Namaskar. May I extend a very warm welcome to all of you to the 78th Annual General Meeting of Asian Paints Limited. I'm R. Seshasayee, Independent Director and Chairman of your company. I'm joining this meeting from Mumbai. It's a great privilege to address all of you today for the first time after being appointed as the Chairman of the Board of Directors of your company. Before we start, my first thoughts are in remembrance of Mr. Ashwin Dani, Non-Executive Promoter Director, who departed for heavenly abode in September last year. Mr. Ashwin Dani had been associated with the company since 1968 and led the board of the company as its Chairman between 2018 to 2021. He was a visionary business leader and a technocrat par excellence, who was a driving force in taking the company to its leadership position. I, on behalf of all of you and the Board of Directors, place on record my sincere acknowledgment and profound appreciation for his immensely valuable contribution to the growth and success of the company. The last financial year saw many transitions at the board level. Mr. Deepak Satwalekar, Independent Director and Chairman, retired from the board on September 30, 2023. He had been a member of our board over the last two decades and had stepped into the role of Chairman during financial year 2021-2022. I take this opportunity to express, on behalf of the board, my deep gratitude to him for the invaluable guidance and advice that he provided to the organization over the long years of his association. I am delighted to welcome Mrs. Ireena Vittal, Mr. Soumitra Bhattacharya, Dr. Gopichand Katrag adda as Independent Directors to the Board of Directors of your company. The board will gain immense value from their rich and diverse industry experience. I also place on record sincere appreciation of Mrs. Vibha Paul Rishi, Mr. Suresh Narayanan, and Mrs. Pallavi Shroff, Independent Directors of the company, who retired on completion of their respective tenures for their invaluable contribution towards the success of the company. Dear members, this AGM is being conducted through video conference in accordance with the provisions of the Companies Act 2013, various circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. We have made all efforts to enable the shareholders to participate through video conference and vote at the AGM in a seamless manner. Participation of members through video conference is being reckoned for the purpose of quorum under Section 103 of the Companies Act 2013, as per the circulars issued by the Ministry of Corporate Affairs. The quorum being present, I call this meeting to order. Before we start the main proceedings of this meeting, I shall introduce my colleagues on the board who are attending this meeting through video conference. Let me start by introducing the Vice Chairman of your company, Mr. Manish Choksi. Mr. Manish Choksi is the Non-Executive Vice Chairman of your company and a member of the Nomination and Remuneration Committee and the Investment Committee. He's attending this meeting from Mumbai. I'd like to introduce Mr. Amit Syngle. Mr. Amit Syngle is the Managing Director and CEO of your company and a member of the Corporate Social Responsibility Committee and the Investment Committee. He's attending this meeting from Mumbai. Next, I'd like to introduce Mr. Milind Sarwate. Mr. Milind Sarwate is an Independent Director of your company. He's the Chairman of the Audit Committee and a member of the Risk Management Committee. He's attending this meeting from Mumbai. I'd now be introducing Mrs. Ireena Vittal. Mrs. Ireena Vittal is an Independent Director of your company. She is the Chairperson of the Risk Management Committee and a member of the Audit Committee. She's attending this meeting from Mumbai. Next is Mr. Soumitra Bhattacharya. Mr. Soumitra Bhattacharya is an Independent Director of your company. He's the Chairman of the Nomination and Remuneration Committee and a member of the Audit Committee and the Investment Committee. He's attending this meeting from Bengaluru. I'd now be introducing Dr. Gopichand Katragadda. Dr. Gopichand Katragadda is an Independent Director of your company. He's the Chairman of the Stakeholders Relationship Committee and a member of the Corporate Social Responsibility Committee. He's attending this meeting from Bengaluru. Next, I'd like to introduce Mr. Malav Dani. Mr. Malav Dani is the Non-Executive Director of your company. He's the Chairman of the Corporate Social Responsibility Committee and a member of the Investment Committee. He's attending this meeting from the United States of America. Next up is Mrs. Amrita Vakil. Ms. Amrita Vakil is a Non-Executive Director of your company. She's also a member of the Corporate Social Responsibility Committee and the Investment Committee. Ms. Amrita Vakil is attending this meeting from Mumbai. I'd now be introducing Mr. Jigish Choksi. Mr. Jigish Choksi is a Non-Executive Director of your company and a member of the Stakeholders Relationship Committee and the Risk Management Committee. He's attending this meeting from Paris. Lastly, Ms. Nehal Vakil. Ms. Nehal Vakil is a Non-Executive Director of your company and a member of the Stakeholders Relationship Committee and the Risk Management Committee. She's attending this meeting from Mumbai. All the directors of the company are present at this meeting. We also have Mr. R.J. Jeyamurugan, CFO and Company Secretary, joining this meeting through video conference from Mumbai. Mr. Rupen Bhatt, Partner Deloitte Haskins and Sells LLP, Statutory Auditors. Ms. Supriya Tambe, Representative of Joshi Apte & Associates, Cost Auditors. Mr. Kulbhushan Rane, Representative of Dr. K. R. Chandratre, Secretarial Auditors, have also joined this meeting. I now request Mr. Jeyamurugan, CFO and Company Secretary, to provide general instructions to the members regarding participation and conduct of this meeting. Good morning, everyone. It gives me immense pleasure to welcome all of you to the 78th Annual General Meeting of the Asian Paints Limited. I request you to take note of general instructions regarding participation and voting at this meeting. This meeting is being held through video conference in terms of the relevant circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. Your company has tied up with National Securities Depository Limited to provide the facility for voting through remote e-voting during the AGM and participation in the AGM through video conference. Live streaming of this meeting is being webcast on NSDL's website. The register of directors and key managerial personnel and their shareholding, the register of contracts or arrangements in which directors are interested, and other relevant documents referred to in the AGM notice and the explanatory statement have been made available electronically for inspection by the members during the AGM upon login to NSDL e-voting system. As the AGM is being held through video conference, the facility for appointment of proxies by the members is not applicable. During the AGM, if any shareholder faces any technical issues, they may contact the helpline number mentioned in the notice of the AGM. Depending on the availability of time, the shareholders who have registered themselves to speak at the AGM would be provided an opportunity to ask questions or express their views pertaining to the items set forth in the notice. It may be noted that your company reserves the right to limit the number of shareholders asking questions at the AGM. The moderator will facilitate these sessions once the Chairman opens the floor for questions and answers. During the Q&A session, I will sequentially announce the names of the speaker shareholders, and the maximum time allowed to each speaker would be two minutes. Members are requested to refrain from repeating questions or observations already made by fellow speakers. For better experience, we would request the speaker shareholders to use earphones so that they are clearly audible, verify the network connectivity, ensure Wi-Fi is not connected to any other devices, no other applications are running in the background, and there is proper lighting for good video experience. The speaker shareholders may choose to turn on their video before addressing the meeting. If any speaker shareholder is unable to speak due to connectivity issues, I will ask the next speaker shareholder to address the meeting. Once the connectivity improves and if the time permits, the speaker shareholder may be called upon to join again, only after the other speaker shareholders have completed their turn. The company is providing the facility to vote electronically on all resolutions set forth in the notice. The shareholders who have not cast their votes through remote e-voting and who are participating in the AGM will have an opportunity to vote during the AGM through e-voting system provided by NSDL. Thank you. I would now request Mr. R. Seshasayee, Chairman of the Company, to address the shareholders. Dear shareholders, it's my privilege to address all of you today at the 78th Annual General Meeting of your company. The year gone by saw bouts of market volatility and geopolitical instability with a backdrop of continued conflict in Ukraine and renewed escalations in the Middle East. Globally, inflation remained above targeted norms despite moderating from the previous year's highs and hence preventing the anticipated easing of monetary policies in major economies. Amidst this challenging business environment, your company relentlessly pursued its goals, innovating across critical elements of its business and driving