According to the cloud software major SAP, 77 per cent of Indian businesses have seen sustainability strategies contributing to outcomes such as revenue or profit growth to a moderate or strong degree.

"Sustainability is now a business necessity rather than merely a moral duty. It can no longer be seen as distinct from the overall financial performance of the company," said Manish Prasad, President, and MD of SAP Indian Subcontinent.

"It is evident from the findings of our study that businesses that prioritise sustainability are more successful," he added.

Moreover, the report mentioned that 58 per cent of Indian firms expect a positive financial return on their sustainability investments within the next five years.

About 39 per cent of businesses plan to increase their investments in sustainability over the next three years.

"The Asian market represents more than 50 per cent of the world’s emissions, and so as one of the fastest growing hotbeds of innovation and economic activity in the region, India is in a unique position to lead the charge against climate change," said Paul Marriott, President, SAP Asia Pacific Japan.

In addition, the report said that 69 per cent of Indian organisations use sustainability data to inform strategic and operational decision-making to a moderate to strong degree.