We would like to inform everybody that we are all in place to proceed with the AGM. Let's go to the board. Good morning, and a very warm welcome to all the shareholders to the 22nd Annual General Meeting of Avenue Supermarts Ltd. I am Ashu Gupta, Company Secretary of your company. I hope all of you are safe and in good health. Before we commence, I would like to inform you that this annual general meeting is being held through video conferencing or other audiovisual means in accordance with the general circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India from time to time, applicable provisions of the Companies Act and the SEBI regulations. The two-way teleconferencing/ Webex facility is being made available to the shareholders to attend this annual general meeting of the company on a first-come, first-served basis. The members attending the meeting through video conferencing shall be counted for the purpose of quorum. Since this AGM is being held through video conferencing, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies by the members is not available for the AGM, and hence inspection of proxy register is also not applicable. The company has received requests from few members to speak in this AGM. Accordingly, floor will be open for the members to ask questions or express their views. It is informed that the company reserves the right to limit the number of speakers depending on the availability of time for the AGM. All the members joining this meeting are by default placed on mute mode to avoid any background noise and to ensure smooth and seamless conduct of this meeting. During the question-and- answer session, the moderator will announce the names of registered speaker shareholders. Shareholder speakers will thereafter be unmuted by the host of the AGM and will be allowed to express their views or ask questions. Each speaker will be given three minutes, and I request you all to adhere to this time limit. Members facing any technical issue are requested to call the helpline number of NSDL as mentioned in the notice of the AGM. Members may note that since the AGM is held through video conferencing or other audiovisual means, the resolutions mentioned in the notice convening this AGM have already been put to vote through remote e-voting. As the facility of e-voting is also available at the AGM, there will be no proposing or seconding of the resolutions. Members who have not yet cast their vote by remote e-voting can exercise their voting rights at the AGM through e-voting by following instructions as mentioned in the notice of the AGM for remote e-voting. The members can vote at the AGM through e-voting from commencement of this AGM till 15 minutes after conclusion of the AGM. I now request our chairman, Mr. Ramesh Damani, to take over proceedings of the meeting. Thank you. Over to you, sir. Sure. Thank you so much, Ashu. On behalf of the board of directors, I, Ramesh Damani, Chairman of the Board, welcome you to the 22nd Annual General Meeting of Avenue Supermarts Limited. I'm joining this meeting from my office in Nariman Point in Mumbai. I have been informed that the requisite quorum for the meeting is present, and accordingly, I hereby call the meeting to order. Participation of members through video conferencing has been reckoned as quorum in accordance with the circulars mentioned earlier and as per Section 103 of the Companies Act, 2013. The statutory registers are available electronically for inspection by the members who desire to have an inspection of the AGM. Members seeking to inspect such documents can send the request to investorrelations@dmartindia.com from the registered email address. Before I begin my address, let me take the honor of welcoming our board members who have joined us for this meeting. For safety reasons, we are all attending the meeting from different locations. Therefore, I now request the board members as I speak their names to introduce themselves. My first call upon Mr. Chandrashekhar Bhave to introduce himself. Morning, everybody. I am Chandrashekhar Bhave. I am the Independent Director of your company on the board of directors. I am the Chairman of the Audit Committee, the Nomination and Remuneration Committee, and the Corporate Social Responsibility Committee of the board. I am joining this meeting from Steigenberger Hotel in Berlin. Thank you. Thank you, Mr. Bhave. May I request Ms. Kalpana Unadkat, our Independent Director, to introduce herself. Thank you, Mr. Damani. Good morning, everyone. I'm Kalpana Unadkat. I'm an independent Director of your company, and I'm joining this meeting from Mumbai. Thank you. Thank you, Kalpana. May I request our superstar MD, Ignatius Navil Noronha, to introduce himself. You're on mute, Navil. Yeah, yeah. Thank you, sir. Good morning, everyone. My name is Ignatius Navil Noronha. I'm the Managing Director and CEO of your company. I am also chairman of the Risk Management Committee of the company. I am joining this meeting from Mumbai. Thank you. Thank you, Navil. May I request Mr. Ramakant Baheti to introduce himself. Good morning, everyone. I'm Ramakant Baheti, Whole-time Director and Group CFO. I'm attending this meeting from Mumbai. Thank you. Thank you, Ramakant Baheti. May I request Ms. Manjri Chandak to introduce herself. Thank you, sir. Good morning. My name is Manjri Chandak. I'm the Executive Director of your company. I am also the Chairperson of the Stakeholder Relationship Committee, and I'm attending this meeting from Mumbai. Thank you. Thank you, Manjri. May I request Mr. Elvin Machado to introduce himself. Good morning, everyone. I'm Elvin Machado. I am the Whole-time Director of your company, and I'm attending this meeting from the Thane Corporate Office. Thank you. Thank you, Elvin. In addition to our directors, we are also joined by Mr. Niladri Deb, CFO, who is joining us from the head office of the company in Thane. Welcome, Mr. Niladri. Thank you. The chairman of the audit committee, nomination committee, NRC, nomination remuneration committee, and the stakeholders relationship committee are present at the AGM. We also have Mr. Sudhir Soni, Sartner, SRBC & Co., LLP, statutory Auditors of the company, and Mr. Himanshu Kamdar, Partner, Rathi & Associates, Secretarial Auditors and scrutinizer for e-voting, attending this meeting through video conferencing. May I now address the shareholders. Good morning, dear shareholders. I'm extremely delighted to interact with you through this medium. We have adapted to a new normal way of life in the past two years due to COVID-19. The second wave of the pandemic further tested our will as a society. We, as an organization, focused on what we could do to help our customers, partners, employees, and the society at large as these events unfolded. Despite the challenging times, FY 2022 progressed positively. This was driven by strong approach from the government to balance life and health, including lockdowns and widespread vaccination programs to safeguard public health and implementation of much needed fiscal and monetary policy measures to boost liquidity into the system. We also observed the private and non-profit sectors, as well as healthcare partners and others, working together to serve the country and its people. The Indian GDP is estimated to have grown at 8.7% in FY 2022, exceeding the pre-COVID levels in actual terms. The effects of various reforms for capital spending, greater capacity utilization, and more private investments are likely to enable this growth. At DMart, we saw growth across all our key financial parameters. We opened a record of 50 new stores during the financial year. With that, our retail footprint expanded to 284 stores by the end of March 2022. As part of our CSR commitments, we have continued directing our support to the public education system in India. In the past two years, we have enabled virtual systems through which the pupils are able to study remotely. We also expanded our reach to two new cities, Pune and Aurangabad in Maharashtra, apart from extending our reach in the Bombay metropolitan region. In addition, the company has made meaningful contributions to support some reputed and well-run external institutions in the fields of education, healthcare, and nutrition. We continue to strengthen our approach to sustainability through various means that will have a meaningful long-term positive impact on our company, its employees, the environment, and other stakeholders. Considering the