Good afternoon to all. Eighty-three shareholders are attending the meeting. Request Chairman to convene the meeting. Good afternoon to you shareholders, dear ladies and gentlemen. It gives me great pleasure to welcome you all to the 33rd Annual General Meeting of your company. We are pleased that so many of you have come, and thank you. Thank you for your interest and trust in our company. We look forward to an exciting time with you today. I, Prof Sir Ralf Dieter Speth, Chairman of the company, call the meeting to order. The requisite quorum is present. To begin with, let me thank you for the confidence and for the support extended to the company throughout the whole year. Now let's start the meeting with prayer. Ladies and gentlemen, now I will present to you the planned schedule of today's AGM. Six agenda items are called. First, statutory requirements and the admin information for the meeting. Second, the introduction of the Board of Directors. Third, the Chairman speak. Fourth, five resolutions to be approved by the shareholders. Fifth, hearings from speaker shareholders and the management's response to a Q&A session. Last but not least, the official conclusion. Let me start with the first agenda item, statutory requirements. In compliance with the circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India, this AGM is being convened through video conferencing and the company has engaged National Securities Depository Limited, NSDL, for this purpose. The company, being one of the top 100 listed companies, is providing one-way live webcast of the proceedings of the AGM. Soft copy of the register of directors and key managerial personnel and their shareholdings, register of contracts, register of members and debenture holders are accessible on the company's website during the continuance of the AGM. As per the guidelines, the company has sent its annual report to the shareholders through email. Hard copies of the annual reports were sent to those shareholders who requested the same. Shareholders participating in the AGM who have not cast their votes earlier through e-voting can exercise their votes by using the link provided on the NSDL website. In addition, I want to inform you for the sake of completeness, notice of the meeting has been circulated to all shareholders on time. Both the statutory auditors' report and the secretarial auditors' report to the shareholders are already available with you. Both reports are free from any qualifications and observations or other remarks. A great performance of the team. Thank you. This brings me to the second point of today's agenda, the introduction of the Board. I'm sure you have known the personalities for a very long time. May I request the Directors to introduce themselves? First, I want to start with Mr. Venu Srinivasan as the Chairman Emeritus and Managing Director. Today, Mr. Venu Srinivasan is not present due to personal commitments. I just wish to inform you that he is also the Chairman of the Corporate Responsibility Committee. Mr. Sudarshan Venu, Managing Director. Good morning. Good afternoon. I'm Sudarshan Venu, Managing Director. Mr. K. N. Radhakrishnan, Director and CEO. Good morning. I'm K. N. Radhakrishnan, Director and CEO of the company. Mr. Shailesh Haribhakti. Good afternoon. I'm Chairman of the Audit Committee of your company. This is Dr. Deepali Pant Joshi, the Independent Director. Dear Dr. Deepali. Good afternoon. I am an Independent Director of the group and Chairman of your Stakeholder Relationship Committee. Thank you. Thank you, Mr. Vijay Sankaran. Good afternoon. This is Vijay Sankaran. I'm an Independent Director of the company and also the Chairman of the Nomination and Remuneration Committee. Thanks a lot. Mr. B Sriram. Good afternoon. I'm B Sriram, Independent Director of the company, and I also chair the Risk Management Committee of the Board. Thank you. Many thanks for the brief introduction. I just want to take the opportunity to thank you all for your passion, your engagement, and your commitment throughout the year. To you shareholders, I just have to express that you, the TVS board, have got an outstanding team. Thank you. Now, ladies and gentlemen, that leads me to the third item of today's agenda, the Chairman's speech. To you shareholders, I'm really delighted to share the highlights of what has been a truly standout year for our company, TVS Motor Company. Fiscal 2024-2025 was about very strong performances. We broke records, we expanded our footprint, and we led in exciting new categories. This sets a new benchmark for the current year. I'm confident, absolute confidence, that the seasoned team will outperform again. Let me walk through the numbers for fiscal 2025. Our overall sales reached 4.74 million units, a 30% increase over last year. Revenue surged to INR 36,309 crore, our highest revenue ever. Profit before tax rose by an impressive 31% to INR 3,629 crore. Outstanding figures. TVS Credit, our financial arm, now serves over 19 million customers, enabling them to achieve their aspirations. TVS Credit is expanding into new markets too. TVS Credit is a success story, and many thanks to the passionate team. These figures above demonstrate our commitment. They are also a testament to our vision to deliver mobility that is