Over to you, Chairman, sir. Thank you, Lina. Ladies and gentlemen, good morning. It gives me immense pleasure in welcoming you to the 112th Annual General Meeting of your company. This AGM is being held through electronic mode in conformity with the regulatory provisions and the circulars issued by the Ministry of Corporate Affairs, Government of India. I have been informed by the Company Secretary that necessary steps have been taken by the company to ensure that members are able to attend this meeting, this AGM, and vote on the resolutions proposed at the meeting in a seamless manner. I've also been advised that the requisite quorum is present. I therefore declare the meeting to order. I would like to advise that I'm attending this meeting from Kolkata. I would now like to introduce my colleagues on the board who are attending this meeting from different locations. I will start in alphabetical order with Mr. Nakul Anand. Mr. Anand is a Whole-time Director of your company, attending this meeting from Kolkata. I hereby inform the members that this is the last AGM for Mr. Anand as a Director of your company. He will be retiring on 2nd January 2024, after serving the board for 13 years and the ITC Group for more than 44 years. I'd like to take this opportunity on behalf of everyone present in this meeting to acknowledge Mr. Anand's valuable contribution to your company. Next is Mr. Soumitra Bhattacharya, an Independent Director and Chairman of the Nomination and Compensation Committee, attending this meeting from Faridabad. Mr. Hemant Bhargava, also as an Independent Director, is attending from Jaipur. Mr. Peter Chittaranjan is a Non-Executive Director of your company, he's attending this meeting from Chennai. Arun Duggal, an Independent Director and Chairman of the Audit Committee, is attending from Gurugram. Mr. Supratim Dutta, a Wholetime Director and Chief Financial Officer of your company, is attending from Kolkata. Mr. Mukesh Gupta, a Non-Executive Director of your company, is attending from Mumbai. Mr. Shyamal Mukherjee, an Independent Director, is attending from New Delhi. Mr. Anand Nayak, an Independent Director and Chairman of the Stakeholders Relationship Committee, attending this meeting from Bengaluru. Mr. Sunil Panray, a Non-Executive Director of your company, is attending from Kolkata. Mrs. Nirupama Rao, an Independent Director, is attending the meeting from Bengaluru. Mr. Ajit Seth, an Independent Director of your company, attending from Washington, USA. Mrs. Meera Shankar, also an Independent Director, is attending the meeting from Noida. Mr. David Simpson, a Non-Executive Director, is attending this meeting from Boston, U.S.A. Lastly, Mr. Sumant Bhargavan, a whole-time Director of your company, is attending from Kolkata. Mr. Rajendra Kumar Singhi, Company Secretary, is attending the meeting from Kolkata. Authorized representatives of Messrs. SRBC & Co. LLP, Statutory Auditors and Messrs. SN Ananthasubramanian and Company, Secretarial Auditors, are attending the meeting from Mumbai. I, on behalf of everyone present in this meeting, welcome Mr. Peter Chittaranjan and Mr. Supratim Dutta to their first annual general meeting as directors of the company. I would also like to mention that since the last AGM, Mr. Rajiv Tandon completed his term as whole-time Director of your company on 21st July. Further, Mr. Navneet Doda has stepped down from the board of your company with effect from 20th January 2023. I take this opportunity on behalf of everyone present in the meeting, to acknowledge their valuable contribution to your company. The register of directors and key managerial personnel, and their shareholding, the registrar of contracts and arrangements, and the certificate from Secretarial auditors in respect of company's employee stock option schemes, as required, are available for inspection through electronic mode during the meeting. As is customary, I will now present my annual address on the theme: ITC Mission First, Transforming for Our Shared Tomorrows. Ladies and gentlemen, we meet today at a time when India is taking purposeful strides towards the vision of Amrit Kaal. The country is buoyed by optimism and deeply engaged in realizing that promise, striding on the pathways of clearly enunciated goals and policies. What is remarkable is that such an outlook pervades at a time when the world is grappling with serious issues affecting growth across all major economies. In this environment of polycrisis and uncertainty, India has emerged as a beacon of growth and will remain the fastest growing major economy in the world this year. India's resilient growth is a testament to the slew of policy measures unleashed by our inspirational Prime Minister, Sri Narendra Modiji. Some major policy initiatives include tripling of public CapEx, world-class public digital infrastructure, the PLI scheme to attract private investments in focus sectors, establishing strong farmer producer organizations, supported by a multi-stakeholder agri stack to empower farmers, targeted welfare spending, leading to impactful delivery of grassroots benefits, and many more. Aligned with the Prime Minister's overarching vision. The Honorable Finance Minister unveiled path-breaking budgets recently with substantial outlays towards each of the policy measures to usher in green and inclusive growth. Prudent fiscal and monetary policies, extensive reforms of financial sector, together with stronger corporate balance sheets and better capacity utilizations, augur well for higher levels of investments required to raise the growth trajectory. As the government celebrates its ninth anniversary, the remarkable transformation of the economy across multiple dimensions has fueled unbounded aspirations, hope, and optimism for the future. The progressive policy environment, together with favorable demographics, India's growing stature on the world stage, have led to heightened interest in leveraging India as a global hub for manufacturing, services, and exports. Indeed, it is being widely acknowledged that this is India's moment. India's large and growing consumer market is expected to fuel higher growth, and estimates suggest that India's middle class would cross one billion people by 2047, accounting for 61% of our population, up from about 31% today. While the potential is almost limitless, we are not immune to the adverse impact of several global crises, including climate emergency, persisting inflation, supply chain disruptions, muted demand conditions in major economies, and the impact of geopolitical dynamics. The climate crisis represents