volumes across all segments. The year saw some tapering down of the consumption demand post-COVID due to the continued effect of high inflation, especially in the rural areas. This led to revenue growth trajectory moderating to single digits for the industry as well as for us. Also, we continued to focus on smart economy products, undercoats, and waterproofing to deliver a strong double-digit volume growth for the year. On a medium-term basis, we maintained our double-digit revenue value and volume growth trajectory, delivering mid-teen compounded growth rates. We also delivered strong profit growth for the year despite the subdued revenue growth. Moderating raw material prices and our diligent efforts in pursuing formulation efficiencies provided a healthy cushion to our margins. We took this opportunity to pass on some of these benefits to our consumers and support the consumption demand. At the standalone level, your company reported growth of 2.6% in revenue from sale of products and services at INR 30,728. The profit before tax increased by a strong 27.6% to INR 7,005, and the profit after tax for the year increased by 29.8% to INR 5,322. At the consolidated level, the group achieved growth in revenue from sale of products and services of 3% at INR 35,382. The consolidated profit before exceptional items and tax grew by 28.1% to INR 7,348 for the financial year. The net profit after tax for the group was higher by 32.5% at INR 5,558. The Board of Directors have recommended payment of INR 28.15 per equity share as the final dividend for the financial year 2023-2024. This is in addition to the interim dividend of INR 5.15 per equity share, which was paid in the month of November 2023. If approved, the total dividend for the financial year 2023-2024 will be INR 33.3 against INR 25.65 per equity share paid for the previous financial year, an increase of about 30%. With this recommendation, dividend payout for the year will be at about 60%. I would request all shareholders to please approve the recommended final dividend for the financial year 2023-2024. I'd now like to take you through the key business highlights of this last financial year. Our decorative business delivered a volume growth of 9% and a value growth of 3% for this year. Price cuts implemented in the second half of the year had an impact on the value growth. Both our luxury and economy range of products grew well. Our focus to widen the organized market and strengthen our foray into the bottom of the pyramid segment delivered results as seen in the increased portion of economy products in our mix. However, our premium products grew at a slower clip, impacted by the price increases taken in previous years to tackle unprecedented raw material inflation. With price moderation at play, this segment is likely to see some bounce back going forward. Our projects and institutional business maintained a robust growth trajectory supported by builders, factories, and the government sector. Our approach of looking at customer requirements holistically across all product categories and our commitment to provide products as per varied requirements have positioned us as the largest player in the segment. Further, our presence here has been significantly strengthened by our expanding range of offerings in the waterproofing and construction chemical segment. Our distribution footprint, the largest in the industry, saw further expansion in the year to over 1.6 lakh retail touch points and the addition of a substantial number of ColourWorld tinting machines. As we consistently augment our network strength, a majority of our associations have been maintained across generations of dealer families. These relationships have only become stronger with time as we build on our supply chain capabilities, ensuring efficient and industry-based servicing levels for our entire network. Training and upskilling the contractor community has also ensured that we live up to our commitment to delivering a superior experience to our customers. The year saw significant progress in our evolution from share of surface to share of space. In FY 2023-2024, our revenue contribution from the home decor space was at approximately 4% of our decorative revenues. We are committed to growing exponentially as we move forward to our next goal to make this business about 8% to 10% of our overall decorative business in the next three to four years. Complementing our decorative coatings product offerings, this segment has made Asian Paints a key partner in our customers' home decor journey to create their beautiful home. We are the country's leading integrated home decor player, offering a unique physical experience to our customers through our omnichannel presence. Our network of 60+ beautiful home stores and studios across 45 cities allows our customers to experience all our products and services under one roof. We continue to invest in the salient Super brand Asian Paints during the year. We've been consistently reinforcing our "Har Ghar Kuch Kehta Hai" proposition. Our campaign, "Where the Heart Is," connects us to millions of people across the country. We've also boosted our digital marketing initiatives. Our collaboration with St+art India Foundation to democratize art and transform urban landscapes in India has also been very impactful. We are truly proud of the seven art districts and the 450+ murals that have had a meaningful imprint on communities across the country. This year, on World Braille Day, we aligned with them to create a one-of-a-kind tactile museum that made art accessible to the visually impaired. This event was a milestone for our coatings brand, setting a precedent for inclusive initiatives. Innovation has always been one of the key pillars of our success. Over the last four years, we have introduced 120+ new products with chemistries and features that are unique in the market. During this time, we have filed for 85+ patents, of which 60 have already been granted, and about 50% of these are commercialized. In FY 2023-2024, new products contributed to over 11% of our revenue. Both our industrial businesses have registered double-digit revenue growth and improved profit margins in the year. Growth in our automotive industrial coatings business was driven by the automotive segment as well as the refinish space. The non-automotive industrial coatings business has doubled in three years, driven by exceptional growth in the protective and powder coating space. Our partnership with PPG Industries Incorporated, USA, across both these businesses has enabled sales of differentiated and technology-driven product solutions, thus making inroads in key sectors. Progress in our international business was constrained due to several extraneous issues. In South Asia, macroeconomic challenges continued to impact Bangladesh, and the liquidity crunch triggered softer sales in Nepal. At the same time, stabilizing economic conditions supported recovery in Sri Lanka. The Middle East market grew well, both on the retail and project side, supported by robust new product introduction work. Our waterproofing and painting services across markets have given us a strong edge and will continue to strengthen our performance in the international markets as we look at enhancing our brand presence in these markets. We've always taken pride in the way we operate our business sustainably, with ESG being a critical element of designing all our processes. We continue to advance our commitments on ESG during this year. Our renewable energy consumption is now at 65.8% of our total electricity consumption at our decorative paint manufacturing locations. On the water consumption front, we've been water neutral for some time now. This year, we replenished 3.9 times of our fresh water consumption through various initiatives in water harvesting, water regeneration, and educating local communities. The health and safety of the communities around our manufacturing locations is of utmost importance to us. We impacted and touched the lives of more than 353,000 people through various health initiatives. Our commitment to disclosures, ethical business practices, impartiality, and mutual trust has enabled us to emerge as a leading company for over 50 years. As we look ahead, we are seeing the competitive environment evolve with a new set of entrants in the fray. This would demand a continued and deeper effort from our side to maintain our preferred brand and market leadership status. Innovation has been a key pillar of our success, and we remain focused on bringing innovative ideas and new value propositions to life for our customers. Some of our strategic investments, such as our backward integration project to establish manufacturing capabilities for the VAE emulsion, a next-generation environment-friendly emulsion, will also provide us with a sustainable competitive edge and cost advantage in the future. In the face of the unfolding competitive landscape, we will maintain our consumer focus, keeping their interests at the forefront, as we've been doing for decades. In the medium term, volatility in the macroeconomic environment is expected to continue as concerns over political transitions rise, particularly in Asia-Pacific, Europe, and North America. India remains well-poised to deliver strong economic growth, and its strong correlation with the domestic paint industry will ensure that we continue to grow well. Over the past few decades, our company has created tremendous value for all, and I remain confident that we will continue to do so in the future as well. I look forward to your continued support in this pursuit. Thank