transformative, responsible, customer-focused, sustainable, and future-facing. Always, customer, customer first. Let's talk about the recent new products. Ladies and gentlemen, the essence of this company lies not only in engineering very desirable vehicles, but in earning the trust of our customers, partners, and stakeholders. Quality, reliability, service, and customer centricity, the core tenets of a futurated enterprise, continue to be our key focus areas. This DNA introduced and lived by Venu Srinivasan, the Chairman Emeritus, has always been the TVS way. We will continue on this path. Our belief that electric vehicles will become the chosen mode of commute and self-expression has resulted in outstanding gains. Years ago, we began investing in EVs, not just in engineering and R&D, but also in front-end capabilities, in sales, in service, and in the dealerships. We paid particular attention to the security requirements resulting from the new technology and provided comprehensive training. Today, the TVS iQube EV is India's top-selling electric two-wheeler. Our electric two-wheeler sales soared by 45% in the last fiscal year. iQube EV is now also expanding in South Asia, and I can confirm to you that it's just the beginning. We are observing similar results in the EV three-wheeler space. Within the very first few months of entering the segment, we have achieved a 10% share in the EV three-wheeler market. For the desirable ICE portfolio, the last fiscal year was another outstanding year. The portfolio grew by 12%, outpacing the industry. For instance, we launched the TVS Jupiter 110, setting a new benchmark in technology, sales, and customer appreciation. Jupiter became the most awarded scooter of the year. The TVS Apache RR 310, among the most loved motorcycles in its segment, also launched a new and refreshed and updated version. It has quickly become a benchmark in sports motorcycles. Our team launched many more smart product interventions and innovations. Introducing all of them to you today would go beyond today's agenda. You can find further details in the annual report and on the website. In essence, innovation drives our journey, and precision and excellence fuel us. We are a mobility solutions company. For us, this will always be a journey. I can assure you, the pipeline is well filled. Look forward to the new product portfolio of the future. Becoming global. Ladies and gentlemen, as you know, TVS Motor Company has come a long way. Less than a decade ago, we were a formidable domestic manufacturer. Today, we are a bona fide global mobility powerhouse positioned at the forefront of innovation in both internal combustion engines and electric mobility. We are present in 90+ countries, and more than 63 million users ride our vehicles. Our two-wheeler exports in fiscal 2025 rose by 22.8%, reaching 1.09 million units. There is very strong demand in Africa and Latin America, driving this momentum. We entered Europe with the launch of operations in Italy. The love and adoption of our products have been really very encouraging. Norton, the iconic British brand, was acquired by TVS Motor Company in 2020. This year, Norton returns with unparalleled new high-tech products. A compelling combination of unique design and a unique Norton motorcycle experience. Those on social media are surely keeping themselves updated and have all eyes on the EICMA 2025, where the new Norton will break cover. In this context, the new India-UK Free Trade Agreement creates fresh opportunities and will provide a strong tailwind. We are ready to capture these opportunities, this potential. Research and development. Ladies and gentlemen, our focus on R&D drives our ambition and growth. In 2024-25, we invested over INR 1,000 crore, around $120 million, in research and innovation. This is the first time we have crossed such a landmark. With over 2,000 engineers, we deliver many industry-first and/or segment-first interventions. Our ambitious teams will continue to shape the future of mobility, delivering intelligent technology at every customer touchpoint, from what they see and interact with on TVs and consoles to vehicle sales and services. These advances in customer experience are backed by our digital transformation initiatives across the complete value chain. All AI-enabled customer experiences to predictive maintenance and manufacturing, real-time supply chain visibility, and global commerce systems. Our digital intervention has not only accelerated operational excellence but has also empowered data-driven decision-making at scale. We will continue to make meaningful investments behind AI, data systems, digital architectures, supply chain enablement, data privacy, and especially also cybersecurity. Quality, ladies and gentlemen, quality, quality, quality is the bedrock of our success. We are leaders in this domain. All our factories now hold the highest TPM certifications, level four, a first in the Indian two-wheeler industry. This is a milestone which reinforces the DNA that powers TVS, a culture built on exactness, innovation, and thoughtful engineering. It's not a surprise that our products set industry standards. Our focus on quality is also validated by independent benchmarks like the JD Power 2025 India two-wheeler study, where TVS outperformed