an existential threat, and in the short term, the impact of El Niño remains a key monitor. Further, despite moderating inflation, key commodity prices remain elevated and volatile, adding to the magnitude of external risks. In such an uncertain environment, the Indian economy demonstrated resilience, reporting robust growth while simultaneously unshackling its latent potential towards realizing the vision of Amrit Kaal. Corporates have both an economic and a social purpose, hence, the pathway to future progress necessitates business strategies that not only address such uncertainties, but also the underlying fault lines of social inequity and environmental threats. This realization led your company to embrace a paradigm of responsible competitiveness that combines agile competitiveness with environmental sustainability and livelihood generation. As I articulated in my earlier address, the ITC Next strategy seeks to architect the next horizon of competitiveness, growth, and profitability in the face of global uncertainties. The agility displayed, particularly over the last two years, attests to the robustness of the ITC Next strategy and stands testimony to the exceptional perseverance displayed by your company's dedicated employees. Your company remains committed to making the right strategic choices and adapting to changing macroeconomic circumstances. In this annual address, I'd like to present to you the contours of the transformation being orchestrated to build a future-ready enterprise. Over the last few years, your company has traversed a remarkable journey of transformation across each of the multiple drivers of growth. During FY 2023, ITC's gross revenue was up by nearly 18% and EBITDA by over 26%. Non-cigarette EBITDA grew by over 43%, reflecting robust performance across all businesses. Your company's non-cigarette businesses today account for 67% of revenue and 28% of segment EBITDA. During the period FY 2017- FY 2023, the turnover of FMCG others grew by 1.8x, while segment EBITDA margins expanded by 770 basis points. Exports earnings since FY 2017 crossed $5 billion, of which agri products account for more than 60%, thus effectively linking Indian farmer to global markets. Your company's world-class FMCG brands, paperboards, packaging, agri products, are now being exported to over 100 countries. You'll be happy to know that this year your company commissioned five state-of-the-art factories and one iconic hotel. Reflecting our optimism in India's growth story, ITC is making investments in four more facilities. ITC continues its stellar contribution to environmental and social capital as we complete 20 years of sustainability reporting. You will draw immense pride that 12 of your company's hotels and the data center, ITC Sankhya, became the first in the world to be certified LEED Zero Carbon, with two hotels also receiving the LEED Zero Water distinction. ITC's businesses and value chains today support over six million livelihoods. The footprint of your company's CSR project spans 300 districts in 27 states and union territories, and reached out to over 7.5 million people, of which nearly five million are women. Several more milestones in sustainability performance have been crossed, which I will detail in a subsequent section. Your company has taken decisive steps to transform into a future tech, climate positive, innovative, and inclusive enterprise. We recognize that this journey will be traversed in an era of unprecedented uncertainties, making it mission critical to be extremely agile, consumer-centric, competitive, and resilient. The ITC Next strategy seeks to energize this transformation with multiple interventions. Your company's businesses continue to build on their future-ready portfolio of differentiated, high-quality products and services to address evolving needs of customers and consumers. New vectors of the growth are being nurtured at the convergence of mega trends in digital and sustainability, harnessing ITC's enterprise strengths. ITC MAARS, sustainable packaging, FoodTech are vectors born out of this approach. FoodTech synergizes your company's strengths in foods, hotels, and digital. Having established the product market fit successfully in Bengaluru with three brands, ITC MasterChef Creations, ITC Aashirvaad Soul Creations, and ITC Sunfeast Baked Creations, delivered through 19 kitchens, we are now gearing up to take the offerings to other cities. I will touch upon the other vectors later in this address. Structural competitiveness is being strengthened through focused investments in establishing market-aligned innovation platforms, an agile, resilient, and efficient supply chain, a digital-first culture, and smart operations across businesses. Institutional synergies are being consciously nurtured to create new levers of unique competitive advantage. Besides physical and digital infrastructure, your company continues to invest in creating intellectual capital through cutting-edge R&D and proprietary intellectual property, also manifest in ITC's world-class brands. In today's context, it is evident that any strategy which is devoid of addressing the growing societal challenges, challenges will be outdated, irrelevant, and bound to be short-lived. It is for this reason that ITC has made sustainable and inclusive growth the bedrock of corporate strategy, drafting innovative business models that work towards building economic, environmental, and social capital as a unified approach. These multi-pronged strategic initiatives are designed to fortify mature businesses that are leaders in their segments and also lend strong wings to newer businesses as we move towards achieving the pole position in their respective categories. Let me now take this opportunity to discuss the progress made in each of our businesses towards the promising future. FMCG represents an area of immense potential, given the expected growth in per capita income, increasing consumer preference for trusted brands and value-added products, as well as accelerating digitalization. In this context, Indian brands that are globally competitive can foster substantial value retention in the domestic economy by creating robust supply chains within the country. This opportunity to contribute meaningfully to a Viksit Bharat inspires your company to build its FMCG businesses at scale, powered by world-class brands that cater to evolving consumer aspirations. The ITC Next strategy of your company's FMCG businesses has redefined the critical pathways to growth and profitability by building a future-ready portfolio focused