you. The notice coming in this AGM detailing the business has settled in item numbers one to five and the integrated annual report containing the audited standalone and consolidated financial statements for the financial year ended 31st March 2024, along with the board's and the auditor's report and management discussion analysis report, have already been circulated through the permitted mode to you, and with your kind permission, I take them as read. As there are no qualifications, observations, or comments, or other remarks in the statutory audit and secretarial audit reports, they are not required to be read. In accordance with the provisions of the Companies Act 2013 and the rules issued thereunder and Regulations 44 of SEBI, listing obligations and disclosure requirements, Regulations 2015, the shareholders were provided with an opportunity to cast their vote through remote e-voting on the resolutions as set out in the notice convening this annual meeting. The remote e-voting period commenced at 9:00 AM on Friday, 21st June 2024, and the facility was available to the shareholders till 5:00 PM on Monday, 24th June 2024. Mr. Makarand Joshi, failing him, Ms. Kumudini Bhalerao, partners Makarand M Joshi & Company practicing company secretaries have been appointed as a scrutinizer for scrutiny of the votes cast through remote e-voting and e-voting during the AGM. Mr. Makarand Joshi has also joined this meeting. The voting results will be declared within two working days from the conclusion of this meeting. The results, along with the scrutinizer's report, will be available on the company's website, on the website of NSDL, and the stock exchanges where the company shares are listed. I'd like to formally commence e-voting at the meeting for all those shareholders who have not cast their votes through remote e-voting in respect to all the resolutions as settled in items number one to five of the notice convening this annual meeting. Members can click on the Vote tab on the video conference screen to make use of this facility. The shareholder members may now ask questions pertaining to any item as set forth in the notice. Members are requested to keep their questions brief and specific. To avoid repetition, the answers to all the questions will be provided towards the end. Members may also note that the company reserves the right to limit the number of members asking questions depending on the availability of time. Thank you. Request to Mr. Manoj Kumar Gupta to address the AGM, please. Hello. Hello. Good morning, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my residence, Kolkata. Sir, I feel proud to be a part of Asian Paints, and I feel proud to see you as our Chairman because as a shareholder of Ashok Leyland and our IndusInd Bank, I have seen your leadership in both companies, that you have led the company in the right manner to return to the employees and the investors. We expect that we small shareholders and the employees of the company expect that you will do the same in Asian Paints under your leadership to return to the employees and the investors in better manners in future also. This manner you have returned in Ashok Leyland and IndusInd Bank because whatever the IndusInd Bank today that all credit goes to you, that you have led and you have turned around the bank under you. Now come to the Asian Paints, sir. I first of all thank you, the MD and the team for the excellent result of the company and higher dividend payout to the shareholders, INR 33.30 per share on one face value. I thank you, the company secretary and the team, especially Mr. Sheril and all share department people who have helped us to join this meeting through VC. Now, sir, question: how do you face the competition? Every day, new paint companies are coming. So how do you face the company? Now, the two big giants have also entered in this business, like Aditya Birla Group and JSW Group. So how do you face the competition in your business, sir? Asian Paints is Asian Paints. No one can compete with Asian Paints. [Foreign language], do you have any plans to plot any greenfield or brownfield project in near future? And what's your CapEx plan for next five years? And how will you reward the shareholders? Bonus is overdue, sir. Your capital reserve is higher. So not to issue the equity bonus, issue the bonus debenture at a premium of 8%, redeemable after three years. So think about that. We have got a good return. The share price is near about INR 3,000. I believe after hearing your speech and the reflection will come in the stock market, and tomorrow our share price will go up. When we meet next in the AGM, our share price will be INR 5,000. You will consider to reward the shareholders. I warmly welcome the new independent directors, and we hope that the company will get their vast experience to grow more. Nothing more to say, sir. I wish God to give you more success and with the team of management to take the company to new heights. Thank you, sir. Thank you, Mr. Gupta. Now I invite Mr. Yusuf Ranguwala. [Foreign language] Yes. Yes, yes, Thanks. [Foreign language] Thank you, Mr. Ranguwala. [audio distortion] [audio distortion] । am I audible? [audio distortion] I feel that a lot of push needs to be done in this. And it's, it suits our company. But then unfortunately, not much seems to be happening there, though it exists. And there are a lot of other reverse integration things we can do. One of them being water purifier for homes. Many companies are already, those who are non entities, those who do not know ABCD of anything. They have also been entering this field. So with the brand image that we have, we can very well come up with a very reasonable price water purifier. But only if we come up with an RO, which does not waste water. Because as of now, all the models of RO have for 1 liter of portable drinking water, there are something like 3 liters of water being drained away. Of course, I have been using this because for last 25 years, I am you know conserving water. I am a nature person. I believe in minimalism. But then most of the people don't. 99.99% people throw away water, which comes out of the water purifier. So this is one new business area. I am suggesting in our global footprint. What I see is only a handful of countries in Africa and some in you know South Pacific, which is fine. But for the kind of company that we have been, I feel it needs to be expanded to lot of areas. There are nearly 200 countries in the world. We should be there in at least 50 of them, if not more. And if we can penetrate American market, which I don't know whether we have tried or not, but then that can be a very big game changer for the company going international. Because the consumption is very huge and large there. But we should be able to compete with them. And also Latin America and other parts of Africa, we need to concentrate on. I have been an international business consultant. If the company wants, I can render my help, being a consultant in various different areas. Another area of concern that I have is, as all of us know, paint is a you know environmentally. It's not a friendly thing when it comes to its disposal. So lot of paint. One of the things I would like the company to discover ways and emphasize is to eliminate wastage in purchase itself. There are lot of people, especially painters, just because they are on a contract basis. They want to buy any amount of paint, and then they end up wasting. Either they will take home or they will throw it away. Now, throwing it away is also causing problems anywhere and everywhere, especially in apartments. We are not allowed to dispose of paints, and nobody takes it also. Even garbage disposal is not allowed. So company can evolve ways of converting this into something that is either environment friendly or not harmful to the environment. And there must be some ways of disposing and taking it back. Have in your dealers shops, you know, disposal something. This is a very serious concern. And especially with the middle income group rising and the you know home decor, home business, home construction is going to be rising in the next 5 to 10 years. When we are going to become the third global, globally in terms of $5 trillion economy. We need to do quite a lot of these things, and we should be bothered about these. I compliment the company for water neutrality, which is good. And hence forth, there are many different areas we can concentrate on. I would very strongly suggest that please try to concentrate on this area of home decor. Even if somebody wants to make something small, it should be possible, which others are not able to do. So this becomes a niche area for the company to penetrate the, you know, plywood and home interior making. Doesn't have to be a full bedroom or a full kitchen or something like that. Mr. Ajmera, I tell the question. Hello, given Hello, given the other shareholders who are waiting, if we can restrict the. Yes, yes, I am done. Yes, I am done. Thank you very much. Thank you. Thank you. Thank you, Mr. Ajmera, for your very thoughtful suggestions. Thank you. I know, I know you from Chennai. Ashok Leyland. Now, I invite Mr. Gautam Tiwari, please. Sir, you can listen me, sir? [audio distortion] Yes, of course. Thanks. You can see me also. Yes, So so nice. Yes, sir. Sir, first of all, I would like to really, very warmly welcome our Mr. R. Ramaswamy, who has doing a very good job along with our original team of MD Amit Syngle and Jeyamurugan. So, I am very much happy about it. And the company is doing wonderful job, despite so many other big giants, who have enter