again, outperformed compared to the industry average. This consistent outperformance reinforces our position as a quality leader and reflects the trust and satisfaction of our customers worldwide. Ladies and gentlemen, you know I always use a very small formula. Business is people. We achieved all our outstanding results because of our incredible people. They are truly at the heart of everything we do. There is no greater validation of that than the exceptionally high loyalty of our workforce. Our workforce is also more diverse than ever before. We invest considerable resources in training and capability building, not just the core skills, but also behavioral, environmental, and social skills. Our talent development programs have earned national recognition. I would like to take the opportunity to thank all our employees wholeheartedly, to really thank all of our employees for their creativity, their passion, and loyalty, and their achievements. Thank you. Sustainability. Over 8,000 workers and nearly 4,000 executives have been trained in sustainability awareness. Over 95% of our energy requirements are met from renewables. More than 95%. Outstanding. All our three manufacturing plants in India have achieved water positive and zero waste to landfill certifications. It is no surprise that it was once a piece of dry farmland in 1976 when TVS Motor Company came to Hosur, devoid of trees or wildlife, as a certified bioreserve with a TVS Motor Company factory spread over 50 acres. In fact, the water table of the region has increased since the setting up of the factory, benefiting farmers and the vicinity, and flora and fauna of the most elusive kind are flourishing here. Ladies and gentlemen, performance without purpose is incomplete. We consider ourselves custodians of the future. Beyond the fence, our social initiatives under the Srinivasan Services Trust, SST, and the TVS Cleaning Minds program are very, very successful. SST has touched lives in 2,500 villages. For me, especially the women's health helping groups are unbelievably impressive, achieving unbelievable results. We are driving positive change through health, education, inclusion, and livelihood programs. For over two decades, Srinivasan Services Trust has worked with villages, helping them become self-reliant and break the cycle of generational poverty. We have just been recognized for our work from the United Nations for our biodiversity programs to global ESG rating agencies for our sustainable performance. More than the awards, these recognitions validate our belief that businesses must be a force of good also for the society. Looking ahead, ladies and gentlemen, we are cautiously optimistic despite all the geopolitical and geoeconomic challenges. We experience strong demand, both in India and the export markets, and the macroeconomic climate is favorable, and the EV ecosystem is evolving rapidly. TVS is ready and prepared to seize every one of these opportunities. I'd like to take this moment to warmly welcome Sudarshan Venu as our new Chairman. With global ambitions and deep Indian roots, TVS Motor Company's future is secure, is really secure in his hands. Sudarshan always puts people first. Sudarshan possesses the foresight, ambition, and perseverance to lead us and build an exciting future, driven by technology and innovation, ensuring that TVS Motor Company continues to deliver exceptional value to customers and shareholders alike. This, I really can say, provides me a solid, very good feeling about the future paths that TVS may take. All that remains for me is to say thank you to our shareholders, partners, and every team member. Thank you. Your trust fuels our company. We have come a long way together, and with your continued support, we will achieve even greater success. Thank you. That leads me now to point number four, resolution to be approved by the shareholders. Let me move to the next point, which pertains to the five resolutions to be approved by the shareholders. The following ordinary resolutions are being considered in this AGM. First, the adoption of both the NLO and the consolidated audited financial statements. Together, we started this report and audited this report on the company for the year 2024 and 2025. Second, the reappointment of Mr. Venu Srinivasan as a Director, liable to retire by rotation. Third, not filling up the vacancy caused by the retirement of Prof Sir Ralf Dieter Speth as a Director who does not offer himself for reappointment. Fourth, approving the appointment of M.S. Sriram Krishnamurthi and Co., Practitioners and Company Secretaries, the secretarial auditors from fiscal 2025-26 to fiscal 2029-30. Fifth, ratifying the remuneration payable to M.S. C.S. and the VAT Clan Co., cost auditors for the financial year 2025-26. Ladies and gentlemen, the voting facility on the NSDL website will remain open up to 50 minutes from the conclusion of this meeting to enable the shareholders to cast their vote through e-voting. The results of e-voting will be declared on or before the 26th of August 2025. The declared results will be made available on the websites of the company, stock exchanges, and the NSDL. Thank you. Ladies and gentlemen, this brings us to item number five of the agenda, the Q&A session. Shareholders who have registered themselves as speakers are requested to speak now, one by one. When all questions have been asked, I will ask the operational management to answer your questions. The moderator, Mr. Racha Prakash, will call you one by one. Racha, please take over and call the shareholders. Thank you, Chairman. I will call the speaker shareholders one by one. Speaker number one, Mr. Manoj Kumar Gupta. Mr. Gupta, can you hear us? Hello. Good afternoon. Hello. Hello. Hello. Afternoon. Can you hear me? Yes, we can hear you very well. Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Gupta. I've joined the meeting from residence city of. We have caught an echo now. Could you remove your microphone a little bit, please? Yeah, now can you hear me? Better now, yeah. Hello? It's better now. Yes, please. Thank you. Thanks to the Company Secretary and his team to help us to join this meeting through VC. Sir, I have some few observations. I want to congratulate you to Sudarshan Venu, sir, and Chairman Prof Sir Ralf Dieter Speth on the imminent contribution for CSR activities. Sir, your commitment to social development and sustainability is truly inspiring, and it reflects the values that TVS Motor Company stands for. We are really proud of you, sir. Congratulations on the proposed new Norton launches. Give more details and the investment going forward, sir. With this, I thank you and your team for the excellent result of the company for the year 2024-2025 and convey our best wishes to Venu, sir. Thank you, sir. Thank you. Thanks a lot, Mr. Gupta. Thank you, sir. Second speaker, Mr. Abhishek. Mr. Abhishek? Mr. Abhishek, we cannot hear you. Sir, first of all, I congratulate the management on the eve of the 33rd Annual General Body Meeting. Sir, trust all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap. After completing more than a decade of successful operations, profitability, and dividend history, and becoming one of the strongest brands in the respective segment. Sir, I have only three questions, sir. Our sincere appreciations. First of all, our sincere appreciation to the outgoing Chairman for bringing a lot of success, and our congratulations to Mr. Sudarshan Venu for taking over the chairmanship. We are very confident that the company will further grow and reach new levels under his dynamic leadership. Sir, what is the share of our company in the presence in the global market, and what are the strategic steps for the coming future? I would like to know from you, sir. All your sincere words and hard work have translated into numbers, and we are able to see the deliver the fruits today, sir. I'm really thankful to the entire Board of Directors for their sincere efforts in bringing the company to this particular extent and rewarding the minority shareholders in large numbers. Nothing else to ask, sir. I wish the company and the Board of Directors great success and prosperity in the coming future. Thank you for giving the opportunity, sir. Hope to see you in the upcoming AGM next year. Thank you very much. Thank you. Mr. P. Gopal, speaker number three. Speaker number three, Mr. P. Gopal has not joined the meeting. Okay. We will go to the next speaker, Ms. Deepti Desai. Ms. Desai, can you hear us? Yes, I can. Good afternoon, Chairman, sir, respected Board Members, and my fellow shareholders. I'm Diti Desai from Mumbai, a proud shareholder of TVS Motor Company and a member of Millennium Mams. I have two questions. Question number one is as follows. The annual report highlights that scooters, including EVs, are growing faster than motorcycles at the industry level. What are the key drivers of the scooter-led growth? How is TVS leveraging its portfolio, especially new launches, to capture this opportunity? My second question is, with global EV penetration in the two-wheeler segment nearing 25% and TVS currently at approximately 8% domestically, could you elaborate on the strategic roadmap the company is pursuing to accelerate its EV transition both in India and international markets? How do you plan to enhance your competitive positioning in this space? Thank you. Thank you. Thank you, ma'am. Really, thank you. The next speaker, Mrs. H. S. Patel. Ms. Patel, can you hear us? Hello? Yes, ma'am. Hello? Hello? Yes, ma'am, we can hear you. Hello? We could hear you. Thank you. Yes, ma'am. Could you please raise your question? Yeah, sure. Thank you. Good morning to all of you. This is the 33rd AGM, and today the share price quoted is INR 3,296. You are paying us a dividend of INR 10. Good afternoon, the Board of Directors. Prof Sir Ralf Dieter Speth, the Chairman of the company. Our most favorite Chairman Emeritus, Mr. Venu Shrinivasan. We have Mr. Sudarshan Venu, the MD of our company, K. N. Radhakrishnan, the CEO. Good afternoon to you, Mr. Shailesh Haribhakti. He is one of our favorite Chairmen also and Board of Directors also. Our CFO, K. Gopala Desikan, and our Company Secretary, Mr. Shrinivasan. Thank you very much. Our Group Company Secretary, Mr. Raj Prakashan. Thank you for being very considerate and speaking to the shareholders. AGM is only conducted once in a year. Thank you very much for giving me an opportunity to speak at this AGM. Thank you, Roshri Seth, for being helpful and cooperative. It is a CFO, sir. This is a very comprehensive