on fortifying and scaling mega brands, leveraging these brands to address value-added adjacencies and crafting categories of the future. Innovation, brand investments, reach, and digitalization are driving premiumization as well as penetration-led growth. In a relatively short span of time, your company has built a portfolio of 25+ vibrant brands in the FMCG businesses that represents an annual consumer spend of INR 29,000 crore. It is a source of immense satisfaction that two of our flagship brands are already in the league of over INR 5,000 crore, while five more brands have touched spends between INR 1,000 crore-INR 4,000 crore. More importantly, these brands anchor competitive domestic value chains that foster large-scale livelihoods as well as local entrepreneurship. Over the past three years, nearly 300 new products were launched, including several premium products, leveraging the innovation capacity of ITC's Life Sciences and Technology Center. Some recent examples include Sunfeast Dark Fantasy Desserts, Engage L'amante, Classmate Interactive Notebooks, and so on. Mega brands are also addressing adjacencies such as Aashirvaad range of frozen breads, vermicelli, fresh paneer slices, and Sunfeast Dark Fantasy milkshakes. In line with the strong need for healthy, good-for-you products, your company launched the Help India Eat Better initiative a couple of years ago that focuses on affordable, accessible, and planet-friendly nutrition. Furthering this initiative, your company recently launched the ITC Mission Millets program. This mission, founded on a three-pillar model that encompasses the development of a good-for-you portfolio, implementation of sustainable farming, and enhancing consumer awareness. Together with supporting FPOs in the millet value chain, two PPP projects have been implemented in Maharashtra and Andhra Pradesh in partnership with the Indian Institute of Millets Research. An extensive portfolio is being rolled out for every meal occasion, age, and format. In this context, your company also invested in Yoga Bar, that has a portfolio of premium products, including millet-based offerings, catering to health-conscious consumers. Your company believes that brands must serve a larger societal purpose and leverage the substantial market interventions to positively influence social change. This belief drives our efforts to build purposeless brands. Several of your company's brands lead purposeful initiatives in areas that can make a meaningful difference. The Mangaldeep brand has empaneled visually impaired persons as fragrance testers, fostering a life of dignity and hope. Fiama espouses the cause of addressing women health issues. Vivel champions women's empowerment. The Savlon Swasth India program, which orchestrates hygiene behavior, has covered over 8,000 schools, reaching out to over two million students. Classmate All-Rounder program aims at holistic skill development, covering over 300,000 school students. YiPPee! Better World Program,m upcycles post-consumer plastic wrapper waste into attractive laptop sleeves, tote bags, and so on. ITC's vision to be a future tech company is powered by Mission DigiArc, a next generation smart digital architecture. The DigiArc today encompasses 200 factories, 50 warehouses, nearly 3,000 distributors, and 2.6 million retailers, driving real time data-led intelligence across the extended enterprise. Embedded with cutting edge technologies in AI, ML, together with Center of Excellences in Industry 4.0, advanced analytics and data sciences, as well as the Sixth Sense marketing command center, DigiArc empowers mainstreaming of the digital first class culture to create new sources of competitive advantage. Over 25 projects contributed to transforming all facets of our operations, ranging from insighting to product development, smart sourcing, to on time efficient delivery in markets, and superior brand engagement and marketing through real time content, connect, and commerce. The digital native Gen Z talent pool of your company is at the forefront of this transformation. Your company's trade, marketing, and distribution highway has transformed into a smart omni-channel network, including six B2C platforms. This network leverages proprietary algorithms for sharp targeting markets, geo-wide spacing, and enhancing responsiveness and efficiencies. Today, nearly 600,000 retailers are digitally connected through UNNATI B2B app. Effectiveness of sales execution has improved by 17% in 1 year. Sales through digital channels increased by 7x over FY 2020 levels, coverage increased by 2x, and rural stockists tripled in the last three years. In my address last year, I had highlighted the investments in integrated consumer goods, manufacturing, and logistics facilities at strategic locations towards deriving economies of scale and scope, creating agility and market responsiveness, and optimizing logistics with delayering of operations. Recently, we commissioned our 11th ICML in Khordha, Odisha. The integrated ancillary manufacturing and logistics facilities in Pudukkottai and Kapurthala utilize robotics and automation to enable seamless market servicing and superior operational efficiencies. These ICMLs now span a built-up area of more than six million square feet, and together with other facilities, ship out more than 56 million packs of your company's products every day. With a view to optimizing cost and quality, your company's agri-value chains are being integrated, enabling proximal sourcing in the vicinity of the ICML. Your company continues to strengthen its cigarette business through fortifying product portfolio innovation, sharpening execution capabilities, and upgrading product quality to reinforce market standing in the face of severe threats from illicit cigarette trade. It is pertinent to note that legal cigarette constitutes merely 8% of the aggregate tobacco consumption in the country. Deterrent actions from the government, coupled with relative stability in taxes, has enabled this segment to partially claw back volumes from illicit trade. Volume recovery over time will lead to buoyancy in tax revenues and growth in demand for Indian tobaccos, benefiting both the exchequer and Indian farmers. The FMCG industry offers immense opportunity for growth. The market size of FMCG segment is estimated to be upwards of INR 21 trillion by 2030, and the addressable market of your company's carefully curated FMCG portfolio is already estimated to be about INR 5 trillion. The multidimensional interventions of ITC Next position your company well to harness the significant