chairman2 Member2
control to ensure that the Company is managed in a manner that fulfils stakeholders’ aspirations and Dr. Sanjiv Promoter, 7 3 5 1. Saregama India Limited Nil
societal expectations. Goenka Non- (Non-Executive, Non-
Executive Independent)
The Board of the Company consists of a mix of Executive as well as Non-Executive Directors with women (DIN:
(Chairman)
00074796) 2. CESC Limited (Non-
directors present on its Board and the majority of the Board Members consisting of Independent Directors.
Executive, Non-
B. TERMS OF REFERENCE Independent)
The composition of the Board satisfies the requirements of Regulation 17 of the SEBI Listing Regulations 3. Firstsource Solutions
read with Schedule II Part A and Section 149 of the Companies Act, 2013 (“hereinafter referred to as “the Limited (Non-Executive,
Act”). Non-Independent)
4. RPSG Ventures Limited
C. COMPOSITION OF THE BOARD OF DIRECTORS OF THE COMPANY AS ON 31 MARCH, 2024 (Non-Executive, Non-
The Board comprises:- Independent)
Mrs. Preeti Promoter, 1 - - 1. Saregama India Limited Nil
Goenka Non- (Non-Executive, Non-
Total No. of Directors - 11
Executive Independent)
(DIN:
05199069)
3 Mr. Kaushik Managing 4 - - 1. Harrisons Malayalam Nil
Roy Director Limited (Non-Executive,
Non-Executive
Non-Independent)
27.27% Promoter Directors (DIN:
06513489) 2. Stel Holdings Limited
7 (Non-Executive, Non-
Independent)
Non-Executive 63.64% 9.09% 1
Independent Directors Mr. Shashwat Promoter, 5 1 3 1. CESC Limited (Non- Nil
Executive Director, who is the Goenka Non- Executive, Non-
Managing Director of the Company Executive Independent)
(DIN:
03486121) 2. Firstsource Solutions
Limited (Non-Executive,
Non-Independent)
Board Gender Diversity
3. RPSG Ventures Limited
(Non-Executive, Non-
Independent)
18% Women 4. Spencer’s Retail Limited
(Non-Executive, Non-
Independent)
Mr. Paras Non- 2 - 2 1. CEAT Limited (Non- Nil
Kumar Executive & Executive, Non-
Men
Chowdhary Independent Independent)
82%
(DIN:
00076807)
232 233
Name of the Category of Number of Number of Directorship in other No. of Name of the Category of Number of Number of Directorship in other No. of
Director the Director Directorships Committee listed entity (Category of Shares and Director the Director Directorships Committee listed entity (Category of Shares and
held in other Memberships/ Directorship)3 Convertible held in other Memberships/ Directorship)3 Convertible
Public Limited Chairmanships Instruments Public Limited Chairmanships Instruments
Companies held in other Public held in the Companies held in other Public held in the
incorporated Limited Companies Company incorporated Limited Companies Company
in India incorporated in India in India incorporated in India
Director1 Chairman2 Member2 Director1 Chairman2 Member2
Mr. Pradip Roy Non- 1 1 4 1. Precision Wires India Nil Dr. Non- 7 2 6 1. Granules India Limited Nil
Executive & Limited (Non-Executive, Sethurathnam Executive & (Non-Executive,
(DIN:
Independent Independent) Ravi Independent Independent)
00026457)
(DIN: 2. Usha Martin Limited
Mrs. Rusha Non- 9 2 7 1. Harrisons Malayalam Nil
00009790) (Non-Executive,
Mitra Executive & Ltd (Non-Executive,
Independent)
Independent Independent)
(DIN:
3. Tourism Finance
08402204) 2. Naga Dhunseri Group
Corporation of India
Independent)
Independent)
3. Lux Industries Limited 4. Spacenet Enterprises
(Non-Executive, India Limited (Non-
Independent) Executive, Independent)
4. GKW Ltd (Non-Executive,
Independent) Notes:- time.
5. Texmaco Rail and 1. Directorships held by Directors in the afore- 5. None of the Directors are related to each other,
Engineering Limited mentioned Table do not include Private Limited except for Dr. Sanjiv Goenka, Mr. Shashwat
(Non-Executive, Companies, Foreign Companies, Section 8 Goenka and Mrs. Preeti Goenka.
Independent)
Companies, Alternate Directorships and One
6. The Independent Directors have confirmed
6. Quest Capital Markets Person Companies. All the Public Limited
that they meet the criteria of independence u/s
Limited (Non-Executive, Companies, whether listed or not, have been
149(6) of the Act and Regulations 16(1)(b) and
Independent) considered in the afore-mentioned Table.
25(8) of the SEBI Listing Regulations and are
Mr. Ram Non- 3 3 4 1. Cigniti Technologies Nil
2. Memberships / Chairmanships of only the Audit independent of the management. Necessary
Krishna Executive & Limited (Non-Executive,
Committee and the Stakeholders’ Relationship confirmations have also been taken from
Agarwal Independent Independent)
Committee of the public limited companies, the Directors in compliance with Rule 6 Sub
(DIN: whether listed or not, have been considered. Rule 3 of the Companies (Appointment and
00416964) All other companies including private limited Qualification of Directors) Fifth Amendment
companies, foreign companies and companies Rules, 2019, which has come into force with
Mr. T.C. Suseel Non- 2 - - 1. Manappuram Finance Nil
under Section 8 of the Act have been excluded. effect from 1 December, 2019. None of the
Kumar Executive & Limited
Independent
Independent Directors of the Company
(DIN: 2. Firstsource Solutions 3. The names of the Listed Entities where the
resigned during the year before expiry of their
Limited person is a Director and the Category of
06453310) term.
Directorship have been depicted in the table as
Mr. K Jairaj Non- 8 4 9 1. Adani Energy Solutions Nil per the requirement of Schedule V Part C of the 7. The Company has proper systems to enable
Executive & Limited (Non-Executive, SEBI Listing Regulations.
(DIN: the Board of Directors to periodically review
Independent Independent) the compliance reports pertaining to all laws
01875126) 4. Directors participated in the Meetings of the
2. Thejo Engineering applicable to the Company.
Board and Committees held during FY 2023-24
through video conferencing or physical 8. During the FY 2023-24, information as
Independent)
meeting. The meetings and agenda items mentioned in Schedule II Part A of the SEBI
3. RPSG Ventures Limited taken up during the meetings complied with Listing Regulations has been placed before the
(Non-Executive, the Act and the SEBI Listing Regulations read Board for its consideration.
Independent) with various Circulars issued by the Ministry of
9. The Company has in place, plans for orderly
Corporate Affairs (“MCA”) and Securities and
succession for appointment to the Board of
Exchange Board of India (“SEBI”) from time to
Directors and Senior Management.
234 235
10. The Company also, has in place, procedures time gap of one hundred and twenty days as Attendance at Board Meetings and at Annual General Meetings held during the Financial Year 2023-24:-
to inform Members of the Board of Directors prescribed under the SEBI Listing Regulations. The Attendance Record of the Directors at the Board Meetings held on the afore-mentioned dates are
about the risk assessment and minimisation. This financial year 2023-24 witnessed 11 Board captured herein below:-
The Company has in place a Risk Management Meetings. The Board Meeting dates are fixed
Policy and the Risk Register relating to the well in advance and necessary intimations Name of the Director Board Meetings Attendance at the last
Company and the implementation of the and disclosures take place. The notice of the Annual General Meeting
mitigation measures along with a discussion on Board meeting is given well in advance to Held during Attended held through Video
tenure Conference
the Sustainability Report of the Company for the all the Directors. The Agenda of the Board /
FY 2022-23 were duly done at the Sustainability Committee Meetings is set up by the Company Dr. Sanjiv Goenka 11 Yes
and Risk Management Committee Meetings of Secretary and includes detailed notes on the
Mrs. Preeti Goenka 11 Yes
the Company held on 11 July, 2023, 17 October, items to be discussed at the meeting to enable
2023 and 27 February, 2024 respectively. the Directors to take an informed decision. Mr. Shashwat Goenka 11 Yes
All the statutory and other significant and
11. The Chairman of our Company is a Non- Mr. Paras K. Chowdhary 11 Yes
material information are placed before the
Executive Director and is not related to the
Board to enable it to discharge its responsibility Yes
Managing Director of the Company. Mr. Pradip Roy 11
of strategic supervision of the Company as
Yes
12. The maximum no. of Directorships held by trustees of Shareholders. The Agenda for the Mrs. Rusha Mitra 11
all our Directors are well within the limit of 7 Board and Committee Meetings cover items set Yes
Mr. R K Agarwal 11
listed entities and none of the Directors of our out as per the guidelines in Listing Regulations
Company serve as an Independent Director Mr. T C Suseel Kumar 11 Yes
to the extent it is relevant and applicable.
in more than 7 listed entities. Besides, the Yes
E. BOARD AGENDA AND CIRCULATION:- Mr. K Jairaj 11
Managing Director of our Company does not
serve as an Independent Director in any of the Keeping in view the underlying objective of Dr. Sethurathnam Ravi 11 Yes
listed entities. the Company to impart and enhance the Yes
Mr. Kaushik Roy 11
implementation of Green Initiatives across
13. The maximum no. of Committee Memberships
the organisation and with a view to leverage Board Meeting attended - 1 meeting =
held by all our Directors are well within the limit
technology and reduce paper consumption,
of 10 Committees and in case of Chairmanship, Note:-
the Company has adopted a practice of making
our Directors do not act as Chairman in more
electronic presentation of the Agendas of 1. Necessary Quorum, as per Regulation 17(2A) of the SEBI Listing Regulations was present for all the
than 5 listed entities, Committee being Audit Meetings.
Board Meeting and other Committee Meetings
and Stakeholders Relationship Committees.
in the form of a power point presentation. The G. COMPLIANCE WITH THE CODE OF CONDUCT
D. BOARD MEETINGS:- Agendas are mailed to all the Directors well in
The Board of Directors of the Company (“the Board”) has adopted the “Code of Business Conduct and
advance. However, as and when requests are
The Board generally meets at least 4 times Ethics (“the Code”) for Directors and Senior Management Personnel of the organisation. The adoption of
received from Directors, the Agenda Papers are
a year, with 1 meeting being held in every this Code of Conduct by the Board stems from the fiduciary responsibility which the Board Members and
also circulated in hard copies well before the
quarter. The intervening period between two the Senior Management have towards the stakeholders in the Company. The Code of Conduct also inter
Board Meeting and other Committee Meetings.
Board Meetings is well within the maximum alia, contains the duties of the Independent Directors as laid down in the Act. The Code is available on the
website of the Company at www.pcblltd.com.
F. DETAILS OF BOARD MEETINGS HELD DURING THE FINANCIAL YEAR 2023-24:-
All the Directors including the Chairman, the Managing Director and the Senior Management Personnel of
The Board of Directors met 11 times during the financial year ended 31 March, 2024, details of which are
the Company have given a declaration of compliance with the Company’s Code of Conduct in accordance
depicted below:- with Regulation 26(3) of the SEBI Listing Regulations during the year ended 31 March, 2024.
Sl No. Date Board Strength No. of Directors present
H. POST BOARD MEETING FOLLOW-UP SYSTEM
1 4 April, 2023 11 8
2 15 May, 2023 11 11 The Governance processes in the Company include an effective post-meeting follow-up and review and
3 11 July, 2023 11 11 reporting process for actions taken / pending on the decisions of the Board and the Committees of the
Board.
4 6 October, 2023 11 8
5 17 October, 2023 11 11
III. COMMITTEES OF THE BOARD
6 28 November, 2023 11 11
The Board has currently established the following Statutory Committees. The Board Committees play a
7 29 November, 2023 11 6
crucial role in the Governance Structure of the Company and have been constituted to deal with specific
8 16 December, 2023 11 6
areas / activities which concern the Company and need a closer review. The Board Committees are set up
9 15 January, 2024 11 11
under the formal approval of the Board to carry clearly defined roles which are considered to be performed
10 16 March, 2024 11 6
by the Members of the Board, as part of good Corporate Governance practice. The Board supervises the
11 27 March, 2024 11 6
execution of its responsibilities by the Committees and is responsible for their action. The Chairman of the
236 237
respective Committees inform the Board about the summary of the discussion held in the Committee
Meetings. The Minutes of the Meeting of all the Committees are placed before the Board for review.
AUDIT COMMITTEE
Mr. Paras K Chowdhary, Chairman
Currently, there are six Committees of the Board – the Audit Committee, the Nomination and Remuneration
(Non-Executive & Independent)
Committee, the Stakeholders Relationship Committee, the Corporate Social Responsibility Committee, the
Sustainability and Risk Management Committee and the Independent Directors Committee. The terms of
reference of these Committees are determined by the Board from time to time. The composition, names A. AUDIT COMMITTEE
of Members and attendance and the Meetings of these Committees are enumerated below:
The Audit Committee acts as a link among the Management, the Statutory Auditors, Internal Auditors and
the Board of Directors to oversee the financial reporting process of the Company. The Audit Committee’s
BOARD COMMITTEES purpose is to oversee the quality and integrity of accounting, auditing and financial reporting process
including review of the internal audit reports and action taken report.
The Audit Committee comprise solely of Independent Directors to enable independent and transparent
SUSTAINABILITY AND RISK review of financial reporting process and internal control mechanism with an objective to further
AUDIT COMMITTEE
MANAGEMENT COMMITTEE strengthen the confidence of all stakeholders.
Mr. Paras K. Chowdhary Mr. Kaushik Roy
(Non-Executive & Independent) (Managing Director) 1. Terms of Reference
Mr. Pradip Roy Mr. Paras K Chowdhary The powers, role and terms of reference of the Audit Committee covers the areas as contemplated under
(Non-Executive & Independent) (Non-Executive Independent Director) SEBI Listing Regulations and Section 177 of the Act.
Mr. R K Agarwal Mr. Pradip Roy
The brief terms of reference of Audit Committee are as under:
(Non-Executive & Independent) (Non-Executive Independent Director)
Mr. T C Suseel Kumar Mr. T C Suseel Kumar Sr. Terms of Reference
(Non-Executive & Independent) (Non-Executive Independent Director) No.
1. To oversee the Company’s financial reporting process and the disclosure of its financial information
to ensure that the financial statement is correct, sufficient and credible
NOMINATION AND REMUNERATION CORPORATE SOCIAL RESPONSIBILITY
2. To recommend for appointment, remuneration and terms of appointment of statutory and internal
COMMITTEE (CSR) COMMITTEE
auditors of the company
Mr. Paras K Chowdhary Mr. Kaushik Roy
(Non-Executive Independent Director) (Managing Director) 3. To approve availing of the permitted non-audit services rendered by the Statutory Auditors and
Mrs. Rusha Mitra Mr. Shashwat Goenka payment of fees thereof
(Non-Executive Independent Director) (Non-Executive) 4. To review, with the management, the annual financial statements and auditor’s report thereon before
Mr. Pradip Roy Mrs. Rusha Mitra submission to the Board for approval, with particular reference to:
(Non-Executive Independent Director) (Non-Executive and Independent) 5. Matters required to be included in the Director’s Responsibility Statement to be included in the
Board’s report in terms of Section 134(3)(c) of the Companies Act, 2013
Changes, if any, in accounting policies and practices and reasons for the same
STAKEHOLDERS’ RELATIONSHIP INDEPENDENT DIRECTORS’
`
Major accounting entries involving estimates based on the exercise of judgment by the
COMMITTEE COMMITTEE
management
Mrs. Rusha Mitra Mr. Paras K Chowdhary
(Non-Executive & Independent) (Non-Executive & Independent) Significant adjustments made in the financial statements arising out of audit findings
Mr. Kaushik Roy Mr. Pradip Roy Compliance with listing and other legal requirements relating to financial statements
(Managing Director) (Non-Executive & Independent) Disclosure of any related party transactions
Mr. Pradip Roy Mrs. Rusha Mitra
Modified opinion(s) in the draft audit report
(Non-Executive & Independent) (Non-Executive & Independent)
6. To review, with the management, the quarterly financial statements before submission to the board
Mr. R K Agarwal
for approval
Chairman = Chairperson = Member = Mr. T C Suseel Kumar 7. To review, with the management, the statement of uses/ application of funds raised through an
(Non-Executive & Independent) issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes
Lead Independent Director =
other than those stated in the offer document / prospectus/ notice and the report submitted by the
Mr. K Jairaj
monitoring agency, monitoring the utilisation of proceeds of a public or rights issue, and making
(Non-Executive& Independent)
appropriate recommendations to the Board to take up steps in this matter
Dr. Sethurathnam Ravi
238 239
Sr. Terms of Reference Sr. Terms of Reference

No. No.
8. To review and monitor the Auditor’s independence and performance, and effectiveness of audit 31. To review the treasury policy & performance of the Company, including investment of surplus funds
process and foreign currency operations
9. To approve or any subsequent modification of transactions of the company with related parties 32. To review management discussion and analysis of financial condition and results of operations
10. To scrutinise inter-corporate loans and investments 33. To review, examine and deliberate on all the concerns raised by out-going auditors and to provide
11. To undertake valuation of undertakings or assets of the company, wherever it is necessary views to the Management and Auditors
12. To evaluate internal financial controls and risk management systems 34. To carry out any other function mandated by the Board from time to time and/or enforced by any
statutory notification, amendment or modification, as may be applicable
13. To review, with the management, the performance of statutory and internal auditors, adequacy of the
internal control systems 2. Composition of the Audit Committee as on 31 March, 2024:-
14 To review the adequacy of internal audit function, if any, including the structure of the internal The Audit Committee comprises 4 Directors, all of whom are Non-Executive Independent Directors. The
audit department, staffing and seniority of the official heading the department, reporting structure members of the Audit Committee are, Mr. Paras K Chowdhary, Mr. Pradip Roy, Mr. R K Agarwal and Mr
coverage and frequency of internal audit T C Suseel Kumar. The Chairman of the Audit Committee, Mr. Paras K Chowdhary, is a Non-Executive
Independent Director.
15. To discuss with internal auditors of any significant findings and follow up there on
16. To review the findings of any internal investigations by the internal auditors into matters where there 3. Details of Audit Committee Meetings Held During The Financial Year 2023 – 24 :-
is suspected fraud or irregularity or a failure of internal control systems of a material nature and The Audit Committee met 5 times during the financial year ended 31 March, 2024, details of which are
reporting the matter to the board depicted below:-
17. To discuss with statutory auditors before the audit commences, about the nature and scope of audit
Sl No. Date Committee Strength No. of Members present
as well as post-audit discussion to ascertain any area of concern
1 15 May, 2023 4 4
18. To look into the reasons for substantial defaults, if any, in the payment to the depositors, debenture
holders, shareholders (in case of non-payment of declared dividends) and creditors 2 11 July, 2023 4 4
19. To review the functioning of the Whistle Blower mechanism 3 17 October, 2023 4 4
20. To approve appointment of Chief Financial Officer after assessing the qualifications, experience and 4 15 January, 2024 4 4
background, etc. of the candidate 5 27 March, 2024 4 4
21. To review financial statements, in particular the investments made by the Company’s unlisted Attendance at Audit Committee Meetings held during the Financial Year 2023 – 24:-
subsidiaries The names of Members and Chairman of the Audit Committee, Meetings held and attendance thereof
22. To review compliance with the provisions of SEBI Insider Trading Regulations and verify that the during the Financial Year 2023 – 24 are as given below:-
systems for internal control are adequate and are operating effectively
Name of the Director Position No. of Committee Meetings
23. To review the utilization of loans and/ or advances from/investment by the holding company in the held
subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower Held during Attended
tenure
including existing loans / advances / investments
Mr. Paras K. Chowdhary
24. To oversee the company’s disclosures and compliance risks 5
25. To consider and comment on rationale, cost benefits and impact of schemes involving merger,
Mr. Pradip Roy
demerger, amalgamation etc., on the listed entity and its shareholders 5
26. To review key significant issues, tax and regulatory / legal report which is likely to have significant
impact on financial statements and management’s report on actions taken thereon Mr. R K Agarwal
5
27. To discuss with the management regarding pending technical and regulatory matters that could
affect the financial statements and updates on management’s plans to implement new technical or Mr. T C Suseel Kumar
5
regulatory guidelines (Non-Executive & Independent)
28. To review and recommend to the Board for approval – Business plan, Budget for the year and revised Committee Meetings attended - 1 meeting = Chairman = Member =
estimates
29. To review Company’s financial policies, strategies and capital structure, working capital and cash flow
management
30. To ensure the Internal Auditor has direct access to the Committee chair, providing independence
from the executive and accountability to the committee
240 241
4. Meetings
NOMINATION AND REMUNERATION COMMITTEE
Necessary quorum as per SEBI Listing Regulations was present for all the meetings. The intervening
period between two Audit Committee Meetings is well within the maximum time gap of one hundred Mr. Paras K Chowdhary, Chairman
and twenty days as prescribed under the SEBI Listing Regulations. The necessary quorum was (Non-Executive and Independent Director)
present for all the meetings. The Annual Accounts for the year ended 31 March, 2023 was reviewed
by the Audit Committee at its Meeting held on 15 May, 2023. The Audit Committee also reviewed the
B. NOMINATION AND REMUNERATION independent external agency and review
Audited Financial Results for the year ended 31 March, 2023 and Unaudited Financial Results for the
COMMITTEE its implementation and compliance.
quarters ended 30 June, 2023, 30 September, 2023 and 31 December, 2023 before recommending
All the members of the Nomination and To recommend the appointment of one of
their adoption to the Board.
Remuneration Committee (“NRC”) are the Independent Directors of the Company
Mr. Paras K Chowdhary, the Chairman of the Audit Committee attended the Sixty-Second Annual
Independent Directors. on the Board of it’s Material Subsidiary.
General Meeting of the Company held on 11 July, 2023 to answer the shareholder’s queries.
The Managing Director, Chief Financial Officer, Head of Internal Audit and the representatives of 1. Terms of Reference In accordance with the recommendation of the
the Statutory Auditors and Cost Auditors of the Company are invited by the Audit Committee to its The powers, role and terms of reference of Committee, the Company has since formulated
Meetings. The Auditors are heard in the meetings of the Audit Committee when it considers the Committee covers the areas as contemplated a Remuneration Policy for Directors, Key
financial results of the Company and auditors’ views thereon are taken into consideration. under the SEBI Listing Regulations and Section Managerial Personnel and other employees of
178 of the Act: the Company. The Committee is responsible
The Company Secretary acts as Secretary to the Audit Committee.
for recommending the fixation and periodic
All Members of the Audit Committee are financially literate and have accounting and related financial The Terms of Reference of the Committee inter revision of remuneration of the Managing
management expertise. alia includes the following: Director. The Committee also decides on
The meetings of Audit Committee are also attended by the Chief Financial Officer, Statutory Auditors, Identify persons qualified to become payment of commission to Non-Executive
Internal Auditor, Cost Auditors as special invitees. The Company Secretary acts as the Secretary to the Directors or hold senior management Directors and other Senior Managerial
Committee. The minutes of each Audit Committee meeting are placed in the Board for their approval. positions and advise the Board for such Personnel. The performance evaluation
appointments/removals where necessary criteria for Non-Executive Directors including
5. Role of Internal Auditor Independent Directors laid down by Committee
Formulate criteria for determining
The Internal Audit has a well laid internal audit methodology, which assesses and promotes strong ethics and taken on record by the Board includes -
qualifications, positive attributes
and values within the organisation and facilitates in managing changes in the business and regulatory a. Attendance and participation in the
and independence of a director and
environment. It encompasses all the aspects of business such as operational, financial, information Meetings.
recommend to the Board a policy relating
systems, risk management and all the regulatory compliances are reviewed periodically. The Internal
to the remuneration of Directors, Key b. Preparedness for the Meetings.
Auditor makes presentations and reports to the Audit Committee of the Board of Directors of the
Managerial Personnel and other employees c. Understanding of the Company and the
Company on a quarterly basis pertaining to the key internal audit findings and the action plan agreed
with the Management. Evaluate the balance of skills, knowledge external environment in which it operates
and experience on the Board and and contributes to strategic direction.
preparation of description of the role and d. Raising of valid concerns to the Board and
capabilities of an independent director constructive contribution to issues and
active participation at meetings.
Evaluate the performance of Independent
Directors and the Board of Directors and e. Engaging with and challenging the
to decide whether to continue the term of management team without being
appointment of the independent director, confrontational or obstructionist.
on the basis of the report of performance The evaluation of the Independent Directors
evaluation of independent directors shall be done by the entire Board of Directors
Devise a policy on Board diversity which shall include –
Recommend to the Board, all a) performance of the Directors; and

remuneration, in whatever form, payable b) fulfilment of the independence criteria as
to senior management specified in the SEBI Listing Regulations
Specify the manner for effective evaluation and their independence from the
of performance of the Board, its Committees management:
and Individual Directors to be carried out Provided that in the afore-said evaluation, the
either by the Board, by the Nomination Directors who are subject to evaluation shall
and Remuneration Committee or by an not participate.
242 243
2. Composition of the Nomination and Remuneration Committee as on 31 March, 2024:- Nomination and Remuneration Committee Dr. Sanjiv Goenka – Sitting Fees ` 9,00,000/-
The Nomination and Remuneration Committee comprises 3 Directors, all of whom are Non - Executive decides the remuneration of the Non-Executive and Commission ` 8,75,00,000/-, Mr.
Independent Directors. The Members of the Nomination and Remuneration Committee are Mr. Paras K Directors. Shashwat Goenka – Sitting Fees ` 9,10,000/-
Chowdhary, Mrs. Rusha Mitra and Mr. Pradip Roy. The Chairman of the Nomination and Remuneration and Commission ` 8,75,00,000/-, Mrs.
The remuneration paid to the Non-Executive
Committee, Mr. Paras K Chowdhary, is a Non-Executive Independent Director. Preeti Goenka – Sitting Fees ` 9,00,000/-
Directors by way of sitting fees is ` 1,00,000/- per
and Commission ` 10,00,000/-, Mr. Paras K
Meeting for the Board Meetings, ` 50,000/- per
3. Details of Nomination and Remuneration Committee Meetings Held During the Financial Year Chowdhary – Sitting Fees ` 8,95,000/- and
Meeting for the Audit Committee Meetings,
2023 – 24:- Commission ` 10,00,000/-, Mr. Pradip Roy –
` 20,000/- per Meeting for the Independent
The Nomination and Remuneration Committee met 3 times during the financial year ended 31 March, Sitting Fees ` 10,10,000/- and Commission
Directors’ Committee Meetings and
2024, details of which are depicted below:- ` 10,00,000/-, Mrs. Rusha Mitra – Sitting
` 5000/- per Meeting each for the Nomination
Fees – ` 9,60,000/- and Commission –
and Remuneration Committee Meetings,
Sl No. Date Committee Strength No. of Members present ` 10,00,000/-, Mr. R K Agarwal – Sitting
Stakeholders Relationship Committee
1 15 May, 2023 3 3 Fees – ` 12,70,000/- and Commission –
Meetings, Corporate Social Responsibility
` 10,00,000/-, Mr. T C Suseel Kumar – Sitting
2 11 July, 2023 3 3 Committee Meetings and Sustainability and
Fees – ` 8,80,000/- and Commission –
Risk Management Committee Meetings.
3 15 January, 2024 3 3 ` 10,00,000/-, Mr. K Jairaj – Sitting Fees –
In addition to the afore-mentioned ` 6,20,000/- and Commission – ` 10,00,000/-
Attendance at Nomination and Remuneration Committee Meetings held during the Financial Year remuneration being paid by way of sitting fees, and Dr. Sethurathnam Ravi – Sitting Fees –
2023 – 24:- Commission was also paid to the Non-Executive ` 6,20,000/- and Commission – ` 10,00,000/.
The names of Members and Chairperson of the Nomination and Remuneration Committee, Meetings held Directors for the financial year 2022-23 during
The Company also reimburses the out of
and attendance thereof during the Financial Year 2023 – 24 are as given below:- the financial year 2023-24.
pocket expenses incurred by the Directors
THE DETAILS OF THE REMUNERATION PAID for attending the Meetings.
Name of the Director Position No. of Committee Meetings
held TO THE NON – EXECUTIVE DIRECTORS HAVE
Held during Attended BEEN ENUMERATED BELOW:- Executive Director
tenure
Payment of remuneration to the Managing
I. Details of Sitting Fees/ Remuneration
Mr. Paras K Chowdhary Director, who is the Executive Director of the
3 A. Sitting Fees/ Commission paid to the Non
(Non-Executive Independent Director) Company, is governed by the agreement
-Executive Directors executed between him and the Company
Mrs. Rusha Mitra and are also approved by the Board and
3 The sitting fees for the Board and the
(Non-Executive Independent Director) Shareholders. The remuneration structure
Committee Meetings and Commission
Mr. Pradip Roy paid to the Non-Executive Directors during comprises salary, variable pay, perquisites and
3 allowances and retirement benefits in the
(Non-Executive Independent Director) the year ended 31 March, 2024 are as
follows:- forms of superannuation and gratuity. The
Committee Meetings attended - 1 meeting = Chairman = Member = Company does not have any Employee Stock
Option Scheme.
4. Meetings 5. Remuneration Policy –
Necessary Quorum as per Regulation In compliance with the requirements of Act Executive Business relationships All elements of remuneration package, i.e. salary, benefits,
19(2A) of the SEBI Listing Regulations, was and Rules made thereunder and pursuant to Director with the Company, if any bonuses, pension etc. for the year ended 31 March, 2024
present for all the Meetings. Regulation 19 of the SEBI Listing Regulations Description Amount (` in Crores)
read with Schedule II Part D to the said Mr. Kaushik Managing Director Salary and Allowances, 14.94
The Chairman of the Nomination and
Regulations, the Board of Directors has a Roy*
Remuneration Committee, Mr. Paras Contribution to Provident, Gratuity and 0.98
Nomination and Remuneration Policy for its Superannuation Funds
K Chowdhary was present at the Sixty-
Directors, Key Managerial Personnel, Functional
Second Annual General Meeting of the Perquisites 0.03
Heads and other employees of the Company.
Company held on 11 July, 2023 to answer Total 15.95
Non – Executive Directors
the shareholders’ queries. * Service Contract: For a period of three years w.e.f. 5 February, 2022. The Board of Directors at its Meeting held on 27
The Non-Executive Directors are paid October, 2021 approved the re-appointment of Mr. Kaushik Roy as the Managing Director of the Company for a further
The Company Secretary is in attendance remuneration based on their contribution period of 3 years w.e.f. 5 February, 2022 and the same was also approved by the shareholders by way of Postal Ballot and
at the Nomination and Remuneration and current trends. The Board of Directors of voting through electronic means on 2 December, 2021.
Committee Meetings. the Company on the recommendation of the * Notice Period: Ninety days notice from either side
* Severance Fees: Ninety days salary in lieu of notice
* Stock Options: None
244 245
6. SUCCESSION POLICY as Vacancy, Readiness and Transition risk. The 3. Details of Stakeholders’ Relationship Committee Meetings Held During the Financial Year 2023 – 24:-
Succession Planning is a process of ascertaining Board of Directors of the Company has given The Stakeholders Relationship Committee met 3 times during the financial year ended 31 March, 2024,
the need for filling positions at the Board, senior the authority to Nomination and Remuneration details of which are depicted below:-
management and other key positions. It involves Committee of the Board for implementing this
identification for the said roles, assessment of Policy and its related procedures. The afore- Sl No. Date Committee Strength No. of Members present
their potential and developing next generation said Policy is available on the website of the 1 15 May, 2023 3 3
of leaders as potential successors for key Company and may be accessed at the link:
2 11 July, 2023 3 3
leadership roles in the Company. The Company https: //www.pcblltd.com/investor-relation/
has in place a Succession Policy and the Board of general-policies. 3 15 January, 2024 3 3
Directors of the Company reviews and monitors
7. BOARD EVALUATION Attendance at Stakeholders’ Relationship Committee Meetings held during the Financial Year
the implementation of the Policy on an annual
Performance evaluation of the Board, the 2023 -24:-
basis to ensure its effectiveness and to satisfy
that plans are in place for orderly succession for Board Committees and the Individual Directors The names of Members and Chairperson of the Stakeholders Relationship Committee, Meetings held and
appointments to the Board and to the Senior was carried out by the Board in accordance attendance thereof during the Financial Year 2023 – 24 are as given below:-
Management. The Company recognises that with the Policy approved by the Nomination
Succession Planning is a continuous process and Remuneration Committee of the Board Name of the Director Position No. of Committee Meetings
of Directors of the Company. In this regard, held
rather than a onetime event and hence, intends Held during Attended
to put in place this Policy that aligns talent brief details are provided in the Board’s Report, tenure
management with the said objective and forming part of the Integrated Annual Report of
Mrs. Rusha Mitra
endeavours to mitigate the critical risks such the Company for FY 2023-24. 3
Mr. Kaushik Roy

STAKEHOLDERS’ RELATIONSHIP COMMITTEE 3
(Managing Director)
` Mrs. Rusha Mitra, Chairperson
Mr. Pradip Roy
(Non-Executive & Independent) 3
C. STAKEHOLDERS’ RELATIONSHIP COMMITTEE respect of various services being rendered Committee Meetings attended - 1 meeting = Chairperson = Member =
The Stakeholders’ Relationship Committee by the Registrar & Share Transfer Agent; Name and designation of Compliance Officer: Mr. Kaushik Mukherjee, Company Secretary & Chief Legal
specifically looks into the various aspects of Review of the various measures and Officer.
interest of shareholders, debenture holders and initiatives taken by the Company for Name and designation of the Nodal Officer for IEPF related matters: Mr. Kaushik Mukherjee, Company
other security holders. reducing the quantum of unclaimed Secretary & Chief Legal Officer.
dividends and ensuring timely receipt
1. Terms of Reference
of dividend warrants / annual reports / 4. Meetings disputes in the Indian securities market
The powers, role and terms of reference of SRC statutory notices by the shareholders of
covers the areas as contemplated under the The Chairperson of the Stakeholders and can view the complaints which have
the Company. been lodged by the shareholders. The
SEBI Listing Regulations and Section 178 of the Relationship Committee, Mrs. Rusha Mitra
Act. The brief terms of reference of SRC are as 2. Composition of the Stakeholders’ Relationship was present at the Sixty-Second Annual Company ensures that timely redressals
under: Committee as on 31 March, 2024:- General Meeting of the Company held on are made against any complaints raised
11 July, 2023 to answer the queries of the by the shareholders relating to registration
The role of the Committee inter alia includes The Stakeholders’ Relationship Committee
security holders. of share transfers, issue of new share
the following: comprises 3 Directors, out of which 2 Directors
certificates, sub-division or consolidation
Resolve the grievances of the security are Non - Executive Independent Directors and 1 The Company Secretary is in attendance at of shareholdings etc.
holders of the Company including Director is an Executive Director of the Company. the Stakeholders’ Relationship Committee
complaints related to transfer/transmission The Members of the Stakeholders’ Relationship Meetings. 5. Details of Shareholders’ Complaints
of shares, non-receipt of annual report, Committee are Mrs. Rusha Mitra, Mr. Pradip
The Company has a User ID and Password in The Company and its Registrar and Share
non-receipt of declared dividends, issue Roy and Mr. Kaushik Roy. The Chairperson of
place for logging into the SEBI Complaints Transfer Agent address all complaints,
of new / duplicate certificates, general the Stakeholders’ Relationship Committee, Mrs.
Redressal System – ‘SCORES’ as well as the suggestions and grievances expeditiously
meetings etc; Rusha Mitra is a Non-Executive Independent
SMART ODR Portal for online resolution of and replies are sent usually within 7-10 days
Director. The Stakeholders’ Relationship
Review of measures taken for effective
Committee of the Board of Directors meets at
exercise of voting rights by shareholders;
regular intervals and specifically looks into the
Review of adherence to the service various aspects of interests of the shareholders
standards adopted by the Company in and other security holders.
246 247
except in case of dispute over facts or other 6. Share Transfer 3. Details of Sustainability and Risk Management Committee Meetings held during the Financial Year
legal impediments and procedural issues. The In order to provide efficient and timely services 2023 – 24:-
Company endeavors to implement suggestions to investors, the Board has delegated the The Sustainability and Risk Management Committee met 3 times during the financial year ended 31 March,
as and when received from the investors. power of approving transfer/ transmission of 2024, details of which are depicted below:-
Company’s securities, issue of duplicate share
Number of Number of Number of Sl No. Date Committee Strength No. of Members present
/ debenture certificates, split up / sub division,
complaints complaints complaints
and consolidation of shares, issue of new 1 11 July, 2023 4 4
received during resolved pending
certificates on re-materialisation, subdivision 2 17 October, 2023 4 4
the year ended during the as on 31
and other related formalities to Mr. Kaushik Roy,
31 March, 2024 year ended March, 3 27 February, 2024 4 4
Managing Director, Mr. Kaushik Mukherjee,
as per records of 31 March, 2024*
Company Secretary & Chief Legal Officer and Attendance at Sustainability and Risk Management Committee Meetings held during the Financial
the Company 2024
Mr. Raj Kumar Gupta, Chief Financial Officer of Year 2023 – 24:-
7 5 2 the Company. No requests for transfers of any The names of Members and Chairperson of the Sustainability and Risk Management Committee, Meetings
* Complaints relating to non-receipt of shares and securities are pending as on 31 March, 2023 held and attendance thereof during the Financial Year 2023 – 24 are as given below:-
unclaimed dividends pursuant to IEPF claim The except those that are disputed and / or sub-
complaint as on date of this report stands resolved. judiced. Name of the Director Position No. of Committee Meetings
held
Held during Attended
tenure
SUSTAINABILITY AND RISK MANAGEMENT COMMITTEE
Mr. Kaushik Roy
Mr. Kaushik Roy, Chairman 3
(Managing Director)
(Managing Director)
Mr. Paras K Chowdhary
3
(Non-Executive Independent Director)
D. SUSTAINABILITY AND RISK MANAGEMENT of a risk management policy for the Company
including identification therein of elements of Mr. Pradip Roy
COMMITTEE 3
risk, if any, which in the opinion of the Board (Non-Executive Independent Director)
may threaten the existence of the Company Mr. T C Suseel Kumar
The Company has a Sustainability and Risk have also been dealt with in the Board’s Report. 3
Management Committee in place and the (Non-Executive Independent Director)
terms of reference of the Sustainability and Risk 2. Composition of the Sustainability and Risk
Committee Meetings attended - 1 meeting = Chairman = Member =
Management Committee as on 31 March,
Management Committee are in conformity
2024:- 4. Meetings The Sustainability and Risk Management
with the provisions of Regulation 21 read with
Schedule II Part C of the SEBI Listing Regulations. The Sustainability and Risk Management The Chairman of the Sustainability and Risk Committee has sought professional advice
The Sustainability and Risk Management Committee comprises 4 Directors, out of which Management Committee is the Managing from an external member as and when it
Committee looks into the monitoring and 1 Director is an Executive Director and the other Director of the Company. considers necessary.
reviewing of the risk management plan and 3 Directors are the Non-Executive Independent
Directors. The Chairman of the Sustainability The Company Secretary was in attendance E. SENIOR MANAGEMENT
such other functions, as it may deem fit and
and Risk Management Committee, Mr. Kaushik at the Sustainability and Risk Management Pursuant to Regulation 30 read with Schedule
such function specifically covers cyber security.
Roy is the Managing Director of the Company. Committee Meetings. III of the SEBI Listing Regulations, there has
The Sustainability and Risk Management
Committee also inter-alia reviews Company’s This composition is in line with the requirement The Risk Management process involves been a change in the Senior Management
of Regulation 21 of the SEBI Listing Regulations. the identification, evaluation/assessment, of the Company. Mr. Ravi Sinha has been
plan and actions with regard to climate change,
The Members of the Sustainability and Risk appointed as Chief – Human Resources (“Chief
water management and responsible sourcing prevention and control of the risks,
Management Committee are Mr. Kaushik Roy, – HR”) in the Company w.e.f. 17 January, 2024.
while ensuring that the Company carries out determining the cost of risk likely to be and
Mr. Paras K Chowdhary, Mr. Pradip Roy and Mr.
human rights’ due diligence and manages ensuring that adequate financial resources With this, there has been a leadership transition
T C Suseel Kumar. Under the Chairmanship of in the Human Resources Department of the
diversity, inclusion and employee health and are available for implementing the selected
Mr. Kaushik Roy, who is the Managing Director Company and accordingly Mr. Sabyasachi
well-being appropriately. The Sustainability and technique, measuring and monitoring
of our Company, the Sustainability and Risk
Risk Management Committee also oversees effectiveness of controls and reviewing and Bhattacharya, Chief – HR & IT, subsequent to his
Management Committee of the Board of
compliance of all policies and the regulatory reporting the Risk Management process at 17-year stint with the Company, has moved to
Directors meets at least twice in a year to inform
reporting requirements under the Listing appropriate intervals, at least annually. the role of President - Group Human Resources
the Board Members about the risk assessment
Regulations. at RP-Sanjiv Goenka Group and Mr. Ravi Sinha
and minimisation procedures and adoption of
has joined the Company as Chief – HR.
Pursuant to the provisions of the Act, a statement requisite risk mitigation measures and their
indicating development and implementation implementation thereof.
248 249
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE Name of the Director Position No. of Committee Meetings
held
Mr. Kaushik Roy, Chairman Held during Attended
tenure
(Managing Director)
Mr. Shashwat Goenka
3
(Non-Executive)
F. CORPORATE SOCIAL RESPONSIBILITY (CSR) Recommend the amount of expenditure
Mrs. Rusha Mitra
COMMITTEE to be incurred on the activities referred to 3
in the above point. (Non-Executive and Independent)
The Board of Directors of the Company has a Monitor the Corporate Social Responsibility Committee Meetings attended - 1 meeting = Chairman = Member =
Corporate Social Responsibility Committee and Policy of the Company from time to time.
the terms of reference are in conformity with the 4. Meetings
provisions of Section 135 read with Schedule VII 2. Composition of the Corporate Social
The Company Secretary was in attendance at the Corporate Social Responsibility Committee Meeting.
of the Act and the Rules framed thereunder. The Responsibility Committee as on 31 March,
2024:- The Corporate Social Responsibility Policy of the Company is posted on the website of the Company
CSR Committee monitors the implementation
at the link: https://www.pcblltd.com/investor-relation/general-policies.
of CSR projects or programmes undertaken by The Corporate Social Responsibility Committee
the Company. comprises 3 Directors out of which 1 is an The details of CSR expenditure spent during the financial year 2023-24 have been elaborated in
Executive Director, 1 is a Non - Executive ‘Annexure – C’ to the Board’s Report.
The role of the Committee inter alia includes
the following:- Independent Director and 1 is a Non-Executive
Director. The Chairman of the Committee is
Formulate and recommend to the Board,
Mr. Kaushik Roy, the Managing Director of the INDEPENDENT DIRECTORS’ COMMITTEE
a Corporate Social Responsibility Policy
Company. The Members of the Corporate Social
which shall indicate the activities to be Mr. Paras K Chowdhary, Lead Independent Director
Responsibility Committee are, Mr. Kaushik Roy,
undertaken by the company in areas or (Non-Executive & Independent)
Mrs. Rusha Mitra and Mr. Shashwat Goenka.
subject, specified in Schedule VII of the
Act.
G. INDEPENDENT DIRECTORS’ COMMITTEE c.) To assess the quality, quantity and
timeliness of flow of information between
3. Details of Corporate Social Responsibility Committee Meetings Held During the Financial Year 1. Terms of Reference
the Company Management and Board that
2023 – 24:- The Board of Directors of the Company has an is necessary for the Board to effectively and
The Corporate Social Responsibility Committee met thrice during the financial year ended 31 March, 2024, Independent Directors’ Committee and the reasonably perform their duties.
details of which are depicted below:- terms of reference are in conformity with the
provisions of Section 149 read with Schedule IV Familiarisation Programme of the
Sl No. Date Committee Strength No. of Members present to the Act and the Rules framed thereunder and Independent Directors
1 15 May, 2023 3 3 Regulations 16(1)(b) and 25(8) of the SEBI Listing In accordance with the Code of Conduct for
Regulations. Necessary confirmations have also Independent Directors specified under the Act
2 15 January, 2024 3 3
been taken from the Directors in compliance and the SEBI Listing Regulations, the Company
3 27 March, 2024 3 3 with Rule 6 Sub Rule 3 of the Companies has in place a familiarisation programme for all
(Appointment and Qualification of Directors) its Independent Directors. Such familiarisation
Attendance at Corporate Social Responsibility Committee Meetings held during the Financial Year
Fifth Amendment Rules, 2019, which has programmes help the Independent Directors to
2023 – 24:-
come into force with effect from 1 December, understand the Company’s strategy, business
The names of Members and Chairperson of the Corporate Social Responsibility Committee, Meetings held 2019. The statutory role of the Independent model, operations, markets, organisation
and attendance thereof during the Financial Year 2023 – 24 are as given below:- Directors’ Committee of the Board of Directors structure, risk management etc. and such
is encapsulated herein below:- other areas as may arise from time to time.
Name of the Director Position No. of Committee Meetings As a part of the familiarisation programme, all
a.) To review the performance of Non-
held the Independent Directors make themselves
Held during Attended Independent Directors and the Board as a
tenure whole; conversant with the functions of the Company,
its various growth prospects and business
Mr. Kaushik Roy b.) To review the performance of the Chairman
3 complexities. The senior management
(Managing Director) of the Company, taking into account the personnel of the Company also interact with the
views of the Executive and Non-Executive Independent Directors regularly to keep them
Committee Meetings attended - 1 meeting = Chairman = Member =
Directors; updated with the latest news and changes.
250 251
The policy on the familiarisation programmes imparted to the Independent Directors is posted on the website of the Company and may be accessed
252
at the link: https://www.pcblltd.com/investor-relation/general-policies.
Dr. Sanjiv Goenka, Chairman, steers the deliberations of the Board with inputs from independent and non-independent directors. Mr. Kaushik Roy,
Managing Director of the Company, is a well-qualified professional with rich corporate level experience.
EXPERTISE AND COMPETENCE OF THE BOARD OF DIRECTORS
The Board comprises qualified and experienced members who possess required skills, expertise and competencies that allow them to make
effective contributions to the Board and its Committees.
In terms of requirements of the Listing Regulations, the Board has identified the following skills/expertise/ competencies of the Directors as on
March 31, 2024.
Sr. Name of the Global Strategy and Governance Organisational Risk Financial Policy Culture Stakeholder Environment,
No. Directors Business Planning Capacity Management Expertise Evaluation Building Value Social and
Building and Creation Governance
Compliance (ESG)
Understanding Appreciation Experience in Acumen Ability to Proficiency Ability to Ability to Ability to Experience in
of global of long- developing to evaluate appreciate in financial comprehend contribute to understand leading the
business term trends, governance organisational key risks management the the Board’s the Sustainability
dynamics strategic practices, capacity and impacting the and reporting Company’s role towards processes and
across various choices and serving readiness Company’s processes, governance promoting for Environment,
geographical experience the best across relevant businesses capital philosophy an ethical shareholder Social and
markets, in guiding interests of all parameters and allocation and organisational value Governance
industry and leading stakeholders, and provide contribute understanding contribute culture, creation visions of the
verticals and management maintaining guidance on towards the financial towards its eliminating and its organisation
regulatory teams to make board and bridging gaps development policies. refinement conflict of contributory to be able
jurisdictions. decisions in management in capacity of systems periodically. interest, and elements to integrate
uncertain accountability, building. and controls Ability to setting & so as to these into the
environments. building long- Ability to for risk evaluate upholding enable value strategy of the
term effective understand mitigation & policies, the highest creation for Company.
stakeholder the talent compliance systems and standards the other
engagements market and management processes in of ethics, stakeholders
and driving the Company’s and review the context integrity and
corporate talent quotient and refine of the organisational
ethics and so as to help the same Company’s conduct
values. finetune periodically. businesses
strategies to and review
attract, retain the same
and nurture periodically.
competitively
superior talent.
1 Dr. Sanjiv Goenka          
2 Mrs. Preeti Goenka          
3 Mr. Kaushik Roy          
4 Mr. Shashwat          
Goenka
Sr. Name of the Global Strategy and Governance Organisational Risk Financial Policy Culture Stakeholder Environment,
No. Directors Business Planning Capacity Management Expertise Evaluation Building Value Social and
Building and Creation Governance
Compliance (ESG)
Understanding Appreciation Experience in Acumen Ability to Proficiency Ability to Ability to Ability to Experience in
of global of long- developing to evaluate appreciate in financial comprehend contribute to understand leading the
business term trends, governance organisational key risks management the the Board’s the Sustainability
dynamics strategic practices, capacity and impacting the and reporting Company’s role towards processes and
across various choices and serving readiness Company’s processes, governance promoting for Environment,
geographical experience the best across relevant businesses capital philosophy an ethical shareholder Social and
markets, in guiding interests of all parameters and allocation and organisational value Governance
industry and leading stakeholders, and provide contribute understanding contribute culture, creation visions of the
verticals and management maintaining guidance on towards the financial towards its eliminating and its organisation
regulatory teams to make board and bridging gaps development policies. refinement conflict of contributory to be able
jurisdictions. decisions in management in capacity of systems periodically. interest, and elements to integrate
uncertain accountability, building. and controls Ability to setting & so as to these into the
environments. building long- Ability to for risk evaluate upholding enable value strategy of the
term effective understand mitigation & policies, the highest creation for Company.
stakeholder the talent compliance systems and standards the other
engagements market and management processes in of ethics, stakeholders
and driving the Company’s and review the context integrity and
corporate talent quotient and refine of the organisational
ethics and so as to help the same Company’s conduct
values. finetune periodically. businesses
strategies to and review
attract, retain the same
CORPORATE OVERVIEW
and nurture periodically.

competitively
superior talent.
5 Mr. Paras Kumar          
Chowdhary
6 Mr. Pradip Roy          
7 Mrs. Rusha Mitra          
8 Mr. R K Agarwal          
9 Mr. T.C Suseel          
Kumar
STATUTORY REPORTS
10 Mr. K Jairaj          
11 Dr. Sethurathnam          
Ravi
The eligibility of a person to be appointed as a Director of the Company is dependent on whether the person possesses the requisite skill sets
identified by the Board as above and whether the person is a proven leader in running a business that is relevant to the Company’s business or is a
proven academician in the field relevant to the Company’s business. The Directors so appointed are drawn from diverse backgrounds and possess
special skills with regard to the industries / fields from where they come.
All the Independent Directors fulfil the conditions of independence specified in the Listing Regulations and they are all independent of Management.
The Board of Directors of the Company have taken on record the declarations and confirmations submitted by the Independent Directors under
FINANCIAL STATEMENTS
253
Regulation 16(1)(b) read with 25(8) of the SEBI Listing Regulations after undertaking the due assessment of the veracity of the same.
2. Composition of the Independent Directors’ Committee as on 31 March, 2024:- IV. SUBSIDIARY COMPANIES the acquisition of the shares of ACPL, ACPL
The Independent Directors’ Committee comprises all 7 Independent Directors. The Members of the The Company has 5 unlisted subsidiaries became a subsidiary of PCBL Limited as per
Independent Directors’ Committee are Mr. Paras K Chowdhary, Mr. Pradip Roy, Mrs. Rusha Mitra, Mr. R K as on date, namely, Phillips Carbon Black the regulations of the SEBI Listing Regulations.
Agarwal, Mr. T C Suseel Kumar, Mr. K Jairaj and Dr. Sethurathnam Ravi. The Chairman of the Committee is Cyprus Holdings Limited, PCBL (TN) Limited, The minutes of the Board Meetings of the
Mr. Paras K Chowdhary, a Non-Executive Independent Director. PCBL Europe SRL, Advaya Chemicals Limited, subsidiary companies along with the details
Nanovace Technologies Limited and 1 listed of significant transactions and arrangements
3. Details of Independent Directors’ Committee Meeting Held During the Financial Year 2023-24:- subsidiary, namely, Advaya Chemical Industries entered into by the subsidiary companies
The Independent Directors’ Committee met once during the financial year ended 31 March, 2024, details Limited which got its non-convertible debt are shared with the Board of Directors on a
of which are depicted below:- securities listed on BSE Limited on 31 January, quarterly basis. The Financial Statements of
2024. The Company has 2 step-down the subsidiary companies are presented to the
Sl No. Date Committee Strength No. of Members present Audit Committee. The information in respect of
subsidiaries namely, Phillips Carbon Black
1 27 February, 2024 7 7 Vietnam Joint Stock Company and Aquapharm the loans and advances in the nature of loans
Chemicals Private Limited (ACPL). Advaya to subsidiaries pursuant to Regulation 34 of
Attendance at Independent Directors’ Committee Meeting held during the Financial Year 2023- 24:- the SEBI Listing Regulations is provided in
Chemical Industries Limited, listed subsidiary of
The names of Members and Chairperson of the Independent Directors’ Committee Meeting held and PCBL Limited, had completed the acquisition Notes to the standalone Financial Statements.
attendance thereof during the Financial Year 2023 – 24 are as given below:- of 2,12,172 shares of Aquapharm Chemicals The Company’s Policy for determination of a
Private Limited (ACPL), which represents material subsidiary, as approved by the Board,
Name of the Director Position No. of Committee Meetings 100% of the issued and paid-up share capital may be accessed on its website at the link:-
held https: //www.pcblltd.com/investor-relation/
Held during Attended (on a fully diluted basis) of ACPL. Pursuant to
tenure general-policies.
Mr. Paras K Chowdhary V. GENERAL BODY MEETINGS

1
1. Location and time of the last 3 Annual General Meetings (AGMs) held and Special Resolutions Passed:
Mr. Pradip Roy
1
(Non-Executive & Independent) 62nd AGM 61st AGM 60th AGM
Mrs. Rusha Mitra
1 11 July, 2023 28 June, 2022 22 June, 2021
Through video Through video Through video
Mr. R K Agarwal
1 conferencing conferencing conferencing
10:30 A.M. (IST) 10:30 A.M. (IST) 10:30 A.M. (IST)
Mr. T C Suseel Kumar
1
(Non-Executive & Independent) No No No
Mr. K Jairaj
1
Date Venue Time Special Resolution Passed
Dr. Sethurathnam Ravi
1
An Extra-Ordinary General Meeting (EGM) of c) Approve investments, give loans,
Committee Meetings attended - 1 meeting = Chairman = Member = the Members of the Company was held on 12 guarantees/letter of comfort/letter of
January, 2024 at 12:00 noon (IST) through video support and security under Section 186 of
conferencing to approve; the Act
a) Increase in borrowing limits under Section d) Advancement of any loan / financial

180(1)(c) of the Companies Act, 2013 (‘Act’) assistance /give guarantee/provide
security/ letter of comfort/letter of security
b) Creation of mortgage or charge on the
under Section 185 of the Act in which
assets, properties or undertaking(s) of the
directors are interested
Company under Section 180(1)(a) of the Act
e) Alteration of Articles of Association of the
Company
254 255
2. Details of Special Resolutions passed last by SEBI, Stock Exchanges, or any statutory declaration of financial results of the Company Mr. Kaushik Mukherjee, Company Secretary &
year through Postal Ballot :- NA authorities on any matter related to capital to the Stock Exchanges. The same is intimated Chief Legal Officer, is the Compliance Officer
markets during the last three years. to the Designated Persons as well. These afore- who also acts as the Nodal Officer of the
3. Disclosure regarding appointment or re-
mentioned Codes are posted on the website of Company.
appointment of Directors in accordance 4. Vigil Mechanism / Whistle Blower Policy:
with Regulation 36(3) of the SEBI Listing the Company at the link: https://www.pcblltd.
The Company has a Whistle Blower Policy / Vigil 6. Details of compliance with mandatory
Regulations has been provided in the Notice com/investor-relation/general-policies. Annual
Mechanism which is posted on the website of requirements and adoption of non-
convening the Annual General Meeting of Declarations containing the annual disclosures
the Company at the link: https://www.pcblltd. mandatory requirements
the Company. of holding of securities have been obtained
com/responsibility/policies for its Directors and from all the Directors and the Designated All mandatory requirements have been
VI. DISCLOSURES Employees to report their concerns about the Persons of the Company for the financial year complied with and the non-mandatory
Company’s working or about any violation of ended 31 March, 2024. Besides, a declaration requirements are dealt with at the end of the
1. Disclosures on materially significant related
its policies. The vigil mechanism provides for has also been obtained from the Managing Report.
party transactions that may have potential
adequate safeguards against victimisation of Director of the Company ensuring compliance
conflict with the interests of the Company at 7. Policy for determining ‘material’ subsidiaries
Director (s) or Employee (s) or any other person with Regulation 9 Sub Regulations 1 and 2
large:
who avail the mechanism and also provide of the SEBI (Prohibition of Insider Trading) The Company has adopted a Policy on Material
No such transactions took place during the Subsidiary in line with the requirements of the
direct access to the Chairperson of the Audit Regulations.
year ended 31 March, 2024. The Board has SEBI Listing Regulations. The objective of this
Committee. No personnel have been denied
approved the policy on materiality of related An awareness film on Prohibition of Insider Policy is to lay down criteria for identification
any access to the Audit Committee. Besides, as
party transactions and on dealing with related Trading Regulations which has been designed
per the requirement of Clause 6 of Regulation and dealing with material subsidiaries. The
parties including clear threshold limits duly to sensitise the employees of the Company
9A of SEBI (Prohibition of Insider Trading) policy on Material Subsidiary is available on
approved by the Board of Directors of the about the recent trends of Insider Trading and
Regulations, the Company ensures to make the website of the Company at the following
Company and such policy is reviewed by its potentially damaging impact on individuals
employees aware of such Whistle-Blower Policy link: https://www.pcblltd.com/investor-relation/
the Board of Directors once every year and as well as the Company, has been posted on the
to report instances of leak of unpublished price general-policies.
updated accordingly. The Policy is posted on website of the Company at https://www.pcblltd.
the Company’s website at the following link: sensitive information. com/investor-relation/general-policies. The film 8. Commodity price risk or foreign exchange
https: //www.pcblltd.com/investor-relation/ intends to spread awareness about trading in risk and hedging activities
5. Code for Prevention of Insider Trading
general-policies. Details of transactions with the Company’s shares by “Insiders”, including
Practices 1. Risk Management Policy of the Company
the related parties as specified in Indian directors, employees and other persons
Accounting Standard (IND AS – 24) issued by In compliance with the SEBI Regulation on with respect to the Commodities and
connected to the Company while in possession
the Institute of Chartered Accountants of India Prohibition of Insider Trading, the Company Forex:
of Unpublished Price Sensitive Information
are disclosed in Note No. - 27 to the standalone has in place a comprehensive Code of Commodities form a major part of the
(UPSI).
financial statements for the financial year Conduct to Regulate, Monitor and Report raw materials required for the Company’s
Besides, as per the SEBI (Prohibition of Insider
2023-24. Trading by Insiders, for its Directors and products portfolio and hence commodity
Senior Management Officers. The Code lays Trading) Regulations, 2015, the board of price risk is one of the important market
2. Disclosure by Senior Management in down guidelines, which advises them on directors of the organisation required to handle
risks for the Company. Commodity price
accordance with Regulation 26(5) of the SEBI procedures to be followed and disclosures to unpublished price sensitive information shall
risk results from changes in market prices
Listing Regulations: be made, while dealing with the shares of the ensure that a Structured Digital Database
for raw materials, mainly carbon black
For the financial year ended 31 March, 2024, the Company. The Code clearly specifies, among is maintained containing the nature of
feedstock which forms the largest portion
Senior Management Personnel of the Company other matters, that Directors and Designated unpublished price sensitive information
of company’s cost of sales. The Company
have confirmed to the Board of Directors Persons of the Company, as defined in the and the names of such persons who have
endeavours to reduce such risks by
that they do not have any personal interest Code, can trade in the shares of the Company shared the information and with whom the
maintaining inventory at optimum level
relating to material, financial and commercial only during ‘Trading Window Open Period’.
information is shared under this regulation
through a highly probable sales forecast on
transactions entered into with the Company along with the Permanent Account Number
The trading window is closed during the time quarterly basis and also through worldwide
that may have a potential conflict with the (PAN) or any other identifier authorised by law
of declaration of results, dividend and other purchasing activities. Raw materials are
interests of the Company at large. where PAN is not available. Such database shall
material events as per the Code. The intimation purchased exclusively to cover Company’s
not be outsourced and shall be maintained
3. Disclosures on Compliance of Law: of the closure of Trading Window, as per the own requirements. Further, a significant
internally with adequate internal controls and
SEBI Regulations on Prohibition of Insider portion of Company’s volume is sold
The Company has complied with the mandatory checks such as time stamping and audit trails
Trading, is given to the Stock Exchanges before based on formula driven price adjustment
requirements of the Stock Exchanges, SEBI to ensure non-tampering of the database. With
the end of every quarter with effect from the mechanism which allows for recovery
and other statutory authorities on all matters regard to the same, the Company has in place
1st day of the month immediately succeeding of the changed raw material cost from
related to capital markets during the last three a Structured Digital Database (SDD) module
the end of every quarter till 48 hours after the customers. The Company also endeavours
years. No penalties or strictures were imposed maintained internally by the Company.
to offset the effects of increases in raw
256 257
material costs through price increases 10. Code of Conduct all employees of the Company. The Internal 15. Certificate from a Company Secretary in
in its non – contract sales, productivity A Code of Business Conduct and Ethics Complaints Committee (ICC) is set up for the practice
improvement and other cost reduction for Directors and the Senior Management purpose of providing protection against the The Company has obtained a Certificate
efforts. The Company has not entered into Personnel of the organisation which suitably sexual harassment of women at workplace and from M/s. D. Dutt & Co, Company Secretaries,
any derivative contracts to hedge exposure incorporates the duties of Independent for the prevention and redressal of complaints of in practice, FCS 5401, C.P NO. 3824 dated
to fluctuations in commodity prices. Directors as laid down in the Companies sexual harassment and for matters connected 23 May, 2024 stating that none of the Directors
Act, 2013, has been adopted by the Board. therewith or incidental thereto. The status of on the Board of the Company have been
The Company operates in International
The Code of Conduct for Board Members complaints is as given below: debarred or disqualified from being appointed
markets and therefore is exposed to
or continuing as Directors of Companies by
foreign currency risk arising from foreign and Senior Management Personnel of the
No. of No. of No. of the Securities and Exchange Board of India,
currency transactions. The exposure relates Company is posted on the Company’s website
complaints complaints complaints Ministry of Corporate Affairs or any other such
primarily to the Company’s operating at the following link: https://www.pcblltd.com/
filed during disposed of pending as on statutory authority.
activities (when the revenue or expense investor-relation/share-information/code-of- the financial during the the end of the
is denominated in foreign currency), conduct. year financial year financial year 16. Acceptance of recommendations of any
borrowings in foreign currencies and Committee of the Board
All Board Members and Senior Management Nil Nil Nil
investment in overseas subsidiaries. Over All the recommendations made by any
Personnel have affirmed compliance with
ninety percent of Company’s foreign
the Code on an annual basis for the financial
13. Dividend Distribution Policy Committee of the Board during the financial
currency transactions are in USD while the The Company has formulated a Dividend year 2023-24 have been duly accepted and
year ended 31 March, 2024. A declaration to
rest are in Euro, CNY, KRW, JPY, GBP and Distribution Policy in accordance with taken on record by the Board of Directors of the
this effect signed by the Managing Director in
VND. The risk is measured through forecast Regulation 43A of the SEBI Listing Regulations. Company.
terms of SEBI Listing Regulations forms a part
of highly probable foreign currency cash The policy has been detailed in the Board’s
of this Annual Report. 17. Fees paid on a consolidated basis to the
flows. The Company’s risk management Report and is posted on the Company’s website
statutory auditor
policy is hedging of net foreign currency 11. Declaration by Independent Directors under at the following link: https://www.pcblltd.com/
exposure at all points in time through The total fees for all services paid by the
Section 149(6) of the Act and Regulation investor-relation/general-policies.
foreign exchange forward contracts, vanilla Company and its subsidiaries, on a consolidated
16(1)(b) read with Regulation 25(8) of the
option contract and cross currency interest 14. Utilisation of funds raised through preferential basis, to the statutory auditor and all entities in
SEBI Listing Regulations and Rule 6 Sub
allotment or qualified institutions placement the network firm / network entity in which the
rate swaps. The objective of the hedging Rule 3 of the Companies (Appointment and
statutory auditor is a part for the financial year
is to eliminate the currency risk due to Qualification of Directors) Fifth Amendment No funds were raised by the Company through
2023-24 is ` 3.98 Crores.
volatility in exchange rates. The details Rules, 2019 preferential allotment or qualified institutions
of foreign exchange exposures as on 31 placement as specified under Regulation 32(7A) 18. Directors and Officers Liability Insurance
During the financial year ended 31 March, 2024,
March, 2024 are disclosed in Notes to the for the financial year ended 31 March, 2024. (‘D and O Insurance’)
the Company received declarations in terms
Standalone Financial Statements. However, the Board of Directors of the Company In line with the requirements of Regulation
of the provisions of Section 149(6) of the Act
at its Meeting held on 27 March, 2024, had inter- 25(10) of the SEBI Listing Regulations, the
2. Exposure of the Listed Entity to and Regulation 16(1)(b) read with Regulation
alia approved the issuance of upto 1,60,00,000 Company has in place a Directors and Officers
commodity and commodity risks faced 25(8) of the SEBI Listing Regulations from
the following Independent Directors namely,
convertible warrants of the Company at a price of liability insurance policy.
by the entity throughout the year:
` 280/- per Warrant, aggregating to ` 448 Crores
The Company has not entered into any Mr. Paras K Chowdhary, Mr. Pradip Roy, Mrs. 19. Anti-Bribery Policy
to the allottees, namely, Rainbow Investments
derivative contracts to hedge exposure to Rusha Mitra, Mr. R K Agarwal, Mr. T C Suseel
Limited, Quest Capital Markets Limited and The Company has formulated an Anti-Bribery
fluctuations in commodity prices. Kumar, Mr. K Jairaj and Dr. Sethurathnam Ravi.
Stel Holdings Limited on preferential basis, for Policy which explains the Company’s individual
Necessary confirmations were also taken from responsibility to comply with anti-bribery and
cash consideration, which subsequently, got
9. Certificate from the Managing Director and the afore-mentioned Independent Directors
duly approved by the Members of the Company anti-corruption laws around the world and to
the Chief Financial Officer in compliance with Rule 6 Sub Rule 3 of the ensure that any third parties that the Company
through Postal Ballot on 26 April, 2024.
Certificate from Mr. Kaushik Roy, Managing Companies (Appointment and Qualification engages to act on its behalf, do the same. This
Thereafter, the Preferential Issue Committee
Director and Mr. Raj Kumar Gupta, Chief of Directors) Fifth Amendment Rules, 2019 policy also reflects the commitment of the
of the Board of Directors of the Company at
Financial Officer, in terms of Regulation 17(8) and which has come into force with effect from 1 Company and its management for high ethical
its Meeting held on 7 May, 2024, had approved
the quarterly certificate from Mr. Kaushik Roy, December, 2019. standards and doing open and fair business for
the allotment of warrants of the Company, on a
Managing Director and Mr. Raj Kumar Gupta, improving the organisational culture, following
12. Sexual Harassment Policy preferential basis by way of a private placement
Chief Financial Officer, in terms of Regulation the best practices of corporate governance and
and the consideration received by the Company
33(2A) of the SEBI Listing Regulations for the The Company has in place Prevention of enhancing the organisational reputation at
for the same was ` 112 Crores.
quarter and financial year ended 31 March, 2024 Sexual Harassment (POSH) Policy in line with appropriate levels. The policy has been detailed
was placed before the Board of Directors of the the requirements of The Sexual Harassment in the Board’s Report and is posted on the
Company in its Meeting held on 23 May, 2024. of Women at the Workplace (Prevention, Company’s website at the following link: https://
Prohibition & Redressal) Act, 2013 covering www.pcblltd.com/responsibility/policy.
258 259
20. Secretarial Audit Report 21. Annual Secretarial Compliance Report 23. Loans and advances in the nature of loans basis) of ACPL. Pursuant to the acquisition
The Company has undertaken Secretarial The Company has undertaken an Annual to firms/companies in which directors are of shares of ACPL, ACPL has become a step
Audit for the financial year 2023-24 which, Secretarial Compliance Audit for the financial interested by name and amount down subsidiary of PCBL Limited as per
inter-alia, includes audit of compliance with year 2023-24 for all applicable compliances as Details of Loans and advances are given in the the SEBI Listing Regulations. Furthermore,
the Act, and the Rules made under the Act, per SEBI Regulations and Circulars/Guidelines/ notes to the financial statements. PCBL Limited has also incorporated another
Listing Regulations and applicable Regulations Notices issued by the Stock Exchanges new wholly owned subsidiary Company
prescribed by SEBI, Secretarial Standards issued thereunder from time to time. 24. Details of material subsidiaries, including the namely, Nanovace Technologies Limited
by the Institute of Company Secretaries of India date and place of incorporation and the name (CIN:U27200WB2024PLC269515) on 29 March,
Accordingly, the Annual Secretarial Compliance and date of appointment of the statutory 2024.
and other allied laws. The Secretarial Audit
Report, as per the revised format, for the auditors of such subsidiaries
Report forms a part of this Integrated Annual
financial year ended 31 March, 2024 will be 26. Execution of a term sheet for entering into
Report. PCBL(TN) Limited* was incorporated on 29
submitted to the Stock Exchanges within the a joint venture with Kinaltek Pty Limited
September, 2020 and the place of incorporation
prescribed timeline. (“Kinaltek”)
was Kolkata. M/s. L.B Jha & Co., Chartered
Accountants (Firm Registration No. 301088E) PCBL Limited (“Company”) has executed a
22. Credit Ratings obtained by the Company
was appointed as the Statutory Auditors at term sheet for entering into a joint venture with
During the year under review, the Company has received its credit ratings from ICRA, CARE and CRISIL
the Extra Ordinary General Meeting held on 16 Kinaltek Pty Limited (“Kinaltek”). The Board of
Ratings and the details of the same are mentioned herein below:-
August, 2023 to fill the casual vacancy caused Directors at their Meeting held on 16 March,
by the resignation of M/s P Sarkar & Associates, 2024 granted authorisation. Subsequently,
Rating Facility rated Amount Rating Rating
Chartered Accountants until the conclusion of the Company has executed the Joint Venture
Agency rated letter date
the ensuing Annual General Meeting and that Agreement with Kinaltek Pty Limited which will
(`/Crores)
they shall conduct the Statutory Audit for the be in a 51:49 and the Company shall own 51% of
CRISIL Commercial paper 550 12 January, CRISIL A1+ (pronounced as “CRISIL A one plus
period ended 31 March, 2024. the shareholding in the joint venture company.
Rating 2024 rating”
Non Convertible 700 12 January, CRISIL AA/Stable (pronounced as “CRISIL * Note:- As per Reg 16 of the SEBI Listing 27. Allotment of Debentures
Debentures 2024 double A rating” with stable outlook) Regulations, “material subsidiary” shall mean a The Company had allotted rated, listed,
subsidiary, whose income or net worth exceeds secured, redeemable 70,000 non-convertible
Bank Facilities 800 12 January, CRISIL AA/Stable (pronounced as “CRISIL
10% of the consolidated income or net worth debentures of the face value of ` 1,00,000/-
2024 double A rating” with stable outlook)
respectively, of the Company and its subsidiaries each for a total sum of ` 700 Crores on private
ICRA Commercial paper 500 18 March, [ICRA]A1+ (pronounced ICRA A one plus) in the immediately preceding accounting year. placement basis on 29 January, 2024.
Limited 2024 PCBL(TN) Limited became a material subsidiary
Non Convertible 700 18 March, [ICRA]AA (pronounced ICRA double A). The of PCBL Limited during the financial year 2022- VII. MEANS OF COMMUNICATION
Debentures 2024 Outlook on the long-term rating is Stable 23, as afore-mentioned. Hence, the disclosure.
WEBSITE:
Bank Facilities 1200 18 March, [ICRA]AA (pronounced ICRA double A). The
25. Incorporation of new subsidiary companies The Company has dedicated “Investors Relation”
2024 Outlook on the long-term rating is Stable
PCBL Limited has also incorporated a wholly section on its website viz. www.pcblltd.com,
CARE Long Term Bank 800 19 January, CARE AA Stable (Double A Outlook Stable)
owned subsidiary company, namely ‘PCBL wherein any person can access the corporate
Ratings Facilities 2024
Europe SRL’ on 14th April, 2023 besides policies, Board committee composition, Annual
Long Term Bank 800 19 January, CARE AA Stable (Double A Outlook Stable) PCBL Limited has also incorporated a Reports, financial results, investor presentations
Facilities 2024 new wholly owned subsidiary company, and shareholding details etc.
Long Term/Short 3900 19 January, CARE AA, Stable CARE A1+ (Double A Outlook namely, Advaya Chemicals Limited (CIN:
Announcement of material information:
Term Bank Facilities 2024 Stable/ A One Plus) U20299PN2023PLC226780) on 28 December,
2023. Further, PCBL Limited has also All the material information, requisite
Short Term Bank 100 19 January, CARE A1+ (A one Plus)
incorporated another subsidiary company, announcements and periodical filings are
Facilities 2024
namely, Advaya Chemical Industries Limited being submitted by the Company electronically
Non Convertible 700 19 January, CARE AA Stable (Double A Outlook Stable) through web portals of NSE and BSE, where the
(CIN: U20299PN2024PLC227198) on 11 January,
Debentures 2024 equity shares of the Company are listed and
2024. Advaya Chemical Industries Limited (a
subsidiary company of PCBL Limited) had BSE where Debentures are listed.
completed the acquisition of 212,172 shares
Media Releases:
of Aquapharm Chemicals Private Limited
All official media releases are submitted to NSE
(ACPL), which represents 100% of the issued
and BSE and are also being uploaded on the
and paid-up share capital (on a fully diluted
website of the Company.
260 261
Quarterly financial results: – Regulation 1 of Regulation 27 read with Part E Independent Auditor’s Report on compliance with the conditions of Corporate Governance as per
The financial results were published in of Schedule II of the SEBI Listing Regulations as provisions of Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure
prominent daily newspapers viz. Business follows: Requirements) Regulations, 2015, as amended
Standard (All Editions), and in vernacular Reporting of Internal Auditor: Internal
newspaper in Aajkal (Kolkata) and were also Auditors of the Company make presentations The Members of PCBL Limited that we comply with the ethical requirements
uploaded on the website of the Company. to the Audit Committee on their Reports and of the Code of Ethics issued by ICAI.
1. The Corporate Governance Report prepared
has direct access to the Audit Committee. by PCBL Limited (hereinafter the “Company”), 6. We have complied with the relevant applicable
Earning Calls & presentations to Institutional
Investors/ Analysts Audit Qualifications: During the financial year contains details as specified in regulations 17 to requirements of the Standard on Quality
2023-24, there was no audit qualification in 27, clauses (b) to (i) and (t) of sub – regulation (2) Control (SQC) 1, Quality Control for Firms that
The Company organises earnings call with
the financial statements of the Company. The of regulation 46 and para C, D, and E of Schedule Perform Audits and Reviews of Historical
analysts and investors on the same day or
Company continues to adopt appropriate best V of the Securities and Exchange Board of Financial Information, and Other Assurance
some other day after announcement of results.
practices in order to ensue unqualified financial India (Listing Obligations and Disclosure and Related Services Engagements.
The audio recordings and transcript of these
statements. Requirements) Regulations, 2015, as amended
earning calls are posted on the Company’s 7. The procedures selected depend on the
(“the Listing Regulations”) (‘Applicable criteria’)
website. Presentations made to institutional Separate Posts of the Chairman and auditor’s judgement, including the assessment
for the year ended March 31, 2024 as required
investors and financial analysts on the financial Managing Director: The Company has of the risks associated in compliance of
by the Company for annual submission to the
results are submitted to the stock exchanges maintained separate posts of the Chairman and the Corporate Governance Report with the
Stock exchange.
and also uploaded on the Company’s website. the Managing Director. The Chairman of the applicable criteria. Summary of procedures
The Company has maintained consistent Company is a Non-Executive Director whereas performed include:
MANAGEMENT’S RESPONSIBILITY
communication with investors at various the Managing Director of the Company is an
2. The preparation of the Corporate Governance i. Read and understood the information
forums. Executive Director. The Company has a vast
Report is the responsibility of the Management prepared by the Company and included in
business portfolio which demands the senior its Corporate Governance Report;
Integrated Annual Report and AGM of the Company including the preparation
leadership to have an in-depth knowledge
Integrated Annual Report containing audited and maintenance of all relevant supporting ii. Obtained and verified that the composition
and understanding of the functioning of the
standalone and consolidated financial records and documents. This responsibility of the Board of Directors with respect to
Company, so as to enhance the value generating
statements together with Report of Board of also includes the design, implementation and executive and non-executive directors has
capacity of the organisation and contribute
Directors, Management Discussion and Analysis maintenance of internal control relevant to the been met throughout the reporting period;
significantly to stakeholders’ expectations and
Report, Corporate Governance Report, Auditor’s preparation and presentation of the Corporate
aspirations. iii. Obtained and read the Register of Directors
Report and other important information are Governance Report.
circulated to the Members. In the AGM, the as on March 31, 2024 and verified that
Other Items 3. The Management along with the Board of
Shareholders also interact with the Board and atleast one independent woman director
The rest of the Non Mandatory Directors are also responsible for ensuring that was on the Board of Directors throughout
the Management.
Requirements will be implemented by the the Company complies with the conditions the year;
Company as and when required and/or of Corporate Governance as stipulated in the
VIII. GENERAL SHAREHOLDER INFORMATION iv. Obtained and read the minutes of the
deemed necessary by the Board. Listing Regulations, issued by the Securities
Provided in the ‘General Shareholder following committee meetings / other
and Exchange Board of India.
Information’ Section of the Integrated Annual X. CONFIRMATION OF COMPLIANCE meetings held April 1, 2023 to March 31,
Report and Accounts
The Statutory Auditors’ Certificate states AUDITOR’S RESPONSIBILITY 2024:
IX. STATUS OF ADOPTION OF THE NON

that the Company has complied with the 4. Pursuant to the requirements of the Listing (a) Board of Directors;
conditions of Corporate Governance and Regulations, our responsibility is to provide a
MANDATORY REQUIREMENTS (b) Audit Committee;
the same is annexed hereto. reasonable assurance in the form of an opinion
The Company has duly fulfilled the following
whether, the Company has complied with (c) Annual General Meeting (AGM);
discretionary requirements as prescribed in Sub
the conditions of Corporate Governance as (d) Nomination and Remuneration
specified in the Listing Regulations. Committee;
For and on behalf of the Board of Directors 5. We conducted our examination of the Corporate (e) Stakeholders Relationship Committee;
Governance Report in accordance with the
Dr. Sanjiv Goenka Guidance Note on Reports or Certificates for (f) Sustainability and Risk Management
Place: - Kolkata Chairman Special Purposes and the Guidance Note on Committee
Date: - 23 May, 2024 DIN: (00074796) Certification of Corporate Governance, both (g) Corporate Social Responsibility
issued by the Institute of Chartered Accountants Committee
of India (“ICAI”). The Guidance Note on Reports
v. Obtained necessary declarations from the
or Certificates for Special Purposes requires
directors of the Company.
262 263

