53rd Annual Integrated Report 2023-24
53rd Annual Integrated Report 2023-24
Meghav Mehta
Executive Director
Deepak Phenolics Limited
I am delighted to share our accomplishments over the past year. Our undeterred focus on operational efficiency has enabled us to confront challenges and emerge stronger, as reflected in our resounding performance for the year.
The chemical industry in India has seen exponential growth over the past decade, with demand for various chemicals growing at an unprecedented pace. Favourable demographics, evolving aspirations, increasing consumption and rapid infrastructure development, are the key factors contributing to the growth. Shifts in supply chain dynamics are also observed due to the China+1 strategy and rising geopolitical risks. India is seen as a reliable supplier for global chemical companies owing to its strong growth prospects, expanding middleclass population and lower labour costs, providing enormous opportunities for building a thriving chemicals industry.
Over the past few years, Deepak Phenolics has significantly increased its operational efficiency. We remain committed to further expand our capabilities. Currently, we are strategically venturing into downstream, value-added derivatives of Phenol and Acetone at the Deepak Group level. This is aimed at strengthening leadership position while marching towards Nation’s dream of being self-reliant (Aatmanirbhar).
Sustainability is one of the core principles guiding our operations. We uphold a robust governance framework ensuring adherence to ethical practices, transparency and regulatory compliance. The receipt of prestigious Responsible Care® certification exemplifies our commitment to Sustainable practices. I take pride in stating that our operations adhere to key management systems, including ISO 9001 (quality systems), ISO 14001 (environmental management systems) and ISO 45001 (occupational health and safety risk management systems).
Our focus on environmental sustainability remains undeterred. We are gradually transitioning from coal-based energy, increasing our consumption of sustainable fuels like biofuels. Our efforts have significantly reduced our fossil fuel consumption and carbon footprint.
As we move forward, our focus remains on seizing evolving opportunities and maintaining agility, ensuring that we remain at the forefront of the Phenol industry. With continued capacity addition and portfolio expansion, we are well-positioned to drive sustainable growth and value creation for all.
After completing my term as the Executive Director of Deepak Phenolics Limited on May 1, 2024, I will be looking after the implementation of upcoming projects in fellow subsidiary, Deepak Chem Tech Limited, as its Executive Director & Chief Executive Officer.
I express my gratitude to all the employees, customers, suppliers and all other stakeholders for their continued support.
Best Regards,
Meghav Mehta
Executive Director Deepak Phenolics Limited