market potential, attain leadership in every segment, and create growing value for all stakeholders. I would now like to turn to your company's agri business, a pioneer in rural transformation and one of the country's largest businesses in the agri value chain. Agriculture assumes even more significance as we envision a future with nearly 10 billion people on this planet by 2050, requiring a massive 70% increase in food production. The agri sector has the onerous task of providing food, bioenergy, and livelihood security, even as climate change causes more vulnerability. Nearly half of India's workforce is dependent on this sector, which faces challenges of low productivity and incomes. Consequently, there's an urgent need for a new developmental paradigm for this sector. India is well endowed as the second-largest agri producer in the world, with the largest arable land and diverse agroclimatic conditions. Yet, agriculture accounts for just 18% of GVA, with only 3% share of global trade and less than 10% share of processed produced. However, there is tremendous untapped growth potential through vertical scale-up, value addition, and higher integration to global markets, with consequent large-scale rural transformation. The ITC Next strategy seeks to harness this potential and address the imperatives of fostering demand-responsive agriculture, accelerating value addition, enhancing productivity, quality, and farm incomes, strengthening competitiveness, and tackling vulnerabilities arising from climate risks. The purposeful policy thrust of the government to accelerate digital adoption in the farm sector and promote farmer producer organizations, FPOs, are laudable steps to engender transformation in the agri sector. These far-reaching policy interventions have enabled your company to bring the power of digital revolution to farmers with FPOs as the pivot. ITC MAARS, the phygital ecosystem that your company launched last year, is poised to be a game-changing catalyst to usher in next-generation agriculture. This new business model enables larger efficiencies in sourcing, higher value addition, better traceability of attribute-specific products, besides promoting sustainable agriculture. ITC MAARS has been rapidly expanded to nine states, supporting more than 600,000 farmers through 1,150 FPOs. Your company's aspiration is to support 4,000 FPOs by 2030, stepping up farmer empowerment from four million to 10 million. As the ITC MAARS ecosystem scales up, it will strengthen the competitiveness of the foods and agri-businesses and create a new business model whilst empowering farmers. Your company's Climate-Smart Agriculture program aims to reduce farmers from extreme weather events. Multiple initiatives have been taken to promote regenerative agriculture with a package of agronomy practices, high yielding and climate resilient varieties, as well as appropriate mechanization. Today, the program has already covered over 2.3 million acres against a target of three million acres, benefiting more than 740,000 farmers. It is encouraging to note that an assessment of the first phase of CSA districts, that GHG emissions of select crops reduced between 13%-66%, and net returns to farmers increased by 46%-93%. A 70% of the villages have moved into high resilience, high yield category. A key opportunity area in agri sector is horticulture, given the potential for value addition, exports and higher farm incomes. This segment contributes around 30% to agri GDP, while using only 13% of gross cropped area. ITC's agri business is building on its portfolio of value-added products through multiple value chains, including spices, coffee, frozen marine products, processed fruits and organic produce. The business is also gearing up for a full play in medicinal and aromatic plants. This year, your company set up a state-of-the-art export-oriented spices facility in Guntur, Andhra Pradesh. This plant, together with the integrated crop management program of your company, initiated in partnership with various state governments, will provide formidable competitiveness, support agri value chains whilst empowering farmers. In addition, your company's sub-subsidiary, ITC IndiVision Limited, has recently commissioned a world-class facility for the manufacture and export of nicotine and nicotine derivative products, conforming to the stringent U.S. and E.U. pharmacopoeia standards. This plant, equipped with sophisticated technology, draws strength from the deep engagement with tobacco farmers, enabling traceability, consistency and superior sustainability practices, lending a competitive edge in the global market. Today, your company is the largest procurer of agri products in the private sector, sourcing 4.5 billion tons across 20 value chains in 22 states, placing it in a unique position to make a meaningful difference to the rural transformation and farmer empowerment. The multidimensional initiatives of your company build resilience and competitiveness of inclusive value chains and deeper digital adoption, thus benefiting millions of farmers. Your company's world-class FMCG brands anchor several agri value chains, contributing to rural transformation and national priorities. We believe our efforts will usher in a new dimension of agricultural progress, benefiting farmers whilst providing significant competitive advantage to your company's businesses. I will now move to your company's paperboard, paper and packaging businesses, which is today one of India's largest, greenest and technologically advanced. India's ambitious growth trajectory is expected to drive demand for high-quality, value-added paperboards and sustainable packaging. Current per capita paperboard and paper consumption in India is considerably low at 14 kgs, compared to the world average of 57 kgs, pointing to the growth potential. The emerging trends for plastic substitution will also provide further fillip to this demand for paperboards and plant-based molded fiber biodegradable products. In order to realize the significant market potential, the ITC next strategy for paperboards and packaging business entails development of a portfolio of value-added paperboards and sustainable packaging, strengthening structural competitiveness, scaling up cost-efficient fiber chain, and leveraging opportunities arising out of the mega trends of digital and sustainability. The value-added paperboard portfolio has been fortified with substantial capacity addition in last five years. The business is at the forefront of developing sustainable packaging solutions and a range of planet-friendly, biodegradable