overall development of the country, the mission per person, and the nature of our business model, we have developed a matrix for our go-to-market strategy on sustainability. We have detailed the same in our annual report this year. I would like to express my gratitude to all our shareholders who continue to trust in us in DMart and what it stands for. I want to express my sincere gratitude to all of our employees for their unwavering focus, passion, and dedication in assisting us in serving our consumers in tune with the need. I am optimistic about India's resurgent consumption story and its growth potential, and in DMart's continuing ability to serve millions of Indians with our value proposition. As we continue to serve and grow, I request your extended cooperation. Thank you very much. I conclude my speech, and now we'll carry on with the business of the meeting. The notice containing the 22nd AGM, along with annual report for the financial year ended 31st March 2022, consisting of financial statements, including the board's report, auditor's report, have been sent only to the members whose email IDs are registered with the company or the registrar and share transfer agents or the depository participants through electronic means. The notice has also been hosted on the website of the company. With your permission, I shall take the notice of the AGM as read. The company has presented the standalone and consolidated financial statements of the company for the financial year 31st March 2022, as to the requirements under the Companies Act, 2013. The auditor's report on the standalone and the consolidated financial statement does not have any qualification, observation, or comment on financial transactions or matters which have had any adverse effect on the functioning of the company. With your permission, I will also take that auditor's report as read. I now invite our shareholders to express their views or ask questions pertaining to the performance of their company during the year under review or the resolutions placed for the approval of the members. The shareholders are requested to be brief and avoid repetition. The shareholders are also requested to express views and raise queries pertaining specifically to the annual report for the FY 2021-2022 and business matters for today's meeting. The shareholders who have sent their queries on the email ID of the company provided in the notice of the meeting will be answered during the meeting. As regards any personal grievances or queries, if any, shareholders are requested to write directly to the Company Secretary or the Registrar and Transfer Agent to enable prompt and appropriate response. Now, may I invite shareholders who have registered themselves as speakers to express their views and ask questions or give suggestions. Moderator, will you take over? Mrs. H. S. Patel, she's not available in the meeting now, so we move on to the second shareholder, Mrs. Elizabeth Mascarenhas. Hello? Hello? Am I audible? Hello? Yes, ma'am. Yes, Yes, ma'am, you are audible. Yes. Very good. Chairman Sir, Mr. Ramesh Damani, MD and CEO, Ignatius Navil Noronha, members of the board, my fellow shareholders attending this virtual meet, I am Mrs. Celestine Elizabeth Mascarenhas. I'm attending from Mumbai. First of all, I will offer my condolence to Mr. Ramesh Damani. Ramesh Damani, I offer my condolence on the demise of his great friend of 30 years, Rakesh Jhunjhunwala. May his soul rest in peace and eternal rest grant him, oh, Lord, and may the souls of the faithful rest in peace. With this, I go ahead. I thank the Company Secretary, Mr. Ashu Gupta, and her team for sending me the annual report and also registering me as a speaker at my insistence, and I thank you very much for giving me this platform to speak. The annual report is very informative and self-explanatory. Working is good. Even PBT PAT is up. EPS is also up 24.95 as against last year of 17.99. No dividend. I would like to know when in this year we will be having dividend. After three years, we will be celebrating silver jubilee. On page 26 and 27, I see all the directors are smiling. I feel some positive thing will come out to the minority shareholders. To do our DMart, think of making being like Berkshire Hathaway of Warren Buffett, which is DMart of India. Only give higher and higher valuation. Anyway, the task is to you. Rest, I go to the next one. Congratulations for all the awards and accolades received in this tough times. Thank you so much. I also appreciate the CSR work done, and it is a great thing the work is done so well. Of course, I am very happy that we have very good credit ratings on our bonds and whatever it is. Also ESG initiatives are taken. I would like to know whether we have gone for rating and if rating, which agency and what is our score. Promoters, now my query is, we have 24 stores and 50 stores added. How many are fully owned and how many leased? How long it takes for a store to be viable, a year or some months? Number two, the percentage of online sales to total sales. What is our market share in the retail? Number three, what is the CapEx for the next three years and getting ready for silver jubilee for organic growth and inorganic growth by acquisition like many retailers have done, like BigBasket, Nature's Basket, et cetera. Rest, I think there are many people who want to speak. I support all the resolutions. I wish our DMart team the best of health because health is wealth and good luck. Now, Mr. Aloysius Mascarenhas, my husband, he's also shareholder, wants to say two lines. Respected Chairman, Sir. Am I audible? Yes. Respected Chairman, Sir, members of the board and my fellow shareholders, good morning to you all. My name is Aloysius Mascarenhas. I'm a shareholder of our company. It is doing so well. Our market share is going up day by day, and my only question is, we are flourishing in India. Are there any plans to set up stores like Walmart or anything abroad or Dubai and all? This is my only question. Like Warren Buffett, we are doing very well. Three years down the line, we will be completing silver jubilee. I expect a bonus if not dividend because dividend is not a practice. At least a bonus. With this sir I wish you personally our chairman and board of directors and more importantly all the employees all the very best in the days and years to come. With this, sir, thank you very much. Thank you so much sir. Thank you. Next we will request our next speaker shareholder Mr. Yusuf Rangwala to please proceed with the question. Mr. Yusuf, we would also request you to please turn on your camera for a better interactive experience. Good morning, sir. क्या आपको मेरा आवाज़ आ रहा है, sir? दमानि साहब, आपको मेरा आवाज़ आ रहा है। नमस्कार sir, मैं मुंबई से यूसुफ, हाँ sir, मुंबई से मैं यूसुफ भाई रंगवाला बात करता हूँ sir। अपना Ashu Gupta sir, अपना Company Secretary साहब को sir, नमस्कार sir उनको। और आपका तबीयत, रमेश sir, दमानि साहब, कैसी है। आपकी sir hard working और आज company देखो, rate आपका ₹4,200 है। आपने हमें ₹300 में दिया है। आपने हमें माल का माल, माल दिया है sir। तीन सौ रूपए का share आज ₹4,200 quote हो रहा है। About time, about ten times your market दे दे sir। यह दिखाता है sir आप कैसे care करते हैं। DMart को कोई जरूरत नहीं है sir। मैं जानना चाहता हूँ 15 August में अपना क्या business हुआ। अपना क्या scheme था sir, ये मैं जानना चाहता हूँ 15 August के लिए। क्योंकि मैं Reliance में गया था, वहाँ पर बहुत scheme था। अपना department store में क्या scheme था। हो सके तो हमें 30% discount coupon भेजने का कृपा करिए sir। कृपा करके total number of store कितने हैं आप जो अपने से own करते हैं sir और total number of नया कितना चाहते हैं। Sir यह Big Bazaar जो अभी down है, उसको और अपना merge करने का आपके कोई विचार है sir Big Bazaar के बारे में। आपका क्या विचार है sir मैं जानना चाहता हूँ। At present अपना Reliance ही main competition है और तो अपना कोई नहीं है sir और Star Bazaar। ये दो at present इस field में है। अपना और उनमें क्या competition है ये मैं जानना चाहता हूँ। Sir मैं जानना चाहता हूँ Damani sir जहाँ पे आप होते हैं और अपना गुप्ता साहब chairman sir अपने secretary साहब उनके बारे में क्या कहना है sir। Sir मैं आपको बहुत धन्यवाद देता हूँ sir। छोटा सा share करना चाहता हूँ। फूलों की खुशबू फैलती रहे हर आने वाले सब त्योहारों की मैं आपको शुभकामनाएं देता हूँ। Sir अभी आने वाले गणेश चतुर्थी है sir नजदीक में और sir कल गोविंदा, wish you a very happy गोविंदा sir। मेरी तरफ से sir आपको गोविंदा बहुत wish हो। और अपने गोविंदा की कृपा से अपनी company आज जो ₹4,200 है जब next year जब मिले तो