our field of paints. Still, we are giving a very good competitive challenge to them. And I am very sure, we will supersede. Dear, sir, first, I would like to mention one thing. We have been your share holder right from day one. Sir, and speaker also. So, our very most popular chairman, Ashwin Dani, has been here since decades together. Sir, a his demise has given a very big shock. And really, we we can not fulfill his demise so very quickly. Sir, his contribution to the company and the way he has word, his strong vision and the way he has brought the company with his hard work, experience, expertise, liaison, is wonderful. And we, it is very difficult. We will never forget him and always will be missing him. And we will be over memory, over strong condolences to him. As he so may rest in peace, we heartily pray for that. Sir, along with all share holders. Sir, as I say, you welcome our our chairman. And we are very happy that in the long run, we are going to get a better results and better reward for share holders. Sir, as far as this physical department is concerned, Mr. Jay Shah is wonderful. Sir, he requested service. He is very good. And since years together, we have been seeing that he is doing a very good hospitality, very good friendliness and politely and punctually. He is giving, rendering his service to all share holders, for which we are very much grateful providing a near on year services. We are very much grateful to the management and to the secretary team for such a good service. Even I got the report, physical report, along with notice on request to me. Sir, Asian Paints [Foreign language], right from table, far [Foreign language] । Even now, INR 1 [Foreign language] share [Foreign language] INR 33 [Foreign language] dividend [Foreign language], which speaks volumes about itself. And I am very sure, in the days to come, you will still be rewarding the share holders very handsomely. Sir, Sir, I support appointments and reappointments of all directors. I also very strongly support all resolutions, for which I have take [Foreign language] resolution very much favorably. Sir, we have got complete trust, confidence and faith in the management. And and their for, from day one of the company, their for, our life time support is assured. Sir, only two three questions I have got in my mind. Sir, what is your further road map? And immediately for this year and the next? And how are you going in? Sir, what all arrangements you have done to face the challenges that Birla and JSW, the very big giants, those who have entered in the paints business? What new launches and what new modifications you have done? And sir, what is for this particular quarter? What is the CSR and R&D spend of ours in this particular quarter? And sir, how many new and popular saleable brands you have launched during this year and under pipeline? And with this, I wish you all the best. Your superfine management will again continue the company, taking upwards and upwards, and will keep promoting shareholders very nicely. Sir, bonus is due. Please think of them. Here is a grand salute to you, sir. Thank you very much. Thank you, sir. Yes, next, I invite Mr. Bharat Shah. Are, accha, mouth hai. Bharat Shah, Sushma Shah. Hello. Yes. Hello, sir. Sir, [Foreign language], sir. Yes, we are able to hear, Mrs. Smita Shah. [Foreign language] Thank you, sir. [Foreign language] Chairman [Foreign language] Shesha Sai [Foreign language], Vice Chairman [Foreign language], [Foreign language] Manish [Foreign language], MD CEO, [Foreign language] Amit [Foreign language] Malav [Foreign language], [Foreign language] Directors, [Foreign language] Smita Shah [Foreign language] । Very good day, sir. Sir, [Foreign language] excellent board team [Foreign language] very excellent performance [Foreign language] 78th AGM [Foreign language] company [Foreign language] late [Foreign language] Ashwin [Foreign language] Choksi [Foreign language] late [Foreign language] Ashwin [Foreign language] Dani [Foreign language] team, [Foreign language] employee workers, [Foreign language] company [Foreign language] excellent work [Foreign language] dividend [Foreign language] dividend [Foreign language], sir. Sir, [Foreign language] products [Foreign language] launch [Foreign language], NeoBharat, Latex, Apex, Ultima, Smart Care, WoodTech [Foreign language] launch [Foreign language] sir, [Foreign language] sale [Foreign language]? [Foreign language] [Foreign language] [audio distortion] [Foreign language] T hank you very much. [Foreign language]. Thank you, thank you, [Foreign language], thank you, [Foreign language], for your kind words and for your very useful suggestions. Thank you. [Foreign language], I invite [Foreign language]. Hello, I am audible? Yes, you are audible. Thank you, thank you, [Foreign language] Respected [Foreign language] and distinguished guests. Good morning to all. It is honor to stand before this AGM gathering today. I extend my heartfelt gratitude to the board for granting me the opportunity to part of the important event. My concerns are with the entry of big loss in the paint industry. The industry will be going to destruction with the entry of big loss. How will our company face to the competition? We must also consider the resilience of Asian Paints' business model and the measures in place to install shareholder value. Image in tax. I have noted the absence of significant corporate action, such as bonuses, distributions, stock splits and mergers and demergers. Am that enhancing shareholders' well. Are there any plans for such initiatives in the near future? Before I conclude, I want to express my sincere gratitude to the entire secretary team. I request support from our company in associating with me in the area of certification audit, including Form 15CB. I believe that CSR means helping the needy at crucial times and I am confident that Asian Paints shares this vision and commitment to support those in need. Despite my repeated requests over the years, my request went unheard. I understand that management has been occupied with other matters. However, I respectfully ask for a few minutes of your time to address my request and provide me with necessary justice for work. Lastly, I propose utilizing the substantial savings from the virtual mode of this meeting for the benefit of speaker shareholders. This would involve arranging a site visit for shareholders and distributing token appreciation, such as sweets and strong gifts to our esteemed speaker shareholders during festivals. Furthermore, I would greatly appreciate your assistance in facilitating an introduction with audit of your potential engagement in professional and given our professional affiliation. I am confident that such collaboration would prove mutually beneficial for both parties involved. Thank you for all your attention. Thank you. Yes, next, I invite Mr. Praful Savda. Hello, sir, [audio distortion] Yes, yes please go ahead. [Foreign language] Thank you, sir. [audio distortion] Am I audible sir? Yes. Very good morning, respected Chairman, MD & CEO, Board of Directors, Company Secretary. Well, [Foreign language] joining at 78th AGM of Asian Paints Limited. My name is Ashit Kumar Pathak, joining from Dumdum, Kolkata. At first, my extreme gratitude to our Company Secretary, Mr. R.J. Jeyamurugan, and Deputy Company Secretary, Ms. Saloni Arora, and Secretarial Department, Mr. Sahil Makkar, and leadership team for sending me the hard copy of annual report very well in advance and allow me to speak. Sir, before I start, I have homage to our earlier Non-Executive Director, respected Mr. Ashwin Dani, and for his sudden demise. I pray to God for his soul rest in peace and his blessings spread to my company. Most welcome to our new Chairman, respected Mr. R. Seshasayee, and may he come in my company. And I have full confidence and his support and his guidance in my company in future and in top financial performance. And sir, your most valuable opening remarks is for my the company. Also, my congratulations to my company management team and leadership team for achieving excellent financial performance financial year 2024, beyond various domestic and global challenges. We have consolidated revenue achieved INR 35,494.73 crores, near about to 9.9% growth. EBITDA also INR 8,272.94 crores, near about 24.5% up, and net profit is INR 5,557.69 crores, near about 32.5% higher. And also, shareholder funds is INR 18,425.1, and also dividend members are getting dividend INR 32.30, 30% per equity share. Excellent financial performance. Now, coming to my brief views, in a media report, I notice that in the year of financial year 2024 to 2029, the expected paint and coating market size is $15.04 billion. So, through some highlights, our capex program next two three years, and any plan for capacity expansion, either organic and inorganic way. Next, present market share of our paints and coatings and industrial paint in market share. Now, I like to share some manufacturing, creating niche products, adding value added services, and emphasizing environmental responsibility. Through some highlights, our strategy to mitigate this challenge. Also, Mr. Kaushik Shahukar, raise how we face compete with new player, Birla Opus plan, who like to invest INR 10,000 crores and capacity 1,332 million liter per year. If possible, through some highlights, present my company attrition rate and capacity of utilization of our paint plants, and what rigorous steps we have taken in cyber securities and data threats, because we have invested last financial year INR 1,103.2 crores in IT segment. Also, strong steps taken due