and well compiled annual report that you have submitted to the Company Secretary. The Secretarial Department also has done a good job in giving us a secretarial annual report. Today, the market share price stands at INR 18.71. It is the third largest motorcycle company in India by revenue. The market cap stands at INR 1,149,992, and the book value stands at INR 179. Oh, what a strong company's fundamentals, positive market sentiments, and sector performance. Excellent in execution and very deep customer services it was done by the company. The company is faring very well, and I'm very proud to be a shareholder of this company. However, I also congratulate Mr. Venu Shrinivasan for receiving the ET Lifetime Award and Sudarshan Venu for the Best CEO Award. All the best to you all. Yeah. Sir, the financials have reached quite high. The revenue, PAT, EPS, and investments are quite very high. Highest ever revenue of INR 36,309 crore. And high profit we have of INR 3,066.29 crore. Goodwill, I would like to note that goodwill has increased from INR 597- INR 731. If you can throw light on it, sir, the company is still tight in cash and bank balance. Excellent cash and bank balance the company has given. The cash balance is from INR 2,355-I NR 4,115. The bank balance is from INR 70 -INR 271. Sir, I would only like to know one more thing. Income has become less from INR 105- INR 69. Finance costs have increased considerably. If the company can throw some light on this finance cost and other income costs. Finance costs have increased from INR 1,916- INR 2,093. Other income has increased from INR 5,733- INR 7,135. Sir, what is the cost of patents? How many patents do we have at present? If the company can throw light on this, how much does the company plan to sustain? Just two minutes, please. How much does the company plan to sustain the revenue growth amid the rising input and global economy uncertainty? These are my few questions. I congratulate all the employees for giving very good results. Thank you very much. I'm Mrs. Patel from Mumbai. I support all your resolutions. Good luck to all of you and all the employees of the company. Thank you. Have a good day. Thanks a lot. I see that you're a financial expert. [audio distortion]. Yes, please. Thank you. The next speaker, Mr. Praful Chavda. Mr. Chavda. Yes, sir. Yes, sir. Please, sir. Sir, [Foreign language], sir? Yes, the audio is coming. It is coming clean. Thank you, sir. Chairman, sir, Board of Directors. First, [Foreign language] AGM start [Foreign language] picture [Foreign language], picture [Foreign language] suddenly 3D picture [Foreign language] motorcycle [Foreign language] Very good presentation, Chairman speech, very good. Sir, [Foreign language] subsidiary company [Foreign language] TVS Credit. Very good, [Foreign language] next picture [Foreign language] IPO [Foreign language] chances [Foreign language] Company [Foreign language] working [Foreign language] MD, Director, company, employees, distributor, [Foreign language] salesman [Foreign language] company [Foreign language] sale [Foreign language] service [Foreign language] hard work [Foreign language] company [Foreign language] I am proud of the TVS Motor Shareholders. TVS [Foreign language] EV division [Foreign language] paper media [Foreign language] TVS [Foreign language] TVS [Foreign language] EV division [Foreign language] company [Foreign language] shift [Foreign language] EV [Foreign language] Three wheeler, four wheeler, [Foreign language] parts company [Foreign language] Company [Foreign language] registration AGM report very good, sir, [Foreign language] corporate governance very good. [Foreign language] company secretary team [Foreign language] trust, trust [Foreign language], TVS, TVS [Foreign language] trust. Sir, new models [Foreign language] market [Foreign language] market [Foreign language] survey [Foreign language] models [Foreign language] success [Foreign language] mistake [Foreign language] Company fixed deposit [Foreign language] AGM report [Foreign language] model [Foreign language], AGM [Foreign language] company [Foreign language] two wheeler [Foreign language] models [Foreign language] models [Foreign language] young generation [Foreign language] 72 years [Foreign language] Chairman, sir, [Foreign language] next picture [Foreign language] young generation [Foreign language] use [Foreign language] Sir, CSR very good, sir. [Foreign language] last [Foreign language], sir, rare magnet inventory. [Foreign language] India [Foreign language] magnet rare magnet inventory [Foreign language] magnet rare magnet [Foreign language] shortage [Foreign language] China [Foreign language] news [Foreign language] two wheeler, four wheeler company [Foreign language] shortage [Foreign language] stock [Foreign language] problem [Foreign language] sir, company last ten years [Foreign language] 7x return [Foreign language], 7x profit [Foreign language], equity same to same [Foreign language] Equity [Foreign language] reserves 5x [Foreign language] earning percentage 6x [Foreign language] dividend 4x[Foreign language] book value 5x [Foreign language] hard work [Foreign language], sir. Thank you. Thank you. Thank you, sir. Mr. V. Ravi Chandran. Mr. Ravi Chandran, can you hear us? Yeah, can you hear me? Yes, sir. Very