अपना ₹5,000 के ऊपर पार हो जाए मैं इतना चाहता हूँ sir। इतना मेरा कृपा है sir। और 2022 में annual general meeting है। Sir तीन साल को 2025 हो जाएगा। Sir how we are celebrate it? Sir, तीन साल तक मैं आपको, आपको जब आपने इतना अच्छा दिया है sir, bonus के लिए मैं आशा करता हूँ sir। हो सके तो bonus के sir मैं अर्जी पेश करता हूँ। और sir मैं जानना चाहता हूँ और अपने तो आपके Covid-19 में अपने सब people को staff लोग आपने आपके साथ में vaccine किया है। Sir, यह जानके मुझे बहुत खुशी होती है कि आपने सब staff लोगों के लिए आप कितना care करते हैं sir। इसे बहुत कम company होती जो staff को care करते हैं। उसमें आप Damani साहब आप हो। Sir, मैं आपका कांजुरमार्ग का मैंने visit किया है। कितना अच्छा store है कांजुरमार्ग का। उसके बारे में क्या कहना है sir। Proper मुंबई में sir online है। हो सके तो offline भी sir हमें दीजिए sir। Online में क्या order है मुझे sir नहीं आता। Offline में चालू करने का कृपा करिए sir। All over India में आपका store है sir। बस आपसे और आपसे कुछ क्या कहना है sir। हो सके तो sir मैं आपकी तबीयत के लिए दुआ करता हूँ और अपने Damani, Ramesh Damani sir, yes sir, thank you very much. I will end my speech around here. Thank you very much. Jai Hind sir. Thank you sir. Thank you so much Mr. Yusuf. We would like to proceed with our next speaker shareholder. We have Mr. Rajendra Sheth. Hello. Yes, go ahead. Hello, आवाज़ आ रहा है sir? हाँ जी। Sir, पहले तो मैं secretary department का, इतना बड़ा network होने के बावजूद, shareholder network इतना बड़ा होने के बावजूद, time पर हमेशा balance sheet और notes sheet आती है sir, पूरी detail के साथ। तो मैं secretary department का बहुत आभार मानता हूँ। और link भी मिला कि नहीं, वो भी दो दफे मेरे को phone आया sir। तो मैं secretary department का पूरा धन्यवाद। बाकी management की बात sir, DMart के management ने तो India के अंदर retail की पूरी व्याख्या ही change कर दी है sir। क्या बोलूं sir, आज कितनी गृहणियों का time बचा दिया है। मालूम है कितनी गृहणियों का time बचा दिया है sir। एक ही जगह पे सब चीज सुंदर और सस्ती, सब चीज बहुत अच्छी और सब चीज सुंदर सस्ती मिलती है sir। खरेखर DMart ने तो कमाल ही कर दिया sir। अभी मैं sir पूरा कच्छ में गया था। हमारा native place कच्छ है sir । भुज में हमारा DMart store है sir। गाँव से सब women ladies उधर जाती है। 20 दिन बाद एक दफे, महीने में दो time जाती है। पूरा सामान DMart से लेकर आती है। बोला इतना सुखद सामान, मतलब इतना अच्छा कभी किधर मिलता ही नहीं है। तो sir 25 से 40, 50 km से भी जाती है sir। तो खरेखर DMart ने बहुत ही सुंदर सेवा की है। दूसरा sir कि हमारा जो location है, एक एक दुकान, एक एक shop हमारा sir इतने prime location में है sir। मैं तो marketing का काम करता हूँ, मेरे को मालूम है। हर एक, हर एक इधर भी हमारा एकदम अच्छे location में हमारी shop है sir। तो इसके लिए भी मैं धन्यवाद देता हूँ sir। खाली एक ही question था Damani sir कि अभी हम और second tier और third tier city में जावे तो अच्छा काम होगा sir। और बाकी तो sir आप इतना बड़ा empire चलाते हैं, हमारे से ज्यादा आपको मालूम ही है sir। बस sir मैं management का पूरा बहुत धन्यवाद देता हूँ sir। बहुत धन्यवाद देता हूँ। बस यह इतना बोलके sir मैं एक सांस्कृतिक श्लोक बोलके अपनी speech को विराम करूंगा। Sir एक ही लाइन का श्लोक है। या देवी सर्वभूतेषु। और सबको अच्छी health के लिए प्रार्थना करता हूँ sir। धन्यवाद। मैं इधर मेरी speech का विराम करता हूँ sir। Thank you. Thank you so much, sir. We would like to proceed with our next speaker shareholder. That is Mr. K. Sadananda Sastry. Unfortunately he couldn't be with us. Going ahead, we have Miss Prakashini Shenoy. She is also not found in the list of attendees. Going ahead, we have Mr. Satish Shah. Mr. Satish, we will request you to please turn on your camera for a better experience. And now you have been unmuted. Can we have your question, please? Mr. Satish, may go ahead with your question, please. I believe he is not able to hear us, or there is some connectivity issue at his end. Going ahead with the next speaker shareholder, can we proceed with Mr. Anil Parekh? Hello. Am I audible? Yes, sir. Hello. I'm not able to join through video, so I will continue with audio, Chairman sir. First of all, I would like to extend my gratitude to all the board members, Mr. Ramesh Damani and all the board members. Also I would like to join with Mrs. Mascarenhas in giving my condolences to our Big Bull. Mr. he has demised just two days before. He was a role model to all of us. Really, I'm thankful to you for allowing me to speak that. Sir, under the circumstances, excellent performance as always. I have never seen a single family who is not going to DMart for their daily needs. It is because of our founder chairman's vision and you all people have done excellent work that every family, at least one member is going every day in DMart. Sir, my second request is kindly have a physical meeting next time when we have everything very well placed because we've missed the essence of physical meeting, sir. Now, sir, to continue with my questions. Sir, on page number five, we have presence all over India, but we have missed eastern parts, all the eastern part where we don't have a single presence. Please give me your views on that. When we are going to establish there our stores also. Sir, then on page number nine, excellent all the financial performance indicators. I don't want to spell out that. It's because of your dedicated efforts, and all the board members have done excellent work. Sir, on page number 24, about the corporate CSR activities, we are helping CanCare Trust. That's very good. I have gone through the details. It is excellent work we are doing for cancer patients. Sir, continue helping them. Sir, on page number 29, I would like to extend my wholehearted support to Mrs. Ashu Gupta. Your CS team is doing excellent work, and we all are happy. Sir, my only one question is that why we are missing dividend in spite of the fact we are doing excellent work and this is the time when you can reward the shareholder by declaring dividend. Please give me your justification on that. Sir, also, our Avenue E-Commerce, Nahar Seth and Reflect Wholesale, kindly give your views on that. What they are doing and what you are going forward with them. Sir, last question is, sir, on page 132, we have done related party transactions with Avenue Food Plaza. It's a negligible. Nahar Seth also negligible. And then Reflect Wholesale, 7- Apple Hotels, Bombay Swadeshi, Derive Trading, Damani Estates, Khaitan & Co and Boutique Hotels. Sir, are all these having a related party at arm's length or what? And, please give me your views on how it will help us our top line and bottom lines. Thank you for patient hearing. I'm supporting all the resolutions. Thank you, sir. Thank you. Thank you so much, Mr. Anil Parekh. Our next speaker shareholder is Ms. Lekha Shah. Unfortunately, Ms. Lekha couldn't join us with this meeting. Going ahead with our next speaker shareholder, we have Mr. Hasmukh lal Vora. Mr. Hasmukh, you have been unmuted. Can we have your video turned on for the question, please? Yeah. Thank you. Am I audible, sir? Yes, you are. Yeah. Thank you. Good morning to you all. First of all, my name is Hasmukh Vora from Mumbai. First of all, compliments to our MD and CEO, Sri Ignatius Navil Noronha, 'cause he's the architect of our expansion, especially expansion activities and for continuing increased profits, profitability. My thanks are also due to the secretarial team led by the Company Secretary, Sri Ashu Gupta. Because they have sent me the all the information which are required, which will which enables me to speak at this meeting. Second thing is, the results are excellent. There is increased sales and increased profits. I would like to know if the company, if the management can share with us the what you think is the estimated CAGR in sales and profits for the current year, FY 2022/2023, and for FY 2023/2024. Third thing I would like to know is about the publicity. Nowadays, if we see the newspapers, we see a lot of newspapers by Reliance Jio. But our DMart is not absent. I mean, there are not very many advertisers. I would like to know what the management views are in this respect. I personally believe that if we do the poster publicity, it will increase our business. Next thing is consolidated PBT, PAT, profit after tax, is less than standalone PAT. Consolidated profit is INR 1,492 crores, and standalone is INR 1,616 crores. It means our subsidiaries or associate companies have contributed negatively in our profits. I would like to know about the management views when these subsidiaries and associates will come into profit stage. Lastly, sir, thank you and all the best. Thank you so