to waste management. I notice the safety LTIFR, near about 0.40, and zero tolerance of fatalities. If possible, so some highlights, I notice our debt is INR 92.6 crores. I think my company may be a debt free company, because free cash flow, near about INR 3,571 crores, and surplus cash is INR 507.8 crores. So, if possible, so some highlights, and our last year working capital status, as on 31st March 2024, and working capital cycle. Please, through some highlights, near about industrial business contribution revenue. I notice total revenue to 3.1%, aggregating INR 1,105.55 crores, and our presence in 14 countries, and also Indian ongoing manufacturing hub, automobile, EV, PV, SUV, are very much uprising, and also defense sector in Atmanirbhar Bharat. So, what positive initiative we are taking to prospective industrial paint business? If possible, so some highlights, and any plan to expand our footprints, other than Asia, Middle East, and African, South Africa. If possible, throw some highlights. Sir, I notice our procurement of materials from local suppliers, near about 72.76.2%. My think, can it possible to make it 100%, because we are facing higher logistic cost at present? Sir, any plan to reduction our energy, which we mention 36%, to achieve zero food carbon prints 2030, and all our paints are eco friend? If possible, throw some highlights, because I notice that is better for eco friendly, zero to very low VOC paints, and latex paints, and recycled water base paints. If possible, throw some highlights. Finally, I like to share that is not so. I notice page page 403, note 41, who is that competitor, again appeal against CCI order to NCLT, and the present status of that hearing? If possible, throw some highlights. I notice in the annual report, page number 403. If possible, throw some highlights about this. And sir, finally, just short, I am shortly finishing this, because we are, what can we upsetting the challenge, because and production of paints, achieving consistency and uniformity, and optimal performance, the critical challenges for manufacturing of paints and coatings, mainly paints, ink, milling, and dispersion process, are vital to achieving this goals. If possible, throw some highlights, which positive steps we have taken? Thank you, sir. I pray to God, everybody, good health, and prospective of my company. Thank you, sir. Thank you, Pathak ji. I think you have done a very detail study of the annual report. I must compliment you for that. Next, I invite Mr. Sharad Kumar Shah. Hello, sir. Hello. Yes, yes, please go ahead. Can you, can you, can you see me, sir? Okay. Yes. [audio distortion] [Foreign language] This will be a top advertisement to my product, and it is comfortable to Bombay. If all construction, which are will be leakage proof, and if we do this, our product will be proof, particularly in H anging Gardens, Coastal Road, which are new, and there is a leakage problem. So, please look into this thinking, and do needful. Thank you very much for questioning. Thank you. Next, I invite Mr. Dharav Jamadar. Good afternoon, and greetings of the day to Chairman and all the board members of my company. I am Doctor Dhaval Jamadar from Surat. First of all, I would like to congratulate each and every shareholder of my company on hosting such a fantastic set of numbers in this fiscal year. Some of my questions, which I would request the board members to address are first one: with respect to fabric and furnishing business, we are top second player. What are the major challenges that we might face in this fiscal year? This segment, and can we take number one spot in this segment? Second, after commissioning our new VAM and VAE plant in the Dahej, basically knowing that VAM is a raw material, primary raw material for various of our products, as it is one of the basic raw material, particularly in adhesives. How much impact would it have on easing our raw material cost prices and improving our margins? Third, supposedly crude oil prices stay about $90 per barrel in this particular fiscal year. How much impact would it have on our margins and bottom line? Particularly, we are unable to take a price hike because of various macroeconomic factors, like rising competition and so on. For this fiscal year, overall realization came in weak due to a shift in product mix towards the economy range. Can you enumerate reasons behind it, and how are we planning to have a demand that would be having a balance of both premium as well as economic range of products? Next, on the international front of our business, we had a flat revenue growth. What are the headwinds that we are facing on that particular side? And do you think that the same would be prevailing in this fiscal year too? Last one, can you provide us in some outlook on what amount of capex should we expect in this fiscal year for backward integration as well as forward integration activities? And what magnitude of effect would it have on our gross margins? Thank you, sir, for providing this opportunity. So, I am moving to next shareholder, Mr. Anil Mehta. Mr. Anil Mehta. Sunita, you are problem mute. Hello, yes, we are able to hear you. Good afternoon, this Anil Mehta, attend this meeting from the Mumbai. I already send my all the questions in advance, and I receive the satisfactory reply from your secretary department. So, there is no any more question from my side. Thank you very much, and all the best, and thanks to the side for giving the up to date knowledge about the meeting. Thank you, sir. Thanks. Next, I invite Mr. Santosh Kumar, Santosh Kumar Saraf. Yes, Mr. Saraf. [Foreign language] Thank you, sir. Next two shareholders are not able to join, now I invite [Foreign language] Am I audible? Yes, you are audible, ma'am. Yeah, I go on. Respected, respected Chairman, other members of the Board, my dear fellow shareholders, I am speaking from Mumbai. First of all, I thank the Company Secretary and his team for registering me as a speaker, also sending me the annual report, also reminding me. So much, the team is so good. I am very happy, and in the comfort of my home, I can speak very nicely here. Thank you so much. Now, I come, I come to the annual report. It is full of pictures, facts and figures, at the same time informative and self-explanatory. I am adhering to all the norms of corporate governance. Next is, working is very good in the case of Asian Paints. Always, the working is fantastic. And market capitalization is good. And whenever it feels, the Board feels that they should give a bonus, they also give a bonus without we asking. Also, thank you so much. Now, we very good dividend of INR 28.15, that is in this very difficult economic conditions with lot of logistics problems. Declaring this much, INR 28.15 is for excellence. I congratulate you for all the awards and accolades, and also the good CSR work done to the society. Now, sir, my queries, there is a lot written on the ESG. I am very happy, but my question is, have we rated this ESG? And if we have rated, what is the valuation? And have we placed it on some dedicated ESG platform, by either in India and abroad, which will give greater valuation to our company? Next question is, now, we have list a lot of competitors. I would like to know, what is our market share at the because of this competition? Third is, how much of AI, generic AI, cloud and quantum computing, we are using in our operations? Plus, we do lot of retail painting to of the customers and all. So, are we using these tactics to give better results? Rest, I support all the resolutions. I wish my company all the best, specially in health, as health is wealth. Now, I hand over the mic to Mr. Mascarenhas, who will just now speak. Hello, sir, I am the next speaker in the queue. Can I proceed? Yes, sir, please. R espected Chairman, sir, very distinguished members of the board and my fellow shareholders. Good afternoon to you all. My name is Aloysius Mascarenhas. I am a proud shareholder of this prestigious company. I am holding these shares for a very long time and in huge number, a big quantity. But in physical form, both demat and physical, more in physical form, which I would like to demat. And I am facing lot of difficulty in demating. I would urge your cooperation. Now, our results are excellent, par excellent, as shown and facts and figures, full of features. The annual report is so voluminous, transparent, informative and adhering to all the parameters required for a good corporate governance. In short, the 10 year financial highlight shows the financial progress of a company on year to year basis, on all fronts, PBT, PAT, EPS, ROC, book value, everything, and market capital, everything has gone up the roof. And a very handsome dividend of INR 28.15, that works to INR 2815. Very good, very good, sir, very good, mind boggling. Wish this dividend payout remains constant and improves in future. We are excellent CSR, CSR activity and a very good risk management. And we are exporting not only to some neighboring countries, but other developed countries also, specially the UAE, Bahrain, Qatar, then smaller countries like Sri Lanka, Bangladesh, and all these countries apart from our local. Now, here in export, I would like to know whether we are receiving all the revenue, export sales revenue, by way of dollar, because dollar is increasing day by day, as against the depreciating rupee. So, we stand to gain. So, I would like to know, sir, how much dollar income we are getting. And another question that is in my mind, that we are facing lot of competition. There are lot of new entrants, like the Jindals, Jindal Paints, then Aditya