GENERAL SHAREHOLDER INFORMATION
vi. Obtained and read the policy adopted by us, we are of the opinion that the Company Annual General Meeting: Date, Time and b) National Stock Exchange of India
the Company for related party transactions. has complied with the conditions of Corporate Venue: 28th August, 2024 at 10:30 A.M. (IST). - PCBL
Limited
Governance as specified in the Listing The Company is conducting its Annual General
vii. Obtained the schedule of related party Exchange Plaza,
Regulations, as applicable for the year ended Meeting through Video Conferencing (VC) /
transactions during the year and balances Bandra Kurla Complex
March 31, 2024, referred to in paragraph 4 above. Other Audio Visual Means (OAVM) pursuant
at the year- end. Obtained and read the Bandra (E), Mumbai – 400051
to the MCA and SEBI Circulars as already
minutes of the audit committee meeting
OTHER MATTERS AND RESTRICTION ON USE elaborated in the Notice of the Annual General *The Company had also listed its non-convertible
where in such related party transactions
10. This report is neither an assurance as to Meeting of the Company. debentures aggregating ` 700 Crores with BSE
have been pre-approved prior by the audit Limited on 31 January, 2024 bearing Scrip Code
committee. the future viability of the Company nor the Financial Year: 1st April 2023 to 31 March, 2024 975353 and the subsidiary of the Company, namely
efficiency or effectiveness with which the
viii. Performed necessary inquiries with Book Closure: 22nd August, 2024 to 28th Advaya Chemical Industries Limited had also listed
management has conducted the affairs of the
the management and also obtained August, 2024 (both days inclusive) its non-convertible debentures aggregating ` 550
Company.
Crores with BSE Limited on 31 January, 2024 bearing
necessary specific representations from
11. This report is addressed to and provided to the Interim Dividend Payment Date: The Board Scrip Code 975354.
management.
members of the Company solely for the purpose of Directors of the Company at its Meeting
The aforesaid NCD’s are secured in favour of
8. The above-mentioned procedures include of enabling it to comply with its obligations held on Monday, 15 January, 2024 has declared
Debenture Trustee in terms of the relevant
examining evidence supporting the particulars under the Listing Regulations with reference an Interim Dividend @ 550 %, i.e. ` 5.50/- per
transaction document. The details of the Debenture
in the Corporate Governance Report on a test to compliance with the relevant regulations equity share of Re. 1/- each, for the financial year
Trustee are given below:
basis. Further, our scope of work under this of Corporate Governance and should not be ended 31 March, 2024 and fixation of Monday,
report did not involve us performing audit tests used by any other person or for any other 29 January, 2024 as the Record Date for the Catalyst Trusteeship limited
for the purposes of expressing an opinion on purpose. Accordingly, we do not accept or purpose of payment of the afore-mentioned CIN: U74999PN1997PLC110262
the fairness or accuracy of any of the financial assume any liability or any duty of care or for Interim Dividend. The said Interim Dividend
Registered office: GDA House, Plot No. 85,
information or the financial statements of the any other purpose or to any other party to was paid on and from 9 February, 2024.
Bhusari Colony (Right), Paud Road,
Company taken as a whole. whom it is shown or into whose hands it may Listing on Stock Exchanges and Stock Codes: (*)
Kothrud, Pune, Maharashtra-411 038
come without our prior consent in writing. We
OPINION have no responsibility to update this report for a) BSE Limited - 506590 Phone No: +91 22 4922 0555
9. Based on the procedures performed by us, as events and circumstances occurring after the Phiroze Jeejeebhoy Towers, Fax No - +91 (022) 49220505
referred in paragraph 7 above, and according date of this report. Dalal Street, Mumbai – 400001 Email address: ComplianceCTL-Mumbai@
to the information and explanations given to
ctltrustee.com
Website address: https://catalysttrustee.com/
For S.R. Batliboi & Co. LLP

Chartered Accountants Listing Fees for all the above Stock Exchanges for FY 2024 – 25 have been paid.
ICAI Firm Registration Number: 301003E/E300005 Market Price high, low, close during each month from April, 2023 to March, 2024 (in `) (as available from the
______________________________ website of National Stock Exchange of India Limited and BSE Limited):-
per Vishal Sharma
Month High Low Close
Partner
NSE BSE NSE BSE NSE BSE
Place: - Kolkata Membership Number: 096766
April’23 128.95 128.95 112.95 113.10 128.30 128.35
Date: - 23 May, 2024 UDIN: 24096766BKFFST8691
May’23 137.80 137.70 125.00 125.00 136.50 136.40
June’23 166.60 166.50 135.50 135.60 162.75 162.60
July’23 178.30 178.25 151.25 151.40 157.85 157.90
August’23 176.00 176.00 151.60 151.70 174.35 174.20
September’23 179.55 179.70 158.30 158.60 168.75 168.75
October’23 211.50 211.65 166.50 166.50 199.50 199.30
November’23 278.00 281.95 194.15 194.45 271.85 271.55
December’23 283.70 283.50 235.85 236.00 251.55 251.40
January’24 336.30 336.30 251.10 251.15 318.65 318.50
February’24 343.50 343.35 278.00 278.25 286.05 286.45
March’24 300.70 300.40 225.20 225.30 267.70 268.05
264 265
GENERAL SHAREHOLDER INFORMATION (CONTD.) GENERAL SHAREHOLDER INFORMATION (CONTD.)
Monthly Comparison Chart of the Share Prices (in `) with the NSE Nifty and BSE SENSEX along with Intimation of loss of share certificates the Company, is then submitted to the Stock
the No. of Shares traded during the period April, 2023 to March, 2024:- pursuant to Regulation 39(3) of the SEBI Exchanges within the stipulated time period
Listing Regulations from the end of every month.
Month Nifty / Sensex (Close) Share Price (Close ) (`) No. of Shares Traded
NSE BSE NSE BSE NSE BSE Pursuant to Regulation 39(3) of the SEBI Listing Dematerialisation
Regulations, the Company intimates the loss
April’23 18065.00 61112.44 128.30 128.35 17945904 1647223 The process of conversion of shares from
of share certificates to the Stock Exchanges, as
physical form to electronic form is known as
May’23 18534.40 62622.24 136.50 136.40 30789805 2744784 and when received, within a period of 2 days
dematerialisation. For dematerialising the
June’23 19189.05 64718.56 162.75 162.60 63520721 4750458 from the date of receipt of such intimation.
shares, the shareholders should open a demat
July’23 19753.80 66527.67 157.85 157.90 66119603 3904409 Statement on Investors’ Complaints pursuant account with a Depository Participant (DP). He/
August’23 19253.80 64831.41 174.35 174.20 51422196 3525666 to Regulation 13(3) of the SEBI Listing She is required to submit a Demat Request
September’23 19638.30 65828.41 168.75 168.75 41097747 2684478 Regulations Form duly filled up along with the share
certificates to his/her DP. The DP will allocate
October’23 19079.6 63874.93 199.50 199.30 123999371 5402432 Pursuant to Regulation 13(3) of the SEBI Listing
a demat request number and shall forward
November’23 20133.15 66988.44 271.85 271.55 126532891 5720824 Regulations, the Company obtains a Statement
the request physically as well as electronically,
on Investors’ Complaints on a quarterly basis
December’23 21731.4 72240.26 251.55 251.40 59224272 3718876 through NSDL/CDSL, to the Registrar and
from its Registrar and Share Transfer Agent,
January’24 21725.7 71752.11 318.65 318.50 139037208 7390272 Transfer Agent. On receipt of the demat
which, is then submitted to the Stock Exchanges
request both physically and electronically and
February’24 21982.8 72500.30 286.05 286.45 64776632 4642203 within a period of 21 days from the end of each
after verification, the shares are dematerialised
March’24 22326.9 73651.35 267.70 268.05 65329987 4182711 quarter.
and an electronic credit of shares is given in the
Certificate in the matter of Regulation 74(5) account of the shareholder.
Registrar and Share Transfer Agent: The Company Secretary in practice conducts of the SEBI (Depositories and Participants)
Policy on Preservation and Utilisation of
the Audit every quarter and issues us the Regulations, 2018
Link Intime India Private Limited Stationery
Report which, is then submitted to the Stock
Pursuant to Regulation 74(5) of the SEBI
Vaishno Chambers, 5th Floor, Exchanges within a period of 30 days from the Pursuant to the requirement of SEBI Circular
(Depositories and Participants) Regulations,
Room No : 502 & 503 end of each quarter. No. – SEBI/HO/MIRSD/DOP1/CIR/P2018/73 dated
2018, the Company obtains a Certificate in
20 April, 2018 relating to strengthening of
6, Brabourne Road, Kolkata – 700001 Compliance Certificate certifying Compliance compliance to the captioned subject on a
guidelines and raising industry standards for
under Regulation 7(2) of the SEBI Listing monthly basis from its Registrar and Share
Telephone No: (033) 4004 9728, Fax No: (033) RTA, Issuer Companies and Banker to an Issue,
Regulations Transfer Agent, stating that the securities
4073 1698 the Registrar and the Share Transfer Agent
received from the depository participants
Pursuant to Regulation 7(3) of the SEBI (RTA) of the Company has in place a written
Website: www.linkintime.co.in for dematerialisation during the month,
Listing Regulations, the Company obtains a policy on the preservation and utilisation of
were confirmed to the depositories by the
E -Mail: kolkata@linkintime.co.in Compliance Certificate duly signed by both the stationery and both the Company and its RTA
Registrar and the securities comprised in the
Compliance Officer of the Company and the said certificates have been listed on the Stock
ensure strict control on the stationery including
Share Transfer Process
Authorised representative of the share transfer blank certificates and warrants and also ensure
Exchanges where the earlier issued securities
As per the requirement of Regulation 40(9) agent, namely Link Intime India Private Ltd periodical check by physical verification.
were listed. This certificate, so obtained by
of the SEBI Listing Regulations, the Company confirming that all the activities in relation to
has obtained the necessary certificate from the share transfer facility are maintained by the
the Company Secretary in practice for due Company’s Registrar and Share Transfer Agent,
Distribution of Shareholding as on 31 March, 2024:-
compliance of the share transfer formalities, which is a SEBI approved category-1 Registrar Shareholding Pattern No. of Shares (Face Percentage (%) No. of Percentage (%) to
which, is then submitted to the Stock Exchanges
having Registration Number: INR000004058. – Size of Holdings Value of Re. 1/-) to share capital Shareholders Total holders
within a period of 30 days from the end of the
financial year. As per the requirement of Regulation 7(3) of 1 – 500 21165341 5.6073 215812 87.4483
the SEBI Listing Regulations, the Company has 501 – 1000 11646195 3.0854 14516 5.8820
Reconciliation of Share Capital Audit
obtained the necessary certificate signed by 1001 – 2000 12299298 3.2584 7934 3.2149
As stipulated by SEBI, a qualified Company both the Compliance Officer and its Registrar 2001 – 3000 7074755 1.8743 2748 1.1135
Secretary in practice conducts the and Share Transfer Agent for due compliance
3001 – 4000 5420593 1.4361 1492 0.6046
Reconciliation of Share Capital Audit of the of the provisions of this Regulation, which, is
4001 – 5000 5109512 1.3536 1083 0.4388
Company for the purpose of reconciliation of then submitted to the Stock Exchanges within
total admitted capital with the depositories, i.e. a period of 30 days from the end of the financial 5001 – 10000 13072188 3.4632 1774 0.7188
NSDL and CDSL, and the total issued and listed year. 10001 & above 301674722 79.9218 1429 0.5790
capital of the Company. Total 377462604 100.00 246788 100.0000
266 267
GENERAL SHAREHOLDER INFORMATION (CONTD.) GENERAL SHAREHOLDER INFORMATION (CONTD.)
Shareholding Pattern as on 31 March, 2024:- Address for correspondence : Dates of Payment, the Due Dates for Credit to IEPF and the Amounts
1) Registrar and Share Transfer Agent:
Nature of holdings No. of % of Year Date of Declaration Due Date for Credit to Amount lying Unpaid/
Shares Holdings (For share and dividend related queries) IEPF Unclaimed as on
(Face Value Link Intime India Private Limited 31 March, 2024
of Re. 1/-) Vaishno Chambers, 5th Floor, FY 2016-17 (Interim) 1 March, 2017 6 April, 2024 3234972.00
Non Resident 3987589 1.057 Room No: 502 & 503 FY 2017-18 (Interim) 24 October, 2017 29 November, 2024 3061980.00
Indians 6, Brabourne Road, Kolkata – 700001 FY 2017-18 (Final) 27 July, 2018 1 September, 2025 2479582.80
Institutional 45309534 12.003 Telephone No: (033) 4004 9728, Fax No: FY 2018-19 (Interim) 16 January, 2019 21 February, 2026 6145244.00
Investors (033) 4073 1698 FY 2019-20 (Interim) 13 February, 2020 20 March, 2027 9876629.00
Promoters 194036210 51.405 Website: www.linkintime.co.in FY 2020-21 (Interim) 20 January, 2021 26 February, 2028 7173906.00
Bodies Corporate 24966212 6.614 E-Mail: kolkata@linkintime.co.in FY 2021-22 (Interim) 20 January, 2022 25 February, 2029 10108693.00
Resident Individuals 108094559 28.638 2) Company FY 2022-23 (Interim) 31 January, 2023 8 March, 2030 9425119.50
Alternative 1068500 0.283 (For any other matter and unresolved FY 2023-24 (Interim) 15 January, 2024 20 February, 2031 7363774.00
Investment Fund complaints)
B. Transfer of Unpaid Dividend to IEPF:
Total 377462604 100% Mr. Kaushik Mukherjee
Company Secretary Particulars Amount (in `) Date of Transfer
Dematerialisation of shares:
PCBL Limited Unclaimed Dividend for FY 2015-16 (Final) 13,45,547.50 26 August, 2023
SHARES %
Registered Office: 31, Netaji Subhas Road Unclaimed Dividend for FY 2016-17 (Interim) 32,34,972.00 6 April, 2024
NSDL -- 323787722 85.78 Kolkata – 700 001 C. Transfer of shares to IEPF:
CDSL -- 51696782 13.70 Phone No.: (033) 6625 1461-1464
Particulars No. of Equity Shares Date of Transfer
Physical -- 1978100 0.52 Fax : (033) 2243 6681
Equity Shares relating to Unclaimed Dividend 1,43,190 23 September, 2023
TOTAL 377462604 100 Corporate Office : RPSG House, 2/4 Judges for FY 2015-16
ISIN NO. For PCBL - INE602A01031 (Equity), Court Road, 4th Floor,
Equity Shares relating to Unclaimed Dividend 69,482 6 May, 2024
INE602A07020 (Debt) Kolkata – 700027
for the FY 2016-17
Phone No. : (033) 4087 0500 / 0600
For Advaya Chemical Industries Limited,
E – Mail : kaushik.mukherjee@rpsg.in Unclaimed Shares
subsidiary of PCBL limited - INE0SYQ07015
(Debt) Transfer of Unclaimed Dividend and Shares The Company has opened the ‘Unclaimed Suspense Account’ and the ‘Suspense Escrow Demat Account’
to Investor Education and Protection Fund with ICICI Bank Limited in accordance with due compliance of the provisions of Reg 39(4) of the SEBI Listing
Outstanding GDRs/ADRs/Warrants or any
(IEPF) Regulations dated 2 September, 2015 and SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8
convertible instruments, conversion date
dated 25 January, 2022 for the purpose of issuance of securities in dematerialised form in case of ‘Investor
and likely impact on equity: Nil A. Details of due dates: Service Requests’. In terms of the SEBI Listing Regulations, 4,60,022 equity shares of the Company are
Plant Locations The due dates on which unclaimed lying unclaimed in “PCBL LTD UNCLAIMED SUSPENSE ACCOUNT”. These shares may be claimed back
dividends lying in the unpaid dividend by the concerned shareholders on compliance of necessary formalities and as such some of these shares
The Company’s plants are located at Durgapur
accounts of the Company would be have been claimed back by the concerned shareholder.
in West Bengal, Kochi in Kerala, Palej and
Mundra in Gujarat and Chennai in Tamil Nadu. credited to the IEPF are stated in the table
The detailed addresses of the Company’s plants given herein below. Investors are requested
have also been given separately in the Annual to claim their unclaimed dividends before
Report. these due dates.
268 269
GENERAL SHAREHOLDER INFORMATION (CONTD.)

DECLARATION BY THE MANAGING DIRECTOR
REGARDING COMPLIANCE WITH THE COMPANY’S
The status of equity shares lying in PCBL Ltd Unclaimed Suspense Account is given below:
CODE OF CONDUCT UNDER REGULATION 26(3) OF
Sl
No.
Particulars No. of
shareholders
No. of equity
shares held
THE SEBI LISTING REGULATIONS
1 Aggregate number of shareholders and the O/S shares NIL NIL
transferred in the Suspense Account as on 1 April, 2023
I, Kaushik Roy, Managing Director of PCBL Limited declare that all the Members of the Board of Directors and
2 Aggregate number of shareholders and the O/S shares 700 543402
transferred to the Suspense Account (Opening Balance as on Senior Management Personnel have complied with the Company’s Code of Conduct for Board Members and
1 April, 2023) Senior Management Personnel for the year ended 31 March, 2024 in terms of the SEBI Listing Regulations.
3 No. of shareholders who approached the Company for transfer 8 6520

of shares from the Suspense Account For and on behalf of the Board of Directors
4 No. of shareholders to whom shares were transferred from the 8 6520
suspense account
Kaushik Roy
5 Transfer to IEPF 76 76860 Place: Kolkata Managing Director
6 Aggregate number of shareholders and the O/S shares lying in 616 460022 Date:- 23 May, 2024 (DIN: 06513489)
the suspense account at on 31 March, 2024
* It may also be noted that all the corporate benefits accruing to the above shares shall also be credited to the said
“PCBL Ltd Unclaimed Suspense Account” and the voting rights of these shares shall remain frozen until the rightful
owner of these shares claims the shares.
NB:- Subsequent to the financial year ended 31 March, 2024, 4,60,022 equity shares, held in physical
form, which have remained unclaimed from the shareholders, have been transferred to PCBL LIMITED –
UNCLAIMED SUSPENSE ACCOUNT bearing DP ID IN301348 Client ID 20304738, by operation of law, after
following the applicable procedure in this regard.
Dr. Sanjiv Goenka

Place: Kolkata Chairman
Date: 23 May, 2024 (DIN: 00074796)
270 271
ANNEXURE ‘F’ TO THE BOARD’S REPORT

SECTION A GENERAL DISCLOSURES
BUSINESS RESPONSIBILITY I. Details of the Company:
AND SUSTAINABILITY 1 Corporate Identity Number (CIN) of the Listed L23109WB1960PLC024602

REPORT Company
Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations 2 Name of the Listed Company PCBL LIMITED
The Directors present the Business Responsibility and Sustainability Report of the Company for the financial
year ended on 31 March, 2024. 3 Year of incorporation 31 March, 1960
4 Registered office address 31, N. S. Road, Kolkata-700001
5 Corporate office address RPSG House, 4th Floor, 2/4 Judges Court Road,
Kolkata-700027
6 E-mail pcbl.investor@rpsg.in
7 Telephone 033-40870500/0600

8 Website www.pcblltd.com
9 Financial year for which reporting is being done FY 2023-24
10 Name of the Stock Exchange(s) where shares are National Stock Exchange of India Limited and
listed BSE Limited
11 Paid-up Capital ` 37,74,62,604/-
12 Name and contact details (telephone, email Mr. Kaushik Mukherjee

address) of the person who may be contacted in
Company Secretary and Chief Legal Officer
case of any queries on the BRSR report
Email: - kaushik.mukherjee@rpsg.in
Telephone: 033-40870500/0600
13 Reporting boundary - Are the disclosures under The disclosures made under this report are
this report made on a standalone basis (i.e. only on a Standalone Basis.
for the Company) or on a consolidated basis (i.e.
for the Company and all the entities which form a
part of its consolidated financial statements, taken
together).
14 Name of assurance provider Indian Register Quality Systems(IRQS)
15 Type of assurance obtained Limited level assurance
272 273
II. Products/services 19. Markets served by the Company:
a. Number of locations
16. Details of business activities:
(Accounting for 90% of the turnover) Locations Number Locations Number
Description of Main Activity

23
Manufacturing National
PAN India
International 50+
(No. of States) (No. of Countries)
(including Countries
Description of Business Activity
States/UTs)
Chemical and chemical products,
pharmaceuticals, medicinal
chemical and botanical products b) Revenue from Operation- ` 5674.32 Crores
Contribution of exports during the financial year ended 31 March, 2024: 33%
% of Turnover of the Company
97.02%
17. Products/Services sold by the Company:

(accounting for 90% of the entity’s Turnover). c. A brief on types of customers
Customer centricity is intrinsic to PCBL’s business culture. We make continuous efforts towards
Product/Service
understanding our customer’s evolving needs and this has led to our growth and success over the
Manufacturing of Tyre, Performance years. We have continuously demonstrated our commitment towards providing the best customer
and Specialty chemicals service by constantly delivering value to our customers. We drive improvement in products by
staying in sync with the customer’s expectation and deliver upto their satisfaction. We work with

NIC Code the major tyre and non-tyre customers in India as well as around the globe. We offer grades to
1920 meet specific requirements of technical and rubber goods manufacturing companies. Moreover,
we cater specialty chemicals as per requirements of prominent Indian and global companies. We
have strategic relationships with these esteemed customers, providing customised products and
% of total Turnover contributed
also jointly develop products for them.
97.02%
III. Operations IV. Employees
18. Number of locations where plants and/or operations/offices of the Company are situated: 20. Details as at the end of Financial Year:
a. Employees and workers (including differently abled)

National
S. Total Male Female
No. Particulars (A) No. (B) % (B/A) No. (C) % (C/A)
1. Permanent (D) 1003 944 94% 59 6%
Number of plants
Number of offices 9 2. Other than Permanent (E) 0 0 0 0 0
Employees
3 Regional offices (Delhi, Mumbai and 3. Total employees (D + E) 1003 944 94% 59 6%
4 (Durgapur, Kochi, Palej Total
Chennai), 1 Registered office (Kolkata),
and Mundra)
1 Corporate office (Kolkata) Male Female
S. Total
No. Particulars (A) No. (B) % (B/A) No. (C) % (C/A)
4. Permanent (F) 272 272 100 0 0
International
5. Other than Permanent (G) 745 730 98% 15 2%
Workers
6. Total workers (F + G) 1017 1002 99% 15 1%
Note : Definition of employee clustering is as under:
Number of plants
Number of offices 7 Permanent Employees include white collar employees
Belgium, Shanghai, South Korea, Other than permanent Employees include Temporary.
Not Applicable Total
Japan, Germany, USA, Vietnam Permanent Workers include technicians, associates and staff.
Other than Permanent Workers include Contractual Labour, Temps. Fixed Term Contractual, third party employees, contractual workers.
274 275
b. Differently abled employees and workers: V. Holding, Subsidiary and Associate Companies (including joint ventures)
23. (a) Names of holding/subsidiary/associate companies/joint ventures

S. Total Male Female
No. Particulars (A) No. (B) % (B/A) No. (C) % (C/A) Does the Company
% of indicated at column
1. Permanent (D) 4 2 50% 2 50%
shares A, participate in the
Differently 2. Other than Permanent (E) 0 0 0 0 0 Name of the holding/ Indicate whether holding/ held by Business Responsibility
abled S. subsidiary/associate Subsidiary/ Associate/ Joint listed initiatives of the listed
3. Total differently abled 4 2 50% 2 50%
employees No. companies/joint ventures (A) Venture Company Company ? (Yes/No)
employees (D + E)
1. Phillips Carbon Black Cyprus Wholly Owned Subsidiary 100 No
Male Female Holdings Limited
S. Total
No. Particulars (A) No. (B) % (B/A) No. (C) % (C/A) 2. Phillips Carbon Black Vietnam Subsidiary Company of 80 No
Joint Stock Company Phillips Carbon Black Cyprus
4. Permanent (F) 0 - - - -
Holdings Limited
5. Other than permanent (G) 0 - - - -
Differently 3. PCBL(TN) Limited Wholly Owned Subsidiary 100 Yes
abled workers 6. Total differently abled 0 - - - -
workers (F + G) 4. PCBL EUROPE SRL Wholly Owned Subsidiary 100 No
(Incorporated w.e.f 14 April,
2023)
21. Participation/Inclusion/Representation of women 5 Advaya Chemicals Limited Wholly Owned Subsidiary 100 No
(Incorporated w.e.f 28
No. and percentage of Females December, 2023)
6 Advaya Chemical Industries Subsidiary 80 No
Total (A) No. (B) % (B/A)
Limited (Incorporated w.e.f 11
January, 2024)
7 Nanovace Technologies Wholly Owned Subsidiary 100 No
11 2 18 Limited (Incorporated w.e.f 29

Board of March, 2024)
Directors
VI. CSR Details
24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
(ii) Turnover (in `): Revenue from Operations – ` 5674.32 Crores

Key 2 0 0
Management (iii) Net worth (in `): ` 2994.41 Crores
Personnel
(KMP)
VII. Transparency and Disclosures Compliances
* KMP other than Managing Director
25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct
22. Turnover rate for permanent employees and workers
FY 21-22 Grievance FY 2023-24 Current Financial Year FY 2022-23 Previous Financial Year
FY 23-24 FY 22-23 (Turnover rate in the year Redressal
(Turnover rate in current FY) (Turnover rate in previous FY) prior to the previous FY) Mechanism in
Place (Yes/No) Number of Number of
Stakeholder (If yes, then complaints complaints
group from Provide Number of pending Number of pending
Permanent Male Female Total Male Female Total Male Female Total whom web-link for complaints resolution complaints resolution
Employees complaint is grievance filed during at close of filed during at close of
[in %age] 16.2 13.6 16.1 17 12 16 15.03 26.80 16 received redressal policy) the year the year Remarks the year the year Remarks
Yes 0 0 - 0 0 -
(Captured
Communities through
Male Female Total Male Female Total Male Female Total quarterly
Permanent
meetings with
Workers
[in %age]
5 0 5 0 0 0 2 0 2 representatives
of communities)
276 277
26. Overview of the Company’s material responsible business conduct issues. Please indicate material
Grievance FY 2023-24 Current Financial Year FY 2022-23 Previous Financial Year
responsible business conduct and sustainability issues pertaining to environmental and social
Redressal
Mechanism in matters that present a risk or an opportunity to your business, rationale for identifying the same,
Place (Yes/No) Number of Number of approach to adapt or mitigate the risk along-with its financial implications:
Stakeholder (If yes, then complaints complaints
group from Provide Number of pending Number of pending Opportunity Risk
whom web-link for complaints resolution complaints resolution
complaint is grievance filed during at close of filed during at close of
received redressal policy) the year the year Remarks the year the year Remarks Financial
implications
Yes 0 0 - 0 0 -
of the risk or
Through
Indicate opportunity
Whistle Blower
Investors whether (Indicate
Mechanism.
(Other than risk or Rationale for positive or
Link may be
shareholders) S. Material issue opportunity identifying the risk/ In case of risk, approach to negative
accessed at
No. identified (R/O) opportunity adapt or mitigate implications)
https://www.
pcblltd.com/
responsibility/
policies - Accounting/monitoring GHG
Failure to effectively emissions at regular intervals.
Yes 7 2 All 10 0 All manage and reduce GHG
Through complaints complaints - Long term/short term corrective
emissions can result in measures to improve energy
Stakeholders as on date filed during environmental impacts
Shareholders* Relationship of this the FY 2022- efficiency by using heat
and regulatory non- There is a
Committee, report stand 23 were duly exchangers at different stages
compliance. Increasing positive
of downstream and thereby
SEBI resolved. resolved scrutiny and regulations financial
Complaints during the reducing the combustion of

related to climate change implication
Redressal same year. fossil fuel.
and emissions can lead to from reduction
System – 1. GHG
reputational and financial - Generation of electrical power in GHG
‘SCORES’ as well Emissions
risks. Inefficient energy by using waste gases (tail emission/
as the ‘SMART and Energy
management can lead to gas) released during carbon improving
Management
ODR’ Portal higher operational costs black production process, and energy
and dependence on fossil excess electricity, after meeting efficiency.
Leena AI chatbot, 6 0 All 0 0 - requirements, is exported to
fuels, which are subject to
Sampark complaints grid and thereby offsetting the
price volatility.
(Quarterly filed during GHG emission which would
Employees employee FY 2023-24 have been emitted otherwise by
and workers ** engagement were duly using fossil fuel.
programme) resolved
during the
same year. Compliance with water
usage and discharge
Yes. 23 All 19 0 All regulations is crucial
(SAP) complaints complaints to avoid penalties and
were duly were duly reputational damage. - Monitoring water
Customers *** resolved resolved Untreated water consumption in various
during the during the discharge can result in processes at the operational
environmental harm level. There is
financial financial
and regulatory non- - Exploring water-recycling positive
year. year.
compliance. To manage opportunities to save financial
Through e-Mail 0 0 - 0 0 - these risks, PCBL needs freshwater consumption. implication
2.
to implement effective from
Water - Replenishing groundwater
water conservation reduction in
Value Chain Management through the utilisation of
strategies, invest freshwater
Partners harvested rainwater for consumption.
in water treatment horticulture.
* Reported shareholder complaints are related to non-receipt of split shares and unclaimed dividends pursuant to IEPF claim. infrastructure, and
ensure adherence to - All our plants are zero liquid
** Reported employee complaints are mostly related to food quality, transportation facilities and irregular feedback on the applicable regulations discharge (ZLD) compliant.
performance of individual from reporting manager. and sustainable water
management practices.
*** Reported customer complaints are related to product processing and application
278 279
Financial Financial
implications implications
of the risk or of the risk or
Indicate opportunity Indicate opportunity
whether (Indicate whether (Indicate
risk or Rationale for positive or risk or Rationale for positive or
S. Material issue opportunity identifying the risk/ In case of risk, approach to negative S. Material issue opportunity identifying the risk/ In case of risk, approach to negative
No. identified (R/O) opportunity adapt or mitigate implications) No. identified (R/O) opportunity adapt or mitigate implications)
Waste is generated at
various stages of PCBL’s - Non-acceptance of (Zero-
operations, starting tolerance approach towards)
from procurement human rights violations such as
of input materials, to discrimination, forced/coercive
manufacturing and labour, and child labour within
packaging of carbon - Monitor and map the quantity and beyond PCBL’s boundaries.
black. Solid waste of different types of wastes - Implementation of a well-
management presents generated Human rights, employee defined Human Rights Policy,
There is
risks for PCBL. Inadequate - Reduce the quantity of waste wellbeing and community with awareness training
positive
waste management generated at source by engagement present provided to the entire
financial
practices can lead to adopting adequate measures implication opportunities for PCBL. By workforce.
environmental pollution respecting and promoting - The Human Rights Policy
- Explore possibilities for of reduction
3. and noncompliance human rights within its outlines PCBL’s approach and
recycling and reusing the waste in waste
Solid Waste with waste disposal operations and supply expectations for human rights
generated generation
Management regulations. Improper chain, PCBL can enhance compliance throughout the
- Ensure waste generated is and reuse & There is direct
handling of solid its reputation, build trust value chain.
disposed-off in an appropriate recyclability of negative
waste can result in with stakeholders, and
manner. wastes. - Adherence to the human rights and indirect
health and safety

attract socially responsible
hazards for employees policy is closely monitored, positive
- Increasing the percentage of Human rights, investors.
and surrounding waste diversion from landfill 5. and a whistleblower process in financial
Employee Engaging with local
communities.Increasing place for stakeholders to raise implication
wellbeing & communities through
public awareness and concerns. of Corporate
community collaborative initiatives,
regulatory scrutiny - Community engagement and Social
engagement such as employment
regarding waste infrastructure development as Responsibility.
opportunities,
management further skill development key concepts
intensify these risks. programmes, and - Improving living conditions,
community development fun at work, flexi working
- Emphasis on Hazard projects, can foster hours as per requirement,
Identification and Risk positive relationships and focusing on health, poverty
Assessment, HAZOP (Hazard contribute to sustainable eradication, quality education,
and Operability Study), and development. equal opportunities, biodiversity
Health and safety JSA (Job Safety Analysis), preservation, sustainable
pose significant risks incident investigation and livelihoods, and community
for PCBL. Failure to training infrastructure.
ensure a safe working - Occupational health - PCBL’s social initiatives are
environment can lead and safety management overseen by a board-level
to accidents, injuries, programme across all plants. There is Corporate Social Responsibility
and potential harm to positive (CSR) committee.
employees ultimately - Plants certified with ISO
45001:2018 standard. financial
4. leading to disruption in implication - Initiative for Life cycle
Health and operations. - Established Safety of ensuring assessment of the product
Safety Committee across all plants, Health and Inadequate and taking action to reduce
Non-compliance with which consists of Unit Head Safety. management of the impact of its product on
health and safety (Chairperson), Safety Head product life cycles the environment.
regulations can lead (Secretary), all department There is
to legal penalties, including raw - Adherence to applicable
heads and contract worker positive
material sourcing, national and international
reputational damage, representatives representing financial
and workforce 6. manufacturing, use, regulations (e.g., REACH,
each contractor. implication
dissatisfaction. Product and disposal, can ROHS), emphasising of Product
- Strict adherence to SOPs for Stewardship result in environmental continuously on updating Stewardship
following the highest level of pollution and domain knowledge
health and hygiene. regulatory non- through R&D, analysing and
compliance. highlighting implications
and staying ahead of the
compliance curve.
280 281
Financial SECTION B MANAGEMENT AND PROCESS DISCLOSURES

implications
of the risk or This section is aimed at helping businesses demonstrate the structures, policies and processes put in place
Indicate opportunity towards adopting the NGRBC Principles and Core Elements.
whether (Indicate
risk or Rationale for positive or
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
S. Material issue opportunity identifying the risk/ In case of risk, approach to negative
No. identified (R/O) opportunity adapt or mitigate implications) Policy and management processes
1. A. Whether your Company’s policy/ Y Y Y Y Y Y Y Y Y
policies cover each principle and its
Failure to assess and core elements of the NGRBCs. (Yes/No)
mitigate potential health
b. Has the policy been approved by the Y Y Y Y Y Y Y Y Y
and safety risks associated
Board? (Yes/No)
with products can lead
to harm to users and c. Web Link of the Policies, if available The policies are uploaded on the website of the Company
consumers. at www.pcblltd.com under the segment ‘Investor
Increasing public Relations’ and ‘Sustainability’
awareness and regulatory 2. Whether the Company has translated the Y Y Y Y Y Y Y Y Y
scrutiny on product safety policy into procedures. (Yes/No)
and sustainability intensify
3. Do the enlisted policies extend to your Y Y Y Y Y Y Y Y Y
these risks.
value chain partners? (Yes/No)
- Appointment of a Lead
Independent Director to 4. Name of the national and international
ensure a strong governance codes/certifications/labels/ standards
ISO 45001:2018, ISO 27001:2022
ISO 45001:2018, ISO 27001:2022

ISO 14001:2015, ISO 45001:2018,
ISO 14001:2015, ISO 45001:2018,

ISO 9001:2015, IATF 16949:2016,
ISO 9001:2015, IATF 16949:2016,
ISO 9001:2015, IATF 16949:2016,
ISO 9001:2015, IATF 16949:2016,
ISO 9001:2015, IATF 16949:2016,

ISO 14001:2015, ISO 27001:2022
ISO 14001:2015, ISO 27001:2022

ISO 9001:2015, IATF 16949:2016
structure.
ISO9001:2015,IATF 16949:2016,
(e.g. Forest Stewardship Council, Fairtrade,
ISO 9001:2015, IATF 16949:2016,

Strong leadership and - Highly experienced and Rainforest Alliance, Trustee) standards (e.g.
effective governance active Board of Directors SA 8000, OHSAS, ISO, BIS) adopted by your
practices can enhance

committed to upholding the Company and mapped to each principle.
transparency, highest level of corporate
accountability, and governance.
ethical conduct within
ISO 27001:2022
ISO 27001:2022
ISO 27001:2022
ISO 27001:2022
- Individuals from diverse
ISO 27001:2022
the organisation.
backgrounds with expertise,
This fosters trust
in the BoD providing
among stakeholders, valuable guidance to senior
including investors, management.
employees, customers,
and the community. - Composition of the Board
Effective governance includes executive directors, 5. Specific commitments, goals and targets Environmental Commitments: PCBL is committed
structures provide clear non-executive directors, and set by the Company with defined timelines, to minimising its environmental impact by reducing
non-executive independent if any. resource consumption, mitigating greenhouse gas
direction, strategic There is
non-executive directors.
decision making, and positive emissions, conserving water, managing waste responsibly,
risk management, - Six board committees financial and adopting sustainable practices throughout its
enabling PCBL to constituted to review and implication operations.
7. address specific concerns
Leadership navigate challenges from
and impact areas, playing Social Commitments: PCBL prioritises the well-being and
and and seize opportunities. leadership
a crucial role in the safety of its employees, promotes diversity and inclusion,
Governance By promoting diversity and
organisation. respects human rights, and supports community
in leadership and governance.
development. The Company strives to maintain
embracing innovative - These committees
ethical labor practices, provide a safe and healthy work
ideas, PCBL can drive contribute to effective
decision-making and environment, and engage in community initiatives that
organisational growth
oversight in areas such as contribute to social progress.
and resilience.
Furthermore, a robust audit, sustainability and risk Governance Commitments: PCBL emphasises strong
governance framework management, corporate corporate governance practices, transparency, and
can attract socially social responsibility, evaluate accountability. The Company adheres to legal and
responsible investors the performance of the regulatory requirements, maintains high standards of
and enhance the Board of Directors, look integrity, and ensures responsible management of its
Company’s reputation, into various aspects of business operations. PCBL also upholds ethical business
positioning PCBL as a shareholders’ complaints conduct, promotes fair and equitable treatment of
responsible and trusted and review the performance stakeholders, and fosters a culture of integrity and
business entity in the of the Board as a whole. compliance.
market. - Specialised expertise and
ensure adherence to best For further details, please refer to pages 230-271 of the
practices, enhancing overall Integrated Annual Report
governance and accountability
within PCBL.
282 283
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

6. Performance of the Company against the PCBL’s ESG commitments are closely monitored and 8. Details of the highest authority responsible At the highest level, the Sustainability and Risk
specific commitments, goals and targets evaluated by various committees led by the Management for implementation and oversight of the Management Committee, headed by the Managing
along-with reasons in case the same are not and Board of Directors. These committees play a vital role in Business Responsibility policy (ies). Director, who is the Chairman of the Committee holds
the key responsibility of safeguarding and evaluating
met. assessing the effectiveness of each principle and ensuring the Business Responsibility (BR) performance of the
their implementation throughout the organisation. Company.
They regularly review the Company’s ESG performance,
The Corporate Social Responsibility (CSR) Committee,
identify areas for improvement, and develop strategies to under the purview of the Board of Directors, supervises
enhance sustainability, social responsibility, and corporate various aspects related to corporate social responsibility
governance practices. Through these evaluations, PCBL and other relevant matters. This committee develops an
aims to maintain transparency, accountability, and Annual Action Plan in accordance with the CSR Rules
and the Company’s CSR Policy, which is periodically
continuous improvement in its ESG initiatives. The active
revised. All CSR projects and programs are undertaken,
involvement of committees helps to drive the Company’s monitored, evaluated, and reported as per the CSR Rules.
commitment to responsible business practices and achieve
To ensure a comprehensive assessment of the Company’s
its long-term ESG goals. sustainability objectives, the Board of Directors expanded
For further details, please refer to pages 46-50 of the the scope of the Sustainability and Risk Management
Committee (SRM) and subsequently renamed it to reflect
Integrated Annual Report
its enhanced focus. The SRM Committee is responsible for
Governance, leadership, and oversight reviewing the Company’s sustainability agenda, including
measures that uphold its commitment to sustainability
7. Statement by director responsible for the business responsibility report, highlighting ESG related and align its long-term strategy with the creation of
challenges, targets and achievements (listed company has flexibility regarding the placement of this shared value.
disclosure)
Among its responsibilities, the SRM Committee evaluates
We are pleased to present PCBL’s Business Responsibility and Sustainability Report for FY23-24, the Company’s initiatives and strategies related to climate

acknowledging the unwavering trust and support of our stakeholders. Our sustainability journey has been change, water management, and responsible sourcing.
marked by significant milestones and achievements, showcasing our continuous progress towards a more It also oversees the implementation of human rights due
diligence, promotes diversity, inclusion, and employee
sustainable future.
health and well-being. Furthermore, the SRM Committee
During the financial year, we have made considerable strides in aligning with our Environment, Social, and ensures compliance with all policies and regulatory
reporting requirements stipulated under the SEBI Listing
Governance (ESG) objectives, particularly in environmental stewardship. Our key efforts have focused on
Regulations.
enhancing energy efficiency, reducing emissions, minimising water consumption, and managing waste
effectively. A comprehensive carbon footprint assessment was conducted across all manufacturing plants 9. Does the Company have a specified The oversight of sustainability initiatives within your
Committee of the Board/ Director Company has been assigned to the SRM Committee
and offices. To mitigate greenhouse gas (GHG) emissions, we have adopted several initiatives, including responsible for decision making on by the Board of Directors. The Committee convenes a
upgrading our technology to more energy-efficient systems, implementing stringent emission control sustainability related issues? If yes, provide minimum of two times annually and consists of four
measures. Our strategy involves continuous monitoring and improvement of these initiatives to ensure details. Directors, including one Executive Director and three
their effectiveness and sustainability. Non-Executive Independent Directors.
Mr. Kaushik Roy assumes the overall responsibility for
PCBL extends its sustainability approach throughout our supply chain by supporting our partners in
Business Responsibility (BR) activities.
mitigating environmental impacts. Regular supplier audits ensure adherence to our stringent policies
and procedures. Our social investment strategy emphasises enhancing the operating ecosystem through DIN: 06513489
community engagement and infrastructure development. Key focus areas include promoting good health, Name: Mr. Kaushik Roy
eradicating poverty, providing quality education, ensuring equal opportunity, preserving biodiversity, Designation: Managing Director, Chairman of the
supporting sustainable livelihoods, and developing community infrastructure. Sustainability and Risk Management Committee
Telephone No: 033 – 4087 0500/0600
We regard our employees as our most valuable asset. Significant investments have been made in their Email ID – pcbl.investor@rpsg.in
development through technology, infrastructure, training, and processes, equipping them with the
necessary skills for future challenges. We prioritise creating a safe and stimulating workplace, attending 10. Details of Review of NGRBCs by the Company:
to the physical and mental well-being of our employees through regular interactions and the provision of Subject for Review Indicate whether review was Frequency (Annually/ Half yearly/
essential amenities. undertaken by Director/Committee Quarterly/ Any other – please
of the Board/ Any other Committee specify)
PCBL takes pride in its unwavering commitment to sustainable development, exemplified through our
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
actions and behaviours. We are dedicated to continuous evolution and believe we will set new benchmarks
Performance against above Y Y Y Y Y Y Y Y Y Quarterly
in achieving our targeted ESG goals.
policies and follow up action
Compliance with statutory Y Y Y Y Y Y Y Y Y Quarterly
requirements of relevance
to the principles, and
rectification of any non-
compliances
284 285
11. Has the Company carried out independent assessment/ evaluation of the working of its policies by an
SECTION C PRINCIPLE WISE PERFORMANCE DISCLOSURE
external agency? (Yes/No). If yes, provide name of the agency.
Businesses should conduct and govern themselves with integrity, and in a manner
P1 P2 P3 P4 P5 P6 PRINCIPLE 1 that is Ethical, Transparent and Accountable.
No No No No No No
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the
P7 P8 P9 financial year:
Total % age of persons

No No No number of in respective
training and category
awareness covered by
programmes Topics/principles covered under the the awareness
12. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be
Segment held training and its impact Programmes
stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Familiarisation programs covering
The Company does not consider the principles material
issues relating to Strategy/Industry
to its business (Yes/No)
trends, Ethics & Governance and
The Company is not at a stage where it is in a position Legal & Regulatory matters, Safety,
to formulate and implement the policies on specified Health and Environment and business
Not applicable, since all principles are covered 4 100%
principles (Yes/No) Board of aspects relating to Sustainability and
by the existing policies of PCBL.
The Company does not have the financial or/human and Directors

Operational Governance.
technical resources available for the task (Yes/No)
Impact: Adherence to Good
It is planned to be done in the next financial year (Yes/No) Governance practices and insights
Any other reason (please specify)
Programs covering issues relating to :
Anti- Bribery and Anti – Corruption,
Insider Trading Training, ESG awareness,
Cyber Security, POSH Policy, Safety
4 100%
Key training
Managerial Impact: Adherence to Good
Personnel
Governance practices, behaviour and
insights into the ESG domain.
70% - Technical Based Training

Programme
No of training
programmes: 20% - Safety Based Training Programme
659 10% - Behavioural Based
Employees Manhours
100%
Impact:
other than involved:
BoD and Bringing in overall improvement in
79055
KMPs the performance of the employees to
enhance the organisational efficiency
Programs covering issues related to:

i. 7 – QC Tools
No of training
programmes: ii. Human rights
740 iii. POSH awareness
Manhours
100%
iv. Safety trainings
Workers involved:
26,980 Impact: Insights and awareness w.r.t
productivity, safe and secure working
conditions.
286 287
2. Details of fines/penalties/punishment/ award/ compounding 5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
fees/ settlement amount paid in proceedings (by the Company or enforcement agency for the charges of bribery/ corruption:
by directors/KMPs) with regulators/ law enforcement agencies/ FY 2023-24 FY 2022-23
judicial institutions, in the financial year: (Current Financial Year) (Previous Financial Year)
During FY 2023-24, no fines/ penalties/ punishment/ award/ Directors
compounding fees/ settlement amount was paid in proceedings by KMPs
the Company or by Directors/ KMPs with regulators/ law enforcement None None
Employees
agencies/ judicial institutions.
Workers
(Note: These disclosures are on the basis of materiality as specified
6. Details of complaints with regard to conflict of interest:
in Regulation 30 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and as disclosed on the Company’s FY 2023-24 FY 2022-23
website). (Current Financial Year) (Previous Financial Year)
However, an Order has been issued by the Office of the Deputy Number Remarks Number Remarks
Commissioner, Central Tax & Excise, Perumbavoor Division, Number of complaints received in relation to issues of
Department of Revenue, Ministry of Finance, Government of India, Conflict of Interest of the Directors Not Not
confirming a demand of tax of ` 7,46,626/- along with the applicable Nil Nil
Conflict of Interest of the KMPs applicable applicable
interest on the above demand and penalty of ` 74,663/- during the
period July 2017 to July 2018. 7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and
The Company shall challenge the said Order by way of filing an
conflicts of interest.
appeal before the relevant authority, within the prescribed time limit,
based on strong grounds in its favour. Not Applicable as no cases of corruption and conflicts of interest were notified in the reporting period.
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases 8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in

where monetary or non-monetary action has been appealed. the following format:
Not applicable. FY 2023-24 FY 2022-23

(Current Financial Year) (Previous Financial Year)
4. Does the Company have an anti-corruption or anti-bribery policy? If
yes, provide details in brief and if available, provide a web-link to the Number of days of accounts payable 93 76
policy.
Code of Business Ethics & Conduct: The Company has laid down 9. Open-ness of business
two separate Codes of Business Ethics & Conduct– one for Board Provide details of concentration of purchases and sales with trading houses, dealers, and related parties
Members and Senior Management Personnel (including those along-with loans and advances & investments, with related parties, in the following format:
deputed in Subsidiaries/ Joint Ventures) in alignment with the
Company’s vision & mission and aims at enhancing ethical and FY 2023-24 FY 2022-23
transparent processes in managing the affairs of the Company and Parameter Metrics (Current Financial Year) (Previous Financial Year)
the other employees. Concentration a. Purchases from trading houses as % of N.A. N.A.
of purchases total purchases
Define the desirable and non-desirable acts and conduct for the
employees and extend to all employees working with it (including b. Number of trading houses where N.A. N.A.
purchases are made from
those deputed in Subsidiaries/ Joint Ventures). The aspects of Bribery
and Corruption are also covered under the Code of Ethics and c. Purchases from top 10 trading houses as N.A. N.A.
% of total purchases from trading houses
Compliance Standard. There is a laid down procedure for action in
Concentration a. Sales to dealers / distributors as % of total 4.85% 6.22%
the case of non-compliance with the defined terms as well as for any
of Sales sales
misconduct.
b. Number of dealers / distributors to 13 14
Whistle Blower Policy: The Whistle Blower policy provides a system whom sales are made
for disclosures made by employees or complaint of any fraud or c. Sales to top 10 dealers/distributors as % 97.98% 97.21%
suspected fraud involving employees of the Company (all full time, of total sales to dealers / distributors
part-time or employees appointed on adhoc/ temporary/contract Share of RPTs a. Purchases (Purchases with related 0.01% 0.27%
basis) as well as representative of vendors, suppliers, contractors, in parties / Total purchases)
service providers or any outside agency(ies) doing any type of b. Sales (Sales to related parties / Total 2.61% 3.34%
business with the Company. sales)
c. Loans & advances (Loans & advances 100% 100%
The Company has an Anti-Bribery policy and Code of Ethics and given to related parties / Total loans &
Compliance Standard in which anti-corruption has been addressed. advances)
These policies can be accessed through the web-link provided: d. Investments (Investments in related 99.97% 99.94%
https://www.pcblltd.com/responsibility/policies. parties / Total investments made)
288 289
Leadership Indicators
Businesses should provide goods and services in a manner that is sustainable and
PRINCIPLE 2 safe.
1. Awareness programmes conducted for value chain partners on any of the principles during the
financial year:
Topics/principles covered under the 1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve
Total number of awareness held the environmental and social impacts of product and processes to total R&D and capex investments
training
made by the Company, respectively.
FY 2023-24 FY 2022-23
Current Previous Details of improvements in
All raw material suppliers were
made aware regarding sustainability 24 Financial Year Financial Year environmental and social impacts
procurement as envisaged by PCBL
and their role in the same during one- - The R&D’s focus is to develop carbon blacks to
on-one meetings. % age of value chain programmes improve fuel economy of vehicles continues
All packaging suppliers were made partners covered (by value of along with technology development for
business done with such partners) 24% 22%
aware about their role in making lowering content of Polycyclic Aromatic
the supply chain sustainable under the awareness programmes R&D Hydrocarbons (PAHs) to fulfil regulatory
and the importance and process compliance and moving towards sustainable
of sustainability audit of their
platform.
manufacturing facilities.
94% - R&D is probing for carbon blacks to
support current trends of mobility solution

42.6% 40.8% encompassing energy storage. Research and
2. Does the Company have processes in place to avoid/ manage conflict of interests involving Capex development activities are also considering the
members of the Board? If yes, provide details of the same. practicality of utilising renewable carbon black
Yes, we have laid down guidelines to manage or avoid conflict of interest involving members of the Board. feedstock (CBFS) in the manufacturing process
of carbon black.
These guidelines are incorporated in the organisation’s ‘Code of Conduct [CoC] for Board of Directors and
Senior Management’. All applicable members are expected to dedicate their best efforts and decisions
to advance the Company’s interests. Any situation that involves or is reasonably expected to involve in a
2. a. Does the Company have procedures in place for sustainable sourcing? (Yes/No)
conflict of interest shall be promptly reported.
Yes, PCBL has a well-defined Sustainable Procurement Policy and Supplier Code of Conduct for
The CoC covers the following aspects of Conflict of Interest:
sustainable sourcing.
Corporate Business Opportunity
The Company adopts highly standardised procurement processes which integrates ethical,
Payment or gift from others environmental and social criteria. The Company also engages with its suppliers to sensitise them
on sustainability issues which can pose a threat to its business operations and in turn can impact
Company property
on its business continuity. The ‘Supplier Code of Conduct’ sets standards aligned with the SDGs
Confidential Information and UNGC-CDP Principles, which are expected to be followed by suppliers engaged in business
with the Company.
PCBL has partnered with EcoVadis to share the best sustainability practices, and assess the
sustainability profiles of its key suppliers as a part of PCBL’s Sustainable Procurement program.
b. If yes, what percentage of inputs were sourced sustainably?

35% of the packaging material was sourced sustainably.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing
at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other
waste.
PCBL’s ‘carbon black’ product acts as raw material for the other manufacturing companies, making it
difficult to reclaim the product. However, the Company is exploring the possibility of extracting carbon
black from the disposed tyres, in collaboration with the tyre manufacturers. This will help to reduce the use
of consumption of virgin material and would substantially affect the cost as well.
290 291
4. Whether Extended Producer Responsibility (EPR) is applicable to the Company’s activities. If yes,
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan Businesses should respect and promote the well-being of all employees, including
PRINCIPLE 3 those in their value chains.
submitted to Pollution Control Boards? If not, provide steps taken to address the same.
No. The utilisation of recovered Carbon Black has the potential to cut carbon footprints by around 80%,
leading to increased efforts from major tyre manufacturers. However, in India, the technology is still
under development. While tyre manufacturers have implemented EPR practices, its applicability to our
industry is currently being explored. 1. a. Details of measures for the well-being of employees:
% of employees covered by
Health Accident Maternity Paternity Day Care
Insurance Insurance benefits Benefits Facilities
1. Has the Company conducted Life Cycle Perspective/Assessments (LCA) for any of its products?
Total Number % Number % (C/ Number % (D/ Number % (E/ Number % (F/
The Company has not conducted any life cycle assessment for the products till date. However, initiative
Category (A) (B) (B/A) (C) A) (D) A) (E) A) (F) A)
has been taken to carry out the LCA for products and it is expected to be completed by August 2024.
2. If there are any significant social or environmental concerns and/or risks arising from production or
disposal of your products/services, as identified in the Life Cycle Perspective/Assessments (LCA) or Permanent employees
through any other means, briefly describe the same along-with action taken to mitigate the same. Male 944 944 100% 944 100% N.A. N.A. 944 100% 944 100%
Not Applicable. We are in the process of carrying out the Life Cycle Assessment in the coming year. Female 59 59 100% 59 100% 59 100% N.A. N.A. 59 100%
Total 1003 1003 100% 1003 100% 59 100% 944 100% 1003 100%
3. Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry).
Recycled or re-used input material to total Other than Permanent employees*

material Male N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
FY 2023-24 FY 2022-23 Female N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Indicate input material Current Financial Year Previous Financial Year
Total N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Water 9.8% 9.7% *The well-being of other than permanent employees are managed through contractual terms and conditions.
(% of recycled water in total water consumption, by
volume)
b. Details of measures for the well-being of workers:
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, % of workers covered by
recycled, and safely disposed, as per the following format: Health Accident Maternity Paternity Day Care
Insurance Insurance benefits Benefits Facilities
FY 2023-24 FY 2022-23
Total Number % (B/ Number % (C/ Number % (D/ Number % (E/ Number % (F/
Current Financial Year Previous Financial Year
Category (A) (B) A) (C) A) (D) A) (E) A) (F) A)
Safely Safely
Re-Used Recycled Disposed Re-Used Recycled Disposed
Plastics (Including packaging) 17.4 MT 0 0 0.82 MT 0 0 Permanent workers
E-waste Nil Nil Nil Nil Nil Nil Male 272 272 100% 272 100% N.A. N.A. 272 100% 272 100%
Female 0 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Hazardous waste Nil Nil Nil Nil Nil Nil
Total 272 272 100% 272 100% N.A. N.A. 272 100% 272 100%
Other Waste Nil Nil Nil Nil Nil Nil
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product
category. Other than Permanent workers
Male 730 730 100% 730 100% N.A. N.A. 730 100% 730 100%
FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year) Female 15 15 100% 15 100% 15 100% N.A. N.A. 15 100%
%age 2.0% 0.043% Total 745 745 100% 15 100% 15 100% 730 100% 745 100%
292 293
c. Spending on measures towards well -being of employees and workers (including permanent and
other than permanent )in the following format –
FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year) Does the Company have an equal opportunity policy as per the Rights of Persons with Disabilities
4.
Cost incurred on well- being measures as a % of total 3.6% 3.2% Act, 2016? If so, provide a web-link to the policy.
revenue of the Company
Yes, our Equal Employment Opportunity Policy showcases our commitment to equal opportunity.
Our unwavering commitment to delivering value while nurturing and promoting diversity across our
2. Details of retirement benefits, for FY 2023-24 and FY 2022-23: operation aids in promoting an environment of trust, empathy and mutual respect.
FY 2023-24 FY 2022-23 The policy can be accessed at https://pcblltd.com/responsibility/policies

Deducted Deducted 5. Return to work and Retention rates of permanent employees and workers that took parental leave.
No. of No. of and No. of No. of and
employees workers deposited employees workers deposited All the employees who took parental leave during the reporting year, returned to work and have been
covered as covered as with the covered as covered as with the retained till present.
a % of total a % of total authority a % of total a % of total authority
Benefits employees workers (Y/N/N.A.) employees workers (Y/N/N.A.) Permanent employees Permanent workers
Gender Return to work rate Retention rate Return to work rate Retention rate
Male 100% 100% 100% 100%

100% 100% Yes 100% 100% Yes
Provident Fund Female 100% 100% 100% 100%
Total 100% 100% 100% 100%
100% 100% Yes 100% 100% Yes 6. Is there a mechanism available to receive and redress grievances for the following categories of

Gratuity employees and worker? If yes, give details of the mechanism in brief.
Yes/No (If yes, then give details of the mechanism in brief)
ESI/Similar Workers can raise their issues through sectional head, HOD, and Unit Head in
- 100% Yes - 100% Yes
benefit (Eligible the respective order who resolve the issues.
employees as
Grievance/Suggestion box have been placed in conspicuous places to drop their
per law)
issues and it is addressed by plant HR.
The Union also brings the issues direct to HR/IR Head for resolution.
Not applicable Permanent
Quarterly Townhall meetings chaired by Plant Heads are conducted to redress
Workers
Others – issues, if any.
Contractual workers can also raise their issues through sectional head, HOD, and
3. Accessibility of workplaces Unit Head in the respective order who resolve the issues.
Are the premises/offices of the Company accessible to differently abled employees and workers, Other than
as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any Permanent
steps are being taken by the Company in this regard. Workers
In conformance with our Equal Employment Opportunity Policy as well as the employee Code
of Conduct, we are an equal opportunity employer and ensure that the Company fulfils the Yes, PCBL employees can submit their grievances in the Leena AI chatbot
requirements of the Rights of Persons with Disabilities Act, 2016. All PCBL offices are equipped that sends surveys to the respective employees and captures the mood score
with necessary infrastructure so as to ensure easy and equal access to persons with disabilities. accordingly.
We have dedicated ramps at the office entrances. Special toilets have been designed for persons
It is an autonomous conversational AI-backed platform that helps organisations
with disabilities. Elevators are available in our multi-storey office buildings to ensure that no
to achieve better employee experience.
inconvenience is faced by our physically challenged employees. We take special care in assigning
Permanent
the jobs to them so that their physical limitations do not come in the way of their performance and Sampark: Conducted once in a quarter for teams to connect with our MD and
Employees
career aspirations. senior leadership team in which employee grievances are addressed.
294 295
9. Details of performance and career development reviews of employees and workers:
FY 2023-24 FY 2022-23
(Current Financial year) (Previous Financial Year)
NA
Category Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Other than
Permanent
Employees Employees
Male 944 944 100% 843 843 100%
7. Membership of employees and workers in association(s) or Unions recognised by the listed Company:
Female 59 59 100% 51 51 100%
FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year) Total 1003 1003 100% 894 894 100%
No. of No. of
employees/ employees/ Workers
workers in workers in
respective respective Male 272 272 100% 283 283 100%
Total category, Total category, Female 0 0 0 1 1 100%
employees/ who are employees/ who are
workers in part of workers in part of Total 272 272 100% 284 284 100%
respective association(s) respective association(s)
Category category (A) or Union (B) % (B/A) category (C) or Union (D) % (D/C)
10. Health and safety management system:
Total Permanent
Employees
Nil
- Male

- Female
Total Permanent
272 272 100% 284 284 100%
Workers
a. Whether an occupational health and safety
- Male 272 272 100% 283 283 100%
management system has been implemented by the
- Female 0 0 NA 1 1 1 Company? If yes, the coverage of such system?
YES, all of the manufacturing sites of PCBL are ISO

8. Details of training given to employees and workers:
45001:2018 certified. PCBL has an Occupational
FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year) Health and Safety Management System in place that
has been implemented at all the manufacturing
On Health and On Skill On Health and On Skill facilities.
safety measures upgradation safety measures upgradation
Total Total The Company’s Safety, Health and Environment
Category (A) No. (B) % (B /A) No. (C) % (C/A) (D) No. (E) % (E/D) No. (F) % (F/D) (SHE) Policy provides the measures that should be
taken to provide safe working environment to all. The
Company has introduced an occupational health and
safety management programme across its plants,
Employees focusing on imparting safety awareness amongst
employees, contractors and vendors to ensure that
Male 944 939 99.5% 902 95.6% 843 843 100% 843 100%
there are no safety related incidents or injuries.
Female 59 50 84.7% 50 84.7% 51 51 100% 51 100% All the employees and workers are motivated
894 to work safely by delivering the “Toolbox Talk” (a
Total 1003 989 98.6% 952 94.9% 894 100% 894 100%
short presentation on health and safety) before
commencing any job. The Safety display and
caution boards are strategically placed in the plant
Workers area to educate the workers and employees about
the hazards and safety instructions. Additionally,
Male 272 272 100% 272 100% 283 283 100% 261 92% visitors, customers, and business officials undergo
1 comprehensive safety induction before entering the
Female 0 0 0 1 100% 1 100%
plant premises in a safety training kiosk.
Total 272 272 100% 272 100% 284 284 100% 262 92%
296 297
11. Details of safety related incidents, in the following format:
Employees Workers
b. What are the processes used to identify work-related hazards and assess risks on a routine and
non-routine basis by the Company? FY 2023-24 FY 2022-
Current 23 Previous
Work related hazards at PCBL are identified through HIRA (Hazard Identification and Risk Safety Incident/Number Category * Financial Year Financial Year
Assessment), HAZOP (Hazard and Operability Study), and JSA (Job Safety Analysis) Techniques.
The work related hazards are reported through Learning Event (LE) reporting system. Permit
to Work system is followed for all activities conducted within the plant premises. For high risk 0 0
activities, Job Safety Analysis (JSA) is also performed. Pre Start-up Safety Review (PSSR) is done Lost Time Injury Frequency
Rate (LTIFR) (per one million-
before starting of any new project.
person hours worked)
Regular audits, including flash audits (Permit to Work audit), are carried out by the safety 0 0.71
committee team members within the plant area. Internal audits, conducted by auditors certified
on ISO 45001:2018, proactively assess risks and ensure appropriate actions are taken.
7 0
Total recordable work-related
injuries (First-Aid injuries)
36 41
c. Whether you have processes for workers to report the work-related hazards and to remove

themselves from such risks. 0 0
YES, PCBL has implemented Learning Events (LE) system for all its employees to report any unsafe
No. of fatalities
conditions, unsafe acts, and near misses.
0 0
The objective of LE reporting system is to identify the hazards associated with the respective
jobs and take proactive actions to eliminate or control them, ensuring a safe workplace for the
employees and workers.
High consequence work- 0 0

related injury or ill-health
(excluding fatalities)
(Lost Time Injuries) 0 2
d. Do the employees/ worker of the Company have access to non-occupational medical and * including the contract workforce
healthcare services?
All the employees and workers can access the Occupational Health Centre (OHC) at plants/sites
12. Describe the measures taken by the Company to ensure a safe and healthy workplace.
for any non-occupational medical and healthcare services.
The Company has established a Safety Committee across all its plants consisting of Unit Head as the
A group medical coverage insurance is provided to the employees. Also, the Company has signed Chairperson, Safety Head (Secretary), all department heads and contract worker representatives. The
MOU with the nearby hospitals to handle any medical emergency. committee reviews the safety performance at the plant level based on which necessary actions are
initiated with approval from management.
Workers are also members of the safety committee, wherein they can put forward their thoughts
related to the safety matters. The collective participation allows the employees and workers to discuss
the related matters with management and take necessary decisions. Moreover, the legal team ensures
compliance with all the applicable laws, regulations governing health & safety parameters.
The Company provides proper training to employees on occupational health and safety topics like
working in confined spaces, work at height, Lock Out Tag Out (LOTO), Forklift Operations, Material
Handling, Behaviour-Based Safety (BBS), use of personal protective equipment, general safety awareness.
Medical Check-up of all Employees and contract workmen is conducted every year and necessary
298 299
preventive actions are taken. The OHC centre is available at the plant premises to provide immediate 2. Provide the measures undertaken by the Company to ensure that statutory dues have been
medical assistance for workers and employees. The regular safety inspections are conducted in the plant deducted and deposited by the value chain partners.
to check the unsafe conditions & acts. The emergency preparedness is ensured in the plant through PCBL closely tracks and monitors whether statutory dues deducted/collected by its value chain partners
conducting the mock drills and creating the awareness among the employees and workers. To execute have been deposited properly and timely with government and credit of same is flowing to PCBL.
the work safely, a Daily Management Team (Cross functional Team) has been formed to discuss on the
job safety and permit system for the next day’s jobs. The planned jobs stating the precautions and safety
3. Provide the number of employees/workers having suffered high consequence work related injury/ill-
measures that are to be taken are documented and shared with all the concerned persons on daily basis.
health/fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and
The Company has certified first aid providers at Plant level who are competent enough to give first aid
placed in suitable employment or whose family members have been placed in suitable employment.
treatment in case of any incident.
No. of employees/workers that are
rehabilitated and placed in suitable
13. Number of Complaints on the following made by employees and workers:
employment or whose family members
FY 2023-24 FY 2022-23 Total no. of affected employees/ workers have been placed in suitable employment
FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23
Pending Pending (Current Financial (Previous Financial (Current Financial (Previous Financial
resolution at resolution at Year) Year) Year) Year)
Filed during the end of Filed during the end of
the year year Remarks the year year Remarks Employees
Nil
Working Workers
Conditions Nil Nil
Health & Safety 4. Does the Company provide transition assistance programmes to facilitate continued employability and
the management of career endings resulting from retirement or termination of employment?
14. Assessments for the year: PCBL currently does not offer any such programmes.

% of your plants and offices that were assessed (by Company or statutory authorities or third parties)
5. Details on assessment of value chain partners:
100% 100%
Health % of value chain partners (by value of business
(ISO 45001:2018 Working (WASH audit by IR done with such partners) that were assessed
and safety
audit by IR class Conditions Class done)
practices
done) Health 94% value chain partners (by value of business done with such partners) were
and safety assessed by using structured questionnaire which includes ESG parameters along
practices with QMS, EMS and OHSMS.
15. Provide details of any corrective action taken or underway to address safety-related incidents (if
any) and on significant risks/concerns arising from assessments of health & safety practices and PCBL regulates the practices of its suppliers by encouraging them to adhere
working conditions. to applicable laws & regulations in respective areas of operation. They also have
Safety training KIOSK are available round the clock at the manufacturing plants, allowing employees to a sustainable procurement policy, human rights policy, and supplier code of
access essential safety information at any time, demonstrating safety induction training videos to new conduct to ensure all suppliers are aligned to the Company’s principles of fair
employees , contractor workmen and visitors and generating gate pass for new employees & visitors. business practices, compliance to environmental laws and industry standards, and
Working prohibition of any kind of child labour. PCBL encourages them to have their own
PCBL has developed the Contractor Safety Management system in which all contractors are counselled Conditions policies and processes in place, ensuring an ethical and sustainable supply chain. All
for safety work approach by reviewing their work practices and guiding them to follow best safety its suppliers are regularly audited against these parameters to find deviations, if any.
practices. To improve the awareness Safety suggestion box installed at plant locations seeking
suggestions from all concerned on the opportunities for improvement.
6. Provide details of any corrective actions taken or underway to address significant risks/concerns
arising from assessments of health and safety practices and working conditions of value chain
partners.
Not applicable. No significant risks/ concerns were observed from assessments of selected suppliers with
respect to health and safety practices and working conditions.
1. Does the Company extend any life insurance or any compensatory package in the event of death
of (A) Employees (B) Workers?
Yes, the Company has a Term Life Insurance Policy in place covering all its Employees and Workers
in the event of their death.
300 301
2. List stakeholder groups identified as key for your Company and the frequency of engagement with
Businesses should respect the interests of and be responsive to all its each stakeholder group.
PRINCIPLE 4 stakeholders
Channels of
communication
Essential Indicators (Email, SMS,
Newspaper,
Pamphlets, Frequency of
1. Describe the processes for identifying key stakeholder groups of the Company. Whether Advertisement, engagement
PCBL recognises the role of stakeholder partnerships in company’s sustainability as reflected in the identified as Community (Annually/ Half Purpose and scope of
vision statement. Key stakeholders, affected most by the Company’s business are identified based Vulnerable & Meetings, Notice yearly/ Quarterly/ engagement including key
Stakeholder Marginalised Board, Website), others – please topics and concerns raised
on their involvement in making strategic decisions, minimising risk, providing resources, running the Group Group (Yes/No) Other specify) during such engagement
operations smoothly, helping the organisation to reach its goals and in growing the business. We are
committed to engaging openly and authentically with our stakeholders to enhance co-operation and No • People Connect • Sampark Live- • Employee welfare
mutual support for a sustainable relationship. (Quarterly)
Series • Strategic direction and
Following steps are followed to identify and prioritise the key stakeholders. Employees • Sampark Live- Performance
• Townhall
PCBL Townhall (Monthly) • Transparent communication
Understanding and identifying key stakeholders; whether general key stakeholders and key • Certified General • Diversity and inclusion
a. Management
stakeholders for particular project. • Career growth and
Programme progression
• EMBARK • Learning and development
PCBLite opportunities
b. Determining their impact on Business (Direct or Indirect) • Leena AI • Regular engagement
chatbot
• Health, safety and
environmental standards

• Effective grievance
c. Knowing their needs in relation to the business mechanisms
No • Meetings and Annually • Local procurement and

workshops resource support
Prioritisation of the list based on evaluation of the stakeholders on the list, determination of • Regular • Responsible sourcing along
d.
which stakeholders affect most the business as well as who are affected most by the business Supply chain compliance and the supply chain Quality and
partners risk assessments service
• Discussions • Timely payments
• Sustainability of the business
and associated risks
• Statutory and legal
compliances
• Health and safety needs
• Environmental and social
issues
• Rationalising costs
No • Regular Quarterly • Customised grades of carbon

interactions black to meet specific
requirements
Customers • Regular digital
customer • Sustainable packaging
interface • Product innovation
• Collaboration • Quality and service
on product
• Responsible sourcing along
innovation
the supply chain
• Customer and
industry events
and exhibitions
• Regular
customer
satisfaction
surveys
302 303
Channels of Leadership Indicators

communication
(Email, SMS,
Newspaper,
Pamphlets, Frequency of 1. Provide the processes for consultation between stakeholders and the Board on economic, environmental,
Whether Advertisement, engagement and social topics or if consultation is delegated, how is feedback from such consultations provided to the
identified as Community (Annually/ Half Purpose and scope of Board.
Vulnerable & Meetings, Notice yearly/ Quarterly/ engagement including key
Stakeholder Marginalised Board, Website), others – please topics and concerns raised PCBL actively engages with stakeholders to understand their expectations and gather insights for
Group Group (Yes/No) Other specify) during such engagement identifying focus areas in environmental, social, and governance (ESG) interventions. The Company
incorporates stakeholders’ views and suggestions into its business strategies and addresses their concerns
No • Annual report Regularly • Adherence to national and to strengthen internal systems. The responsibility for sustainability discussions lies with the board-level
and regulatory international regulations CSR Committee and Sustainability and Risk Management Committee. Consultations occur through
filings • Good governance practices various functions connecting with different stakeholder groups, and feedback is presented quarterly at
• Meeting on • Community engagement Business Review Board meetings attended by the Chairman and leadership team. Decisions are then
Government
government communicated to stakeholders through relevant functions.
and regulatory • Regulatory compliance
directives
authorities • Ethical business conduct
and policy 2. Whether stakeholder consultation is used to support the identification and management of environmental,
development • Environmental stewardship
and social topics. If so, provide details of instances as to how the inputs received from stakeholders on
• Facility • Maintaining safety
these topics were incorporated into policies and activities of the Company.
Inspection • Project approvals
• Regular PCBL maintains regular engagement with a wide range of stakeholders, including investors, shareholders,
meetings lenders, suppliers, business partners, the community, employees, and customers. The Company provides
essential data and insights to global investors through regular investor presentations, enabling them
Yes • CSR initiatives Continuous • Need-based interventions to make informed decisions. A formal stakeholder engagement process involves direct and detailed
• Meetings process. across focus areas: education, consultations with various stakeholder groups to identify critical issues that require immediate attention.
Meetings health and sanitation, Inputs received through stakeholder consultations are presented to the board-level Management

Communities (Quarterly) community development,
environment sustainability Committee to integrate relevant inputs in developing strategies, policies, and goals related to economic,
environmental, and social aspects.
No • Events, Quarterly • Financial performance 3. Provide details of instances of engagement with, and actions taken to, address the concerns of
including • Annual performance,
annual general vulnerable/ marginalised stakeholder groups.
progress plans and new
Shareholders, meeting, results projects PCBL conducts a need assessment to identify disadvantaged, vulnerable, and marginalised communities,
investors and presentations, and then actively involves and supports these communities through its Corporate Social Responsibility
• Change in governance
lenders investors’ calls
structure initiatives and activities.
and conferences
and earnings • Long-term sustainability
calls strategy
• Update on business • Civil work and development of nearby village
• One-on-one
interactions directions • Community shed constructions and development of
• Loan covenants the surrounding slum areas
• Banking facilities • Contribution towards upliftment of underprivileged
The Company strives to
• Credit ratings persons and students
enhance the well-being of
marginalised and vulnerable • Distribution of food packets in the villages impacted
3. Provide details of instances of engagement with, and actions taken to, address the concerns of communities through its caused by flood
vulnerable / marginalised stakeholder group. Corporate Social Responsibility • The distribution of food packets was carried out in the
efforts, which includes: villages affected by the flood
PCBL conducts a need assessment to identify disadvantaged, vulnerable and marginalised communities
and then actively involves and supports these communities through its Corporate Social Responsibility • providing education and raising awareness among
initiatives and activities. We ensure to defend their rights, interests, natural and cultural resources as students from underprivileged backgrounds
well as give them resources to participate and benefit from development. We recognise the importance • Imparting education and spreading awareness among
of gaining access to robust and quality medical services, especially for the economically marginalised the underprivileged students
and vulnerable populations. Medical care to the disadvantaged sections of the society, facilitating
and imparting education among the under privileged students, contribution towards girls toilet and
upliftment of underprivileged persons and students are some of the highlights of initiatives taken by us.
304 305
FY 2023-24 FY 2022-23
PRINCIPLE 5 Businesses should respect and promote human rights (Current Financial Year) (Previous Financial Year)
Equal to Minimum More than Equal to More than
Wage Minimum Wage Minimum Wage Minimum Wage
Total Total
Essential Indicators Category (A) No. (B) % (B/A) No.(C) % (C/A) (D) No. (E) % (E/D) No. (F) % (F/D)
1. Employees and workers who have been provided training on human rights issues and policy(ies) of
the Company:
Workers
FY 2023-24 FY 2022-23
Permanent 272 272 100% 284 284 100%
Current Financial Year Previous Financial Year
Male 272 272 100% 283 283 100%
No. of No. of
employees/ employees/ Female - - - 1 1 100%
workers workers Nil Nil
Other than 745 745 100% 677 677 100%
Category Total (A) covered (B) % (B/A) Total (C) covered (D) % (D/C)
Permanent
Male 730 730 100% 663 663 100%
Female 15 15 100% 14 14 100%
Employees
Permanent 1003 1003 100% 894 894 100% 3. Details of remuneration/salary/wages paid:
Other than Permanent 0 - - 0 - - a) Median remuneration/wages:
Total Employees 1003 1003 100% 894 894 100%

Workers Male Female
Permanent 272 272 100% 284 284 100% Median remuneration/ Median remuneration/
salary/ wages of salary/ wages of
Other Permanent 745 745 100% 677 677 100%
Number respective category Number respective category
Total Workers 1017 1017 100% 961 961 100%
2. Details of minimum wages paid to employees and workers: 9 34,75,77,430 2 38,60,000

FY 2023-24 FY 2022-23 Board of Directors
(Current Financial Year) (Previous Financial Year) (BoD)– Total salary
Equal to Minimum More than Equal to More than

Wage Minimum Wage Minimum Wage Minimum Wage
Total Total
Category (A) No. (B) % (B/A) No.(C) % (C/A) (D) No. (E) % (E/D) No. (F) % (F/D) 2 3,96,16,810 0 -
Key Managerial
Personnel– Total Salary*
Employees
Permanent 1003 Nil 1003 100% 894 Nil 894 100%
944 8,01,744 59 9,04,393
Male 944 944 100% 843 843 100% Employees other than BOD and
Female 59 59 100% 51 51 100% KMP– median remuneration
Other than Nil

Permanent 272 4,73,000 0 -
Workers-median
Male
remuneration
Female
* includes KMP other than Managing Director
306 307
b) Gross wages paid to females as % of total wages paid by the Company :
FY 2023-24 FY 2022-23 PCBL’s Stakeholders’ Relationship Committee specifically focuses on addressing

(Current Financial Year) (Previous Financial Year) the interests of shareholders, debenture holders, and other security holders. The
Gross wages paid to females as % of total wages 4.8% 4.7% committee resolves grievances related to share transfers, non-receipt of reports
or dividends, issues of new or duplicate certificates, and general meetings. It
also reviews measures to facilitate shareholders’ exercise of voting rights and
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or adherence to service standards provided by the Registrar & Share Transfer Agent.
issues caused or contributed to by the business? PCBL takes initiatives to reduce unclaimed dividends and ensure timely receipt of
Yes, Human Resource department headed by Chief HR is responsible for addressing human rights dividend warrants, annual reports, and statutory notices by shareholders.
impacts or issues caused or contributed to by the business. Investors/ The Company has a User ID and Password in place for logging into the SEBI
lenders Complaints Redressal System – ‘SCORES’ as well as the ‘SMART ODR’ Portal for
5. Describe the internal mechanisms in place to redress grievances related to human rights issues. online resolution of disputes in the Indian securities market and the Company
PCBL has a mechanism in place to receive and address grievances from all its stakeholders including can view the complaints which have been lodged by the shareholders. The
shareholders/investors, regulators, customers, employees, and communities. Any stakeholder having Company ensures that timely redressals are made against any complaints raised
grievance related to human rights issue can raise it through the existing forums. by the shareholders relating to registration of share transfers, issue of new share
certificates, sub-division or consolidation of shareholdings etc.
Employees: Leena AI chatbot converses with employees based on a defined set of

questions designed to measure the pulse of the teams and define their engagement External customer: Complaints are registered in SAP by regional marketing managers and
level, while identifying the gaps. Senior management reaches out to individuals based forwarded to coordinator-Customer complaints handling at HO. The coordinator- Customer
on the chatbot conversations to address and resolve problems. Quarterly ‘Sampark’ complaints handling reviews the complaint and forwards to respective plant for Root
is also held to connect employees with the senior management team in which Cause Analysis (RCA) by cross-functional team and Corrective Action or Preventive Action
Employees grievances are addressed. The adequacy of the grievance mechanisms is regularly (CAPA) is taken, if the complaint is acceptable. If there is some issue, it is discussed with the
External
regional marketing manager to resolve the issue. The RCA report along with the CAPA is

reviewed to ensure their effectiveness in addressing employee concerns. customer
forwarded to Technical services team through SAP for review and approval. Once the RCA
and CAPA is reviewed and approved, the report is forwarded to customers through regional
managers and complaint is closed on acceptance of the report by the customer.
To address community grievances, PCBL conducts quarterly meetings with local

community representatives. During these meetings, all grievances are recorded 6. Number of Complaints on the following made by employees and workers:
and appropriate corrective actions are taken as required. In cases where complaints
have been registered with local statutory bodies, representatives from PCBL visit FY 2023-24 FY 2022-23
Community the plant to inspect and verify any non-conformities. If complaints are found to
be unsubstantiated, they are withdrawn, but if valid, corrective measures are Pending Pending
implemented. resolution resolution
Filed at the Filed at the
during end of during end of
the year year Remarks the year year Remarks
Sexual Harassment Nil Not Nil Not

PCBL engages with government and regulatory authorities to share its intentions, applicable applicable
Discrimination at workplace
understand concerns and priorities, and work towards mutually beneficial solutions.
The Company diligently complies with all applicable regulations in its operating Child Labour
Government/ locations and regularly evaluates its performance. Engagements with government Forced Labour/Involuntary Labour
regulatory officials include annual reports, regulatory filings, meetings on directives and policy
authorities Wages
development, and regular facility inspections.
Other human rights related issues
All the grievances of labours are addressed in charter of demand/ long term
settlement for five years and contractors sign on it. In addition, plant purchase
team meet with contractors regularly in which complaints, if any, are captured and
Labour/
resolved with the help of local IR-Admin
contractors
308 309
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013:
FY 2023-24 FY 2022-23
Total Complaints reported under Sexual Harassment Nil Nil Child Forced/ Sexual Discrimination Wages Others
on of Women at Workplace (Prevention, Prohibition Labour involuntary Harassment at workplace - please
and Redressal ) Act, 2013 (POSH) labour specify
Complaints on POSH as a % of female employees/ Nil Nil

workers
Complaints on POSH upheld Nil Nil
% of your plants and offices that were assessed (by Company or statutory authorities or third parties)
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment

cases.
100%
PCBL’s Vigil mechanism (Whistle Blower Policy) and POSH (Prevention of Sexual Harassment) policy Note: All the plants and offices have been internally assessed during the year.
have provisions for addressing complaints pertaining to discrimination, unethical behaviour, actual
11. Provide details of any corrective actions taken or underway to address significant risks/concerns
or suspected fraud or violation of the code of conduct. All complaints are taken up by the Internal
arising from the assessments at Question 10 above.
Complaint Committees (ICCs), which are governed under strict confidentiality. There are defined
Not applicable
procedures to protect the complainant from any retaliatory actions. The policies have ample provisions
that provide adequate safeguards against victimisation of employees and Directors and provide direct
access to the Chairperson of the Audit Committee in exceptional cases. An employee can also raise
any other grievances to the Ethics Committee of the Company. The system is designed to redress the
1. Details of a business process being modified/introduced as a result of addressing human rights
grievance within a defined timeline. The grievances are resolved in a fair and time bound manner grievances/complaints.

maintaining utmost confidentiality. All the pertinent information is maintained by the POSH Committee
None of the Company’s business process required any modification introduced as a result of addressing
or Ethics Committee in a secure manner. Moreover, identity of the aggrieved is protected until final
human rights grievances/complaints. We are 100% compliant with human rights related concerns.
investigation is completed.
2. Details of the scope and coverage of any Human rights due diligence conducted.
9. Do human rights requirements form part of your business agreements and contracts? Investigation, internal audit and review are conducted to confirm compliance to Human rights policy.
Due diligence covers direct operations and supply chain. The human rights policy, formulated in line with
Yes, all the human rights related requirements are explicitly mentioned in the agreements and contracts
internationally recognised frameworks including the Social Accountability 8000 International Standard
entered into with the value chain partners and are mentioned in the Human rights policy. and its associated international instruments, is applicable to all its value chain partners. The policy covers
different components as compliance to labour laws, continuous engagement with stakeholders on
10. Assessments for the year:
human rights and related matters, diversity at workplace, harassment free workplace, and grievance
We have defined systems for ensuring compliance with regulatory requirements. There is a Code of mechanisms. While the policy highlights the key points of what it intends to achieve, it also mentions
Conduct for employees and Suppliers’ Code of Conduct to ensure conformity with business ethics and that HR department shall be reviewing and updating standards on social policies, and for providing
human rights requirements. Also, the human rights criteria are screened during vendor onboarding guidance and support to all concerned. We also conduct training sessions for our on-roll and off- roll
process. In addition, we review compliance with these requirements during contract execution. In all our employees across all units and offices. This enables us to create awareness among our workforce about
business units, it is mandatory to check the age proof documents at the time of recruitment to prevent human rights and their associated impacts.
employment of child labour and during the induction session essential business ethics and human rights
3. Is the premise/office of the Company accessible to differently abled visitors, as per the requirements
related aspects are covered for creating awareness among employees.
of the Rights of Persons with Disabilities Act, 2016?
Yes, PCBL offices have infrastructure for easy and equal access for persons with disabilities, including
ramps and special toilets.
310 311
4. Details on assessment of value chain partners: 2. Does the Company have any sites/facilities identified as designated consumers (DCs) under the
Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose
whether targets set under the PAT scheme have been achieved. In case targets have not been
achieved, provide the remedial action taken, if any.
Not applicable
Sexual Discrimination Child Forced Labour/ Wages Others 3. Provide details of the following disclosures related to water, in the following format:
Harassment at workplace Labour Involuntary – please FY 2023-24 FY 2022-23
Labour specify (Current (Previous
Parameter Financial Year) Financial Year)
Water withdrawal by source (in kilolitres)
% of value chain partners (by value of business done with such partners) that were assessed (i) Surface water 419645 801290
(ii) Groundwater 1138674 912712.15
(iii) Third party water 1565715 1507848
94% (iv) Seawater/desalinated water 0 0
(v) Others 0 0
Note : Value chain partners have been internally assessed during the year.
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 3124034.32 3221850.15
5. Provide details of any corrective actions taken or underway to address significant risks/concerns arising
Total volume of water consumption (in kilolitres) 3096821 3187061.92
from the assessments at Question 4 above.
Water intensity per rupee of turnover 546 KL/INR 543 KL/INR
No issues were observed while assessing above points during second party audit at supplier’s end (Total water consumption/Revenue from operations) Crores Crores
Water intensity per rupee of turnover adjusted for Purchasing Power 12,449 KL/INR 12,380 KL/INR
5. Provide details of any corrective actions taken or underway to address significant risks/concerns Parity (PPP) Crores Crores
Businessesatshould
arising from the assessments respect
Question and make efforts to protect and restore the
4 above. (Total water consumption / Revenue from operations adjusted for PPP)
PRINCIPLE 6

environment
No issues were observed while assessing above points during second party audit at supplier end. Water intensity in terms of physical output 6.39 KL/MT 7.13 KL/MT
Water intensity (optional) – the relevant metric may be selected by
Essential Indicators the Company.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes,
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following
name of the external agency.
format:
Yes, independent assessment/ evaluation/assurance has been carried out by Indian Register Quality Systems(IRQS).
FY 2023- FY 2022-23
24 (Current (Previous
Parameter 4. Provide the following details related to water discharged :
Financial Year) Financial Year)
From renewable sources FY 2023- FY 2022-23
Total electricity consumption (A) 872662.68 GJ 830872.33 GJ 24 (Current (Previous
Total fuel consumption (B) 0 0 Parameter Financial Year) Financial Year)
Energy consumption through other sources (C) 0 0 Water discharge by destination and level of treatment (in kilolitres)
Total energy consumed from renewable sources (A+B+C) 872662.68 GJ 830872.33 GJ (i) To Surface water 0 0
From non-renewable sources - No treatment
Total electricity consumption (D) (import) 8769.19 GJ 7084.55 GJ - with treatment – please specify level of treatment
Total fuel consumption (E) 428.09 GJ 2236.77 GJ
(ii) To Groundwater 0 0
Energy consumption through other sources (F)
- No treatment
Total energy consumed from non-renewable sources (D+E+F)
- with treatment – please specify level of treatment
Total energy consumed (A+B+C+D+E+F) 881859.96GJ 840193.65 GJ
(iii) To Seawater 0 0
Energy intensity per rupee of turnover (Total energy consumed/ 155 GJ/INR Crores 143 GJ/INR Crores
Revenue from operations) - No treatment
Energy intensity per rupee of turnover adjusted for Purchasing 3534 GJ/INR 3260 GJ/INR - With treatment - please specify level of treatment
Power Parity (PPP) (Total energy consumed/ Revenue from operations Crores Crores (iv) Sent to third -parties 0 0
adjusted for PPP)
- No treatment
Energy intensity in terms of physical output 1.82 GJ/MT 1.88 GJ/MT
- with treatment - please specify level of treatment
Energy intensity (optional) – the relevant metric may be selected by the
entity.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
Yes. Independent assurance has been carried out by Indian Register Quality Systems (IRQS).
312 313
FY 2023- FY 2022-23
24 (Current (Previous
Parameter Financial Year) Financial Year)
(v) Others 0 0 The Kochi plant has an ETP capacity of 130 KLPD. PCBL has implemented
- No treatment a chlorine dioxide (ClO2) generator and improved the quality of raw water,
resulting in a 10% reduction in total water consumption. The reject water
- with treatment – please specify level of treatment
from the ultra-filtration process is reused within the system, further
Total water discharged (in kilolitres) 0 0
optimising water usage.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes,
Independent assurance has been carried out by M/s Indian Register Quality Systems (IRQS) an Independent external
agency.
6. Please provide details of air emissions (other than GHG emissions) by the Company:
FY 2023-24 FY 2022-23
5. Has the Company implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its
(Current Financial (Previous Financial
coverage and implementation. Parameter Please specify unit Year) Year)
PCBL has taken significant steps to ensure sustainable water management practices across its
NOx mg/Nm3 19 21
manufacturing plants. All plants are zero liquid discharge (ZLD) compliant and equipped with effluent
SOx mg/Nm3 90.6 78
treatment plant (ETP) facilities. Wastewater generated during the manufacturing processes is treated
and reused, promoting water conservation within the business. Particulate matter (PM) mg/Nm3 39.1 33.7
Persistent organic pollutants (POP) Not measured
Volatile organic compounds (VOC)
Hazardous air pollutants (HAP)

At the Palej plant, a water treatment plant (WTP) with a capacity of
Others – please specify
1,575 kilolitres per day (KLPD), an ETP with a capacity of 250 KLPD, and
a sewage treatment plant (STP) with a capacity of 57.5 KLPD have been Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes,
installed. The recycled water from the STP is utilised for gardening name of the external agency.
purposes, while the recycled water from the ETP is fed back into the water
Yes, independent assessment/ evaluation/assurance has been carried out by Indian Register Quality Systems(IRQS).
treatment plant for further reuse in operations.
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity:
FY 2023-24 FY 2022-23
(Current Financial (Previous Financial
Parameter Unit Year) Year)
Total Scope 1 emissions (Break-up of the GHG Metric tonnes of 934494 709970
The Mundra plant features an ETP with a capacity of 268 KLPD, a WTP into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if CO2 equivalent
with a capacity of 2,800 KLPD, and an STP with a capacity of 62 KLPD. To available)
replenish groundwater levels, the plant utilises injection-well technology
Total Scope 2 emissions (Break-up of the GHG Metric tonnes of 1732 1688
to recharge filtered rainwater. Monitoring groundwater conditions is
into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if CO2 equivalent
facilitated through the installation of piezometers to measure pressure at
available)
specific depths.
Total Scope 1 and Scope 2 emission intensity 165 tCO2e/INR 121 tCO2e/INR
per rupee of turnover (Total Scope 1 and Crores Crores
Scope 2 GHG emissions/ Revenue from
operations)
Total Scope 1 and Scope 2 emission intensity 3762 tCO2e/INR 2759 tCO2e/INR
per rupee of turnover adjusted for Purchasing Crores Crores
In Durgapur, the plant operates an ETP with a capacity of 500 KLPD. To Power parity (PPP)
minimise blowdown water for the cooling tower, a side stream filter has (Total Scope 1 and Scope 2 GHG emissions/
been installed. Additionally, the plant has improved water efficiency by Revenue from operations adjusted for PPP)
replacing existing reverse cooling water (RCW) pumps with undersised Total Scope 1 and Scope 2 emission intensity
pumps, reducing water wastage and enhancing overall efficiency. in terms of physical output.
314 315
FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23

(Current Financial (Previous Financial (Current Financial (Previous
Parameter Unit Year) Year) Parameter Year) Financial Year)
Waste intensity (optional)- the relevant metric may be selected
Total Scope 1 and Scope 2 emission intensity tCO2e/MT 1.93 1.59
by the Company
(optional) – the relevant metric may be
selected by the entity. For each category of waste generated, total waste recovered
through recycling, re-using or other recovery operations (in
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes, metric tonnes)
name of the external agency. Category of waste
Yes, independent assessment /evaluation/assurance has been carried out by Indian Register Quality Systems (IRQS) (i) Recycled
(ii) Re-used
(iii) Other recovery operations Nil
Total
For each category of waste generated, total waste disposed by
Does the Company have any project related to reducing Green House Gas emission? If Yes, then nature of disposal method (in metric tonnes)
8. provide details. Category of waste
PCBL has implemented various initiatives in renewable energy, resulting in a decrease in (i) Incineration 17.62 0
traditional electricity consumption and a subsequent reduction in greenhouse gas (GHG) (ii) Landfilling 1714.48 1742.31
emission. In FY 2023-24, PCBL exported 399795 MWH of electricity generated from waste gas
(iii) Other disposal operations (through-third-party recyclers)* 2717.34 2127.86
through heat recovery to the grid, resulting in the GHG offset of approximately 286253 tCO2e.
The Company conducted a carbon footprint assessment according to ISO 14064-1:2018, ISAE 3410 Total 4449.45 3870.17
(GHGs), and GHG protocol during the same fiscal year to analyse energy consumption patterns
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
and develop corresponding mitigation plans. PCBL’s efforts include installing a 7 MW power
plant at its Kochi manufacturing site, implementing a new reactor design at three plants to Yes, independent assessment /evaluation/assurance has been carried out by Indian Register Quality Systems (IRQS)

enhance quality consistency and decrease CO2 emissions per tonne of carbon black produced, As per percentage of waste diversion from landfill, our manufacturing plant at Durgapur is in the Platinum
and introducing Air Preheater (APH) and oil preheater management programmes to improve heat category, Kochi and Mundra are in the Silver category and Palej is in Baseline category.
recovery and reduce the carbon footprint. Co-ordination with procurement team was also done to
further economise purchase of feedstock and for greater use of local and alternative suppliers. 10. Briefly describe the waste management practices adopted in your establishments. Describe the
strategy adopted by your Company to reduce usage of hazardous and toxic chemicals in your products
*Grid Emission factor: 0.716 tCO2/MWh (CEA User guide ver19, 2023) and processes and the practices adopted to manage such wastes.
9. Provide details related to waste management by the Company: PCBL has a systematic approach to waste management, categorising wastes into hazardous and non-
hazardous types and further classifying them by specific categories. The Company ensures proper
FY 2023-24 FY 2022-23 disposal methods for each type of waste, adhering to guidelines from Pollution Control Boards and
(Current Financial (Previous
Parameter Year) Financial Year) regulatory bodies.
Total Waste generated (in metric tonnes) Focussed Improvement Projects (FIPs) are implemented to reduce waste generation at the source,
Plastic waste (A) 268.22 144.55 while a centralised scrapyard at plants facilitates proper segregation and disposal of waste.
E-waste (B) 2.47 1.83 A dedicated team oversees scrap management and conducts awareness training for employees.
Bio-medical waste (C) 0.0068 0.02
Comprehensive waste management standard operating procedures (SOP) have been developed to guide
Construction and demolition waste (D) 0 0
the process. PCBL emphasises employee awareness through virtual and classroom training sessions,
Battery waste (E) 4.5 2.93 educating them on waste generation, disposal, and the impact on health, safety, and the environment.
Radioactive waste (F) 0 0 The Company also accounts for wastes sold to third parties. These initiatives demonstrate PCBL’s
Other Hazardous waste. Please specify, if any. (G) 1832.15 1883.08 commitment to responsible waste management and environmental sustainability.
Other Non-hazardous waste generated (H). Please specify, if any. 2342.11 1961.68
11. If the Company has operations/offices in/around ecologically sensitive areas (such as national parks,
(Break-up by composition i.e. by materials relevant to the sector)
wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation
Total (A+B + C + D + E + F + G + H) 4449.45 3994.07
zones etc.) where environmental approvals/clearances are required, please specify details:
Waste intensity per rupee of turnover 0.78 MT/INR 0.68 MT/INR
(Total waste generated/Revenue from operations) Crores Crores Whether the conditions of environmental
Waste intensity per rupee of turnover adjusted for Purchasing 17.78 MT/INR 15.50 MT/INR approval/clearance are being complied with?
S. Location of operations/ (Y/N) If no, the reasons thereof and corrective
Power Parity (PPP) Crores Crores
No. offices Type of operations action taken, if any.
(Total waste generated / Revenue from operations adjusted for PPP)
Waste intensity in terms of physical output 0.0092 MT/MT of 0.0089 MT/MT of Not Applicable
Carbon black Carbon black
316 317
12. Details of environmental impact assessments of projects undertaken by the Company based on FY 2023-24 FY 2022-23
applicable laws, in the current financial year: (Current (Previous
Financial Financial
Results Parameter Year) Year)
Name and EIA Whether conducted by communicated
brief details Notification independent external in public domain Relevant (i) Into Surface water
of project No. Date agency (Yes/No) (Yes/No) Web Link
- No treatment
Nil - With treatment – please specify level of treatment
(ii) Into Groundwater
13. Is the Company compliant with the applicable environmental law/ regulations/ guidelines in India; such
- No treatment
as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act,
Environment protection act and rules thereunder. If not, provide details of all such non-compliances: - With treatment – please specify level of treatment
The Company is totally compliant with the applicable environmental law/regulations/ guidelines in India, (iii) Into Seawater
Nil
such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, - No treatment All the units of PCBL
Environment Protection Act and rules thereunder. are Zero Liquid (ZLD)
- With treatment – please specify level of treatment
Discharge compliant.
(iv) Sent to third-parties
Leadership Indicators - No treatment
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres) - With treatment – please specify level of treatment
For each facility/plant in areas of water stress, provide the following information: (v) Others
- No treatment
(i) Name of the area : Palej and Mundra
- With treatment – please specify level of treatment

(ii) Nature of operations : Manufacturing of carbon black Total water discharged (in kilolitres)
(iii) Water withdrawal, consumption and discharge in the following format : Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
FY 2023-24 FY 2022-23
(Current (Previous Yes, independent assessment/evaluation/assurance has been carried out by Indian Register Quality Systems. (IRQS).
Financial Financial
Parameter Year) Year) 2. Please provide details of total Scope 3 emissions & its intensity:
Water withdrawal by source (in kilolitres)
FY 2023-24 FY 2022-23
(i) Surface water 0 393910 (Current (Previous
Financial Financial
(ii) Ground water 1051345 824856.3 Parameter Unit Year) Year)#
(iii) Third party water 227533 21792 Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, Metric 1282095 156887
HFCs, PFCs, SF6, NF3, if available) tonnes
(iv) Seawater/desalinated water 0 0 of CO2
equivalent
(v) Others 0 0
Total Scope 3 emissions per rupee of turnover tCO2e/INR 2.26 0.267
Total volume of water withdrawal (in kilolitres) 1278877.83 1240558.3
Total Scope 3 emission intensity (optional) – the relevant metric tCO2e/MT 2.65# 0.35
Total volume of water consumption (in kilolitres) 1248923 1223466.92 may be selected by the Company
Water intensity per rupee of turnover (Water consumed/turnover) 394 KL/INR 389 KL/INR
# In FY 2022-23, only four categories of Scope 3 were considered and in FY 2023-24 eleven categories of Scope 3 have been
Crores Crores
considered.
Water intensity (optional) - the relevant metric may be selected by the Company 4.61 KL/MT 5.03 KL/MT Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N).
Water discharge by destination and level of treatment (in kilolitres) Yes, independent assessment/evaluation/assurance has been carried out by Indian Register Quality Systems. (IRQS).
318 319
3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, 5. Does the Company have a business continuity and disaster management plan?
provide details of significant direct & indirect impact of the Company on biodiversity in such areas
along-with prevention and remediation activities. PCBL has On-Site Emergency Plans/Disaster Management Plans for all its operational sites. These plans
Not applicable identify potential natural or man-made disasters, associated risks, and necessary precautions and actions
These plans cover emergencies such as fire, explosions, toxic releases, and natural calamities. The plans
include contact details and emergency response team members. Roles and responsibilities are clearly
4. If the Company has undertaken any specific initiatives or used innovative technology or solutions to
defined and communicated to employees. Mock drills are conducted periodically to assess preparedness
improve resource efficiency, or reduce impact due to emissions/effluent discharge/waste generated,
and enable faster response in case of incidents, minimising human and asset losses. Debriefing sessions
please provide details of the same as well as outcome of such initiatives:
are held to identify areas for improvement. These plans ensure proactive measures are in place to
Details of the initiative (Web- mitigate risks and enhance overall response capability.
Sr. link, if any, may be provided
No Initiative undertaken along-with summary) Outcome of the initiative
6. Disclose any significant adverse impact to the environment, arising from the value chain of the
1 Infrastructure: Green power Green power is By doing so, we offset the GHG Company. What mitigation or adaptation measures have been taken by the Company in this regard?
generation by utilising waste produced in our co-generation emissions that would have been PCBL recognises that its value chain can have negative environmental effects, including increased
gas produced in manufacturing power plants by utilising waste caused by using fossil fuels to
GHG emissions, air and water pollution, solid waste generation, and high energy consumption. To
process gas( Tail gas) generated during produce the same amount of
carbon black manufacturing electricity. address these concerns, the Company has implemented a procurement process that integrates ethical,
process. environmental, and social considerations. PCBL actively collaborates with its suppliers and customers
Electricity thus produced is to raise awareness about environmental and social issues and encourages the adoption of sustainable
exported to the local grid practices.
after meeting our own power
requirements. The Company takes specific actions to reduce greenhouse gas emissions, pollutants, and water
consumption within the entity and across its value chain, while promoting the use of renewable energy
2 Operations: Flame profiling of Testo flue gas anlayzer (FGA) Better combustion efficiency
sources.
reactors is used to analyze the oxygen and higher refractory life and
and carbon dioxide at different reducing consumption of The Company has identified eleven categories of scope-3 GHG emissions that are relevant to the
points from one end to another natural resources

Company’s operations and has included them in the Company’s GHG inventory of FY 2023-24. The
end along the diameter of the
Company, thus, continues to take substantial measures to reduce its GHG emissions across its value
reactor to ensure the flame is
along the axis of the reactor chain.
3 Operations: Improving efficiency Modification of curing station to Reduction in Coal Bed PCBL also conducts second party audits to ensure suppliers adhere to the principles of sustainable
of curing station of refractory facilitate curing of four refractory Methane(CBM) consumption practices. PCBL also advocates for the use of substitutes for hazardous materials and emphasises
shells of reactors instead of two and reducing consumption of proper waste management practices. Efforts are made to minimise waste sent to landfills and explore
at a time natural resources alternative disposal methods. Digital processes are encouraged to reduce paper usage and streamline
4 Technology: Increasing Installation of high Yield improvement and GHG operations.
the atomizing pressure of pressure SFS pump reduction
Additionally, PCBL promotes optimised packaging materials and loadability to minimise environmental
Supporting feedstock while
injecting in reactor. impact. The Company implements coastal movement of materials to decrease greenhouse gas
emissions from road transportation. Furthermore, PCBL engages with major raw material suppliers and
5 Infrastructure: Rain Installation of rain Reduction in raw water supports the growth of small and medium-sized local businesses in the carbon black industry. These
water harvesting water harvesting system consumption and reducing
initiatives demonstrate PCBL’s dedication to responsible and sustainable practices across its value chain.
consumption of natural
resources
6 Infrastructure: Steam Installation of steam Reduction in raw water 7. Percentage of value chain partners (by value of business done with such partners) that were assessed
condensate recovery for water condensate recovery system consumption and reducing for environmental impacts.
management consumption of natural During FY 2023-24, 94% of our total suppliers (by value) of PCBL were assessed.
resources
7 Technology:Improving efficiency Installation of PTFE Reduction in Particulate Matter
of filter bags coated filter bags (PM) emissions and reducing
impact on environment
8 Technology: Improving efficiency Replacement of old Yield improvement and GHG
of heat exchangers (Air Pre- Air Pre-heaters(APH) with more reduction
heaters) efficient new Air Pre-heaters
9 Technology: Improvement of Introduction of Yield improvement and GHG
atomization efficiency mechanical atomization instead reduction
of steam/air atomization
10 Technology: Improvement of Replacement of old Enhancement in the
bag filter pulsing efficiency bag filter pulsing valve with new performance and life of bag
one filter and reducing impact on
environment
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5. Provide details of any corrective actions taken or underway to address significant risks/concerns 2. Provide details of corrective action taken or underway on any issues related to anti-competitive
Businesses, when engaging in influencing public and regulatory policy, should do
arising from the assessments at Question 4 above. conduct by the Company, based on adverse orders from regulatory authorities.
PRINCIPLE 7 so in a manner that is responsible and transparent
No issues were observed while assessing above points during second party audit at supplier end. Name of authority Brief of the case Corrective action taken
Not Applicable
The Company has not engaged in any anti-competitive conduct.
1. a. Number of affiliations with trade and industry chambers/ associations.
During the year, PCBL had active affiliations with 8 such trade and industry chambers/associations. Leadership Indicators
b. List the top 10 trade and industry chambers/ associations (determined based on the total 1. Details of public policy positions advocated by the Company:
members of such body) the Company is a member of/ affiliated to :
Frequency of review
by board (annually/
Reach of trade and industry Whether information half-yearly/quarterly/ Web
Sr. Name of the trade and industry chambers/ associations S. Public policy Method resorted for available in public others - please link, if
No chambers/ associations (State/National) No. advocated such advocacy domain? (Yes/No) specify) available
No such positions advocated

1 Indian Chamber of Commerce (ICC)
Federation of Indian Chambers of 5. Provide details of any corrective actions taken or underway to address significant risks/concerns
2
Commerce & Industry (FICCI) arising from8
the assessments
Businessesatshould
Question 4 above.
promote inclusive growth and equitable development
PRINCIPLE
No issues were observed while assessing above points during second party audit at supplier end.
3 Confederation of Indian Industry (CII)

The Associated Chambers of Commerce & Industry of India Essential Indicators
4
(ASSOCHAM) National
1. Details of Social Impact Assessments (SIA) of projects undertaken by the Company based on applicable
5 All India Management Association (AIMA)
laws, in the current financial year.
Not applicable.
Federation of Indian Export
6
Organisations (FIEO)
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
Basic Chemicals, Cosmetics & Dyes Export Promotion Council undertaken by your Company:
7
(CHEMEXCIL) [arrange these organisations
Amounts
Bengal Chamber of Commerce and Name of Project No. of Project % of PAFs paid to PAFs
8 State S. for which R&R is Affected Families covered by in the FY
Industry (BCC&I)
No. ongoing State District (PAFs) R&R (In INR)
Not applicable
PCBL’s CSR Committee at the Board level oversees

CSR activities, along with the corporate CSR team.
Plant-level CSR teams handle stakeholder grievances
Describe the mechanisms to and engage with the community directly or through
3. receive and redress grievances implementing agencies. Grievances received are
of the community. communicated to the CSR team and discussed with
the board-level committee in quarterly meetings.
Resolutions are then conveyed back to the community
members or their representatives.
322 323
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers: 3. (a) Do you have a preferential procurement policy where you give preference to purchase from
suppliers comprising marginalised /vulnerable groups?
FY 2023-24 FY 2022-23
(Current (Previous PCBL recognises the importance of small and medium-sized suppliers (SME) and has implemented
Financial Year) Financial Year) mechanisms and policies to support their growth. SME in the carbon black industry face challenges
due to limited infrastructure and capabilities. To address this, PCBL has established a strategic
development roadmap for local manufacturing, specifically for packaging, machineries, and spares.
Directly sourced from MSMEs/ small
5.41% 4.94% The Company now procures paper bags locally for automatic packaging machines instead of
producers
importing them. They have also developed local manufacturers for various machineries and spares
through knowledge sharing and technology transfer. The goal is to meet international standards
and reduce dependence on imports. PCBL is actively working on developing APH locally, a crucial
Directly from within India 24.22% 13% equipment in the carbon black manufacturing process. These initiatives contribute to the growth
and development of local suppliers while ensuring quality and reliability in the supply chain.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your
6. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or Company (in the current financial year), based on traditional knowledge:
workers employed on a permanent or non-permanent /on contract basis in the following locations, Not applicable
as % of total wage cost :
FY 2023-24 FY 2022-23 5. Details of corrective actions taken or underway, based on any adverse order in intellectual property
Location (Current Financial Year) (Previous Financial Year) related disputes wherein usage of traditional knowledge is involved.
Rural 49.9% 50.1% Not applicable
Semi- urban 9.9% 9.9%
Urban 40.2% 40% 6. Details of beneficiaries of CSR Projects:
Metropolitan 0 0

No. of persons % of beneficiaries
(Place to be categorised as per RBI Classification System – rural/semi-urban/urban/metropolitan)
benefitted from from vulnerable and
CSR Project CSR Projects marginalised groups
Leadership Indicators 1 Facilitating and Imparting Education among the

underprivileged students
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social 2 Contribution towards athletic tournament
Impact Assessments (Reference: Question 1 of Essential Indicators above):
3 Providing sewing machines to the ladies of the un-
Not applicable. organised sector thereby helping in and facilitating the
upliftment of the disadvantaged sections of the society
2. Provide the following information on CSR projects undertaken by your Company in designated 4 Civil work and Development of the surrounding village
aspirational districts as identified by government bodies: areas in and around the Plant
Aspirational District 5 Imparting education and spreading awareness among

State Amount spent (In INR)
the underpriviledged students
6 Medical care to the disadvantaged sections of the
1. Gujarat Kutch, Bharuch society
7 Contribution towards girls toilet and upliftment of 79,000+ 100%
underpriviledged persons and students
2. West Bengal Kolkata, Burdwan 10.01 crores* 8 Contribution towards drinking water projects
9 Contribution towards development of school
3. Kerala Ernakulum infrastructure project and electrification of the
surrounding areas thereby facilitating development of
the surrounding village areas
Total
10 Contribution towards financial aid and assistance for
the development of the underpriviledged sections of
* For further details, please refer to ‘Annexure - C’ to the Board’s Report - Report on Corporate Social Responsibility (CSR) the society
activities. 11 Contribution towards cow fodder and developing
green belt outside the plant premises and the
surrounding village areas
324 325
No. of persons % of beneficiaries 5. Provide details of any corrective actions taken or underway to address significant risks/concerns
Businesses should engage with and provide value to their consumers in a
benefitted from from vulnerable and PRINCIPLE
arising from9
the assessments at Question 4 above.
responsible manner
CSR Project CSR Projects marginalised groups No issues were observed while assessing above points during second party audit at supplier end.
12 Contribution towards stitching of uniforms,
arrangement of polio etc. thereby facilitating and Essential Indicators
improving the underpriviledged sections of the society
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
13 Contribution towards financial aid and assisting the
underpriviledged sections of the society during the Customer complaints are logged in the SAP system with relevant details by regional marketing manager
cyclone. and forwarded to the coordinator-customer complaints handling. On acceptance of the complaint after
review, the complaint is forwarded to manufacturing plant for RCA and CAPA. Immediate containment
14 Contribution towards ration kit during the time of flood
actions are taken, if applicable and informed to customer. Root cause analysis is conducted by a Cross
relief
Functional Team (CFT), and an action plan is sent for approval. The RCA/CAPA report is reviewed by the
15 Contribution towards renovation of high school and 79,000+ 100% coordinator-customer complaint handling. On acceptance of the RCA and CAPA report, it is closed in
contribution toward construction of fire station in the SAP and a system-generated email with the RCA report is sent to the marketing team for customer
surrunding village areas submission. Timely resolution is targeted within 15 days, and feedback is collected post-resolution to
16 Contribution towards the construction and address customer concerns and improve satisfaction.
development of roads and toilet blocks thereby 2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
facilitating and helping in the development of the information about:
surrounding village As a percentage to
total turnover
17 Promotion of Sports for children

Environmental and social parameters relevant to the product 100%

Safe and responsible usage 100%
Recycling and/or safe disposal 100%
3. Number of consumer complaints in respect of the following:
FY 2023-24 FY 2022-23
Received Pending Received Pending
during the resolution at during the resolution at
year end of year Remarks year end of year Remarks
Data privacy
Advertising
Cyber-security No No
Nil Complaint Nil Complaint
Delivery of essential services received received
Restrictive Trade Practices
Unfair Trade Practices
Others 23 19 0
* Reported customer complaints are related to product processing and application

4. Details of instances of product recalls on account of safety issues:
There were no product recalls during the reporting year.
Number Reasons for recall
Voluntary recalls None
Forced recalls None
326 327
PCBL has established a robust complaint handling system and customer-specific requirement
management system through SAP. They utilise assigned web portals to effectively address and mitigate
customer grievances, risks, and disagreements. Regular participation in market-specific trade shows and
national and international conferences further strengthens their customer engagement efforts.
5. Does the Company have a framework/ policy on cyber security and risks related to data privacy?
If available, provide a web-link of the policy. 5. Provide the following information relating to data breaches:
All sites of PCBL are certified with ISO 27001:2022 on Information Security Management a. Number of instances of data breaches along-with impact
Systems (ISMS). PCBL has implemented an End User Mobility & Data Security Policy available
None
on their internal Employee Portal. They follow ISMS guidelines and utilise the SAP Document
Management System to store critical documents securely. The Sapphire IMS platform is used b. Percentage of data breaches involving personally identifiable information of customers
for IT incident logging and asset management, improving support and governance. They have
None
successfully completed a SAP DR Drill in Amazon Singapore Server, enhancing IT team confidence
in data security and availability during disasters, while saving costs. The initiatives ensure data
confidentiality, integrity, availability, and efficient IT management. For and on behalf of the Board of Directors
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and Dr. Sanjiv Goenka
delivery of essential services; cyber security and data privacy of customers; re-occurrence of Place: Kolkata Chairman
instances of product recalls; penalty/action taken by regulatory authorities on safety of products/ Date: 23 May, 2024 (DIN 00074796)
services.
Not applicable as no such issue and incident has been reported during the reporting period.

1. Channels/platforms where information on products and services of the Company can be accessed
(provide web link, if available).
The product related information can be accessed at Company’s website at -https://www.pcblltd.com
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or
services.
Safety Data Sheet (SDS) containing all the relevant information is available on Safety Data Sheet (SDS) -
PCBL Limited (pcblltd.com) and also communicated to customers separately.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential

services.
The information related to any risk of disruption/discontinuation of essential services is communicated to
consumers through e-mails.
4. Does the Company display product information on the product over and above what is mandated as
per local laws? If yes, provide details in brief. Did your Company carry out any survey with regard to
consumer satisfaction relating to the major products/services of the Company, significant locations of
operation of the Company as a whole?
PCBL places a high priority on customer satisfaction and goes the extra mile to provide additional
product information. They issue Certificates of Analysis (COA) to customers, capturing details of material
quality and manufacturing information. The product packaging includes essential information such
as grade, manufacturing unit, quantity, date of manufacturing, batch number, bag number, company
name, and handling instructions.
To ensure customer engagement and address queries or concerns, PCBL conducts virtual meetings
using platforms like Microsoft Teams, Google Meet, and Zoom. They also make courtesy visits to
customers and channel partners, attend trade shows, conferences, and maintain regular telephonic
discussions. Major customers in the international market are visited quarterly, while tyre customers are
visited weekly, non-tyre customers monthly or bi-monthly, and retail customers every 3 to 6 months.
328 329

330 331

332 333

334 335

336 337
INDEPENDENT AUDITOR’S REPORT Key audit matters How our audit addressed the key audit matter
Provisions for claims & litigations and disclosure of contingent liabilities (as described in Note 11.1 and 23 of
the standalone financial statements)
To the Members of PCBL Limited with the ‘Code of Ethics’ issued by the Institute of
The Company is involved in litigations, both for and Our audit procedures included the following:
Chartered Accountants of India together with the
Report on the Audit of the Standalone Financial against the Company, comprising of tax matters,
ethical requirements that are relevant to our audit of We evaluated and tested the Company’s
Statements legal compliances and other disputes. The Company
the financial statements under the provisions of the processes and controls for monitoring of such
assesses the need to make a provision or disclose a
Opinion Act and the Rules thereunder, and we have fulfilled claims, litigations, disputes, compliances and
contingency on a case-to-case basis considering
We have audited the accompanying standalone our other ethical responsibilities in accordance with assessment thereof for determining the likely
the underlying facts of each matter, in consultation
financial statements of PCBL Limited (“the these requirements and the Code of Ethics. We outcome. We read the summary of the litigations
with its advisors and lawyers. This involves a high
Company”), which comprise the Balance sheet as believe that the audit evidence we have obtained prepared by the management and discussed
level of management judgement and assumptions
at March 31 2024, the Statement of Profit and Loss, is sufficient and appropriate to provide a basis the material cases to determine the Company’s
which impact the risk assessment and consequential
including the statement of Other Comprehensive for our audit opinion on the standalone financial assessment of the likelihood and magnitude of
provisioning and disclosure of contingencies in
Income, the Cash Flow Statement and the Statement statements. any liability that may arise.
the financial statements. This area is significant to
of Changes in Equity for the year then ended, and Key Audit Matters our audit, since the completeness and accuracy We obtained independent legal confirmations
notes to the standalone financial statements, of accounting and disclosures for contingencies is from the concerned lawyers, where applicable, to
Key audit matters are those matters that, in our
including a summary of material accounting policies dependent on such management judgement and seek their opinion on the status of such litigations
professional judgment, were of most significance
and other explanatory information. assumptions. and checked the management judgement and
in our audit of the standalone financial statements
In our opinion and to the best of our information assumptions.
for the financial year ended March 31, 2024. These
and according to the explanations given to us, the matters were addressed in the context of our audit We discussed with the management, including
aforesaid standalone financial statements give the of the standalone financial statements as a whole, the Company’s internal tax experts and head
information required by the Companies Act, 2013, and in forming our opinion thereon, and we do not of legal matters to understand the basis of
as amended (“the Act”) in the manner so required provide a separate opinion on these matters. For management’s judgements and estimates.

and give a true and fair view in conformity with the each matter below, our description of how our audit
We obtained risk assessment of tax litigations
accounting principles generally accepted in India, addressed the matter is provided in that context.
from our tax specialists to assess management’s
of the state of affairs of the Company as at March
We have determined the matters described below judgements and assumptions on such matters.
31, 2024, its profit including other comprehensive
to be the key audit matters to be communicated
income, its cash flows and the changes in equity for We read the minutes of the board meetings and
in our report. We have fulfilled the responsibilities
the year ended on that date. tested the Company’s legal expenses on sample
described in the Auditor’s responsibilities for the
basis to determine the completeness of claims,
Basis for Opinion audit of the standalone financial statements section
disputes and litigations.
We conducted our audit of the standalone financial of our report, including in relation to these matters.
Accordingly, our audit included the performance of We tested the adequacy of disclosures in the
statements in accordance with the Standards
procedures designed to respond to our assessment standalone financial statements.
on Auditing (SAs), as specified under section
143(10) of the Act. Our responsibilities under those of the risks of material misstatement of the We also obtained necessary representation from
Standards are further described in the ‘Auditor’s standalone financial statements. The results of the management in regard to provisioning and
Responsibilities for the Audit of the Standalone our audit procedures, including the procedures disclosure in respect of the claims and litigation.
Financial Statements’ section of our report. We performed to address the matters below, provide
the basis for our audit opinion on the accompanying We have determined that there are no other key audit matters to communicate in our report.
are independent of the Company in accordance
standalone financial statements.
Information Other than the Financial Statements Our opinion on the standalone financial statements
and Auditor’s Report Thereon does not cover the other information and we do not
express any form of assurance conclusion thereon.
The Company’s Board of Directors is responsible
for the other information. The other information In connection with our audit of the standalone
comprises the information included in the financial statements, our responsibility is to read
the other information and, in doing so, consider
Management Discussion and Analysis, Board’s
whether such other information is materially
Report including Annexures to Board’s Report,
inconsistent with the financial statements or our
Business Responsibility and Sustainability knowledge obtained in the audit or otherwise
Report, Corporate Governance and Shareholder’s appears to be materially misstated. If, based on the
Information, but does not include the standalone work we have performed, we conclude that there is
financial statements and our auditor’s report a material misstatement of this other information,
thereon. we are required to report that fact. We have nothing
to report in this regard.
338 339
Responsibilities of Management for the Standalone the aggregate, they could reasonably be expected to including the disclosures, and whether the in Equity dealt with by this Report are in
Financial Statements influence the economic decisions of users taken on standalone financial statements represent the agreement with the books of account;
The Company’s Board of Directors is responsible the basis of these standalone financial statements. underlying transactions and events in a manner
(d) In our opinion, the aforesaid standalone
for the matters stated in section 134(5) of the Act that achieves fair presentation.
As part of an audit in accordance with SAs, we financial statements comply with the
with respect to the preparation of these standalone exercise professional judgment and maintain We communicate with those charged with Accounting Standards specified under
financial statements that give a true and fair view professional skepticism throughout the audit. We governance regarding, among other matters, Section 133 of the Act, read with Companies
of the financial position, financial performance also: the planned scope and timing of the audit and (Indian Accounting Standards) Rules, 2015,
including other comprehensive income, cash flows significant audit findings, including any significant as amended;
and changes in equity of the Company in accordance Identify and assess the risks of material
deficiencies in internal control that we identify
with the accounting principles generally accepted misstatement of the standalone financial (e) On the basis of the written representations
during our audit.
in India, including the Indian Accounting Standards statements, whether due to fraud or error, design received from the directors as on March
(Ind AS) specified under section 133 of the Act read and perform audit procedures responsive to We also provide those charged with governance with 31, 2024 taken on record by the Board
with the Companies (Indian Accounting Standards) those risks, and obtain audit evidence that is a statement that we have complied with relevant of Directors, none of the directors is
Rules, 2015, as amended. This responsibility also sufficient and appropriate to provide a basis for ethical requirements regarding independence, and disqualified as on March 31, 2024 from
includes maintenance of adequate accounting our opinion. The risk of not detecting a material to communicate with them all relationships and being appointed as a director in terms of
records in accordance with the provisions of the misstatement resulting from fraud is higher other matters that may reasonably be thought to Section 164 (2) of the Act;
Act for safeguarding of the assets of the Company than for one resulting from error, as fraud may bear on our independence, and where applicable,
(f) With respect to the adequacy of the
and for preventing and detecting frauds and involve collusion, forgery, intentional omissions, related safeguards.
internal financial controls with reference
other irregularities; selection and application of misrepresentations, or the override of internal to these standalone financial statements
From the matters communicated with those
appropriate accounting policies; making judgments control. and the operating effectiveness of such
charged with governance, we determine those
and estimates that are reasonable and prudent;
Obtain an understanding of internal control matters that were of most significance in the audit of controls, refer to our separate Report in
and the design, implementation and maintenance
relevant to the audit in order to design the standalone financial statements for the financial “Annexure 2” to this report;
of adequate internal financial controls, that were
audit procedures that are appropriate in the year ended March 31, 2024 and are therefore the key
operating effectively for ensuring the accuracy and (g) In our opinion, the managerial
audit matters. We describe these matters in our

circumstances. Under section 143(3)(i) of the remuneration for the year ended March
completeness of the accounting records, relevant to
Act, we are also responsible for expressing our auditor’s report unless law or regulation precludes
the preparation and presentation of the standalone 31, 2024 has been paid / provided by the
opinion on whether the Company has adequate public disclosure about the matter or when, in
financial statements that give a true and fair view Company to its directors in accordance
internal financial controls with reference to extremely rare circumstances, we determine that a
and are free from material misstatement, whether with the provisions of section 197 read with
financial statements in place and the operating matter should not be communicated in our report
due to fraud or error. Schedule V to the Act;
effectiveness of such controls. because the adverse consequences of doing so
In preparing the standalone financial statements, would reasonably be expected to outweigh the (h) With respect to the other matters to
management is responsible for assessing the Evaluate the appropriateness of accounting public interest benefits of such communication. be included in the Auditor’s Report in
Company’s ability to continue as a going concern, policies used and the reasonableness of accordance with Rule 11 of the Companies
disclosing, as applicable, matters related to going accounting estimates and related disclosures Report on Other Legal and Regulatory Requirements (Audit and Auditors) Rules, 2014, as
concern and using the going concern basis of made by management. 1. As required by the Companies (Auditor’s amended in our opinion and to the best
accounting unless management either intends to Report) Order, 2020 (“the Order”), issued by the of our information and according to the
Conclude on the appropriateness of
liquidate the Company or to cease operations, or has Central Government of India in terms of sub- explanations given to us:
management’s use of the going concern basis
no realistic alternative but to do so. section (11) of section 143 of the Act, we give in
of accounting and, based on the audit evidence i. The Company has disclosed the
the “Annexure 1” a statement on the matters
Those Board of Directors are also responsible for obtained, whether a material uncertainty exists impact of pending litigations on its
overseeing the Company’s financial reporting specified in paragraphs 3 and 4 of the Order.
related to events or conditions that may cast financial position in its standalone
process. significant doubt on the Company’s ability to 2. As required by Section 143(3) of the Act, we financial statements – Refer note 11.1
continue as a going concern. If we conclude that report, to the extent applicable, that: and note 23 to the standalone financial
Auditor’s Responsibilities for the Audit of the
a material uncertainty exists, we are required statements;
Standalone Financial Statements (a) We have sought and obtained all the
to draw attention in our auditor’s report to the ii. The Company has made provision, as
Our objectives are to obtain reasonable assurance information and explanations which to
related disclosures in the financial statements
about whether the standalone financial statements the best of our knowledge and belief were required under the applicable law or
or, if such disclosures are inadequate, to modify accounting standards, for material
as a whole are free from material misstatement, necessary for the purposes of our audit;
our opinion. Our conclusions are based on the foreseeable losses, if any, on long-
whether due to fraud or error, and to issue an auditor’s (b) In our opinion, proper books of account
audit evidence obtained up to the date of our term contracts including derivative
report that includes our opinion. Reasonable as required by law have been kept by the
auditor’s report. However, future events or contracts;
assurance is a high level of assurance, but is not a Company so far as it appears from our
conditions may cause the Company to cease to
guarantee that an audit conducted in accordance examination of those books; iii. There has been no delay in transferring
continue as a going concern.
with SAs will always detect a material misstatement amounts, required to be transferred, to
when it exists. Misstatements can arise from fraud or Evaluate the overall presentation, structure and (c) The Balance Sheet, the Statement of Profit
the Investor Education and Protection
error and are considered material if, individually or in content of the standalone financial statements, and Loss including the Statement of Other
Fund by the Company.
Comprehensive Income, the Cash Flow
Statement and Statement of Changes
340 341
iv. a) The management has represented c) Based on such audit procedures Annexure ‘1’ referred to in paragraph under the heading “Report on Other Legal and Regulatory
that, to the best of its knowledge performed that have been Requirements” of our report of even date
and belief, as disclosed in the note considered reasonable and
32 to the standalone financial appropriate in the circumstances, Re: PCBL Limited (“the Company”)
statements, no funds have been nothing has come to our notice
In terms of the information and explanations sought by us and given by the Company and the books of
advanced or loaned or invested that has caused us to believe that
account and records examined by us in the normal course of audit and to the best of our knowledge and
(either from borrowed funds the representations under sub-
belief, we state that:
or share premium or any other clause (a) and (b) contain any
sources or kind of funds) by material misstatement.
the Company to or in any other
v. The interim dividend declared and confirmed by them and discrepancies of
person or entity, including foreign (i) (a) (A) The Company has maintained proper
paid by the Company during the year records showing full particulars, 10% or more in aggregate for each class of
entities (“Intermediaries”), with the
and until the date of this audit report including quantitative details and inventory were not noticed in respect of
understanding, whether recorded
is in accordance with section 123 of the situation of Property, Plant and such confirmations.
in writing or otherwise, that the
Act. Equipment.
Intermediary shall, whether,
(ii) (b) As disclosed in note 10(a) to the financial
directly or indirectly lend or invest in vi. Based on our examination which (i) (a) (B) The Company has maintained proper statements, the Company has been
other persons or entities identified included test checks, the Company records showing full particulars of sanctioned working capital limits in excess
in any manner whatsoever by has used accounting software for intangible assets. of ` five crores in aggregate from banks
or on behalf of the Company maintaining its books of account during the year on the basis of security of
(“Ultimate Beneficiaries”) or (i) (b) All the Property, Plant and Equipment
which has a feature of recording audit current assets of the Company. Based on
provide any guarantee, security or have not been physically verified by the
trail (edit log) facility and the same the records examined by us in the normal
the like on behalf of the Ultimate management during the year but there
has operated throughout the year course of audit of the financial statements,
Beneficiaries; is a regular programme of verifying them
for all relevant transactions recorded the quarterly returns / statements filed
once in three years which, in our opinion,
b) The management has in the software (refer note 32 to the by the Company with such banks are in

is reasonable having regard to the size of
represented that, to the best standalone financial statements). agreement with the unaudited books of
the Company and the nature of its assets.
of its knowledge and belief, as Further, during the course of our audit accounts of the Company. The Company do
No material discrepancies were noticed on
disclosed in the note 32 to the we did not come across any instance not have sanctioned working capital limits
such verification.
standalone financial statements, of audit trail feature being tampered in excess of Rs. five crores in aggregate from
no funds have been received by with in respect of accounting software. (i) (c) The title deeds of all the immovable financial institutions (other than Banks)
the Company from any person or properties (other than properties where during the year on the basis of security of
entity, including foreign entities For S.R. Batliboi & Co. LLP the Company is the lessee and the lease current assets of the Company.
(“Funding Parties”), with the Chartered Accountants agreements are duly executed in favour
(iii) (a) During the year the Company has provided
understanding, whether recorded ICAI Firm Registration Number: 301003E / E300005 of the lessee) are held in the name of the
loans, to Company or other parties as
in writing or otherwise, that the Company.
follows:
Company shall, whether, directly (i) (d) The Company has not revalued its Property,
or indirectly, lend or invest in other ______________________________ Particulars Loans
Plant and Equipment (including Right of
persons or entities identified in per Vishal Sharma (` in Crores)
use assets) or intangible assets during the Aggregate amount granted /
any manner whatsoever by or Partner
year ended March 31, 2024. provided during the year
on behalf of the Funding Party Membership Number: 096766
- Subsidiary 550.00
UDIN: 24096766BKFFSR8215 (i) (e) As represented to us by the management,
(“Ultimate Beneficiaries”) or - Others – Employees 1.29
there are no proceedings initiated or are
provide any guarantee, security or Balance outstanding as at
Place of Signature: Gurugram pending against the Company for holding balance sheet date in respect
the like on behalf of the Ultimate
Date: May 23, 2024 any benami property under the Prohibition of above cases
Beneficiaries; and
of Benami Property Transactions Act, 1988 - Subsidiary -
and rules made thereunder. - Others – Employees 2.13
During the year the Company has not