much, Hasmukhji. Going ahead, with the next speaker shareholder. On the list we have Ms. Swaran Lata. Hello, am I audible? Yes, ma'am. Okay. Good morning, chairman sir, board of directors, and the fellow shareholders attending the e-meeting. Congratulations to the management and all the staff for providing the excellent results during the COVID pandemic. I have full faith in the management, and I have no doubt in the financial statements of annual report. Most of the points have been covered in chairman's speech, but I would like to know that in this improved scenario in domestic market after the pandemic, how will you reward the shareholders in the FY 2023? Shall we expect a bonus issue or split of equity face value? Second, I want to know what steps has the board taken to monitor that shareholders' interests are being protected. Last, I would like to know, sir, is there any discount scheme to be given to the shareholders on their purchase from DMart store? Further, in this regard, I would request the management and specially to the CMD, sir, that please consider my request of a discount voucher to be issued to the shareholders or at least to the members who are attending the e-meeting as a token of love and affection. Thank you very much to the secretary for allowing me to put up my points in the meeting and hope the management will continue to hold the AGM through VC in the future, which enables the shareholders residing far away places like me to interact with the management. Thank you. Thank you so much, ma'am. Going ahead with the next speaker shareholder. We were supposed to have Ms. Rekha, but she couldn't join us. After that, we were supposed to have Mr. Suresh Chand Jain. He couldn't be with us either. Going ahead with the list of the registered speaker shareholders, we have Mr. Ravi Kumar Naredi. Ravi, we are ready for your question. Can we have your video turned on, please? Have been unmuted. Hello? Yes, go ahead. Pranam to the Chairman, to our company, my investment guru, Ramesh Damani, fantastic performer MD, Mr. Navil Noronha, honorable board of directors, the employees of the company, fellow shareholders, and at last Shri Radhakishan Damani, promoter of the company. It is good you have added 12 locations of DMart Ready. Congratulations for the same. Whatever stores we are planning, we are not asking, but want to know at existing stores, do you have any plan to expand space? If yes, how much percentage we may do. Secondly, Avenue E-Commerce results as on 31st March 2022, our loss for fy 2022 is INR 142 crore. When we get breakeven likely. Sir, how many employees as on 31st March 2022 and how much grew in FY 2022 and what are plans for financial year 2023. Sir, you said in larger town top line is higher in spite of higher property prices. How many larger towns are still left in India to open our stores? Sir, these 12 cities we are doing DMart Ready. We have any plan to open any brick and mortar store or we will skip it. Sir, revenue from sales per sq ft is INR 27,454 in financial year 2022 versus INR 35,647 in FY 2019 as we grew 176 to 284. This 35,647 is dream only or where we may achieve this. Last, can we opt billing system in store in such a way those want Tatkal scheme without waiting and DMart charge extra service can we implement that. That is my question sir. Thank you very much. All the best everything for that. Thank you so much sir. Thank you. Next we were supposed to have Miss Vasudha Vikas Dakwan on the list, but she couldn't join us. Going ahead, the next registered speaker shareholder with the question we have Mr. Bharat Moolchand Shah. Bharat ji, may I have your video turned on for the question please? Hello, hello sir, आवाज आ रही है ना? आ रही है। माननीय Chairman श्री और अन्य माननीय Director sir, मेरा नाम Bharat Shah। sir मेरी कोई query नहीं है sir, क्योंकि आपने sir एकदम व्यवस्थित हमको issue में आपने 300 से more issues में share दिया sir और आज छप्पर फाड़ के उसका भाव हो गया है sir. तो और इतनी अच्छी तरह से आपने company को चलाया है sir और चला रहे हो तो यह share का भाव तो मेरे ख्याल से और आगे जाकर और पांच छह साल में तो double, triple हो जाएगा sir. यह मेरे को पूरा भरोसा है sir. आप एकदम व्यवस्थित neutral ही company चला रहे हो और shareholder का हमेशा आपने ध्यान रखा है। Shareholder को respect दिया है और shareholder को इतना ध्यान रखा, आपने company को एकदम global number पर आगे बढ़ाया है, तो मैं बहुत-बहुत धन्यवाद देता हूं sir. पूरे board of directors, company के सभी छोटे बड़े employees का भी मैं बहुत-बहुत sir आभार मानता हूं sir. और sir मेरी कोई query तो नहीं है, लेकिन sir एक है कि आप dividend list पर जरूर एक दो साल में आ जाइए sir. थोड़ा dividend तो दीजिए। Dividend नहीं है तो भी sir share का भाव तो बहुत अच्छा है। वही हमारा dividend है sir. तो dividend list पर आप आइए sir और आगे जाकर bonus के लिए भी सोचना sir. थोड़ा bonus भी करना, आगे दो तीन साल के बाद या चार साल के बाद sir. बाकी sir मैं सारे efforts के लिए आपको शुभकामनाएं देता हूं और company बहुत आगे बढ़े भगवान इस तरह से चाहता है और सारी CSR activity एक मानवता का करें उसके लिए भी मैं बहुत-बहुत धन्यवाद देता हूं sir. और sir next year हो सके तो face to face जरूर sir मिलना। आपको मिलके तीन साल, तीन चार साल हो गए sir. तो next year जरूर face to face मिलने की मेरी request है आपको और sir सारे परिवारों की शुभकामनाएं देता हूं और सारे resolution में मेरा पूरा support रहेगा sir. Thank you very much sir. Thank you very much. जय हिंद sir. जय श्री कृष्णा sir. चालू रखना। Smita Shah बोल रही है। Hello, hello sir, स्मिता शाह बात कर रही हूं। माननीय Chairman sir श्री रमेश जी, श्री राधा किशन जी, श्री गोपी किशन जी, MD CEO श्री Ignatius जी और अन्य माननीय Director sir, मैं स्मिता शाह बात कर रही हूं। Good morning sir, नमस्कार sir, पहले तो मैं आपकी CS team का बहुत-बहुत धन्यवाद कहूंगी कि CS Ashu गुप्ता जी और उनकी पूरी secretary team को good investor service के लिए बहुत-बहुत धन्यवाद अभिनंदन। Sir, CS team से अभी check up का भी phone आया था। आप link मिला कि नहीं, आप समय पर चालू कर दीजिए। बहुत अच्छी good service है और balance sheet भी हमें समय पर भेजी तो मैं पूरी secretary team की आभार मानती हूं। और sir आपके लिए तो मैं क्या कहूं, आपके तो आज आपने एक छक्के पर छक्का लगाकर company में चार चाल लगा दी है और हम shareholder को और आप सभी को मालामाल बन गए और आज company excellent performance के साथ आगे बढ़ रही है और share price भी issue के बाद आज कहां से कहां तक पहुंच गई है। बहुत अच्छी बात है। आपकी सराहना करते हुए, आपकी मेहनत और हिम्मत को दाद देती हुए आपको heartily मैं अभिनंदन करती हूं और आपकी leadership में आपकी पूरी मेहनत और सच्ची लगन company के प्रति जो नजर आ रही है और sir आपके साथ हम भी रहे और आज भी है और future में भी हम आप पर पूरा भरोसा रखते हुए हम आपके साथ रहेंगे कि आप कभी पीछे रहने वाले नहीं हो। बहुत ही मेहनती और hard worker हो, so future की हार्दिक शुभकामनाएं कि आपकी health, wealth बढ़िया बनी रहे और company चौगुनी तरक्की के साथ चौगुनी सफलता प्राप्त करें यही ईश्वर से प्रार्थना है। Sir, आपके यहां जो अभी Aabad दूध sir, अभी आपका DMart में अभी एक तीसरा दूध चालू हुआ है Aabad, Aabad sir, तो वो बहुत अच्छा हमने use किया तो अच्छा है। Already आपके यहां पर Prabhat और यह जो है अपना Gowardhan वह तो मिल ही रहा है तो अच्छी बात है और उसका delivery मिल रहा है और भी मिल रहा है। तीसरा Aabad का भी एक day शुरू करें तो अच्छा रहेगा तो वह भी सभी को उसका भी फायदा रहेगा customer को। और उसके साथ sir मेरा एक request है मैंने आगे भी पहले कहा था कि आप आधा किलो का भी packing रखते रहे। Because many customers are also there who want half a kilo of milk so that they can also get the benefit of half a kilo of milk and dairy. It is necessary to keep our liquid milk in the can and also keep half a kilo packing, sir. Secondly, sir, after three years, your silver jubilee is also coming. What do coming. What do you want to do for the shareholders from now on? What is the on? What is the plan? Definitely think about it, sir. Think about the bonus and also definitely do a get-together with the shareholders. Sir, also start the dividend because your revenue from operation, your sales income has increased very well, sir. Definitely think about the dividend because you, the promoter, and all of us will also benefit from the dividend. I believe her connection was cut off. We would request, if at all she has any questions, she can definitely put them down in the email. Go ahead with the next speaker, shareholder. We have Ms. Hutokshi Sam Patel. Hello? Yes, go ahead. Hello? Yes, we can hear you. Thank you. Respected Chairman, Mr. Ramesh Damani. Mr. Navil Noronha, MD. I'm little unwell, so my voice is a little hoarse. Kindly forgive me. Mr. Navil Noronha, MD, CEO. Mr. Elvin Machado, the