good. It's saying, you know, your host has not allowed you. We can hear you. Good morning, Chairman and the other Board members and all those who are attending the AGM. First of all, I want to compliment the Chairman because last year I was harsh on the Company Secretary for the response. For two years I was finding it difficult to get the hard copy as well as getting the link. I had to follow up literally. This year, the Company Secretary has changed the systems, it seems. I got the hard copy 15 days in advance and also the link. There was one lady who was following up. I am able to join the meeting without any follow-up from my side. I compliment all. My first point is, the next two points are, I have been raising it for the last two years. One is on the road condition. There are no good roads. Vehicles cannot ply. Last year also I told, flying objects may be invented. It is already being tested, flying suit and all. People may shift, and the production facilities of two-wheeler companies on the road, flying on the road, may not exist. Road conditions, I would like to know whether any discussion has taken place with the government. I'm not singling out TVS Motor Company, but the industry body, along with the company, should take it up. Road conditions, especially Chennai, it's very, very bad. People are moving around, but that's not a good way of driving. You don't derive the pleasure of driving on the roads. Second point is on the EV. Most of the companies are shifting to EV, but battery disposal, nobody has taken up any discussion on that point. Solar, 15 years back, we started putting up solar panels. Today, after a few years, they will all come for replacement. They're all glass. How they are going to be disposed, nobody knows. Same thing may happen after a few years for EV batteries. This is my third point. Fourth point is on the safety. Most of the motorcycles, the pillion rider seat is a sliding one. I've seen many accidents taking place. Many deaths have taken place. Any safety measure or safety design that you thought of so that these kinds of accidents can be avoided? I don't know. You can throw some light. Next point is on the rare earth. Rare earth, after the Galwan issue, all the auto companies should have woken up and they should have been ready with alternatives. Concentration of risk should be avoided in any business. Same thing, the anti-lock braking system is going to be implemented compulsorily from January. I understand there are only two companies which are manufacturing, Endurance Technologies and Bosch. Bosch is, I think, having 80% market share and Endurance is devoted to Bajaj Group. Do you envisage any difficulties or you have found alternative supplies? This also you can highlight. My next point is on the. Hello? Yes, sir. Sir, we'll go to the next speaker. Yes, we lost him. Yes, his connectivity is poor, sir. We'll go to the next speaker. Mr. Jasmeet Singh? Yes, sir. Respected Chairman, Prof Sir Ralf Dieter Speth, M.D. K. N. Radhakrishnan, M.D. Sudarshan Venu, all the Board of Directors, Independent Directors, Chief Financial Officer K. Gopala Desikan, Chief of Compliance Shrinivasan, and all the fellow shareholders, I am Jasmith Singh, attending this AGM today from my office in Delhi. I'm very happy to connect with you all in this August gathering. Having invested in TVS Motor Company is very satisfying. I take pride in our company, the way we are progressing and growing. Kudos to the management, executives, and all the employees who deserve applause for continued hard work and delivering growth year on year, which is resulting in our growing investments. Sir, you have given a detailed overview. We have got iconic brands such as Jupiter, Apache series, TVS iQube EV in different segments. We are ahead of our peers. My question is with regard to the electric TVS iQube EV, which happens to be a leading EV in two-wheelers. What I would like to understand is how we are planning to take on the competition offering EV scooters at a much lower price. Some of the startups are offering EV scooters at a very low price. How do we intend to counter those? The segment is growing. Can we launch an economic EV scooter with an equally good quality to take on the competition? Thanks for the dividend. I appreciate the CSR initiatives. I also appreciate C.S. Shrini and his teammates, Roshni, Raja, everyone who helped me to connect today and interact with you all. Thank you and see you, looking forward to another year of growth. Namaskar, bye-bye, satsriyakal. Thank you, Mr. Singh. Mr. Bimal Krishna Sarkar. Yes, Mr. Sarkar. Sir, you're on mute. Hello, what do you mean, sir? Can you hear me? Yes, very well. Hello? Hello? All fine. Very good afternoon. I'm Bimal Krishna Sarkar, joining from my residence, Kolkata. Respected Chairman, MPs, Company Secretary, shareholders present in the VC meeting. Thanks to Chairman for valuable, excellent presentation regarding performance of the company. Thanks also to Company Secretary K. S. Shrinivasan, Secretary Department, Raja Prakash, Rashmi Madam, for sending annual report and link well in advance. Sir, excellent investor service. Thanks sir, two-wheeler domestic internal combustion engine sales increased by 9%. This year it was increased by 7%. Two-wheeler sales