(ii) (a) The inventory has been physically verified
provided loans, advance in the nature
by the management during the year except
of loans, stood guarantees or provided
for inventories lying with third parties. In
security to companies, firms, Limited
our opinion, the frequency of verification
Liability Partnerships or any other parties
by the management is reasonable and
other than as mentioned above.
the coverage and procedure for such
verification is appropriate. Discrepancies (iii) (b) During the year the investments made,
of 10% or more in aggregate for each class loans provided and the terms and
of inventory were not noticed. Inventories conditions of the investments and loans
lying with third parties have been to Companies are not prejudicial to the
342 343
Companies interest. The Company has (iv) There are no loans, investments, guarantees, Name of the Statute Nature of the Amount Period to which the Forum where the dispute is
not provided security, granted advances and security in respect of which provisions of Dues (` in crores) amount relates pending
in the nature of loans and given guarantee sections 185 and 186 of the Act are applicable Income tax Act, 1961 Income tax 0.50 F.Y. 2016-17 Commissioner of Income-Tax
to companies, firms, Limited Liability and accordingly, the requirement to report on 3.66F.Y. 2017-18 (Appeals)
Partnerships or any other parties during clause 3(iv) of the Order is not applicable to the 39.19F.Y. 2019-20
the year. Company. 0.47 F.Y. 2021-22
Central Excise Act, Excise Duty 1.231997-98 to 1998-99 Commissioner (Appeals)
(iii) (c) The Company has granted loans during (v) The Company has neither accepted any 1944 2003-04 to 2008-09
the year to companies where the schedule deposits from the public nor accepted any 2012-13 to 2015-16
of repayment of principal and payment amounts which are deemed to be deposits 23.80 2004-05 to 2016-17 Customs Excise and Service Tax
of interest has been stipulated and the Appellate Tribunal
within the meaning of Sections 73 to 76 of the
repayment or receipts are regular. The Central Excise Act, Excise Duty 16.82 2010-2017 Customs Excise and Service Tax
Act and the rules made thereunder, to the
Company has not granted loans and 1944 read with Appellate Tribunal
extent applicable. Accordingly, the requirement Cenvat Credit rules,
advances in the nature of loans to firms, 1.23 2008-09 & 2011-12 High Court at Gujarat
to report on clause 3(v) of the Order is not 2004
Limited Liability Partnerships or any other Service Tax 6.02 2012-13 Customs Excise and Service Tax
applicable to the Company. Appellate Tribunal
parties.
(vi) We have broadly reviewed the books of account Central Sales Tax Central Sales Tax 1.91 1994-95,1995-96, High Court at Calcutta
(iii) (d) There are no amounts of loans and Act, 1956 1999-00
maintained by the Company pursuant to the
advances in the nature of loans granted 1.39 2007-08 Senior Joint Commissioner
rules made by the Central Government for the
to companies, firms, Limited Liability Commercial Taxes.
Partnerships or any other parties which are maintenance of cost records under section 4.48 2003-04,2004-05 West Bengal Commercial Taxes
overdue for more than ninety days. 148(1) of the Act, related to the manufacture Appellate & Revisional Board
and sale of carbon black and sale of power, and Customs Act, 1962 Customs Duty 0.01 2012-13 Customs Excise and Service Tax
(iii) (e) There were no loans or advances in the are of the opinion that prima facie, the specified Appellate Tribunal
nature of loan granted to companies, firms, 0.38 2006-07 to 2010-11 Deputy Commissioner of
accounts and records have been made and
Limited Liability Partnerships or any other Custom

maintained. We have not, however, made a
parties which was fallen due during the Gujarat Value Added Value Added Tax 0.23 2006-07 Gujarat Value Added Tax
detailed examination of the same.
year, that have been renewed or extended Tax Act, 2006 Tribunal
or fresh loans granted to settle the overdues (vii) (a) The Company is regular in depositing West Bengal Sales Sales Tax 0.67 2003-04 West Bengal Commercial Taxes
of existing loans given to the same parties. with appropriate authorities undisputed Tax Act, 1994 Appellate & Revisional Board
Accordingly, the requirement to report on statutory dues including goods and
clause 3(iii)(e) of the Order is not applicable services tax, provident fund, employees’
0.41 1994-95, 1995-96, West Bengal Taxation Tribunal
to the Company. state insurance, income-tax, duty of 1999-00
(iii) (f) The Company has not granted any advances customs, duty of excise, value added tax,
West Bengal Value Value Added Tax 2.62 2015-16 West Bengal Taxation Tribunal
in the nature of loans, either repayable on cess and other statutory dues applicable
Added Tax Act, 2003
demand or without specifying any terms to it. According to the information and
0.78 2007-08 Senior Joint Commissioner
or period of repayment to companies, explanations given to us and based on Commercial Taxes.
firms, Limited Liability Partnerships or any audit procedures performed by us, no
other parties. As disclosed in note 4 (e) to undisputed amounts payable in respect CGST Act 2017 read Goods & Service 0.15 2017-18 Joint Commissioner (Appeals)
with IGST Tax
the financial statements, the Company has of these statutory dues were outstanding,
granted loans repayable on demand to a at the year end, for a period of more than
Company. Of these following are the details six months from the date they became (viii) As represented to us by the management, the (ix) (b) As represented to us by the management,
of the aggregate amount of loans granted payable. Company has not surrendered or disclosed the Company has not been declared wilful
to promoters or related parties as defined any transaction, previously unrecorded in the defaulter by any bank or financial institution
(vii) (b) The dues of goods and services tax,
in clause (76) of Section 2 of the Companies books of account, in the tax assessments under or government or any government
provident fund, employees’ state insurance,
Act, 2013, as amended (“the Act”): the Income Tax Act, 1961 as income during the authority.
income-tax, sales-tax, service tax, duty of
Particular All Parties – custom, duty of excise, value added tax, year. Accordingly, the requirement to report on
(ix) (c) Term loans were applied for the purpose
Related Parties clause 3(viii) of the Order is not applicable to the
(` in Crores) cess, and other statutory dues have not for which the loans were obtained.
Company.
been deposited on account of any dispute,
Aggregate amount of loans / (ix) (d) On an overall examination of the financial
advances in nature of loans 6.19 are as follows: (ix) (a) The Company has not defaulted in
statements of the Company, no funds
- Repayable on demand repayment of loans or other borrowings or
raised on short-term basis have been used
Percentage of loans / in the payment of interest thereon to any
advances in nature of loans to 100%
for long-term purposes by the Company.
lender.
the total loans
344 345
(ix) (e) On an overall examination of the (ix) (f) The Company has raised loans during (xvi) (b) The Company is not engaged in any Non- not an assurance as to the future viability
financial statements of the Company, the the year on the pledge of securities held Banking Financial or Housing Finance of the Company. We further state that our
Company has not taken any funds from in its step-down subsidiary, as per details activities. Accordingly, the requirement reporting is based on the facts up to the date
any entity or person on account of or to below. Further, the Company has not to report on clause (xvi)(b) of the Order is of the audit report and we neither give any
meet the obligations of its subsidiaries, defaulted in repayment of such loans guarantee nor any assurance that all liabilities
not applicable to the Company.
associates or joint ventures. raised. falling due within a period of one year from
(xvi) (c) The Company is not a Core Investment the balance sheet date, will get discharged by
Company as defined in the regulations the Company as and when they fall due.
Nature of Name of lender Amount of loan Name of the Relation Details of made by Reserve Bank of India.
loan taken (` in Crores) subsidiary security pledged
Accordingly, the requirement to report (xx) (a) In respect of other than ongoing projects,
Term loan Bajaj Finance Limited 250 on clause 3(xvi) of the Order is not there are no unspent amounts that
Aditya Birla Finance 350 applicable to the Company. are required to be transferred to a fund
Limited specified in Schedule VII of the Act, in
Shares of (xvi) (d) As represented to us by the compliance with second proviso to sub
Citi Corp (Finance) 200
Advaya Aquapharm management, the Group has 4 Core section 5 of section 135 of the Act. This
Limited
Chemical Chemicals Investment Companies as a part of the
Non – DBS Bank Limited 615 Subsidiary matter has been disclosed in note 20(a)
Industries Private Limited
Convertible Group. to the standalone financial statements.
Reliance General 50 Limited (step-down
Debentures Insurance Company subsidiary) (xvii) The Company has not incurred cash losses (xx) (b) All the amounts that are unspent under
Limited in the current financial year and immediate section (5) of section 135 of the Act,
Aditya Birla Sun Life 35 preceding financial year.
Mutual Fund pursuant to any ongoing project, has
(xviii) There has been no resignation of the statutory been transferred to special account in
auditors during the year and accordingly compliance of with provisions of sub
(x) (a) The Company has not raised any money (xii) The Company is not a nidhi Company as requirement to report on Clause 3(xviii) of the section (6) of section 135 of the said
during the year by way of initial public per the provisions of the Act. Therefore, the Order is not applicable to the Company. Act. This matter has been disclosed in
offer / further public offer (including requirement to report on clause 3(xii)(a),

note 20(a) to the standalone financial
(xix) On the basis of the financial ratios disclosed in
debt instruments) and hence, the (b) & (c) of the Order is not applicable to the statements.
note 33 to the standalone financial statements,
requirement to report on clause 3(x) Company.
ageing and expected dates of realization
(a) of the Order is not applicable to the
(xiii) Transactions with the related parties are in of financial assets and payment of financial
Company. For S.R. Batliboi & Co. LLP
compliance with sections 177 and 188 of the liabilities, other information accompanying
(x) (b) The Company has not made any the standalone financial statements, our Chartered Accountants
Act where applicable and the details have
preferential allotment or private knowledge of the Board of Directors and ICAI Firm Registration Number: 301003E / E300005
been disclosed in the notes to the financial
placement of shares / fully or partially management plans and based on our
statements, as required by the applicable
or optionally convertible debentures examination of the evidence supporting
accounting standards.
during the year under audit and hence, the assumptions, nothing has come to our ______________________________
the requirement to report on clause 3(x) (xiv) (a) The Company has an internal audit attention, which causes us to believe that any per Vishal Sharma
(b) of the Order is not applicable to the system commensurate with the size and material uncertainty exists as on the date of Partner
Company. nature of its business. the audit report that Company is not capable Membership Number: 096766
of meeting its liabilities existing at the date UDIN: 24096766BKFFSR8215
(xi) (a) As represented to us by the (xiv) (b) The internal audit reports of the of balance sheet as and when they fall due
management, no fraud / material fraud Company issued till the date of the audit within a period of one year from the balance Place of Signature: Gurugram
by the Company or no fraud / material report, for the period under audit have sheet date. We, however, state that this is Date: May 23, 2024
fraud on the Company has been noticed been considered by us.
or reported during the year.
(xv) The Company has not entered into any non-
(xi) (b) During the year, no report under sub-
cash transactions with its directors or persons
section (12) of section 143 of the Act has
connected with its directors and hence
been filed by cost auditor / secretarial
requirement to report on clause 3(xv) of the
auditor or by us in Form ADT – 4 as
Order is not applicable to the Company.
prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the (xvi) (a) The provisions of section 45-IA of the
Central Government. Reserve Bank of India Act, 1934 (2 of
(xi) (c) As represented to us by the management, 1934) are not applicable to the Company.
there are no whistle blower complaints Accordingly, the requirement to report
received by the Company during the on clause (xvi)(a) of the Order is not
year. applicable to the Company.
346 347
Annexure ‘2’ to the Independent Auditor’s Report of even date on the Standalone Financial financial statements, including the possibility of effectively as at March 31, 2024, based on the
Statements of PCBL Limited collusion or improper management override of internal control over financial reporting criteria
controls, material misstatements due to error established by the Company considering the
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
or fraud may occur and not be detected. Also, essential components of internal control stated in
Act, 2013 (“the Act”)
projections of any evaluation of the internal financial the Guidance Note issued by the ICAI.
We have audited the internal financial controls with standalone financial statements and their operating controls with reference to standalone financial
reference to standalone financial statements of effectiveness. Our audit of internal financial statements to future periods are subject to the risk For S.R. Batliboi & Co. LLP
PCBL Limited (“the Company”) as of March 31, 2024 controls with reference to standalone financial that the internal financial control with reference Chartered Accountants
in conjunction with our audit of the standalone statements included obtaining an understanding to standalone financial statements may become ICAI Firm Registration Number: 301003E/E300005
financial statements of the Company for the year of internal financial controls with reference to these inadequate because of changes in conditions, or
ended on that date. standalone financial statements, assessing the risk that the degree of compliance with the policies or
that a material weakness exists, and testing and procedures may deteriorate. ______________________________
Management’s Responsibility for Internal Financial per Vishal Sharma
evaluating the design and operating effectiveness
Controls Opinion Partner
of internal control based on the assessed risk.
The Company’s Management is responsible for The procedures selected depend on the auditor’s In our opinion, the Company has, in all material Membership Number: 096766
establishing and maintaining internal financial judgement, including the assessment of the risks of respects, adequate internal financial controls with UDIN: 24096766BKFFSR8215
controls based on the internal control over financial material misstatement of the financial statements, reference to standalone financial statements and
reporting criteria established by the Company whether due to fraud or error. such internal financial controls with reference to Place of Signature: Gurugram
considering the essential components of internal standalone financial statements were operating Date: May 23, 2024
We believe that the audit evidence we have
control stated in the Guidance Note on Audit of
obtained is sufficient and appropriate to provide
Internal Financial Controls Over Financial Reporting
a basis for our audit opinion on the Company’s
issued by the Institute of Chartered Accountants
internal financial controls with reference to these
of India (“ICAI”). These responsibilities include
standalone financial statements.
the design, implementation and maintenance

of adequate internal financial controls that were Meaning of Internal Financial Controls With Reference
operating effectively for ensuring the orderly and to these Standalone Financial Statements
efficient conduct of its business, including adherence
A company's internal financial controls with
to the Company’s policies, the safeguarding of
reference to standalone financial statements is a
its assets, the prevention and detection of frauds
process designed to provide reasonable assurance
and errors, the accuracy and completeness of the
regarding the reliability of financial reporting and
accounting records, and the timely preparation of
the preparation of financial statements for external
reliable financial information, as required under the
purposes in accordance with generally accepted
Act.
accounting principles. A company's internal
Auditor’s Responsibility financial controls with reference to standalone
Our responsibility is to express an opinion on the financial statements includes those policies and
Company's internal financial controls with reference procedures that (1) pertain to the maintenance of
to these standalone financial statements based on records that, in reasonable detail, accurately and
our audit. We conducted our audit in accordance fairly reflect the transactions and dispositions of
with the Guidance Note on Audit of Internal the assets of the company; (2) provide reasonable
Financial Controls Over Financial Reporting (the assurance that transactions are recorded as
“Guidance Note”) and the Standards on Auditing, necessary to permit preparation of financial
as specified under section 143(10) of the Act, to the statements in accordance with generally accepted
extent applicable to an audit of internal financial accounting principles, and that receipts and
controls, both issued by ICAI. Those Standards expenditures of the company are being made only
and the Guidance Note require that we comply in accordance with authorisations of management
with ethical requirements and plan and perform and directors of the company; and (3) provide
the audit to obtain reasonable assurance about reasonable assurance regarding prevention or
whether adequate internal financial controls with timely detection of unauthorised acquisition, use,
reference to these standalone financial statements or disposition of the company's assets that could
was established and maintained and if such controls have a material effect on the financial statements.
operated effectively in all material respects. Inherent Limitations of Internal Financial Controls
Our audit involves performing procedures to With Reference to Standalone Financial Statements
obtain audit evidence about the adequacy of the Because of the inherent limitations of internal
internal financial controls with reference to these financial controls with reference to standalone
348 349
Standalone Balance Sheet Standalone Statement of Profit and Loss

as at 31 March, 2024 for the year ended 31 March, 2024
(All amounts in ` Crores, unless otherwise stated) (All amounts in ` Crores, unless otherwise stated)
Notes As at As at
Notes Year ended Year ended
31 March, 2024 31 March, 2023
ASSETS 31 March, 2024 31 March, 2023
Non-current assets Revenue from operations 14 5,674.32 5,873.89
Property, plant and equipment 3(a) 2,040.29 1,860.14
Capital work-in-progress 3(b) 162.86 285.46 Other income 15 30.98 38.41
Investment property 3(c) 4.48 4.48
Intangible assets 3(d) 2.04 0.67
Total Income 5,705.30 5,912.30
Right of use assets 3(e) 59.70 73.59 Expenses
Financial assets
(i) Investments 4(a) 3,674.96 1,005.49 Cost of materials consumed 16(a) 3,971.21 4,356.34
(ii) Loans 4(e) 7.69 7.65 Purchases of stock-in-trade 0.44 94.94
(iii) Other financial assets 4(f) 27.92 26.58
Non current tax assets (net) 7 31.73 7.44 Changes in inventories of finished goods 16(b) (26.31) (3.89)
Other non-current assets 5 14.61 18.17
Total Non-current assets 6,026.28 3,289.67
Employee benefits expense 17 204.95 190.27
Current assets Finance costs 18 126.20 53.41
Inventories 6 563.44 485.80
Financial assets Depreciation and amortisation expense 19 150.53 136.60
(i) Trade receivables 4(b) 1,287.45 1,107.77 Other expenses 20 557.47 499.80
(ii) Cash and cash equivalents 4(c) 163.06 36.79
(iii) Other bank balances 4(d) 5.89 5.27 Total Expenses 4,984.49 5,327.47
(iv) Loans 4(e) 0.63 0.52
Profit before tax 720.81 584.83
(v) Other financial assets 4(f) 48.30 10.79
Other current assets 5 88.72 79.60 Income-tax expense 21
Total Current assets 2,157.49 1,726.54
Current tax 181.37 148.64
TOTAL ASSETS 8,183.77 5,016.21
EQUITY AND LIABILITIES Tax relating to earlier years charge / (credit) (2.64) 7.93

EQUITY
Equity Share Capital 8 37.75 37.75 Deferred tax charge / (credit) 12 8.79 (15.83)
Other Equity 9 3,241.46 2,781.87 Total tax expense 187.52 140.74
TOTAL EQUITY 3,279.21 2,819.62
LIABILITIES Profit for the year 533.29 444.09
Non-current liabilities
Financial Liabilities
Other Comprehensive Income / (Loss) [OCI]
(i) Borrowings 10(a) (i) 2,266.05 204.19 Items that will not to be reclassified to profit or loss, net of
(ii) Lease Liabilities 10(c) 51.32 66.71
(iii) Other financial liabilities 10(d) 2.48 7.77
taxes
Provisions 11 10.18 3.12 Re-measurement (loss) / gain on post-employment defined (2.82) 2.78
Deferred tax liabilities (net) 12 284.35 257.35
Total Non-current liabilities 2,614.38 539.14 benefit plans
Current liabilities Changes in fair value of equity instruments through OCI 161.70 (26.71)
(i) Borrowings 10(a) (ii) 601.54 488.81 Income Tax relating to items that will not be reclassified to 21 (24.98) 2.15
(ii) Lease Liabilities 10(c) 20.10 19.73 Profit or Loss
(iii) Trade payables 10(b)
a) Total outstanding dues of micro enterprises and small 33.13 41.62 Other Comprehensive Income / (Loss) for the year, net of tax 133.90 (21.78)
enterprises Total Comprehensive Income for the year, net of tax 667.19 422.31
b) Total outstanding dues of creditors other than micro 1,402.64 908.11
enterprises and small enterprises Earnings per equity share : 26
(iv) Other financial liabilities 10(d) 129.55 105.43
Nominal Value per share (Re 1/-) [Refer Note 8(i)]
Provisions 11 85.52 82.23
Other current liabilities 13 17.70 11.52 Basic (`) 14.13 11.76
Total Current liabilities 2,290.18 1,657.45
TOTAL LIABILITIES 4,904.56 2,196.59 Diluted (`) 14.13 11.76
TOTAL EQUITY AND LIABILITIES 8,183.77 5,016.21 The accompanying notes form an integral part of the
The accompanying notes form an integral part of the Standalone Standalone financial statements.
financial statements.
This is the Standalone Statement of Profit and Loss referred to in our report of even date.
This is the Standalone Balance Sheet referred to in our report of even date.
For S. R Batliboi & Co. LLP For and on behalf of Board of Directors of PCBL Limited
ICAI Firm Registration Number 301003E / E300005
Chartered Accountants
Vishal Sharma Kaushik Roy Rusha Mitra Vishal Sharma Kaushik Roy Rusha Mitra
Partner Managing Director Director Partner Managing Director Director
Membership Number: 096766 (DIN: 06513489) (DIN: 08402204) Membership Number: 096766 (DIN: 06513489) (DIN: 08402204)
Place : Gurugram Kaushik Mukherjee Raj Kumar Gupta Place : Gurugram Kaushik Mukherjee Raj Kumar Gupta
Date: May 23, 2024 Company Secretary Chief Financial Officer Date: May 23, 2024 Company Secretary Chief Financial Officer
350 351
Statement of Standalone Cash Flows Statement of Standalone Cash Flows

for the year ended 31 March, 2024 for the year ended 31 March, 2024 (Contd.)
Particulars Notes Year ended Year ended Particulars Notes Year ended Year ended
31 March, 2024 31 March, 2023 31 March, 2024 31 March, 2023
A. Cash Flows from Operating Activities Payment of lease liabilities, including interest (30.84) (28.63)
Profit before Tax 720.81 584.83 thereon
Adjustments to reconcile profit before tax to net Increase / (decrease) in cash credit facilities from - (49.87)
cash flows: banks
Depreciation and amortisation expense 19 150.53 136.60 Proceeds from current borrowings 1,497.67 1,055.00
Finance costs 18 126.20 53.41 Repayment of current borrowings (1,617.67) (960.10)
Allowance for doubtful debts / expected credit losses 20 (0.30) 0.11 Dividend paid (207.60) (207.60)
- trade receivables (net) Finance cost paid (117.06) (53.35)
Interest income from certain financial assets 15 (4.81) (0.63) NET CASH FLOWS GENERATED FROM / (USED IN) 1,819.09 (280.57)
Dividend income from equity instruments designated 15 (7.59) (9.79) FROM FINANCING ACTIVITIES
at FVTOCI
Net increase / (decrease) in Cash and Cash 126.27 (67.18)
Gain on sale / fair valuation of investments carried at 15 (12.02) (19.51)
Equivalents
FVTPL
Opening Cash and Cash Equivalents 36.79 103.97
Provisions / Liabilities no longer required written back 15 (3.55) (6.99)
Closing Cash and Cash Equivalents 163.06 36.79
(Profit) / Loss on disposal of property, plant and 20 (0.05) 0.02
equipment Changes in liabilities arising from financing activities
Provisions / (write back) for claims and litigations (net) 11.1 2.99 4.77
Unrealised Foreign exchange differences (net) (8.88) 1.04 Particulars 1 April, 2023 Cash Flows Others 31 March, 2024
242.52 159.03 Current borrowings (excluding current maturities 420.00 (120.00) - 300.00

of long term debts)
Operating profit before changes in operating 963.33 743.86
assets and liabilities Lease Liabilities [Refer Note 10(c)] 86.44 (30.84) 15.82 71.42
Working capital adjustments Non-current borrowings (including current 273.00 2,294.59 - 2,567.59
(Increase) / Decrease in inventories (77.64) 118.11 maturities of long term debts)
(Increase) / Decrease in trade receivables (176.31) (4.77) Total liabilities from financing activities 779.44 2,143.75 15.82 2,939.01
(Increase) / Decrease in other financial and non- (48.00) (27.57)
financial assets Particulars 1 April, 2022 Cash Flows Others 31 March, 2023
Increase / (Decrease) in trade payables 495.40 46.70 Current borrowings (excluding current maturities 374.97 45.03 - 420.00
Increase / (Decrease) in other financial and non- 25.18 11.22 of long term debts)
financial liabilities Lease Liabilities [Refer Note 10(c)] 101.83 (28.63) 13.24 86.44
218.63 143.69 Non-current borrowings (including current 309.02 (36.02) - 273.00
Cash generated from operations 1,181.96 887.55 maturities of long term debts)
Income taxes paid (net of refunds) (209.79) (165.76) Total liabilities from financing activities 785.82 (19.62) 13.24 779.44
NET CASH FLOWS GENERATED FROM OPERATING 972.17 721.79
ACTIVITIES Accounting Policy
B. Cash Flows from / (used in) Investing Activities
Purchase of property, plant and equipment (177.54) (289.36) For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents comprise cash at
Proceeds from disposal of property, plant and 0.09 0.20 bank, cash in hand and short-term deposits with an original maturity of three months or less, which are subject
equipment to an insignificant risk of changes in value.
Purchase of non-current investments - (1.94)
The accompanying notes form an integral part of the Standalone financial statements.
Proceeds from sale of non current investments - 7.85
Investment in Equity shares of subsidiaries (87.15) (20.64) This is the Standalone Statement of Cash Flows referred to in our report of even date.
Investment in Preferences shares of subsidiary (220.00) (526.00)
Investment in Optionally and Fully Convertible - For S. R Batliboi & Co. LLP For and on behalf of Board of Directors of PCBL Limited
Debentures (OCD) of subsidiary (2,200.00) ICAI Firm Registration Number 301003E/E300005
Purchase of current investments (4,741.76) (4,537.03) Chartered Accountants
Proceeds from sale / redemption of current 4,753.78 4,848.73
investments Vishal Sharma Kaushik Roy Rusha Mitra
Partner Managing Director Director
Dividend received from equity instruments 7.59 9.79 Membership Number: 096766 (DIN: 06513489) (DIN: 08402204)
designated at FVTOCI
NET CASH FLOWS USED IN INVESTING ACTIVITIES (2,664.99) (508.40) Place : Gurugram Kaushik Mukherjee Raj Kumar Gupta
C. Cash Flows from / (used in) Financing Activities Date: May 23, 2024 Company Secretary Chief Financial Officer
Proceeds from non-current borrowings 2,420.00 60.00
Repayment of non-current borrowings (125.41) (96.02)
352 353
Standalone Statement of Changes in Equity Notes to Standalone Financial Statements

for the year ended 31 March, 2024 as at and for the year ended 31 March, 2024
A. Equity share capital (All amounts in ` Crores, unless otherwise stated) CORPORATE INFORMATION 1.1.3. Current versus Non-current Classification
PCBL Limited (the “Company”) (CIN: L23109WB1960PLC024602) The Company presents assets and liabilities
As at 31 March, 2024 As at 31 March, 2023 is a public company limited by shares domiciled in in the Balance Sheet based on current / non-
Particulars Notes Number of Amount Number of Amount India and is incorporated under the provisions of the current classification.
Shares Shares Companies Act applicable in India. The Company is
An asset is classified as current when it is:
Equity shares of Re. 1/- (31 March, 2023 primarily engaged in the business of manufacturing
Re. 1/-) each issued, subscribed and paid up: & sale of carbon black and sale of power as detailed a. expected to be realised or intended to be
Refer Note 8(i) under segment information in Note 28. Equity sold or consumed in the normal operating
shares of the Company are listed on BSE Limited cycle,
Opening balance 8 37,74,62,604 37.75 18,87,31,302 37.75
and National Stock Exchange of India Limited. b. held primarily for the purpose of trading,
On account of sub-division of equity shares 8(i) - - 18,87,31,302 -
Closing balance 37,74,62,604 37.75 37,74,62,604 37.75 The registered office of the Company is located at c. expected to be realised within twelve
Duncan House, 31, Netaji Subhas Road, Kolkata months after the reporting period, or
B. Other equity 700001, West Bengal, India.
d. cash or cash equivalents unless restricted
Reserves and Surplus Other reserves These standalone financials statements were from being exchanged or used to settle a
Equity approved and authorized for issue in accordance liability for at least twelve months after the
Instruments Total other
Particulars Notes Capital Securities General Statutory Retained equity
with resolution of the Board of Directors on May 23, reporting period.
through Other
reserve premium reserve Reserve earnings 2024.
comprehensive
income All other assets are classified as non-current.
As at 1 April, 2023 9 1.53 610.95 73.38 0.60 1,948.75 146.66 2,781.87 I. Basis of Preparation and Material Accounting
A liability is classified as current when:
Profit for the year - - - - 533.29 - 533.29 Policy Information

Other comprehensive income / - - - - (2.11) 136.01 133.90 a. it is expected to be settled in the normal
1.1.1. Compliance with Ind AS
(loss) for the year (net of tax) operating cycle,
These standalone financial statements comply
Dividend paid 25 - - - - (207.60) - (207.60) b. it is held primarily for the purpose of
in all material respects with the Indian
As at 31 March, 2024 1.53 610.95 73.38 0.60 2,272.33 282.67 3,241.46 trading,
Accounting Standards (Ind AS) notified under
Section 133 of the Companies Act, 2013 (the ‘Act’) c. it is due to be settled within twelve months
Reserves and Surplus Other reserves
[Companies (Indian Accounting Standards) after the reporting period, or
Equity
Instruments Total other Rules, 2015] (as amended from time to time)
Particulars Notes Capital Securities General Statutory Retained d. there is no unconditional right to defer
through Other equity
reserve premium reserve Reserve earnings and other relevant provisions of the Act. These
comprehensive settlement of the liability for at least twelve
income standalone financial statements has also been
months after the reporting period.
As at 1 April, 2022 9 1.53 610.95 73.38 0.60 1,710.45 170.25 2,567.16 prepared in compliance with presentation
Profit for the year - - - - 444.09 - 444.09 requirement of Division II of Schedule III of All other liabilities are classified as non-current.
Other comprehensive income / - - - - 1.81 (23.59) (21.78) the Companies Act, 2013 (IND AS Compliant
Deferred tax assets and liabilities are classified
(loss) for the year (net of tax) Schedule III) as applicable to the standalone
as non-current.
Dividend paid 25 - - - - (207.60) - (207.60) financial statements.
As at 31 March, 2023 1.53 610.95 73.38 0.60 1,948.75 146.66 2,781.87 The operating cycle is the time between the
These standards and policies have been
acquisition of assets for processing and their
The accompanying notes form an integral part of the Standalone financial statements. consistently applied to all the years presented,
realisation in cash and cash equivalents. The
unless otherwise stated. The standalone
This is the Standalone Statement of Changes in Equity referred to in our report of even date. Company has identified twelve months as its
financial statements are presented in Indian
operating cycle.
For S. R Batliboi & Co. LLP For and on behalf of Board of Directors of PCBL Limited Rupee (`), which is the Company’s functional
ICAI Firm Registration Number 301003E / E300005 and presentation currency. 1.2. Impairment of non-financial assets
1.1.2. Historical cost convention Assets are tested for impairment whenever
Vishal Sharma Kaushik Roy Rusha Mitra events or changes in circumstances indicate
These standalone financial statements have
Partner Managing Director Director that the carrying amount of the assets may
Membership Number: 096766 (DIN: 06513489) (DIN: 08402204) been prepared on a historical cost basis, except
the following, which are measured at fair not be recoverable. An impairment loss is
Place : Gurugram Kaushik Mukherjee Raj Kumar Gupta values:- recognised for the amount by which the
Date: May 23, 2024 Company Secretary Chief Financial Officer asset’s carrying amount exceeds its recoverable
i) certain financial assets and liabilities (including
amount. The recoverable amount is the higher
derivative instruments);
of an asset’s fair value less costs of disposal
ii) Plan assets of defined benefit employee and value in use. In assessing value in use, the
benefit plans estimated future cash flows are discounted to
354 355
Notes to Standalone Financial Statements Notes to Standalone Financial Statements

as at and for the year ended 31 March, 2024 as at and for the year ended 31 March, 2024
their present value using a pre-tax discount rate of principal and interest are measured at 1.3.5. Fair value of Financial Instruments losses are presented in the statement of profit
that reflects current market assessment of the amortised cost. Amortised cost is calculated by In determining the fair value of financial and loss on a net basis within other income /
time value of money and the risks specific to taking into account any discount or premium instruments, the Company uses a variety of other expense.
the asset. In determining fair value less costs of on acquisition and fees or costs that are an methods and assumptions that are based on Non-monetary items that are measured at fair
disposal, recent market transactions are taken integral part of the Effective Interest Rate EIR. market conditions and risks existing at each value in a foreign currency are translated using
into account. For the purpose of assessing The EIR amortisation is included in finance reporting date. The methods used to determine the exchange rates at the date when the fair
impairment, assets are grouped at the lowest income in the profit or loss. fair values includes discounted cash flow value was determined. Translation differences
levels for which there are separately identifiable analysis and available quoted market prices.
Fair value through profit or loss: Assets that do on assets and liabilities carried at fair value are
cash inflows which are largely independent of All methods of assessing fair values result in
not meet the criteria for amortised cost or Fair reported as part of the fair value gain or loss.
the cash inflows from other assets or groups of
value through Other comprehensive income general approximation of fair values and such
assets (cash-generating units). 1.7. Rounding of amounts
(FVTOCI) are measured at fair value through value may never actually be realised.
1.3. Other financial assets (other than Investments) profit or loss. All amounts disclosed in the standalone
1.4. Derivatives Instruments
Financial Statements and notes have been
1.3.1. Classification 1.3.3. Impairment of financial assets The Company enters into certain derivative rounded off to the nearest Crores (with two
The Company classifies its financial assets in The Company assesses on a forward looking contracts to hedge risks, which are not places of decimal) as per the requirement of
the following measurement categories: basis, the expected credit losses associated designated as hedges. Derivatives are Schedule III, unless otherwise stated.
with its assets carried at amortised cost and recognised at fair values on the date a derivative
a) those to be measured subsequently at fair
contract is entered into and subsequent fair 1.8. Standard issued but not effective
value (either through other comprehensive FVTOCI debt instruments. The impairment
methodology applied depends on whether value changes are recognised in the statement There are no standards issued but not effective
income, or through profit or loss), and
there has been a significant increase in of profit and loss at the end of each reporting up to the date of issuance of the Company’s
b) those measured at amortised cost. financial statements.

credit risk. Note 29 details how the Company period.
The classification depends on the Company’s determines whether there has been a
1.5. Offsetting financial instruments 1.9. New and amended standards
business model for managing the financial significant increase in credit risk.
assets and the contractual terms of cash flows. Financial assets and liabilities are offset and the The Ministry of Corporate Affairs has notified
1.3.4. Derecognition of financial assets net amount is reported in the balance sheet Companies (Indian Accounting Standards)
For assets measured at fair value, gains and where there is a legally enforceable right to Amendment Rules, 2023 dated 31 March, 2023
A financial asset is derecognised only when
losses is either recorded in the statement of offset the recognised amounts and there is an to amend the following Ind AS which are
profit and loss or other comprehensive income. The rights to receive cash flows from the intention to settle on a net basis or realise the effective for annual periods beginning on or
asset have expired asset and settle the liability simultaneously. The
1.3.2. Measurement after 1 April, 2023. The Company applied for the
The Company has transferred the rights to legally enforceable right must not be contingent first-time these amendments.
At initial recognition, the Company measures
receive cash flows from the financial asset on future events and must be enforceable in
a financial asset at its fair value plus, in the (i) Definition of Accounting Estimates -
or the normal course of business and in the event
case of financial asset not at fair value through Amendments to Ind AS 8
of default, insolvency or bankruptcy of the
profit or loss, transaction costs that are directly retains the contractual rights to receive
Company or the counterparty. The amendments clarify the distinction
attributable to the acquisition of the financial the cash flows of the financial asset but
between changes in accounting estimates,
asset. Transaction costs of financial assets assumes a contractual obligation to pay 1.6. Foreign currency transactions and translation changes in accounting policies and the
carried at fair value through profit or loss are the cash flows to one or more recipients. Foreign currency transactions are translated correction of errors. It has also been clarified
expensed in the statement of profit and loss.
Where the Company has transferred an asset, the into the functional currency using the how entities use measurement techniques and
However, trade receivables that does not
Company evaluates whether it has transferred exchange rates at the date of the transactions. inputs to develop accounting estimates.
contain a significant financing component are
substantially all risks and rewards of ownership At the year end, monetary assets and liabilities
measured at transaction price. The amendments had no impact on the
of the financial asset. In such cases, the financial denominated in foreign currencies are restated
Company’s standalone financial statements.
(a) Debt instruments asset is derecognised. Where the Company at the year-end exchanges rates. Foreign
Subsequent measurement of debts instruments has not transferred substantially all risks and exchange gains and losses resulting from the (ii) Disclosure of Accounting Policies -
depends on the Company’s business model rewards of ownership of the financial asset, the settlement of such transactions and from the Amendments to Ind AS 1
for managing the asset and the cash flow financial asset is not derecognised. translation of monetary assets and liabilities
The amendments aim to help entities provide
characteristics of the asset. There are two denominated in foreign currencies at year end
The financial asset is derecognised if the accounting policy disclosures that are more
measurement categories into which the exchange rates are generally recognised in the
Company has not retained control of the useful by replacing the requirement for entities
Company classifies its debt instruments: statement of profit and loss.
financial asset. Where the Company retains to disclose their ‘significant’ accounting policies
control of the financial asset, the asset is Foreign exchange differences regarded as an with a requirement to disclose their ‘material’
Amortised cost: Assets that are held for
collection of contractual cash flows where continued to be recognised to the extent of adjustment to borrowing costs are presented in accounting policies and adding guidance on
those cash flows represent solely payments continuing involvement in the financial asset. the statement of profit and loss, within finance how entities apply the concept of materiality
costs. All other foreign exchange gains and
356 357

in making decisions about accounting policy The areas involving critical estimates and Climate – related matters carrying amount or recognised as a separate asset,
disclosures. judgments are: The Company considers climate-related matters as appropriate, only when it is probable that future
in estimates and assumptions, where appropriate. economic benefits associated with the asset will
The amendments have had an impact on the Contingent Liabilities and Provisions for claims
This assessment includes a wide range of possible flow to the Company and the cost of the asset
Company’s disclosures of accounting policies, and litigations
impacts on the Company due to both physical and can be measured reliably. The carrying amount of
but not on the measurement, recognition or Legal proceedings covering a range of matters
transition risks. Even though the Company believes the replaced component is derecognised when
presentation of any items in the Company’s are pending against the Company. Due to the
its business model and products will still be viable replaced. All other repairs and maintenance are
financial statements. uncertainty inherent in such matters, it is often
after the transition to a low-carbon economy, charged to the statement of profit and loss during
difficult to predict the final outcomes. The cases and the reporting period in which they are incurred.
(iii) Deferred Tax related to Assets and Liabilities climate-related matters increase the uncertainty
claims against the Company often raise difficult and
arising from a Single Transaction - Amendments in estimates and assumptions underpinning
complex factual and legal issues that are subject to Depreciation
to Ind AS 12 several items in the financial statements. Even
many uncertainties and complexities, including but In case of certain property, plant and equipment,
The amendments narrow the scope of the initial though climate-related risks might not currently
not limited to the facts and circumstances of each depreciation is provided on a pro-rata basis on the
recognition exception under Ind AS 12, so that have a significant impact on measurement, the
particular case and claim, the jurisdiction and the straight line method over the estimated useful
it no longer applies to transactions that give Company is closely monitoring relevant changes
differences in applicable law, in the normal course of lives of the assets which are different than the rates
rise to equal taxable and deductible temporary and developments, such as new climate-related
business. The Company consults with legal counsel prescribed under the Schedule II to the Companies
differences such as leases. legislation. The items and considerations that are
and certain other experts on matters related to Act, 2013.
most directly impacted by climate-related matters
The Company previously recognised for litigations. The Company accrues a liability when it
are:- Useful life of property, plant and equipment. The Company, based on technical assessment made
deferred tax on leases on a net basis. As a is determined that an adverse outcome is probable
and the amount of the loss can be reasonably by technical expert and management estimate,
result of these amendments, the Company When reviewing the residual values and expected
estimated. In the event an adverse outcome is depreciates certain items of Plant & Equipment and
has recognised a separate deferred tax asset useful lives of assets, the Company considers

possible or an estimate is not determinable, the Electrical Installations over estimated useful life of
in relation to its lease liabilities and a deferred climate-related matters, such as climate-related
matter is disclosed. 18 to 20 years which are different from the useful
tax liability in relation to its right-of-use assets. legislation and regulations that may restrict the use
life prescribed in Schedule II to the Companies
Since, these balances qualify for offset as per of assets or require significant capital expenditures.
Employee Benefits (Estimation of defined benefit Act, 2013. The management believes that these
the requirements of paragraph 74 of Ind AS 12,
obligation) Fair Value Measurements estimated useful lives are realistic and reflect fair
there is no impact in the balance sheet. There
Post-employment benefits represents obligation When the fair values of financial assets and approximation of the period over which the assets
was also no impact on the opening retained
that will be settled in future and require assumptions financial liabilities recorded in the Balance Sheet are likely to be used.
earnings as at 1 April, 2022.
to project benefit obligations. Post-employment cannot be measured based on quoted prices in Depreciation on historical cost / deemed cost of
Apart from these, consequential amendments benefits accounting is intended to reflect the active markets, their fair values are measured other property, plant and equipment (except land)
and editorials have been made to other Ind AS recognition of future benefits cost over the using valuation techniques which involve various is provided on pro rata basis on straight line method
like Ind AS 101, Ind AS 102, Ind AS 103, Ind AS 107, employee’s approximate service period, based on judgements and assumptions. Judgements include based on useful lives specified in Schedule II to the
Ind AS 109, Ind AS 115 and Ind AS 34. the terms of plans and the investment and funding consideration of inputs such as liquidity risk, credit Companies Act, 2013.
decisions made. The accounting requires the risk and volatility. Changes in the assumption about
NOTE 2 : SIGNIFICANT ACCOUNTING JUDGEMENTS, The useful lives, residual values and method of
Company to make assumptions regarding variables these factors could affect the reported fair value of
ESTIMATES AND ASSUMPTIONS depreciation of property, plant and equipment are
such as discount rate, rate of compensation increase financial instruments. Refer Note 29 & 30 for further
The preparation of standalone financial statements and future mortality rates. Changes in these key reviewed and adjusted, if appropriate at the end of
disclosures.
in conformity with the Ind AS requires management assumptions can have a significant impact on the each reporting year.
to make judgments, estimates and assumptions, defined benefit obligations, funding requirements NOTE 3(A) : PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment or its
that affect the application of accounting policies and benefit costs incurred. components recognised is derecognised upon
Accounting Policy
and reported amounts of assets, liabilities, income, disposal or when no future economic benefits are
expense and disclosure of contingent assets and Estimation of expected useful lives and residual All items of property, plant and equipment are
expected from its use or disposal. Any gain or loss
liabilities at the date of these standalone financial values of property, plants and equipment stated either at historical cost i.e. cost of acquisition
arising on derecognition of the asset (calculated as
statements and the reported amount of revenues Property, plant and equipment are depreciated at / construction or at deemed cost as on the date of
the difference between the net disposal proceeds
and expenses for the years presented. Actual historical cost using straight-line method based on transition to Ind AS less accumulated depreciation,
and the carrying amount of the asset) is included
results may differ from these estimates. Estimates the estimated useful life, taking into account any impairment loss, if any. Capital work in progress is
in the statement of profit and loss when the asset is
and underlying assumptions are reviewed at residual value. The asset’s residual value and useful stated at cost, net of accumulated impairment loss,
derecognised.
each Balance Sheet date. Revision to accounting life are based on the Company’s best estimates and if any. Historical cost includes expenditure that is
estimates is recognised in the period in which reviewed, and adjusted if required, at each Balance directly attributable to the acquisition of the assets. The cost of property, plant and equipment not ready
the estimates are revised and future periods are Sheet date. Subsequent costs are included in the asset’s to use are disclosed under capital work-in-progress.
impacted.
358 359
NOTE 3(A) : PROPERTY, PLANT AND EQUIPMENT (All amounts in ` Crores, unless otherwise stated)
360
Freehold Leasehold Buildings Non- Plant and Furniture Office Vehicles Electrical Railway Total
Land Land (i) Factory Equipment and Equipment Installations Sidings
(iii) Buildings Fixtures
and Flats
Year ended 31 March, 2024
Gross carrying amount
Opening balance as at 1 April, 2023 202.06 404.02 109.53 113.05 1,565.67 8.56 12.97 0.18 66.53 0.01 2,482.58
Additions during the year - - 17.94 28.26 242.61 1.54 2.19 - 15.94 - 308.48
Disposal during the year - - - - (0.08)# (0.02) (0.13) (0.07) (0.00)* - (0.30)
Closing Gross carrying amount 202.06 404.02 127.47 141.31 1,808.20 10.08 15.03 0.11 82.47 0.01 2,790.76
Accumulated Depreciation
Opening balance as at 1 April, 2023 - - 28.84 15.90 544.22 5.33 10.30 0.18 17.66 0.01 622.44
Depreciation during the year - - 5.33 4.55 109.94 1.69 1.76 0.00 5.02 - 128.29
Adjustment of depreciation on disposal - - - - (0.06) (0.02) (0.11) (0.07) (0.00)* - (0.26)
Closing Accumulated Depreciation - - 34.17 20.45 654.10 7.00 11.95 0.11 22.68 0.01 750.47
Net carrying amount as at 202.06 404.02 93.30 120.86 1,154.10 3.08 3.08 (0.00) 59.79 - 2,040.29
31 March, 2024
as at and for the year ended 31 March, 2024

Additions during the year - - 10.09 1.37 136.18 0.73 0.95 - 13.84 - 163.16
Disposal during the year - - - - (0.20) # (0.04) (0.07) - (0.08) - (0.39)
Depreciation during the year - - 4.97 3.10 100.70 1.48 1.77 - 3.95 - 115.97
Adjustment of depreciation on disposal - - - - (0.01) (0.03) (0.06) - (0.06) - (0.16)
Net carrying amount as at 31 March, 2023 202.06 404.02 80.69 97.15 1,021.45 3.23 2.67 - 48.87 - 1,860.14
#
Refer Note 27
* Amount is below the rounding off norm adopted by the Company.
(i) Gross carrying amount and accumulated depreciation includes ` 56.82 Crores (31 March, 2023 - ` 51.62 Crores) and ` 18.02 Crores (31 March, 2023 - ` 15.58 Crores), respectively in respect of
Buildings on Leasehold Land.
Notes to Standalone Financial Statements
(ii) The Company has borrowings from banks, which carry security charge over certain of the above property, plant and machinery.[Refer note 10(a) for details.]
(iii) Gross carrying amount on leasehold land is against certain lease agreements where the Company has an option to renew the properties on expiry of the lease period. The Company based
on terms and conditions of lease agreements has assessed these lease arrangements to be perpetual in nature, accordingly leasehold land is not amortised.
(iv) Aggregate amount of depreciation has been included under depreciation and amortization expense in the Statement of Profit and Loss (Refer note 19).
(v) Refer note 24 for disclosure of contractual commitments for acquistion of property,plant and equipment.
(vi) The Company has commissioned the first phase i.e., 20,000 MTPA of 40,000 MTPA specialty chemical capacity at Mundra Plant, Gujarat on July 10, 2023.
1.
2023.
Particulars
Finance Cost
Other Overheads
Accounting Policy
Salaries and wages
Projects in progress
As at 31 March, 2024
Additions during the year
Capitalisation during the year

Particulars
Closing Gross carrying amount
Opening balance as at 1 April, 2023
NOTE 3(C) : INVESTMENT PROPERTY

Balance lying in capital work-in-progress
equipment / capital work-in-progress:
NOTE 3(B) : CAPITAL WORK-IN-PROGRESS
Ageing of Capital Work- in- Progress (CWIP) :
during the financial year 2023-24 and 2022-23.

Add: Balance brought forward from previous year

CORPORATE OVERVIEW
Trial Run Production Costs [Net of Sales : (` 12.95 Crores)]
1 year
Less than
274.58
138.17
Less: Capitalised during the year to Property, plant and equipment
1-2 years
9.97
24.09
STATUTORY REPORTS
2-3 years
0.91
0.60
18.54
30.00
18.41
30.13
2.22
3.58
10.33
14.00
31 March, 2024
Amount in CWIP for a period of
3 years
More than
-
-
Total
361
285.46
162.86
including related transaction costs. Subsequent to initial recognition, investment properties are stated at cost
less accumulated depreciation and accumulated impairment loss, if any. Subsequent expenditure is capitalised
by the Company, is classified as investment property. Investment property is measured initially at its cost,
There are no projects whose completion is overdue or has exceeded its cost compared to its original plan
There has been no project that has been temporarily suspended during the year 31 March, 2024 and 31 March,
During the year the Company has capitalised the following expenses to cost of Property,plant and
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied
18.41
12.19
9.35
21.25
-
3.16
7.88
10.21
31 March, 2023
285.46
(159.13)
315.19
129.40
162.86
(303.90)
181.30
285.46


to the asset’s carrying amount only when it is probable that future economic benefits associated with the
Particulars Computer
expenditure will flow to the Company and the cost of the item can be measured reliably.
Software
Investment properties are derecognised either when they have been disposed off or when they are permanently Year ended 31 March, 2024
withdrawn from use and no future economic benefit is expected from their disposal. The difference between
the net disposal proceeds and the carrying amount of the asset is recognised in the statement of profit or loss
in the period of derecognition. Opening balance as at 1 April, 2023 2.57
Additions during the year 1.51
Particulars Land*
Closing Gross carrying amount 4.08
Accumulated amortisation
Opening gross carrying amount at 1 April, 2023 4.48
Opening balance as at 1 April, 2023 1.90
Closing gross carrying amount 4.48
Amortisation charge during the year 0.14
Closing accumulated amortisation 2.04
Net Carrying Amount as at 31 March, 2024 2.04
* No movement in Investment property during the current year and previous year.
There is no income and expenditure arising from the above investment property during the year 31 March, 2024
and 31 March, 2023.

Estimation of fair value
The Company's investment property consists of freehold land in Angul, Odisha, India.
The fair value of the investment property is based on current prices for similar property. The main inputs used
are quantum, area, location, demand and trend of fair market value in the area.
Amortisation charge during the year 0.11
The fair value is based on independent valuation done by registered valuer [as defined under rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017]. Fair valuation is based on market approach method Closing accumulated amortisation 1.90
and categorised as Level 2 fair value hierarchy. The fair value of the property is ` 8.51 Crores and ` 7.98 Crores as Net Carrying Amount as at 31 March, 2023 0.67
at 31 March, 2024 and 31 March, 2023 respectively. 1. Amortisation has been included under depreciation and amortisation expense in the Statement of Profit
The Company has no restrictions on the realisability of its investment property and no contractual obligations and Loss (Refer Note 19).
to purchase, construct or develop investment property or for repairs, maintenance and enhancements.
NOTE 3(E) : RIGHT OF USE ASSETS
NOTE 3(D) : INTANGIBLE ASSETS Accounting Policy
Accounting Policy The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
Intangible assets have a finite useful life and are stated at cost less accumulated amortisation, impairment loss, asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
if any. impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets
includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or
Computer Software for internal use, which is primarily acquired from third party vendors, is capitalised.
before the commencement date. Right-of-use assets are depreciated on a straight-line basis over the shorter
Subsequent costs associated with maintaining such software are recognised as expense as incurred. Cost of
of the lease term and the estimated useful lives of the assets.
software includes license fees and cost of implementation / system integration services, where applicable.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in section 1.2. Impairment
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the
of non-financial assets.
net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or
loss when the asset is derecognised.
Amortisation method and period
Computer software is amortised on a straight line basis over estimated useful life of three years from the date
of capitalisation.
Amortisation method and useful lives are reviewed periodically at each financial year end.
362 363

Particulars Right of use 1.1 Investment (other than investment in shares and debentures of subsidiaries)
assets*
1.1.1. Classification
The Company classifies its investments as those to be measured subsequently at fair value (either
through other comprehensive income or through profit and loss).
Balance as of 1 April, 2023 152.35
The classification depends on the Company's business model for managing the investments and the
contractual terms of cash flows.
Accumulated depreciation For investments measured at fair value, gains and losses are either recorded in the statement of
Balance as of 1 April, 2023 78.76 profit and loss or other comprehensive income. For investments in debt instruments, this depends
on the business model in which the investment is held. For investments in equity instruments, this
Depreciation charge during the year 22.10
depends on whether the Company has made an irrevocable election at the time of initial recognition
Closing accumulated depreciation 100.86
to account for the equity investment at fair value through other comprehensive income (FVTOCI). The
Company reclassifies the debt investments when and only when the business model for managing
those investment changes.
Particulars Right of use
assets* 1.1.2. Measurement
At initial recognition, the Company measures an investment at its fair value plus, in the case of
Gross carrying amount investment not at fair value through profit and loss, transaction costs that are directly attributable to
Balance as of 1 April, 2022 147.70 the acquisition of the investment. Transaction costs of investments carried at fair value through profit

Additions during the year 4.65 and loss are expensed in the statement of profit and loss.
(a) Debt Instrument
Accumulated depreciation
Subsequent measurement of debt instruments depends on the Company's business model for
managing the investment and the cash flow characteristics of the investment. The Company
classifies its debt instruments as:
Net Carrying Amount as at 31 March, 2023 73.59 Fair Value Through Profit and Loss (FVTPL) : Investments that do not meet the criteria for
amortised cost or FVTOCI are measured at fair value through profit and loss. A gain or loss on a
* Right-of-use assets mainly consists of Office Building & Godown, Storage Tanks for Raw Material and Vehicles
debt investment that is subsequently measured at fair value through profit and loss is recognised
taken under lease agreement.
in statement of profit and loss and presented on net basis in the statement of profit and loss
Particulars As at 31 March, 2024 As at 31 March, 2023 within other income / other expense in the year in which it arises.
Closing Gross Net carrying Closing Gross Net carrying (b) Equity Instrument
carrying amount carrying amount
amount amount The Company subsequently measures all equity investments at fair value through Other
Office Building & Godown 75.24 39.43 74.36 46.32 Comprehensive Income and there is no subsequent reclassification of fair value gains and losses
to the statement of profit and loss. At the time of derecognition of such investments, the gain or
Storage Tanks for Raw Material 66.86 12.12 66.86 23.24
loss is transferred to retained earnings.
Vehicles 18.46 8.15 11.13 4.03
Total 160.56 59.70 152.35 73.59 As at As at
31 March, 2024 31 March, 2023
NOTE 4(A) : INVESTMENTS Non-Current
Accounting Policy Investments in Subsidiary companies at cost (unquoted)

In Equity Instrument (fully paid up)
1. Investment in subsidiaries
Phillips Carbon Black Cyprus Holdings Limited 21.65 21.65
Investments in shares and debentures of subsidiaries are stated at cost less provision for impairment losses,
18,118 (31 March, 2023: 18,118) equity shares of Euro 1/- each
if any. Investments are tested for impairment whenever an event or changes in circumstances indicate
PCBL (TN) Limited 30.00 30.00
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
3,00,00,000 (31 March, 2023: 3,00,00,000) equity shares of ` 10/- each
which the carrying amount of investments exceeds its recoverable amount. If, in a subsequent period,
recoverable amount equals or exceeds the carrying amount, the impairment loss recognised is reversed PCBL Europe SRL 7.15 -
accordingly. 8,00,000 (31 March, 2023: Nil) equity shares of Euro 1/- each
364 365

As at As at As at As at
Advaya Chemical Industries Limited* Unquoted
8,00,00,000 (31 March, 2023: Nil) equity shares of ` 10/- each 80.00 - Devise Properties Private Limited. 9.62 9.00
Total (A) 138.80 51.65 1,050,000 (31 March, 2023: 1,050,000) 0% Convertible Preference
In Preference Shares (fully paid-up) shares of ` 100/- each at par
PCBL (TN) Limited Total (F) 9.62 9.00
9,40,00,000 (31 March, 2023: 7,20,00,000) 9% Cumulative Non 940.00 720.00 (G)=(A)+(B)+(C)+(D)+(E)+(F) 3,674.96 1,005.49
Convertible Redeemable Preference shares of ` 100 each 1 Additional Information
Total (B) 940.00 720.00 (a) Aggregate amount - market value of quoted investments 237.62 131.28
In Debentures (fully paid-up) (b) Aggregate amount of unquoted investments 3,437.34 874.21
Advaya Chemical Industries Limited* 2 Refer note 29 for information about fair value measurements and note 30 for credit risk and market risk on
2,20,00,00,000 (31 March, 2023: Nil) Optionally and Fully Convertible 2,200.00 - investments.
Debentures of ` 10/- each
3 *The Company has subscribed to 220 Crores of ` 10 each (0.1% p.a) unlisted optionally and fully convertible
Total (C) 2,200.00 - debentures ("OCDs") which is convertible only at the option of the issuer at any time within 10 years from
Investments in Equity Instruments (fully paid-up) - Others the date of allotment. The conversion ratio of each OCD shall be 1:1 (i.e. one OCD shall be converted into
Quoted @ 1 equity share of the Company). The conversion ratio of the OCDs shall be suitably modified in case of
Bank of Baroda 0.95 0.61 any split and / or bonus issuance and / or any other restructuring, including but not limited to merger /

35,930 (31 March, 2023: 35,930) equity shares of ` 2/- each demerger, involving the Issuer. No partial redemption of OCDs is permitted.
Indian Overseas Bank 0.07 0.03
The Company has borrowings, which carry security / charge over certain of the above Investments [Refer
11,400 (31 March, 2023: 11,400) equity shares of ` 10/- each 10 (a)].
CESC Limited 205.13 112.39
16,861,980 (31 March, 2023: 16,861,980) equity shares of Re. 1/- each 4 The Board of Directors of PCBL Limited (“the Company”), at it’s meeting held on November 28, 2023, in-
principle approved the acquisition, directly or through one of its affiliates (“Advaya Chemical Industries
RPSG Ventures Limited 21.00 12.31
Limited” (“ACIL”)), of 212,172 shares of Aquapharm Chemicals Private Limited (“ACPL”), for an aggregate
337,239 (31 March, 2023: 337,239) equity shares of ` 10/- each
consideration of ` 3,851.49 Crores (subject to agreed adjustments) representing 100% of the issued and
Spencers Retail Limited 10.47 5.94
paid-up share capital of ACPL (“Transaction”). In furtherance of such approval, the Company executed a
1,146,613 (31 March, 2023: 1,146,613) equity shares of ` 5/- each
share purchase agreement dated November 28, 2023 (“SPA”) with ACPL, and shareholders of ACPL, for
Total (D) 237.62 131.28 undertaking the Transaction, subject to inter alia obtaining all necessary approvals and fulfilment of other
Unquoted @ customary conditions, as per the terms and conditions specified in the SPA.
Apeejay Charter Private Limited - -
The Company invested ` 2,280.00 Crores, comprising of Optionally Convertible Debenture of ` 2,200.00
1,600 (31 March, 2023: 1,600) equity shares of ` 10/- each ^
Crores and Equity Shares of ` 80.00 Crores of ACIL. The said investment was funded by external financing to
RPSG Resources Private Limited 15.13 9.57
the extent of ` 1,500.00 Crores which includes non-convertible debenture of ` 700.00 Crores. The proceeds
of the non-convertible debenture have been fully utilised before March 31, 2024, for acquisition of shares of
Woodlands Multispeciality Hospital Limited 11.53 8.14
ACPL, through a subsidiary ACIL incorporated on January 11, 2024. Balance is funded through subsidiaries.
145,480 (31 March, 2023: 145,480) equity shares of ` 10/- each The acquisition of ACPL was completed on January 31, 2024.
Ritushree Vanijya Private Limited 39.93 25.58
5 The Company has incorporated a wholly owned subsidiary company in the name of “PCBL EUROPE SRL”
at Belgium, Europe on April 14, 2023, with primary objective of research and development, manufacturing,
Solty Commercial Private Limited 39.93 25.58
marketing and trading of specialty chemicals and other chemical products.
Spotboy Tracom Private Limited 42.40 24.69 6 The Company has incorporated wholly owned subsidiary company "Advaya Chemicals Limited" on
330,875 (31 March, 2023: 330,875) equity shares of ` 10/- each December 28, 2023 in India.
RPG Industries (P) Ltd. - - 7 The Board of Directors of the Company, at it’s board meeting held on March 16, 2024, granted authorisation,
402,000 (31 March, 2023: 402,000) equity shares of ` 10/- each ^ and subsequently, the Company has executed the Joint Venture Agreement (“Joint Venture Agreement”)
Total (E) 148.92 93.56 with Kinaltek Pty Limited (“Kinaltek”). Pursuant to the Joint Venture Agreement executed between the
Investments in Preference Shares (fully paid-up) - Others [At FVTPL] Company and Kinaltek, the Company shall own 51% of the shareholding in the joint venture company
(“JV Company”), and shall be infusing a consideration of USD 16,000,000 in the JV Company, along with
366 367

a commitment to infuse additional funds up to USD 28,000,000 in stages (subject to the completion of Ageing of Trade Receivables :
certain milestones, as stipulated in the Joint Venture Agreement). The JV Company will own the intellectual
properties of nano-silicon based products for battery applications and will set up manufacturing facilities
for such products. The Company has incorporated a new wholly owned subsidiary "Nanovace Technologies Outstanding for following periods from
Current due date of payment
Limited", on March 29, 2024, which is proposed to be the JV Company.
but not Less 6 More Total
due 1-2 2-3
@These investments in equity instruments are not held for trading. Upon application of Ind AS 109, the than 6 months
years years
than 3
Months – 1 year years
Company has chosen to designate these investments in equity instruments at FVTOCI as the management
believes that this provides a more meaningful presentation for long term investments than reflecting Undisputed Trade Receivables – considered good 1,148.76 138.69 - - - - 1,287.45
changes in fair values immediately in statement of profit and loss. Based on the aforesaid election, fair Undisputed Trade Receivables – which have - - - - 0.11 0.81 0.92
significant increase in credit risk
value changes are accumulated within Equity under "Fair Value Changes through Other Comprehensive
Income - Equity Instruments". The Company transfers amounts from this reserve to retained earnings Less : Allowance for significant increase in credit risk - - - - (0.11) (0.81) (0.92)
when relevant equity shares are derecognised. The fair value of such unquoted investments has been Total 1,148.76 138.69 - - - - 1,287.45
carried out by applying applicable valuation methodologies, which has been performed by independent
valuation experts. As at 31 March, 2023
^ The cost of unquoted investments in equity instruments (fully paid up) have been written off during the Current Outstanding for following periods from Total
but not due date of payment
previous year, though quantity thereof appears in the books. due Less 6 1-2 years 2-3 More
than 6 months years than 3
NOTE 4(B) : TRADE RECEIVABLES Months – 1 year years

Undisputed Trade Receivables – considered good 1,028.47 79.30 - - - - 1,107.77
Accounting Policy
Undisputed Trade Receivables – which have - - - 0.11 - 1.11 1.22
Trade receivables are amounts receivable from customers for goods sold in the ordinary course of business.
Trade receivable are initially recognised at transaction price and subsequently measured at amortised cost
using the effective interest method, less provision for impairment. Less : Allowance for significant increase in credit - - - (0.11) - (1.11) (1.22)
risk
For trade receivables, the Company applies the simplified approach permitted by Ind AS 109 Financial
Total 1,028.47 79.30 - - - - 1,107.77
Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
As at As at NOTE 4(C) : CASH AND CASH EQUIVALENTS

31 March, 2024 31 March, 2023 Accounting Policy
Secured
Cash and cash equivalents comprise cash at bank, cash in hand and short-term deposits with an original
Considered Good 1.94 1.94 maturity of three months or less, which are subject to an insignificant risk of changes in value.
Unsecured
Short-term deposits are made for varying periods of between one day and three months, depending on the
Considered Good 1,285.51 1,105.83
immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates.
Receivables which have significant increase in credit risk 0.92 1.22
Less : Allowance for significant increase in credit risk (0.92) (1.22) As at As at
1,287.45 1,107.77 31 March, 2024 31 March, 2023
Balances with banks 162.98 36.71
1. No trade or other receivable are due from directors or other officers of the Company either severally or
Cash on Hand 0.08 0.08
jointly with any other person. Nor any trade or other receivable are due from firms or private companies
163.06 36.79
respectively in which any director is a partner, a director or a member.
2. Trade receivables are non-interest bearing and are generally on terms of 0 to 90 days. NOTE 4(D) : OTHER BANK BALANCES
3. The carrying amount of trade receivables may be affected by the changes in the credit risk of the As at As at
counterparties as well as the currency risk as explained in note 30. 31 March, 2024 31 March, 2023
Balances with banks
4. For lien / charge against trade receivables, Refer note 10 (a).
- In Unpaid Dividend Accounts * 5.89 5.27
5. There are no disputes trade receivables as at 31 March, 2024 and 31 March, 2023. 5.89 5.27
*Earmarked for payment of Unclaimed Dividends [Refer Note 10 (d)]
368 369

NOTE 4(E) : LOANS As at As at

31 March, 2024 31 March, 2023
(Unsecured, considered good)
Deposits under Protest 4.40 3.94
As at As at Others
31 March, 2024 31 March, 2023 Prepaid Expenses 5.51 2.52
Non-current 14.61 18.17
Loan to Related Party- Repayable on Demand Current
Phillips Carbon Black Cyprus Holdings Limited (Subsidiary) 6.19 6.19 Advances other than capital advances
Advances to Suppliers/ Service providers (other than capital)
Other Loans
- Considered Good : 9.55 10.21
Loan to Employees 1.50 1.46
- Considered Doubtful : 0.88 0.88
7.69 7.65 Less : Allowance for doubtful advances (0.88) (0.88)
Current Others
Other Loans Balances with Government Authorities *
Loan to Employees 0.63 0.52 - Considered Good : 53.45 53.23
0.63 0.52 - Considered Doubtful : 2.16 2.16
Amount of Loan Outstanding : (Refer Note 27) Less : Allowance for doubtful advances (2.16) (2.16)
Advances to Employees 1.97 1.45
Type of Borrower :
Prepaid Expenses 16.33 10.32
Related Parties

Export Benefit Receivables # 7.42 4.39
Phillips Carbon Black Cyprus Holding Limited (Subsidiary) 6.19 6.19
88.72 79.60
Percentage of loans to the total loans (Repayable on Demand) 100% 100% *Balances with Government Authorities primarily includes amounts realisable, if any, from the GST Authorities
NOTE 4(F) : OTHER FINANCIAL ASSETS and customs authorities of India and the unutilised GST input credits on purchases to be utilised against future
GST liabilities. These are generally realised within one year and hence these balances have been classified as
current assets.
As at As at #
Export Benefit Receivables primarily consist of amounts receivable from government authorities of India
31 March, 2024 31 March, 2023
towards incentives on export sales made by the Company.
Non-Current
Security deposits* 22.92 21.78
NOTE 6 : INVENTORIES
Margin Money Deposit against guarantees 5.00 4.80
27.92 26.58 (At lower of cost and net realisable value)
Current
Accounting Policy
Security deposits* 3.50 10.09
Receivable from Subsidiaries* 28.31 0.70 Inventories are stated at lower of cost and net realisable value.
Receivable from Group Companies* 14.80 -
• Raw materials, Stores and Spares and Packing Material: cost is determined on moving weighted average
Derivative Instruments not designated as hedges - Foreign Exchange 1.69 -
method and includes cost of purchase and other incidental costs. However, material and other items held
Forward Contracts (at FVTPL) #
for use in production of inventories are not written down below cost if the finished products in which they
48.30 10.79
will be incorporated are expected to be sold at or above cost.
*Refer Note 27 for transactions with Related Parties.
• Finished goods: cost includes cost of direct materials,labour and a proportion of manufacturing overheads
#
Refer note 29 for information about fair value measurements.
based on the normal operating capacity.
NOTE 5 : OTHER ASSETS Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of
completion and the estimated cost necessary to make the sale.
(Unsecured considered good, unless otherwise stated)
As at As at
As at As at 31 March, 2024 31 March, 2023
31 March, 2024 31 March, 2023
Raw materials [including Goods in Transit ` 51.04 Crores (Previous Year ` Nil)] 401.45 345.25
Non-current Finished goods 115.14 92.35
Capital advances Stores and spares parts [including packing material ` 7.44 Crores 46.85 48.20
- Considered Good : 4.70 11.71 (Previous Year ` 5.26 Crores)]
- Considered Doubtful : 0.78 0.78 563.44 485.80
Less : Allowance for doubtful advances (0.78) (0.78) For lien / charge against Inventories, Refer note 10 (a).
370 371

NOTE 7 : NON CURRENT TAX ASSETS (NET) (i) Pursuant to the Special Resolution passed by the Shareholders of the Company by way of Postal Ballot
through electronic means on 17 March, 2022, the Company has sub-divided its equity share of face value
As at As at ` 2/- (` Two only) each fully paid up, into 2 (two) equity shares of face value Re. 1/- (Rupee One) each fully
31 March, 2024 31 March, 2023 paid-up, effective from 13 April, 2022. This has been considered for calculating weighted average number
Advance payment of Taxes 31.73 7.44 of equity shares for year ended 31 March, 2023 as per Ind AS 33-Earnings Per Share.
(Net of Provisions for Tax: ` 826.50 Crores [Previous year ` 641.00 Crores]) (ii) The Board of Directors of the Company, at its meeting held on 27 March, 2024 have approved the issuance
31.73 7.44 of upto 1,60,00,000 warrants of the Company at a price of ` 280/- (Rupees two hundred and eighty only) per
Warrant ("Warrant”), aggregating to ` 448 Crores to Rainbow Investments Limited, Quest Capital Markets
NOTE 8 : EQUITY SHARE CAPITAL Limited and Stel Holdings Limited ("the Proposed Allottees") on preferential basis, for cash consideration
Authorized share capital ("Preferential Allotment") in accordance with applicable law including Chapter V of the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Companies Act,
As at As at 2013. Subsequent to the year end, the Company has received ` 112 Crores representing 25% of total issue
31 March, 2024 31 March, 2023
proceeds towards the allotment of Warrants from the Proposed Allottees.
62,00,00,000 equity shares of Re. 1/- each (31 March, 2023: 62,00,00,000 62.00 62.00
(iii) No equity shares were allotted as fully paid up by way of bonus shares or pursuant to contract(s) without
equity shares of Re. 1/- each) (Refer (i) below)
payment being received in cash during the last five years. Further, none of the shares were bought back
Reconciliation of number of equity shares (Authorized) by the Company during the last five years.
(iv) Details of equity shares held by the shareholders holding more than 5% of the shares in the Company :-
Particulars Year ended 31 March, 2024 Year ended 31 March, 2023

Number of Amount Number of Amount Name Year ended 31 March, 2024
Sl.
Shares Shares No. No.of Shares % of total Shares
As at the beginning of the year 62,00,00,000 62.00 31,00,00,000 62.00 1 17,30,30,740 45.84
Rainbow Investments Limited (Refer Note 27)
Add: On account of sub-division of equity - - 31,00,00,000 -
shares (Refer (i) below) Year ended 31 March, 2023
No.of Shares Change On account No.of Shares
As at the end of the year 62,00,00,000 62.00 62,00,00,000 62.00 at the during the of sub- at the end of %
Sl. % of
Name beginning of year (Face division of the year Changes
No. total
Issued, subscribed and paid-up the year value Re. equity shares (Face value
Shares
during
(Face value 1/- per -Refer Note Re 1/- per the year
` 2/- per share) share) 8 (i) share)
As at As at
31 March, 2024 31 March, 2023 1 Rainbow Investments Limited 8,65,15,370 - 8,65,15,370 17,30,30,740 45.84 -
(Refer Note 27)
equity shares of Re1/- each) fully paid up (Refer (i) below) (v) Shareholding of Promoter
37.75 37.75 Year ended 31 March, 2024
Sl.
Name % Changes
Reconciliation of number of equity shares outstanding (Issued, subscribed and paid-up) No. No.of Shares % of total Shares
during the year
Particulars Year ended 31 March, 2024 Year ended 31 March, 2023 1 Rainbow Investments Limited 17,30,30,740 45.84 -
Number of Amount Number of Amount 2 Dotex Merchandise Private Limited 1,06,80,000 2.83 -
Shares Shares
3 Quest Capital Markets Limited 73,38,000 1.94 -
As at the beginning of the year 37,74,62,604 37.75 18,87,31,302 37.75
4 STEL Holdings Limited 29,03,830 0.77 -
Add: On account of sub-division of equity - - 18,87,31,302 -
5 Lebnitze Real Estates Private Limited 82,640 0.02 -
shares [Refer Note (i) below]
6 Digidrive Distributors Limited# 1,000 0.00* 100%
As at the end of the year 37,74,62,604 37.75 37,74,62,604 37.75
Total 19,40,36,210 51.40
372 373

Year ended 31 March, 2023 NOTE 9 : OTHER EQUITY
No.of Shares No.of

Change On account As at As at
at the Shares
Sl. during the of sub- % 31 March, 2024 31 March, 2023
Name beginning at the end % of
No. year (Face division of Changes
of the year of the year total (i) Reserves and Surplus
value Re. equity shares during
(Face value (Face value Shares
1/- per -Refer Note the year Capital Reserve (Refer a below) 1.53 1.53
` 2/- per Re 1/- per
share) 8 (i) Securities Premium (Refer b below) 610.95 610.95
share) share)
Statutory reserve (U/s 45IC of Reserve Bank of India Act, 1934) (Refer c below) 0.60 0.60
1 Rainbow Investments Limited 8,65,15,370 - 8,65,15,370 17,30,30,740 45.84 -
General reserve (Refer d below) 73.38 73.38
2 Dotex Merchandise Private Limited 53,40,000 - 53,40,000 1,06,80,000 2.83 - Retained Earnings (Refer e below) 2,272.33 1,948.75
3 Quest Capital Markets Limited 36,69,000 - 36,69,000 73,38,000 1.94 - (ii) Other Reserves
4 STEL Holdings Limited 14,51,915 - 14,51,915 29,03,830 0.77 - Equity Instruments through Other comprehensive income (Refer f below) 282.67 146.66
3,241.46 2,781.87
5 Lebnitze Real Estates Private Limited 1,320 80,000 1,320 82,640 0.02 6160.61%
(a) Capital reserve represents amount transferred from the transferor company 1.53 1.53
6 Saregama India Limited 500 - 500 1,000 0.00* - pursuant to a Scheme of Amalgamation - Balance brought forward
Total 9,69,78,105 80,000 9,69,78,105 19,40,36,210 51.40 (b) Securities premium is used to record the premium on issue of shares. The 610.95 610.95
reserve is utilised in accordance with the provisions of Section 52 of the
* % is below the rounding off norm adopted by the Company. Companies Act, 2013 - Balance brought forward
#
Post Scheme of arrangement duly sanctioned by the National Company Law Tribunal (NCLT),Kolkata (c) Statutory Reserve represents amount transferred from transferor Company 0.60 0.60
pursuant to a scheme of amalgamation - Balance brought forward
Bench vide Order dated 22 June 2023, with effect from the Appointed Date i.e., 1 April, 2022 between
(d) General Reserve - balance brought forward 73.38 73.38
Saregama India Limited and Digidrive Distributors Limited, equity shares of the Company has been

Under the erstwhile Indian Companies Act, 1956, a general reserve was
transferred from Saregama India Limited to Digidrive Distributors Limited. created through an annual transfer of net profit at a specified percentage
in accordance with applicable regulations. Consequent to introduction of
(vi) Terms / Rights attached to equity shares Companies Act, 2013, the requirement to mandatorily transfer a specified
The Company has only one class of equity shares having par value of Re. 1/- per share and each shareholder percentage of the net profit to general reserve has been withdrawn though
is entitled for one vote per share held. The Company declares and pays dividends in Indian rupees. the Company may transfer such percentage of its profits for the financial
year as it may consider appropriate. Declaration of dividend out of such
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
reserve shall not be made except in accordance with rules prescribed in this
ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the behalf under the Act.
equity shareholders are entitled to receive the remaining assets of the Company after distribution of all (e) Retained Earnings
preferential amounts, in proportion to their shareholding. Balance as at the beginning of the year 1,948.75 1,710.45
i) Profit for the year 533.29 444.09
(vii) Allotment of 1,823 equity shares of ` 10/- each is pending against rights issue made during the financial year
ii) Items of other comprehensive income recognised directly in Retained
1993-94. Earnings
(viii) 48 equity shares of ` 10/- each have not been issued to the concerned non-resident shareholders pending - Remeasurement of post-employment defined benefit obligation, net of tax (2.11) 1.81
[(` 0.71 Crores) {31 March, 2023 : ` 0.97 Crores }]
approval of the Reserve Bank of India.
iii) Dividend paid (Refer note 25) (207.60) (207.60)
(ix) There are no calls unpaid by Directors / Officers of the Company. Balance as at the end of the year 2,272.33 1,948.75
Retained Earnings are the profits and gains that the Company has earned
(x) The Company has not converted any securities into equity shares / preference shares during above financial till date less any transfer to general reserve, dividends or other distributions
years. paid to shareholders.
(f) Other Comprehensive Income
Equity Instruments through Other Comprehensive Income
Balance as at the beginning of the year 146.66 170.25
i) Changes in fair value of FVTOCI Equity Instruments, net of tax 136.01 (23.59)
[` 25.69 Crores {31 March, 2023 : (` 3.12 Crores)}]
Balance as at the end of the year 282.67 146.66
The Company has elected to recognise changes in the fair value of certain investments in equity instruments in
Other Comprehensive Income. These changes are accumulated within the FVTOCI equity investments reserve
within equity. The Company transfers amounts from this reserve to Retained Earnings when the relevant equity
shares are derecognised.
374 375

NOTE 10 (A): BORROWINGS As at As at

31 March, 2024 31 March, 2023
Accounting Policy
Maturity Profile of Long Term Borrowings from Banks
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
Maturity of less than 1 year 80.76 68.81
measured at amortised cost using the effective interest rate (EIR) method. Any difference between the proceeds
Maturity between 1 and 3 years 243.07 132.77
(net of transaction costs) and the redemption amount is recognised in the statement of profit and loss over
Maturity between 3 and 5 years 676.66 52.13
the period of the borrowings using the effective interest rate method. Fees paid on the establishment of loan
Maturity beyond 5 years 80.49 19.29
facilities are recognised as transaction costs of the borrowings to the extent that it is probable that some or
1,080.98 273.00
all of the facility will be utilised. In this case, the fee is deferred until the draw down occurs. Borrowings are
Maturity Profile of Long Term Borrowings from NBFC
derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or
Maturity of less than 1 year 117.69 -
expired.
Maturity between 1 and 3 years 236.52 -
Borrowings are classified as current and non-current liabilities based on repayment schedule agreed with Maturity between 3 and 5 years 438.71 -
banks. 792.92 -
Maturity Profile of Non-Convertible Debentures
(i) Non-current borrowings
As at As at Maturity between 1 and 3 years 207.05 -
31 March, 2024 31 March, 2023 Maturity between 3 and 5 years 383.55 -
SECURED LOANS 693.69 -
Term loan from banks 1,080.98 273.00 Interest rate on Term loans from Banks and NBFC are based on spread over respective Lenders benchmark rate.