Director. Ramakant Baheti. Just hold on. Please hold on. Yes, sir. Respected Chairman and eminent board of directors. Our Mr. Baheti, the CFO of the company, group CFO. Mr. Niladri Deb, the CFO of the company. Ashu Gupta, Company Secretary. I'm very much thankful to both of them, Niladri Deb and Ashu Gupta, for giving me a very good annual report. Mr. Deb, sir, very good financial figures you have given. All the points are very self-explanatory and very good report. Ashu Gupta ji, thank you very much for your annual report. Whole secretariat team has worked very hard to compile a good report. Ankit Aggarwal has been very helpful. Ankit is very competent, very capable, and efficient person. Whenever I trouble him with all the different questions in the annual report, he never gets angry. He's very humble, very polite, but very competent and capable. I also thank Anita Shetty also for this. The company this time, though, revenue, PAT, net profit margin, operating margin have all gone up. Return on net worth is also up. Paid-up capital has increased. Turnover has increased. EPS has increased. Income has come down. Cash and bank balance are both down. Bank balance is also down. Cash in hand is also down. I do not know what is the reason for that. If anybody from the finance is able to answer this, please. I request. Inventory level has gone high up. Depreciation expense has also gone high up. Other expenses, these things, could have been controlled. Investment level has increased. All the profits that you have earned has gone into the investments. Sir, why is it so? We are also the shareholders. We also spend our hard-earned money in investing with DMart, and we are not getting any dividend. It's okay. We don't mind. In the hard, crucial times, it is the dividend on which many of our senior citizens depend. We have, of course, shares of other companies also, but each company is giving us a dividend while you have not provided any dividend to us. The company doesn't do anything for the shareholders. I feel it in that way. See, first of all, you all don't have any factories, so there is no factory visit that other companies give us. They take us for different places every year. Of course, in two, three years, just because of COVID, it was not there. Otherwise, every year, other even pharmaceutical companies also take us. Other companies take us, pharmaceutical also have taken us to the factory visit. Then we have get-together. Then they celebrate the Diwali by sending us sweet box. The Christmas time or the New Year, first January. Nothing is done, so no activity at all. Nothing good is done for the shareholders. Damani Saheb, woh kanjoos hai sari nahi. I know you have daughters, but we also have children at home. We also have to look up to our children. If itna kanjoos hai, achha nahi. Share with your shareholders also. You do not give dividend to us. You do not do any other good things to us. You don't even give us coupons. At least some concession coupons. We are getting coupons from Future people. We are getting coupons from Reliance, from innumerable companies we are getting coupons. No, it is not by law. No, law is applicable to everybody, yet we are taken care of. Good care is taken for the shareholders by other companies. Why, Damani, why DMart is not taking good care of the shareholders? You know, your share price has gone very up. That is one thing good for us. At the same time, we cannot increase our portfolio. If we are having 20, 40, 50 shares, we cannot make it into 100 because the price has gone up INR 4,000 crores. Today, the share price of the company is INR 4,436 crores. This is the 22nd AGM, and the share price today is this, and you have not given any dividend to us. I strongly support all your resolutions, especially resolution number two and all other resolutions. Your CSR activity has been very good. Impact assessment report given by the other company has been very good. Good CSR activities is done. Out of INR 32.23 crores amount, your company has already spent INR 31.29 crores. Last year's amount has carried forward INR 0.94 crores. This year again, the balance is becoming equal. However, the activities of the CSR has been very good by the company. When you can be so good with the people outside from which you have no returns. I do not know why government is forcing the companies to have 2% of their profit to the CSR activities. People keep on producing three, four children. There is no investment done by anybody from that section into your company. However, I find that Retailers Association of India has invested 10,000 shares in our company. If you can throw some light on it, what is it? Since when they are holding 10,000 shares in our company? Have we allotted them or they have purchased the shares? If you can throw some light on it when you answer our questions. Year by year, you also provide 8% salary increase to your employees. That is very good note to think, because at the COVID times, they are working hard to increase your sales, to increase the sales purchase, everything. Good facility was provided by DMart in the crucial times of COVID. I really congratulate you all your employees for their hard work. Sir, even consider us also. We also look up to you. Dividend is not there, but in other means, you can do good to us. In that time, you should not say, "No, no, it is not by law." Law is applicable to all the company, and yet they are doing good to the shareholders. They are doing immense good to the shareholders. Can I know at least two, three things of yours, what good you have done for the shareholders alone? You want DMart Company Secretary, Ashu Gupta Ji, you are a link between the shareholders and the company and the management, directors. Why don't you convey our message to them? Tell Damani Sir that it is not good to be so stingy. Give out even to the shareholders. We are investing back in the company. We are investing our hard-earned money back in the company. No, others are investing. Are they getting anything in return? Give them in return now. When you are, you have come in the business, you also want profit in return. Isn't it, Damani Sir? Also we are investing our money. We also want in return. That's all I have to say. I thank very much. Even the OAVM system has given opportunity to all the people from all whole of India to participate in this AGM. Also, I would like to give one more important point. AGM is meant for the shareholders, not for anybody else. Board meeting is meant for the directors, but AGM is meant only for shareholders. Importance is to be given to shareholders at the time of AGM. That's all. Thank you very much, Noronha Ji. Please, and Mr. Baheti Sir, you are a Group CFO. See that you advise Mr. Damani for making good for the shareholders. Thank you very much, Mr. Damani Sir, all the directors on the board, all the employees who have worked very hard. Thank you very much, and good luck to the company. Thank you. Thank you so much, ma'am. We'd like to proceed with our next speaker shareholder on the list. We have Ms. Khushali Sanjay Agrawal. Khushali Ji, you have been unmuted, and can we have your video turned on for the question, please? Yes, sir. Am I audible? Yes, you are. Thank you, management of Avenue Supermarts Limited, for giving me this opportunity. I'm Khushali Agrawal, and my question is, the Avenue E-Commerce Limited, which is our subsidiary company, in which we have invested INR 492 crore. Year ending 31st March 2022, we had a loss of INR 1 crore, and it has been six years since the company was incorporated. According to the management, by which year will the company come to a break-even position? Second question is, the 10-10-20 minutes delivery trend that has started, what is the company's plan to enter into it? If it enters, will the company bring its own business or acquire an existing player? Thank you so much. Thank you. Thank you so much, Khushali. Proceeding with our next speaker shareholder, we have Mr. Ashok Kumar Jain. Ashok Ji, can we have your video turned on for a better interactive experience during the question, please? Hello. I am audible, sir. Hello. Yes. Am I audible, sir? हाँ जी। Good morning, Chairman sir, Board of Directors and all shareholders sir. I am Ashok Kumar Jain. Join the meeting from far away distance Delhi. First of all, I thank the secretarial department who helped me to join the meeting on e-portal. Thank you, sir. Chairman साहब ने अपनी meeting, AGM के दौरान जो अपनी कुछ बातें कही और कुछ पूर्व प्रवक्ता बोलकर गए हैं, उनके विषय पर मैं कहना चाहता हूँ कि sir, division तो नहीं दे रहे। कम से कम bonus के regarding कुछ बात सोचिए shareholder के लिए, या जो shareholder meeting attend कर रहे हैं, उनको coupon code करें। Board से मेरी एक कृपा है कि अगले time में और north side में कितने store खोलने का provision रखा है, जिससे कि हम लोग Delhi वालों को store से लाभ लेने का जो अच्छे से सामान उपलब्ध हो, कंपनी का लाभ ले सकें। Thank you, sir. Thank you. Thank you. Thank you, sir. Thank you. Proceeding ahead with our next speaker shareholder we have Mr. Ashish Bansal. Ashish जी, can we have your video turned on for the question, please? Respected Chairman and Board of Directors. You can hear my voice, sir? Yes, sir. Thank you so much. This is a wonderful year performance in YouTube is shown how the DMart niche has come up with DMart and BigBasket is shown. Wonderful you have shown in the YouTube in performance. I just want to know page number 25, material is provided by government and its content. But how you involved in this, in the CanCare? Please guide something about that. Just three to five years is completed IPO. Please print that script page 105, 51 for this script. If 10% is spread and repaid you cannot grow because you have 75%. Like this you can print. Something have to done with the shareholder. This speaker also said dividend is not giving. This is okay, but something have to given to the shareholder. Thank you so much. Thank you. Thank you so much. Going ahead with the next speaker shareholder we have Miss Sandhya Kejriwal. Sandhya जी, can we have your question, please? Hello. Hello. Yes. Good morning, sir जी। मैं आपकी company का working काफी अच्छा है, लेकिन sir जी कोई dividend नहीं मिल रहा है। इस पर विचार कीजिएगा। आपका store काफी अच्छा चलता है। Hyderabad के store में मेरा बेटा गया था। वहां काफी भीड़ थी और price भी बहुत reasonable था। आपसे एक request है कि आप Calcutta में भी store खोलिए। यहां पर Big Bazaar बंद हो गया है, जिससे space खाली है। इस पर आप विचार कीजिएगा। मुझे बोलने का मौका देने के लिए बहुत-बहुत धन्यवाद। Thank you. Thank you. Thank you so much, Sandhya Kejriwal. Our next speaker shareholder is Mr. Arjun R. Vadher. Mr. Arjun, can we have your video turned on for the question, please? You have been unmuted. Hello, sir. Hello. हां, आवाज़ आ रही है sir मेरी? हाँ जी। Thank you sir, मुझे इधर बोलने का मौका देने के लिए। Sir, Gujarat के Rajkot जैसे बड़े शहरों में sir, DMart really home delivery कब start करेगा sir? और दूसरा question है sir, देखा जाए तो भारत का सबसे बड़ा state UP है। तो UP के बड़े शहर 2011 के मुताबिक Lucknow और Kanpur की आबादी तीस लाख थी। तो sir, Lucknow और Kanpur जैसे UP के बड़े शहरों में क्या DMart open कर रहा है या करने का कोई planning है sir? Sir, thank you बोलने का मौका देने के लिए और sir, आपके Damani और Ramesh sir आपका मैं बहुत बड़ा fan हूँ sir। शुक्रिया। Thank you sir. Thank you so much. Thank you so much. Our next speaker shareholder is Mr. Rajamohan V. Sir, can we have your question with the video turned on, please? Yes, sir. Am I audible? Yes, you are. I am unable to turn my video on. Anyway, thank you for the opportunity and congratulations on managing the extraordinary situation prevalent in the last two years. First, before my queries, I want to commence with a deep appreciation of the super CEO, as the chairman himself stated, on your simple yet clean, value-based, erudite responses, especially in this year's investor call. I keep learning a lot about how to keep things simple, especially in this dynamic digital world without any fanfare from you, Navil. I think I need to thank Radhakishan Damani, sir, too, for laying this basic culture which spreads to all who connect with your super professional organization. Coming to my queries, would like to get your views on Avenue E-Commerce basically from an expansion collaboration angle. Would it remain an organic endeavor, or is there a window open to evolving any partnerships, either with global technology giants or Indian food tech aggregators only on the Avenue E-Commerce side from a longer term? This is especially when the online quick delivery model is growing at such a feverish pace. As a veteran, Navil, I wanted your views on the operating of these fledgling companies in the quick commerce space, whether they'll be able to sustain with this model into the future on financial parameters. Second was generally on a trending basis, are you gaining more confidence of opening more stores every successive year than previously for the foreseeable future? Do you see a sort of saturation on this front not happening in the probably next ten years or much longer statement years? In this context, wanted to bring in a figure you had given two years back of the store potential in India, which in this investor call you had extended it. You had said, 1,500 store potential is there for DMart, probably in a country like India over the long term. I wanted to understand what this long term is. Is it over 15 years or is it over 10 years? Also, does this potential number have possibilities of steady improvement, like the 1,500 current potential that you see, can that also increase with higher per capita modernization, infrastructure development of the country? Then the next question was basket values are going up structurally, especially post-COVID. With more larger stores is the potential to improve margins at the operating level remain structural. With your estimate of gross margins not exceeding 15%, which you again indicated in the investor call, what is the scope for the operating margins to increase from the current 8% on your levels? In this context, wanted to understand the sales per sq ft. This is a query which I hadn't, I wasn't able to give along with my query list. Wanted to understand the structural trend in sales per sq ft. Then on ROIC, which you consider to be the most important parameter. Looking at very old cohorts, you had indicated two inflation level increase in sales being satisfactory for you as they come with much higher turnover per sq ft. Does it mean that productivity increases and cost leverage are possible in such stores which grow at inflation level top line and driving further operating leverage and higher ROICs? Generally, what is the firm's, DMart's band of satisfactory ROIC? My second last question was based on your track record. Have connected to the previous question only. Based on your track record, have most of the very old cohorts been always able to grow at higher than the inflation level? The last question is, you indicated that new stores nowadays attaining a larger scale much quicker. On the positive side, does this lead to quicker cluster formation and thereby keeping the pedal on the operating leverage meter accelerating? Thank you for the opportunity and best wishes. Thank you. Thank you so much, sir. Proceeding with the next speaker, shareholder on the list, we have Mr. Ramesh Shanker. Rameshji, can we have your video turned on for the question, please? You have- One minute bas. Sir. One minute. Yeah, sure, sir. Hello. Yeah. One minute, bhaiya. Traffic later. Sir, it is okay if you cannot turn on your video. We can have you, One minute, one minute, please. Okay. Hello? Hello? Yeah. Hello. Ramesh, sir, please go ahead with your question. We can hear you. One minute bhaiya. Your question without the video would be fine as well. Bhaiya, ek minute, sir. Malum aa raha. Hello. Yeah, please go ahead. Hello? Hello moderator. Yes sir, we can hear you. Can we have your question please? Okay, okay. I am seeing you. Yes sir, we can see you. We can hear you. Can we have the question please? Okay, okay. Thank you very much for giving this opportunity, moderator. Thank you very much. Sir, मेरे को sir दिखाई नहीं दे रहा। Ramesh Damani sir. Only letters मुझे दिखाई दे रहा है. Anyway, your question, please, sir. Hello sir, Ramesh Damani ji, I am Ramesh Shanker, speaking from Hyderabad sir. Yeah. Very good morning to you sir. Thank you. Sir, आपको देख के बहुत खुशी हुआ sir मेरे को। हम Damani साहब को बहुत सालों के बाद ऐसे ही ये platform में मैंने देखा। ऐसे ही आपको सीधा सही तरह देखना चाहते sir। आप कृपा कैसा करते हैं, मेरे को मालूम नहीं। That too sir. Sir, जो हमारा DMart company में बहुत interest है sir और मैं जो लिए इस time में बहुत interest के साथ लिया sir। बहुत लोगों को यह बात बोला sir, यह क्या है कि बहुत companies आया, Big Bazaar आया, Spencer's आया, More आया। यह कैसा रहता कि ऐसा बोला। मैं यही बोला मेरे साथी लोगों को, मेरे पहचान लोगों को। जो DMart का देखते हुए different