increased by 23% in the international market against the industry growth of about 21%. TVS Motor Company has maintained its steadiness both in its turnover and profitability in spite of several factors mirrored with geopolitical tension and current slowdown economy. Congratulations on the consistent EBITDA growth journey in the last few years. What strategies do we have to take this to the next level? Sir, is there any effect on TVS Motor Company for imposing tariff on import goods by the U.S. President Donald Trump? Sir, about 60,000 women enrolled in self-help groups. CSR committee encourages women to be a part of self-help groups so they can earn money, avail themselves of loans, and have support groups. Thanks and appreciate CSR committee for excellent performance. Sir, I pray to God for good health, you Chairman, and your team, Company Secretary, Secretary Department, and employees of the company. Thanks for patient sharing. Over to you, sir, for further questions. Namaskar. Chairman, Mr. V. Ravi Chandran has got connected again. If okay with you, can we give you an opportunity? Yes, please. Let's do so. Mr. Ravi Chandran? Yeah, I'm connected. Can you hear me? Yes, yes. Yes, we can hear you again. I was talking about the braking system. There are only two companies. Other alternatives are there. Related to that, are there any other components where there is concentration of risk that you can highlight? I have five points on the account, sir. One is on the dividend payoff. Last year, you paid INR 8. This year, INR 10. Whereas the EPS of last year was INR 43, INR 44. This year, it was INR 57. Why this meager payment? I'm not complaining because you have been, year after year, increasing it. There should be a content jump in some year so that the long-term shareholders, I'm a long-term shareholder, I've been associated with the company for more than two decades. For long-term shareholders, it is higher dividend and bonus that matters. Related to this, the point is on the bonus issue. The company issued bonus shares, I don't know, more than a decade ago. You should seriously consider issuing a bonus share. The Chennai-based company, Ashok Leyland, has given a bonus recently, one is to one. The next point is on the ECL provision in consolidated P&L. You have provided for INR 1,295 crore in the consolidated P&L. It is for expected credit loss. There is no such provision in the standalone. Why has this huge provision been made? Some highlight on this. A traceable page number 327. It is INR 1,091 crore. I don't know how so much of outstanding is there. That is INR 2,236 crore, whereas standalone, it is INR 2,711 crore. That means at the consolidation level, part is getting reduced. Last year also, I asked about it. There may be new companies, new ventures and all. At some point in time, this should disappear. I would like to know when, is there a timeline for removing this? Initially, in the incubation stage, you may be supporting the companies. After some point, they should stand on their own and contribute to the consolidated P&L. My last point is on the investment. You have made an investment of INR 9,038 crore, whereas the EV from it is only INR 52 crore. I don't know why so much of lower yield from the investments of INR 9,000+ crore. These are my points, sir. I would request you to give response to all. You may not have a firm view on certain things, but at least all the points, you should, you are noting down all the points. Last year also, you missed out some of the points to be responded to. Once again, I request you to seriously consider a bonus issue. All the best for future growth. I have one suggestion. When you show the speaker shareholder, you should also give the serial number. Suppose there are 35 shareholders. I am seventh, actually. You can show 7 by 35 so that people can know total how many are there and what is their, you know, standing in the speaker order. Thank you, sir, and all the best to the company. Thanks a lot. I guess we have gone over. I guess that covers everything. I'll segue to Racha for guiding us through this section. I again sincerely thank the speaker shareholders for their active participation in raising relevant questions. If I see the questions in front of me now, I've written down it's CSR. It's about future strategy. It's a huge question about EV, batteries, scooters, cheaper scooters. It's about new innovations, about flying materials from magnets to rare earth materials. That's a very detailed question about the financial issues in terms of dividend, bonus, and tariffs and triple payables. In this context, I really would like to ask Mr. Sudarshan Venu, K. N. Radhakrishnan, and K. Gopala Desikan to reply to the queries raised. Sudarshan, maybe you can start. Thank you, Chairman, for all your guidance and for your continued guidance as Chief Mentor in the future. Thank you all the shareholders for your detailed analysis, questions, and suggestions, which is definitely something we will address and seek to implement as well. Regarding the scooters and the growth of scooters, I think the scooter category has grown faster than other categories in the last few years. In this context, we have launched TVS Entart, Jupiter, Refresh Jupiter, and these have been well received and continue to