Less: Current maturities of long term debts from banks [Refer (ii) below] (80.76) (68.81) Interest rate for NCD is fixed.
1,000.22 204.19 All of the above loans are repayable in periodic instalments over the maturity period of the respective loans.
Term loan from Non-Banking Financial Company ("NBFC") 792.92 -
(ii) Current borrowings
Less: Current maturities of long term debts from NBFC [Refer (ii) below] (117.69) -
As at As at
675.23 - 31 March, 2024 31 March, 2023
Non-Convertible Debentures ("NCD") 693.69 - SECURED LOANS FROM BANKS
Less: Current maturities of Non-Convertible Debentures [Refer (ii) below] (103.09) - Other loans - 220.00
a) Nature of Security
590.60 -
Secured by first charge by way of hypothecation of all the Company's
2,266.05 204.19 current assets, namely all the stock of raw materials, stock in process,
semi finished goods and finished goods, consumable stores and spares
Term loan from banks amounting to : not relating to plant and machinery (consumable and spares) both
present and future, bills receivable, bills whether documentary or clean,
` 1,080.98 Crores (31 March, 2023 - ` 273.00 Crores) are secured with a first charge by way of a hypothecation outstanding monies, receivables, book debts and all other current assets
over all moveable fixed assets of the Company both present and future,ranking pari passu with charge created of the Company both present and future, ranking pari passu without
in favour of other term lenders. any preference or priority of one over the others.
Current maturities of long term debts from Bank [Refer Note(i) above] 80.76 68.81
Term loan from NBFC amounting to :
Current maturities of long term debts from NBFC [Refer Note(i) above] 117.69 -
` 792.92 Crores (31 March, 2023 - ` Nil) is secured with pledge on shares of the step down subsidiary, Aquapharm Current maturities of Non-Convertible Debentures [Refer Note(i) above] 103.09 -
Chemicals Private Limited ("ACPL") with 1.5x cover. The shares of ACPL is held by subsidiary of the Company, UNSECURED LOANS
Advaya Chemical Industries Limited. Loans repayable on demand
- From Banks 300.00 200.00
Non-Convertible Debentures amounting to :
601.54 488.81
` 693.69 Crores (31 March, 2023 - ` Nil) is secured with exclusive pledge over identified shares of step down
Refer notes 3(a), 4(a), 4(b) and 6 for details of assets pledged as security as set out in the above note. Refer note
subsidiary, Aquapharm Chemicals Private Limited ("ACPL") with 1.5x cover.The shares of ACPL is held by
30 for information about liquidity risk and market risk on borrowings.
subsidiary of the Company, Advaya Chemical Industries Limited.
Term loans were applied for the purpose for which the loans were obtained.
The quarterly returns / statements filed by the Company with such banks are in agreement with the unaudited
books of accounts of the Company. Further, the Company do not have sanctioned working capital limits in
excess of rupees five crores in aggregate from financial institutions, other than Banks, during the year on the
basis of security of current assets of the Company.
376 377

NOTE :10(B) TRADE PAYABLES As at 31 March, 2023
Accounting Policy Outstanding for following periods

from due date
Trade payables represent liabilities for goods and services provided to the Company prior to the end of financial Particulars
Not
Total
Less More
year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due due 1-2 2-3
than 1 than 3
years Years
within 12 months after the reporting period. They are recognised initially at their fair value and subsequently Year years
measured at amortised cost using the effective interest rate method. (i) Micro Enterprises and Small Enterprises 38.31 2.31# 1.00# - - 41.62
As at As at (ii) Other than Micro Enterprises and Small Enterprises 870.40 36.17 0.16 0.95 0.43 908.11
31 March, 2024 31 March, 2023 Total 908.71 38.48 1.16 0.95 0.43 949.73
Current
# Represents retention amount of suppliers.
Total outstanding dues of Micro Enterprises and Small Enterprises 33.13 41.62
Total outstanding dues of creditors other than Micro Enterprises and 1,402.64 908.11 NOTE 10 (C): LEASE LIABILITIES
Small Enterprises
1,435.77 949.73 Accounting Policy
Information relating to Micro and Small Enterprises (MSMEs): Lease Liabilities
(i) The Principal amount and interest due there on remaining unpaid
to suppliers under Micro and Small Enterprises Development Act, At the commencement date of the lease, the Company recognises lease liabilities measured at the present
2006 value of lease payments to be made over the lease term. The lease payments include fixed payments (including
Principal 31.46 40.00 in substance fixed payments) and does not include non-lease components (maintenance charges etc.). In
Interest 0.00* 0.00* calculating the present value of lease payments, the Company uses its incremental borrowing rate at the

(ii) The amount of interest paid by the buyer under Micro and Small lease commencement date because the interest rate implicit in the lease is not readily determinable. After
Enterprises Development Act, 2006, along with the amounts of
the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
payment made to suppliers beyond the appointed day during the
year reduced for the lease payments made. Lease liabilities are remeasured with a corresponding adjustment to
Principal - - the related right of use asset if the Company changes its assessment if whether it will exercise an extension or
Interest - - a termination option.
(iii) The amount of interest due and payable for the period of delay in
making payment (which have been paid but beyond the appointed As at As at
day during the year) but without adding the interest specified 31 March, 2024 31 March, 2023
under Micro and Small Enterprises Development Act, 2006 At the beginning of the year 86.44 101.83
Principal 222.55 221.62
Addition to lease liability during the year 8.21 4.65
Interest 0.05 0.08
Accretion of interest 7.61 8.59
(iv) The amount of interest accrued and remaining unpaid at the end 1.67 1.62
of the year Payment / adjustments of lease liabilities (30.84) (28.63)
(v) The amount of further interest remaining due and payable even 0.05 0.08 At the end of the year 71.42 86.44
in the succeeding years, until such date when interest dues as
above are actually paid to the small enterprise, for the purpose of Lease Liabilities: Non Current 51.32 66.71
disallowance as deductible expenditure under Section 23 Lease Liabilities: Current 20.10 19.73
The table below provides details regarding the contractual maturities of lease liabilities as at year end on an
Refer note 30 for market risk on trade payables. undiscounted basis :
Ageing of Trade Payables : Particulars As at As at

As at 31 March, 2024 31 March, 2024 31 March, 2023
Outstanding for following periods Less than one year 26.43 27.51
from due date
Not One to five years 57.03 63.24
Particulars Less More Total
due 1-2 2-3
than 1 than 3 More than five years 5.21 17.49
years Years
Year years
Total 88.67 108.24
(i) Micro Enterprises and Small Enterprises 29.51 2.74#
0.48 #
0.40 #
- 33.13
(ii) Other than Micro Enterprises and Small Enterprises 1,375.78 26.07 0.66 0.13 - 1,402.64
Total 1,405.29 28.81 1.14 0.53 - 1,435.77
#
Represents retention amount of suppliers
378 379

The table below provides details of amount recognised in Statement of Profit and Loss : Provisions are measured at the present value of management's best estimates of the expenditure required to
settle the present obligation at the end of the reporting period. The discount rate used to determine the present
Year ended Year ended
value is a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to
31 March, 2024 31 March, 2023
the liability. The increase in the provision due to the passage of time is recognised as interest expense.
Depreciation on Right-of-use assets (Refer note 19) 22.10 20.52
Interest expenses on lease liabilities (Refer note 18) 7.61 8.59 Year ended Year ended
31 March, 2024 31 March, 2023
Rental expenses (excluding taxes) recorded for short term leases 10.75 10.37
Non-current
(Refer note 20)
Provision for Employee Benefits
Total 40.46 39.48
Provision for gratuity (Refer Note17.1) 10.18 3.12
The Company had total cash outflows for leases of ` 41.59 Crores (Previous Year ` 39.00 Crores) 10.18 3.12
Current
NOTE 10 (D): OTHER FINANCIAL LIABILITIES
Accounting Policy Provision for gratuity (Refer Note17.1) 2.96 3.89
Short Term Employee Benefits Provision for compensated absences 14.18 12.95
Liabilities for short term employee benefits that are expected to be settled wholly within 12 months after Provisions for claims and litigations (Refer Note 11.1) 68.38 65.39
the end of the period are measured at the amounts expected to be paid when the liabilities are settled. The 85.52 82.23
liabilities are presented as current employee benefits payable in the balance sheet. 11.1 Provisions for claims and litigations

Year ended Year ended Provision for claims & litigation includes civil proceeding against one of the party and regulatory proceeding
31 March, 2024 31 March, 2023 pertaining to FEMA matter. The Company has estimated the provisions for pending claims and litigation
Non-current based on the assessment of probability for these demands crystallising against the Company in due
Capital creditors 2.48 7.77 course. The table below gives information about movement in claims and litigations, and provisions.
2.48 7.77 Year ended Year ended
Current 31 March, 2024 31 March, 2023
Interest accrued but not due 18.30 2.77 At the beginning of the year 65.39 60.62
Unpaid Dividends [Refer Note (i) below] 5.89 5.27 Add: Incurred during the year 2.99 4.77
Others: At the end of the year 68.38 65.39
Security Deposits received 1.94 1.94
Employee benefits payable 32.21 29.35 NOTE 12 : DEFERRED TAX LIABILITIES (NET)
Capital creditors 48.57 46.25 Balance as Recognised Recognised Balance

Directors' fees & commission payable 22.50 18.30 at to Statement to / as at
1 April, of Profit and Reclassified 31 March,
Derivative instrument not designated as hedges - foreign-exchange - 1.28 2023 Loss from OCI 2024
forward contracts (at FVTPL) #
Total Total Total Total
Others 0.14 0.27
Deferred Tax Liabilities:
129.55 105.43
Property, plant and equipment and Intangible assets 263.78 (1.22) - 262.56
(i) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Right of use assets 18.52 (3.50) - 15.02
Protection Fund by the Company as at 31 March, 2024 and as at 31 March, 2023. Financial Assets at Fair value through Other 31.45 - 25.69 57.14
#
Refer note 29 for information about fair value measurements. Comprehensive Income
313.75 (4.72) 25.69 334.72
NOTE 11 : PROVISIONS Deferred Tax Assets:
Accounting Policy Items allowable for tax purpose on payments / 22.51 (2.18) - 20.33
adjustments
Provisions Allowance for doubtful debts - trade receivables 0.30 (0.07) - 0.23
Provisions are recognised when the Provisions has a present legal or constructive obligation as a result of past Lease Liabilities 21.76 (3.78) - 17.98
events and it is probable that an outflow of resources will be required to settle the obligation and the amount Long-Term Capital Loss 11.83 - - 11.83
can be reliably estimated. Provisions are not recognised for future operating losses.
56.40 (6.03) - 50.37
Net Deferred Tax Liabilities: 257.35 1.31 25.69 284.35
380 381

Balance Recognised Recognised Balance NOTE 14 : REVENUE FROM OPERATIONS

as at to Statement to / as at Accounting Policy
1 April, of Profit and Reclassified 31 March,
2022 Loss from OCI 2023 Revenue from contracts with customers is recognised when control of the goods or services are transferred
to the customer at an amount that reflects the consideration to which the Company expects to be entitled in
Total Total Total Total
exchange for those goods or services.
Property, plant and equipment and Intangible 289.03 (25.25) - 263.78 Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price
assets allocated to that performance obligation. Amounts disclosed as revenue are net of returns, trade and other
Right-of-use assets 31.26 (12.74) - 18.52 discounts, rebates and amounts collected on behalf of third parties.
Financial Assets at Fair value through Other 34.57 - (3.12) 31.45 Where the Company is the principal in the transaction, the sales are recorded at their gross values. The Company
Comprehensive Income considers whether there are other promises in the contract that are separate performance obligations to which
354.86 (37.99) (3.12) 313.75 a portion of the transaction price needs to be allocated. In determining the transaction price, the Company
Deferred Tax Assets: considers the effects of variable consideration, the existence of significant financing component, non-cash
considerations and consideration payable to the customer (if any). Any amounts received for which the
Items allowable for tax purpose on payments / 29.52 (7.01) - 22.51
adjustments Company does not provide any distinct goods or services are considered as a reduction of purchase cost.
Allowance for doubtful debts - trade receivables 0.68 (0.38) - 0.30 However, Goods and Service Tax (GST) is not received by the Company on its own account. Rather, it is collected
Lease Liabilities 35.58 (13.82) - 21.76 on value added to the commodity by the seller on behalf of the Government. Accordingly, it is excluded from

Long-Term Capital Loss 12.78 (0.95) - 11.83 revenue.
78.56 (22.16) - 56.40 The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that
Net Deferred Tax Liabilities: 276.30 (15.83) (3.12) 257.35 future economic benefits will flow to the Company regardless of when the payment is being made and specific
criteria have been met for each of the Company's activities as described below.
Pursuant to the introduction of Section 115BAA of the Income Tax Act, 1961, w.e.f. 1 April, 2019, companies in India
have the option to pay corporate income tax at reduced rate subject to certain conditions. The management has Sale of carbon black
exercised this option and deferred tax liabilities (net) as at 31 March, 2023 had been re-measured accordingly.
Revenue from sale of carbon black is recognised when the control of the goods has passed to the buyer as per
Consequently, the Company has recorded deferred tax credit of ` 39.62 Crores in the year ended 31 March, 2023
the terms of contract. In case of domestic sales, the performance obligation is satisfied upon delivery of the
and tax related to earlier years of ` (2.64) Crores in the year ended 31 March, 2024 which represents income tax
expenses of ` 4.84 Crores and reversal of deferred tax liability of ` 7.48 Crores. finished goods at customer's location. In case of export sales, the performance obligation is satisfied once the
goods are shipped and the bill of lading has been obtained.
NOTE 13 : OTHER CURRENT LIABILITIES
Sale of power
Accounting Policy
Revenue from the sale of power is recognised upon transmission of units to the buyer net of Unscheduled
Government grants and subsidies are recognised when there is reasonable assurance that the Company will Interchange gains / losses as per the terms of contract with the customer.
comply with the conditions attached to them and the grants / subsidy will be received. If the grant received
is to compensate the import cost of assets, and is subject to an export obligation as prescribed in the EPCG Other Operating revenues
scheme, then the recognition of the grant would be linked to fulfilment of the associated export obligations.
Exports entitlements (arising out of duty draw back, Merchandise exports from India Schemes) are recognised
At the year end, the portion of grant for which the export obligation has not been met is retained in deferred
when the right to receive credit as per the terms of the schemes is established in respect of the exports made
revenue under other current liabilities. Revenue grant is recognised as an income in the period in which related
by the Company and when there is no significant uncertainty regarding the ultimate collection of the relevant
obligation is met.
export proceeds.
As at As at
31 March, 2024 31 March, 2023
Advance from Customers 3.20 3.54
Dues payable to Government Authorities 13.22 6.07
Liability for Export Obligations / Government grants 1.28 1.91
17.70 11.52
382 383

Year ended Year ended NOTE 16(B) : CHANGES IN INVENTORIES OF FINISHED GOODS
31 March, 2024 31 March, 2023
Sales of Finished Goods *
31 March, 2024 31 March, 2023
Carbon black 5,486.46 5,609.53 Opening Stock (Carbon black) 92.35 88.46
Sales of Traded Goods * - 99.83 Closing Stock (Carbon black) 115.14 92.35
Sale of Power * 163.16 142.31 (22.79) (3.89)
Other Operating Revenues Less : Transfer to CWIP on account of Trial Run Cost (3.52) -
Scrap sales * 5.81 7.67 (26.31) (3.89)
Exports Incentive 18.89 14.55
Total revenue from operations 5,674.32 5,873.89 NOTE 17 : EMPLOYEE BENEFITS EXPENSE
India 3,773.26 4,143.08 Accounting Policy
Outside India 1,876.36 1,708.59
(I) Post-employment benefits
Total revenue (excluding scrap sales and exports incentive) 5,649.62 5,851.67
Defined benefit plans
*Revenue (except exports incentive) is recognised at a point in time and not over time.
a. The liability or asset recognised in the balance sheet in respect of Defined benefit plans is the present
NOTE 15 : OTHER INCOME value of the Defined benefits obligation at the end of the reporting period less the fair value of plan
assets. The Defined benefit obligation is calculated annually by actuaries using the Projected Unit
Accounting Policy
Credit Method at the year end.
a. Interest Income

b. The present value of the Defined benefit obligation is determined by discounting the estimated future
Interest Income from debt instruments is recognised using the effective interest rate method. The effective cash outflows by reference to market yields at the end of the reporting period on government bonds
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life that have terms approximating to the terms of the related obligations.
of the financial asset to the gross carrying amount of a financial asset. When calculating the effective
c. The net interest cost is calculated by applying the discount rate to the net balance of the Defined
interest rate, the Company estimates the expected cash flows by considering all the contractual terms of
benefit obligation and the fair value of plan assets. This cost is included in Employees Benefits Expense
the financial instrument but does not consider the expected credit losses. Interest income is included in in the statement of profit and loss.
finance income in the statement of profit and loss.
d. Re-measurement gains and losses arising from experience adjustments and changes in actuarial
b. Dividends assumptions are recognised in the period in which they occur, directly in Other Comprehensive
Dividends are recognised in the statement of profit and loss only when the right to receive payment is Income. They are included in retained earnings in the statement of changes in equity.
established and the amount of the dividend can be measured reliably which is generally when shareholders e. Changes in the present value of the Defined benefit obligation resulting from plan amendments or
approve the dividend. curtailments are recognised immediately in the statement of profit or loss as past service cost.
Year ended Year ended (II) Defined contribution plans

31 March, 2024 31 March, 2023
Contributions under Defined Contribution Plans payable in keeping with the related schemes are
Interest income from certain financial assets * 4.81 0.63 recognised as expenses for the period in which the employee has rendered the service.
Dividend income from equity instruments designated at FVTOCI* 7.59 9.79
(III) Other short-term employee benefit obligations
Gain on sale / fair valuation of investments carried at FVTPL 12.02 19.51
Liabilities for short term employee benefits that are expected to be settled wholly within 12 months after
Provisions / Liabilities no longer required written back 3.55 6.99
the end of the period are measured at the amounts expected to be paid when the liabilities are settled. The
Miscellaneous income 3.01 1.49
liabilities are presented as current employee benefits payable in the balance sheet.
30.98 38.41
The Company provides for the encashment of leave or leave with pay subject to certain rules. The employees
*Refer Note 27 are entitled to accumulate leave subject to certain limits, for future encashment. The liability is provided
based on the number of days of unutilised leave at each balance sheet date on the basis of year-end
NOTE 16(A) : COST OF MATERIALS CONSUMED
actuarial valuation using projected unit credit method. The scheme is unfunded.
Year ended Year ended Year ended Year ended

Opening Stock 345.25 464.32 Salaries, wages and bonus 167.58 158.17
Add : Purchases 4,027.41 4,237.27 Contribution to provident and other funds (Refer note 17.1) 18.71 17.43
Less : Closing Stock (401.45) (345.25) Staff welfare expense 18.66 14.67
Cost of material consumed 3,971.21 4,356.34 204.95 190.27
384 385

17.1 Employee Benefits: The expenses for the above mentioned Gratuity benefit is included and disclosed under the head "Contribution
to provident and other funds" under Note 17.
(I) Post employment obligations
(A) Gratuity 2023-24 2022-23
The Gratuity scheme is a defined benefit plan that provides for a lump sum payment on exit either by (iii) Actual Return on Plan Asset 1.98 2.06
way of retirement, death, disability or voluntary withdrawal. The benefits are defined on the basis of last (iv) The net liability disclosed above relating to funded are as follows
drawn salary and the period of service and paid as lump sum at exit. Gratuity payable is not restricted to
the maximum limit prescribed under the Payment of Gratuity Act, 1972. The liability in respect thereof As at As at
31 March, 2024 31 March, 2023
is determined by actuarial valuation at the year end based on the Projected Unit Credit Method and is
Present value of funded obligations 37.56 39.23
recognised as a charge on accrual basis. Trustees administer the contributions made to the Gratuity fund.
Amounts contributed to the Gratuity fund are invested solely with the Life Insurance Corporation of India. Fair value of plan assets (24.42) (32.22)
Deficit of funded plan 13.14 7.01
The following table sets forth the particulars in respect of the defined benefit plans of the Company for the
year ended 31 March, 2024 and 31 March, 2023: (v) Principal : Actuarial assumptions
Gratuity Fund (Funded) As at As at

31 March, 2024 31 March, 2023
Particulars Present Value Fair value of
Net Amount (i) Discount rate 7.00% 7.20%
of Obligation plan assets
(ii) Salary escalation rate# 7.00% 7.00%
(i) 1 April, 2023 39.23 (32.22) 7.01
(iii) Mortality Table (In service) Indian Assured Indian Assured

Current Service Cost 3.06 - 3.06 Lives Mortality Lives Mortality
Interest expense / (Income) 2.48 (1.98) 0.50 (2006-08) (2006-08)
Total Amount recognised in statement of profit or loss 5.54 (1.98) 3.56 (Modified) Ult. (Modified) Ult.
Remeasurements (gain) / loss #The estimate of future salary increase considered in actuarial valuation takes into account factors like inflation,
(Gain) / loss from change in financial assumptions 0.50 0.38 0.88 seniority, promotion and other relevant factors, such as demand and supply in the employment market.
(Gain) / loss arising from experience adjustments 1.94 - 1.94 In case of funded plan, the Company ensures that the investment positions are managed within an Asset
Total amount recognised in other comprehensive 2.44 0.38 2.82 - Liability Matching (ALM) framework that has been developed to achieve investment that are in line with
income the obligation under the gratuity scheme. Within this framework the Company's ALM objective is to match
Employer's contributions - (0.08) (0.08) asset with gratuity obligation. The Company actively monitors how the duration and the expected yield of
Benefit payments (9.65) 9.48 (0.17) instruments are matching the expected cash outflows arising from the gratuity obligations. The Company has
not changed the process used to manage its risk from previous periods. The Company does not use derivatives
31 March, 2024 37.56## (24.42) 13.14
to manage its risk. The gratuity scheme is funded with LIC which has good track record of managing fund
(ii) 1 April, 2022 39.79 (33.11) 6.68
except for gratuity payable to contractor worker.
Current Service Cost 3.05 - 3.05
Interest expense / (Income) 2.49 (2.06) 0.43 (vi) Sensitivity Analysis
Total Amount recognised in statement of profit or loss 5.54 (2.06) 3.48
Increase / (Decrease) in DBO Increase / (Decrease) in DBO
Remeasurements (gain) / loss
(Gain) / loss from change in financial assumptions (1.57) 0.00 (1.57)
31 March, 31 March, 31 March, 31 March,
(Gain) / loss arising from experience adjustments (1.21) - (1.21) 2024 2023 2024 2023
Total amount recognised in other comprehensive (2.78) 0.00 (2.78) Discount Rate - Gratuity Decrease by 1% 2.69 2.32 Increase by 1% (2.31) (1.98)
income
Salary escalation Rate Decrease by 1% (2.35) (2.01) Increase by 1% 2.67 2.30
Employer's contributions - (0.07) (0.07)
Acquisitions (credit) / cost (0.30) - (0.30) Method used for sensitivity analysis:
Benefit payments (3.02) 3.02 - The sensitivity results above determine their individual impact on the plan's end of year Defined Benefit
31 March, 2023 39.23## (32.22) 7.01 Obligation. In reality, the plan is subject to multiple external experience items which may move the Defined
Benefit Obligation in similar opposite directions, while the plan's sensitivity to such changes can vary over
## Includes ` 3.41 Crores (31 March, 2023 : ` 2.20 Crores) related to present value obligation of gratuity payable
time.
for contractual workers. This is an unfunded plan.
The expected return on plan assets is determined after taking into consideration composition of plan assets
held, assessed risks of asset management, historical results of return on plan assets, Company's policies for plan
asset management and other relevant factors.
386 387

(vii) Risk Exposure Year ended Year ended

Through its defined benefit plans, the Company is exposed to some risks, the most significant of which are 31 March, 2024 31 March, 2023
detailed below: Interest expense on debts and borrowings 116.25 44.69
1 Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government Interest on lease liabilities 7.61 8.59
bonds. If bond yields fall, the defined benefit obligation will tend to increase. Other Borrowings Costs 2.34 0.13
2 Salary Inflation risk : Higher than expected increases in salary will increase the defined benefit 126.20 53.41
obligation.
NOTE 19 : DEPRECIATION AND AMORTISATION EXPENSE
3 Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements
that include mortality, withdrawal, disability and retirement. The effect of these decrements on Year ended Year ended
the defined benefit obligation is not straight forward and depends upon the combination of salary 31 March, 2024 31 March, 2023
increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in Depreciation of property, plant and equipment (Refer Note 3(a)) 128.29 115.97
the financial analysis the retirement benefit of a short career employee typically costs less per year as
Amortisation of intangible assets (Refer Note 3(d)) 0.14 0.11
compared to a long service employee.
Depreciation on Right of Use Assets (Refer Note 3(e)) 22.10 20.52
(II) Defined Contribution Plans 150.53 136.60
The Company has certain Defined Contribution Plans viz. Provident Fund and Superannuation Fund.
Contributions are made to provident fund for employees at the rate of 12% of Basic salary as per regulations. NOTE 20 : OTHER EXPENSES
The Company has a defined contribution Superannuation plan for which contribution is made at a rate not

exceeding 4.87% of Basic and Dearness Allowance of the member with Superannuation. The contributions Year ended Year ended
31 March, 2024 31 March, 2023
are made to registered provident fund administered by the government. The obligation of the Company
is limited to the amount contributed and it has no further contractual nor any constructive obligation. The Consumption of stores and spares 64.20 52.04
expense recognised during the period towards defined contribution plan is ` 13.94 Crores (31 March, 2023- Consumption of packing materials 79.14 75.82
` 12.95 Crores). Power and fuel 20.23 19.58
(III) Defined Benefit Liability and Employer Contributions Water charges 5.97 6.56
Expected contribution to Post-employment benefit plans for the year ending 31 March, 2024 basis the Rent 10.75 10.37
acturial report is ` 3.06 Crores (31 March, 2023: ` 2.63 Crores) Rates and taxes 4.28 2.98
The weighted average duration of the defined benefit obligation is 6 years (31 March, 2023 - 5 years) for Repairs and maintenance:
employees and 11 years (31 March, 2023 - 13 years) for contractual employees. The expected maturity analysis - Buildings 2.64 2.25
of undiscounted gratuity is as follows:
- Plant and Machinery 29.29 24.61
Less than Between Between Between Between Beyond - Others 6.20 6.83
Particulars Total
a year 1 -2 years 2 -3 years 3 -4 years 4 -5 years 5 years
31 March, 2024 Insurance 8.11 8.28
Defined benefit obligation Travelling and conveyance 15.44 11.19
Gratuity 8.05 5.42 2.22 3.42 1.95 50.08 71.14 Subscriptions and donations 39.90 31.01
Total 8.05 5.42 2.22 3.42 1.95 50.08 71.14
Freight outward (net of recovery) 114.70 86.89
31 March, 2023
Commission to selling agents 35.69 36.06
Defined benefit obligation
Gratuity 14.19 2.52 5.25 2.80 3.87 17.55 46.18 Directors sitting fees & Commission 23.40 18.77
Total 14.19 2.52 5.25 2.80 3.87 17.55 46.18 Loss / (Profit) on disposal of property, plant and equipment (0.05) 0.02
Allowance for doubtful debts / expected credit loss - trade receivable (0.30) 0.11
NOTE 18 : FINANCE COSTS
(net)
Accounting Policy
Corporate Social Responsibility Expenditure [refer note (a) below] 10.01 8.50
General and specific borrowing costs that are directly attributable to the acquisition, construction or production
Payment to auditors [refer note (b) below] 1.81 0.92
of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset
for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get Miscellaneous expenses 124.40 113.37
ready for their intended use or sale. Less : Net gain on foreign currency transactions 38.34 16.36
Other borrowing costs are expensed in the period in which they are incurred. 557.47 499.80
388 389

(a) Details of CSR expenditure: (c) The Company has incurred following Research and Development expenditure for Innovation
Centre in Belgium
31 March, 2024 31 March, 2023 Year ended Year ended
(i) Gross amount required to be spent by the Company during the 10.01 8.50 31 March, 2024 31 March, 2023
year Revenue Expenses 19.50 19.19
(ii) Excess CSR expenditure of the previous year is offset against - 0.10 Capital Expenses 5.05 2.54
the current year's CSR obligation 24.55 21.73
(iii) Amount spent / to be spent for the year as per the provisions of 10.01 * 8.40*
For Research and Development expenditure in India-Refer Note 22
the Companies Act 2013
(iv) Excess CSR expenditure to be offset against the next year's CSR 0.12 0.12 NOTE 21 : TAX EXPENSE
obligation
Accounting Policy
A) Amount spent during the year
The income tax expense or credit for the period is the tax payable on the current period's taxable income based
i) Construction / acquisition of any asset - -
on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to
ii) On purposes other than (i) above 10.01 8.40 temporary differences and to unused tax losses.
B) Details related to spent / unspent obligations:
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted
i) Contribution for Ongoing Project 3.15 6.58 at the end of the reporting period. Management periodically evaluates positions taken in tax returns with
ii) Amount spent in relation to other than Ongoing Project 6.86 1.82 respect of situation in which applicable tax regulation is subject to interpretation. It establishes provisions

where appropriate on the basis of amounts expected to be paid to the tax authorities.
*Includes ` 3.15 Crore (31 March, 2023-` 6.58 Crores) paid / payable to a registered trust in respect of an
ongoing projects for carrying out CSR activities Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the standalone financial statements. Deferred
C) Details of ongoing project and other than ongoing project
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction that at
31 March, 2024 31 March, 2023 the time of the transaction affects neither accounting profit / loss nor taxable profit (tax loss). Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the
Ongoing Other than Total Ongoing Other than Total
reporting period.
Project (In Ongoing Project (In Ongoing
Particulars Separate Project Separate Project Current and deferred tax is recognised in statement of profit and loss, except to the extent that it relates to items
CSR CSR
recognised in other comprehensive income or directly in equity, if any. In this case, the tax is also recognised in
unspent unspent
account) account) other comprehensive income or directly in equity, respectively.
i) Opening balance [shortfall / (Excess)] 1.43 (0.12) 1.31 6.85 (0.22) 6.63 Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is
ii) Amount required to be spent during 3.15 6.86 10.01 6.58 1.92 8.50 probable that future taxable amounts will be available to utilise those temporary differences and losses.
the year The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it
iii) Amount Spent during the year - 6.86 6.86 12.00 1.82 13.82 is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to
iv) Closing balance 4.58 (0.12) 4.46 1.43 (0.12) 1.31 be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the
extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
(b) Details of payment to auditors
Year ended Year ended 31 March, 2024 31 March, 2023
31 March, 2024 31 March, 2023
a. Income-tax expense recognised in the statement of Profit and
As auditor:
Loss
Audit Fees 1.10 0.48
Current tax
Limited reviews 0.50 0.24
Current tax on profits for the year 181.37 148.64
Tax audit fees 0.08 0.08
Tax relating to earlier years charge / (credit)
Others services 0.09 0.08
Income Tax charge relating to earlier years 4.84 7.93
Reimbursement of expenses 0.04 0.04
Deferred Tax credit relating to earlier years (Refer note (b) below) (7.48) (2.64) - 7.93
1.81 0.92
Total current tax expense 178.73 156.57
390 391

Revenue Expenses incurred in India

31 March, 2024 31 March, 2023 Year ended 31 March, 2024 Year ended 31 March, 2023
Deferred Tax Total Durgapur Kochi Palej Mundra Total Durgapur Kochi Palej Mundra
Raw Materials & Stores 2.55 1.20 - 1.35 - 4.34 0.17 - 4.17 -
Origination and reversal of temporary differences (Refer note (b) 8.79 (15.83) Consumed
below)
Salaries, Wages and 5.54 0.91 0.73 3.69 0.21 5.39 0.83 0.71 3.60 0.25
Income-tax expense 187.52 140.74 Bonus
b. Deferred Tax charge / (credit) recognised in the statement of Contribution to 0.23 0.04 0.03 0.15 0.01 0.26 0.04 0.03 0.18 0.01
Profit and Loss Provident and Other
Deferred Tax charge / (credit) 8.79 (15.83) Funds
Staff Welfare Expense 0.74 - - 0.74 - 0.11 - - 0.11 -
Deferred Tax credit relating to earlier years (7.48) -
Miscellaneous Expenses 1.91 0.02 0.06 1.81 0.02 1.45 - - 1.45 -
Deferred Tax charge / (credit) 1.31 (15.83)
Total 10.97 2.17 0.82 7.74 0.24 11.55 1.04 0.74 9.51 0.26
c. Income-tax expense on other comprehensive income Also Refer Note 20 (c) for Research and development expenditure incurred for Innovation centre in Belgium.
Total current tax impact on Other Comprehensive Income - (0.71) 0.97
Remeasurement of post employment defined benefit obligation NOTE 23 : CONTINGENT LIABILITIES
Deferred tax - Fair value through other comprehensive income - 25.69 (3.12) Accounting Policy
equity instruments A disclosure for contingent liabilities is made when there is a possible obligation arising from past events, the

Income-tax expense recognised in Other Comprehensive Income 24.98 (2.15) existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of the Company or a present obligation that arises from past events where
d. Reconciliation of statutory rate of tax and the effective rate of tax
it is either not probable that an outflow of resources embodying economic benefits will be required to settle or
Profit before income tax 720.81 584.83 a reliable estimate of the amount cannot be made.
Enacted Income tax rate in India applicable to the Company 25.17% 34.95%
As at As at
Tax on Profit before tax at the enacted Income tax rate in India 181.43 204.40 31 March, 2024 31 March, 2023
Adjustments: Contingent Liabilities for :
Tax effect of amounts which are not deductible (taxable) in (a) (i) Claims against the Company not acknowledged as debts :
calculating taxable income: Income-tax matters under dispute ** 49.79 19.87
Excise duty matters under dispute 4.24 4.79
Items not deductible / Income exempt from tax / tax at lower rate 12.35 0.44
Sales tax matter under dispute 0.14 0.14
Incentives / additional benefits allowable under Income-tax (1.91) (33.12)
Service tax matters under dispute 6.26 6.26
Reversal of Deferred Tax due to change in Rate of Income Tax - (39.62) Value added tax matters under dispute 1.09 1.09
(Refer note 12)
(ii) Other money for which the Company is contingently liable
Tax relating to earlier years charge / (credit) (2.64) 7.93 Excise duty matters under dispute 1.57 1.57
Other items (1.71) 0.71 It is not practicable for the Company to estimate the timings of the cash outflows, if any, in respect of the above
Total Income tax expense 187.52 140.74 contingent liabilities pending resolution of the respective proceedings.
Effective tax rate 26.02% 24.06% The Company has assessed that it is only possible, but not probable, that outflow of economic resources will
be required.
NOTE 22 : RESEARCH AND DEVELOPMENT EXPENSES
** The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items.
Accounting Policy These mainly includes disallowances of expenses, claims by the Company as deduction and the computation
The Company’s business research and development concentrates on the development of improved finished of, or eligibility of the Company's use of certain tax incentives or allowances. Most of these disputes and / or
goods and better operational efficiency. Research costs are expensed as incurred. Expenditure on development disallowances, being repetitive in nature, have been raised by the income tax authorities consistently in most
that does not meet the specified criteria under Ind AS 38 'Intangible Assets' is recognised as expense as of the years. Based on evaluation, the Company believes that it has strong merits and accordingly, no provision
incurred. is considered necessary.
392 393

NOTE 24 : COMMITMENTS NOTE 27 : RELATED PARTY TRANSACTIONS
As at As at (a) Parent- under de facto control

31 March, 2024 31 March, 2023
As at As at
Capital Commitments Place of
Name Type 31 March, 31 March,
Incorporation
Estimated amount of contracts remaining to be executed on capital 2024 2023
account and not provided for Rainbow Investments Limited Parent- under de facto control as India 45.84% 45.84%
Property, plant and equipment (net of capital advances) 62.39 55.83 defined in Ind AS -110 ("Parent")
NOTE 25 : DIVIDEND ON EQUITY SHARE (b) Subsidiaries

The Company has following subsidiary and step down subsidiary companies:-
31 March, 2024 31 March, 2023 As at As at
Place of
Name Type 31 March, 31 March,
Interim Dividend for the year ended 31 March, 2024 of ` 5.50/- per share 207.60 207.60 Incorporation
2024 2023
on face value of Re. 1/- per share
Phillips Carbon Black Cyprus Wholly Owned Subsidiary Cyprus 100% 100%
(31 March, 2023 ` 5.50/- per share on face value of Re. 1/- per share) [Refer Holdings Limited (" PCBCHL")
note 8(i)]
Phillips Carbon Black Vietnam Step-down Subsidiary Vietnam 80% 80%
207.60 207.60 Joint Stock Company (Subsidiary of PCBCHL)
PCBL (TN) Limited Wholly Owned Subsidiary India 100% 100%

NOTE 26: EARNING PER EQUITY SHARE
PCBL Europe SRL (with effect Wholly Owned Subsidiary Belgium 100%
Accounting Policy from April 14, 2023)
Advaya Chemicals Limited Wholly Owned Subsidiary India 100% -
Basic earnings per share
(with effect from
Basic earnings per share is calculated by dividing the profit attributable to owners of the equity by the weighted December 28, 2023)
average number of equity shares outstanding during the year. Advaya Chemical Industries Subsidiary India 100% # -
The weighted average number of equity shares outstanding during the period is adjusted for events such as Limited ("ACIL") (with effect
from January 11, 2024)
bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that
have changed the number of equity shares outstanding, without a corresponding change in resources. Aquapharm Chemicals Pvt. Step-down Subsidiary India 100% -
Ltd ("ACPL") (with effect from (Subsidiary of ACIL)
January 31, 2024)
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take Nanovace Technologies Wholly Owned Subsidiary India 100% -
Limited (with effect from
into account:
March 29, 2024)
the after income tax effect of interest and other financing costs associated with dilutive potential equity Aquapharm Europe B.V* Step-down Subsidiary Netherlands 100% -
shares, and (Subsidiary of ACPL)
the weighted average number of additional equity shares that would have been outstanding assuming Unique Solutions for Chemical Step-down Subsidiary Saudi Arabia 85% -
the conversion of all dilutive potential equity shares. Industries Company ("USCIC")* (Subsidiary of ACPL)
Aquapharm Chemicals LLC Step-down Subsidiary USA 100% -
Year ended Year ended (''AC LLC'')* (Subsidiary of ACPL)
31 March, 2024 31 March, 2023
Aquapharm Foundation* Step-down Subsidiary India 100% -
Basic and Diluted
(Subsidiary of ACPL)
(i) Number of Equity Shares at the beginning of the year [Refer Note 37,74,62,604 37,74,62,604
8(i)] USCI LLC* Step-down Subsidiary UAE 85% -
(Subsidiary of USCIC)
(ii) Number of Equity Shares at the end of the year [Refer Note 8(i)] 37,74,62,604 37,74,62,604
Aquapharm PChem LLC* Step-down Subsidiary USA 100% -
(iii) Weighted average number of equity shares outstanding during 37,74,62,604 37,74,62,604
(Subsidiary of AC LLC)
the year [Refer Note 8(i)]
(iv) Face value of each Equity Share (Re) [Refer Note 8(i)] 1.00 1.00 Aquapharm Specialty Step-down Subsidiary USA 100% -
Chemicals LLC * (Subsidiary of AC LLC)
(v) Profit after Tax available for Equity Shareholders (` in Crores) 533.29 444.09
(vi) Basic and Diluted earnings per Share (`) [(v)/(iii)] 14.13 11.76 *Subsidiary of ACPL
The Company does not have any dilutive potential equity shares. # 80% held through PCBL Limited and 20% held through PCBL(TN) Limited
394 395

(c) Key management personnel of the Company and the Parent- under de facto control with whom (d) Others with whom transactions have taken place during the year
transactions have taken place during the year
Relationship
Name Relationship RPG Power Trading Company Limited Company under common control
i) Sanjiv Goenka Chairman and Non Executive Director Trade Apartments Limited Company under common control
ii) Shashwat Goenka Non Executive Director Dynamic Success Projects Private Limited (ceased Company under common control
iii) Preeti Goenka Non Executive Director w.e.f. 28 October, 2022)
iv) Kaushik Roy Managing Director CESC Limited Company under common control
v) Paras K Chowdhary Non Executive Independent Director RPSG Ventures Limited Company under common control
vi) Pradip Roy Non Executive Independent Director Spencer's Retail Limited Company under common control
vii) Rusha Mitra Non Executive Independent Director Guiltfree Industries Limited Company under common control
viii) Ram Krishna Agarwal Non Executive Independent Director RPSG Resources Private Limited Company under common control
ix) T.C.Suseel Kumar Non Executive Independent Director Alipore Towers Pvt Ltd Company under common control
x) K Jairaj Non Executive Independent Director Quest Capital Markets Limited Company under common control
xi) Dr. Sethurathnam Ravi (Appointed with effect Non Executive Independent Director Off-Shore India Ltd Company under common control
from 15 March, 2023) Brabourne Investments Ltd Company under common control

xii) Raj Kumar Gupta Chief Financial Officer and resigned as Director in Eastern Aviation & Industries Pvt Ltd Company under common control
PCBL (TN) Limited (with effect from 26 April, 2022)
Lebnitze Real Estates Private Limited Company under common control
xiii) Kaushik Mukherjee Company Secretary and resigned as Director in
PCBL (TN) Limited (with effect from 26 April, 2022) Woodlands Multispeciality Hospital Limited Company under common control
xiv) Sunil Bhandari Employee holding Directorship in "Parent" Duncan Brothers & Co. Ltd Associate of "Parent"
xv) Yugesh Kanoria Employee holding Directorship in "Parent" STEL Holdings Limited Company under common control
xvi) Harish Toshniwal Employee holding Directorship in "Parent" Business Media Private Limited (BMPL) Company under common control
xvii) Alok Kalani (Appointed with effect from 5 April, Employee holding Directorship in "Parent" RPSG Sports Private Limited Company under common control
2023) Nature's Basket Limited Company under common control
Dotex Merchandise Private Limited Company under common control
Saregama India Limited Company under common control
Noida Power Company Private Limited Company under common control
Digidrive Distributors Limited (with effect from Company under common control
30 September, 2023)
International Management Institute Company under common control
RPG International School Company under common control
Firstsource Solutions Limited Company under common control
Duncan Agency Senior Staff Superannuation Fund Post Employment Benefit Plan of the Company
No. 3 (Superannuation Fund) (Other related parties)
Phillips Carbon Black Limited Employees' Gratuity Post Employment Benefit Plan of the Company
Fund (Gratuity Fund) (Other related parties)
396 397
(e) Details of transaction between the Company and related parties and outstanding balances
398
Sl. Nature of Transactions Parent- under de facto Associates of Parent- Key Management Other Related Parties Total
No. control as defined in Ind under de facto control Personnel of the
AS -110,Company under as defined in Ind AS -110 Company, Parent-
Common Control and under de facto control
Subsidiaries as defined in Ind AS -110
Year ended Year Year ended Year ended Year Year ended Year ended Year ended Year ended Year
31 March, ended 31 March, 31 March, ended 31 March, 31 March, 31 March, 31 March, ended
2024 31 March, 2024 2023 31 March, 2023 2024 2023 2024 31 March,
2023 2024 2023
A. Transactions
1 Dividend paid on Equity Shares 106.72 106.72 - - - - - - 106.72 106.72
2 Dividend received on Equity 7.59 9.79 - - - - - - 7.59 9.79
Shares
3 Investment in Equity Shares* 87.15 22.58 - - - - - - 87.15 22.58
4 Investment in Preference 220.00 526.00 - - - - - - 220.00 526.00

Shares*
5 Investment in Debentures 2,200.00 - - - - - - - 2,200.00 -
(OCD)
6 Purchase of Traded goods 0.44 11.61 - - - - - - 0.44 11.61
7 Security Deposit paid - 2.00 - - - - - - - 2.00
8 Security Deposit Refund 16.50 10.00 - - - - - - 16.50 10.00
9 Accommodation Charges paid - 0.03 - - - - - - - 0.03
10 Accommodation Charges 0.27 0.02 - - - - - - 0.27 0.02
recovered
11 Reimbursement of expenses 3.84 0.83 0.02 0.04 - - - - 3.86 0.87
paid
12 Reimbursement of expenses 49.43 18.93 - - - - - - 49.43 18.93
received
13 Electricity charges paid 0.11 0.11 - - - - - - 0.11 0.11
14 Rent & Flat Maintainance Paid 1.84 1.98 - - - - - - 1.84 1.98
15 Interest Income 4.19 - - - - - - - 4.19 -
16 Power Selling expenses paid 8.29 2.73 - - - - - - 8.29 2.73
17 Sale of Power 148.09 96.16 - - - - - - 148.09 96.16
18 Sale of Traded Goods - 99.83 - - - - - - - 99.83
Sl. Nature of Transactions Parent- under de facto Associates of Parent- Key Management Other Related Parties Total
No. control as defined in Ind under de facto control Personnel of the
AS -110,Company under as defined in Ind AS -110 Company, Parent-
Common Control and under de facto control
Subsidiaries as defined in Ind AS -110
Year ended Year Year ended Year ended Year Year ended Year ended Year ended Year ended Year
31 March, ended 31 March, 31 March, ended 31 March, 31 March, 31 March, 31 March, ended
2024 31 March, 2024 2023 31 March, 2023 2024 2023 2024 31 March,
2023 2024 2023
19 Sale of Assets 0.02 0.19 - - - - - - 0.02 0.19
20 Purchase of Assets 0.03 - - - - - - - 0.03 -
21 Advances given - - - - - - - 0.12 - 0.12
22 Advances recovered - - - - - - - 0.12 - 0.12
23 Loan given 550.00 - - - - - - - 550.00 -
24 Loan recovered 550.00 - - - - - - - 550.00 -
25 Licence Fees 18.40 18.40 - - - - - - 18.40 18.40

26 Contributions paid - - - - - - 0.67 0.90 0.67 0.90
CORPORATE OVERVIEW
27 Remuneration to Key - - - - 26.34 22.12 - - 26.34 22.12

Management Personnel
28 Post-employment benefits to - - - - 1.05 0.86 - - 1.05 0.86
Key Management Personnel
29 Other long-term benefit to Key - - - - 0.21 0.19 - - 0.21 0.19
30 Director's Sitting Fees - - - - 0.90 0.47 - - 0.90 0.47
31 Director's Commission - - - - 22.50 18.30 - - 22.50 18.30
STATUTORY REPORTS
32 Loan repaid by Key - - - - - 0.02 - - - 0.02

Sl. Nature of Transactions As at As at As at As at As at As at As at As at As at As at

No. 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March,
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
B. Closing Balances
1 Receivables 63.28 42.67 - - - - - - 63.28 42.67
2 Payables 1.31 1.16 - - - - - - 1.31 1.16
3 Investments 3,673.94 1,004.85 - - - - - - 3,673.94 1,004.85
399


(f) Terms and Conditions The Company is domiciled in India. The amount of its revenue from external customers broken down by
All transactions were made on normal commercial terms and conditions and are at arm's length price. the location of the customers is shown in table below:
All outstanding balances are unsecured and are repayable in cash. Revenue from external customers (excluding other operating Year ended Year ended
revenues) 31 March, 2024 31 March, 2023
(g) Unwinding of interest on investment in preference shares of Devise Properties Private Ltd. is not disclosed
India 3,773.26 4,143.08
above considering it to be a IND AS adjustment.
*Includes preference shares and equity shares alloted by wholly owned subsidiary PCBL (TN) Limited,Intially Other countries 1,876.36 1,708.59
given as advance pending allotment in current and previous year. Total 5,649.62 5851.67*
* Includes ` 99.83 Crores relating to Sale of Traded Goods

NOTE 28 : SEGMENT
Accounting Policy Segment Results :

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Particulars Year ended 31 March, 2024 Year ended 31 March, 2023
Operating Decision Maker ("CODM"). Carbon Power Total Carbon Power Total
The Chief Operating Decision Maker is responsible for allocating resources and assessing performance of the Black Black
operating segments and has been identified as the Managing Director of the Company. Segment profit before interest 896.76 147.22 1,043.98 698.75 131.98 830.73
and tax
(a) Description of segments and principal activities Reconciliation to Profit before
tax
Carbon Black : The Company is primarily engaged in production of Carbon Black through its four
Finance Cost - - (126.20) - - (53.41)

manufacturing units located at Durgapur, Kochi, Palej and Mundra.
Interest Income - - 4.81 - - 0.63
Power: The Company is also engaged in generation of electricity for the purpose of captive consumptions
as well as sale of surplus to outsiders. Unallocated expenses (Net) - - (201.78) - - (193.12)
Profit before tax 896.76 147.22 720.81 698.75 131.98 584.83
The segment performance is evaluated based on profit or loss and is measured consistently with profit or loss
Depreciation / Amortisation and non cash expenses
in the standalone financial statement. Also the Company's borrowings (including finance costs and interest
income), income taxes, investments are managed at head office and are not allocated to operating segments. Year ended 31 March, 2024 Year ended 31 March, 2023
Inter-Segment transfers being power consumed for manufacture of Carbon Black are based on price paid Particulars Carbon Power Unallocated Total Carbon Power Unallocated Total
for power purchased from external sources. Segment revenue is measured in the same way as in the Black Black
Statement of Profit and Loss. Depreciation / 99.65 38.72 12.16 150.53 89.67 35.28 11.65 136.60
Amortisation
Segment assets and liabilities are measured in the same way as in the standalone financial statements.
Non cash expense 2.99 - - 2.99 5.92 - - 5.92
These assets are allocated based on the operations of the segment and the physical location of the assets.
Segment Assets :
Non-current assets of the Company (excluding certain financial assets) are located in India and Belgium.
(b) Segment Revenue, Segment Earnings and other information as at/for the year ended:-
Carbon Power Total Carbon Power Total
Segment Revenue : Black Black
Particulars Year ended 31 March, 2024 Year ended 31 March, 2023 Segment Assets 3,722.21 409.70 4,131.91 3,349.76 446.87 3,796.63
Reconciliation to total assets
Black Black Investments - - 3,674.96 - - 1,005.49
Revenue from external 5,486.46 163.16 5,649.62 5,709.36 142.31 5,851.67 Non current tax assets (Net) - - 31.73 - - 7.44
customers
Other unallocable assets - - 345.17 - - 206.65
Other operating Revenues 24.70 - 24.70 22.22 - 22.22
Total assets as per the balance 3,722.21 409.70 8,183.77 3,349.76 446.87 5,016.21
Total revenue from operations 5,511.16 163.16 5,674.32 5,731.58 142.31 5,873.89 sheet
Inter-segment revenue - 76.38 76.38 - 72.70 72.70
Year ended 31 March, 2024 Year ended 31 March, 2023
Total segment revenue 5,511.16 239.54 5,750.70 5731.58* 215.01 5,946.59
Particulars Carbon Carbon
Revenue of ` 2,488.75 Crores (31 March 2023 - ` 2,640.76 Crores) is derived from customers in the Carbon Power Unallocated Total Power Unallocated Total
Black Black
Black segment, each of whom contribute to more than 10% of the total revenue.
Addition to Non current 175.74 2.64 0.50 178.88 301.55 15.80 0.83 318.18
* Includes ` 99.83 Crores relating to Sale of Traded Goods. assets other than financial
instruments
400 401

The total of segments assets broken down by location of the assets, is shown below: (ii) Fair Value
The fair values of financial assets and liabilities are included at the amount that would be received to
Assets by geographical location As at As at
31 March, 2024 sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
31 March, 2023
measurement date. Methods and assumptions used to estimate the fair values are consistent in all the
India 3,706.58 3,493.55
years. The following methods and assumptions were used to estimate the fair values:
Other countries 425.33 303.08
(a) In respect of investments in mutual funds, the fair values represent net asset value as stated by the
Total 4,131.91 3,796.63
issuers of these mutual fund units in the published statements. Net asset values represent the price at
Segment Liabilities : which the issuer will issue further units in the mutual fund and the price at which issuers will redeem
Particulars Year ended 31 March, 2024 Year ended 31 March, 2023 such units from the investors. Accordingly, such net asset values are analogous to fair market value
with respect to these investments, as transactions of these mutual funds are carried out at such prices
Black Black between investors and the issuers of these units of mutual funds.
Total Segment liabilities 1,494.57 42.20 1,536.77 1,041.85 39.79 1,081.64 (b) In respect of investments in listed equity instruments, the fair values represents available quoted
Reconciliation to total liabilities market price at the Balance Sheet date.
Borrowings - - 2,867.59 - - 693.00 (c) The fair value of derivative contracts (foreign exchange forward contracts and Currency and Interest
Deferred Tax Liabilities (net) - - 284.35 - - 257.35 rate swaps) is determined using discounted cash flow analysis and swaps and options pricing models.
Other Unallocated liabilities - - 215.85 - - 164.60 (d) The management assessed that fair values, of trade receivables, cash and cash equivalents, other
Total liabilities as per the 1,494.57 42.20 4,904.56 1,041.85 39.79 2,196.59 bank balances, loans, trade payables, current borrowings, other current liabilities and other financial

balance sheet liabilities (current), approximate to their carrying amounts largely due to the short-term maturities of
these instruments. Further, management also assessed the carrying amount of certain non-current
NOTE 29 : FAIR VALUE MEASUREMENT loans which are a reasonable approximation of their fair values and the difference between the
(i) The carrying and fair value of financial instruments by category as at the end of the year are as carrying amounts and fair values is not expected to be significant.
follows:
(iii) Fair value of financial assets and liabilities measured at amortised cost
As at 31 March, 2024 As at 31 March, 2023 The carrying amount of financial assets and financial liabilities measured at amortised cost in the
FVTPL FVTOCI Amortised FVTPL FVTOCI Amortised financial statements are a reasonable approximation of their fair values since the Company does
Cost Cost
not anticipate that the carrying amount would be significantly different from the values that would
Financial assets
eventually be received or settled.
Investments
- Equity instruments - 386.54 - - 224.84 - (iv) Fair value hierarchy
- Preference Shares 9.62 - - 9.00 - -
This section explains the judgements and estimates made in determining the fair values of the financial
Trade receivables - - 1,287.45 - - 1,107.77
instruments that are (a) recognised and measures at fair value and (b) measured at amortised cost
Loans - - 8.32 - - 8.17
and for which fair values are disclosed in the financial statements. To provide an indication about
Cash and cash equivalents - - 163.06 - - 36.79
the reliability of the inputs used in determining fair value, the Company has classified its financial
Other bank balances - - 5.89 - - 5.27
instruments into the three levels prescribed under the accounting standard. Explanation of each level
Derivative financial assets 1.69 - - - - -
follows underneath the table:
Other Financial Assets - - 74.53 - - 37.37
Total financial assets 11.31 386.54 1,539.25 9.00 224.84 1,195.37 Financial assets and liabilities As at 31 March, 2024 As at 31 March, 2023
Financial liabilities measured at fair value - recurring Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
fair value measurements
Borrowings - - 2,566.05 - - 624.19
Lease Liabilities - - 71.42 - - 86.44 Financial assets
Current maturities of long - - 301.54 - - 68.81 Financial assets at FVTPL
term debts Investments in preference shares - - 9.62 9.62 - - 9.00 9.00
Derivative financial liabilities - - - 1.28 - - Foreign-exchange forward - 1.69 - 1.69 - - - -
Trade payables - - 1,435.77 - - 949.73 contract
Other financial liabilities - - 132.03 - - 111.92 Financial assets at FVTOCI
Total financial liabilities - - 4,506.81 1.28 - 1,841.09
Investments in equity instruments 237.62 - 148.92 386.54 131.28 - 93.56 224.84
Investment in subsidiaries amounting to ` 3,278.80 Crores (31 March, 2023 ` 771.65 Crores) is recognised at cost
Total financial assets 237.62 1.69 158.54 397.85 131.28 - 102.56 233.84
and not included in table above.
402 403

Financial assets and liabilities As at 31 March, 2024 As at 31 March, 2023 Particulars Fair Value at Valuation Significant Sensitivity
measured at fair value - recurring 31 31 Technique unobservable 31 March, 2024 31 March, 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total input
fair value measurements March, March,
2024 2023
Financial liabilities
Unquoted Preference 9.62 9.00 Discounted Discounting Decrease in Decrease in
Financial liabilities at FVTPL shares Amortised rate to discount rate by discount rate by 1%
cost determine PV 1% will increase will increase the
Foreign-exchange forward - - - - - 1.28 - 1.28
the fair value by fair value by ` 0.17
contract ` 0.09 Crores Crores
Total financial liabilities - - - - - 1.28 - 1.28 Increase in Increase in
discount rate by discount rate by
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity 1% will decrease 1% will decrease
fair value by ` 0.09 fair value by ` 0.16
instruments and mutual funds that have net asset value as stated by the issuers in the published statements.
Crores Crores
The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price
as at the reporting period. Valuation process :
Level 2: The fair value of financial instruments that are not traded in an active market is determined using The main level 3 inputs for unquoted equity shares and unquoted preference share used by the Company are
valuation techniques which maximise the use of observable market data and rely as little as possible on entity- derived and evaluated as follows:
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is Discount rates are determined using a capital asset pricing model to calculate a pre-tax rate that reflects
included in Level 2. current market assessments of the time value of money and the risk specific to the asset.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is

included in level 3. This is the case for unlisted equity securities included in level 3. NOTE 30 : FINANCIAL RISK MANAGEMENT
The Company’s principal financial liabilities comprises of borrowings, trade and other payables and other
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end
financial liabilities. The main purpose of these financial liabilities is to finance and support the operations of the
of the reporting period. There are no transfers between level 1 and level 2 fair value measurements during the
Company. The Company’s principal financial assets include trade and other receivables, loans, investments and
year ended 31 March, 2024 and 31 March, 2023.
cash & cash equivalents that derive directly from its operations.
Some of the Company's financial assets are carried at fair value for which Level 3 inputs have been used. The
The Company's business activities are exposed to a variety of risks including liquidity risk, credit risk and market
following table gives information about how the fair values of these financial assets are determined (in particular,
risk. The Company seeks to minimise potential adverse effects of these risks by managing them through a
the valuation technique(s) and inputs used).
structured process of identification, assessment and prioritisation of risks followed by coordinated efforts to
Valuation inputs and relationship to fair value monitor, minimise and mitigate the impact of such risks on its financial performance and capital. For this
purpose, the Company has laid comprehensive risk assessment and minimisation / mitigation procedures,
Particulars Fair Value at Valuation Significant Sensitivity
Technique unobservable which are reviewed by the Audit Committee and approved by the Board from time to time. These procedures
31 31 31 March, 2024 31 March, 2023
March, March, input are reviewed to ensure that executive management controls risks by way of properly defined framework. The
2024 2023 Company does not enter into derivative financial instruments for speculative purposes.
Unquoted equity shares 148.92 93.56 Discounted Earning Increase in Increase in
cash flow / growth rate / earning growth earning growth (A) Credit risk
Net Asset Discounting rate by 1% and rate by 1% and Credit risk refers to risk of financial loss to the Company if customers or counterparties fail to meet their
Value rate lower discount lower discount
rate by 1% would rate by 1% would contractual obligations. The Company is exposed to credit risk from its operating activities (mainly trade
increase fair value increase fair value receivables) and from its investing activities (primarily deposit with banks and investment in mutual funds).
by ` 2.15 Crores by ` 0.79 Crores
Decrease in Decrease in (i) Credit risk management
earning growth earning growth
rate by 1% and rate by 1% and (a) Trade Receivable
higher discount higher discount
Customer credit risk is managed by the Company through its established policies and procedures
rate by 1% would rate by 1% would
decrease fair value decrease fair value which involve setting up credit limits based on credit profiling of individual customers, credit
by ` 1.80 Crores by ` 0.64 Crores approvals for enhancement of limits and regular monitoring of important developments viz. payment
history, change in credit rating, regulatory changes, industry outlook etc. Outstanding receivables are
regularly monitored and an impairment analysis is performed at each reporting date on an individual
basis for each major customer. In addition, small customers are grouped into homogeneous groups
and assessed for impairment collectively. The Company also has a policy to provide for all receivables
which are overdue for a period over 365 days. In accordance with Ind AS 109, the Company uses
expected credit loss model to assess the impairment loss or reversal thereof.
404 405

Reconciliation of loss allowance provision - Trade receivables are as follows: (C) Market Risk
Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because
Particulars Year Ended Year Ended
31 March, 2024 of changes in market conditions. Market risk broadly comprises three types of risks namely currency
31 March, 2023
risk, interest rate risk and price risk (for commodities or equity instruments). The above risks may affect
Loss allowance at the beginning of the year 1.22 1.11 the Company’s income and expenses and / or value of its investments. The Company’s exposure to and
Change / (reversal) in allowance during the year (net) (0.30) 0.11 management of these risks are explained below.
Loss allowance at the end of the year 0.92 1.22
(i) Foreign currency risk
(b) Deposits and financial assets (Other than trade receivables): Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
The Company maintains exposure in cash and cash equivalents, term deposits with banks and money of changes in foreign exchange rates. The Company operates in international markets and therefore is
market liquid mutual fund schemes. Investments of surplus are made within assigned credit limits exposed to foreign currency risk arising from foreign currency transactions. The exposure relates primarily
with approved counterparties who meet the threshold requirements with respect to ratings, financial to the Company’s operating activities (when the revenue or expense is denominated in foreign currency),
strength, credit spreads etc. Counterparty credit limits are set to minimise concentration risk and are borrowings in foreign currencies and investment in overseas subsidiaries. Over ninety percent of Company’s
reviewed periodically by the Board. foreign currency transactions are in USD while the rest are in EURO, CNY, VND.GBP and KRW. The risk is
measured through forecast of highly probable foreign currency cash flows.
(B) Liquidity Risk
The Company’s risk management policy is hedging of net foreign currency exposure at all points in time
Liquidity risk implies that the Company may not be able to meet its obligations associated with its financial through foreign exchange forward contracts, vanilla option contracts and cross currency interest rate
liabilities. The Company manages its liquidity risk on the basis of the business plan that ensures that swaps. The objective of the hedging is to eliminate the currency risk due to volatility in exchange rates.
the funds required for financing the business operations and meeting financial liabilities are available

in a timely manner and in the currency required at optimal costs. The Management regularly monitors (a) Foreign currency risk exposure
rolling forecasts of the Company’s liquidity position to ensure it has sufficient cash on an ongoing basis The Company's exposure to foreign currency risk at the end of the reporting period expressed in INR,
to meet operational fund requirements. The surplus cash generated, over and above the operational fund are as follows:
requirement is invested in bank deposits / marketable debt securities / debt mutual fund schemes of
highly liquid nature to optimise cash returns while ensuring adequate liquidity for the Company. Particulars 31 March, 2024 31 March, 2023
INR equivalent of INR equivalent of
Additionally, the Company has committed fund and non-fund based credit lines from banks which may
be drawn anytime based on Company’s fund requirements. The Company maintains a cautious liquidity USD EUR CNY KRW GBP VND USD EUR CNY KRW VND
strategy with positive cash balance and undrawn bank lines throughout the year. Financial assets
Trade receivables 357.26 49.77 - - - - 254.97 37.77 - - -
The following are the remaining contractual maturities of financial liabilities at the reporting date. The
Advance to - 1.08 0.02 0.01 - - - 1.82 0.02 0.01 -
amounts are gross and undiscounted, and include contractual interest payments.
Suppliers
Contractual maturity of financial Upto 1 year 1 Year to 3 3 year to 5 More than Total Balances with - - - - - - - - - - -
banks
liabilities year year 5 years
Net exposure to 357.26 50.85 0.02 0.01 - - 254.97 39.59 0.02 0.01 -
31 March, 2024 foreign currency
Borrowings 601.54 686.64 1,498.92 80.49 2,867.59 risk (assets)
Trade payable 1,435.77 - - - 1,435.77
Trade payables 1,022.35 0.44 - - 0.03 0.00* 645.99 - - - 0.00*
Lease Liabilities 26.43 31.34 25.69 5.21 88.67
Derivative
Other financial liabilities 129.55 2.44 0.04 - 132.03 liabilities
2,193.29 720.42 1,524.65 85.70 4,524.06 Foreign exchange
forward contracts
31 March, 2023
Buy foreign (777.38) - - - - - (410.88) - - - -
Borrowings 488.81 132.77 52.13 19.29 693.00 currency
Trade payable 949.73 - - - 949.73 Net exposure to 244.97 0.44 - - 0.03 0.00* 235.11 - - - 0.00*
foreign currency
Lease Liabilities 27.51 47.14 16.10 17.49 108.24 risk (liabilities)
Other financial liabilities 105.43 7.73 0.04 - 113.20 Net exposure to 112.29 50.41 0.02 0.01 (0.03) (0.00)* 19.86 39.59 0.02 0.01 (0.00)*
foreign currency
1,571.48 187.64 68.27 36.78 1,864.17
risk (Assets-
Liabilities)
406 407

(b) Sensitivity (b) Sensitivity

A fluctuation in the exchange rates of 1% with other conditions remaining unchanged would have the Profit or loss is sensitive to higher / lower interest expense from borrowings as a result of changes in
following effect on Company’s profit or loss before taxes as at 31 March, 2024 and 31 March, 2023: interest rates.
Impact on profit before tax Impact on profit before tax
Year Ended Year Ended Year Ended Year Ended

USD sensitivity Interest Rates - Increase by 50 basis points (50 bps) * (14.34) (3.47)
INR / USD- Increase by 1%* 1.12 0.20 Interest Rates - Decrease by 50 basis points (50 bps) * 14.34 3.47
INR / USD- Decrease by 1%* (1.12) (0.20) * Holding all other variable constant
EUR sensitivity
(iii) Security Price risk
INR / EUR- Increase by 1%* 0.50 0.40
Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in
INR / EUR- Decrease by 1%* (0.50) (0.40) market traded prices.
CNY sensitivity** The Company invests its surplus funds in various debt instruments and equity instruments. These
INR / CNY- Increase by 1%* 0.00 0.00 comprise of mainly liquid schemes of mutual funds, short term debt funds & income funds (duration
INR / CNY- Decrease by 1%* (0.00) (0.00) investments),certain quoted equity instruments and bank fixed deposits. To manage its price risk arising
from investments in mutual funds and equity instruments, the Company diversifies its portfolio. Mutual
KRW sensitivity**

fund and equity investments are susceptible to market price risk, mainly arising from changes in the
INR / KRW- Increase by 1%* 0.00 0.00
interest rates or market yields which may impact the return and value of such investments.
INR / KRW- Decrease by 1%* (0.00) (0.00)
(a) Securities Price Risk Exposure
GBP sensitivity**
The Company’s exposure to securities price risk arises from investments in mutual funds and equity
INR / GBP- Increase by 1%* (0.00) -
instruments held by the Company and classified in the Balance Sheet as fair value through profit or
INR / GBP- Decrease by 1%* 0.00 - loss / fair value through other comprehensive income is disclosed under Note 29.
VND sensitivity**
(D) Commodity Price Risk
INR / VND- Increase by 1%* (0.00) (0.00)
Commodity price risk results from changes in market prices for raw materials, mainly carbon black
INR / VND- Decrease by 1%* 0.00 0.00
feedstock which forms the largest portion of Company’s cost of sales.
* Holding all other variable constant
The Company endeavours to reduce such risks by maintaining inventory at optimum level through a
** Amount is below the rounding off norm adopted by the Company. highly probable sales forecast on quarterly basis and also through worldwide purchasing activities. Raw
materials are purchased exclusively to cover Company’s own requirements. Further, a significant portion
(ii) Interest rate risk
of Company’s volume is sold based on formula-driven price adjustment mechanism which allows for
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate recovery of the changed raw material cost from customers. The Company also endeavors to offset the
because of changes in market interest rates. The Company’s exposure to risk of change in market interest effects of increases in raw material costs through price increases in its non-contract sales, productivity
rates relates primarily to its debt interest obligations. It's borrowings are at floating rates and its future cash improvement and other cost reduction efforts. The Company has not entered into any derivative contracts
flows will fluctuate because of changes in market interest rates. to hedge exposure to fluctuations in commodity prices.
(a) Interest Rate Risk Exposure

NOTE 31 : CAPITAL MANAGEMENT
The exposure of the Company’s borrowings to interest rate changes at the end of the reporting period For the purposes of the Company’s capital management, capital includes issued capital, all other equity
are as follows: reserves and long term borrowed capital less reported cash and cash equivalents.
31 March, 2024 31 March, 2023 The primary objective of the Company’s capital management is to maintain an efficient capital structure to
Total borrowings (including current maturities) 2,867.59 693.00 reduce the cost of capital, support the corporate strategy and to maximise shareholder's value.
The Company’s policy is to borrow primarily through banks to maintain sufficient liquidity. The Company
also maintains certain undrawn committed credit facilities to provide additional liquidity. These borrowings,
together with cash generated from operations are utilised for operations of the Company.
The Company monitors capital on the basis of cost of capital. The Company is not subject to any externally
imposed capital requirements.
408 409

248.00 Increase on account of incremental

Long term Debt for the purpose of
acquisition of Aquapharm Chemicals
Private Limited (“ACPL”) through a
subsidiary company "Advaya Chemical
The following table summaries the capital of the Company:
Reasons for Variance

Particulars As at As at
31 March, 2024 31 March, 2023
Long Term Borrowings (including current maturities of long term debt) 2,567.59 273.00
Industries Limited"
Short Term Borrowings 300.00 420.00
Less: Cash and cash equivalents 163.06 36.79
Total Net Debt 2,704.53 656.21
Total equity 3,279.21 2,819.62
Total Capital (Equity+Net Debt) 5,983.74 3,475.83
(9.62)
(14.99)
0.51
(2.77)
% Change
No changes were made to the objectives, policies or processes for managing capital during the year ended 31
March, 2024 and 31 March, 2023.
NOTE 32 : OTHER STATUTORY INFORMATION
1.04
0.25
4.27
15.75%
36
a) The Company does not have any transactions with companies struck off.
Year ended
31 March,
2023
b) The Company does not have any charges or satisfaction which is yet to be registered with ROC (Registrar
of Companies) beyond the statutory period.
c) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

0.94
0.87
3.63
16.26%
35
Year ended
d) The Company has not received any fund from any person(s) or entity(ies), including foreign entities
31 March,
2024
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company
shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
Denominator
Total Current
Debt Service
Total Equity
Total Equity
e) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
Inventory
Liabilities
foreign entities (Intermediaries) with the understanding that the Intermediary shall directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the
Ultimate Beneficiaries.
Net Profits after taxes

current borrowings +
Earning Available for

Total Current Assets
Current Borrowings
f) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of
Total Debt = Non-
Revenue from
Debt Service
account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
Numerator
operations
g) There are no proceedings initiated or are pending against the Company for holding any benami property
under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
h) The Company used an accounting software for maintaining its books of account which has a feature
NOTE 34 : RATIO ANALYSIS AND IT ELEMENTS

of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further no instance of audit trail feature being tampered with was
Debt Service : Interest + Principal Loan
Revenue from operations = Sales of

Earning Available for Debt Service :
Net profit after Tax + Depreciation and
amortisation expense + Finance cost
excluding interest on lease liabilities + Net
gain on foreign currency transaction + Gain
/ Loss on disposal of property, plant and
The Company’s turnover is highly

sensitive to the changes in crude prices
which may fluctuate widely between
quarters. The Company, therefore,
believes that the Inventory turnover
days computed on the basis of simple
appropriate and reflective of company’s

operations. The turnover days for each
end outstanding inventory balance with
and Traded Goods
Goods + Stores and spares parts

average of the turnover days for each of
the four quarters of the year will be more
quarter is derived by dividing the quarter-
Inventories = Raw Materials + Finished

noted in respect of the accounting software.
i) The Company has not been declared wilful defaulter by any bank or financial institution or government or
Inventory Turnover Ratio - Days
sales for the respective quarter.

any government authority.
(including packing material).

