- Wherever required, we have obtained the management representation about the compliance of laws, rules and regulations and happening of events etc.
- The Company is following a system of obtaining reports from various departments to ensure compliance with applicable laws. The Company is following an electronic compliance management system for compliance management to ensure compliance with applicable laws, rules, regulations and guidelines.
- The compliance of the provisions of Corporate and other applicable laws, rules, regulations and standards is the responsibility of the management. Our examination was limited to the verification of procedures on test basis.
-
The Secretarial Audit Report is neither an assurance as to the future viability of the
Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company.
For A. N. Ramani & Co. LLP
Company Secretaries
Unique Code - L2024MH015700
Bhavana Khatri
Partner
FCS - 8636, COP - 9577
Place: Kanpur
Date: 6th May, 2024
ANNEXURE 'H'
Practicing Company Secretary's Certificate on Corporate Governance
To,
The Members,
Godrej Consumer Products Limited
We have examined the compliance of conditions of corporate governance by Godrej Consumer Products Limited ('the Company') for the year ended on 31st March, 2024, as stipulated in Regulation 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations').
Management Responsibility
The compliance of conditions of Corporate Governance is the responsibility of the Company's Management including the preparation and maintenance of all relevant supporting records and documents.
PCS Responsibility
Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the
financial statements of the Company.
Opinion
In our opinion and to the best of our information and according to the explanations given to us and the representations made by the Directors and the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in above mentioned Listing Regulations as applicable during the year ended March 31, 2024.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.
Restriction on use
This certificate is issued solely for the purpose of complying with the aforesaid Regulations and may not be suitable any other purpose.
For A. N. Ramani & Co. LLP
Company Secretaries
Unique Code - L2024MH015700
Bhavana Khatri
Partner
FCS -8636, COP -9577
UDIN: F008636F000319419
Place: Kanpur
Date: 6th May, 2024
269
Independent Practitioners' Reasonable Assurance Report
To the Directors of Godrej Consumer Products Limited
Assurance Report on the sustainability disclosures in the Business Responsibility and Sustainability Reporting (BRSR) Core Format[1] (called 'Identified Sustainability Information' (ISI) of Godrej Consumer Products Limited (the 'Company') for the period from 1 April 2023 to 31 March 2024. The ISI is included in the Business Responsibility and Sustainability Reporting of the Company for the period from 1 April 2023 to 31 March 2024.
Opinion
We have performed a reasonable assurance engagement on whether the Company's sustainability disclosures in the BRSR Core Format (refer to Annexure 1) for the period 1 April 2023 to 31 March 2024 has been prepared in accordance with the reporting criteria (refer table below).
Identified Sustainability | Period subject to | Page number | |
Information (ISI) subject to | in the Annual | Reporting criteria | |
assurance | |||
assurance | Report | ||
BRSR Core (refer Annexure 1) 1 April 2023 to | 281 to 329 | - Regulation 34(2)(f) of the Securities and Exchange | |
31 March 2024 | Board of India (SEBI) Listing Obligations and | ||
Disclosure Requirements (SEBI LODR) |
- Guidance note for BRSR format issued by SEBI
- World Resource Institute (WRI) / World Business Council for Sustainable Development (WBCSD) Greenhouse Gas (GHG) Protocol (A Corporate Accounting and Reporting Standards)
This engagement was conducted by a multidisciplinary team including assurance practitioners, engineers and environmental and social professionals.
In our opinion, the company's Identified Sustainability Information on pages 281 to 329 of the Annual Report for the period 1 April 2023 to 31 March 2024, subject to reasonable assurance is prepared, in all material respects, in accordance with the Regulation 34(2)(f) of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (SEBI LODR) and basis of preparation set out in the Section A, Business Responsibility and Sustainability Reporting of the Annual Report.
Basis for opinion
We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB). Our responsibilities under those standards are further described in the "Our responsibilities" section of our report.
- Notified by SEBI vide circular number SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12 July 2023
270
We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA).
Our firm applies International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, issued by the IAASB. This standard requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
Management and the Board of Directors are responsible for the other information. The other information comprises the information included in the Company's Annual Report (but does not include the BRSR Core attributes and assurance report thereon).
Additionally, we have performed a limited assurance engagement on select BRSR and GRI indicators and issued an independent assurance report on 16 July 2024.
Our report thereon is included with the other information.
Our reasonable assurance opinion on the ISI does not extend to other information that accompanies or contains the 'ISI and our assurance report' (hereafter referred to as "other information"). We have read the other information, but we have not performed any procedures with respect to the other information.