Birla Paints, and then the Indigo Paints, and so many. So, it may affect our profit margin, so to what extent have this competition brought down our profitability, and how we are going to deal with such competitors. And I am happy to know that we are doing very well, and on the ESG platform also, we are doing well. And many questions have been asked by my predecessor shareholders. I don't like to repeat. So, I end my speech, I wishing you personally, all the board members, and more importantly, all the employees, all the very best in the days and years to come. With this, sir, I thank you very much for a patient hearing. I wish you and the company good luck and good bye. Thank you for patient hearing. Thank you. Thank you, sir. Mr. Manish Chhabria. Yes, sir. Good afternoon, board of directors, my dear shareholders. My name is, sir Manish Chhabria from Hyderabad. Firstly, I congratulate the board for outperforming and highest dividend ever. My simple question would be, as I have raised the question subsequent years, since last three years, when would be the board would give the bonus shares to the shareholders? As it has moved more than 20 years, the board has not decided for the bonus shares, as the stock split has been done in 2013. I once again congratulate the board for fantastic dividend and 27% CAGR since inception. Thank you. Yes, Mr. Jaydeep Bakshi. Yes, Mr. Bakshi, you can speak. Hello. Can you hear me? Yes, yes, yes. V ery good afternoon, Chairman, Board of Directors, and Chief Manager person. My self, Jaideep Bakshi, connecting from the city of Kolkata. Thanks to our company secretary for giving me an opportunity to express my view and presenting a descriptive and informative annual report. And also to Mr. Sheril and Mr. Prateek for keeping in constant touch before this AGM and for conducting this virtual AGM in a nice manner. Sir, very good performance and initial video presentation and also speech was very much informative. And thanks once again for the higher dividend you have passed on to us. Sir, I have already sent my queries and I have already received my reply also. So, I don't need to, in the in the virtual of time, to repeat those questions. Just want to know, highlight, kindly highlight on the decorative coatings products in our journey for beautiful homes. And how are we planning to counter this local players and plans to increase our stores across the cities? And any new concept through R&D and new technology application for painting for improve quality? And sir, regard what are the steps are we taking for wastage material? A with do it is well attended and how are we planning for the reuse of this materials? And regarding CSR activity, I kindly grow more awareness on water consumption, because water shortage can be a dent for our growth. And because of this adverse weather, which is prevailing now, this is water is a very much a highly precious item. And what are our thoughts regarding the lowering of our carbon footprint and our thoughts for installation of solar panels? And nothing to add more, I have already cast my vote in support of the resolutions. And what are our thoughts regarding the after sell service of after painting? And I had already painted my house interiors back 10 years back, but still today it looks very fresh and really satisfied with the quality of the product. And nothing to add more, and wish the company to grow to the newer heights under your guidance and cooperation with all attested. Sir, kindly continue this video conference so that we can keep in contact touch. And this WhatsApp group has already help us a lot to keep in this video conference. Thank you, sir, and all for safe. Namaskaar. Thank you, sir. Mr. Arvindbhai. Can you hear me now? Yes. At the outset, I would like to thank you for allowing me to speak in this area. And you have extremely very good and taking the sign and react. I am a shareholder of Asian Paints since 2014. And me and my wife, wife and my son, we are holding more than 2,200 shares of Asian Paints. Right now, I am very very happy and I congratulate the management for showing the excellent performance of the company for receiving these awards. Firstly, I have some doubts in my mind and which I would like to clarify. Primarily, I want to ask you three questions. Number one, if your global ranking is eight or 10, on page number 16, it says 8th company, whereas in initial page two, it says we are among the top 10 decorative company. Of course, if you clearly said that you are among the top 10, that means any part of that. So, this is just a clarification from my side. You are possibly 8th, but I still want to hear from you also. Number two, the revenue this year, that means year 202 3-2024, has gone up only by 2.6%. What I can see from page number six, why so low revenue growth? You know, this revenue growth is not really good, according to me, because you have so far in last three years. If you see, you have compounded annual sales growth was at 18%. So, why this year the growth has been only 0.6%? As because, you know, this is because of your market share has gone down due to new entrant, and competition has increased, and there was pressure for price of market share. What are the 900 to understand from you? Why the growth, revenue growth, has been it only 2.6%? Now, the third question is that, if the market share in the share market, if you see that our price is now running around around 2800 and 2700, etc., whereas the highest was amount. 52 week high was 3500 and 3500 and 3500. At this current price is almost 20% to 25% lower than the 52 week high. See, this happened actually, this actually, whereas your profit has gone up by 32% on year on year basis. So, I did for interpreted, of course, this is all to do with the market expectation and what you what market expecting and what you achieve. But, I simply want to understand from you, what are your views on that? Why the the the field of market has not gone up in last one year? On the contrary, somebody who has invested about a year back, is any loss by about 20% in terms of its price appreciation of the share? So, will be kind to explain your views on that. Thank you, sir. Thank you. Yes, next, I invite Mr. Redappa Gundluru. Hello, why is me audible, sir? Yes, you are audible, please proceed. Thank you, sir. Thank you, I am enabling my camera. Sir, thank you, sir, for giving me this opportunity to speak in front of the. Sir, sir, just a minute, sir. Just a minute, sir, please. Sir, please hold, sir. I am finding my notes also. Yeah, Chairman, sir, President sir, MD and also are the CEO and MD, Mr. Amit Mahendra ji and also other Board of Directors, my Company Secretary and scrutiny managers. Good morning. Namaste, sir. My name is Redappa Gundluru. I am first time attending Asian Paints Annual General Meeting. First of all, I am appreciating your patience hearing, sir. So many members are speaking, they are taking time. Even though you are patience hearing, highly appreciable, sir. So, that is the reason, our brand have use, because our transparent governance. First of all, I would like to thank you, our Company Secretary, for sending the physical Annual General annual report. Sir, in this annual report, I found very good corporate governance, special CSR, special corporate governance, special green energy. Thank you for wonderful corporate governance, sir. Thank you for wonderful dividend and also consistent financial growth. Sir, I would like to speak about the company brand. This is my first time speaking in this AGM. Sir, I have another. I used to attend all the other companies AGM as active shareholder, but my experience here is very wonderful, sir, because the way of the treating the shareholders, giving the importance of the proceedings, and also the our Sahil Makkar ji is calling, and also testing, and also giving through the WhatsApp coordination. Is first time observing this Annual General Meeting, and that's the reason my brand is top top in the top list in India. Thank you so much, sir. Wonderful performance, sir. Governance ke bare mein baat, sir, bahut accha governance hai, sir. Ismein bolne ki kuch bhi zarurat nahin hai, sir. Each everything, sir, you are doing help for study, sir. Thank you, sir. Sir, main I think aaj I am not want questions to ask, sir. So, my suggestion is, please give more dividend coming finance years. So, I would like to thank our Company Secretary department for sending the annual report well in advance. And also, I felt very happy about the coordination. Thank you, Company Secretary and team. Finally, I am conclude. I have already voted support with all the resolutions, sir. Sir, Chairman, sir, we have faith on you, trust on you. No single black spot in my company financials and your career. Also, wonderful, sir. That is a forward shareholder. I am a financial advisor. I used to recommend all the my company, for long term investment, sir. So, I hopefully in coming finance year, we will achieve many more higher, higher, higher. We will achieve higher milestones also. That's the reason. I wish entire Board of Directors, entire Company Secretary team, and our employees. I wish good health and happiness to you. Thank you so much for wonderful opportunity. Please continue to VC, VC wonderful. Don't conduct in physical, physical unnecessary increase. This is we can able to attend globally. Yeah, yeah, thank you. Thank you. Now, we invite Mr. Rajesh Chainani. Hello, I am audible, sir. Yes, sir. Your respected Chairman, R. Seshasayee ji, MD CEO Amit Syngle, my Chairman, Manish Choksi, and very highly eminent distinguished Board of Directors. My fellow