Debt Service Coverage Ratio
j) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of
without GST+Sale of Power

India. The Group has 4 Core Investment Companies as a part of the Group.
Refer Note given below

Return on Equity (%)
33 : Subscriptions and donations in Note 20 includes contributions by way of Electoral Bond of ` 35 Crores
Debt Equity Ratio
Finished Goods
during the year (previous year: ` 10 Crores) from State Bank of India under Electoral Bond Scheme, which Current Ratio
were made in accordance with Section 182 of the Companies Act, 2013, as applicable at the time of making
equipment
repayment
such contributions and prior to the judgement of the Hon'ble Supreme Court in the matter of Association
for Democratic Reforms & Anr. v. Union of India & Ors. [ (2024) SCC OnLne SC 150] dated February 15, 2024.
Particulars
Further, the management has evaluated impact of the SC Judgement with legal experts and believes that SC
Judgement will not have adverse impact on the Company, as the contributions made by the Company are in
compliance with then enacted provisions of the Companies Act, 2013.
4
2
5
3
1
410 411
Particulars Numerator Denominator Year ended Year ended % Change Reasons for Variance
412
31 March, 31 March,
2024 2023
6 Debtors Turnover Ratio - Days Revenue from Trade 67 69 (2.90)
Refer Note given below operations Receviables
The Company’s turnover is highly
sensitive to the changes in crude prices
which may fluctuate widely between
quarters. The Company, therefore,
believes that the Debtors turnover
days computed on the basis of simple
average of the turnover days for each of
the four quarters of the year will be more
appropriate and reflective of company’s
operations. The turnover days for each
quarter is derived by dividing the quarter-
end outstanding debtors balance with
sales for the respective quarter.
(Revenue from operations = Sales of
Finished Goods and Traded Goods
including GST+Sale of Power)

7 Trade Payable Turnover Ratio Consumption-Raw Trade 93 76 22.44
Material, Stores & Payables(for
Refer Note given below Spares and Packing Materials)
The Company’s turnover is highly sensitive Material
to the changes in crude prices which may
fluctuate widely between quarters. The
Company, therefore, believes that the
Trade payable turnover days computed
on the basis of simple average of the
turnover days for each of the four quarters
of the year will be more appropriate and
reflective of company’s operations. The
turnover days for each quarter is derived
by dividing the quarter-end outstanding
Trade payable (for material) balance
with consumption- Raw material,Stores
and Packing material for the respective

quarter.
31 March, 31 March,
2024 2023
8 Net Capital Turnover Ratio Revenue from Working (42.58) 84.69 (150.28) Due to increase in current maturities of
[Revenue from operations / Working operations Capital incremental long term debt resulting
Capital] in negative working capital in current
year
(Revenue from operations = Sales of
Finished Goods and Traded Goods
without GST+Sale of Power)
(Working Capital=Current Asset Less
Current Liabilities)
9 Net Profit Margin (%) Net Profit (Profit after Revenue from 9.44% 7.59% 1.85
Tax) operations
10 Return on Capital Employed Earnings before Capital 12.46% 16.27% (3.81)
[EBIT / Capital Employed] interest and taxes Employed
Capital Employed = Tangible Net Worth
+ Total Borrowings (Non Current and
Current) + Deferred Tax Liabilities
11 Return on Investment
Return on Investment-Mutual fund Gain on sale of Monthly 3.04% 4.84% (1.80)

investments carried at Average
CORPORATE OVERVIEW
FVTPL Mutual Fund

Return on Investment-Non-Current Fair value notional Average 12.88% -2.65% 15.53
Gain Investment
in Equity
shares and
Perference
shares
12 Interest Service Coverage Ratio Earning Available for Interest 9.98 21.55 (53.68) Due to increase in interest on
Interest Service Service incremental Long term Debt for the
Earning Available for Interest Service : purpose of acquisition of Aquapharm
Profit Before Tax +Finance costs excluding Chemicals Private Limited (“ACPL”
interest on lease liabilities+net gain on
STATUTORY REPORTS
through a subsidiary company "Advaya

foreign currency transaction+Gain & Chemical Industries Limited"
Loss on disposal of property, plant and
equipment
Interest Service : Finance costs excluding
interest on lease liabilities+net gain on
foreign currency transaction+Gain &
Loss on disposal of property, plant and
equipment
13 Net Worth (` Crores) 2,994.41 2,670.83 12.12
Net worth = Equity Share Capital +
Securities Premium + General Reserve +
Retained Earnings.
413

414
31 March, 31 March,
2024 2023
14 Net Profit after tax (` Crores) 533.29 444.09 20.08
15 Earnings per share (Basic & Diluted) Net Profit after tax Number of 14.13 11.76 20.20
available for Equity Equity Shares
Shareholders
16 Long Term Debt to Working Capital Non current Current Assets 15.21 1.98 668.08 Increase on account of incremental
borrowings including - Current Long term Debt for the purpose of
current maturities of Liabilities acquisition of Aquapharm Chemicals
long-term debts excluding Private Limited (“ACPL”) through a
current subsidiary company "Advaya Chemical
maturities Industries Limited"
of long term
debts
17 Bad Debts to Account receivable Ratio * Bad Debt (including Trade (0.00) 0.00 -
allowance for doubtful Receivables
debts / expected
credit loss)
18 Current Liability Ratio Total Current Total Liabilities 0.47 0.75 (38.12) Increase on account of incremental
Liabilities Long term Debt for the purpose of

acquisition of Aquapharm Chemicals
Industries Limited"
19 Total Debts to Total Assets Non Current Total Assets 0.35 0.14 153.63 Increase on account of incremental
Borrowings+ Current Long term Debt for the purpose of
Borrowings acquisition of Aquapharm Chemicals
Industries Limited"
20 Operating Margin (%) Operating Profit Revenue from 15.81% 11.77% 4.04
(Profit Before Tax Operations.
+Depreciation
and amortisation
expenses+Finance
Costs+Payment
of Lease
Liability+Net gain
on foreign currency
transaction+Loss /
(Profit) on disposal of
property, plant and
equipment -Other
Income)
* Ratio is below the rounding off norm adopted by the Company.
Partner
Vishal Sharma
Place : Gurugram
Date: May 23, 2024
For S. R Batliboi & Co. LLP
Membership Number: 096766


CORPORATE OVERVIEW
Kaushik Roy
(DIN: 06513489)
Managing Director
Company Secretary
Kaushik Mukherjee
STATUTORY REPORTS
Director
Rusha Mitra
October 7, 2023 and 12 MW of cogeneration captive power plant w.e.f. April 8, 2024 at Tamil Nadu.
(DIN: 08402204)
Raj Kumar Gupta

Chief Financial Officer
415
For and on behalf of Board of Directors of PCBL Limited
capacity of 147,000 MT) w.e.f. September 12, 2023 at its Greenfield carbon black manufacturing facility in the
phase (63,000 MT out of total capacity of 147,000 MT) w.e.f. April 14, 2023 and final phase (84,000 MT out of total
35 : PCBL (TN) Limited, a wholly owned subsidiary of the Company commenced commercial production of first
state of Tamil Nadu.The said subsidiary has commissioned 12 MW of cogeneration captive power plant w.e.f.

INDEPENDENT AUDITOR’S REPORT Key audit matters How our audit addressed the key audit matter
Provisions for claims & litigations and disclosure of contingent liabilities (as described in Note 11.1 & 23 of the
consolidated financial statements)
To the Members of PCBL Limited Responsibilities for the Audit of the Consolidated
The Holding Company is involved in litigations, both Our audit procedures included the following:
Financial Statements’ section of our report. We are
Report on the Audit of the Consolidated Financial for and against the Holding Company, comprising of
independent of the Group, in accordance with the We evaluated and tested the Holding Company’s
Statements tax matters, legal compliances and other disputes.
‘Code of Ethics’ issued by the Institute of Chartered processes and controls for monitoring of
Opinion Accountants of India together with the ethical The Holding Company assesses the need to make claims, litigations, disputes, compliances and
We have audited the accompanying consolidated requirements that are relevant to our audit of the a provision or disclose a contingency on a case-to- assessment thereof for determining the likely
financial statements of PCBL Limited (hereinafter financial statements under the provisions of the case basis considering the underlying facts of each outcome.
referred to as “the Holding Company”) and Act and the Rules thereunder, and we have fulfilled matter, in consultation with its advisors and lawyers.
We read the summary of the litigations prepared
its subsidiaries (the Holding Company and its our other ethical responsibilities in accordance with This involves a high level of management judgement
by the management and discussed the material
subsidiaries together referred to as “the Group”) these requirements and the Code of Ethics. We and assumptions which impact the risk assessment
cases to determine the Holding Company’s
believe that the audit evidence we have obtained and consequential provisioning and disclosure of
comprising of the consolidated Balance sheet as assessment of the likelihood and magnitude of
at March 31 2024, the consolidated Statement of is sufficient and appropriate to provide a basis for contingencies in the financial statements. This area
any liability that may arise.
Profit and Loss, including other comprehensive our audit opinion on the consolidated financial is significant to our audit since the completeness
statements. and accuracy of accounting and disclosures for We obtained independent legal confirmations
income, the consolidated Cash Flow Statement
contingencies is dependent on such management from the concerned lawyers, where applicable, to
and the consolidated Statement of Changes in Key Audit Matters judgement and assumptions. seek their opinion on the status of litigations and
Equity for the year then ended, and notes to the
Key audit matters are those matters that, in our checked the management’s judgements and
consolidated financial statements, including a
professional judgment, were of most significance in assumptions.
summary of material accounting policies and other
our audit of the consolidated financial statements
explanatory information (hereinafter referred to as We discussed with the management, including
for the financial year ended March 31, 2024. These
“the consolidated financial statements”). the Holding Company’s internal tax experts and
matters were addressed in the context of our audit

head of legal matters to understand the basis of
In our opinion and to the best of our information of the consolidated financial statements as a whole,
management’s judgements and estimates.
and according to the explanations given to us and and in forming our opinion thereon, and we do not
based on the consideration of reports of other provide a separate opinion on these matters. For We obtained risk assessment of tax litigations
auditors on separate financial statements and on each matter below, our description of how our audit from our tax specialists to assess management’s
the other financial information of the subsidiaries, addressed the matter is provided in that context. judgements and assumptions on such matters.
the aforesaid consolidated financial statements
We have determined the matters described below We read the minutes of the board meetings and
give the information required by the Companies
to be the key audit matters to be communicated tested the Holding Company’s legal expenses on
Act, 2013, as amended (“the Act”) in the manner so
in our report. We have fulfilled the responsibilities sample basis to determine the completeness of
required and give a true and fair view in conformity
described in the Auditor’s responsibilities for the claims, disputes and litigations.
with the accounting principles generally accepted
audit of the consolidated financial statements We tested the adequacy of disclosures in the
in India, of the consolidated state of affairs of the
section of our report, including in relation to consolidated financial statements.
Group as at March 31, 2024, their consolidated
these matters. Accordingly, our audit included the
profit including other comprehensive income, We also obtained necessary representation from
performance of procedures designed to respond to
their consolidated cash flows and the consolidated the management in regard to the provisioning
our assessment of the risks of material misstatement
statement of changes in equity for the year ended and disclosures in respect of the claims and
of the consolidated financial statements. The results
on that date. litigations.
of audit procedures performed by us and by other
Basis for Opinion auditors of components not audited by us, as
We conducted our audit of the consolidated financial reported by them in their audit reports furnished to
statements in accordance with the Standards us by the management, including those procedures
on Auditing (SAs), as specified under section performed to address the matters below, provide
143(10) of the Act. Our responsibilities under those the basis for our audit opinion on the accompanying
Standards are further described in the ‘Auditor’s consolidated financial statements.
416 417
Key audit matters How our audit addressed the key audit matter comprehensive income, consolidated cash flows reasonably be expected to influence the economic
and consolidated statement of changes in equity decisions of users taken on the basis of these
Determination of fair value of assets acquired in accordance with Ind AS 103 – ‘Business Combinations’ of the Group in accordance with the accounting consolidated financial statements.
(as described in Note 34 of the consolidated financial statements) principles generally accepted in India, including
As part of an audit in accordance with SAs, we
As reported by the auditor of Advaya Chemical The auditors of ACIL have performed the following the Indian Accounting Standards (Ind AS) specified
exercise professional judgment and maintain
Industries Limited (‘ACIL’) determination of procedures: under section 133 of the Act read with the Companies
professional skepticism throughout the audit. We
acquisition date fair value of identified assets acquired Obtained and reviewed the shareholder (Indian Accounting Standards) Rules, 2015, as
also:
and liabilities assumed of Aquapharm Chemicals agreements to assess that the accounting amended. The respective Board of Directors of the
Private Limited, and its subsidiaries (‘ACPL’) has been companies included in the Group are responsible Identify and assess the risks of material
treatment is in accordance with the requirements
considered as a key audit matter. for maintenance of adequate accounting records misstatement of the consolidated financial
of Indian Accounting Standard (IND AS) 103
ACIL, a subsidiary of the Holding Company, acquired Business Combinations; in accordance with the provisions of the Act for statements, whether due to fraud or error, design
100% of the equity share of Aquapharm Chemicals safeguarding of the assets of their respective and perform audit procedures responsive to
Obtained and read the report of the
Private Limited and its subsidiaries, on January 31, companies and for preventing and detecting frauds those risks, and obtain audit evidence that is
management’s expert to evaluate the
2024 for a purchase consideration of ` 3,851.49 crores. sufficient and appropriate to provide a basis for
reasonableness of the methodology and key and other irregularities; selection and application of
Pursuant to the acquisition, the Group has recognised our opinion. The risk of not detecting a material
assumptions used by management and its appropriate accounting policies; making judgments
goodwill amounting to ` 1,161.29 crores and other misstatement resulting from fraud is higher
expert for determination of fair value of the and estimates that are reasonable and prudent;
intangible assets amounting to ` 2,178.60 crores in identifiable assets acquired and liabilities than for one resulting from error, as fraud may
and the design, implementation and maintenance
the consolidated financial statements by applying assumed. Evaluated the competence and of adequate internal financial controls, that were
involve collusion, forgery, intentional omissions,
acquisition method under Ind AS 103 – ‘Business objectivity of the management’s expert. misrepresentations, or the override of internal
operating effectively for ensuring the accuracy and
Combinations’. control.
Tested management’s calculations of Goodwill. completeness of the accounting records, relevant to
Such business combination transactions require the preparation and presentation of the consolidated Obtain an understanding of internal control
recognition and measurement of identified intangible In addition to the above we have performed the
financial statements that give a true and fair view relevant to the audit in order to design
assets that have been acquired as part of the business following procedures:
and are free from material misstatement, whether audit procedures that are appropriate in the
combination in addition to the identified assets We involved a specialist to support us in
due to fraud or error, which have been used for circumstances. Under section 143(3)(i) of the

acquired and liabilities assumed in the acquiree. evaluating the reasonableness of the valuation
the purpose of preparation of the consolidated Act, we are also responsible for expressing our
A significant proportion of the purchase price has methodology and key assumptions used by
the management/ management’s expert in financial statements by the Directors of the Holding opinion on whether the Holding Company
been attributed to goodwill and other intangible has adequate internal financial controls with
determination of fair value of the identifiable Company, as aforesaid.
assets, the fair valuation of which is complex and reference to financial statements in place and
is sensitive to underlying assumptions especially assets acquired and liabilities assumed. In preparing the consolidated financial statements,
the operating effectiveness of such controls.
those relating to cash flow forecasts including future Evaluated the adequacy of the disclosures in the the respective Board of Directors of the companies
business growth and the application of an appropriate consolidated financial statements in accordance included in the Group are responsible for assessing Evaluate the appropriateness of accounting
discount rate, which are inherently subjective. with applicable accounting standards. the ability of their respective companies to continue policies used and the reasonableness of
Considering the magnitude and the judgements as a going concern, disclosing, as applicable, matters accounting estimates and related disclosures
involved as stated above, determination of acquisition related to going concern and using the going made by management.
date fair value has been considered a key audit concern basis of accounting unless management Conclude on the appropriateness of
matter. either intends to liquidate the Group or to cease management’s use of the going concern basis
operations, or has no realistic alternative but to do so. of accounting and, based on the audit evidence
We have determined that there are no other key audit matters to communicate in our report.
Those respective Board of Directors of the companies obtained, whether a material uncertainty exists
Information Other than the Financial Statements other information and, in doing so, consider whether
included in the Group are also responsible for related to events or conditions that may cast
and Auditor’s Report Thereon such other information is materially inconsistent
overseeing the financial reporting process of their significant doubt on the ability of the Group to
The Holding Company’s Board of Directors is with the consolidated financial statements or our
respective companies. continue as a going concern. If we conclude that
responsible for the other information. The other knowledge obtained in the audit or otherwise
a material uncertainty exists, we are required
information comprises the information included appears to be materially misstated. If, based on the
Auditor’s Responsibilities for the Audit of the to draw attention in our auditor’s report to
in the Management Discussion and Analysis, work we have performed, we conclude that there is
Consolidated Financial Statements the related disclosures in the consolidated
Board’s Report including Annexures to Board’s a material misstatement of this other information,
Our objectives are to obtain reasonable assurance financial statements or, if such disclosures
Report, Business Responsibility and Sustainability we are required to report that fact. We have nothing
about whether the consolidated financial are inadequate, to modify our opinion. Our
Report, Corporate Governance and Shareholder’s to report in this regard.
statements as a whole are free from material conclusions are based on the audit evidence
Information, but does not include the consolidated obtained up to the date of our auditor’s report.
Responsibilities of Management for the misstatement, whether due to fraud or error, and to
financial statements and our auditor’s report However, future events or conditions may
Consolidated Financial Statements issue an auditor’s report that includes our opinion.
thereon. cause the Group to cease to continue as a going
The Holding Company’s Board of Directors is Reasonable assurance is a high level of assurance,
Our opinion on the consolidated financial statements responsible for the preparation and presentation but is not a guarantee that an audit conducted in concern.
does not cover the other information and we do not of these consolidated financial statements in terms accordance with SAs will always detect a material Evaluate the overall presentation, structure
express any form of assurance conclusion thereon. of the requirements of the Act that give a true and misstatement when it exists. Misstatements can and content of the consolidated financial
In connection with our audit of the consolidated fair view of the consolidated financial position, arise from fraud or error and are considered material statements, including the disclosures, and
financial statements, our responsibility is to read the consolidated financial performance including other if, individually or in the aggregate, they could whether the consolidated financial statements
418 419
represent the underlying transactions include total assets of ` 7,560.29 crores as at is based solely on such unaudited financial (c) The Consolidated Balance Sheet, the
and events in a manner that achieves fair March 31, 2024, and total revenues of ` 760.00 statements and other unaudited financial Consolidated Statement of Profit and
presentation. crores and net cash inflows of ` 3.91 crores for information. In our opinion and according to Loss including the Statement of Other
the year ended on that date. These financial the information and explanations given to us by Comprehensive Income, the Consolidated
Obtain sufficient appropriate audit evidence
statement and other financial information have the Management, these financial statements Cash Flow Statement and Consolidated
regarding the financial information of the
been audited by other auditors, which financial and other financial information are not material Statement of Changes in Equity dealt
entities or business activities within the Group
statements, other financial information and to the Group. with by this Report are in agreement with
of which we are the independent auditors, to
auditor’s reports have been furnished to us the books of account maintained for the
express an opinion on the consolidated financial Our opinion above on the consolidated financial
by the management. Our opinion on the purpose of preparation of the consolidated
statements. We are responsible for the direction, statements, and our report on Other Legal and
consolidated financial statements, in so far as it financial statements;
supervision and performance of the audit of the Regulatory Requirements below, is not modified
financial statements of such entities included relates to the amounts and disclosures included in respect of the above matters with respect to (d) In our opinion, the aforesaid consolidated
in the consolidated financial statements of in respect of these subsidiaries, and our report our reliance on the work done and the reports of financial statements comply with the
which we are the independent auditors. For in terms of sub-section (3) of Section 143 of the other auditors and the financial statements Accounting Standards specified under
the other entities included in the consolidated the Act, in so far as it relates to the aforesaid and other financial information certified by the Section 133 of the Act, read with Companies
financial statements, which have been audited subsidiaries, is based solely on the reports of Management. (Indian Accounting Standards) Rules, 2015,
by other auditors, such other auditors remain such other auditors. as amended;
Report on Other Legal and Regulatory Requirements
responsible for the direction, supervision and Certain of these subsidiaries are located outside (e) On the basis of the written representations
performance of the audits carried out by them. 1. As required by the Companies (Auditor’s
India whose financial statements and other received from the directors of the Holding
We remain solely responsible for our audit Report) Order, 2020 (“the Order”), issued by
financial information have been prepared Company as on March 31, 2024 taken on
opinion. the Central Government of India in terms
in accordance with accounting principles record by the Board of Directors of the
of sub-section (11) of section 143 of the Act,
We communicate with those charged with generally accepted in their respective countries Holding Company and the reports of the
based on our audit and on the consideration
governance of the Holding Company and such and which have been audited by other auditors statutory auditors who are appointed
of report of the other auditors on separate
other entities included in the consolidated financial under generally accepted auditing standards under Section 139 of the Act, of its subsidiary
financial statements and the other financial

statements of which we are the independent applicable in their respective countries. companies, none of the directors of the
information of the subsidiary companies,
auditors regarding, among other matters, the The Holding Company’s management has Group’s companies, incorporated in India,
incorporated in India, as noted in the ‘Other
planned scope and timing of the audit and converted the financial statements of such is disqualified as on March 31, 2024 from
Matter’ paragraph, there are no qualifications or
significant audit findings, including any significant subsidiaries located outside India from being appointed as a director in terms of
adverse remarks by the respective auditors in
deficiencies in internal control that we identify accounting principles generally accepted Section 164 (2) of the Act;
the Companies(Auditor’s Report) Order reports
during our audit. in their respective countries to accounting
of the companies included in the consolidated (f) The modification relating to the maintenance
principles generally accepted in India. We have
We also provide those charged with governance with financial statements. of accounts and other matters connected
audited these conversion adjustments made
a statement that we have complied with relevant therewith are as stated in the paragraph (b)
by the Holding Company’s management. Our 2. As required by Section 143(3) of the Act, based
ethical requirements regarding independence, and above on reporting under Section 143(3)(b)
opinion in so far as it relates to the balances on our audit and on the consideration of report
to communicate with them all relationships and and paragraph (i) below on reporting under
and affairs of such subsidiaries located outside of the other auditors on separate financial
other matters that may reasonably be thought to Rule 11(g).
India is based on the report of other auditors statements and the other financial information
bear on our independence, and where applicable,
and the conversion adjustments prepared by of subsidiaries, as noted in the ‘other matter’ (g) With respect to the adequacy of the
related safeguards.
the management of the Holding Company and paragraph we report, to the extent applicable, internal financial controls with reference
From the matters communicated with those charged audited by us. that: to consolidated financial statements of
with governance, we determine those matters the Holding Company and its subsidiary
(b) The accompanying consolidated financial (a) We and the other auditors whose report we
that were of most significance in the audit of the companies, incorporated in India, and the
statements include unaudited financial have relied upon have sought and obtained
consolidated financial statements for the financial operating effectiveness of such controls,
statements and other unaudited financial all the information and explanations which
year ended March 31, 2024 and are therefore the refer to our separate Report in “Annexure”
information in respect of 2 subsidiaries, whose to the best of our knowledge and belief
key audit matters. We describe these matters in our to this report;
financial statements and other financial were necessary for the purposes of our
auditor’s report unless law or regulation precludes
audit of the aforesaid consolidated financial (h) In our opinion and based on the
public disclosure about the matter or when, in information reflect total assets of ` 3.00 crores
statements; consideration of reports of other statutory
extremely rare circumstances, we determine that a as at March 31, 2024, and total revenues of
auditors of the subsidiaries incorporated in
matter should not be communicated in our report ` Nil and net cash inflows of ` Nil for the year (b) In our opinion, proper books of account as
India, the managerial remuneration for the
because the adverse consequences of doing so ended on that date. These unaudited financial required by law relating to preparation of
year ended March 31, 2024 has been paid /
would reasonably be expected to outweigh the statements and other unaudited financial the aforesaid consolidation of the financial
provided by the Holding Company and its
public interest benefits of such communication. information have been furnished to us by the statements have been kept so far as it
subsidiaries incorporated in India to their
management. Our opinion, in so far as it relates appears from our examination of those
Other Matter directors in accordance with the provisions
amounts and disclosures included in respect books and reports of the other auditors
of section 197 read with Schedule V to the
(a) We did not audit the financial statements of these subsidiaries, and our report in terms except for the matters stated in the
Act;
and other financial information, in respect of of sub-section (3) of Section 143 of the Act in paragraph (i) (vi) below on reporting under
12 subsidiaries, whose financial statements so far as it relates to the aforesaid subsidiaries, Rule 11(g);
420 421
(i) With respect to the other matters to that the Intermediary shall, v) The interim dividend declared and paid above referred subsidiaries did not come
be included in the Auditor’s Report in whether, directly or indirectly during the year by the Holding Company across any instance of audit trail feature
accordance with Rule 11 of the Companies lend or invest in other persons or and until the date of the respective audit being tampered in respect of accounting
(Audit and Auditors) Rules, 2014, as entities identified in any manner reports of such Holding Company, is in software except as explained in above
amended, in our opinion and to the best whatsoever by or on behalf of the accordance with section 123 of the Act. note.
of our information and according to the respective Holding Company or
vi) Based on our examination which included
explanations given to us and based on the any of such subsidiaries (“Ultimate test checks and that performed by the
consideration of the report of the other Beneficiaries”) or provide any respective auditors of the subsidiaries
auditors on separate financial statements guarantee, security or the like on which are companies incorporated in For S.R. Batliboi & Co. LLP
as also the other financial information of behalf of the Ultimate Beneficiaries; India whose financial statements have Chartered Accountants
the subsidiaries, as noted in the ‘Other
b) The respective managements of the been audited under the Act, except for ICAI Firm Registration Number: 301003E/E300005
matter’ paragraph:
Holding Company and its subsidiaries the instances discussed in note 33 to the
i. The consolidated financial statements which are companies incorporated consolidated financial statements, the
disclose the impact of pending in India whose financial statements Holding Company and subsidiaries have ______________________________
litigations on its consolidated financial have been audited under the Act used accounting software for maintaining per Vishal Sharma
position of the Group, in its consolidated have represented to us and the its books of account which has a feature of Partner
financial statements – Refer Note 23 to other auditors of such subsidiaries recording audit trail (edit log) facility and Membership Number: 096766
the consolidated financial statements. respectively that, to the best of its the same has operated throughout the UDIN: 24096766BKFFSS2257
knowledge and belief, as disclosed year for all relevant transactions recorded in
ii. Provision has been made in the
in the note 33 to the consolidated the software. Further, during the course of Place of Signature: Gurugram
consolidated financial statements, as
financial statements, no funds have our audit, we and respective auditors of the Date: May 23, 2024
required under the applicable law or
accounting standards, for material been received by the respective
foreseeable losses, if any, on long- Holding Company or any of such

term contracts including derivative subsidiaries from any person or
contracts. entity, including foreign entities
(“Funding Parties”), with the
iii. There has been no delay in transferring
understanding, whether recorded
amounts, required to be transferred, to
in writing or otherwise, that the
the Investor Education and Protection
Holding Company or any of such
Fund by the Holding Company and
subsidiaries shall, whether, directly
its subsidiaries, incorporated in India
or indirectly, lend or invest in other
during the year ended March 31, 2024.
persons or entities identified in any
iv. a) The respective managements manner whatsoever by or on behalf
of the Holding Company and its of the Funding Party (“Ultimate
subsidiaries which are companies Beneficiaries”) or provide any
incorporated in India whose guarantee, security or the like on
financial statements have been behalf of the Ultimate Beneficiaries;
audited under the Act have and
represented to us and the other
auditors of such subsidiaries c) Based on the audit procedures
respectively that, to the best of its that have been considered
knowledge and belief, as disclosed reasonable and appropriate in
in the note 33 to the consolidated the circumstances performed by
financial statements, no funds us and that performed by the
have been advanced or loaned or auditors of the subsidiaries which
invested (either from borrowed are companies incorporated in
funds or share premium or any India whose financial statements
other sources or kind of funds) have been audited under the Act,
by the Holding Company or any nothing has come to our or other
of such subsidiaries to or in any auditor’s notice that has caused
other person or entity, including us or the other auditors to believe
foreign entities (“Intermediaries”), that the representations under
with the understanding, whether sub-clause (a) and (b) contain any
recorded in writing or otherwise, material mis-statement.
422 423
Annexure to the Independent Auditor’s Report of even date on the Consolidated Financial company; (2) provide reasonable assurance that controls with reference to consolidated financial
Statements of PCBL Limited transactions are recorded as necessary to permit statements and such internal financial controls with
preparation of financial statements in accordance reference to consolidated financial statements were
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”) with generally accepted accounting principles, and operating effectively as at March 31, 2024, based on
that receipts and expenditures of the company are the internal control over financial reporting criteria
In conjunction with our audit of the consolidated Standards and the Guidance Note require that we being made only in accordance with authorisations established by the Holding Company considering
financial statements of PCBL Limited (hereinafter comply with ethical requirements and plan and of management and directors of the company; the essential components of internal control stated
referred to as the “Holding Company”) as of and perform the audit to obtain reasonable assurance and (3) provide reasonable assurance regarding in the Guidance Note issued by the ICAI.
for the year ended March 31, 2024, we have audited about whether adequate internal financial controls prevention or timely detection of unauthorised
the internal financial controls with reference to with reference to consolidated financial statements acquisition, use, or disposition of the company's
Other Matters
consolidated financial statements of the Holding was established and maintained and if such controls assets that could have a material effect on the Our report under Section 143(3)(i) of the Act on the
Company and its subsidiaries (the Holding Company operated effectively in all material respects. financial statements. adequacy and operating effectiveness of the internal
and its subsidiaries together referred to as “the financial controls with reference to consolidated
Our audit involves performing procedures to obtain
Group”), which are companies incorporated in India, Inherent Limitations of Internal Financial Controls financial statements of the Holding Company, in
audit evidence about the adequacy of the internal
as of that date. With Reference to Consolidated Financial Statements so far as it relates to two (2) subsidiaries along with
financial controls with reference to consolidated
Because of the inherent limitations of internal one (1) step-down subsidiary, which are companies
Management’s Responsibility for Internal Financial financial statements and their operating
effectiveness. Our audit of internal financial controls financial controls with reference to consolidated incorporated in India, is based on the corresponding
Controls
with reference to consolidated financial statements financial statements, including the possibility of report of the auditor of such subsidiary incorporated
The respective Board of Directors of the companies collusion or improper management override of in India.
included obtaining an understanding of internal
included in the Group, which are companies controls, material misstatements due to error
financial controls with reference to consolidated
incorporated in India, are responsible for establishing or fraud may occur and not be detected. Also,
financial statements, assessing the risk that a
and maintaining internal financial controls based on projections of any evaluation of the internal financial For S.R. Batliboi & Co. LLP
material weakness exists, and testing and evaluating
the internal control over financial reporting criteria controls with reference to consolidated financial Chartered Accountants
the design and operating effectiveness of internal
established by the Holding Company considering statements to future periods are subject to the risk ICAI Firm Registration Number: 301003E/E300005
control based on the assessed risk. The procedures

the essential components of internal control that the internal financial controls with reference
selected depend on the auditor’s judgement,
stated in the Guidance Note on Audit of Internal to consolidated financial statements may become
including the assessment of the risks of material
Financial Controls Over Financial Reporting issued inadequate because of changes in conditions, or ______________________________
misstatement of the financial statements, whether
by the Institute of Chartered Accountants of India that the degree of compliance with the policies or per Vishal Sharma
due to fraud or error.
(ICAI). These responsibilities include the design, procedures may deteriorate. Partner
implementation and maintenance of adequate We believe that the audit evidence we have Membership Number: 096766
internal financial controls that were operating obtained and the audit evidence obtained by the Opinion UDIN: 24096766BKFFSS2257
effectively for ensuring the orderly and efficient other auditors in terms of their reports referred to in In our opinion, the Group, which are companies
conduct of its business, including adherence to the the Other Matters paragraph below, is sufficient and incorporated in India, have, maintained in all Place of Signature: Gurugram
respective company’s policies, the safeguarding of appropriate to provide a basis for our audit opinion material respects, adequate internal financial Date: May 23, 2024
its assets, the prevention and detection of frauds on the internal financial controls with reference to
and errors, the accuracy and completeness of the consolidated financial statements.
accounting records, and the timely preparation of
Meaning of Internal Financial Controls With
reliable financial information, as required under the
Reference to Consolidated Financial Statements
Companies Act, 2013.
A company's internal financial control with reference
Auditor’s Responsibility to consolidated financial statements is a process
Our responsibility is to express an opinion on the designed to provide reasonable assurance regarding
Holding Company's internal financial controls with the reliability of financial reporting and the preparation
reference to consolidated financial statements of financial statements for external purposes in
based on our audit. We conducted our audit in accordance with generally accepted accounting
accordance with the Guidance Note on Audit of principles. A company's internal financial control
Internal Financial Controls Over Financial Reporting with reference to consolidated financial statements
(the “Guidance Note”) and the Standards on includes those policies and procedures that (1)
Auditing, specified under section 143(10) of the pertain to the maintenance of records that, in
Act, to the extent applicable to an audit of internal reasonable detail, accurately and fairly reflect the
financial controls, both, issued by ICAI. Those transactions and dispositions of the assets of the
424 425
Consolidated Balance Sheet Consolidated Statement of Profit and Loss

as at 31 March, 2024 for the year ended 31 March, 2024
Notes As at As at Notes Year ended Year ended
ASSETS
Non-current assets Revenue from operations 15 6,419.77 5,774.06
Property, plant and equipment 3(a) 3,387.03 1,888.90 Other income 16 37.03 40.61
Capital work-in-progress 3(b) 433.04 1,130.01 Total Income 6,456.80 5,814.67
Investment property 3(c) 4.48 4.48
Expenses
Goodwill 3(d) 1,161.37 -
Intangible assets 3(e) 2,166.24 0.67 Cost of materials consumed 17(a) 4,533.92 4,356.34
Right of use assets 3(f) 173.12 73.59 Purchases of stock-in-trade 1.74 -
Financial Assets Changes in inventories of finished goods,stock-in-trade and work-in- 17(b) (69.87) (3.89)
(i) Investments 4(a) 396.17 233.84 progress
(ii) Loans 4(e) 1.54 1.51
(iii) Other financial assets 4(f) 38.61 27.50 Employee benefits expense 18 250.41 190.46
Non current tax assets (net) 7 35.09 7.45 Finance costs 19 180.78 53.41
Other non-current assets 5 59.97 52.51 Depreciation and amortisation expense 20 217.26 136.74
Total Non-current assets 7,856.66 3,420.46
Other expenses 21 666.23 499.93
Current assets
Inventories 6 999.31 571.39 Total Expenses 5,780.47 5,232.99
Financial Assets Profit before tax 676.33 581.68
(i) Investments 4(a) 36.85 - Income-tax expense 22
(ii) Trade receivables 4(b) 1,710.24 1,110.65
Current tax 187.89 148.65
(iii) Cash and cash equivalents 4(c) 312.29 40.22
(iv) Other bank balances 4(d) 72.51 55.37 Tax relating to earlier years charge / (credit) (2.64) 7.93
(v) Loans 4(e) 0.64 0.54 Deferred tax charge / (credit) 12 (0.03) (17.09)
(vi) Other financial assets 4(f) 25.28 13.11 Total tax expense 185.22 139.49
Other current assets 5 281.63 221.07
Total Current assets 3,438.75 2,012.35 Profit for the year 491.11 442.19

TOTAL ASSETS 11,295.41 5,432.81 Other Comprehensive Income / (Loss) [OCI]
EQUITY AND LIABILITIES Items that will be reclassified to profit or loss,net of taxes
EQUITY
Exchange differences on translation of foreign operations (1.11) 4.33
Equity Share Capital 8 37.75 37.75
Other Equity 9 3,208.94 2,792.42 Net movement on cash flow hedges (0.22) -
Equity attributable to Equity Holders of the Parent 3,246.69 2,830.17 Income Tax relating to items that will be reclassified to profit or loss 22 0.06 -
Non-Controlling Interest 3.73 9.13 Items that will not to be reclassified to profit or loss, net of taxes
TOTAL EQUITY 3,250.42 2,839.30
Re-measurement gain / (loss) on post-employment defined benefit (2.70) 2.70
LIABILITIES
Non-current liabilities
plans
Financial Liabilities Changes in fair value of equity instruments through OCI 161.70 (26.71)
(i) Borrowings 10(a) (i) 3,776.64 407.31 Income Tax relating to items that will not be reclassified to profit or 22 (24.96) 2.16
(ii) Lease Liabilities 10(c) 132.05 66.71 loss
(iii) Other financial liabilities 10(d) 38.89 7.77
Other Comprehensive Income / (Loss) for the year, net of tax 132.77 (17.52)
Provisions 11 15.67 3.84
Deferred tax liabilities (net) 12 870.97 256.05 Total Comprehensive Income for the year, net of tax 623.88 424.67
Total Non-current liabilities 4,834.22 741.68 Profit for the year attributable to: -
Current liabilities Owners of the equity 490.94 441.80
(i) Borrowings 10(a) (ii) 1,043.05 535.69
Non-controlling interest 0.17 0.39
(ii) Lease Liabilities 10(c) 31.36 19.73 Other Comprehensive Income for the year attributable to: -
(iii) Trade payables 10(b) Owners of the equity 133.18 (18.02)
a) Total outstanding dues of micro enterprises and small enterprises 45.03 41.62
Non-controlling interest (0.41) 0.50
b) Total outstanding dues of creditors other than micro enterprises and 1,756.99 914.78
small enterprises Total Other Comprehensive Income for the year attributable to: -
(iv) Other financial liabilities 10(d) 214.43 245.39 Owners of the equity 624.12 423.78
Provisions 11 90.81 82.29 Non-controlling interest (0.24) 0.89
Current tax liabilities (net) 14 0.12 0.08
Other current liabilities 13 28.98 12.25
Earnings per equity share : 26
Total Current liabilities 3,210.77 1,851.83 Nominal Value per share (Re 1/-) [Refer Note 8(i)]
TOTAL LIABILITIES 8,044.99 2,593.51 Basic (`) 13.00 11.70
TOTAL EQUITY AND LIABILITIES 11,295.41 5,432.81 Diluted (`) 13.00 11.70
The accompanying notes form an integral part of the Consolidated Financial Statements. The accompanying notes form an integral part of the Consolidated Financial Statements.
This is the Consolidated Balance Sheet referred to in our report of even date. This is the Consolidated Statement of Profit and Loss referred to in our report of even date.
For S. R Batliboi & Co. LLP For and on behalf of Board of Directors of PCBL Limited For S. R Batliboi & Co. LLP For and on behalf of Board of Directors of PCBL Limited
ICAI Firm Registration Number 301003E/E300005 ICAI Firm Registration Number 301003E/E300005
Chartered Accountants Chartered Accountants
Vishal Sharma Kaushik Roy Rusha Mitra Vishal Sharma Kaushik Roy Rusha Mitra
Partner Managing Director Director Partner Managing Director Director
Membership Number: 096766 (DIN: 06513489) (DIN: 08402204) Membership Number: 096766 (DIN: 06513489) (DIN: 08402204)
Place :Gurugram Kaushik Mukherjee Raj Kumar Gupta Place :Gurugram Kaushik Mukherjee Raj Kumar Gupta
Date: May 23, 2024 Company Secretary Chief Financial Officer Date: May 23, 2024 Company Secretary Chief Financial Officer
426 427
Statement of Consolidated Cash Flows Statement of Consolidated Cash Flows

for the year ended 31 March, 2024
Particulars Notes Year ended Year ended Particulars Notes Year ended Year ended
A. Cash Flows from Operating Activities Repayment of current borrowings (1,786.02) (960.10)
Profit before Tax 676.33 581.68 Dividends paid (207.60) (207.60)
Adjustments to reconcile profit before tax to net cash flows: Finance cost paid (165.47) (53.35)
Depreciation and amortisation expense 20 217.26 136.74 NET CASH FLOWS GENERATED FROM /(USED IN) FROM 3,380.76 (30.57)
Finance costs 19 180.78 53.41 FINANCING ACTIVITIES
Allowance for doubtful debts / expected credit losses - 21 (0.30) 0.11 Net Increase / (Decrease) in Cash and Cash Equivalents 272.07 (78.42)
trade receivables (net) Opening Cash and Cash Equivalents 40.22 118.64
Interest income from certain financial assets 16 (6.82) (2.83) Closing Cash and Cash Equivalents 312.29 40.22
Exchange differences on translation of foreign operations (1.11) 4.33
Dividend income from equity instruments designated at 16 (7.59) (9.79)
Changes in liabilities arising from financing activities
FVTOCI
Particulars 1 April, 2023 Cash Flows Business Others 31 March, 2024
Gain on sale / fair valuation of investments carried at FVTPL 16 (14.88) (19.51)
Combination*
Provisions / Liabilities no longer required written back 16 (3.55) (6.99)
Current borrowings (excluding 420.00 22.67 62.93 - 505.60
(Profit)/Loss on disposal of property, plant and equipment 21 (0.29) 0.02 current maturities of long term debt)
Provisions / (write back) for claims and litigations (net) 11.1 2.99 4.77 Lease Liabilities [Refer Note 10(c)] 86.44 (49.11) 15.10 110.98 163.41
Unrealised Foreign exchange differences (net) (13.79) 1.04
Non-current borrowings (including 523.00 3,780.27 10.82 - 4,314.09
352.70 161.30 current maturities of long term debt)
Operating profit before changes in operating assets and 1,029.03 742.98 Total liabilities from financing 1,029.44 3,753.83 88.85 110.98 4,983.10
liabilities activities

Working capital adjustments
(Increase)/Decrease in inventories (143.97) 32.52 Particulars 1 April, 2022 Cash Flows Others 31 March, 2023
(Increase)/Decrease in trade receivables (322.94) (7.65) Current borrowings (excluding current 374.97 45.03 - 420.00
(Increase)/Decrease in other financial and non-financial (47.65) (164.01) maturities of long term debt)
assets
Lease Liabilities [Refer Note 10(c)] 101.83 (28.63) 13.24 86.44
Increase/(Decrease) in trade payables 692.96 53.21
Non-current borrowings (including current 309.02 213.98 - 523.00
Increase/(Decrease) in other financial and non-financial 113.52 12.80 maturities of long term debt)
liabilities
Total liabilities from financing activities 785.82 230.38 13.24 1,029.44
291.92 (73.13)
Cash generated from operations 1,320.95 669.85 * Refer Note 34
Income taxes paid (net of refunds) (215.55) (165.76)
Accounting Policy
NET CASH FLOWS GENERATED FROM OPERATING 1,105.40 504.09
ACTIVITIES For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash
B. Cash Flows from / (used in) Investing Activities on hand, other short-term highly liquid investments with original maturities of three months or less that are
Purchase of property, plant and equipment (535.75) (895.90) readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Proceeds from disposal of property, plant and equipment 2.86 0.20
Payment towards acquisition of a subsidiary acquired in a 34 (3,707.97) - The accompanying notes form an integral part of these Consolidated financial statements.
business combination
This is the Consolidated Statement of Cash Flows referred to in our report of even date.
Purchase of non-current investments - (1.94)
Proceeds from sale of non current investments - 7.85
Purchase of current investments (6,029.08) (5,157.84)
Proceeds from sale/redemption of current investments 6,043.45 5,499.50 ICAI Firm Registration Number 301003E/E300005
Fixed deposits (placed) /matured with banks (1.49) (15.37)
Interest received 6.30 1.77 Vishal Sharma Kaushik Roy Rusha Mitra
Dividend received from equity instruments designated at 7.59 9.79 Partner Managing Director Director
FVTOCI Membership Number: 096766 (DIN: 06513489) (DIN: 08402204)
NET CASH FLOWS USED IN INVESTING ACTIVITIES (4,214.09) (551.94) Place :Gurugram Kaushik Mukherjee Raj Kumar Gupta
C. Cash Flows from / (used in) Financing Activities Date: May 23, 2024 Company Secretary Chief Financial Officer
Proceeds from non-current borrowings 3,955.86 310.00
Repayment of non-current borrowings (175.59) (96.02)
Payment of lease liabilities, including interest thereon (49.11) (28.63)
Increase /(decrease) in cash credit facilities from banks - (49.87)
Proceeds from current borrowings 1,808.69 1,055.00
428 429
A. Equity share capital
430
Particulars Notes As at 31 March, 2024 As at 31 March, 2023
No of shares Amount No of shares Amount
Equity shares of Re 1/- (31 March, 2023 Re. 1/-) each issued,
subscribed and paid up:Refer Note 8(i)
Opening balance 8 37,74,62,604 37.75 18,87,31,302 37.75
On account of sub-division of equity shares 8(i) - - 18,87,31,302 -
Closing balance 37,74,62,604 37.75 37,74,62,604 37.75
B. Other equity
Particulars Notes Reserves and Surplus Other reserves Non- Total

Controlling other
Capital Securities General Statutory Retained Equity Other items of Cash flow
Interest equity
reserve premium reserve Reserve earnings Instruments Comprehensive hedge
through Other Income - FCTR reserve
comprehensive
income
As at 1 April, 2023 9 1.53 610.95 73.38 0.60 1,950.07 148.03 7.86 - 9.13 2,801.55
Profit for the year - - - - 490.94 - - - 0.17 491.11
Other comprehensive - - - - (1.97)* 136.01* (0.70) (0.16)* (0.41) 132.77
income /(loss) for the
year
Acquisition through - - - - - - - - (5.16) (5.16)
business combination
(Refer Note 34)
Dividend paid 25 - - - - (207.60) - - - - (207.60)
As at 31 March, 2024 1.53 610.95 73.38 0.60 2,231.44 284.04 7.16 (0.16) 3.73 3,212.67
Consolidated Statement of Changes in Equity
*Net of tax
Particulars Notes Reserves and Surplus Other reserves Non- Total

Controlling other
Capital Securities General Statutory Retained Equity Instruments Other items of
Interest equity
reserve premium reserve Reserve earnings through Other Comprehensive
comprehensive Income - FCTR
income
As at 1 April, 2022 9 1.53 610.95 73.38 0.60 1,714.13 171.62 4.03 8.24 2,584.48
Profit for the year - - - - 441.80 - - 0.39 442.19
Other comprehensive - - - - 1.74 (23.59) 3.83 0.50 (17.52)
income /(loss) for the year
(net of tax)
Dividend paid 25 - - - - (207.60) - - - (207.60)
As at 31 March, 2023 1.53 610.95 73.38 0.60 1,950.07 148.03 7.86 9.13 2,801.55
The accompanying notes form an integral part of these Consolidated financial statements.
This is the Consolidated Statement of Changes in Equity referred to in our report of even date.
Consolidated Statement of Changes in Equity
CORPORATE OVERVIEW
ICAI Firm Registration Number 301003E/E300005

Vishal Sharma Kaushik Roy Rusha Mitra
Membership Number: 096766 (DIN: 06513489) (DIN: 08402204)
Place :Gurugram Kaushik Mukherjee Raj Kumar Gupta
Date: May 23, 2024 Company Secretary Chief Financial Officer
STATUTORY REPORTS
431

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

Corporate Information 1.1.2. Historical cost convention The subsidiary companies considered in the financial statements are as follows:
The consolidated financial statements comprise financial These consolidated financial statements have
Name Country of % of ownership % of ownership
statements of PCBL Limited (CIN: L23109WB1960PLC024602) been prepared on a historical cost basis, except Incorporation interest as on interest as on 31
(the “Company” or “the Parent Company” or “the Parent”) the following, which are measured at fair values: 31 March, 2024 March, 2023
and its subsidiaries (collectively, the “Group”) for the i) Certain financial assets and liabilities Phillips Carbon Black Cyprus Cyprus 100% 100%
year ended 31 March 2024. The Company is a public (including derivative instruments) Holdings Limited
company limited by shares domiciled in India and is Phillips Carbon Black Vietnam Joint Vietnam 100% 100%
incorporated under the provisions of the Companies ii) Plan assets of defined benefit employee Stock Company (Refer Note (i) below)
Act applicable in India. The Group is primarily benefit plans
PCBL (TN) Limited India 100% 100%
engaged in the business of manufacturing & sale 1.1.3. Principles of Consolidation PCBL Europe SRL (incorporated on Belgium 100% -
of carbon black and sale of power as detailed under April 14, 2023)
Subsidiaries are all entities (including structured
segment information in Note 29. Equity shares of Advaya Chemicals Limited India 100% -
entities) over which the Company has control.
the Company are listed on BSE Limited and National (incorporated on December 28, 2023)
The Company controls an entity when the
Stock Exchange of India Limited. Nanovace Technologies Limited India 100% -
Company is exposed to, or has rights to, variable
(incorporated on March 29, 2024)
The registered office of the Company is located at returns from its involvement with the entity and
Advaya Chemical Industries Limited India 100% -
Duncan House, 31, Netaji Subhas Road, Kolkata has the ability to affect those returns through
(incorporated on January 11, 2024)
700001, West Bengal, India. its power to direct the relevant activities of the (Refer Note (ii) below)
entity. Subsidiaries are fully consolidated from
These consolidated financial statements were Aquapharm Chemicals Private India 100% -
the date on which control is transferred to the Limited (w.e.f. January 31, 2024)
approved and authorised for issue in accordance
Company. They are deconsolidated from the (Refer Note (iii) below)

with resolution of the Board of Directors on May 23,
date that control ceases. Aquapharm Europe B.V.* Netherlands 100% -
2024.
The Group combines the financial statements Unique Solutions for Chemical Saudi Arabia 85% -
I. Basis of Preparation and Material Accounting of the parent and its subsidiaries line by line Industries Company*
Policy Information adding together like items of assets, liabilities, Aquapharm Chemicals LLC* USA 100% -
1.1.1. Compliance with Ind AS equity, income and expenses. Intercompany Aquapharm Foundation* India 100% -
transactions, balances and unrealised gains USCI LLC* UAE 85% -
These consolidated financial statements
on transactions between group companies Aquapharm PChem LLC* USA 100% -
comply in all material respects with the Indian
are eliminated. Unrealised losses are also
Accounting Standards (Ind AS) notified under Aquapharm Specialty Chemicals LLC* USA 100% -
eliminated unless the transaction provides
Section 133 of the Companies Act, 2013 (the 'Act') * Subsidiary of Aquapharm Chemicals Private Limited
evidence of an impairment of the transferred
[Companies (Indian Accounting Standards) asset. Non-controlling interests in the results Note:
Rules, 2015] (as amended from time to time) and equity of subsidiaries are shown separately
and other relevant provisions of the Act. These in the consolidated statement of profit and loss, (i) Phillips Carbon Black Vietnam Joint Stock Company is a step-down subsidiary of PCBL Limited which
consolidated financial statements has also consolidated statement of changes in equity is a subsidiary of Phillips Carbon Black Cyprus Holdings Limited.
been prepared in compliance with presentation and consolidated balance sheet respectively. (ii) PCBL Limited directly holds 80% of share capital and 20% is indirectly held through one of the
requirement of Division II of Schedule III of
The Group treats transactions with non- subsidiaries, PCBL(TN) Limited.
the Companies Act,2013 (IND AS Compliant
controlling interests that do not result in a loss (iii) Aquapharm Chemicals Private Limited is a step-down subsidiary of PCBL Limited which is a subsidiary
Schedule III) as applicable to the consolidated
of control as transactions with equity owners of
financial statements. of Advaya Chemical Industries Limited w.e.f. January 31, 2024.
the Group. A change in ownership results in an
These standards and policies have been adjustment between the carrying amounts of
consistently applied to all the years presented, the controlling and non-controlling interests to 1.1.4. Current versus Non-current Classification c. expected to be realised within twelve
unless otherwise stated. The consolidated reflect their relative interests in any subsidiary. months after the reporting period, or
The Group presents assets and liabilities in the
financial statements are presented in Indian Any difference between the amount of the Balance Sheet based on current/non-current d. cash or cash equivalents unless restricted
Rupee (`), which is the Company’s functional adjustment to non-controlling interests and classification. from being exchanged or used to settle a
and the Group’s presentation currency. any consideration paid or received is recognised liability for at least twelve months after the
An asset is classified as current when it is: reporting period.
within equity.
a. expected to be realised or intended to be All other assets are classified as non-current.
sold or consumed in the normal operating A liability is classified as current when:
cycle,
a. it is expected to be settled in the normal
b. held primarily for the purpose of trading, operating cycle,
432 433

b. it is held primarily for the purpose of For assets measured at fair value, gains and 1.3.4. Derecognition of financial assets 1.4.2 Derivatives Instruments qualified as cash flow
trading, losses is either recorded in the statement of A financial asset is derecognised only when hedges
profit and loss or other comprehensive income. The Group enters into certain derivative
c. it is due to be settled within twelve months The rights to receive cash flows from the
after the reporting period, or contracts designated as cash flow hedges. The
1.3.2. Measurement asset have expired
gain or loss relating to the effective portion of
d. there is no unconditional right to defer At initial recognition, the Group measures a The Group has transferred the rights to the forward contracts, the deferred hedging
settlement of the liability for at least twelve financial asset at its fair value plus, in the case receive cash flows from the financial asset gains or losses are included within the initial
months after the reporting period. of financial asset not at fair value through or cost of the asset. The deferred amounts are
All other liabilities are classified as non-current. profit or loss, transaction costs that are directly ultimately recognised in profit or loss as the
retains the contractual rights to receive
attributable to the acquisition of the financial hedged items affects profit or loss.
Deferred tax assets and liabilities are classified the cash flows of the financial asset but
asset. Transaction costs of financial assets
as non-current. assumes a contractual obligation to pay
carried at fair value through profit or loss are 1.5. Offsetting financial instruments
the cash flows to one or more recipients.
The operating cycle is the time between the expensed in the statement of profit and loss. Financial assets and liabilities are offset and the
acquisition of assets for processing and their However, trade receivables that does not Where the Group has transferred an asset, the net amount is reported in the balance sheet
realisation in cash and cash equivalents. The contain a significant financing component Group evaluates whether it has transferred where there is a legally enforceable right to
Group has identified twelve months as its are measured at transaction price. substantially all risks and rewards of ownership offset the recognised amounts and there is an
operating cycle. of the financial asset. In such cases, the financial intention to settle on a net basis or realise the
(a) Debt instruments asset is derecognised. Where the Group has not asset and settle the liability simultaneously. The
1.2. Impairment of non-financial assets Subsequent measurement of debt transferred substantially all risks and rewards of legally enforceable right must not be contingent
Assets are tested for impairment whenever instruments depends on the Group's ownership of the financial asset, the financial on future events and must be enforceable in the
events or changes in circumstances indicate business model for managing the asset asset is not derecognised. normal course of business and in the event of

that the carrying amount of the assets may and the cash flow characteristics of default, insolvency or bankruptcy of the Group
The financial asset is derecognised if the Group
not be recoverable. An impairment loss is the asset. There are two measurement or the counterparty.
has not retained control of the financial asset.
recognised for the amount by which the categories into which the Group classifies Where the Group retains control of the financial
asset's carrying amount exceeds its recoverable its debt instruments: 1.6. Foreign currency transactions and translation
asset, the asset is continued to be recognised
amount. The recoverable amount is the higher Foreign currency transactions are translated into
Amortised cost: Assets that are held to the extent of continuing involvement in the
of an asset's fair value less costs of disposal the functional currency using the exchange rates
for collection of contractual cash flows financial asset.
and value in use. In assessing value in use, the at the date of the transactions. At the year end,
estimated future cash flows are discounted to where those cash flows represent solely
1.3.5. Fair value of Financial Instruments monetary assets and liabilities denominated in
their present value using a pre-tax discount rate payments of principal and interest are
In determining the fair value of financial foreign currencies are restated at the year-end
that reflects current market assessment of the measured at amortised cost. Amortised
instruments, the Group uses a variety of exchanges rates. Foreign exchange gains and
time value of money and the risks specific to cost is calculated by taking into account
methods and assumptions that are based on losses resulting from the settlement of such
the asset. In determining fair value less costs of any discount or premium on acquisition
market conditions and risks existing at each transactions and from the translation of monetary
disposal, recent market transactions are taken and fees or costs that are an integral part
reporting date. The methods used to determine assets and liabilities denominated in foreign
into account. For the purpose of assessing of the Effective Interest Rate (EIR). The EIR
fair values includes discounted cash flow currencies at year end exchange rates are generally
impairment, assets are grouped at the lowest amortisation is included in finance income recognised in the statement of profit and loss.
analysis and available quoted market prices.
levels for which there are separately identifiable in the statement of profit or loss.
All methods of assessing fair values result in Foreign exchange differences regarded as an
cash inflows which are largely independent of Fair value through profit or loss: Assets that general approximation of fair values and such adjustment to borrowing costs are presented in
the cash inflows from other assets or groups of do not meet the criteria for amortised cost value may never actually be realised. the statement of profit and loss, within finance
assets (cash-generating units).
or Fair value through Other comprehensive costs. All other foreign exchange gains and
income (FVTOCI) are measured at fair value 1.4. Derivatives Instruments
1.3. Other financial assets (other than Investments) losses are presented in the statement of profit
through profit or loss. 1.4.1 Derivatives Instruments not qualified as and loss on a net basis within other income/
1.3.1. Classification
hedges other expense.
The Group classifies its financial assets in the 1.3.3. Impairment of financial assets
The Group enters into certain derivative contracts Non-monetary items that are measured at fair
following measurement categories: The Group assesses on a forward looking
to hedge risks, which are not designated as value in a foreign currency are translated using
basis, the expected credit losses associated
a) those to be measured subsequently at fair hedges. Derivatives are recognised at fair values the exchange rates at the date when the fair
with its assets carried at amortised cost and
value (either through other comprehensive on the date a derivative contract is entered value was determined. Translation differences
FVTOCI debt instruments. The impairment
income, or through profit or loss), and into and subsequent fair value changes are on assets and liabilities carried at fair value are
methodology applied depends on whether
b) those measured at amortised cost. recognised in the statement of profit and loss at reported as part of the fair value gain or loss.
there has been a significant increase in credit
the end of each reporting period.
The classification depends on the Group's risk. Note 31 details how the Group determines
business model for managing the financial whether there has been a significant increase
assets and the contractual terms of cash flows. in credit risk.
434 435

The results and financial position of foreign At the acquisition date, the identifiable assets purchase, the entity recognises the gain directly changes in accounting policies and the
subsidiaries are translated into the presentation acquired and the liabilities assumed are in equity as capital reserve, without routing the correction of errors. It has also been clarified
currency as follows: recognised at their acquisition date fair values. same through OCI. how entities use measurement techniques
For this purpose, the liabilities assumed include and inputs to develop accounting
a) Assets and liabilities are translated at the After initial recognition, goodwill is measured at
contingent liabilities representing present estimates.
closing exchange rate at the date of the cost less any accumulated impairment losses.
obligation and they are measured at their
balance sheet Goodwill is tested for impairment annually, or The amendments had no impact on the
acquisition fair values irrespective of the fact
more frequently when there is an indication Group’s financial statements.
b) Income and expenses are translated that outflow of resources embodying economic that it may be impaired. Any impairment loss
at average exchange rates (unless this benefits is not probable. for goodwill is recognised in profit or loss. An (ii) Disclosure of Accounting Policies - Amendments
is not reasonable approximation of the to Ind AS 1
When the Group acquires a business, it impairment loss recognised for goodwill is not
cumulative effect of the rates prevailing The amendments aim to help entities
assesses the financial assets and liabilities reversed in subsequent periods.
on the transaction dates, in which case provide accounting policy disclosures
assumed for appropriate classification and If the initial accounting for a business
income and expenses are translated at the that are more useful by replacing the
designation in accordance with the contractual combination is incomplete by the end of the
dates of the transactions), and requirement for entities to disclose their
terms, economic circumstances and pertinent reporting period in which the combination
c) All resulting exchange differences are conditions as at the acquisition date. However, ‘significant’ accounting policies with a
occurs, the Group reports provisional amounts
recognised in other comprehensive income. Deferred tax assets or liabilities, and the requirement to disclose their ‘material’
for the items for which the accounting is
assets or liabilities related to employee benefit accounting policies and adding guidance
On consolidation, exchange differences arising incomplete. Those provisional amounts
on how entities apply the concept of
from the translation of any net investment arrangements are recognised and measured in are adjusted through goodwill during the
materiality in making decisions about
in foreign entities are recognised in other accordance with Ind AS 12 Income Tax and Ind measurement period, or additional assets
accounting policy disclosures.
comprehensive income. When a foreign AS 19 Employee Benefits respectively. or liabilities are recognised, to reflect new
The amendments have had an impact

operation is sold, the associated exchange Any contingent consideration to be transferred information obtained about facts and
differences are reclassified to the statement of circumstances that existed at the acquisition on the Group’s disclosures of accounting
by the acquirer is recognised at fair value at
profit or loss, as part of the gain or loss on sale. the acquisition date. Contingent consideration date that, if known, would have affected policies, but not on the measurement,
the amounts recognised at that date. These recognition or presentation of any items in
Goodwill and fair value adjustments arising on classified as an asset or liability that is a financial
adjustments are called as measurement period the Group’s financial statements.
the acquisition of a foreign operation are treated instrument and within the scope of Ind AS 109
adjustments. The measurement period does
as assets and liabilities of the foreign operation Financial Instruments, is measured at fair value (iii) Deferred Tax related to Assets and Liabilities
not exceed one year from the acquisition date.
and translated at the closing exchange rate. with changes in fair value recognised in profit arising from a Single Transaction - Amendments
or loss in accordance with Ind AS 109. If the 1.8. Rounding of amounts to Ind AS 12
1.7. Business Combinations contingent consideration is not within the scope
The amendments narrow the scope of
All amounts disclosed in the consolidated
Business combinations are accounted for of Ind AS 109, it is measured in accordance with
financial statements and notes have been the initial recognition exception under
using the acquisition method. The cost of an the appropriate Ind AS and shall be recognised Ind AS 12, so that it no longer applies to
rounded off to the nearest Crores (with two
acquisition is measured as the aggregate of in profit or loss. Contingent consideration that transactions that give rise to equal taxable
places of decimal) as per the requirement of
the consideration transferred measured at is classified as equity is not re-measured at and deductible temporary differences such
Schedule III, unless otherwise stated.
acquisition date fair value. Acquisition-related subsequent reporting dates and subsequent its as leases.
costs are expensed as incurred. settlement is accounted for within equity. 1.9. Standard issued but not effective
The Group previously recognised for
Goodwill is initially measured at cost, being the There are no standards issued but not effective
The Group determines that it has acquired a deferred tax on leases on a net basis. As
excess of the aggregate of the consideration up to the date of issuance of the Group’s
business when the acquired set of activities a result of these amendments, the Group
transferred over the net identifiable assets financial statements.
and assets include an input and a substantive has recognised a separate deferred tax
process that together significantly contribute acquired and liabilities assumed. If the fair value asset in relation to its lease liabilities and
1.10. New and amended standards
to the ability to create outputs. The acquired of the net assets acquired is in excess of the a deferred tax liability in relation to its
The Ministry of Corporate Affairs has notified
process is considered substantive if it is critical aggregate consideration transferred, the Group right-of-use assets. Since, these balances
Companies (Indian Accounting Standards)
to the ability to continue producing outputs, re-assesses whether it has correctly identified qualify for offset as per the requirements
Amendment Rules, 2023 dated 31 March 2023 to
and the inputs acquired include an organised all of the assets acquired and all of the liabilities of paragraph 74 of Ind AS 12, there is no
amend the following Ind AS which are effective
workforce with the necessary skills, knowledge, assumed and reviews the procedures used impact in the balance sheet. There was
for annual periods beginning on or after 1 April
or experience to perform that process or to measure the amounts to be recognised at also no impact on the opening retained
2023. The Group applied for the first-time these
it significantly contributes to the ability to the acquisition date. If the reassessment still earnings as at 1 April 2022.
amendments.
continue producing outputs and is considered results in an excess of the fair value of net assets
Apart from these, consequential
unique or scarce or cannot be replaced without acquired over the aggregate consideration (i) Definition of Accounting Estimates - amendments and editorials have been
significant cost, effort, or delay in the ability to transferred, then the gain is recognised in OCI Amendments to Ind AS 8 made to other Ind AS like Ind AS 101, Ind AS
continue producing outputs. and accumulated in equity as capital reserve.
The amendments clarify the distinction 102, Ind AS 103, Ind AS 107, Ind AS 109, Ind
However, if there is no clear evidence of bargain
between changes in accounting estimates, AS 115 and Ind AS 34.
436 437

NOTE 2: SIGNIFICANT ACCOUNTING JUDGEMENTS, and future mortality rates. Changes in these key NOTE 3(A) : PROPERTY, PLANT AND EQUIPMENT depreciates certain items of Plant & Equipment
ESTIMATES AND ASSUMPTIONS assumptions can have a significant impact on the and Electrical Installations over estimated useful life
Accounting Policy
The preparation of consolidated financial defined benefit obligations, funding requirements of 5 to 22 years which are different from the useful
and benefit costs incurred. All items of property, plant and equipment are
statements in conformity with the Ind AS requires life prescribed in Schedule II to the Companies
stated either at historical cost i.e. cost of acquisition
management to make judgments, estimates Act, 2013. The management believes that these
Estimation of expected useful lives and residual / construction or at deemed cost as on the date of
and assumptions, that affect the application of estimated useful lives are realistic and reflect fair
values of property, plant and equipment transition to Ind AS less accumulated depreciation,
accounting policies and reported amounts of approximation of the period over which the assets
assets, liabilities, income, expense and disclosure Property, plant and equipment are depreciated at impairment loss, if any. Capital work in progress is
are likely to be used.
of contingent assets and liabilities at the date historical cost using straight-line method based on stated at cost, net of accumulated impairment loss,
of these consolidated financial statements and the the estimated useful life, taking into account any if any. Historical cost includes expenditure that is Depreciation on historical cost/deemed cost of
reported amount of revenues and expenses for the residual value. The asset's residual value and useful directly attributable to the acquisition of the assets. other property, plant and equipment (except land)
years presented. Actual results may differ from these life are based on the Group's best estimates and Subsequent costs are included in the asset’s is provided on pro rata basis on straight line method
estimates. Estimates and underlying assumptions reviewed, and adjusted if required, at each Balance carrying amount or recognised as a separate asset, based on useful lives specified in Schedule II to the
are reviewed at each Balance Sheet date. Revision to Sheet date. as appropriate, only when it is probable that future Companies Act, 2013.
accounting estimates is recognised in the period in economic benefits associated with the asset will
which the estimates are revised, and future periods Climate – related matters flow to the Company and the cost of the asset The useful lives, residual values and method of
are impacted. The Group considers climate-related matters in can be measured reliably. The carrying amount of depreciation of property, plant and equipment are
estimates and assumptions, where appropriate. the replaced component is derecognised when reviewed and adjusted, if appropriate at the end of
The areas involving critical estimates and This assessment includes a wide range of possible each reporting year.
replaced. All other repairs and maintenance are
judgments are: impacts on the Group due to both physical and charged to the statement of profit and loss during the An item of property, plant and equipment or its
Contingent Liabilities and Provisions for claims and transition risks. Even though the Group believes its reporting period in which they are incurred. components recognised is derecognised upon

litigations business model and products will still be viable after
Depreciation disposal or when no future economic benefits are
Legal proceedings covering a range of matters are the transition to a low-carbon economy, climate-
expected from its use or disposal. Any gain or loss
pending against the Group. Due to the uncertainty related matters increase the uncertainty in estimates In case of certain property, plant and equipment,
and assumptions underpinning several items in arising on derecognition of the asset (calculated as
inherent in such matters, it is often difficult to predict depreciation is provided on a pro-rata basis on the
the financial statements. Even though climate- the difference between the net disposal proceeds
the final outcomes. The cases and claims against the straight line method over the estimated useful
related risks might not currently have a significant and the carrying amount of the asset) is included
Group often raise difficult and complex factual and lives of the assets which are different than the rates
legal issues that are subject to many uncertainties impact on measurement, the Company is closely prescribed under the Schedule II to the Companies in the statement of profit and loss when the asset is
and complexities, including but not limited to the monitoring relevant changes and developments, Act, 2013. derecognised.
facts and circumstances of each particular case such as new climate-related legislation. The items
The Group, based on technical assessment made The cost of property, plant and equipment not ready
and claim, the jurisdiction and the differences in and considerations that are most directly impacted
by technical expert and management estimate, to use are disclosed under capital work -in- progress.
applicable law, in the normal course of business. by climate-related matters are:
The Group consults with legal counsel and certain
- Useful life of property, plant and equipment. When
other experts on matters related to litigations. The
reviewing the residual values and expected useful
Group accrues a liability when it is determined that
lives of assets, the Group considers climate-related
an adverse outcome is probable, and the amount of
matters, such as climate-related legislation and
the loss can be reasonably estimated. In the event
regulations that may restrict the use of assets or
an adverse outcome is possible, or an estimate is not
require significant capital expenditures.
determinable, the matter is disclosed.
Fair Value Measurements
Employee Benefits (Estimation of defined benefit
obligation) When the fair values of financial assets and
financial liabilities recorded in the Balance Sheet
Post-employment benefits represent obligation
cannot be measured based on quoted prices in
that will be settled in future and require
active markets, their fair values are measured
assumptions to project benefit obligations. Post-
employment benefits accounting is intended to using valuation techniques which involve various
reflect the recognition of future benefits cost over judgements and assumptions. Judgements include
the employee's approximate service period, based consideration of inputs such as liquidity risk, credit
on the terms of plans and the investment and risk and volatility. Changes in the assumption about
funding decisions made. The accounting requires these factors could affect the reported fair value of
the Group to make assumptions regarding variables financial instruments. Refer Note 30 & 31 for further
such as discount rate, rate of compensation increase disclosures.
438 439
NOTE 3 (A) : PROPERTY, PLANT AND EQUIPMENT (All amounts in ` Crores, unless otherwise stated)
440
Freehold Leasehold Buildings Non- Plant and Furniture Office Vehicles Electrical Railway Total
Land Land (i) Factory Equipment and Equipment Installations Sidings
(iii) Buildings Fixtures
and Flats
Opening balance as at 1 April ,2023 202.06 432.38 109.53 113.05 1,565.67 8.84 13.21 0.18 66.56 0.01 2,511.49
Acquisition through business 60.73 - 233.87 - 170.76 4.55 1.88 4.10 10.15 - 486.04
combination (Refer Note 34)
Additions during the year - 0.06 53.51 79.58 946.82 4.64 4.51 - 94.30 - 1,183.42
Disposal during the year - - - - (2.24) (0.02) (0.17) (1.83) (0.00)* - (4.26)
Translation adjustments 0.01 - 0.40 - 0.21 0.02 0.01 0.00* - - 0.65
Depreciation during the year - - 8.09 7.88 139.61 2.14 2.45 0.34 8.76 - 169.27
Adjustment of depreciation on disposal - - - - (0.17) (0.02) (0.13) (1.37) (0.00)* - (1.69)
Translation adjustments - - 0.04 - 0.08 0.01 0.01 0.00* - - 0.14
Closing Accumulated Depreciation - - 36.97 23.78 683.74 7.52 12.71 (0.85) 26.43 0.01 790.31
Net carrying amount as at 31 March, 2024 262.80 432.44 360.34 168.85 1,997.48 10.51 6.73 3.30 144.58 - 3,387.03
Additions during the year - 2.68 10.09 1.37 136.18 0.73 0.95 - 13.84 - 165.84
Disposal during the year - - - - (0.20) (0.04) (0.07) - (0.08) - (0.39)
Depreciation during the year - - 4.97 3.10 100.70 1.54 1.84 - 3.96 - 116.11
Adjustment of depreciation on disposal - - - - (0.01) (0.03) (0.06) - (0.06) - (0.16)
Notes to Consolidated Financial Statements
Net carrying amount as at 31 March, 2023 202.06 432.38 80.69 97.15 1,021.45 3.45 2.83 - 48.89 - 1,888.90
* Amount is below the rounding off norm adopted by the Group.
(i) Gross Carrying amount and accumulated depreciation includes ` 155.69 Crores (31 March, 2023 - ` 51.62 Crores) and ` 26.57 Crores (31 March, 2023 - ` 15.58 Crores),
respectively in respect of Buildings on Leasehold Land.
(ii) The Group has borrowings from banks, which carry security charge over certain of the above property, plant and machinery.[Refer note 10(a) for details.]
(iii) Gross carrying amount on leasehold land is against certain lease agreements where the Group has an option to renew the properties on expiry of the lease period.
The Group based on terms and conditions of lease agreements has assessed these lease arrangements to be perpetual in nature, accordingly leasehold land is not
amortised.
(iv) Aggregate amount of depreciation has been included under depreciation and amortisation expense in the Statement of Profit and Loss (Refer note 20).
(v) Refer note 24 for disclosure of contractual commitments for acquistion of property,plant and equipment.
(vi) Refer Note 36 and 37 for capitalisation during the year.
1.
2023.
Particulars
Particulars
Finance Cost
` 2.42 Crores)]
Other Overheads
Salaries and wages

/ capital work-in-progress:
Balance lying in capital work-in-progress

Acquisition through business combination
NOTE 3(B) : CAPITAL WORK-IN-PROGRESS
Ageing of Capital Work- in- Progress (CWIP) :
during the financial year 2023-24 and 2022-23.