Other matter
Select BRSR Core attributes of the Company for the year ended 31 March 2023 were assured by the previous assurance practitioner who had expressed an unmodified opinion on 17 May 2023.
Our opinion is not modified in respect of this matter.
Intended use or purpose
The ISI and our reasonable assurance report are intended for users who have reasonable knowledge of the BRSR Core attributes, the reporting criteria and ISI and who have read the information in the ISI with reasonable diligence and understand that the ISI is prepared and assured at appropriate levels of materiality.
Our opinion is not modified in respect of this matter.
Responsibilities for the identified Sustainability Information (ISI)
The management of the Company acknowledge and understand their responsibility for:
- designing, implementing and maintaining internal controls relevant to the preparation of the ISI that is free from material misstatement, whether due to fraud or error;
- selecting or establishing suitable criteria for preparing the ISI, taking into account applicable laws and regulations, if any, related to reporting on the ISI, identification of key aspects, engagement with stakeholders, content, preparation and presentation of the ISI in accordance with the reporting criteria;
271
- disclosure of the applicable criteria used for preparation of the ISI in the relevant report/statement;
- preparing/properly calculating the ISI in accordance with the reporting criteria; and
- ensuring the reporting criteria is available for the intended users with relevant explanation;
- establishing targets, goals and other performance measures, and implementing actions to achieve such targets, goals and performance measures;
- responsible for providing the details of the management personnel who takes ownership of the ISI disclosed in the report;
- ensuring compliance with law, regulation or applicable contracts;
- making judgments and estimates that are reasonable in the circumstances;
- identifying and describing any inherent limitations in the measurement or evaluation of information subject to assurance in accordance with the reporting criteria;
- preventing and detecting fraud;
- selecting the content of the ISI, including identifying and engaging with intended users to understand their information needs;
- informing us of other information that will be included with the ISI;
- supervision of other staff involved in the preparation of the ISI
Those charged with governance are responsible for overseeing the reporting process for the Company's ISI.
Inherent limitations in preparing the ISI
The preparation of the company's BRSR information requires the management to establish or interpret the criteria, make determinations about the relevancy of information to be included, and make estimates and assumptions that affect the reported information.
Measurement of certain amounts and BRSR Core metrics, some of which are estimates, is subject to substantial inherent measurement uncertainty, for example, GHG emissions, water footprint, energy footprint. Obtaining sufficient appropriate evidence to support our opinion/conclusion does not reduce the uncertainty in the amounts and metrics.
Our responsibilities
We are responsible for:
-
Planning and performing the engagement to obtain reasonable assurance on the sustainability disclosures in the
BRSR Core are free from material misstatement, whether due to fraud or error, in accordance with the Reporting Criteria in line with the section above. - Forming an independent opinion, based on the procedures we have performed and the evidence we have obtained, and
- Reporting our reasonable assurance opinion to the Directors of Godrej Consumer Products Limited.
Exclusions
Our assurance scope excludes the following and therefore we will not express a conclusion on the same:
- Operations of the Company other than those mentioned in the "Scope of Assurance".
- Aspects of the BRSR and the data/information (qualitative or quantitative) other than the ISI.
272
- Data and information outside the defined reporting period i.e., 1 April 2023 to 31 March 2024.
- The statements that describe expression of opinion, belief, aspiration, expectation, aim, or future intentions provided by the Company.
Summary of the work we performed as the basis for our conclusion
We exercised professional judgement and maintained professional skepticism throughout the engagement. We designed and performed our procedures to obtain evidence that is sufficient and appropriate to provide a basis for our reasonable assurance opinion.
The nature, timing, and extent of the procedures selected depended on our judgment, including an assessment of the risks of material misstatement of the information subject to reasonable assurance, whether due to fraud or error. We identified and assessed the risks of material misstatement through understanding the information subject to reasonable assurance and the engagement circumstances. We also obtained an understanding of the internal control relevant to the information subject to reasonable assurance in order to design procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of internal controls.
In carrying out our engagement, we:
- assessed the suitability of the criteria used by the company in preparing the reasonable assurance information;
- evaluated the appropriateness of reporting policies, quantification methods and models used in the preparation of the information subject to reasonable assurance and the reasonableness of estimates made by the company; and
- evaluated the overall presentation of the information subject to reasonable assurance.
