HCL Tops the Edelweiss ESG Scorecard & Ratings for India’s top 100 Companies
Edelweiss ESG framework is based on 40 critical metrics spread across Environment, Social and Governance areas
Noida, India, June 03, 2021: HCL Technologies, (HCL), a leading global technology company, has been recognized as the leader in the Edelweiss ESG Scorecard & Ratings and received the highest overall score among India’s Top NSE 100 companies. HCL was recognized for its best practices and effective integration of Environment, Social and Governance (ESG) programs throughout its operations, reflecting HCL’s continued efforts and commitment toward sustainability and ESG. The framework assessed all NSE 100 companies on 40 key metrics spread across ESG and overall, HCL received an Edelweiss ESG score of 91.9 out of 100.
The Environment metric in the Edelweiss framework covered the nature of core business, impact of business on environmental emissions, waste disposals and effluents discharge. The Social metric covered impact of the company’s product, service on society, employee relationship, diversity and equality. The Governance metric covered the track record toward minority shareholders, capital allocation track record, board related metrics, and business and accounting disclosures quality. ESG factors that influence long term perceptions and valuations have higher weights in the Edelweiss framework.
HCL’s commitment to addressing ESG concerns flows from its desire to be a good citizen and the company’s focus on ESG has helped it deliver strong value and build lasting and productive relationships with its clients, employees and stakeholders. HCL’s Sustainability and ESG strategy, aligned to the United Nation’s Global Compact (UNGC) sustainable development goals, is organized around social, environmental and economic concerns – referred to as “People, Planet, and Prosperity.”
“At HCL, we consciously work toward integrating ESG programs into our strategies and company goals to deliver value to our clients, employees, investors and the communities in which we live and work. This recognition of HCL’s best business practices is extremely gratifying, and I would like to thank Edelweiss for recognizing our work, which will certainly act as an impetus going forward,” said C Vijayakumar, President and CEO, HCL Technologies.
The Edelweiss ESG Scorecard & Ratings framework assessed companies across 15 sectors on 40 critical ESG data points and their time series. The weights are equally divided across E, S & G (broadly 33.3% each). The framework claims to have considered inherent risks and opportunities in the IT sector and the company’s efforts to mitigate the risks and benefits from opportunities. While a peer-to-peer comparison is reflected in the report, a relative assessment has also been conducted vis-à-vis NSE100 universe. Based on their performance on the above parameters, companies receive scores ranging from 0 to 100, 100 being the highest.
About HCL Technologies
HCL Technologies (HCL) empowers global enterprises with technology for the next decade, today. HCL’s Mode 1- 2-3 strategy, based on its deep-domain industry expertise, customer-centricity and entrepreneurial culture of Ideapreneurship™, enables businesses to transform into next-gen enterprises.
HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P). ITBS enables global enterprises to transform their businesses through offerings in the areas of applications, infrastructure, digital process operations and next generational digital transformation solutions. ERS offers engineering services and solutions in all aspects of product development and platform engineering. P&P provides modernized software products to global clients for their technology and industry specific requirements. Through its cutting-edge co-innovation labs, global delivery capabilities and broad global network, HCL delivers holistic services in various industry verticals, categorized as Financial Services, Manufacturing, Technology & Services, Telecom & Media, Retail & CPG, Life Sciences & Healthcare and Public Services.
As a leading global technology company, HCL takes pride in its diversity, social responsibility, sustainability, and education initiatives. For the 12 months ended March 31, 2021 HCL had consolidated revenue of nearly $10.2 billion. Its 168,977 Ideapreneurs operate out of 50 countries.
For more information, visit www.hcltech.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes’,’ strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the Management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
For further details, please contact:
Elka Ghudial, Europe
Devneeta Pahuja, India and APAC