Add: Balance brought forward from previous year

CORPORATE OVERVIEW
Acquisition through business combination (Refer Note 34)
1 year
Less than
1,073.28
322.96
Less: Capitalised during the year to Property, plant and equipment
Trial Run Production Costs (Net of Sales : [` 30.90 Crore (Previous year
1-2
years
55.82
107.27
Notes to Consolidated Financial Statements
STATUTORY REPORTS
2-3
years
0.91
2.81
31 March, 2024
Amount in CWIP for a period of

33.98
125.00
2.55
84.87
71.56
13.45
16.71
16.88
24.52
3 years
More than
-
-
31 March, 2023
441
433.04
Total
1,130.01
There are no projects whose completion is overdue or has exceeded its cost compared to its original plan
There has been no project that has been temporarily suspended during the year 31 March, 2024 and 31 March,
84.87
12.19
-
16.71
80.35
1.19
35.48
18.64
25.04
1,130.01
(159.13)
1,113.89
175.25
433.04
(1,178.39)
380.72
100.70
1,130.01
During the year the Group has capitalised the following expenses to cost of Property,plant and equipment


NOTE 3(C) : INVESTMENT PROPERTY Impairment
Accounting Policy The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU)
the Group, is classified as investment property. Investment property is measured initially at its cost, including
fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual
related transaction costs. Subsequent to initial recognition, investment properties are stated at cost less
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets
accumulated depreciation and accumulated impairment loss, if any. Subsequent expenditure is capitalised
or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset
to the asset’s carrying amount only when it is probable that future economic benefits associated with the
is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated
expenditure will flow to the Group and the cost of the item can be measured reliably.
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
Investment properties are derecognised either when they have been disposed off or when they are permanently market assessments of the time value of money and the risks specific to the asset. In determining net selling
withdrawn from use and no future economic benefit is expected from their disposal. The difference between price, recent market transactions are taken into account, if available. If no such transactions can be identified,
the net disposal proceeds and the carrying amount of the asset is recognised in the statement of profit or loss an appropriate valuation model is used.
in the period of derecognition.
Particulars Goodwill
Particulars Land*
Acquisition through business combination (Refer Note 34) 1,161.29
Translation adjustments 0.08

Year ended 31 March, 2023 Closing Gross carrying amount 1,161.37
Opening gross carrying amount at 1 April, 2022 4.48 Accumulated amortisation
Closing gross carrying amount 4.48 Amortisation charge during the year -
Closing accumulated amortisation -
* No movement in Investment property during the current year and previous year.
Net Carrying Amount as at 31 March, 2024 1,161.37
There is no income and expenditure arising from the above investment property during the year 31 March, 2024
and 31 March, 2023. Net Carrying Amount as at 31 March, 2023 -
Estimation of fair value NOTE 3(E) : INTANGIBLE ASSETS
The Group's investment property consists of freehold land in Angul, Odisha, India. Accounting Policy
The fair value of the investment property is based on current prices for similar property. The main inputs used Intangible assets are stated at cost less accumulated amortisation and impairment. Intangible assets are
are quantum, area, location, demand and trend of fair market value in the area. amortised over their respective individual estimated useful lives on a straightline basis, from the date that they
are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors
The fair value is based on independent valuation done by registered valuer [as defined under rule 2 of
including the effects of obsolescence, demand, competition, and other economic factors (such as the stability
Companies (Registered Valuers and Valuation) Rules, 2017]. Fair valuation is based on market approach method
of the industry, long term relationships, and known technological advances) and the level of maintenance
and categorised as Level 2 fair value hierarchy. The fair value of the property is ` 8.51 Crores and ` 7.98 Crores as
expenditures required to obtain the expected future cash flows from the asset. Amortisation methods and
at 31 March, 2024 and 31 March, 2023 respectively.
useful lives are reviewed periodically including at each financial year end.The cost of intangible assets acquired
The Group has no restrictions on the realisability of its investment property and no contractual obligations to in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible
purchase, construct or develop investment property or for repairs, maintenance and enhancements. assets are carried at cost less any accumulated amortisation and accumulated impairment losses. The
estimated useful lives of the amortisable intangible assets are as follows:
NOTE 3(D) : GOODWILL
Category Useful life
Accounting Policy
Computer Software 3 years
Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of Customer-related intangibles 25 years
identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the
Product-related intangibles 20 years
identifiable assets, liabilities and contingent liabilities acquired exceeds purchase consideration, the fair value
of net assets acquired is reassessed and the bargain purchase gain is recognised in capital reserve. Goodwill is An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no
measured at cost less accumulated impairment losses. future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the
asset) is included in the statement of profit and loss, when the asset is derecognised.
442 443

Impairment NOTE 3(F) : RIGHT OF USE ASSETS
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment Accounting Policy
whenever there is an indication that the intangible asset may be impaired. The amortisation period and The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
each reporting period. Changes in the expected useful life or the expected pattern of consumption of future impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets
economic benefits embodied in the asset are considered to modify the amortisation period or method, as includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or
appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible before the commencement date. Right-of-use assets are depreciated on a straight-line basis over the shorter
assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part of of the lease term and the estimated useful lives of the assets.
carrying value of another asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in section 1.2. Impairment
of non-financial assets.
Particulars Computer Customer- Product- Total
Software related related Particulars Right of use
intangibles intangibles assets*
Year ended 31 March, 2024 Year ended 31 March, 2024
Gross carrying amount Gross carrying amount
Opening balance as at 1 April, 2023 2.57 - - 2.57
Acquisition through business combination (Refer Note 34) 35.08
Acquisition through business combination (Refer 1.05 1,710.80 467.80 2,179.65
Note 34) Additions during the year 96.79

Translation adjustments 0.08
Additions during the year 1.52 - - 1.52
Closing Gross carrying amount 5.14 1,710.80 467.80 2,183.74
Accumulated amortisation Balance as of 1 April, 2023 78.76
Opening balance as at 1 April, 2023 1.90 - - 1.90 Depreciation charge during the year 32.39
Amortisation charge during the year 0.22 11.48 3.90 15.60 Translation adjustments 0.03
Closing accumulated amortisation 2.12 11.48 3.90 17.50 Closing accumulated depreciation 111.18
Net Carrying Amount as at 31 March, 2024 3.02 1,699.32 463.90 2,166.24
Particulars Right of use

Particulars Computer assets*
Software
Year ended 31 March, 2023 Gross carrying amount
Gross carrying amount Balance as of 1 April, 2022 147.70
Opening balance as at 1 April, 2022 2.54 Additions during the year 4.65
Additions during the year 0.03 Closing Gross carrying amount 152.35
Amortisation charge during the year 0.11 Net Carrying Amount as at 31 March, 2023 73.59
Closing accumulated amortisation 1.90 * Right of use assets mainly consists of Leasehold land, Leasehold Building,Office Building & Godown,Plant &
Net Carrying Amount as at 31 March, 2023 0.67 Machinery, Storage Tanks for Raw Material and Vehicles taken under lease agreement.
1. Amortisation has been included under depreciation and amortisation expense in the Statement of Profit
and Loss (Refer Note 20).
444 445

Particulars As at 31 March, 2024 As at 31 March, 2023 As at As at

31 March, 2024 31 March, 2023
Closing Gross Net carrying Closing Gross Net carrying
carrying amount carrying amount Non-Current
amount amount Unquoted
Leasehold land 23.83 23.75 - - Aquapharm Foundation, India* 0.01 -
9,999 (31 March, 2023: Nil) equity shares of ` 10/- each fully paid up
Leasehold Building 8.06 7.86 - -
Total (A) 0.01 -
Office Building & Godown 75.24 39.43 74.36 46.32 Investments in Equity Instruments (fully paid-up) - Others
Plant & Machinery 23.27 20.08 - - Quoted @
Storage Tanks for Raw Material 135.44 73.85 66.86 23.24 Bank of Baroda 0.95 0.61
Vehicles 18.46 8.15 11.13 4.03 35,930 (31 March, 2023: 35,930) equity shares of ` 2/- each
Total 284.30 173.12 152.35 73.59 Indian Overseas Bank 0.07 0.03
NOTE 4(A) : INVESTMENTS CESC Limited 205.13 112.39
16,861,980 (31 March, 2023: 16,861,980) equity shares of Re. 1/- each
Accounting Policy
RPSG Ventures Limited 21.00 12.31
1 Investment 337,239 (31 March, 2023: 337,239) equity shares of ` 10/- each
1.1. Classification Spencers Retail Limited 10.47 5.94
1,146,613 (31 March, 2023: 1,146,613) equity shares of ` 5/- each
The Group classifies its investments as those to be measured subsequently at fair value (either through
Total (B) 237.62 131.28

other comprehensive income or through profit and loss).
Unquoted @
The classification depends on the Group's business model for managing the investments and the Apeejay Charter Private Limited - -
contractual terms of cash flows. 1,600 (31 March, 2023: 1,600) equity shares of ` 10/- each ^
RPSG Resources Private Limited 15.13 9.57
For investments measured at fair value, gains and losses are either recorded in the statement of
profit and loss or other comprehensive income. For investments in debt instruments, this depends
on the business model in which the investment is held. For investments in equity instruments, this Woodlands Multispeciality Hospital Limited 11.53 8.14
depends on whether the Group has made an irrevocable election at the time of initial recognition to 145,480 (31 March, 2023: 145,480) equity shares of ` 10/- each
account for the equity investment at fair value through other comprehensive income (FVTOCI). The Ritushree Vanijya Private Limited 39.93 25.58
Group reclassifies the debt investments when and only when the business model for managing those 1,900 (31 March, 2023: 1,900) equity shares of ` 10/- each
investment changes. Solty Commercial Private Limited 39.93 25.58
1.2. Measurement Spotboy Tracom Private Limited 42.40 24.69
At initial recognition, the Group measures an investment at its fair value plus, in the case of investment 330,875 (31 March, 2023: 330,875) equity shares of ` 10/- each
not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition RPG Industries (P) Ltd. - -
of the investment. Transaction costs of investments carried at fair value through profit and loss are 402,000 (31 March, 2023: 402,000) equity shares of ` 10/- each ^
expensed in the statement of profit and loss. Total (C) 148.92 93.56
Investments in Preference Shares (fully paid-up) - Others [At FVTPL]
(a) Debt Instrument Unquoted
Subsequent measurement of debt instruments depends on the Group's business model for Devise Properties Private Ltd. 9.62 9.00
managing the investment and the cash flow characteristics of the investment. The Group classifies 1,050,000 (31 March, 2023: 1,050,000) 0% Convertible Preference
its debt instruments as: shares of ` 100/- each at par
Total (D) 9.62 9.00
Fair Value Through Profit and Loss (FVTPL) : Investments that do not meet the criteria for
(E)=(A)+(B)+ (C)+(D) 396.17 233.84
amortised cost or FVTOCI are measured at fair value through profit and loss. A gain or loss on a
Current
debt investment that is subsequently measured at fair value through profit and loss is recognised
Investments in Mutual Funds [At FVTPL] **
in statement of profit and loss and presented on net basis in the statement of profit and loss
Quoted
within other income/ other expense in the year in which it arises.
ABSL Corporate Bond Fund Direct Growth Plan 14.67 -
(b) Equity Instrument 14,20,700.90 (31 March, 2023: Nil) Units of face value ` 100 /- each
The Group subsequently measures all equity investments at fair value through Other HDFC Short Term Debt Fund Direct Growth Plan 6.84 -
Comprehensive Income and there is no subsequent reclassification of fair value gains and losses 23,04,350.54 (31 March, 2023: Nil) Units of face value ` 10 /-each
to the statement of profit and loss. At the time of derecognition of such investments, the gain or
loss is transferred to retained earnings.
446 447

HSBC Cash Fund Direct Growth Plan 15.34 - Secured
63,773.80 (31 March, 2023: Nil) Units of face value ` 10/- each Considered Good 1.94 1.94
36.85 - Unsecured
1 Additional Information Considered Good 1,708.30 1,108.71
(a) Aggregate amount - book value and market value of quoted 274.47 131.28
Receivables which have significant increase in credit risk 1.30 1.22
investments
Less : Allowance for significant increase in credit risk (1.30) (1.22)
(b) Aggregate amount of unquoted investments 158.55 102.56
1,710.24 1,110.65
2 Refer note 30 for information about fair value measurements and note 31 for credit risk and market risk on
investments. 1. No trade or other receivable are due from directors or other officers of the Group either severally or
jointly with any other person. Nor any trade or other receivable are due from firms or private companies
3 The Board of Directors of the Parent Company, at it’s board meeting held on March 16, 2024, granted respectively in which any director is a partner, a director or a member.
authorisation, and subsequently, the Parent Company has executed the Joint Venture Agreement
(“Joint Venture Agreement”) with Kinaltek Pty Limited (“Kinaltek”). Pursuant to the Joint Venture 2. Trade receivables are non-interest bearing and are generally on terms of 0 to 90 days.
Agreement executed between the Parent Company and Kinaltek, the Parent Company shall own 51% 3. The carrying amount of trade receivables may be affected by the changes in the credit risk of the
of the shareholding in the joint venture company (“JV Company”), and shall be infusing a consideration counterparties as well as the currency risk as explained in note 31.
of USD 16,000,000 in the JV Company, along with a commitment to infuse additional funds up to USD
4. For lien / charge against trade receivables, Refer note 10 (a).
28,000,000 in stages (subject to the completion of certain milestones, as stipulated in the Joint Venture

Agreement). The JV Company will own the intellectual properties of nano-silicon based products for 5. There are no disputes trade receivables as at 31 March, 2024 and 31 March, 2023.
battery applications and will set up manufacturing facilities for such products. The Parent Company has
incorporated a new wholly owned subsidiary "Nanovace Technologies Limited", on March 29, 2024, which Ageing of Trade Receivables :
is proposed to be the JV Company. As at 31 March, 2024
@ These investments in equity instruments are not held for trading. Upon application of Ind AS 109, the Current Outstanding for following periods from due Total
Group has chosen to designate these investments in equity instruments at FVTOCI as the management but not date of payment
due 6 1-2 2-3
believes that this provides a more meaningful presentation for long term investments than reflecting Less More
than 6 months years years than 3
changes in fair values immediately in statement of profit and loss. Based on the aforesaid election, fair
Months – 1 year years
value changes are accumulated within Equity under "Fair Value Changes through Other Comprehensive
Undisputed Trade Receivables – considered good 1,477.75 224.08 1.33 4.31 2.77 - 1,710.24
Income - Equity Instruments". The Group transfers amounts from this reserve to retained earnings when
Undisputed Trade Receivables – which have - - - - 0.49* 0.81 1.30
relevant equity shares are derecognised. The fair value of such unquoted investments has been carried out
by applying applicable valuation methodologies, which has been performed by independent valuation
experts. Less : Allowance for significant increase in credit risk - - - - (0.49)* (0.81) (1.30)
Total 1,477.75 224.08 1.33 4.31 2.77 - 1,710.24

^ The cost of unquoted investments in equity instruments (fully paid up) have been written off during the
previous year, though quantity thereof appears in the books. As at 31 March, 2023
*Aquapharm Foundation is a Section 8 company not considered for consolidation since it can apply its Current Outstanding for following periods from due Total
income for charitable purposes only. but not date of payment
due Less 6 1-2 2-3 More
**Includes ` 36.85 Crores pledged in favour of bank to secure ECB and SBLC Limits by one of its step-down than 6 months years years than 3
subsidiary. Months – 1 year years
Undisputed Trade Receivables – considered good 1,031.35 79.30 - - - - 1,110.65
NOTE 4(B) : TRADE RECEIVABLES Undisputed Trade Receivables – which have significant - - - 0.11 - 1.11 1.22
increase in credit risk
Accounting Policy
Less : Allowance for significant increase in credit risk - - - (0.11) - (1.11) (1.22)
Trade receivables are amounts receivable from customers for goods sold in the ordinary course of business.
Trade receivable are initially recognised at transaction price and subsequently measured at amortised cost Total 1,031.35 79.30 - - - - 1,110.65
using the effective interest method, less provision for impairment. * Refer Note 34
For trade receivables, the Group applies the simplified approach permitted by Ind AS 109 Financial Instruments,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
448 449

NOTE 4(C) : CASH AND CASH EQUIVALENTS NOTE 4(F) : OTHER FINANCIAL ASSETS
Accounting Policy (Unsecured, considered good)

Cash and cash equivalents comprise cash at bank, cash in hand and short-term deposits with an original As at As at
maturity of three months or less, which are subject to an insignificant risk of changes in value. 31 March, 2024 31 March, 2023
Non-Current
Short-term deposits are made for varying periods of between one day and three months, depending on the
Interest Receivable 0.10 -
immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
Bank deposits with original maturity more than 12 months 1.09 -
As at As at Security deposits* 32.42 22.70
31 March, 2024 31 March, 2023
Margin Money Deposit against guarantees 5.00 4.80
Balances with banks 302.45 40.13
38.61 27.50
Deposits with original maturity of less than three months 9.70 -
Current
Cash on Hand 0.14 0.09
Interest Receivable 1.75 1.80
312.29 40.22
Bank deposits with original maturity more than 12 months - 1.00
NOTE 4(D) : OTHER BANK BALANCES Security deposits* 3.72 10.31
As at As at Receivable from Group Companies* 14.80 -
31 March, 2024 31 March, 2023 Derivative Instruments not designated as hedges - Foreign Exchange 1.90 -
Balances with Banks Forward Contracts #

- Deposits with original maturity of more than three months but less 66.62 50.10 Others 3.11 -
than twelve months # 25.28 13.11
- In Unpaid Dividend Accounts * 5.89 5.27
* Refer Note 27 for transactions with Related Parties
72.51 55.37
# Refer note 30 for information about fair value measurements.
* Earmarked for payment of Unclaimed Dividends [Refer Note 10 (d)]
# Includes ` 14.00 Crores (Previous year ` Nil) lien marked in favour of the bank to secure SBLC Facility by one NOTE 5 : OTHER ASSETS
of its step-down subsidiary. (Unsecured considered good, unless otherwise stated)
NOTE 4(E) : LOANS As at As at

31 March, 2024 31 March, 2023
Non-current
As at As at Capital advances
31 March, 2024 31 March, 2023 - Considered Good : 49.68 45.55
Non-current
Other Loans
Less : Allowance for doubtful advances (0.78) (0.78)
Loan to Employees@ 1.54 1.51
Deposits under Protest 4.40 3.94
1.54 1.51
Others
@Includes amount due from an officer of the Group (Refer Note 27) - 0.05
Current
Other Loans 59.97 52.51
Loan to Employees @ 0.64 0.54 Current
0.64 0.54 Advances other than capital advances
@Includes amount due from an officer of the Group (Refer Note 27) - 0.01 Advances to Suppliers/ Service providers (other than capital)
Amount of Loan or Advance in the nature of Loan Outstanding : - Considered Good : 21.22 10.21
Type of Borrower : - Considered Doubtful : 0.88 0.88
Key Managerial Person (KMP) - 0.06 Less : Allowance for doubtful advances (0.88) (0.88)
Others
Balances with Government Authorities *
- Considered Good : 226.82 194.56
450 451

As at As at NOTE 8 : EQUITY SHARE CAPITAL

31 March, 2024 31 March, 2023
Authorized share capital
Less : Allowance for doubtful advances (2.16) (2.16)
Advances to Employees 2.00 1.46 As at As at
31 March, 2024 31 March, 2023
Export Benefit Receivables # 9.85 4.39
equity shares of Re. 1/- each) (Refer (i) below)
Others 0.57 -
281.63 221.07 Reconciliation of number of equity shares (Authorized)
*Balances with Government Authorities primarily includes amounts realisable, if any, from the GST Authorities
and customs authorities of India and the unutilised GST input credits on purchases to be utilised against future
GST liabilities. These are generally realised within one year and hence these balances have been classified as Number of Amount Number of Amount
Shares Shares
current assets.
As at the beginning of the year 62,00,00,000 62.00 31,00,00,000 62.00
#Export Benefit Receivables primarily consist of amounts receivable from government authorities of India Add: On account of sub-division of equity shares - - 31,00,00,000 -
towards incentives on export sales made by the Group. (Refer (i) below)
As at the end of the year 62,00,00,000 62.00 62,00,00,000 62.00
NOTE 6 : INVENTORIES Issued, subscribed and paid-up
(At lower of cost and net realisable value)
As at As at
Accounting Policy 31 March, 2024 31 March, 2023

Inventories are stated at lower of cost and net realisable value. 37,74,62,604 equity shares of Re. 1/- each (31 March, 2023: 37,74,62,604 37.75 37.75
equity shares of Re. 1/- each) fully paid up (Refer (i) below)
• Raw materials, Stores and Spares and Packing Material: cost is determined on moving weighted average
37.75 37.75
method and includes cost of purchase and other incidental costs. However, material and other items held
for use in production of inventories are not written down below cost if the finished products in which they Reconciliation of number of equity shares outstanding (Issued, subscribed and paid-up)
will be incorporated are expected to be sold at or above cost.
• Finished goods: cost includes cost of direct materials,labour and a proportion of manufacturing overheads Number of Amount Number of Amount
based on the normal operating capacity. Shares Shares
Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of As at the beginning of the year 37,74,62,604 37.75 18,87,31,302 37.75
completion and the estimated cost necessary to make the sale. Add: On account of sub-division of equity - - 18,87,31,302 -
shares [Refer (i) below]
As at As at As at the end of the year 37,74,62,604 37.75 37,74,62,604 37.75
31 March, 2024 31 March, 2023 (i) Pursuant to the Special Resolution passed by the Shareholders of the Parent Company by way of Postal
Raw materials [including Goods in Transit ` 118.22 Crores (Previous Year 616.82 419.10 Ballot through electronic means on 17 March, 2022, the Company has sub-divided its equity share of
` Nil)] face value ` 2/- (` Two only) each fully paid up, into 2 (two) equity shares of face value Re. 1/- (Rupee One)
Work-in-progress 11.75 - each fully paid-up, effective from 13 April, 2022. This has been considered for calculating weighted average
Finished goods [including Goods in Transit ` 30.80 Crores (Previous Year 312.83 103.01 number of equity shares for year ended 31 March, 2023 as per Ind AS 33-Earnings Per Share.
` Nil)]
(ii) The Board of Directors of the Parent Company, at its meeting held on March 27, 2024 have approved the
Stores and spares parts [including packing material ` 9.29 Crores 57.91 49.28
issuance of upto 1,60,00,000 warrants of the Parent Company at a price of ` 280/- (Rupees two hundred
(Previous Year ` 5.26 Crores)]
and eighty only) per Warrant ("Warrant”), aggregating to ` 448 Crores to Rainbow Investments Limited,
999.31 571.39
Quest Capital Markets Limited and Stel Holdings Limited ("the Proposed Allottees") on preferential basis,
For lien / charge against Inventories, Refer note 10 (a). for cash consideration ("Preferential Allotment") in accordance with applicable law including Chapter V of
the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
NOTE 7 : NON CURRENT TAX ASSETS (NET) 2018, Companies Act, 2013. Subsequent to the year end, the Parent Company has received ` 112 Crores
representing 25% of total issue proceeds towards the allotment of Warrants from the Proposed Allottees.
As at As at
31 March, 2024 31 March, 2023 (iii) No equity shares were allotted as fully paid up by way of bonus shares or pursuant to contract(s) without
Advance payment of Taxes 35.09 7.45 payment being received in cash during the last five years. Further, none of the shares were bought back
(Net of Provisions for Tax: ` 825.74 Crores [Previous year ` 641.00 Crores]) by the Parent Company during the last five years.
35.09 7.45
452 453

(iv) Details of equity shares held by the shareholders holding more than 5% of the shares in the Parent (vi) Terms/ Rights attached to equity shares
Company:-
The Parent Company has only one class of equity shares having par value of Re. 1/- per share and each
Sl. Year ended 31 March, 2024 shareholder is entitled for one vote per share held. The Parent Company declares and pays dividends
Name
No. No.of Shares % of total Shares in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the
1 Rainbow Investments Limited (Refer Note 27) 17,30,30,740 45.84 shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of
liquidation, the equity shareholders are entitled to receive the remaining assets of the Parent Company
Sl. Name Year ended 31 March, 2023 after distribution of all preferential amounts, in proportion to their shareholding.
No. No.of Shares Change On account No.of Shares % of total % change
(vii) Allotment of 1,823 equity shares of ` 10/- each is pending against rights issue made during the financial year
at the during the of sub- at the end Shares during the
beginning of year (Face division of the year year 1993-94.
the year value Re. 1/- of equity (Face value
(viii) 48 equity shares of ` 10/- each have not been issued to the concerned non-resident shareholders pending
(Face value per share) shares Re. 1/- per
` 2/- per -Refer Note share) approval of the Reserve Bank of India.
share) 8 (i) (ix) There are no calls unpaid by Directors / Officers of the Group.
1 Rainbow 8,65,15,370 - 8,65,15,370 17,30,30,740 45.84 -
Investments Limited (x) The Group has not converted any securities into equity shares / preference shares during above financial
(Refer Note 27) years.
(v) Shareholding of Promoter
NOTE 9: OTHER EQUITY
Sl. Name Year ended 31 March, 2024
No. No.of Shares

% of total Shares % Changes As at As at
during the year 31 March, 2024 31 March, 2023
1 Rainbow Investments Limited 17,30,30,740 45.84 - (i) Reserves and Surplus
2 Dotex Merchandise Private Limited 1,06,80,000 2.83 - Capital Reserve (Refer a below) 1.53 1.53
Securities Premium (Refer b below) 610.95 610.95
3 Quest Capital Markets Limited 73,38,000 1.94 -
Statutory reserve (U/s 45IC of Reserve Bank of India Act, 1934) 0.60 0.60
4 STEL Holdings Limited 29,03,830 0.77 - (Refer c below)
5 Lebnitze Real Estates Private Limited 82,640 0.02 - General reserve (Refer d below) 73.38 73.38
6 Digidrive Distributors Limited # 1,000 0.00* 100.00 Retained Earnings (Refer e below) 2,231.44 1,950.07
Total 19,40,36,210 51.40 (ii) Other Reserves
Equity Instruments through Other comprehensive income 284.04 148.03
Sl. Name Year ended 31 March, 2023 (Refer f(i)below)
No. No.of Shares at Change during On account of No.of Shares % of total % Changes
Foreign Currency Translation reserve (refer f(ii) below) 7.16 7.86
the beginning the year (Face sub-division of at the end of Shares during the year Cash flow hedge reserve (refer f(iii) below) (0.16) -
of the year value Re. 1/- equity shares the year (Face 3,208.94 2,792.42
(Face value per share) -Refer Note value Re. 1/- (a) Capital reserve represents amount transferred from the transferor 1.53 1.53
` 2/- per share) 8 (i) per share)
company pursuant to a Scheme of Amalgamation - Balance
1 Rainbow Investments 8,65,15,370 - 8,65,15,370 17,30,30,740 45.84 - brought forward
Limited
(b) Securities premium is used to record the premium on issue of 610.95 610.95
2 Dotex Merchandise 53,40,000 - 53,40,000 1,06,80,000 2.83 - shares. The reserve is utilised in accordance with the provisions of
Private Limited
Section 52 of the Companies Act, 2013 - Balance brought forward
3 Quest Capital Markets 36,69,000 - 36,69,000 73,38,000 1.94 -
(c) Statutory Reserve represents amount transferred from transferor 0.60 0.60
Limited
Company pursuant to a scheme of amalgamation - Balance
4 STEL Holdings Limited 14,51,915 - 14,51,915 29,03,830 0.77 - brought forward
5 Lebnitze Real Estates 1,320 80,000 1,320 82,640 0.02 6160.61% (d) General Reserve - balance brought forward 73.38 73.38
Private Limited
6 Saregama India 500 - 500 1,000 0.00* -
Limited
Total 9,69,78,105 80,000 9,69,78,105 19,40,36,210 51.40
* % is below the rounding off norm adopted by the Group.
# Post Scheme of arrangement duly sanctioned by the National Company Law Tribunal (NCLT),Kolkata
Bench vide Order dated June 22, 2023, with effect from the Appointed Date i.e., April 1, 2022 between
Saregama India Limited and Digirive Distributors Limited, equity shares of the Parent Company has been
transferred from Saregama India Limited to Digidrive Distributors Limited.
454 455

As at As at NOTE 10 (A) : BORROWINGS

31 March, 2024 31 March, 2023
Accounting Policy
Under the erstwhile Indian Companies Act, 1956, a general reserve
was created through an annual transfer of net profit at a specified Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
percentage in accordance with applicable regulations. Consequent measured at amortised cost using the effective interest rate (EIR) method. Any difference between the proceeds
to introduction of Companies Act, 2013, the requirement to (net of transaction costs) and the redemption amount is recognised in the statement of profit and loss over
mandatorily transfer a specified percentage of the net profit to the period of the borrowings using the effective interest rate method. Fees paid on the establishment of loan
general reserve has been withdrawn though the Company may
facilities are recognised as transaction costs of the borrowings to the extent that it is probable that some or
transfer such percentage of its profits for the financial year as it may
consider appropriate. Declaration of dividend out of such reserve all of the facility will be utilised. In this case, the fee is deferred until the draw down occurs. Borrowings are
shall not be made except in accordance with rules prescribed in derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or
this behalf under the Act. expired.
(e) Retained Earnings
Borrowings are classified as current and non-current liabilities based on repayment schedule agreed with
Balance as at the beginning of the year 1,950.07 1,714.13
i) Profit for the year 490.94 441.80 banks.
ii) Items of other comprehensive income recognised directly in (i) Non-current borrowings
Retained Earnings
- Remeasurement of post-employment defined benefit (1.97) 1.74 As at As at
obligation, net of tax [(` 0.73 Crores) {31 March, 2023 : 31 March, 2024 31 March, 2023
` 0.96 Crores }]
SECURED LOANS
iii) Dividend paid (Refer note 25) (207.60) (207.60)
Foreign currency Term loans from banks 7.52 -
Balance as at the end of the year 2,231.44 1,950.07

Retained Earnings are the profits and gains that the Group has Less: Current maturities of Foreign currency Term loans from banks (7.52) -
earned till date less any transfer to general reserve, dividends or [Refer (ii) below]
other distributions paid to shareholders. - -
(f) Other Comprehensive Income Rupee Term loans from banks 1,822.07 523.00
Equity Instruments through Other Comprehensive Income
Less: Current maturities of long term debts from banks [Refer (ii) below] (159.55) (115.69)
i) Changes in fair value of FVTOCI Equity Instruments, net of tax 136.01 (23.59) 1,662.52 407.31
[` 25.69 Crores {31 March, 2023 : (` 3.12 Crores)}] Term loan from Non-Banking Financial Company (NBFC) 1,240.81 -
Balance as at the end of the year 284.04 148.03 Less: Current maturities of long term debts from NBFC [Refer (ii) below] (184.79) -
(ii) Foreign Currency translation reserve 1,056.02 -
Non-Convertible Debentures (NCD) 1,243.69 -
Add/(less): Other comprehensive income for the year (0.70) 3.83
Balance as at the end of the year 7.16 7.86 Less: Current maturities of Non-Convertible Debentures [Refer (ii) below] (185.59) -
(iii) Cash flow hedge reserve 1,058.10 -
Balance as at the beginning of the year - - 3,776.64 407.31
Add/(less): Other comprehensive income for the year,net of tax (0.16) - Foreign currency Term loans from banks in (i) above of ` 7.52 Crores
[` 0.06 Crores (31 March, 2023 : Nil)] represents loan taken by one of the step down subsidiary Unique
Balance as at the end of the year (0.16) - Solutions For Chemical Industries Co., Saudi Arabia which is secured by
The Group uses forward contracts to hedge its exposure to movements in foreign exchange rates which are Corporate guarantee issued by the step-down subsidiary, Aquapharm
designated as cash flow hedges. To the extent these hedges are effective, the changes in fair value of the Chemicals Private Limited.
hedging instrument is recognised in the cash flow hedging reserve. Amounts recognised in cash flow hedging Out of the Term loan from banks in (i) above, loans amounting to :
reserve are reclassified to profit or loss when the hedged item affects profit or loss. a) ` 1,080.98 Crores (31 March, 2023 - ` 273.00 Crores) are secured with
a first charge by way of a hypothecation over all moveable fixed
The Group has elected to recognise changes in the fair value of certain investments in equity instruments in assets of the Parent Company both present and future,ranking pari
Other Comprehensive Income. These changes are accumulated within the FVTOCI equity investments reserve passu with charge created in favour of other term lenders.
within equity. The Group transfers amounts from this reserve to Retained Earnings when the relevant equity b) ` 741.09 Crores (31 March, 2023 - ` 250 Crores) are secured with
shares are derecognised. pari passu charge on the moveable fixed assets of the one of its
Subsidiary Company.
Out of the Term loan from NBFC in (i) above, loans amounting to :
a) ` 792.92 Crores (31 March, 2023 - ` Nil) is secured with pledge on
shares of the step down subsidiary, Aquapharm Chemicals Private
Limited ("ACPL") with 1.5x cover. The shares of ACPL is held by direct
subsidiary of the Parent Company, Advaya Chemical Industries
Limited.
456 457

(ii) Current Borrowings
As at As at
31 March, 2024 31 March, 2023 As at As at
b) ` 447.89 Crore (31 March, 2023 - ` Nil) is secured with pledge on 31 March, 2024 31 March, 2023
shares of the step down subsidiary, Aquapharm Chemicals Private SECURED LOANS FROM BANKS
Limited ("ACPL") with 1x cover. The shares of ACPL is held by direct
Other loans 205.60 220.00
subsidiary of the Parent Company, Advaya Chemical Industries
Limited. a) Nature of Security
Out of Non-Convertible Debentures in (i) above, amounting to : Secured by first charge by way of hypothecation of all the Parent
Company's current assets, namely all the stock of raw materials, stock
a) ` 693.69 Crores (31 March, 2023 - ` Nil) is secured with exclusive
in process, semi finished goods and finished goods, consumable stores
pledge over identified shares of step down subsidiary, Aquapharm
and spares not relating to plant and machinery (consumable and spares)
Chemicals Private Limited ("ACPL") with 1.5x cover. The shares of
both present and future, bills receivable, bills whether documentary or
ACPL is held by direct subsidiary of the Parent Company, Advaya
clean, outstanding monies, receivables, book debts and all other current
Chemical Industries Limited.
assets of the Parent Company both present and future , ranking pari
b) ` 550.00 Crores is secured with pledge on shares of the Aquapharm passu without any preference or priority of one over the others.
Chemical Pvt Ltd ("ACPL") with 1x cover. The shares of ACPL is held
Secured by first charge by way of hypothecation of one of its Subsidiary
by direct subsidiary of the Parent Company, Advaya Chemical
Company's entire stocks of raw materials, semi-finished and finished
Industries Limited.
goods, consumable stores and spares and such other movables
Maturity Profile of Foreign currency Term loans from banks including book-debts, bills whether documentary or clean, outstanding
Maturity of less than 1 year 7.52 - monies, receivables, both present and future.
Maturity Profile of Long Term Borrowings from banks Secured by Pari passu first charge by way of hypothecation of stocks
of inventories and book debts/receivables of one of its Step -down

Maturity of less than 1 year 159.55 115.69
Subsidiary Company, both present and future.Pari passu first charge
Maturity between 1 and 3 years 480.87 257.77 on movable properties and immovable properties forming part of the
Maturity between 3 and 5 years 899.76 130.25 property, plant and equipment of one of its Step-down Subsidiary
Company (both present and future) related to Pirangut plant.Pari
Maturity beyond 5 years 281.89 19.29
passu second charge on movable properties and immovable properties
1,822.07 523.00 forming part of the property, plant and equipment of one of its Step-
Maturity Profile of Long Term Borrowings from NBFC down Subsidiary Company (both present and future) related to Mahad
plant.
Current maturities of Foreign currency Term loans from banks [Refer 7.52 -
Note(i) above]
Current maturities of long term debts from banks [Refer Note(i) above] 159.55 115.69
1,240.81 -
Current maturities of long term debts from NBFC [Refer Note(i) above] 184.79 -
Maturity Profile of Non-Convertible Debentures
Current maturities of Non-Convertible Debentures [Refer Note(i) above] 185.59 -
UNSECURED LOANS
Loans repayable on demand
- From Banks 300.00 200.00
1,243.69 -
1,043.05 535.69
Interest rate on Term loans from Banks, Foreign currency loan and
NBFC are based on spread over respective Lenders benchmark rate. Refer notes 3(a), 4(b) and 6 for details of assets pledged as security as set out in the above note. Refer note 31 for
Interest rate for NCD is fixed. information about liquidity risk and market risk on borrowings.
All of the above loan are repayable in periodic instalments over the Term loans were applied for the purpose for which the loans were obtained.
maturity period of the respective loans.
The quarterly returns/ statements filed by the Group with such banks are in agreement with the unaudited
books of accounts of the Group. Further, the Group do not have sanctioned working capital limits in excess of
` five Crores in aggregate from financial institutions, other than Banks, during the year on the basis of security
of current assets of the Group.
458 459

NOTE : 10(B) TRADE PAYABLES commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
Accounting Policy
for the lease payments made. Lease liabilities are remeasured with a corresponding adjustment to the related
Trade payables represent liabilities for goods and services provided to the Group prior to the end of financial right of use asset if the Group changes its assessment if whether it will exercise an extension or a termination
year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due option.
within 12 months after the reporting period. They are recognised initially at their fair value and subsequently
measured at amortised cost using the effective interest rate method. As at As at
31 March, 2024 31 March, 2023
As at As at At the beginning of the year 86.44 101.83
31 March, 2024 31 March, 2023
Acquisition through business combination (Refer Note 34) 15.10 -
Current
Addition to lease liability during the year 96.79 4.65
Total outstanding dues of Micro Enterprises and Small Enterprises 45.03 41.62
Accretion of interest 14.19 8.59
Total outstanding dues of creditors other than Micro Enterprises and 1,756.99 914.78
Small Enterprises Payment/adjustments of lease liabilities (49.11) (28.63)
1,802.02 956.40 At the end of the year 163.41 86.44
Lease Liabilities: Non Current 132.05 66.71
Refer note 31 for market risk on trade payables.
Lease Liabilities: Current 31.36 19.73
Ageing of Trade Payables : The table below provides details regarding the contractual maturities of lease liabilities as at year end on an
As at 31 March, 2024 undiscounted basis :

Particulars Not Outstanding for following Total Particulars As at As at
due periods from due date 31 March, 2024 31 March, 2023
Less than one year 43.81 27.51
Less 1-2 2-3 More
than 1 year years than 3 One to five years 121.86 63.24
year years More than five years 48.18 17.49
(i) Micro Enterprises and Small Enterprises 39.46 4.69 # 0.48 # 0.40 # - 45.03 Total 213.85 108.24
(ii) Other than Micro Enterprises and Small 1,703.15 51.52 0.98 0.16 1.18 1,756.99 The table below provides details of amount recognised in Statement of profit and loss:
Enterprises
Total 1,742.61 56.21 1.46 0.56 1.18 1,802.02 Year ended Year ended
31 March, 2024 31 March, 2023
# Represents retention amount of suppliers
Depreciation on Right-of-use assets (Refer note 20) 32.39 20.52
Interest expenses on lease liabilities (Refer note 19) 14.19 8.59
Particulars Not Outstanding for following Total Rental expenses (excluding taxes) recorded for short term leases (Refer 10.86 10.37
due periods from due date note 21)
Total 57.44 39.48
Less 1-2 2-3 More
than 1 years years than 3 The Group had total cash outflows for leases of ` 59.97 Crores (Previous Year ` 39.00 Crores)
year years
(i) Micro Enterprises and Small Enterprises 38.31 2.31 # 1.00 # - - 41.62 NOTE 10 (D) : OTHER FINANCIAL LIABILITIES
(ii) Other than Micro Enterprises and Small Enterprises 877.07 36.17 0.16 0.95 0.43 914.78 Accounting Policy
Total 915.38 38.48 1.16 0.95 0.43 956.40 Short Term Employee Benefits
# Represents retention amount of suppliers Liabilities for short term employee benefits that are expected to be settled wholly within 12 months after
the end of the period are measured at the amounts expected to be paid when the liabilities are settled. The
NOTE 10 (C) : LEASE LIABILITIES
liabilities are presented as current employee benefits payable in the balance sheet.
Accounting Policy
Lease Liabilities 31 March, 2024 31 March, 2023
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value Non-current
of lease payments to be made over the lease term. The lease payments include fixed payments (including Capital creditors 2.48 7.77
in substance fixed payments) and does not include non-lease components (maintenance charges etc.). In Purchase consideration payable* 36.41 -
calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease 38.89 7.77
460 461

Year ended Year ended 11.1 Provisions for claims and litigations
31 March, 2024 31 March, 2023 Provision for claims & litigation includes civil proceeding against one of the party and regulatory proceeding
Current pertaining to FEMA matter. The Group has estimated the provisions for pending claims and litigation
Interest accrued but not due 27.62 2.77 based on the assessment of probability for these demands crystallising against the Group in due course.
Unpaid Dividends [Refer Note (i) below] 5.89 5.27 The table below gives information about movement in claims and litigations, and provisions.
Others:
As at As at
Security Deposits received 2.37 1.94 31 March, 2024 31 March, 2023
Employee benefits payable 47.86 30.35 At the beginning of the year 65.39 60.62
Capital creditors 103.30 185.06 Add: Incurred during the year 2.99 4.77
Directors' fees & commission payable 22.50 18.30 At the end of the year 68.38 65.39
Derivative instrument not designated as hedges - foreign-exchange 0.05 1.43
11.2 The liability pertains to one of the step down subsidiary of the Group. The End of Service Benefit Scheme
forward contracts (at FVTPL) #
is a defined benefit scheme with benefits based on last drawn salary. Employees having service period of
Purchase consideration payable* 4.62 -
less than 2 years are not eligible for the benefit.
Others 0.22 0.27
214.43 245.39 NOTE 12 : DEFERRED TAX LIABILITIES (NET)
(i) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Balance as at Recognised Recognised Addition Balance as at
Protection Fund by the Group as at 31 March, 2024 and as at 31 March, 2023. 1 April, 2023 to Statement to/ on account 31 March,
of Profit and Reclassified 2024

# Refer note 30 for information about fair value measurements. of Business
Loss from OCI Combination
* Refer note 34 Total Total Total Total
NOTE 11 : PROVISIONS Deferred Tax Liabilities:

Property, plant and 263.78 13.28 - 598.39 875.45
Accounting Policy equipment and Intangible
Provisions assets
Provisions are recognised when the Provisions has a present legal or constructive obligation as a result of past Right of use assets 18.52 (2.93) - 8.13 23.72
events and it is probable that an outflow of resources will be required to settle the obligation and the amount Financial Assets at Fair 31.45 - 25.69 - 57.14
can be reliably estimated. Provisions are not recognised for future operating losses. value through Other
Comprehensive Income
Provisions are measured at the present value of management's best estimates of the expenditure required
Impact of fair valuation of - 0.00 - 1.61 1.61
to settle the present obligation at the end of the reporting period. The discount rate used to determine the mutual funds and bonds
present value is a pre-tax rate that reflects current market assessments of the time value of money and the
Others - (0.03) - 0.03 -
risk specific to the liability. The increase in the provision due to the passage of time is recognised as interest
expense. 313.75 10.32 25.69 608.16 957.92
Deferred Tax Assets:
As at As at
31 March, 2024 31 March, 2023 Items allowable for tax 22.51 (3.24) - 8.15 27.42
purpose on payments/
Non-current adjustments
Allowance for doubtful debts - 0.30 (0.07) - 0.13 0.36
Provision for gratuity (Refer Note 18.1) 12.60 3.52 trade receivables
Provision for compensated absences 0.52 0.32 Lease Liabilities 21.77 (3.93) - 3.06 20.90
Provision for Employee benefit obligations (Refer Note 11.2) 2.55 -
Unabsorbed depreciation and - 26.37 - - 26.37
15.67 3.84 carried forward loss
Current Long-Term Capital Loss 11.83 - - - 11.83
Others 1.29 (1.30) 0.06 0.02 0.07
Provision for gratuity (Refer Note18.1) 3.29 3.92
57.70 17.83 0.06 11.36 86.95
Provision for compensated absences 19.14 12.98
Net Deferred Tax Liabilities: 256.05 (7.51) 25.63 596.80 870.97
Provisions for claims and litigations (Refer Note 11.1) 68.38 65.39
90.81 82.29
462 463

Balance as at Recognised Recognised Balance as at NOTE 14 : CURRENT TAX LIABILITIES (NET)

1 April, 2022 to Statement to/ 31 March, As at As at
of Profit and Reclassified 2023 31 March, 2023 31 March, 2022
Loss from OCI Provision for Income Tax 0.12 0.08
Total Total Total Total (Net of Advance Tax : ` 862.49 Crores [Previous year ` 593.93 Crores])
0.12 0.08
Property, plant and equipment and 289.03 (25.25) - 263.78 NOTE 15 : REVENUE FROM OPERATIONS
Intangible assets
Accounting Policy
Right of use assets 31.26 (12.74) - 18.52
Revenue from contracts with customers is recognised when control of the goods or services are transferred
Financial Assets at Fair value through Other 34.57 - (3.12) 31.45 to the customer at an amount that reflects the consideration to which the Group expects to be entitled in
Comprehensive Income
exchange for those goods or services.
354.86 (37.99) (3.12) 313.75
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price
Deferred Tax Assets: allocated to that performance obligation. Amounts disclosed as revenue are net of returns, trade and other
Items allowable for tax purpose on payments/ 29.52 (7.01) - 22.51 discounts, rebates and amounts collected on behalf of third parties.
adjustments
Where the Group is the principal in the transaction, the sales are recorded at their gross values. The Group
Allowance for doubtful debts - trade 0.68 (0.38) - 0.30 considers whether there are other promises in the contract that are separate performance obligations to
receivables
which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group
Lease Liabilities 35.59 (13.82) - 21.77 considers the effects of variable consideration, the existence of significant financing component, non-cash

Long-Term Capital Loss 12.78 (0.95) - 11.83 considerations and consideration payable to the customer (if any). Any amounts received for which the Group
does not provide any distinct goods or services are considered as a reduction of purchase cost.
Others 0.03 1.26 - 1.29
78.60 (20.90) - 57.70 However, Goods and Service Tax (GST) is not received by the Group on its own account. Rather, it is collected
on value added to the commodity by the seller on behalf of the Government. Accordingly, it is excluded from
Net Deferred Tax Liabilities: 276.26 (17.09) (3.12) 256.05
revenue.
Pursuant to the introduction of Section 115BAA of the Income Tax Act, 1961, w.e.f. 1 April, 2019, companies in India
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future
have the option to pay corporate income tax at reduced rate subject to certain conditions. The management has
economic benefits will flow to the Group regardless of when the payment is being made and specific criteria
exercised this option and deferred tax liabilities (net) as at 31 March, 2023 had been re-measured accordingly.
have been met for each of the Group's activities as described below.
Consequently, the Company has recorded deferred tax credit of ` 39.62 Crores in the year ended 31 March, 2023
and tax related to earlier years of ` (2.64) Crores in the year ended 31 March, 2024 which represents income tax Sale of carbon black and chemicals
expenses of ` 4.84 Crores and reversal of deferred tax liability of ` 7.48 Crores. Revenue from sale of carbon black and chemicals is recognised when the control of the goods has passed to
the buyer as per the terms of contract. In case of domestic sales, the performance obligation is satisfied upon
NOTE 13: OTHER CURRENT LIABILITIES
delivery of the finished goods at customer's location. In case of export sales, the performance obligation is
Accounting Policy satisfied once the goods are shipped and the bill of lading has been obtained.
Government grants and subsidies are recognised when there is reasonable assurance that the Group will
Sale of services
comply with the conditions attached to them and the grants / subsidy will be received. If the grant received
Revenue from the sale of services is recognised when earned on the basis of contractual arrangement with
is to compensate the import cost of assets, and is subject to an export obligation as prescribed in the EPCG
buyer.
scheme, then the recognition of the grant would be linked to fulfilment of the associated export obligations.
At the year end, the portion of grant for which the export obligation has not been met is retained in deferred Sale of power
revenue under other current liabilities. Revenue grant is recognised as an income in the period in which related
Revenue from the sale of power is recognised upon transmission of units to the buyer net of Unscheduled
obligation is met.
Interchange gains/losses as per the terms of contract with the customer.
As at As at
Other Operating revenues
31 March, 2024 31 March, 2023
Advance from Customers 6.92 3.54 Exports entitlements (arising out of duty draw back, Merchandise exports from India Schemes) are recognised
when the right to receive credit as per the terms of the schemes is established in respect of the exports made
Dues payable to Government Authorities 20.78 6.80
by the Group and when there is no significant uncertainty regarding the ultimate collection of the relevant
Liability for Export Obligations / Government grants 1.28 1.91
export proceeds.
28.98 12.25
464 465

Year ended Year ended NOTE 17(a) : COST OF MATERIALS CONSUMED

31 March, 2024 31 March, 2023
Sales of Finished Goods * Year ended Year ended
31 March, 2024 31 March, 2023
Carbon black / Chemicals 6,215.26 5,609.53
Opening Stock 419.10 464.32
Sales of Traded Goods * 2.20 -
Add : Purchases 4,639.73 4,311.12
Sale of Services
Less : Closing Stock (616.82) (419.10)
Income from sale of services 1.77 -
4,442.01 4,356.34
Sale of Power * 167.87 142.31
Add: Acquisition through business combination 110.25 -
Other Operating Revenues
Less : Transfer to CWIP on account of Trial Run Cost (18.34) -
Scrap sales * 7.97 7.67
Cost of material consumed 4,533.92 4,356.34
Exports Incentive 24.70 14.55
*Includes packing materials of ` 9.50 Crores(Previous year ` Nil) pertaining to step-down subsidiaries.
Total revenue from operations 6,419.77 5,774.06
India 4,134.50 4,043.25 NOTE 17(b) : CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS
Outside India 2,252.60 1,708.59
Total revenue (excluding scrap sales and exports incentive) 6,387.10 5,751.84 Year ended Year ended
31 March, 2024 31 March, 2023
*Revenue (except sale of services and exports incentive) is recognised at a point in time and not over time.
Opening Stock (Carbon black) 92.35 88.46
NOTE 16 : OTHER INCOME Closing Stock (Carbon black / Chemicals) 324.58 92.35

(232.23) (3.89)
Accounting Policy
Add: Acquisition through business combination 165.88 -
a. Interest Income Less : Transfer to CWIP on account of Trial Run Cost (3.52) -
Interest Income from debt instruments is recognised using the effective interest rate method. The effective (69.87) (3.89)
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of
NOTE 18 : EMPLOYEE BENEFITS EXPENSE
the financial asset to the gross carrying amount of a financial asset. When calculating the effective interest
rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial Accounting Policy
instrument but does not consider the expected credit losses. Interest income is included in finance income
(I) Post-employment benefits
in the statement of profit and loss.
Defined benefit plans
b. Dividends
a. The liability or asset recognised in the balance sheet in respect of Defined benefit plans is the present
Dividends are recognised in the statement of profit and loss only when the right to receive payment is value of the Defined benefits obligation at the end of the reporting period less the fair value of plan
established and the amount of the dividend can be measured reliably which is generally when shareholders assets. The Defined benefit obligation is calculated annually by actuaries using the Projected Unit
approve the dividend. Credit Method at the year end.
Year ended Year ended b. The present value of the Defined benefit obligation is determined by discounting the estimated future
31 March, 2024 31 March, 2023 cash outflows by reference to market yields at the end of the reporting period on government bonds
Interest income from certain financial assets 6.82 2.83 that have terms approximating to the terms of the related obligations.
Dividend income from equity instruments designated at FVTOCI* 7.59 9.79
c. The net interest cost is calculated by applying the discount rate to the net balance of the Defined
Gain on sale / fair valuation of investments carried at FVTPL 14.88 19.51 benefit obligation and the fair value of plan assets. This cost is included in Employees Benefits Expense
Provisions / Liabilities no longer required written back 3.55 6.99 in the statement of profit and loss.
Miscellaneous income 4.19 1.49
d. Re-measurement gains and losses arising from experience adjustments and changes in actuarial
37.03 40.61
assumptions are recognised in the period in which they occur, directly in Other Comprehensive
* Refer Note 27 Income. They are included in retained earnings in the statement of changes in equity.
e. Changes in the present value of the Defined benefit obligation resulting from plan amendments or
curtailments are recognised immediately in the statement of profit or loss as past service cost.
466 467

(II) Defined contribution plans Particulars Group

Contributions under Defined Contribution Plans payable in keeping with the related schemes are Gratuity Fund (Funded)
recognised as expenses for the period in which the employee has rendered the service.
Present Value Fair value of Net Amount
(III) Other short-term employee benefit obligations of Obligation plan assets
Liabilities for short term employee benefits that are expected to be settled wholly within 12 months after (ii) 1 April, 2022 39.81 (33.11) 6.70
the end of the period are measured at the amounts expected to be paid when the liabilities are settled. The Current Service Cost 3.08 - 3.08
liabilities are presented as current employee benefits payable in the balance sheet. Interest expense/(Income) 2.51 (2.06) 0.45
The Group provides for the encashment of leave or leave with pay subject to certain rules. The employees Total Amount recognised in statement of profit or loss 5.59 (2.06) 3.53
are entitled to accumulate leave subject to certain limits, for future encashment. The liability is provided Remeasurements (gain)/loss
based on the number of days of unutilised leave at each balance sheet date on the basis of year-end (Gain)/loss from change in financial assumptions (1.45) 0.00 (1.45)
actuarial valuation using projected unit credit method. The scheme is unfunded.
(Gain)/loss arising from experience adjustments (1.25) - (1.25)
Year ended Year ended Total amount recognised in other comprehensive (2.70) 0.00 (2.70)
31 March, 2024 31 March, 2023 income
Salaries, wages and bonus 207.88 158.36 Employer's contributions - (0.07) (0.07)
Contribution to provident and other funds (Refer note 18.1) 20.14 17.43 Acquisitions (credit)/ cost (0.02) - (0.02)
Staff welfare expense 22.39 14.67 Benefit payments (3.02) 3.02 -
250.41 190.46 31 March, 2023 39.66 ## (32.22) 7.44
18.1 Employee Benefits:

## Includes ` 4.07 Crores (31 March, 2023 : ` 2.63 Crores) related to present value obligation of gratuity payable
(I) Post employment obligations for contractual workers of the Parent Company and one of its wholly owned subsidiary. This is an unfunded
plan.
(A) Gratuity
The expected return on plan assets is determined after taking into consideration composition of plan assets
The Gratuity scheme is a defined benefit plan that provides for a lump sum payment on exit either
held, assessed risks of asset management, historical results of return on plan assets, Group's policies for plan
by way of retirement, death, disability or voluntary withdrawal. The benefits are defined on the basis
asset management and other relevant factors.
of last drawn salary and the period of service and paid as lump sum at exit. Gratuity payable is not
restricted to the maximum limit prescribed under the Payment of Gratuity Act, 1972. The liability in The expenses for the above mentioned Gratuity benefit is included and disclosed under the head "Contribution
respect thereof is determined by actuarial valuation at the year end based on the Projected Unit Credit to provident and other funds" under Note 18.
Method and is recognised as a charge on accrual basis. Trustees administer the contributions made to
the Gratuity fund. Amounts contributed to the Gratuity fund are invested solely with the Life Insurance 2023-24 2022-23
Corporation of India. (iii) Actual Return on Plan Asset 2.28 2.06
The following table sets forth the particulars in respect of the defined benefit plans of the Group for (iv) The net liability disclosed above relating to funded are as follows
the year ended 31 March, 2024 and 31 March, 2023: As at As at
31 March, 2024 31 March, 2023
Particulars Group Present value of funded obligations 44.10 39.66
Gratuity Fund (Funded) Fair value of plan assets (28.21) (32.22)
Present Value Fair value of Net Amount Deficit of funded plan 15.89 7.44
of Obligation plan assets (v) Principal : Actuarial assumptions
(i) 1 April, 2023 39.66 (32.22) 7.44
As at As at
On Acquistion of Business Combination 6.17 (3.60) 2.57 31 March, 2024 31 March, 2023
Current Service Cost 3.44 - 3.44 (i) Discount rate 7.00% - 7.20% 7.20%
Interest expense/(Income) 2.59 (2.28) 0.31 (ii) Salary escalation rate # 7.00% - 10.00% 7.00%
(iii) Mortality Table (In service) Indian Assured Indian Assured
Total Amount recognised in statement of profit or loss 6.03 (2.28) 3.75
Lives Mortality Lives Mortality
Remeasurements (gain)/loss
(2006-08) (2006-08)
(Gain)/loss from change in financial assumptions 0.44 0.38 0.82 (Modified) Ult. (Modified) Ult.
(Gain)/loss arising from experience adjustments 1.88 - 1.88
# The estimate of future salary increase considered in actuarial valuation takes into account factors like inflation,
Total amount recognised in other comprehensive 2.32 0.38 2.70 seniority, promotion and other relevant factors, such as demand and supply in the employment market.
income
Employer's contributions - (0.08) (0.08)
Benefit payments (10.08) 9.59 (0.49)
31 March, 2024 44.10 ## (28.21) 15.89
468 469

In case of funded plan, the Group ensures that the investment positions are managed within an Asset - Liability The expected maturity analysis of undiscounted gratuity is as follows:
Matching (ALM) framework that has been developed to achieve investment that are in line with the obligation
under the gratuity scheme. Within this framework the Group's ALM objective is to match asset with gratuity Particulars Less than Between Between Between Between Beyond Total
a year 1 -2 years 2 -3 years 3 -4 years 4 -5 years 5 years
obligation. The Group actively monitors how the duration and the expected yield of instruments are matching
the expected cash outflows arising from the gratuity obligations. The Group has not changed the process used 31 March, 2024
to manage its risk from previous periods. The Group does not use derivatives to manage its risk. The gratuity Defined benefit
scheme is funded with Life Insurance Corporation of India which has good track record of managing fund obligation
except contractor worker and subsidiary. Gratuity 9.33 6.12 2.27 5.99 2.00 55.96 81.67
(vi) Sensitivity Analysis Total 9.33 6.12 2.27 5.99 2.00 55.96 81.67
31 March, 2023
Increase/ (Decrease) in DBO Increase/ (Decrease) in DBO
Defined benefit
31 March, 2024 31 March, 2023 31 March, 2024 31 March, 2023 obligation
Discount Rate - Gratuity Decrease by 1% 3.67 2.37 Increase by 1% (2.60) (2.03) Gratuity 14.22 2.56 5.30 2.89 3.95 18.30 47.22
Salary escalation Rate Decrease by 1% (2.57) (2.06) Increase by 1% 2.92 2.35 Total 14.22 2.56 5.30 2.89 3.95 18.30 47.22
Method used for sensitivity analysis:
NOTE 19 : FINANCE COSTS
The sensitivity results above determine their individual impact on the plan's end of year Defined Benefit
Accounting Policy
Obligation. In reality, the plan is subject to multiple external experience items which may move the Defined
Benefit Obligation in similar opposite directions, while the plan's sensitivity to such changes can vary over time. General and specific borrowing costs that are directly attributable to the acquisition, construction or production

of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset
(vii) Risk Exposure for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get
Through its defined benefit plans, the Group is exposed to some risks, the most significant of which are ready for their intended use or sale.
detailed below: Other borrowing costs are expensed in the period in which they are incurred.
1 Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government
bonds. If bond yields fall, the defined benefit obligation will tend to increase.
31 March, 2024 31 March, 2023
2 Salary Inflation risk : Higher than expected increases in salary will increase the defined benefit obligation. Interest expense on debts and borrowings 163.17 44.69
3 Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements Interest on lease liabilities 14.19 8.59
that include mortality, withdrawal, disability and retirement. The effect of these decrements on Other Borrowings Costs 3.42 0.13
the defined benefit obligation is not straight forward and depends upon the combination of salary 180.78 53.41
increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in
the financial analysis the retirement benefit of a short career employee typically costs less per year as NOTE 20 : DEPRECIATION AND AMORTISATION EXPENSE
compared to a long service employee.
(II) Defined Contribution Plans 31 March, 2024 31 March, 2023
The Group has certain Defined Contribution Plans viz. Provident Fund and Superannuation Fund. Depreciation of property, plant and equipment (Refer Note 3(a)) 169.27 116.11
Contributions are made to provident fund for employees at the rate of 12% of basic salary as per regulations. Amortisation of intangible assets (Refer Note 3(e)) 15.60 0.11
The Group has a defined contribution Superannuation plan for which contribution is made at a rate not Depreciation on Right of use assets (Refer Note 3(f)) 32.39 20.52
exceeding 4.87% of Basic and Dearness Allowance of the member with Superannuation. The contributions
217.26 136.74
are made to registered provident fund administered by the government. The obligation of the Group is
limited to the amount contributed and it has no further contractual nor any constructive obligation. The
expense recognised during the period towards defined contribution plan is ` 15.06 Crores (31 March, 2023-
` 13.35 Crores).
(III) Defined Benefit Liability and Employer Contributions
Expected contribution to Post-employment benefit plans for the year ending 31 March, 2024 basis the
actuarial report is ` 3.62 Crores (31 March, 2023: ` 2.63 Crores)
The weighted average duration of the defined benefit obligation of Group is 6 to 12 years (31 March, 2023 -
5 to 12 years) for employees and 11 years (31 March, 2023 - 13 years) for contractual employees.
470 471

NOTE 21 : OTHER EXPENSES tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the
reporting period.
31 March, 2024 31 March, 2023
Current and deferred tax is recognised in statement of profit and loss, except to the extent that it relates to items
Consumption of stores and spares 68.43 52.04 recognised in other comprehensive income or directly in equity, if any. In this case, the tax is also recognised in
Consumption of packing materials 93.18 75.82 other comprehensive income or directly in equity, respectively.
Power and fuel 33.95 19.58
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is
Water charges 8.94 6.56
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Rent 10.86 10.37
Rates and taxes 8.31 2.98 The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it
Repairs and maintenance: is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to
- Buildings 3.15 2.25 be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the
- Plant and Machinery 33.17 24.61 extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
- Others 6.94 6.83
Insurance 10.60 8.28 31 March, 2024 31 March, 2023
Travelling and conveyance 19.91 11.19 a. Income-tax expense recognised in the statement of Profit and Loss
Subscriptions and donations 49.90 31.01 Current tax
Freight outward (net of recovery) 130.85 86.89 Current tax on profits for the year 187.89 148.65
Commission to selling agents 39.92 36.06 Tax relating to earlier years charge / (credit)
Income Tax charge relating to earlier years 4.84 7.93

Directors sitting fees & Commission 23.42 18.77
Deferred Tax credit relating to earlier years (Refer note (b) below) (7.48) (2.64) - 7.93
Loss/ (Profit) on disposal of property, plant and equipment (0.29) 0.02
Total current tax expense 185.25 156.58
Allowance for doubtful debts / expected credit loss - trade receivable (net) (0.30) 0.11
Deferred Tax
Corporate Social Responsibility Expenditure 10.68 8.50
Origination and reversal of temporary differences (Refer note (b) below) (0.03) (17.09)
Miscellaneous expenses 162.69 114.42
Income-tax expense 185.22 139.49
Less : Net gain on foreign currency transactions 48.08 16.36
666.23 499.93 b. Deferred Tax charge / (credit) recognised in the statement of Profit and
Loss
(a) The Group has incurred following Research and Development expenditure for Innovation Centre in Deferred Tax charge / (credit) (0.03) (17.09)
Belgium and USA Deferred Tax credit relating to earlier years (7.48) -
Year ended Year ended Deferred Tax charge / (credit) (7.51) (17.09)
31 March, 2024 31 March, 2023 c. Income-tax expense on other comprehensive income
Total current tax impact on Other Comprehensive Income - (0.73) 0.96
Remeasurement of post employment defined benefit obligation
Revenue Expenses 21.05 19.19
Total current tax impact on Other Comprehensive Income - Cash flow (0.06) -
Capital Expenses 5.05 2.54 hedge reserve
26.10 21.73 Deferred tax - Fair value through other comprehensive income - equity 25.69 (3.12)
instruments
For Research and Development expenditure in India-Refer Note 36
Income-tax expense recognised in Other Comprehensive Income 24.90 (2.16)
NOTE 22 : TAX EXPENSE d. Reconciliation of statutory rate of tax and the effective rate of tax
Profit before income tax 676.33 581.68
Accounting Policy Enacted Income tax rate in India applicable to the Parent Company 25.17% 34.95%
The income tax expense or credit for the period is the tax payable on the current period's taxable income based Tax on Profit before tax at the enacted Income tax rate in India 170.23 203.30
on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to Adjustments:
temporary differences and to unused tax losses. Tax effect of amounts which are not deductible (taxable) in calculating
taxable income:
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted Items not deductible / Income exempt from tax / taxed at lower rate 15.79 0.44
at the end of the reporting period. Management periodically evaluates positions taken in tax returns Incentives / additional benefits allowable under Income-tax (1.91) (33.12)
with respect of situation in which applicable tax regulation is subject to interpretation. It establishes Reversal of Deferred Tax due to change in Rate of Income Tax (Refer - (39.62)
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. note 12)
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the Tax relating to earlier years charge / (credit) (2.64) 7.93
tax bases of assets and liabilities and their carrying amounts in the standalone financial statements. Deferred Other items 3.75 0.56
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction that at Total Income tax expense 185.22 139.49
the time of the transaction affects neither accounting profit/ loss nor taxable profit (tax loss). Deferred income Effective tax rate 27.39% 23.98%
472 473

NOTE 23 : CONTINGENT LIABILITIES NOTE 24 : COMMITMENTS

Accounting Policy As at As at
A disclosure for contingent liabilities is made when there is a possible obligation arising from past events, the 31 March, 2024 31 March, 2023
existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future Capital Commitments
events not wholly within the control of the Group or a present obligation that arises from past events where it Estimated amount of contracts remaining to be executed on capital
is either not probable that an outflow of resources embodying economic benefits will be required to settle or a account and not provided for
reliable estimate of the amount cannot be made. Property, plant and equipment (net of capital advances) 203.86 169.34
As at As at NOTE 25 : DIVIDEND ON EQUITY SHARE

31 March, 2024 31 March, 2023
Contingent Liabilities for : 31 March, 2024 31 March, 2023
(a) (i) Claims against the Group not acknowledged as debts : Interim Dividend for the year ended 31 March, 2024 of ` 5.50/- per share 207.60 207.60
Income-tax matters under dispute * 57.09 19.87 on face value of Re. 1/- per share
Excise duty matters under dispute 4.44 4.79 (31 March, 2023 ` 5.50/- per share on face value of Re. 1/- per share) [Refer
Sales tax matter under dispute 0.14 0.14 note 8(i)]
Service tax matters under dispute 12.23 6.26 207.60 207.60
Value added tax matters under dispute 1.09 1.09

NOTE 26 : EARNING PER EQUITY SHARE
Goods and Services Tax under dispute 0.99 -
Accounting Policy

Customs - MEIS under dispute** 48.66 -
(ii) Other money for which the Company is contingently liable Basic earnings per share
Excise duty matters under dispute 1.57 1.57 Basic earnings per share is calculated by dividing the profit attributable to owners of the equity by the weighted
It is not practicable for the Group to estimate the timings of the cash outflows, if any, in respect of the above average number of equity shares outstanding during the year.
contingent liabilities pending resolution of the respective proceedings. The weighted average number of equity shares outstanding during the period is adjusted for events such as
The Group has assessed that it is only possible, but not probable, that outflow of economic resources will be bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that
required. have changed the number of equity shares outstanding, without a corresponding change in resources.
* The Group has ongoing disputes with income tax authorities relating to tax treatment of certain items. These Diluted earnings per share
mainly includes disallowances of expenses, claims by the Group as deduction and the computation of, or Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
eligibility of the Group's use of certain tax incentives or allowances and interest thereon which are pending into account:
at various appellate levels. Most of these disputes and/or disallowances, being repetitive in nature, have been
• the after income tax effect of interest and other financing costs associated with dilutive potential equity
raised by the income tax authorities consistently in most of the years. Based on evaluation, the Group believes
shares, and
that it has strong merits and accordingly, no provision is considered necessary.
• the weighted average number of additional equity shares that would have been outstanding assuming
** Pertains to one of the step-down subsidiaries of the Group for demand on account of MEIS scrips availed due to
the conversion of all dilutive potential equity shares.
dispute over classification of the product. The management is contesting the demands and the management,
including its tax advisors, believe that its position will likely be upheld in the appellate process. No liability has Year ended Year ended
been accrued in the financial statements for the demands raised. The management believes that the ultimate 31 March, 2024 31 March, 2023
outcome of these proceedings will not have a material adverse effect on the Group's financial position. Basic and Diluted
(i) Number of Equity Shares at the beginning of the year [Refer Note 37,74,62,604 37,74,62,604
8(i)]
(ii) Number of Equity Shares at the end of the year [Refer Note 8(i)] 37,74,62,604 37,74,62,604
(iii) Weighted average number of equity shares outstanding during 37,74,62,604 37,74,62,604
the year [Refer Note 8(i)]
(iv) Face value of each Equity Share (Re) [Refer Note 8(i)] 1.00 1.00
(v) Profit after Tax available for Equity Shareholders (` in Crores) 490.94 441.80
(vi) Basic and Diluted earnings per Share (`) [(v)/(iii)] 13.00 11.70
The Company does not have any dilutive potential equity shares.
474 475

NOTE 27 : RELATED PARTY TRANSACTIONS

Name Relationship
(a) Parent- under de facto control
CESC Limited Company under common control
Name Type Place of As at As at
RPSG Ventures Limited Company under common control
Incorporation 31 March, 31 March,
2024 2023 Spencer's Retail Limited Company under common control
Rainbow Investments Limited Parent- under de facto control as India 45.84% 45.84%
defined in Ind AS -110 ("Parent") Guiltfree Industries Limited Company under common control
(b) Key management personnel of the Company and the Parent- under de facto control with whom RPSG Resources Private Limited Company under common control
transactions have taken place during the year
Alipore Towers Pvt Ltd Company under common control
Name Relationship Quest Capital Markets Limited Company under common control
i) Sanjiv Goenka Chairman and Non Executive Director Off-Shore India Ltd Company under common control
ii) Shashwat Goenka Non Executive Director Brabourne Investments Ltd Company under common control
iii) Preeti Goenka Non Executive Director Eastern Aviation & Industries Pvt Ltd Company under common control
iv) Kaushik Roy Managing Director Lebnitze Real Estates Private Limited Company under common control
Paras K Chowdhary

v) Non Executive Independent Director Woodlands Multispeciality Hospital Limited Company under common control
vi) Pradip Roy Non Executive Independent Director Duncan Brothers & Co. Ltd Associate of "Parent"
vii) Rusha Mitra Non Executive Independent Director STEL Holdings Limited Company under common control
viii) Ram Krishna Agarwal Non Executive Independent Director Business Media Private Limited (BMPL) Company under common control
ix) T.C.Suseel Kumar Non Executive Independent Director RPSG Sports Private Limited Company under common control
x) K Jairaj Non Executive Independent Director Nature's Basket Limited Company under common control
xi) Dr. Sethurathnam Ravi (Appointed with effect from Non Executive Independent Director Dotex Merchandise Private Limited Company under common control
15 March, 2023)
Saregama India Limited Company under common control
xii) Raj Kumar Gupta Chief Financial Officer and resigned as Director in
PCBL (TN) Limited (with effect from 26 April, 2022) Noida Power Company Private Limited Company under common control
xiii) Kaushik Mukherjee Company Secretary and resigned as Director in Digidrive Distributors Limited (with effect from 30 Company under common control
PCBL (TN) Limited (with effect from 26 April, 2022) September, 2023)
xiv) Sunil Bhandari Employee holding Directorship in "Parent" International Management Institute Company under common control
xv) Yugesh Kanoria Employee holding Directorship in "Parent" RPG International School Company under common control
xvi) Harish Toshniwal Employee holding Directorship in "Parent" Firstsource Solutions Limited Company under common control
xvii) Alok Kalani (Appointed with effect from 05 April, Employee holding Directorship in "Parent" Duncan Agency Senior Staff Superannuation Fund Post Employment Benefit Plan of the Company (Other
2023) No. 3 (Superannuation Fund) related parties)
(c) Others with whom transactions have taken place during the year Phillips Carbon Black Limited Employees' Gratuity Post Employment Benefit Plan of the Company (Other
Fund (Gratuity Fund) related parties)
Name Relationship
RPG Power Trading Company Limited Company under common control
Trade Apartments Limited Company under common control
Dynamic Success Projects Private Limited (ceased Company under common control
w.e.f. 28 October, 2022)
476 477

106.72
9.79
1.94
2.00
10.00
0.03
0.02
0.87
14.63
0.11
1.98
2.73
96.16
0.12
0.12
28.40
0.90
23.03
0.86
0.23
0.47
18.30
0.02
35.78
1.16
233.20
Unwinding of interest on investment in preference shares of Devise Properties Private Ltd. is not disclosed above considering it to be a IND AS
March, 2023
Year ended
31 March,
As at 31
2023
NOTE 28 : SEGMENT
Accounting Policy
Total
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
106.72
7.59
-
-
16.50
-
0.27
4.44
17.70
0.11
1.84
8.29
148.09
-
-
28.40
0.67
26.34
1.05
0.21
0.91
22.50
-
28.78
1.31
395.14
As at 31 March,
Year ended
31 March,
Operating Decision Maker.