Apurba Mitra
Partner
KPMG Assurance and Consulting Services LLP
Date: 16 July 2024
Place: Mumbai
273
Annexure - I
BRSR Core attributes
BRSR Disclosure | Description of indicator | Level of Assurance |
Section C - Principle 5 - E7 | Complaints on POSH | Reasonable |
Section C - Principle 6 - E3 | Total volume of water withdrawal, water consumption, water discharged in | Reasonable |
Kiloliters and its intensity | ||
Section C - Principle 3 - E1(c) | Spending on measures towards well-being of employees and workers - cost | Reasonable |
incurred as a % of total revenue of the company | ||
Section C - Principle 1 - E8 | Number of days of accounts payable | Reasonable |
Section C - Principle 3 - E11 | Details of safety related incidents for employees and workers (including | Reasonable |
contract-workforce e.g. workers in the company's construction sites) | ||
Section C - Principle 6 - E1 | Details of total energy consumption and % of energy consumed from | Reasonable |
renewable sources (in Joules or multiples) and its intensity | ||
Section C - Principle 8 - E5 | Job creation in smaller towns - Wages paid to persons employed in smaller | Reasonable |
towns (permanent or non-permanent /on contract) as % of total wage cost | ||
Section C - Principle 6 - E9 | Details related to waste management and its intensity | Reasonable |
Section C - Principle 8 - E4 | Input material sourced from following sources as % of total purchases - | Reasonable |
Directly sourced from MSMEs/ small producers and from within India | ||
Section C - Principle 5 - E3(b) | Gross wages paid to females as % of wages paid | Reasonable |
Section C - Principle 9 - E7 | Instances involving loss/breach of data of customers as a percentage of total | Reasonable |
data breaches or cyber security events | ||
Section C - Principle 6 - E7 | Details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its | Reasonable |
intensity | ||
Section C - Principle 1 - E9 | Concentration of purchases & sales done with trading houses, dealers, and | Reasonable |
related parties Loans and advances & investments with related parties | ||
Section C - Principle 6 - E4 | Water discharge by destination and level of treatment (in kiloliters) | Reasonable |
274
Independent Practitioners' Limited Assurance Report
To the Directors of Godrej Consumer Products Limited
Assurance Report on select sustainability disclosures in the Integrated Annual Report prepared in accordance with the Business Responsibility and Sustainability Reporting (BRSR) framework and with reference to the Global Reporting Initiative (GRI) Standards 2021 (together called 'Identified Sustainability Information' (ISI)) of Godrej Consumer Products Limited (GCPL) (the 'Company') for the period from 1 April 2023 to 31 March 2024.
Opinion
We have performed an assurance engagement on the Identified Sustainability Information (ISI) as detailed in the table below:
Identified Sustainability | Period subject to | Page number | ||
Information (ISI) subject to | in the Annual | Reporting criteria | ||
assurance | ||||
assurance | Report | |||
• | Select BRSR attributes on | From 1 April 2023 to | 92 to 329 | - GRI Standards 2021 |
a standalone basis (which | 31 March 2024 | - Regulation 34(2)(f) of the Securities and Exchange | ||
are not part of BRSR | Board of India (SEBI) Listing Obligations and |
Core) | |
Disclosure Requirements (SEBI LODR) | |
- Select GRI indicators on a consolidated basis
(refer Appendix 1)
- World Resource Institute (WRI) / World Business Council for Sustainable Development (WBCSD) Greenhouse Gas (GHG) Protocol (A Corporate Accounting and Reporting Standards)
- Corporate Value Chain (Scope 3) Accounting &
Reporting Standard
- Guidance note for BRSR format issued by SEBI
This engagement was conducted by a multidisciplinary team including assurance practitioners, engineers and environmental and social professionals.
Based on the procedures performed and evidence obtained, nothing has come to our attention to cause us to believe that the company's Identified Sustainability Information on pages 92 to 329 of the Annual Report relating to select GRI indicators on a consolidated basis of reporting and select BRSR attributes (which are not part of BRSR Core)
on a standalone basis of reporting for the period 1 April 2023 to 31 March 2024, subject to limited assurance is not prepared, in all material respects, in accordance with the the World Resource Institute (WRI) / World Business Council for Sustainable Development (WBCSD) Greenhouse Gas (GHG) Protocol (A Corporate Accounting and Reporting Standards), and the Corporate Value Chain (Scope 3) Accounting & Reporting Standard , Regulation 34(2)(f) of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (SEBI LODR) and with reference to the GRI Standards (2021) and the basis of preparation set out in notes in the section About the Report of the Annual Report.
275
Basis for conclusion
We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, and ISAE 3410, Assurance Engagements on Greenhouse Gas Statements, issued by the International Auditing and Assurance Standards Board (IAASB). Our responsibilities under those standards are further described in the "Our responsibilities" section of our report.
We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA).
Our firm applies International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, issued by the IAASB. This standard requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Other information
Management and the Board of Directors are responsible for the other information. The other information comprises the information included in the Company's Annual Report (but does not include the select BRSR and GRI attributes and assurance report thereon).