shareholders, my name is Rajesh Chainani, and I am speaking from Vile Parle, Mumbai. So, sir, first of all, I thank Company Secretary, R. J. Jeyamurugan ji, and the Secretary team for sending me the physical copy very well on time, which is full of knowledge, facts and figures in place. And I really thank the Secretary department for continuously calling and reminding us to attend the meeting. So, it's really a very good corporate governance. This is the Secretary department, which is a link between the shareholders and the Board of Directors with the board. So, they are doing the job very well, sir. So, I really appreciate and I thank the Secretary team. Sir, promoter holding, I just want to know, promoter holding is sir 52.63% and SEBI has permitted us, we can take it to 75%. So, are there any plans of increasing the promoter holding from 52.63%? And sir, regarding the share capital, I would like to say, sir, everybody knows, sir, it's INR 95 crore, sir, the reserves and the surplus. So, our face value is INR 1. So, I can't tell you to do anything on a INR 1 face value, except now, the only option left for us is like, you can come out with some bonus. Sir, it's been a very, very long time, sir, long period. Sir, and Mr. Shesh, you are a very general. Sir, you have taken Ashok Leyland from where to where, I remember. And sir, I met you in Pune in 2018, in IndusInd Bank, when you were the chairman. So, sir, you have a lot of patience with the shareholders, sir. And we were the ones who are telling you, sir, so much time, the shareholders are taking. So, you said, like, you should be mature enough, you know, they should know how much to speak and what to do. So, I really, I learn a lot from you, sir. So, I am, even, I am also patiently hearing everybody. Sir, second thing, sir, from page number 24 to 29, the chairman message and MD message, I have gone through, sir, there is a lot of excellent coverage there, sir. Sir, regarding the new players, Grasim sir, one of the analyst meet, I attend now, Astral has also, even the Astral company has also entered into the paint industry, but go into the rural areas. So, sir, that's a separate issue, sir, let them come, sir, more the competition, but we are much, much ahead and far upper, sir, from a corporate governance only, we can make out where the company is heading for, sir. So, sir, I won't take much of your time, but sir, [Foreign language] And sir, a company is related to the festivals and all, so, and the coming months are all of festivals. [Foreign language], Chairman, sir, [Foreign language] Board of Directors [Foreign language] shareholders [Foreign language] Thank you very much, sir, for a patient hearing. Thank you, sir. Thank you, Thank you. Okay, Mr. Sachin Patel. Hello. Yes, yes, ma'am. Hello. Yes, ma'am, please speak, please. Very good morning to all of you, respected Chairman, eminent Board of Directors. I am S.S. Patel, H.S. Patel from Mumbai. My throat is not little proper, so please forgive me. First, I would like to congratulate the company, the Board of Directors, the management team, and all the employees of the company. It is their hard work, which has given this good result to us. So, they have worked very hard throughout the year. All the employees, I congratulate you. I thank you very much for your hard work. Please, I wish that you sustain this hard work for the coming years. Also, sir, the company has fared very well, and because of that, we have received quite good awards and accolades, recognition throughout. Good CSR activities has also been performed. Here, I would just return and thank our Mr. Jeyamurugan for the good annual report also, and good shareholders information you have given. Please, at least once in a year, sometimes do ring us up and do talk to us, Mr. Murgan. Only, it is only AGM in which we can talk. Sahil Makkar, excellent work from you throughout the year. Very good work, very hard working, and very humble man. Very good in maintaining the relation with shareholders. All the best to you, Marcar, and all, and your team. I also here would like to thank our old Board of Directors, Mr. Choksi, Mr. Dani, and Mr. Vakil, on the basis of whom today, Asian Paints stands. Mr. Seshasayee, thank you very much for the good result as the Chairman & CEO, as you have given us. I would here like to just two points, I would like to mention, sir, that of course, bonus spending has been told by few shareholders before. And also, if possible, I know it's a paint company, but sir, even, even pharmaceutical companies are taking us for factory visit. Paint company can also take us for factory visit. We have that plastic full cover, you know, for protection from the smell. If possible, take us somewhere in the whole year for as for shareholders. It is only AGM that on this basis, we are able to come to know about the activities of the company. Come to know about the financial activities of the company also. Sir, so many companies, may be even Asian Paints, I am not so sure of it, but people hold companies hold analyst meet. I don't understand why analyst meet is been given so much importance by other companies also. It is a shareholders who are investing their hard earned money in the company. Analysts are not sharing their hard earned money in the company. Are not putting their hard earned money in the company. It is the investors make innumerable throughout the year. I find four five times, there is analyst meet. Analyst meet, analyst are make a company and they mark the company by their remarks. It is many times, they mark the company by their remarks. So, instead of holding the analyst meet, it should be investors meet, shareholders meet. Give you, give us chance. And AGM, we are supposed to talk only for 10, 5 minutes and 8 minutes and 10 minutes. And the analyst meet is throughout the year four five times. Why, why this step motherly treatment for shareholders? Give importance to investors, give importance to shareholders. And the middle man is eating the cake. The middle man is eating the cake between the company and the shareholders. It is the middle man who is eating the cake. Why lacks of rupees to that middle man is taking from the company, not doing any good service to the investors? So, kindly please take a note of this. I have been telling this in almost all the companies. Sir, secondly, I would like to draw attention to the after-sale service of the company. You all are also into metal tapes. Not pipes, pipes are by somebody else. Metal tapes, I purchased some metal tapes, four five of them. Very good, good brand. It was very good quality. It was and little, little more costly. It was, but I found that within six eight months, the tape is some fault is coming out with the tape. Now, when I report to it, it became very difficult for me again to change the tape. It was, it is a costly, costly piece. Again to change the tape, what is the guarantee that that tape also will last for at least two three years, five years? Within eight months, ten months, the tape was given. I find it very difficult. Then, I hope, yeah. And I also request the company that we should at least have something in common between the shareholders and the company. Give preference to us, allow us to participate more in your financials in the growing growth of the company. We are putting, not only, we have good ones, we keep on buying. We are keeping on buying the shares. So, give us also some good chance to participate in the management of the company. Anyway, I am just drawing your attention. Wishing you all the best. And Mr. Chokshi, Mr. Dani, and Madam Vakil we have faith in you, faith in your power, faith in your running the company. Please, wish all the best. I wish you all the best in the coming year, in the forthcoming years also. And may the company become today. The company is eighth in the world, world of paints, and seventh in the most valuable company. I wish the company become number one in the valuable company in India. And from eighth, our position should go at least to third and fourth. I wish the company all the best. And I am sure, it will, it will grow because the quality of the paint is really very good. Only, please make the after sale service little more comfortable for the users. Thank you very much. And all the employees, I wish you all good luck, all the best. And I am your kindness for making excellent result. Thank you all of you. Thank you, Madam. Mr. Aspi Bhesania. Sir, mask from Bombay. Yes, sir. Thanks for giving me an opportunity to talk. Sir, I would like to know quarter four, why the profit was less compare to quarter three, and also compare to quarter four of last year. And sir, how will competition affect us? Because so many new people have come in the market. And sir, hello. Yes, please. Yeah. Okay, sir. All the best for the future. I just wanted to know about this only, and how the competition will affect us. Thank you very much, and all the best. Thank you. Y eah, now I invite Mr. Kirti Shah. Chairman, sir. My name is Kirti Shah. Chairman, sir, [Foreign language] Wish you all the best. Thank you very much. Thank you, sir. Let me first. Thank you all for your participation. Then a number of questions they have all raised. I will try to answer as many as I can. But if some of them remain unanswered, please send your queries by email to the company secretary. I must mention that the questions are all coming as a result of your very deep involvement and your engagement in the company. And particularly thankful to you for your kind words and for the goodwill. Let me address the question from Mr. Manoj Kumar Gupta. On your