and recyclable products that have been launched in existing platforms under the Filo, Omega, BioSeal and OmniBlast series. These eco-label products have recorded a 2x increase in revenue over last year. Pioneering work has been undertaken to create a new platform with exciting market opportunities for substituting plastic packaging with plant-based premium molded fiber products that are capable of solving complex engineering and aesthetic requirements. Accordingly, your company is investing in a state-of-the-art manufacturing facility in Sehore, Madhya Pradesh, to manufacture technologically sophisticated products with promising applications in pharmaceuticals, cosmetics, electronics and other sectors. The business is an acknowledged icon of environmental stewardship, with focus on decarbonization, sequestration and livelihood generation. The recent state-of-the-art high-pressure recovery boiler commissioned at Bhadrachalam will reduce coal usage by 1/3 while improving ITC's share of renewable energy by 6%. Your company's afforestation program has greened over one million acres and supports over— supported over 190 million person days of employment for marginal farmers whilst creating sustainable and competitive fiber chain for your company. It is evident that a competitive wood-based industry can generate large economic multipliers, enable significant carbon sequestration and livelihood generation. Our country has 30 million hectares of degraded forest land capable of being converted into productive and green assets. An enabling policy framework that would permit enterprises to lease degraded forest land can enhance competitiveness, spawn new wood-based industries, enable import substitution to the tune of $4 billion annually, create large carbon sinks, and generate significant rural employment of nearly 1.3 billion person days. The company's manufacturing excellence, trust on digital sustainability, and frugal innovation capacity will enable competitively superior performance, whilst also creating significant environmental and social capital as it embraces the vast opportunities ahead. Let me now turn to the hotels business. The hospitality sector is poised for strong growth, growth due to the confluence of favorable factors such as rising societal aspirations, the growing stature of India as an attractive investment destination, increasing connectivity, strong macros, policy interventions, as well as digital explosion. Given that India's share of global tourism is just 1%, there is substantial headroom for growth. It is estimated that the tourism GDP in India can grow from $143 billion to nearly $250 billion by 2030, with employment growing from 88 million to 137 million. ITC's Hotel business recorded a strong performance for FY 2023, with doubling of segment revenue. EBITDA margins expanded by 930 basis points over FY 2020. The business is well poised to capitalize on the significant growth opportunity, given its distinctive position in India's tourism landscape. The business's unique value proposition has been built on the strengths of its iconic properties, signature cuisines, best-in-class service and ethos of responsible luxury. It is the chain of choice for the discerning traveler today and spans over 120 hotels with 11,600 keys in 70 locations. The renowned properties and cuisine brands of ITC Hotels have consistently won several global accolades. Digital investments across every facet of operations have helped redefine guest experience and set new standards of service excellence, besides enhancing operational efficiency. The hotels business has been a trailblazer in responsible luxury, a trend that the world is moving towards. The business' LEED certifications are unmatched by any hotel chain in the world. Carbon emissions per room are already lower than the 2030 GHG sectoral emission targets. Single-use plastics have been eliminated, eliminated to the tune of 250,000 kgs every year. Having established a strong market standing as a part of ITC Next, your company pivoted to an asset-light strategy. The hotels business has developed a bouquet of brands including ITC Hotels, Mementos, Welcomhotel, Storii, WelcomHeritage and Fortune, that address relevant customer needs spaces and are receiving favorable response from asset owners. In the last 16 months alone, 18 hotels have been added, mostly through management contracts. Today, managed properties account for 55% of total rooms. ITC Narmada, launched this year in Ahmedabad, is the first LEED Platinum hotel in Gujarat and has received excellent customer response. As you are aware, the Board of Directors of your company has recorded its in-principle approval to the proposed demerger of the hotels business under a scheme of arrangement. The continued interest of ITC in the new entity will provide long-term stability and instill a sense of assurance amongst partners, investors, and employees while enabling the new entity to leverage ITC's institutional strengths, including the timeless goodwill, world-class brands, and governance processes. For ITC, the reorganization will sharpen capital allocation, improve asset efficiency ratios and unlock value for its shareholders, as well as enable leveraging of institutional synergies. Thus, the proposed reorganization will enable the business to architect the next horizon of growth as a pure-play hotels entity with a strong balance sheet, a healthy pipeline, especially when the industry is poised for robust growth. Your company's subsidiary, ITC Infotech, has made encouraging progress in recent years and is dialing up investments to be future-ready. The company continues to play a pivotal role in enabling clients to accelerate digital transformation, optimize costs and enhance operational efficiency. As an endorsement of this focus, the company won a significant deal this year, creating a gateway for similar marquee client acquisitions in the future. Partnerships have also been forged in important domains. Last year, ITC Infotech acquired a substantial portion of PTC Inc's PLM Professional Services business, which will reinforce the company's leadership in digital manufacturing space. The sharpened focus on customer centricity, employee centricity, and operational excellence, together with deep new age capabilities, holds immense promise for the company to be a significant value creator. A few years ago, the UN Secretary General aptly termed climate change as a crisis multiplier. The IPCC has warned that nearly 3.6 billion people today are dangerously vulnerable to climate impacts. Estimates suggest