है। वो आपको देखते, देखते सालों के बाद आपको पता लगता। Sir, और सालों के बाद पता लगने के बाद कि हज़ार रुपए चले गए sir। तीन सौ, चार सौ से हज़ार रुपए चले गए। चार हज़ार। बहुत मुश्किल है। मैं वही time-- अच्छा सा। बोलने से भी लोगों ने नहीं सुना sir. छोड़ दे के मैं सीधा ही ले लिया sir. Sir, बहुत proud का बात है sir ये। बहुत proud feel हो रहा है sir। मैं इसमें आपके under जो company बहुत अच्छा चल रहा है sir। जो आप एक बात बोला है sir, जो secretarial department is very very very very good sir. Ashu जी बहुत shareholder का ख्याल बहुत अच्छा रखता है sir. He is very good sir। I am appreciating particularly sir। वैसे Ankit जी भी आपको link मिला, वो भी अच्छे तौर से पूछ लिया sir। Sir, companies बहुत हैं sir, मगर ऐसा shareholder को respect दे के पूछने वाला और कम लोग हैं sir। Secretarial department is must sir, is the great. Sir, जहाँ राजा तहाँ प्रजा बोलके एक... तेलुगु में बोलता है sir। जो ऊपर वाला management कैसा रहता है तो नीचे वाला जो middle management वैसा रहता है sir, आप जैसा। Sir, वैसे actually sir, मेरे को हमारा जो processing unit और जो हम store करते हैं ना sir, वो कैसा रहता है, वो देखके देखना चाहते हैं sir। आप कृपा करके मेरे को visit के लिए दे दीजिए। आप वो लिख लीजिए sir। मेरे को बहुत interest है sir। वैसे आपको भी मिल जाते। यह हमारे को भी तसल्ली की बात होती है sir। Sir, और दूसरा जो sir ये आने वाला साल में revenue कैसा रहेगा? जो stores कितना बढ़ने का उम्मीद है। जो% बोलो या numbers बोलो कोई परवाह नहीं है sir। वैसे ही जो March 31 के under employees total sir, in stores और officers में जो काम करने वाला employees कौन सा भी रह न जाए, कोई भी रह न जाए sir। कितना आदमी है सब दस। कितना आदमी बढ़ा। और South में जो Chennai में हमारा stores open करा नहीं करा मेरे से तो मालूम नहीं। मैं Bangalore में जाते वक्त उधर मैं उस stores में कभी तो sir। Hyderabad में first importance I am giving to only DMart sir. Next, another हमारे पास नहीं मिलता बाहर। हमारे पास वो नहीं, ये नहीं बोलने का बहुत कम chance है sir। Is 5 to 10% is आप store को ऐसा manage करें sir। बहुत अच्छा खूब सजावट से रहता है sir। Sir, that too sir, we want to coupons sir। आपको free coupon दे दो या discount coupon दे दो। वो दिए तो बहुत अच्छा रहता। Why? Because sir, are you not giving dividend? ये तो थोड़ा आदमी को खुशी रहता sir। लेने के बाद, आपको भेजने के बाद, हमारे को मिलने के बाद। Sir, that too I strongly asking sir bonus shares please sir. Sir, हम इतना कमा रहा तो इतना दे रहा sir लोगों को। क्या हम भी आपके साथ ही रहने वाला है ना sir? हमको भी देती है। हमारे को भी bonus shares दे दीजिए। Sir, sir ज्यादा companies rights issue कर रहा है sir। वो कैसा rights for rights issue कर रहा। Recently मैं PTC Industries बोलकर वो share आके ₹4,500, ₹4,200 था sir। वो उन्होंने दस रुपए में rights कर दिया sir। मैं already apply करा sir। Sir ऐसा देना sir लोग जो shareholders को। ये तो बहुत खुश रहता है sir। आप आप जो आपका लोगों को पैसा खुश रखते हैं, हमारे को भी ऐसी खुशी चाहते हैं sir हम भी। थोड़ा खुश रखिए sir हमारे को भी। Sir please I want to visit our Mumbai का sir please sir। Sir आपको तीन दिन के पहले हमने बहुत अच्छा सा seventy-five years का August fifteenth बहुत अच्छा मनाया sir। वो, वो time में आप meeting रखे तो उसके before meeting रखे तो मैं advance या उसी दिन का wishes बोल देते। तो हो गया ना sir? Isi mein aapko advance nahi hai sir. Believe delighted Happy Independence Day to you sir our lovely sir Ramesh Damani sir and to your near and dear all directors sir. Please sir tell me to also sir please sir have a good day to you, sir. Thank you so much, sir. Thank you and Happy Independence Day to you too. Thank you. Going ahead with the list of the speaker shareholders who we invited before but couldn't join for some reason. Going back on the list we have Miss Prakashini Shenoy. Hello. Ma'am, can we see your video? We have a video call for the question. We can hear you. Go ahead. Yeah. I am Prakashini Shenoy from Bombay. Respected Honorable Chairman, other dignitaries of the board and my fellow shareholders. Good afternoon to all of you. I received the annual report well in time. It is self-explanatory. I thank the company secretary and his team for the same. Sir, since I'm the last speaker, many questions I wanted to ask, everything is covered. I have nothing to ask and appreciate the speech of Chairman. Thank you, sir. Thank you, ma'am. I wish the company good luck for a bright future and pray God that the profit of the company shall reach to peak in due course. Sir, I support all the resolutions put forth in today's meeting. Thank you, sir. Thank you so much, ma'am. We have one more speaker shareholder left. We proceed with Ms. Lekha Shah. Hello. Can you hear me, sir? Yes, I can. Thank you, sir. Respected chairman, sir, board of directors and my fellow members. Good afternoon to all of you. Myself Lekha Shah from Mumbai. Sir, ज्यादा कुछ मुझे बोलना नहीं। Previous speaker लोग सब कुछ बोल दिया। पूरा दुनिया में sir DMart का इतना अच्छा नाम आपने रोशन किया sir। लोग पूरा आप, आपके लिए एकदम खुश हैं sir और लोग का सभी का आशीर्वाद है sir, including me also. Sir, I wish all the success and support all the resolutions. Thank you, sir. Thank you. Thank you so much, ma'am. Here we come to the end of the list of the speaker shareholders who registered for the questions. Over to the board for the answers, please. Thank you. Thank you, Mr. Moderator. We've received all the comments and suggestions from the registered speakers. May I now request our MD, Mr. Navil Noronha, to respond to the questions raised by the speaker shareholders and those received by email thereafter. Thank you so much, sir. Navil. Yeah. Thank you so much, sir. I'll take them one by one. On the first question on the dividend, the company is still in its growth phase, and we have been listed for five years now, and our priority is to utilize our funds for future growth. We believe the board believes that this is the best way of deployment of our capital. The market, the country has huge opportunity, and it is best to deploy. We are growing very well. Like last year, we had the highest number of store openings. It is best to deploy all our accumulated profits into future growth. But at the same time, the board reviews things like dividend or stock splits from time to time, and depending on what the board advises, we will notify all the shareholders from time to time. On the question of how many owned versus leased, we have 39 leased properties out of 294. That's 13% of our stores. 13% of our stores are leased. Then somebody asked about the time it takes to break even. It's not so simple. Not all stores break even at the same time. Depending on the area, region, the amount of money we have invested, break evens could take anything from, you know, one year to maybe even three years, five years. It's very dynamic, yeah. In general, overall, we are doing fine. Somebody asked about online sales. Approximately as per last financial year, online sales was 5% of the overall company's turnover. Somebody asked about opening stores outside of India. We have not considered that yet. We are totally focused on India, and India is a possibly the humongous opportunity. Retail has direct correlation with the population of the country. We are a 140 crore population country, and there's immense opportunity in this country. We want to focus our attention on this country now, on India. Why not in East of India? We believe in the cluster strategy. We like to open more and more stores in the states that we are operating in. That doesn't mean that we will not go to the other parts of the country, but we will evaluate from time to time. In fact, somebody asked also about UP. We are already in Ghaziabad and Noida, and we are looking for locations in UP also. Then somebody asked about what is our estimated turnover, PAT, all of that for this year and the year after that. We maintain a position that we do not give guidance for the future, and we will just declare our quarter results, but we usually do not give any guidance. On a question on related party, all related party transactions are at arm's length. Just want to clarify that all related party transactions are at arm's length. Somebody also asked about break even for the e-commerce business and when will that happen. We cannot comment on that. The only assurance we give to all our shareholders is that our e-commerce business approach would be very measured. We will ensure that we do not lose too much of money in the e-commerce business. I've commented about this multiple times. We are working on a model that will ensure that we have a minimal drain. But on when will it break even, we have no