question, how will face the face new competition? We will continue to work very strongly. We have a lot of very key strengths. Tremendous amount of competitive strengths that we have. And we always keep the customer as the centerpiece of all our activities. And they will continue. And we have also seen many such competitors in the past. And as you know, your company has always maintained its lead. And we won't take any new competition for granted. But we will ensure that that is spurs us to even greater focus on the consumer, on innovation and bringing in new products. And I must also mention that the industry potential is very large. The per capita consumption of paint in our country is still very low. And there is plenty of headroom for everybody to come in. And we will continue to grow, continue to maintain and improve our market share through diligent working, through innovation and customer focus. On the question of capex, your company has announced a total capex plan of about almost INR 8,800 crores over the next three to four years. This will cover both brownfield expansion as well as some new greenfield plants that we would require. In addition to that, in expansion of capacity, we will also be investing in the VAM VAE as well as white cement, which are by way of backward integration initiatives, which will give us certainly cost advantage and competitive advantage. On the question of bonus, I know that this has been an issue with many shareholders in many companies. We have always taken steps to reward our shareholders, who reposed faith in the company and have remained with the company loyally for many many years. So, we certainly would look at an opportune moment to look at that. But what is important and what we keep in our mind is the long term returns as well as the liquidity, the short term return to shareholders. So, the stakeholder returns, the shareholder returns will be a very important criteria in our governance. And we will keep this in mind. And the second question raised by Mr. Rangwala, we are number eight in terms of ranking, in terms of global coating industry, and the third largest in Asia. Number Number of people have raised questions about factory visit. We will evaluate because we have to be mindful of various safety requirements. We will look at what possible solutions come as a result of this review. But we will keep this in mind. Mr. Ajmera, you made request for AGM being conducted on a hybrid mode. We will certainly evaluate the benefits of this excellent suggestion for next year. We will als o take note of your suggestion for sharing the annual reports only on request basis. Your concern on environment is something very noteworthy. The question of revenue contribution from Home Decor, that's about 4% of our total revenue stream. In terms of the query on expansion in other parts of the world, at this stage, we continue to focus on strengthening our presence in our existing global geographies, rather than increase our footprint. But at the same time, if there is a good opportunity in any new market, with the management, will certainly evaluate this on merit. Regarding environmental friendly ways of disposing, your company has always placed highest focus on its waste management policies. Our plants are all zero liquid discharge plants, and we continuously look at investing in newer technologies to manage our solid and other waste. Mr. Gautam Tiwari, regarding the question on CSR, we focus on a core area of enhancing vocational skills, water stewardship, health and hygiene, as well as on disaster management. We continue to spend as per the requirements of the Companies Act, and the initiatives that we have taken are creating major social impacts, which we measure. In the last year, we introduced various new products, the latest being NeoBharat Latex Paint, to address the vast bottom of the pyramid demand. We also introduced Nilaya Nature, range of ultra luxury and environmental friendly paint. The question raised by Mrs. Smita Shah on the sale of latex paint. I would like to say that we have introduced this product across our network over the last three to four months. We getting an extremely favorable traction for this product across markets. Mr. Shahukar, you inquired about any plans that company is working to attack competition. I mention to you that we would continue to focus on the customer and on our innovation, on our competitive strength. And we are quite confident that we will face competition, as we have indeed done in the past. As a market leader, we have also a brand salience, which we will continue to expand and consolidate our position. Addressing the question from Mr. Rasik Pathak on market share, please note that within the organized space in the industry, your company will have a 50%+ market share. But there is a vast unorganized market as well. The question of attrition rate, it was around 18% in the last financial year, and was in line with the attrition levels observed inside and outside this industry. We presently have about 75% capacity utilization. Regarding the question of the debt, it is towards interest free government grant received as a result of investment in manufacturing capacities in certain states. Otherwise, we don't have external borrowings. We are a debt free company. On your question on working capital, your company has increased its inventory holding in the last few years to tackle the supply chain uncertainties, as well as to address the steep inflationary pressures on various raw materials. The other elements of working capital remain within control. Respect to the question on industrial business, we have registered very strong double digit growth in both the industrial businesses. The strong infrastructure spend and focus on promoting manufacturing by the government, that has given us a great boost for the industrial paint demand. Regarding the question on energy intensity and zero carbon emission, your company has invested more than INR 240 crores to put up about 42MW renewable energy capacity, and that gives us almost 66% of our energy requirements in the manufacturing plant. We have also taken various steps to optimize the manufacturing cycle times and this reduces our energy intensity. On the carbon emission front, our scope one emissions have decreased by 40.7%, while scope two emissions have seen a remarkable 47% reduction compared to the base year of 2013-2014. Addressing the question raised by Mr. Sharad Kumar Shah on dividend share price, your company has increased the dividend payout from around 55% to 60% in the last few years. The share price movement is a combination of the company's financial performance, as well as various market factors. It's always strive to deliver sustainable performance, which have been suitably appreciated by the market, as is evident in the market cap improvement over many many years. Total number of promoter shareholders, we have 120 promoter shareholders as on date. Mr. Jamadar, over a short span of three years, your company has become the number two player in the fabrics and furnishing space, and has ambitions to grow further, focusing on providing superior value proposition at various price points in the segment. On the question of impact on margins, due to VAM, we think that this is going to add significantly to our margins. On the question of low value growth in the last financial year, it was a combination of multiple factors, like subdued demand, especially in the second half of the year, as well as down trading impact in the premium segment, as a result of the price increase undertaken earlier. We expect better demand conditions in the back of an expected good monsoon, and supported by the price corrections undertaken in the last four to five months. Mr. Santosh Saraf, addressed the query on the use of AI, your company has evaluated and implemented AI capabilities in various areas, like manufacturing, distribution, as well as customer relationship. Mr. Mascarenhas, had requested for support on demat to physical shares, our secretarial department, I am sure, will be definitely, will be glad to assist you, and I request you to reach out to them. Mr. Jaydeep Bakshi, his query on the journey of Beautiful Homes, we have ambition to establish as a most integrated home decor brand in India. This will be realized through the development of a robust physical network over period of time. We now have 60 Beautiful Homes stores across the country, offering home decor products across categories. On your question on technology improvement for improved painting, your company has introduced various mechanized painting tools, which reduce the time taken to paint, as well as reduce paint wastage. Members, dear members, in any case, in case, any of your queries has been not been answered, please feel free to write to the company secretary. Thank you very much again for your participation and your constructive suggestions. Members may note that the voting on the NSDL platform will continue to be available for the next 15 minutes. Therefore, members have not cast their vote yet, are requested to do so. The resolutions as set forth the notice shall be deemed to be passed today, as subject to receive to the requisite number of votes. We We had 150 + members participating today in this 78th Annual General Meeting. We are grateful to all our shareholders from all over the world, who joined this meeting through video conference. Friends, with that, I conclude today's proceedings. Thank you all for making it convenient to attend this meeting. We look forward to seeing you again next year. Be safe, be healthy. Thank you.