Saffola and Parachute oil maker Marico announces plans to bring emissions to net zero across India units by 2030

Mumbai-headquartered multinational consumer products company Marico Ltd announced that it aims to achieve net-zero operational emissions across its own manufacturing units across India by 2030. 

The firm, known for its household brands such as Parachute and Saffola, also said that it plans to extend the zero-emissions commitment to its global operations by 2040.

Marico is one of the largest consumer product companies in the world, with its market cap now standing at a little above Rs 82,800 crore. Despite the Sensex shedding around 15 points in morning trade on Thursday, Marico shares were trading higher by at least 1.25 per cent. 

Growth expectations are looking good as per reports that highlight Marico's higher P/E ratio. Moreover, FIIs own less than 25 per cent of the stock, while promoters hold close to 60 per cent stake in the company.

"Pioneering steps like transitioning to coal-free operations and implementing the first agro-fuel-based boiler laid the foundation for further advancements. We have consistently sought the use of cleaner energy sources, culminating in the achievement of the first carbon-neutral plant certification and the installation of our first solar facility," said Amit Bhasin, the chief legal officer at Marico. 

Highlighting its efforts in its units around the country, Marico said that its Perundurai facility in Tamil Nadu was certified as "carbon neutral" for the fourth consecutive year. This plant runs "almost entirely on renewable energy sources and has been equipped with smart energy installations." 

"Energy-saving measures in expellers, cookers, and conveying equipment, along with the use of clean fuels like biobriquettes, have led to a steady decrease in greenhouse gas (GHG) emission intensity year-over-year. These efforts have enabled the company to surpass its emission reduction targets," said the company in a filing to the BSE.

The company said it has already reduced direct GHG emissions by 79 per cent vs the base year of FY2013. In fiscal 2023-2024, Marico also reduced its energy intensity by 71 per cent, when compared to FY2013.

Apart from popular ones such as Parachute and Saffola, Marico also owns niche brands such as Set Wet, Livon, Beardo, Just Herbs, and Plix. During FY2023-2024, the company recorded a consolidated turnover of around Rs 9,650 crore.