view of it right now. As of end of last financial year, we have 11,312 employees. Somebody had a question on that, just commenting on that. We are in 117 towns. Somebody had a question on how many towns is DMart in. 117 towns. Somebody asked about our views on quick commerce and what do you want to do there. We are a value retailer. Quick commerce focuses more on convenience. We believe that we understand value retailing better. Even on the e-commerce platform, we will focus on the value side of the business and not necessarily the quick side. That is our position on quick commerce, that we will not be interested in doing the quick 10 minute, 20 minute delivery commerce. Somebody asked a question on the mid-day meal program and how are we working on that. Akshaya Patra is an NGO which partners with the government of India. They set up kitchens and supply midday meals to all municipal or government schools in that vicinity. This NGO, Akshaya Patra, ties up with corporates like us to build the CapEx and provide part of the subsidy for the meals. In that context, we have built one central kitchen in Lonavala, which has been totally sponsored by DMart. That is what we are doing with Akshaya Patra on the midday meals scheme. Somebody had a question on the store potential for the country. I have mentioned about this, that we have around, we could go up to 1,500 stores as an opportunity, 1,300-1,500. That's an opportunity right now. Obviously, if the country's GDP grows, and per capita incomes grow, all of that, this opportunity will keep on increasing over a period of time. This is an enormous opportunity right now. That is what I meant by that 1,300 or 1,500 number of store potentials for DMart. On basket values going up structurally and hence, the opportunity on how much of operating margin we should target for, I have commented on this multiple times. I'm saying this again. We are focusing on not earning more than 15% gross margin. Now, what happens below that is a function of market forces. We do not guarantee what operating margin we'll be able to give on the basis of operating leverage, how much more operating margin we will earn. It's purely dependent on market forces. The question was on inflation and inflation-led growth in high throughput stores, very old stores. Usually in most situations, our stores, which are very matured and are delivering very high turnover square feet, grow at the rate of inflation. Unless there is another DMart store that has opened in the vicinity, then it doesn't. Obviously, there will be a decline, but otherwise, these stores usually grow at the rate of inflation. And you do get a very marginal operating leverage over a long period of time if this continues, because the costs do not grow at the same rate. Yes, there is a very creeping, not very large, but a very creeping operating leverage that sets in. There was a specific question on why deposits, the cash and bank balance has reduced. The decrease is due to short-term deposit redeeming of INR 1,050 crore during the year for operational requirements. This is a natural course of business. Just wanted to clarify that. Even inventory going up or depreciation increasing, this is all natural course of business because we opened 50 stores. We had a 50-store addition in last financial year, and that's why each of these stores needs inventory. From a financial year period, you will see a higher inventory, but it's natural course of business. There's a question on Aria has invested in ASL. I would like to correct that. Aria has not invested in ASL. ASL has, that is DMart has become a statutory shareholder in an association, a Section 8 company called Retailers Association of India. I think Ms. Patel is referring to that. It is we have subscribed to some shares to this Section 8 company and become a statutory board member to this association. I will now move on to the question that was asked by email. Yeah. There was this one question on why e-commerce prices and brick-and-mortar prices are different. They're not intentionally kept different. In fact, our prices are a factor of at what price we buy, and prices do change from time to time. Whether it's e-commerce or even amongst all stores, there could be situations when the price will be slightly different, very marginally different. I just wanted to clarify that India the way the relationships between retailers and manufacturers are, that we keep doing some promo or the other once in a while, which is over and above the prices at which we negotiate for the long term. There will be a slight marginal impact on pricing, but that's purely based on what price we buy from manufacturer. Yeah. There is no such thing of distinction of pricing between online and brick-and-mortar. Our endeavor is to ensure the pricing is the same. There was a question on will we focus on tier one versus tier two versus tier three. We do not have any preference. The beautiful thing about the DMart model is that it is relevant in a metro, it is relevant in tier one, it is relevant in tier two, tier three. Yeah. Wherever we see opportunity, our business development teams, our real estate teams are scouting for properties across the states. Wherever we see an opportunity, we will open stores. Yeah. There is no specific preference for any type of tier or population strata. There's a question on what are the components of miscellaneous expenses. These are primarily around the payment gateway charges, advertising expenditure, and other activities for employee engagement and all of that. These are the broad heads of expenditure that come under the miscellaneous expenses. There was just one question on number of employees to calculate the median salary. There the number is different from what we report at end of the year. That's because to calculate median salary, the number of employees defined as per the rule is employees of employees for the full financial year. Yeah. The number of employees for the full financial year are different from the number of employees at the end of the year. That's why the difference. There was a question on. I'll just read the question. It was a bit complicated. We refer to the note number 31 on page 186 of Annual Report for financial year 2022, depreciation and amortization expense. We observed that the company has capitalized expenses of INR 3.84 crore in the financial year 2021-2022. Request you to help in understanding the nature of this capitalized expense. The response to that is amortization of leasehold land pertaining to sites not opened as on 31st March is capitalized and excluded from depreciation of INR 3.84 crore in financial year 2021-2022. I think I'm done, sir. Ramesh, sir, I'm done. Sure. Thank you, Navil, for your comprehensive answers. I now wish to draw the attention of all members participating in the AGM to the e-voting platform provided by NSDL, which will remain open for 15 minutes after the conclusion of the AGM for voting on the agenda items as set out in the notice of the AGM. Mr. Himanshu Kamdar, Scrutinizer, she has submitted report to the company on the votes cast through remote e-voting conducted prior to the AGM and e-voting at this AGM. The combined result of e-voting along with the scrutinizer's report will be declared and uploaded on the company's website, www.dmartindia.com, immediately on receipt of the scrutinizer's report, which will be within two working days from the conclusion of this meeting. On behalf of the board of directors, I wish to thank the members for participating in the AGM and the continuous support of the company. I also, on behalf of the board, would like to thank the promoter family for their constant support and insights into the company. I also thank the other directors for joining the meeting remotely. The meeting is now concluded. I hereby declare the proceedings of Avenue Supermarts Limited 22nd annual general meeting closed. I authorize Mr. Ashu Gupta to conduct the voting procedure and conclude the meeting. With your consent, I and other board members would now like to take your leave. Thank you all very much for joining us. Thank you, sir. Can we sign off now, all of us? Thank you, guys. Thank you. Thank you. Thank you. Thank you. Ashu, over to you. Thank you. Thank you so much. Can we have the e-voting timer displayed, please? For all the people, members who did not cast their votes before, we have a 15 minutes window where you can do the same. It's over, yeah? Let's go. It's not over yet.