The 2025 Sustainability Yearbook ranks the top sustainability performers across various sectors based on S&P Global’s annual CSA. This year’s yearbook analysed over 7,690 companies globally, with only 780 earning a place in the exclusive publication. M&M’s inclusion in the top 1% reflects its outstanding performance and dedication to Environmental, Social, and Governance (ESG) principles and underscores the company’s commitment to sustainability leadership.

Moreover, very recently, the company has achieved leadership status in the DJSI (Dow Jones Sustainability Index) World Index for 2024 within the ‘auto sector’ as part of the S&P Global Corporate Sustainability Assessment (CSA). Mahindra’s score this year is 82/100, indicating a 12-point jump from last year, and it marks the 4th consecutive year of being part of the DJSI World Index. This achievement makes M&M the first and only Indian company to attain the DJSI world leader status within the automobiles industry, while being ranked 2nd in the Automobile & Component Industry combined globally.

Veejay Nakra, President, Automotive Division, M&M Ltd. said, “We are incredibly proud to be recognised as a global sustainability leader by S&P Global. This achievement reflects our deep commitment to building a sustainable future for all our stakeholders. As the only automobile company in the Top 1% of the Sustainability Yearbook, we are setting a new benchmark for the industry and demonstrating that sustainable practices are integral to long-term success.”

Mahindra’s placing in the S&P Global CSA rankings follows the company’s placing as a ‘World Leader’ in the Dow Jones Sustainability Index last month. It also builds on the recognition it earned in last year’s S&P Global CSA rankings where it scored 82 points.

Mahindra’s exceptional performance is particularly notable in key governance areas. The company chalked up a perfect 100 percentile score in Business Ethics, Risk & Crisis Management, and Transparency & Reporting. The company also demonstrated strong environmental stewardship, earning top scores in Environmental Policy & Management and Waste & Pollutant Management. Furthermore, M&M excelled in social responsibility, achieving high scores in Customer Relations, Human Rights, and Human Capital Management.

Mahindra’s commitment to sustainability is embedded in its core values and business strategy. The company continues to invest in innovative technologies, sustainable manufacturing processes, and community development initiatives to minimize its environmental impact and create positive social change.

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Bengaluru, 20^th February 2025: ZEE Entertainment Enterprises Ltd. (ZEE), the leading Media & Entertainment powerhouse, has earned an exceptional ESG score of 44 in the annual S&P Global Corporate Sustainability Assessment (CSA). The industry- leading score reaffirms the Company’s commitment towards implementing the best practices in sustainability across Environment, Social and Governance (ESG).

This achievement places ZEE significantly ahead of the industry average score of 20 and ranks it amongst the top 10% of global players within the sector, underscoring the Company’s dedication to responsible business practices and sustainable growth. The Company witnessed a significant improvement of 16 points in its score from 2023, placing it in the 93^rd percentile across the global Media, Movies & Entertainment industry.

The Company has undertaken significant interventions across the core ESG domains to demonstrate exceptional standards in Corporate Responsibility. ZEE excelled in various aspects of the CSA score including Transparency & Reporting, where it ranked in the top 100^th percentile; and Business Ethics, Information Security/ Cybersecurity & System Availability, Water, Labour Practice, Human rights and Customer relations, where it ranked above the 90^th percentile.

ZEE’s high ESG score reflects its robust initiatives in various areas that include management of material ESG risks, opportunities and impact that were measured through a combination of company disclosures, media and stakeholder analysis, modelling approaches and in-depth company engagement.

Commenting on the noteworthy achievement, Mr. Punit Goenka, Chief Executive Officer, ZEE Entertainment Enterprises Ltd. said, “At ZEE, we believe in staying ahead of the curve by consistently delivering industry-beating performance across all aspects. The high ESG score achieved by the Company in the renowned S&P Global assessment is yet another firm testament to our commitment of implementing the best practices in the environmental, social and governance domains. As a responsible corporate citizen, sustainable growth remains key to driving long-term success and our efforts remain focused towards enhancing environmental sustainability, promoting social equity and maintaining strong governance frameworks. As we take concerted steps to achieve our targeted aspirations, prioritizing key initiatives in the realm of ESG is a core focus area, ensuring that ZEE continues to deliver industry-leading performance in entertainment as well as corporate responsibility.”

With a robust ESG strategy for the future, ZEE aims to attain industry leadership in sustainability and responsible business conduct. The Company’s exceptional ESG performance during the year, reflects its broader vision to generate higher long-term value for all its stakeholders while simultaneously contributing towards positive societal development.

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Bengaluru, December 23, 2024: Amidst a year of growth and multiple group-level re-ratings, Vedanta Resources Limited (VRL) received another upgrade from S&P Global on December 20. The agency upgraded VRL’s corporate family rating from ‘B-’ to ‘B’. With this, VRL’s rating by S&P has gone up by five notches from ‘CC’ in Dec 2023 to ‘B’ in Dec 2024.

S&P said in its report that the upgrade comes after VRL obtained the minimum acceptances needed to close its consent solicitation exercise for 2028 bonds. “The stable outlook reflects our expectation that refinancing risks will be more manageable after the transaction given a newfound funding flexibility and improved capital market access,” the agency said in its report.

“The stable outlook also reflects the company’s sound underlying operations, which should support internal cash generation and refinancing efforts,” it added.

The S&P upgrade follows a successful consent solicitation exercise initiated by VRL. In this, VRL’s bondholders were requested to deliberate on the company amending the terms and conditions of its 13.875% bonds due in 2028. The proposal which was supported by 99.53% of early voting bondholders (by the December 16 deadline) will provide VRL with increased debt headroom, helping it efficiently manage its debt maturity profile and improve its capital structure.

VRL’s steady focus on deleveraging and strengthening its balance sheet also translated into upgrades by other major rating agencies. Moody’s significantly improved its outlook on VRL’s bonds moving its ratings by 4 notches from “Ca2” to “B3” during the year. It cited growing investor confidence as the underlying reason for its consecutive upgrades.

The group-level re-rating also extends to VRL’s Indian subsidiary, Vedanta Ltd. (VEDL), which received a series of upgrades in the past few quarters. Earlier this month, CRISIL upgraded its ratings on Vedanta’s long-term bank facilities and debt instruments to ‘AA’ from ‘AA-’ while reaffirming the short-term rating at A1+. Similarly, ICRA upgraded Vedanta Limited’s long-term credit rating by a notch to AA in September, citing the company’s strengthened credit profile.

All three agencies highlighted Vedanta’s commitment to deleveraging its balance sheet, reduced financing costs, expected increase in profits in the near term, lower cost of production, and its greater ability to withstand cyclicality in the commodity business as reasons for this vote of confidence.

VRL’s focus on deleveraging has reduced debt by ~$4.7 billion in the past two years, as Chairman Anil Agarwal shared in a letter to shareholders in November this year. The upgrades also reflect Vedanta’s ability to consistently tap bond markets. In the past four months, VRL has raised US$2 billion through bond issuances, achieving ~ 300 bps interest cost reduction and pushing out its debt maturities considerably, which has helped strengthen the company’s capital structure considerably.

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