Hyderabad India 15, December, 2023: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY; hereafter referred to as “Dr. Reddy’s”), a global pharmaceutical company, has won back-to-back global recognitions for its commitment and progress on sustainability and Environment Social and Governance (ESG) agenda.
Dr. Reddy’s has become the first Indian pharma company to earn a place in the Standard & Poor Dow Jones Sustainability World Index (DJSI World) for 2023.Alongside its debut in DJSI World, the company retains its place in the Dow Jones Sustainability Index for Emerging Markets (DJSI EM) for the 8th year in a row. The DJSI recognitions are based on Dr. Reddy’s performance in the Standard & Poor Global Corporate Sustainability Assessment (S&P Global CSA) and additional screening criteria. Dr. Reddy’s scored 77 out of 100 in the 2023 S&P Global CSA[1], achieving full scores in Innovation Management, Impact on Access to Healthcare, Climate Risk Management, and Resource Efficiency and Circularity. The company ranked in the top decile percentile and achieved the sixth highest score out of 347 companies assessed in the Pharmaceuticals Industry in the S&P Global CSA. Dr. Reddy’s S&P Global ESG score, measuring the company’s performance on and management of material ESG risks, opportunities and impact, is 78 out of 100.
Separately, Dr. Reddy’s has been awarded ‘Gold Medal’ status by EcoVadis, the global sustainability ratings agency, for its score of 70 out of 100 in its scorecard for 2023.EcoVadis methodology is built on international sustainability standards, including the Global Reporting Initiative (GRI), the United Nations Global Compact (UNGC), and the ISO 26000.The Sustainability Scorecard of EcoVadis measures performance across 21 indicators in four themes: Environment, Labor & Human Rights, Ethics and Sustainable Procurement. The ‘Gold Medal’ status positions Dr. Reddy’s among the top 5 percent of companies assessed by Eco Vadis.
G V Prasad, Co-Chairman & Managing Director, Dr. Reddy’s, said: “As a company with over two decades of experience in sustainability, we see it as our responsibility to set the bar high. Going beyond environment, we have set ourselves ambitious and measurable goals for patients, employees and governance. The distinctive aspect of our approach is that our sustainability agenda is now embedded in business. These prestigious global recognitions, the strong year-on-year improvement in our performance, and our elevation to the World Index of the DJSI are a reflection of our bold goals and the progress we have been making in meeting them.”
In addition to the global recognitions, Dr. Reddy’s recently became the first Indian pharma company to join the World Economic Forum’s (WEF) 1t.org community and pledged towards an integrated plantation initiative covering 2,900 hectares by 2028. The pledge overview of Dr. Reddy’s is “Rooting Resilience: Cultivating Mangroves and Agroforestry Across 2900 Hectares for a Sustainable Future”. The integrated plantation initiative will cover 500 hectares of mangrove, 2,000 hectares of agroforestry, and 400 hectares of coastal bund plantations by 2028, offering a comprehensive approach that benefits both nature and the climate.