Additionally, we have performed a reasonable assurance engagement on SEBI BRSR Core attributes and issued an independent assurance report on 16 July 2024.
Our report thereon is included with the other information.
Our limited assurance opinion on the ISI does not extend to other information that accompanies or contains the 'ISI and our assurance report' (hereafter referred to as "other information"). We have read the other information, but we have not performed any procedures with respect to the other information.
Other matter
Select BRSR and GRI attributes of the Company for the year ended 31 March 2023 were assured by the previous assurance practitioner who had expressed an unmodified opinion on 17 May 2023.
Our opinion is not modified in respect of this matter.
Intended use or purpose
The ISI and our limited assurance report are intended for users who have reasonable knowledge of the BRSR attributes and GRI attributes, the reporting criteria and ISI and who have read the information in the ISI with reasonable diligence and understand that the ISI is prepared and assured at appropriate levels of materiality.
Our opinion is not modified in respect of this matter.
276
Responsibilities for Identified Sustainability Information (ISI)
The management of the company are responsible for:
-
designing, implementing and maintaining internal control relevant to the preparation of the Identified
Sustainability Information that is free from material misstatement, whether due to fraud or error; - selecting or developing suitable criteria for preparing the Identified Sustainability Information and appropriately referring to or describing the criteria; and
- preparing the Identified Sustainability Information in accordance with the reporting criteria.
Those charged with governance are responsible for overseeing the reporting process for the company's ISI.
Exclusions:
Our assurance scope excludes the following and therefore we will not express a conclusion on the same:
- Operations of the Company other than those mentioned in the "Scope of Assurance".
- Aspects of the BRSR and GRI attributes and the data/information (qualitative or quantitative) other than the ISI.
- Data and information outside the defined reporting period i.e., 1 April 2023 to 31 March 2024.
- The statements that describe expression of opinion, belief, aspiration, expectation, aim, or future intentions provided by the Company.
Inherent limitations
The preparation of the company's sustainability information requires the management to establish or interpret the criteria, make determinations about the relevancy of information to be included, and make estimates and assumptions that affect the reported information.
Measurement of certain amounts and BRSR and GRI attributes, some of which are estimates, is subject to substantial inherent measurement uncertainty, for example GHG emissions, water footprint, energy footprint. Obtaining sufficient appropriate evidence to support our opinion/conclusion does not reduce the uncertainty in the amounts and metrics.
Our responsibilities
We are responsible for:
- planning and performing the engagement to obtain a limited assurance about whether the ISI is free from material misstatement, whether due to fraud or error;
- forming an independent conclusion, based on the procedures we have performed and the evidence we have obtained; and
- reporting our conclusion to the Directors of GCPL.
Summary of the work we performed as the basis for our conclusion
We exercised professional judgement and maintained professional skepticism throughout the engagement. We designed and performed our procedures to obtain evidence that is sufficient and appropriate to provide a basis for limited assurance conclusion.
277
Our procedures selected depended on our understanding of the information subject to limited assurance and other engagement circumstances, and our consideration of areas where material misstatements are likely to arise. In carrying out our engagement, we:
- assessed the suitability of the criteria used by the company in preparing the information subject to limited assurance;
- interviewed senior management and relevant staff at corporate and selected locations concerning policies for occupational health and safety, and the implementation of these across the business;
- through inquiries, obtained an understanding of Godrej Consumer Products Limited's control environment, processes and information systems relevant to the preparation of the information subject to limited assurance, but did not evaluate the design of particular control activities, obtain evidence about their implementation or test their operating effectiveness;
-
made inquiries of relevant staff at corporate and selected locations responsible for the preparation of the
Information subject to limited assurance; - undertook all site visits out of which 6 were physical site visits and 5 were virtual site visits; we selected these sites based on the relative size of the production compared to total capacity, workforce of these locations to the total workforce, unexpected fluctuations in the information subject to limited assurance since the prior period, and sites not visited in the prior period;
- inspected, at each site visited, a limited number of items to or from supporting records, as appropriate;
- applied analytical procedures, as appropriate;
- recalculated the information subject to limited assurance based on the criteria; and
- evaluated the overall presentation of the information subject to limited assurance to determine whether it is consistent with the criteria and in line with our overall knowledge of, and experience with, the company's occupational health and safety.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
Apurba Mitra
Partner
KPMG Assurance and Consulting Services LLP
Date: 16 July 2024
Place: Mumbai
278
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Godrej Consumer Products Limited published this content on 16 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2024 15:13:07 UTC.