that climate-induced events since 2000 have led to global losses of $2.56 trillion in PPP terms. India experienced extreme weather events in 84 of the 120 days in the first four months of 2023. By 2050, 30 Indian cities are likely to face acute water scarcity. This planetary crisis is also aggravated by growing social inequity worldwide. Clearly, radical changes in growth models are imperative if future progress is to be sustainable and inclusive. It is indeed heartening to note the leadership role being played by India in spearheading climate action and transitioning to a net zero economy. The Honorable Prime Minister had earlier unveiled the Panchamrit Plan, setting out our nationally determined contribution goals. Several progressive interventions have been taken by the government, including the International Solar Alliance National Hydrogen Mission, apart from a slew of other policy measures. Transition to a net zero economy will require faster adoption of green technologies, as well as an accelerated investment in R&D to develop new pathways through viable and accessible technology solutions, particularly in agriculture and hard-to-abate sectors, as well as carbon capture, usage and storage. Despite efforts towards net zero, IPCC has warned of the likelihood of breaching the tipping point of 1.5 degrees in the near future, multiplying extreme weather events manifold. Therefore, it is imperative to bring adaptation to the center stage of climate action. The ITC Next framework mainstream sustainability, an integral part of business strategy to leverage emerging opportunity, build resilience and competitiveness while pursuing bold agenda for adaptation and mitigation. Substantial investments have been directed towards establishing green infrastructure, expanding renewable energy, enabling higher resource efficiency, promoting sequestration and nature-based solutions, and in embedding circularity in business models. Your company has made tremendous progress on decarbonization. Despite a growing operational footprint, nearly 43% of ITC's total energy consumption is from renewable sources. Investments in solar, wind and biofuels have contributed to an installed capacity of 178 MW. ITC is a pioneer in the green building movement, with 49 LEED certified buildings. Contributing to circularity, ITC has been plastic neutral for the second consecutive year. Your company remains committed to developing newer technology pathways. Towards this, partnerships have been forged with leading research organizations to develop viable energy storage systems, decarbonize cloth chains, and improve prediction modeling for generation of renewable energy. To build resilience against the growing threat of extreme weather events, your company has initiated several purposeful adaptation measures to secure physical infrastructure and de-risk agri value chains. Given the deep linkages of your company's businesses to agriculture, we have invested substantially in pursuing adaptation through innovative nature-based solutions in view of its effectiveness in building resilience of farming and rural communities. These include afforestation, biodiversity, Climate-Smart Agriculture, and water stewardship. The afforestation initiative today sequesters nearly six million tons of CO2 annually. ITC's biodiversity conservation initiative have restored 290,000 acres in 12 states, and we intend to cover one million acres by 2030. Under the Water Stewardship Initiative, the Integrated Watershed Development Program has covered over 1.4 billion acres with 28,000 water harvesting structures. The demand site management program, undertaken in 1.2 million acres, has led to water usage efficiencies of 20%-45% across 15 crops, resulting in water saving potential of 780 million kiloliters. ITC has now embarked on an ambitious plan of achieving water positive status at river basin levels that will also benefit local ecosystems. The success achieved in making the Ghod River basin water positive in five years has emboldened us to implement four more such river regeneration projects. Your company has also committed to pursuing Alliance for Water Stewardship's AWS certification for all high water stress sites by 2035. Recently, your company's unit at Malur has become Asia's first food factory to be awarded the AWS Platinum Level certification, which follows a similar achievement for our paperboard units in Kuwait. Recognizing the need to comprehensively address the challenge of global warming, a climate risk modeling exercise using advanced analytics was undertaken at a pan ITC level, which was subsequently followed with site-specific and agri value chain-specific assessments so as to sharp target adaptation actions. Based on such studies, appropriate site-specific interventions are being progressed. Over the years, your company has implemented an impactful social investments program to catalyze gainful livelihood opportunities for rural communities through a two horizon approach. Horizon 1, focusing on strengthening current livelihoods of communities, primarily in agriculture and allied sectors, whilst Horizon 2 builds capabilities for tomorrow. Interventions in areas such as primary education, vocational training, women empowerment, healthcare and others, have been progressively scaled up over the years with a transformative impact on the ground. Pursuing our diversity and inclusion goals, it is heartening that our recent ICMLs employ a majority of women, ranging from 50%-75% of the total workforce. Your company sustained its double-A rating by MSCI ESG for the fifth consecutive year, reinforcing its leadership amongst peers. It is a matter of pride that our innovative initiatives have enabled ITC to be the only company of its size to achieve the global environmental distinction of being carbon, water and solid waste recycling positive for 18, 21 and 16 years, respectively. The inspiring adage that we have not inherited this earth from our ancestors, but have borrowed it from our children, also reaffirms our belief that corporates can and must contribute to building larger societal value and a secure future. ITC's sustainability approach has not only led to globally distinctive performance, but also contributed to making the enterprise, its value chain, and the rural communities that we engage with much more resilient. This abiding commitment to national priority drives your company and dedicated employees to build an exemplary Indian enterprise for all our shared tomorrows. India's confident march to Amrit Kaal will undoubtedly present exciting opportunities. Winning