grow. We do believe that the share of scooters, both in ICE and electric income, will continue to grow, and we are continuously launching products in this regard and keeping our products fresh. TVS iQube EV has already surpassed 600,000 unit sales, continuing its market leadership in India's EV segment. Second, regarding the subsidiaries, I think TVS Credit has done well, and I appreciate the effort of the entire team. We will continue to invest and grow TVS Credit and focus on customers and grow the book. PT TVS Motors Indonesia has also turned profitable and is contributing to the consolidated profit. Norton is coming for launch in the end of this year and early next year. On the 4th of November at EICMA, you will see the new six new Norton vehicles, some of which will be shown at EICMA and some thereafter, which will enter the market next year and the year after. This will lead to the resurgence of Norton, as some of you may have been following on social media. With this, the revenues and the financial performance will definitely improve. We agree with you that all the new investments must yield returns over a period of time, and all efforts are being made by the team to ensure this. The combination of the various e-bike businesses will lead to synergies and reduction of costs. The market in Europe for e-bikes has been very slow. With the recovery of the market, the improvement in our products, reduction of cost, and the launch of new products, we do hope to see progress on this front as well in the coming years. Regarding the questions on bonus and dividends, I think the board every year takes a view based on the profit, the investment opportunities in the business, and the subsidiaries, and decides the appropriate dividend. We will definitely keep your sentiments as we consider these in the future. I would also like to point out that an NCRPS has been issued for over INR 2,000 crore, which comes and benefits the shareholders, and the NCLT approval for this has also been received. Regarding some of the specific questions on ECL provision, this refers to the expected credit losses in TVS Credit. As you know, TVS Credit is in the lending business, and some loan losses as part of this business are natural. This is why we are working on reducing the provisions and keeping credit tight as we also balance growth. That is why you see this only in the consolidated and not in this standalone. Regarding the point made on batteries, brakes, and other aspects of the supply chain, we are working always on reducing concentration, sir, and on keeping multiple suppliers so that we can create a resilient and robust supply chain. In ABS too, there are two players, and more players are investing in this business, and we will plan the supply chain keeping resilience in mind. Lastly, there were some suggestions on new scooters, cheaper scooters. We will definitely look at all segments as they grow and see how to address them. We have a good, robust portfolio of EVs and ICE. Yesterday, we have launched a new three-wheeler for cargo applications also, and we will continue to strengthen the product portfolio. Much of the investment that you see is going into creating new products, which are important for the continued and faster growth of the company in the years ahead. Thank you very much. Sudarshan, thanks a lot. Principle that covers everything. K. N. Radhakrishnan, do you want to add something? Or K. Gopala Desikan? No, sir. I think Sudarshan has already highlighted. First of all, thanks again to the shareholders for all your questions, your interest in the company, and thanks, Sudarshan, for answering in a very comprehensive way. In case of any questions left unanswered or any further questions, shareholders may please get in touch with the Company Secretary to provide necessary information. Not a problem. Please just inform Racha. Ladies and gentlemen, that brings us to the final point of the 33rd AGM, the official closing. I thank all the shareholders for participating at the virtual AGM. I'd like to thank all the shareholders for your continued support and faith in the company and its management. TVS Motor Company is entering a transformative phase with a strong focus on electric mobility, global expansion, and advanced technologies. We all are in a new shell endeavor to scale newer, profitable heights as we continue our journey ahead. One of you said, new levels, and you're absolutely right. For me, it's a moment of honor and gratitude as I reflect on the values we upheld, the inspiring atmosphere we built, and the unwavering support I have received from all during my tenure as Chairman of the company. Many thanks to all of you. With great pride, I welcome again Mr. Sudarshan Venu as Chairman, a globally experienced, forward-thinking leader whose passion and vision make him the ideal choice to guide TVS Motor Company into its next area of excellence. To all our shareholders, partners, and every single team member, thank you. Your trust has brought us this far. With your continued support, we are confident we will go even further. I wish all of you the very, very best on this journey. Take care. Take care about yourself and all the very best. I hereby officially declare the 33rd AGM of TVS Motor Company as concluded. Thanks a lot. Good.