2024
2024
The Chief Operating Decision Maker is responsible for allocating resources and assessing performance of the
operating segments and has been identified as the Managing Director of the Group.
-
-
-
-
-
-
-
-
-
-
-
-
-
0.12
0.12
-
0.90
-
-
-
-
-
-
-
March, 2023
Year ended
31 March,
As at 31
(a) Description of segments and principal activities
Other Related Parties
2023
Carbon Black : The Group is primarily engaged in production of Carbon Black through its five manufacturing
units located at Durgapur, Kochi, Palej, Mundra and Tiruvallur District (Tamil Nadu).
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.67
-
-
-
-
-
-
-
March, 2024
Year ended
Power: The Group is engaged in generation of electricity for the purpose of captive consumptions as well
31 March,
As at 31
2024
as sale of surplus to outsiders.
All transactions were made on normal commercial terms and conditions and are at arm's length price.
Chemicals: The Group is also engaged in the business of manufacturing, marketing and sale of water
treatment chemicals and oil and gas chemicals, primarily Phosphonates, Low molecular weight polymers,
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23.03
0.86
0.23
0.47
18.30
0.02
-
-
-
March, 2023
Key Management Personnel
Year ended
31 March,
under de facto control as
As at 31
of the Company, Parent-
Tetrasodium Glutamate Diacetate, Methylglycinediacetic Acid, Imidazoline, Triazine, Quaternary Ammonium

2023
defined in Ind AS -110
Chlorides, Biocides, and other downstream chemicals related to the foregoing.
The segment performance is evaluated based on profit or loss and is measured consistently with profit
(d) Details of transaction between the Group and related parties and outstanding balances

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26.34
1.05
0.21
0.91
22.50
-
-
-
-
or loss in the standalone financial statement. Also the Group's borrowings (including finance costs and
March, 2024
Year ended
31 March,
As at 31
2024
interest income), income taxes, investments are managed at head office and are not allocated to operating
segments.
Inter-Segment transfers being power consumed for manufacture of Carbon Black are based on price paid
-
-
-
-
-
-
-
0.04
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
de facto control as defined in
Associates of Parent- under
March, 2023
Year ended
31 March,
As at 31
for power purchased from external sources. Segment revenue is measured in the same way as in the
2023
Statement of Profit and Loss.

Ind AS -110
Segment assets and liabilities are measured in the same way as in the standalone financial statements.
All outstanding balances are unsecured and are repayable in cash.

-
-
-
-
-
-
-
0.02
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
These assets are allocated based on the operations of the segment and the physical location of the assets.
March, 2024
Year ended
31 March,
As at 31
2024
Non-current assets of the Group (excluding certain financial assets) are located in India,Belgium, USA and
UAE.
106.72
9.79
1.94
2.00
10.00
0.03
0.02
0.83
14.63
0.11
1.98
2.73
96.16
-
-
28.40
-
-
-
-
-
35.78
1.16
233.20
(b) Segment Revenue, Segment Earnings and other information as at / for the year ended:-
March, 2023
Year ended
31 March,
control as defined in Ind
As at 31
AS -110,Company under
Parent- under de facto
2023
Common Control
Segment Revenue :

106.72
7.59
-
-
16.50
-
0.27
4.42
17.70
0.11
1.84
8.29
148.09
-
-
28.40
-
-
-
-
-
28.78
1.31
395.14
March, 2024
Year ended
31 March,
Carbon Power Chemicals* Total Carbon Power Total

As at 31
2024
Black Black
Revenue from 5,980.16 167.87 239.07 6,387.10 5,609.53 142.31 5,751.84
external customers
Reimbursement of expenses received
Accommodation Charges recovered
Other operating 32.67 - - 32.67 22.22 - 22.22

Remuneration to Key Management
Dividend received on Equity Shares
Reimbursement of expenses paid
Post-employment benefits to Key
Loan repaid by Key Management
Revenues
Dividend paid on Equity Shares
Other long-term benefit to Key

Accommodation Charges paid
Rent & Flat Maintainance Paid
(e) Terms and Conditions

Power Selling expenses paid
Investment in Equity Shares
Total revenue from 6,012.83 167.87 239.07 6,419.77 5,631.75 142.31 5,774.06
Security Deposit Refund
Nature of Transactions
operations
Nature of Transactions
Electricity charges paid
Director's Commission
Director's Sitting Fees
Security Deposit paid
Advances recovered
Inter-segment - 89.08 - 89.08 - 72.70 72.70

Contributions paid
Closing Balances
adjustment.
Advances given
revenue
Sale of Power
Transactions
Licence Fees
Investments
Receivables
Total segment 6,012.83 256.95 239.07 6,508.85 5,631.75 215.01 5,846.76

Personnel
Personnel
Payables
revenue
No.
No.
(f)
20
Sl.
Sl.
22
23
A.
10
14
18
B.
16
19
17
12
21
13
15
11
4
8
6
9
7
2
2
3
3
1
478 479

Revenue of ` 2,488.75 Crores (31 March, 2023 - ` 2,640.76 Crores) is derived from customers in the Carbon Black Particulars As at 31 March, 2024 As at 31 March, 2023
segment, each of whom contribute to more than 10% of the total revenue. Revenue of ` 19.12 Crores (31 March, Carbon Power Chemicals Unallocated Total Carbon Power Unallocated Total
Black Black
2023 - Nil) is derived from customers in the Chemicals segment, each of whom contribute to more than 10% of
the total revenue. Addition to Non current 303.72 37.65 27.15 0.50 369.02 963.69 88.13 0.83 1,052.65
assets other than financial
* Refer Note 34 instruments
The total of segments assets broken down by location of the assets, is shown below:
The Group is domiciled in India. The amount of its revenue from external customers broken down by the
location of the customers is shown in table below: Assets by geographical location As at As at
31 March, 2024 31 March, 2023
Revenue from external customers (excluding other operating revenues) Year ended 31 Year ended 31
India 9,766.72 4,619.55
March, 2024 March, 2023
Other countries 700.40 314.53
India 4,134.50 4,043.25
Total 10,467.12 4,934.08
Other countries 2,252.60 1,708.59
Total 6,387.10 5,751.84 Segment Liabilities :
Segment Results : Particulars As at 31 March, 2024 As at 31 March, 2023

Carbon Power Chemicals Total Carbon Power Total
Particulars Year ended 31 March, 2024 Year ended 31 March, 2023 Black Black
Carbon Power Chemicals Total Carbon Power Total Total Segment 1,829.37 48.55 1,926.33 3,804.25 1,154.77 72.34 1,227.11
Black Black liabilities

Segment profit 909.46 162.25 (8.15) 1,063.56 693.85 131.98 825.83 Reconciliation to
before interest and total liabilities
tax Borrowings - - - 3,758.68 - - 943.00
Reconciliation to Current Tax - - - 0.12 - - 0.08
Profit before tax Liabilities (Net)
Finance Cost - - - (180.78) - - (53.41) Deferred Tax - - - 280.25 - - 256.06
Liabilities
Interest Income - - - 6.82 - - 2.83
Other Unallocated - - - 201.69 - - 167.26
Unallocated - - - (213.27) - - (193.57) liabilities
expenses (Net)
Total liabilities as 1,829.37 48.55 1,926.33 8,044.99 1,154.77 72.34 2,593.51
Profit before tax 909.46 162.25 (8.15) 676.33 693.85 131.98 581.68 per the balance
sheet
Depreciation/Amortisation and non cash expenses
NOTE 29 : STATEMENT PURSUING TO REQUIREMENT OF SCHEDULE III TO THE COMPANIES ACT, 2013
RELATING TO GROUP'S INTEREST IN SUBSIDIARY AND STEP DOWN SUBSIDIARIES
Carbon Power Chemicals Unallocated Total Carbon Power Unallocated Total
Black Black
Name of the entity in the Net Assets Share in Profit or Loss Share in Other Share in Total
Depreciation/Amortisation 143.28 40.60 21.22 12.16 217.26 89.81 35.28 11.65 136.74 group i.e., total assets minus Comprehensive Income Comprehensive Income
total liabilities
Non cash expense 2.99 - - - 2.99 10.25 - - 10.25
As % of Amount As % of Amount As % of Amount As % of Amount
Segment Assets : Consolidated Consolidated Consolidated Consolidated
Net Assets Profit or Loss Other Total
Comprehensive Comprehensive
Particulars As at 31 March, 2024 As at 31 March, 2023 Income Income
Carbon Power Chemicals Total Carbon Power Total Parent

Black Black PCBL Limited
31 March, 2024 100.89% 3,279.21 108.59% 533.29 100.85% 133.90 106.94% 667.19
Segment Assets 5,208.00 533.78 4,725.34 10,467.12 4,403.51 530.57 4,934.08
31 March, 2023 99.31% 2,819.62 100.43% 444.09 124.32% (21.78) 99.45% 422.31
Reconciliation to total assets
Subsidiaries
Investments - - - 396.17 - - 233.84 Indian
Non current tax assets (Net) - - - 32.11 - - 7.45 PCBL (TN) Ltd
31 March, 2024 0.25% 8.19 (3.90%) (19.15) 0.02% 0.03 (3.06%) (19.12)
Other unallocable assets - - - 400.01 - - 257.44
31 March, 2023 0.96% 27.31 0.00% 0.02 0.38% (0.07) (0.01%) (0.05)
Total assets as per the balance sheet 5,208.00 533.78 4,725.34 11,295.41 4,403.51 530.57 5,432.81
480 481

Name of the entity in the Net Assets Share in Profit or Loss Share in Other Share in Total NOTE 30 : FAIR VALUE MEASUREMENT
group i.e., total assets minus Comprehensive Income Comprehensive Income
total liabilities (i) The carrying and fair value of financial instruments by category as at the end of the year are as follows:
As % of Amount As % of Amount As % of Amount As % of Amount
Consolidated Consolidated Consolidated Consolidated Particulars As at 31 March, 2024 As at 31 March, 2023
Net Assets Profit or Loss Other Total FVTPL FVTOCI Amortised FVTPL FVTOCI Amortised
Comprehensive Comprehensive Cost Cost
Income Income
Financial assets
Advaya Chemical
Industries Limited*
Investments
31 March, 2024 86.74% 2,819.57 (6.20%) (30.43) 0.00% - (4.88%) (30.43)

- Equity instruments - 386.55 - - 224.84 -
31 March, 2023 - - - - - - - -
- Preference Shares 9.62 - - 9.00 - -
- Mutual Funds 36.85 - - - - -
Aquapharm Chemicals
Private Limited # Trade receivables - - 1,710.24 - - 1,110.65
Step down Subsidiary
Loans - - 2.18 - - 2.05
(Consolidated Basis)
Cash and cash equivalents - - 312.29 - - 40.22
31 March, 2024 31.61% 1,027.32 2.81% 13.79 0.72% 0.96 2.36% 14.75
Other bank balances - - 72.51 - - 55.37
31 March, 2023 - - - - - - - -
Derivative financial assets 1.90 - - - - -
Subsidiaries
Other Financial Assets - - 61.99 - - 40.61
Foreign
Total financial assets 48.37 386.55 2,159.21 9.00 224.84 1,248.90
PCBL EUROPE SR @
31 March, 2024 0.22% 7.20 0.00% - 0.00% - 0.00% -
Borrowings - - 4,282.24 - - 827.31
31 March, 2023 - - - - - - - -
Lease Liabilities - - 163.41 - - 86.44

Phillips Carbon Black
Cyprus Holdings Ltd Current maturities of long term - - 537.45 - - 115.69
debts
31 March, 2024 0.71% 23.02 (0.01%) (0.04) (0.14%) (0.18) (0.04%) (0.22)
Derivative financial liabilities 0.05 - - 1.43 - -
31 March, 2023 0.80% 22.86 0.00% (0.01) - - 0.00% (0.01)
Trade payables - - 1,802.02 - - 956.40
Phillips Carbon Black
Vietnam Joint Stock Other financial liabilities - - 253.27 - - 251.73
Company (Stepdown
Total financial liabilities 0.05 - 7,038.39 1.43 - 2,237.57
Subsidiary)
31 March, 2024 1.53% 49.63 0.61% 3.01 0.27% 0.36 0.54% 3.37 (ii) Fair Value
31 March, 2023 1.86% 52.70 0.44% 1.94 - - 0.46% 1.94
The fair values of financial assets and liabilities are included at the amount that would be received to
Non-Controlling Interest
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
31 March, 2024 0.11% 3.73 0.04% 0.17 (0.31%) (0.41) (0.04%) (0.24)
measurement date. Methods and assumptions used to estimate the fair values are consistent in all the
31 March, 2023 0.32% 9.13 0.09% 0.39 (2.85%) 0.50 0.21% 0.89
years. The following methods and assumptions were used to estimate the fair values:
Adjustments
31 March, 2024 (122.06%) (3,967.45) (1.94%) (9.53) (1.41%) (1.89) (1.82%) (11.42) (a) In respect of investments in mutual funds, the fair values represent net asset value as stated by the
31 March, 2023 (3.25%) (92.32) (0.96%) (4.24) (21.85%) 3.83 (0.11%) (0.41) issuers of these mutual fund units in the published statements. Net asset values represent the price at
TOTAL which the issuer will issue further units in the mutual fund and the price at which issuers will redeem
31 March, 2024 100.00% 3,250.42 100.00% 491.11 100.00% 132.77 100.00% 623.88 such units from the investors. Accordingly, such net asset values are analogous to fair market value
31 March, 2023 100.00% 2,839.30 100.00% 442.19 100.00% (17.52) 100.00% 424.67 with respect to these investments, as transactions of these mutual funds are carried out at such
*Subsidiary with effect from January 11, 2024 prices between investors and the issuers of these units of mutual funds.
# Stepdown Subsidiary with effect from January 31, 2024 , Accounts of all subsidiaries of Aquapharm Chemicals (b) In respect of investments in listed equity instruments, the fair values represents available quoted
Pvt Ltd have been consolidated with Aquapharm Chemicals Pvt Ltd. market price at the Balance Sheet date.
@Subsidiary with effect from April 14, 2023 (c) The fair value of derivative contracts (foreign exchange forward contracts and Currency and Interest
rate swaps) is determined using discounted cash flow analysis and swaps and options pricing models.
(d) The management assessed that fair values, of trade receivables, cash and cash equivalents, other
bank balances, loans, trade payables, current borrowings, other current liabilities and other financial
liabilities (current), approximate to their carrying amounts largely due to the short-term maturities of
these instruments. Further, management also assessed the carrying amount of certain non-current
loans which are a reasonable approximation of their fair values and the difference between the
carrying amounts and fair values is not expected to be significant.
482 483

(iii) Fair value of financial assets and liabilities measured at amortised cost Valuation inputs and relationship to fair value
The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial Particulars Fair Value at Valuation Significant Sensitivity
Technique unobservable
statements are a reasonable approximation of their fair values since the Group does not anticipate that 31 March, 31 March, 31 March, 2024 31 March, 2023
input
2024 2023
the carrying amount would be significantly different from the values that would eventually be received or
settled. Unquoted equity shares 148.92 93.56 Discounted Earning Increase in earning Increase in earning
cash flow/Net growth rate / growth rate by 1% and growth rate by 1% and
Asset Value Discounting lower discount rate by lower discount rate by
(iv) Fair value hierarchy rate 1% would increase fair 1% would increase fair
value by ` 2.15 Crores value by ` 0.79 Crores
This section explains the judgements and estimates made in determining the fair values of the financial
Decrease in earning Decrease in earning
instruments that are (a) recognised and measures at fair value and (b) measured at amortised cost and for growth rate by 1% and growth rate by 1% and
which fair values are disclosed in the financial statements. To provide an indication about the reliability of higher discount rate by higher discount rate by
1% would decrease fair 1% would decrease fair
the inputs used in determining fair value, the Group has classified its financial instruments into the three value by ` 1.80 Crores value by ` 0.64 Crores
levels prescribed under the accounting standard. Explanation of each level follows underneath the table: Unquoted Preference shares 9.62 9.00 Discounted Discounting Decrease in discount Decrease in discount
Amortised rate to rate by 1% will increase rate by 1% will increase
cost determine PV the fair value by ` 0.09 the fair value by ` 0.17
Financial assets and As at 31 March, 2024 As at 31 March, 2023 Crores Crores
liabilities measured at fair Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Increase in discount Increase in discount
value - recurring fair value rate by 1% will decrease rate by 1% will decrease
measurements fair value by ` 0.09 fair value by ` 0.16 Crores
Crores
Financial assets
Financial assets at FVTPL Valuation process :

Investments in mutual funds 36.85 - - 36.85 - - - - The main level 3 inputs for unquoted equity shares and unquoted preference share used by the Group are
Investments in preference - - 9.62 9.62 - - 9.00 9.00 derived and evaluated as follows:
shares
Discount rates are determined using a capital asset pricing model to calculate a pre-tax rate that reflects
Foreign-exchange forward - 1.90 - 1.90 - - - -
current market assessments of the time value of money and the risk specific to the asset.
contract
Financial assets at FVTOCI NOTE 31 : FINANCIAL RISK MANAGEMENT
Investments in equity 237.62 - 148.93 386.55 131.28 - 93.56 224.84
The Group’s principal financial liabilities comprises of borrowings, trade and other payables and other financial
instruments
liabilities. The main purpose of these financial liabilities is to finance and support the operations of the Group.
Total financial assets 274.47 1.90 158.55 434.92 131.28 - 102.56 233.84
The Group’s principal financial assets include trade and other receivables, loans, investments and cash & cash
equivalents that derive directly from its operations.
Financial liabilities at FVTPL
The Group's business activities are exposed to a variety of risks including liquidity risk, credit risk and market risk.
Foreign-exchange forward - 0.05 - 0.05 - 1.43 - 1.43
contract The Group seeks to minimise potential adverse effects of these risks by managing them through a structured
Total financial liabilities - 0.05 - 0.05 - 1.43 - 1.43 process of identification, assessment and prioritisation of risks followed by coordinated efforts to monitor,
minimise and mitigate the impact of such risks on its financial performance and capital. For this purpose, the
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
Group has laid comprehensive risk assessment and minimisation/mitigation procedures, which are reviewed
instruments and mutual funds that have net asset value as stated by the issuers in the published statements.
by the Audit Committee and approved by the Board from time to time. These procedures are reviewed to
The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price
ensure that executive management controls risks by way of properly defined framework. The Group does not
as at the reporting period.
enter into derivative financial instruments for speculative purposes.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximise the use of observable market data and rely as little as possible on entity- (A) Credit risk
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument Credit risk refers to risk of financial loss to the Group if customers or counterparties fail to meet their
is included in Level 2. contractual obligations. The Group is exposed to credit risk from its operating activities (mainly trade
receivables) and from its investing activities (primarily deposit with banks and investment in mutual funds).
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3. This is the case for unlisted equity securities included in level 3. (i) Credit risk management
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of (a) Trade Receivable
the reporting period. There are no transfers between level 1 and level 2 fair value measurements during the year
Customer credit risk is managed by the Group through its established policies and procedures which
ended 31 March, 2024 and 31 March, 2023.
involve setting up credit limits based on credit profiling of individual customers, credit approvals
Some of the Group's financial assets are carried at fair value for which Level 3 inputs have been used. The for enhancement of limits and regular monitoring of important developments viz. payment history,
following table gives information about how the fair values of these financial assets are determined (in particular, change in credit rating, regulatory changes, industry outlook etc. Outstanding receivables are regularly
the valuation technique(s) and inputs used). monitored and an impairment analysis is performed at each reporting date on an individual basis for each
484 485

major customer. In addition, small customers are grouped into homogeneous groups and assessed for (C) Market Risk
impairment collectively. The Group also has a policy to provide for all receivables which are overdue for a Market risk is the risk that the fair value of future cash flow of financial instruments may fluctuate because
period over 365 days. In accordance with Ind AS 109, the Group uses expected credit loss model to assess of changes in market conditions. Market risk broadly comprises three types of risks namely currency risk,
the impairment loss or reversal thereof. interest rate risk and price risk (for commodities or equity instruments). The above risks may affect the
Reconciliation of loss allowance provision - Trade receivables are as follows: Group’s income and expenses and / or value of its investments. The Group’s exposure to and management
of these risks are explained below :
Particulars Year ended 31 Year ended 31
March, 2024 March, 2023 (i) Foreign currency risk
Loss allowance at the beginning of the year 1.22 1.11 Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
Loss allowance addition on account of business combination 0.38 - because of changes in foreign exchange rates. The Group operates in international markets and
Change / (reversal) in allowance during the year (net) (0.30) 0.11 therefore is exposed to foreign currency risk arising from foreign currency transactions. The exposure
Loss allowance at the end of the year 1.30 1.22 relates primarily to the Group’s operating activities (when the revenue or expense is denominated
in foreign currency), borrowings in foreign currencies and investment in overseas subsidiaries. Over
(b) Deposits and financial assets (Other than trade receivables): ninety percent of Group’s foreign currency transactions are in USD while the rest are in EURO, CNY,
The Group maintains exposure in cash and cash equivalents, term deposits with banks and money market VND, GBP and KRW. The risk is measured through forecast of highly probable foreign currency cash
liquid mutual fund schemes. Investments of surplus are made within assigned credit limits with approved flows.
counterparties who meet the threshold requirements with respect to ratings, financial strength, credit
The Group’s risk management policy is hedging of net foreign currency exposure at all points in time
spreads etc. Counterparty credit limits are set to minimise concentration risk and are reviewed periodically
through foreign exchange forward contracts, vanilla option contracts and cross currency interest rate
by the Board.
swaps. The objective of the hedging is to eliminate the currency risk due to volatility in exchange rates.

(B) Liquidity Risk
(a) Foreign currency risk exposure
Liquidity risk implies that the Group may not be able to meet its obligations associated with its financial
The Group's exposure to foreign currency risk at the end of the reporting period expressed in `, are as
liabilities. The Group manages its liquidity risk on the basis of the business plan that ensures that the
follows:
funds required for financing the business operations and meeting financial liabilities are available in a
timely manner and in the currency required at optimal costs. The Management regularly monitors Particulars 31 March, 2024 31 March, 2023
rolling forecasts of the Group’s liquidity position to ensure it has sufficient cash on an ongoing basis to ` equivalent of ` equivalent of
meet operational fund requirements. The surplus cash generated, over and above the operational fund USD EUR CNY KRW GBP JPY VND USD EUR CNY KRW JPY VND
requirement is invested in bank deposits / marketable debt securities / debt mutual fund schemes of Financial
highly liquid nature to optimise cash returns while ensuring adequate liquidity for the Group. assets
Trade 517.82 88.38 - - - - - 254.97 37.77 - - - -
Additionally, the Group has committed fund and non-fund based credit lines from banks which may be receivables
drawn anytime based on Group’s fund requirements. The Group maintains a cautious liquidity strategy Advance to 0.01 1.08 0.02 0.01 - - - 0.06 13.21 0.02 0.01 - -
with positive cash balance and undrawn bank lines throughout the year. Suppliers
Cash 10.27 10.80 - - - - - - - - - - -
The following are the remaining contractual maturities of financial liabilities at the reporting date. The and cash
equivalents
amounts are gross and undiscounted, and include contractual interest payments.
Derivative
assets
Contractual maturity of financial Upto 1 year 1 Year to 3 3 year to 5 More than Total
liabilities year year 5 years Foreign (41.69) (9.02) - - - - - - - - - - -
exchange
31 March, 2024 forward
contracts
Borrowings 1,043.05 1,223.11 2,271.64 281.89 4,819.69
Net 486.41 91.24 0.02 0.01 - - - 255.03 50.98 0.02 0.01 - -
Trade payable 1,802.02 - - - 1,802.02 exposure
to foreign
Lease Liabilities 43.80 66.67 55.20 48.18 213.85 currency risk
Other financial liabilities 214.43 38.85 0.04 - 253.32 (assets)
3,103.30 1,328.63 2,326.88 330.07 7,088.88

31 March, 2023
Borrowings 535.69 257.77 130.25 19.29 943.00
Trade payable 956.40 - - - 956.40
Lease Liabilities 27.51 47.14 16.10 17.49 108.24
Other financial liabilities 105.43 7.73 0.04 - 113.20
1,625.03 312.64 146.39 36.78 2,120.84
486 487

Particulars 31 March, 2024 31 March, 2023 (ii) Interest rate risk

` equivalent of ` equivalent of Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
USD EUR CNY KRW GBP JPY VND USD EUR CNY KRW JPY VND because of changes in market interest rates. The Group’s exposure to risk of change in market interest
Financial rates relates primarily to its debt interest obligations. It's borrowings are at floating rates and its future cash
liabilities
flows will fluctuate because of changes in market interest rates.
Borrowings 29.18 - - - - - - - - - - - -
Trade 1,218.33 6.36 - - 0.03 0.60 - 648.29 0.74 - - 2.65 0.00
payables
(a) Interest Rate Risk Exposure
Derivative The exposure of the Group’s borrowings to interest rate changes at the end of the reporting period are
liabilities
as follows:
Foreign
exchange
forward
31 March, 2024 31 March, 2023
contracts Total borrowings (including current maturities) 4,819.69 943.00
Buy foreign (867.13) - - - - - - (410.88) - - - - -
currency (b) Sensitivity
Net 380.38 6.36 - - 0.03 0.60 - 237.41 0.74 - - 2.65 0.00
exposure Profit or loss is sensitive to higher / lower interest expense from borrowings as a result of changes in
to foreign interest rates.
currency risk
(liabilities)
Impact on profit before tax
Net 106.03 84.88 0.02 0.01 (0.03) (0.60) - 17.62 50.24 0.02 0.01 (2.65) (0.00)*
exposure Year Ended Year Ended
to foreign 31 March, 31 March,

currency
risk (Assets- 2024 2023
Liabilities) Interest Rates - Increase by 50 basis points (50 bps) * (24.10) (4.72)
* Amount is below the rounding off norm adopted by the Group. Interest Rates - Decrease by 50 basis points (50 bps) * 24.10 4.72
(b) Sensitivity * Holding all other variable constant.
A fluctuation in the exchange rates of 1% with other conditions remaining unchanged would have the (iii) Security Price risk
following effect on Group’s profit or loss before taxes as at 31 March, 2024 and 31 March, 2023:
Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in
Impact on profit before tax market traded prices.
Year Ended Year Ended
The Group invests its surplus funds in various debt instruments and equity instruments. These
31 March, 2024 31 March, 2023
comprise of mainly liquid schemes of mutual funds, short term debt funds & income funds (duration
USD sensitivity
`/USD- Increase by 1%* 1.06 0.18 investments),certain quoted equity instruments and bank fixed deposits. To manage its price risk arising
`/USD- Decrease by 1%* (1.06) (0.18) from investments in mutual funds and equity instruments, the Group diversifies its portfolio. Mutual fund
EUR sensitivity and equity investments are susceptible to market price risk, mainly arising from changes in the interest
`/EUR- Increase by 1%* 0.85 0.50 rates or market yields which may impact the return and value of such investments.
`/EUR- Decrease by 1%* (0.85) (0.50)
CNY sensitivity** (a) Securities Price Risk Exposure
`/CNY- Increase by 1%* 0.00 0.00 The Group’s exposure to securities price risk arises from investments in mutual funds and equity
`/CNY- Decrease by 1%* (0.00) (0.00)
instruments held by the Group and classified in the Balance Sheet as fair value through profit or loss/
KRW sensitivity**
fair value through other comprehensive income is disclosed under Note 30.
`/KRW- Increase by 1%* 0.00 0.00
`/KRW- Decrease by 1%* (0.00) (0.00) (b) Sensitivity
GBP sensitivity**
`/GBP- Increase by 1%* (0.00) - The sensitivity of profit or loss to changes in Net Assets Values (NAVs) as at year end for investments in
`/GBP- Decrease by 1%* 0.00 - mutual funds.
JPY sensitivity**
`/JPY- Increase by 1%* (0.01) (0.03)
Impact on profit before tax
`/JPY- Decrease by 1%* 0.01 0.03 Year Ended Year Ended
VND sensitivity** 31 March, 31 March,
`/VND- Increase by 1%* - (0.00) 2024 2023
`/VND- Decrease by 1%* - 0.00 NAV of mutual funds/Market price of quoted equity instruments - Increase by 1%* 0.37 -
* Holding all other variable constant. NAV of mutual funds/Market price of quoted equity instruments - Decrease by 1%* (0.37) -
** Amount is below the rounding off norm adopted by the Group. * Holding all other variable constant.
488 489

(D) Commodity Price Risk (b) Disclosure of effects of hedge accounting on financial performance
Commodity price risk results from changes in market prices for raw materials, mainly carbon black 31 March, 2024
feedstock which forms the largest portion of Group’s cost of sales.
Type of hedge Change in the Hedge Amount Line item affected
The Group endeavours to reduce such risks by maintaining inventory at optimum level through a highly Value of hedging ineffectiveness reclassified in statement of
probable sales forecast on quarterly basis and also through worldwide purchasing activities. Raw materials instrument recognised in from cash flow profit and loss
recognised profit or loss hedging reserve because of the
are purchased exclusively to cover Group’s own requirements. Further, a significant portion of Group’s
in other to profit or loss reclassification
volume is sold based on formula-driven price adjustment mechanism which allows for recovery of the comprehensive
changed raw material cost from customers. The Group also endeavors to offset the effects of increases income
in raw material costs through price increases in its non-contract sales, productivity improvement and Cash flow hedge
other cost reduction efforts. The Group has not entered into any derivative contracts to hedge exposure to Foreign exchange risk (0.06) - - Other income
fluctuations in commodity prices.
The Group’s one of it Step-down Subsidiary ,hedging policy requires for effective hedge relationships
(E) Hedge Accounting: to be established. Hedge effectiveness is determined at the inception of the hedge relationship and
Hedge Accounting is done by one of it Step-down Subsidiary-Foreign exchange forward contracts are through periodic prospective effectiveness assessments to ensure that an economic relationship
designated as hedging instruments in cash flow hedges of highly probable forecast transactions for sales exists between the hedged item and hedging instrument. The Group enters into hedge relationships
in USD and EURO. The foreign exchange forward contract balances vary with the level of expected foreign where the critical terms of the hedging instrument match exactly with the terms of the hedged
currency sales and changes in foreign exchange forward rates. item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances
affect the terms of the hedged item such that the critical terms no longer match exactly with the
The terms of the foreign currency forward contracts match the terms of the expected highly probable
critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess

forecast transactions. As a result, no hedge ineffectiveness arose requiring recognition through profit or
effectiveness.
loss as on March 31, 2024.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated
The cash flow hedges for such derivative contracts as at March 31, 2024 were assessed to be highly effective
component value of the hedging instrument exceeds on an absolute basis the change in value of the
and a net unrealised loss of ` 0.22 Crores, with a deferred tax asset of ` 0.06 Crores relating to the hedging
hedged item attributable to the hedged risk. In hedges of foreign currency forecast sale may arise if:
instruments, is included in OCI. The amounts retained in OCI as at March 31, 2024 are expected to mature
and affect the statement of profit and loss during the year ending March 31, 2025. - the critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts,
timing of the forecast transaction, interest resets changes from what was originally estimated), or
Impact of hedging activities
- differences arise between the credit risk inherent within the hedged item and the hedging
(a) Disclosure of effects of hedge accounting on financial position:
instrument.
31 March, 2024
Refer Statement of changes in equity for the details related to movement in cash flow hedging reserve.
Types of hedge and Nominal Carrying Maturity Hedge Weighted Changes in Change in
risks Value Amount of date ratio* Average fair value the value NOTE 32 : CAPITAL MANAGEMENT
Hedging Strike of hedging of hedged For the purposes of the Group’s capital management, capital includes issued capital, all other equity reserves
Instruments Price/ instrument item used as
Rate the basis for and long term borrowed capital less reported cash and cash equivalents and current investments.
recognising
hedge
The primary objective of the Group’s capital management is to maintain an efficient capital structure to reduce
effectiveness the cost of capital, support the corporate strategy and to maximise shareholder's value.
Assets / (Liabilities) The Group’s policy is to borrow primarily through banks to maintain sufficient liquidity. The Group also maintains
Cash flow hedge certain undrawn committed credit facilities to provide additional liquidity. These borrowings, together with
cash generated from operations are utilised for operations of the Group.
Foreign exchange risk
(i) Foreign exchange 41.69 (0.08) April 1:1 USD:INR- (0.24) 0.24 The Group monitors capital on the basis of cost of capital. The Group is not subject to any externally imposed
forward contracts 2024- 83.37 capital requirements.
October
2024
(ii) Foreign exchange 9.02 0.02 April 1:1 EUR:INR- 0.02 (0.02)
forward contracts 2024- 90.22
August
2024
*The foreign exchange forward contracts are denominated in the same currency as the highly probable
future sales therefore the hedge ratio is 1:1.
490 491

The following table summaries the capital of the Group: NOTE 34 : BUSINESS COMBINATIONS
The Board of Directors of Parent Company, at it’s meeting held on November 28, 2023, in-principle approved the
Particulars As at As at
31 March, 2024 31 March, 2023 acquisition, directly or through one of its affiliates, of 212,172 shares of Aquapharm Chemicals Private Limited
(“ACPL”), for an aggregate consideration of ` 3,851.49 Crores (subject to agreed adjustments) representing 100%
Long Term Borrowings (including current maturities of long term debt) 4,314.09 523.00
of the issued and paid-up share capital of ACPL (“Transaction”). In furtherance of such approval, the Parent
Short Term Borrowings 505.60 420.00
Company executed a share purchase agreement dated November 28, 2023 (“SPA”) with ACPL, and shareholders
Less: Cash and cash equivalents 312.29 40.22
Less: Current Investments 36.85 - of ACPL, for undertaking the Transaction, subject to inter alia obtaining all necessary approvals and fulfilment
Total Net Debt 4,470.55 902.78 of other customary conditions, as per the terms and conditions specified in the SPA.
Total equity 3,250.42 2,839.30 ACPL is primarily engaged in the business of manufacturing and sale of basic and special chemicals used in
Total Capital (Equity+Net Debt) 7,720.97 3,742.08 detergents, soaps and other chemical industries. ACPL has its registered office at Pune.
No changes were made to the objectives, policies or processes for managing capital during the year ended The transaction was financed through a mix of internal accruals and external funds raised by the Parent
31 March, 2024 and 31 March, 2023. Company and/or its affiliates. Further, the Parent Company and its affiliates have raised ` 2,500 crores to fund
NOTE 33 : OTHER STATUTORY INFORMATION the transaction. Out of the aforesaid external financing, the Parent Company has raised ` 700 crores and its
a) The Group does not have any transactions with companies struck off. subsidiary has raised ` 550 crores through issuance of nonconvertible debenture during the year ended March
31, 2024 inter alia for part financing the acquisition of ACPL. The proceeds of the non-convertible debenture
b) The Group does not have any charges or satisfaction which is yet to be registered with ROC (Registrar of have been fully utilised before March 31, 2024, for acquisition of shares of ACPL, through a subsidiary "Advaya
Companies) beyond the statutory period. Chemical Industries Limited" incorporated on January 11, 2024. The acquisition of ACPL was completed on
c) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year. January 31, 2024. Pursuant to acquisition, the Group has provisionally recognised identifiable assets (tangible
and intangible) acquired and liabilities assumed as at acquisition date at fair value amounting to ` 3,260.12

d) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding crores, deferred tax liabilities of ` 569.92 crores on fair value gain on assets acquired and consequent goodwill
Party) with the understanding (whether recorded in writing or otherwise) that the Group shall directly or amounting to ` 1,161.29 crores in accordance with Ind AS 103 “Business Combination”.
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the (a) Purchase consideration
Ultimate Beneficiaries. As per the SPA, the group has present ownership of 100% stake in ACPL. The total purchase consideration of
e) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including INR 3,851.49 Crores has been recorded in the consolidated financial statements of the Group as at March 31,
foreign entities (Intermediaries) with the understanding that the Intermediary shall directly or indirectly 2024.
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Identified Assets acquired and liabilities assumed
Group (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries. The fair value of the identified assets acquired and liabilities assumed as at date of acquistion (31 January, 2024)
were:
f) The Group has not surrendered or disclosed any transaction, previously unrecorded in the books of account,
in the tax assessments under the Income Tax Act, 1961 as income during the year.
Assets Amounts
g) There are no proceedings initiated or are pending against the Group for holding any benami property Property,plant & equipment 486.04
under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
Computer software 1.05
h) The Parent Company and subsidiaries which are companies incorporated in India and whose financial Customer-related intangibles (Refer Note a below) 1,710.80
statements have been audited under the Act have complied with the requirements of audit trail except for
Product-related intangibles (Refer Note a below) 467.80
the following:
Capital work in progress 100.70
One (1) of subsidiary has used accounting software for maintaining its books of account wherein the feature
Right of use assets 35.08
of recording audit trail (edit log) facility was not enabled throughout the period. Accordingly, the recording
of audit trail (edit log) facility, its operation throughout the year for all relevant transactions recorded in the Investments 36.34
software and tampering of audit trail feature cannot be assessed. Other non-current financial assets 4.50
i) The Group has not been declared wilful defaulter by any bank or financial institution or government or any Non current tax assets (net) 4.14
government authority. Other non-current assets 20.85
j) The Group has 4 Core Investment Companies as a part of the Group. Inventories 283.95
Trade receivables (Refer Note b below) 271.91
k) Pursuant to acquisition of 100% shares of Aquapharm Chemicals Private Limited ("ACPL") by Advaya
Chemical Industries Limited, a subsidiary of Parent Company (a public listed company in India) on Cash and cash equivalents 103.01
January 31, 2024, ACPL shall be deemed to be a public company (being a step-subsidiary of a public Other bank balances 15.03
company) as per proviso to Section 2(71) of the Companies Act, 2013 with effect from February 1, 2024. Other current financial assets 2.32
The management of ACPL has ensured compliance with the provisions of the Companies Act, 2013 as
Other current assets 33.53
applicable to a public company with effect from February 1, 2024, however, they are in the process of
completing the appointment of woman director. Total (A) 3,577.05
492 493

Liabilities Amounts 35. Subscriptions and donations in Note 21 includes contributions by way of a) Electoral Bond of ` 35 Crores
during the year (previous year: ` 10 Crores) from State Bank of India under Electoral Bond Scheme and; b)
Borrowings 73.75
Electoral Trust of ` 10 Crores (previous year: Nil), which were made in accordance with Section 182 of the
Lease liabilities 15.10 Companies Act, 2013, as applicable at the time of making such contributions and prior to the judgement
Defered tax liabilities (net) (Refer Note c below) 596.80 of the Hon'ble Supreme Court in the matter of Association for Democratic Reforms & Anr. v. Union of
India & Ors. [ (2024) SCC OnLne SC 150] dated February 15, 2024. Further, the management of the Holding
Trade payables 165.02
Company has evaluated impact of the SC Judgement with legal experts and believes that SC Judgement
Other current financial liabilities 19.23 will not have adverse impact on the Group, as the contributions made by the Group are in compliance with
Provisions 11.10 then enacted provisions of the Companies Act, 2013.
Other current liabilities 11.01
NOTE 36 : RESEARCH AND DEVELOPMENT EXPENSES
Total (B) 892.01
Accounting Policy
Non-controlling interests (C) 5.16
The Group’s business research and development concentrates on the development of improved finished goods
Fair value of net assets acquired (D) = (A) - (B) + (C) 2,690.20 and better operational efficiency. Research costs are expensed as incurred. Expenditure on development that
Total Purchase Consideration (E) 3,851.49 does not meet the specified criteria under Ind AS 38 'Intangible Assets' is recognised as expense as incurred.
Goodwill arising out of business combination (F) = (E - D) 1,161.29
Revenue Expenses incurred in India
Purchase consideration Amounts Year ended 31 March, 2024 Year ended 31 March, 2023
Total Durgapur Kochi Total Durgapur Kochi

Palej Mundra Pune Palej Mundra
Purchase Consideration 3,851.49
Raw Materials & Stores 2.55 1.20 - 1.35 - - 4.34 0.17 - 4.17 -
Less :Purchase consideration payable [Refer Note 10 (d)] 41.03 Consumed
Salaries, Wages and 6.69 0.91 0.73 3.69 0.21 1.15 5.39 0.83 0.71 3.60 0.25
Less :Discounting impact on Purchase consideration (0.52)
Bonus
Total Purchase Consideration Paid 3,810.98 Contribution to Provident 0.23 0.04 0.03 0.15 0.01 - 0.26 0.04 0.03 0.18 0.01
and Other Funds
Purchase consideration - Cash outflow Amounts Staff Welfare Expense 0.74 - - 0.74 - - 0.11 - - 0.11 -
Miscellaneous Expenses 3.29 0.02 0.06 1.81 0.02 1.38 1.45 - - 1.45 -
Total Purchase Consideration Paid 3,810.98
Total 13.50 2.17 0.82 7.74 0.24 2.53 11.55 1.04 0.74 9.51 0.26
Less: Balance acquired
Also Refer Note 21 (a) for Research and development expenditure incurred for Innovation centre in Belgium
Cash and cash equivalents 103.01
and USA.
Net cash outflows- Payment towards acquisition of a subsidiary acquired in a business 3,707.97
combination 37 The Parent Company has commissioned the first phase i.e., 20,000 MTPA of 40,000 MTPA specialty
chemical capacity at Mundra Plant, Gujarat on July 10, 2023.
From the date of acquisition, Aquapharm Chemicals Private Limited (consolidated) has contributed revenue
from operation of ` 239.08 Crores and profit before tax of ` 22.76 Crores to the profit before tax of the Group. 38 PCBL (TN) Limited, a wholly owned subsidiary of the Parent Company commenced commercial production
If the combination had taken place at the beginning of the year revenue from operations would have been
of first phase (63,000 MT out of total capacity of 147,000 MT) w.e.f. April 14, 2023 and final phase (84,000 MT
` 7,733.33 Crores and the profit before tax for the Group would have been ` 822.19 Crores.
out of total capacity of 147,000 MT) w.e.f. September 12, 2023 at its Greenfield carbon black manufacturing
Note facility in the state of Tamil Nadu.The said subsidiary has also commissioned 12 MW of cogeneration captive
a The determination of the fair value of customers related intangible assets,Product-related intangibles asset power plant w.e.f. October 7, 2023 and 12 MW of cogeneration captive power plant w.e.f. April 8, 2024 at
is based on discounted cash flow method. Key assumptions on which the management has based fair Tamil Nadu.
valuation includes estimated long-term growth rates, weighted average cost of capital, estimated operating
margin, customer churn. The Cash flow projections take into account past experience and represent
the management’s best estimate about future developments. Useful life taken by the management for
ICAI Firm Registration Number 301003E/E300005
depreciation of Customers related intangible is 25 years and Product-related intangibles is 20 years. Chartered Accountants
b Represents net of provision for doubtful debts of ` 0.38 Crores. Vishal Sharma Kaushik Roy Rusha Mitra
c Includes impact of deferred tax adjustment amounting to ` 569.92 Crores on fair value gain, arising on
Membership Number: 096766 (DIN: 06513489) (DIN: 08402204)
business combination adjusted in Goodwill as per Ind AS- 12 Income Taxes.
Place :Gurugram Kaushik Mukherjee Raj Kumar Gupta
d The goodwill consists largely of expected synergies arising from the acquistion which is not separately Date: May 23, 2024 Company Secretary Chief Financial Officer
recognised.
e Refer Note 23 for Contingent Liabilities.
494 495
Form AOC-I 3 Names of subsidiaries which have been incoporated during the year
PCBL Europe SRL (with effect from April 14, 2024)
Statement containing salient features of the financial statement of subsidiaries / associate companies / joint ventures
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014) Advaya Chemicals Limited (with effect from December 28, 2023)
Advaya Chemical Industries Limited (with effect from January 11, 2024)
Part "A" : Subsidiaries
Nanovace Technologies Limited (with effect from March 29, 2024)
(Information in respect of each subsidiary to be presented with amounts in ` in Crores)
# Aquapharm Chemicals Pvt. Ltd is wholly owned Subsidiary of Advaya Chemical Industries with effect
Sl. Name of the subsidiary FY 2023-24 from January 31, 2024.
No.
1 2 3 4 5 6 *Accounts of all subsidiaries of Aquapharm Chemicals Pvt Ltd have been consolidated with Aquapharm
Phillips PCBL (TN) Phillips PCBL Advaya Aquapharm Chemicals Pvt Ltd with effect from January 31, 2024.
Carbon Limited Carbon Europe Chemical Chemicals
Black Black SRL Industries Pvt. Ltd Part "B" : Associates and Joint Ventures
Cyprus Vietnam Limited (Consolidated
Holdings Joint Stock Basis) # * Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint
Ltd Company Ventures
1 Reporting period for the Same as Same as Same as Same as Same as Same as
subsidiary concerned, if Holding Holding Holding Holding Holding Holding Name of Associates / Joint Ventures NA
different from the holding Company Company Company Company Company Company
company's reporting period 1 Latest audited Balance Sheet Date -
2 Reporting currency and EURO INR VND EURO INR INR 2 Shares of Associates / Joint Ventures held by the Company on the year end -
Exchange rate as on the last 89.99 NA 0.003357 89.99 NA NA
date of the relevant Financial No.
year in the case of foreign
subsidiaries. Amount of Investment in Association / Joint Venture -

3 Share capital 0.16 30.00 40.33 7.20 100.00 2.12 Extent of Holding % -
4 Instruments entirely equity in - - - - 2,750.00 - 3 Description of how there is significant influence -
nature
4 Reason why the Associate / Joint venture is not consolidated -
5 Reserves & surplus 22.86 (21.81) 9.30 - (30.43) 1,025.20
6 Total assets 31.48 2,185.75 53.57 7.20 3,892.09 1,328.33

5 Networth attribuite to Shareholding as per latest audited Balance Sheet -
7 Total Liabilities 8.46 2,177.56 3.94 - 1,072.52 301.01 6 Profit / Loss for the year -
8 Investments 27.30 570.00 - - 3,851.49 36.86 i. Considered in Consolidation -
9 Turnover - 506.82 - - 1.00 239.08 ii. Not Considered in Consolidation -
10 Profit / (Loss) before taxation - (23.21) 3.01 - (35.00) 22.76 1. Names of associates or joint ventures which are yet to commence operations. NA
11 Provision for taxation 0.04 (4.06) - - (4.57) 8.97 2. Names of associates or joint ventures which have been liquidated or sold during the NA
year.
12 Profit / (Loss) after taxation (0.04) (19.15) 3.01 - (30.43) 13.79
13 Proposed Dividend - - - - - -
14 % of shareholding 100% 100% 80% 100% 80% 80%
Notes : The following information shall be furnished at the end of the Statement:
1 Names of subsidiaries which are yet to commence operations
Phillips Carbon Black Cyprus Holdings Ltd
Phillips Carbon Black Vietnam Joint Stock Company (Step down Subsidiary)
PCBL Europe SRL
Advaya Chemicals Limited
Nanovace Technologies Limited
2 Names of subsidiaries which have been liquidated or sold during the year
None
496 497
GRI content index GRI STANDARD/
OTHER SOURCE
DISCLOSURE LOCATION PAGE NO.
2-14 Role of the highest About the report 1

governance body in
Statement of use PCBL has reported in accordance with the GRI Standards for the period 1 April, 2023 Governance 161
sustainability reporting
to 31 March, 2024.
BRSR Section B 285
GRI 1 used GRI 1: Foundation 2021
2-15 Conflicts of interest Governance 162
GRI STANDARD/ DISCLOSURE LOCATION PAGE NO. BRSR Section C: Principle 1 289
OTHER SOURCE 2-16 Communication of Governance 163
General disclosures critical concerns
BRSR Section A 278
2-1 Organizational details About the report 1 2-17 Collective knowledge Corporate Governance Report 252-253
This is PCBL Limited 12-15 of the highest governance
body
2-2 Entities included About the report 1
in the organization’s 2-18 Evaluation of the Corporate Governance Report 246
sustainability reporting performance of the
highest governance body
2-3 Reporting period, About the report 1
frequency and contact 2-19 Remuneration policies Corporate Governance Report 244-245
point 2-20 Process to determine Corporate Governance Report 244-245
2-4 Restatements of - - remuneration
information 2-21 Annual total Human Capital 140
2-5 External assurance About the report 1 compensation ratio
BRSR Section C: Principle 5 307
2-6 Activities, value chain Product Application 18-21 2-22 Statement on Chairman's Communique 26-27
and other business sustainable development
relationships Value Creation Model 34-35 GRI 2: General From the Managing Director’s 28-29
strategy
Customer Centricity 154-157 Disclosures 2021 Desk
BRSR Section A 274-275 BRSR Section B 284
2-7 Employees Human Capital 132-147 2-23 Policy commitments Human Capital 134
GRI 2: General BRSR Section A 275 Governance 166
Disclosures 2021
2-8 Workers who are not Human Capital 132-147 2-24 Embedding policy Governance 166
employees commitments
BRSR Section A 275
2-25 Processes to Risk & Opportunity Management 51-61
2-9 Governance structure Governance 158-159 remediate negative
and composition impacts BRSR Section A 279-282
BRSR Section A 276
Corporate Governance Report 232-235 2-26 Mechanisms for BRSR Section A 278
seeking advice and raising
2-10 Nomination and Corporate Governance Report 243-246 concerns
selection of the highest
governance body 2-27 Compliance with laws 0 instances of non-compliance -
and regulations with laws and regulations
2-11 Chair of the highest Governance 158-160
governance body BRSR Section C: Principle 1 288-289
Corporate Governance Report 232
2-28 Membership BRSR Section C: Principle 7 322
2-12 Role of the highest Governance 160 associations
governance body
in overseeing the Corporate Governance Report 232 2-29 Approach to Stakeholder Engagement 36-43
management of impacts stakeholder engagement
BRSR Section C: Principle 4 302-304
2-13 Delegation of Governance 160 2-30 Collective bargaining BRSR Section C: Principle 3 296
responsibility for agreements
managing impacts Corporate Governance Report 238
GRI STANDARD/ DISCLOSURE LOCATION PAGE NO. GRI STANDARD/ DISCLOSURE LOCATION PAGE NO.
OTHER SOURCE OTHER SOURCE
Material topics 205-1 Operations assessed Zero incidents of corruption across -
for risks related to all operational sites during FY
3-1 Process to determine Materiality Assessment 44 corruption 2023-24
material topics
GRI 3: Material Topics 205-2 Communication Governance 164
2021 3-2 List of material topics Materiality Assessment 44-50 GRI 205: Anti- and training about anti-
corruption 2016 corruption policies and BRSR Section C: Principle 1 287
BRSR Section A 279-282
procedures
Economic performance
205-3 Confirmed incidents BRSR Section C: Principle 1 289
GRI 3: Material Topics 3-3 Management of Financial Capital 76-79 of corruption and actions
2021 material topics taken
201-1 Direct economic Financial Capital 78 Anti-competitive behavior
value generated and
distributed GRI 3: Material Topics 3-3 Management of Risk & Opportunity Management 51-61
2021 material topics
201-2 Financial BRSR Section A 279-282
implications and other 206-1 Legal actions for No such incidents reported during -
risks and opportunities GRI 206: Anti- anti-competitive behavior, FY 2023-24
due to climate change competitive Behavior anti-trust, and monopoly
practices Risk & Opportunity Management 59
2016
GRI 201: Economic 201-3 Defined benefit plan Human Capital 139
Performance 2016 BRSR Section C: Principle 7 323
obligations and other
retirement plans Notes to Standalone Financial 355 Tax
Statements
GRI 3: Material Topics 3-3 Management of Governance 165
Notes to Consolidated Financial 432 2021 material topics
Statements
207-1 Approach to tax Governance 165
201-4 Financial assistance Export incentives including: -
received from government RODTEP income (8.4 Crores), Duty 207-2 Tax governance, Governance 165
drawback income (10.5 Crores) control, and risk
management
Market presence
GRI 207: Tax 2019 207-3 Stakeholder Governance 165
GRI 3: Material Topics 3-3 Management of Human Capital 132 engagement and
2021 material topics management of concerns
202-1 Ratios of standard BRSR Section C: Principle 5 307 related to tax
entry level wage by 207-4 Country-by-country Not applicable as report boundary -
gender compared to local reporting is limited to PCBL operations
GRI 202: Market minimum wage
Presence 2016 Materials
202-2 Proportion of senior 50% -
management hired from GRI 3: Material Topics 3-3 Management of Natural Capital 101-104
the local community 2021 material topics
Procurement practices 301-1 Materials used by Natural Capital 104
weight or volume
GRI 3: Material Topics 3-3 Management of Responsible Procurement 66-73
2021 material topics 301-2 Recycled input BRSR Section C: Principle 2 292
GRI 301: Materials 2016 materials used
204-1 Proportion of 24.20% -
GRI 204: Procurement
spending on local 301-3 Reclaimed products BRSR Section C: Principle 2 292
Practices 2016 BRSR Section C: Principle 8 324
suppliers and their packaging
materials
Anti-corruption
Energy
GRI 3: Material Topics 3-3 Management of Governance 164
2021 material topics GRI 3: Material Topics 3-3 Management of Natural Capital 107
302-1 Energy consumption Natural Capital 107 306-1 Waste generation Natural Capital 118-121
within the organization and significant waste-
related impacts
302-2 Energy - -
consumption outside of 306-2 Management of Natural Capital 118-121
the organization significant waste-related
impacts
GRI 302: Energy 2016 302-3 Energy intensity Natural Capital 108 GRI 306: Waste 2020
306-3 Waste generated Natural Capital 118-121
302-4 Reduction of energy Natural Capital 108-109
consumption 306-4 Waste diverted from Natural Capital 118-121
disposal
302-5 Reductions in Natural Capital 108-109
energy requirements of 306-5 Waste directed to Natural Capital 118-121
products and services disposal
Water and effluents Supplier environmental assessment
GRI 3: Material Topics 3-3 Management of Natural Capital 114 GRI 3: Material Topics 3-3 Management of Responsible Procurement 66-73
2021 material topics 2021 material topics
308-1 New suppliers that 100% of new suppliers were -
303-1 Interactions with Natural Capital 114-117 were screened using screened using environmental
water as a shared resource environmental criteria criteria
303-2 Management of Natural Capital 114-117 GRI 308: Supplier 308-2 Negative 94% of critical suppliers (by value) -
water discharge-related Environmental environmental impacts were assessed for environmental
GRI 303: Water and impacts Assessment 2016 in the supply chain and impacts and no suppliers were
Effluents 2018
303-3 Water withdrawal Natural Capital 114-116 actions taken identified as having significant
actual and potential negative
303-4 Water discharge BRSR Section C: Principle 6 313-314 environmental impacts
303-5 Water consumption Natural Capital 114-116 Employment
Emissions GRI 3: Material Topics 3-3 Management of Human Capital 137-138
3-3 Management of Natural Capital 110 2021 material topics
GRI 3: Material Topics
2021 material topics 401-1 New employee hires Human Capital 137-139
and employee turnover
305-1 Direct (Scope 1) GHG Natural Capital 111
emissions 401-2 Benefits provided Human Capital 139
to full-time employees
305-2 Energy indirect Natural Capital 111 GRI 401: Employment that are not provided to BRSR Section C: Principle 3 293
(Scope 2) GHG emissions 2016 temporary or part-time
employees
305-3 Other indirect BRSR Section C: Principle 6 319
(Scope 3) GHG emissions 401-3 Parental leave Human Capital 139
305-4 GHG emissions Natural Capital 111 BRSR Section C: Principle 3 293, 295
intensity
GRI 305: Emissions Labor/management relations
2016 305-5 Reduction of GHG Natural Capital 112-113
emissions GRI 3: Material Topics 3-3 Management of At PCBL, we ensure to provide -
2021 material topics ample notice periods to our
305-6 Emissions of ozone- - - employees before making any
depleting substances 402-1 Minimum notice significant operational changes -
(ODS) periods regarding that could substantially affect
operational changes them. We offer a 30-day notice
305-7 Nitrogen oxides Natural Capital 112 GRI 402: Labor/ period for trainees, a 60-day notice
(NOx), sulfur oxides (SOx), Management Relations period for employees up to the
and other significant air 2016 manager grade, and a 90-day
emissions
notice period for senior managers
Waste and above at the time of cessation
of employment.
GRI 3: Material Topics 3-3 Management of Natural Capital 118
material topics Occupational health and safety
2021 BRSR Section C: Principle 6 316-317
GRI 3: Material Topics 3-3 Management of Human Capital 141
403-1 Occupational health Human Capital 141 405-1 Diversity of Human Capital 135-137
and safety management governance bodies and
system employees BRSR Section A 275-276
GRI 405: Diversity and
403-2 Hazard Human Capital 141 Equal Opportunity 2016 405-2 Ratio of basic salary Human Capital 140
identification, risk and remuneration of
assessment, and incident women to men BRSR Section C: Principle 5 307
investigation
Non-discrimination
403-3 Occupational health Human Capital 141-143
services GRI 3: Material Topics 3-3 Management of Human Capital 140
403-4 Worker Human Capital 141-143
participation, consultation, 406-1 Incidents of BRSR Section C: Principle 5 309
GRI 406: Non-
and communication on discrimination and
discrimination 2016
occupational health and corrective actions taken
safety Freedom of association and collective bargaining
403-5 Worker training on Human Capital 141-143 GRI 3: Material Topics 3-3 Management of Human Capital 140
GRI 403: Occupational occupational health and 2021 material topics
Health and Safety 2018 safety
407-1 Operations and BRSR Section C: Principle 3 296
403-6 Promotion of worker Human Capital 141-143 GRI 407: Freedom
suppliers in which the
health of Association and
right to freedom of
Collective Bargaining
403-7 Prevention and Human Capital 141-143 association and collective
2016
mitigation of occupational bargaining may be at risk
health and safety impacts Child labor
directly linked by business
relationships GRI 3: Material Topics 3-3 Management of Human Capital 140
403-8 Workers covered Human Capital 141-143
by an occupational health 408-1 Operations and BRSR Section C: Principle 5 309, 311, 312
GRI 408: Child Labor
and safety management suppliers at significant risk
2016
system for incidents of child labor
403-9 Work-related Human Capital 142 Forced or compulsory labor

injuries GRI 3: Material Topics 3-3 Management of Human Capital 140
403-10 Work-related ill Human Capital 142 2021 material topics
health 409-1 Operations and BRSR Section C: Principle 5 309, 311, 312
Training and education GRI 409: Forced or suppliers at significant risk
Compulsory Labor 2016 for incidents of forced or
GRI 3: Material Topics 3-3 Management of Human Capital 144-147 compulsory labor
Security practices
404-1 Average hours of Human Capital 145
training per year per GRI 3: Material Topics 3-3 Management of Human Capital 140
employee 2021 material topics
404-2 Programs for Human Capital 144-147 410-1 Security personnel 25% of third-party security -
GRI 410: Security
upgrading employee skills trained in human rights personnel
BRSR Section C: Principle 1 287 Practices 2016
GRI 404: Training and and transition assistance policies or procedures
Education 2016 programs Rights of Indigenous Peoples
404-3 Percentage of BRSR Section C: Principle 3 297 GRI 3: Material Topics 3-3 Management of Human Capital 140
employees receiving 2021 material topics
regular performance
and career development 411-1 Incidents of violations Zero identified incidents of -
GRI 411: Rights of
reviews involving rights of violations involving the rights of
Indigenous Peoples
indigenous peoples indigenous people during the
Diversity and equal opportunity 2016
reporting period.
GRI 3: Material Topics 3-3 Management of Human Capital 135-137 Local communities
GRI 3: Material Topics 3-3 Management of Social and Relationship Capital 150
413-1 Operations with local Social and Relationship Capital 148-154 Customer privacy
community engagement,
impact assessments, and BRSR Section C: Principle 8 325-326 GRI 3: Material Topics 3-3 Management of Intellectual Capital 93-94
development programs 2021 material topics
GRI 413: Local
Communities 2016 413-2 Operations with Social and Relationship Capital 148-154 418-1 Substantiated BRSR Section C: Principle 9 327-329
significant actual and complaints concerning
GRI 418: Customer
potential negative impacts BRSR Section C: Principle 8 323
Privacy 2016
breaches of customer
on local communities privacy and losses of
customer data
Supplier social assessment
GRI 3: Material Topics 3-3 Management of Responsible Procurement 66-73
414-1 New suppliers that 100% of new critical suppliers were -
were screened using social assesed on social criteria
criteria
GRI 414: Supplier Social 414-2 Negative social 94% of critical suppliers (by value) -
Assessment 2016 impacts in the supply were assessed for social impacts
chain and actions taken and no suppliers were identified
as having significant actual and
potential negative social impacts
Public policy
GRI 3: Material Topics 3-3 Management of The Company has contributed ₹ 35 -
2021 material topics crores (previous year ₹ 10 crores)
under section 182 of the
GRI 415: Public Policy 415-1 Political Companies -
2016 contributions Act, 2013
Customer health and safety
GRI 3: Material Topics 3-3 Management of Materiality Assessment 154-157
416-1 Assessment of the - -
health and safety impacts
of product and service
categories
GRI 416: Customer
Health and Safety 2016 416-2 Incidents of non- Zero non-compliance with -
compliance concerning regulations and/or voluntary codes
the health and safety found.
impacts of products and
services
Marketing and labeling
GRI 3: Material Topics 3-3 Management of Materiality Assessment 155-156
417-1 Requirements for BRSR Section C: Principle 9 327-328
product and service
information and labeling
417-2 Incidents of non- BRSR Section C: Principle 9 327
compliance concerning
GRI 417: Marketing and
product and service
Labeling 2016
information and labeling
417-3 Incidents of BRSR Section C: Principle 9 327
non-compliance
concerning marketing
communications
Our
Sustainability
Assurance
certifications
Notes
REGISTERED OFFICE: CORPORATE OFFICE:
PCBL Limited PCBL Limited

31 Netaji Subhas Road RPSG House, 4th Floor
Kolkata – 700 001 2/4 Judges Court Road
West Bengal, India Kolkata – 700 027
Phone: +91 33 6625 1443 West Bengal, India
Fax: +91 33 2230 6844/2243 6681 Phone: +91 33 4087 0500/600
E-mail: pcbl@rpsg.in | Website: www.pcblltd.com | CIN: L23109WB1960PLC024602
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Annual Report 2023 2024

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Annual Report 2023 2024

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TOWARDS TOMORROW

Our Diversified Future

INTEGRATED REPORT FY 2023-24

Touching lives in more ways than one

Touching lives in more ways than one

For more investor-related

In addition, our partnership with a leading nanotechnology company -

Looking ahead, we have further expansion and diversification initiatives in

Acquisition of Aquapharm Chemicals Private Limited

Segments and Products

Carbon Molecules Phosphonates

Imidazoline Maleic Acid

Specialty Quats Acrylic Acid

North America Europe

INTEGRATED REPORT 2023-24

India Rest of the World (RoW)

Revenue: Segment-Wise FY 2023-24 (in %) Key Synergies

Green Chelates Others Attractive End Industries

Resilient Core Business

INTEGRATED REPORT 2023-24

Marquee Customer Portfolio

Why Aquapharm Chemicals

Diversification and Attractive new segments

About the Group

Chemicals Consumer Sports Education and

The RP-Sanjiv Goenka

INTEGRATED REPORT 2023-24

The Group embraces Credibility Culture Businesses

Instill trust, confidence,

and processes to achieve Strategic Priorities

driven by a commitment Move ahead of time quickly

than 11,00,000 shareholders, services

THIS IS Our Vision

INTEGRATED REPORT 2023-24

Furthermore, we have one plant in Chennai (Tamil Nadu)

Product Application Categories

5 7,70,000 MTPA 122 MW

INTEGRATED REPORT 2023-24

100+ 60+ 1,275

2,40,000+ 200+ 1st Commission Regulation of the European Union EC

European Standard EN 71 specifies toy safety

Japan Hygienic Olefin and Styrene Plastics

Key Highlights of the Year

SETTING NEW BENCHMARKS

Financial* Environment Social Governance

` 5,674.32 Crores 122 MW 100% ` 10.01 Crores 100% 10+ Years

` 997.54 Crores 79,000+ Zero

INTEGRATED REPORT 2023-24

INTEGRATED REPORT 2023-24

Specialty Chemicals NuTone, our powder carbon

INTEGRATED REPORT 2023-24

Capturing Robust Market Demand Resilient against Sluggish Global Economy

and sanctions on Russia Likely visible growth due to an accelerated

INTEGRATED REPORT 2023-24

At PCBL, our commitment

INTEGRATED REPORT 2023-24

4 the collective expertise and experience

CHAIRMAN’S sales across our diverse product portfolio. Despite

INTEGRATED REPORT 2023-24

Managing Director’s Desk proofing and diversifying our product portfolio.