enterprises in this era of polycrisis and uncertainties will need to be agile, accelerate adoption of newer technologies, be consumer-centric, resilient, and competitive, but do so with a commitment that goes beyond business to create larger societal value. This belief has guided the ITC Next strategy to define future horizons. Inspired by this opportunity to make a larger contribution to the nation, we have consistently pushed the boundary of what is possible by building the businesses of tomorrow, by making innovation the foundation of our future readiness, by embracing technology that will redefine the horizon, and by making sustainability the soul of our enterprise. As I conclude, I would like to express, on behalf of the board, our deepest gratitude to our valued ecosystem of stakeholders, comprising our consumers and customers, farmers, local communities, partners, and many others. As always, I draw immense confidence from Team ITC, who have re-energized themselves to build a competitive future tech, climate positive, innovative, and inclusive enterprise. We deeply appreciate the faith and encouragement that our esteemed shareholders have bestowed on us, and I count on you for your continued support and goodwill. In a few days, India will celebrate its 76th year of independence. Let us pledge together to do all we can to bring more glory to our beloved nation. Thank you. Let me now proceed with the business before this meeting. The notice dated 18th May, 2023, convening this annual general meeting, along with the report and accounts for the financial year ended 31st March, 2023, have been sent in conformity and the applicable regulatory requirements through electronic mode to those members who have registered email addresses with the company or with the depositories. With your permission, I shall take the notice along with report and accounts as read. I will now take up the agenda items under ordinary business. Item Number 1: Adoption of standalone and consolidated financial statements of your company for the financial year ended 31st March, 2023, the Report of the Board of Directors and the Auditor's Report. Item Number 2: Confirmation of interim dividend of INR 6 and declaration of final dividend of INR 6.75, and special dividend of INR 2.75 per ordinary share for financial year ended 31st March, 2023. Item Number 3: Re-election of Mr. Sumant Bhargavan, who retires by rotation and is eligible for re-election. Item Number 4: Re-election of Mr. Mukesh Gupta, who retires by rotation and is eligible for re-election. Item Number 5: Approval of remuneration of INR 3.85 crores to Messrs. SRBC & Co., LLP, chartered accountants, statutory auditors of your company, for conduct of audit of the financial year 2023/ 2024. I will now take up the agenda items under special business. Item Number 6: Appointment of Ms. Alka Bharucha as a director and also as an independent director of your company for a period of five years from 12th August, 2023. Item Number 7: Reappointment of Mr. Anand Nayak as a director and also as an independent director of your company for a period of five years from 13th July, 2023. Item Number 8: Reappointment of Mr. Ajit Seth as a director and also as an independent director of your company for a period of five years, thirteenth from five years, 13th July, 2024. Item Number 9: Appointment of Mr. Hemant Malik as a director, and also as a wholetime director of your company for a period of three years from 12 August 2023, on such remuneration as set out in the explanatory statement annexed to the notice of this meeting. Ladies and gentlemen, since I'm interested in the next agenda item, with your consent, I request Mr. Nakul Anand to chair the meeting for this item. Thank you, Chairman. Ladies and gentlemen, next, Item Number 10 is for the reappointment of Mr. Sanjiv Puri as a director and also as the Managing Director and Chairman of your company for a period of five years from 22nd July, 2024, on such remuneration as set aside out in the explanatory statement annexed to the notice of this meeting. I now hand over the Chair to Mr. Puri to continue with proceedings of the meeting. Thank you, Mr. Anand. The next item is for approval of the— of commission for the non-executive director for each of the five financial years, commencing from 1st April 2024, ranging between INR 1 crore and INR 1.30 crore, individually, as may be determined by the Board of Directors of the company. Item Number 12: Entering into a related party transaction with British American Tobacco GLP Limited, United Kingdom, up to INR 2,350 crore during the financial year 2024/2025, as set out in the explanatory note annexed to the notice of this meeting. Item Number 13 is for the ratification of remuneration of INR 5 lakh to Messrs. ABK & Associates, cost auditors for the financial year 2023/2024. The last item on agenda is for ratification of remuneration of INR 6.50 lakh to Messrs. S. Madhavan and Company, cost auditors for the financial year 2023/ 2024. The objectives and implications of the resolutions, as required, have been set out in the explanatory statement annexed to the notice of this meeting. We will now listen to the speaker members in order of their sequence. I would advise speaker members to please state their respective name and location from where they are attending. In the interest of time, and in order to ensure that all speakers get an opportunity to speak, I would request the members to keep their questions brief and specific relating to the agenda of this meeting for a maximum of two minutes. Members should refrain from repeating questions or observations already made by fellow members. May I draw your attention that I, as Chairman, reserve the right to limit the number of questions and number of speakers for smooth conduct of this meeting in a timely manner. Further, I would request that the page number of the report and account should be mentioned while asking questions or seeking specific clarifications. I will provide answers to the questions or the clarifications at the end. May I now request the first speaker to speak, and I will now request Lina to coordinate the speakers coming one by one. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. We now invite our first speaker member. Mr. Shekhar Jain, I request you to please unmute your audio and video and ask your question. Good morning, everybody, dear members of the board and my fellow shareholders. I am Shekhar Jain. I'm a financial consultant and a shareholder of the company. At the beginning, many congratulations to the team ITC for another year of stupendous performance, great performance. I would also like to thank everybody in the team ITC and the board for the lovely dividend that has been declared this year at INR 15.50. This is one of the highest dividend or probably the highest dividend that ITC has declared. Very thankful for that. Chairman, sir, we have seen that, you know, the growth for ITC has been great, and now we are doing a sales of almost INR 73,000 crore. Considering that we are also amongst the top three contributor to the exchequer of the Indian government. Very proud moment for all of us here as ITC shareholders, and we can't thank the team enough for that. Definitely, we are on a sustainable growth path. If I were to tell now today that I told you so, I don't know how many people will remember this, during the tough years of 2020 and 2021 AGM, I requested my fellow shareholders to keep their faith in the company. I'm glad that I kept my faith, and I asked my clients and my people to keep the faith. The prices have grown by almost 3x since those days. We are very thankful to the entire team again for this. I remember, you know, when our ex-Chairman, sir, was stepping down, and there was so much of fear, I would say. I would not say fear, but there was some kind of doubt as to how the company will do from here on. I am so thankful to Puri Sir, our current Chairman. He's really done a great job since the six years that he has taken over. I don't know how many of you have seen it, but the profits have almost grown by 100% during Mr. Puri's chairmanship. And I'm sure we will continue to do much better in future under your leadership, sir. Again, once more, thank you so much for your leadership and for guiding the company during these tough times, especially during the COVID tough times. Thank you. Thank you once. Thank you, sir. Thank you. I'd also like to bring to your notice some comments that I read in the newspapers currently, where they were talking about the ITC demerger, and they had a very, very funny take. They said, "Why is the 40% of the shares remaining with the ITC? The entire thing should be distributed to the shareholders." I think they don't understand a very simple fact that the 40% that remains with ITC also ultimately remains with the ITC shareholders only. Directly or indirectly, we own the hotels, whether we get the shares directly or some of it remains within our main company, which is the ITC Limited. I will in fact say that some shares, and as rightly being done by the current management, 40% should remain with ITC Limited. You know, this is the umbilical cord that will be required by the hotels to sustain its growth and development in future also. I very much support the demerger plan and the plan proposed by the company, and I will request you to follow on that and get it done as soon as possible. Chairman, Sir, there was a small request also that I had. You know, during the tough COVID days, we moved the AGM to an online mode. But, Sir, ITC AGM is not just an AGM for people of Kolkata. It's almost like a festival. The kind of, you know, camaraderie we see between the shareholders, the type of attendance we see during the ITC AGM, it's not a simple AGM. It's, it's, it's like a festival. I will request you to take it back to the old offline days, where, you know, the energy that we used to feel during the AGM would be completely different. I will request the entire board to consider this and take us back to the good old days. There has been some doubts about what happened, what will happen to the people, you know, who log in from across the country and have questions to ask. We can probably go for a hybrid model, where half an hour can be allotted to people to ask questions online also. We can also invite people to come to Kolkata to attend the AGM. ITC has two grand hotels in Kolkata, just besides where the AGM is to be held. So some discount schemes can be brought in where, you know, people who are attending the AGM and coming from outside Kolkata, they get some discounts just for attending the AGM. Once more, Chairman Sir, many congratulations to you and your team, and thank you so much for the growth that you are taking us across. We repost our faith in ITC and its shares, and we'll continue to do so in future also. Thank you. Thank you. Thank you very much. I now invite our next speaker member, Mr. Hari Mudil. Request you to please accept the prompt on your screen, unmute your audio and video, and ask your question. We will wait for a moment while Mr. Hari Mudil unmutes his connection. Yes, sir, your audio is unmuted. You may ask your question. Yeah. Good morning, sir. My name is Hari Mudil. I'm a stockbroker and a shareholder of the company. Sir, holding the AGM on the electronic platform is a great idea, allowing all shareholders across the country to participate in the meeting. It is a great tool for shareholder democracy. Would request you to continue holding the AGM on the electronic platform. Sir, the company has distributed one of the highest ever dividend in its history, and ITC share has been one of the topmost performer in stock exchanges in the last year. Its market cap has crossed INR 600,000 crore, one of the seven Indian companies to ever do so. Of this, nearly 60% of the market cap has been added in the last 18 months only. Sir, as a sharebroker and market analyst, I still see a lot of hidden value in ITC sales. The investors have learned the lesson from new startup companies which total up huge turnover by burning cash in the beginning and then listing at fancy prices despite deep losses. Without any subsidy, they have to be quoting at half their IPO prices. ITC has always been a solid brick and mortar company, growing at a sure and steady pace, creating value for its shareholders. Sir, the company is one of the most respected, professional, and well-governed company in India. The management and secretarial team under Mr. Rajendra Singh need to be congratulated on corporate governance processes and other details in the annual report. My congratulations to the research and development team for a range of innovative products. My compliment to Mr. Ravi's corporate communication team for such a lovely PR feature, and the accounts and finance teams for such a detailed annual report. The food business seems to be our next powerhouse under Mr. Hemant Malik, and it would be great to see him in the Board of Directors. On the whole, sir, ITC's strength lies in its brilliant, hardworking manpower. Sir, in this era of wealth creation by knowledge, a good motivated manpower is our biggest asset. Hope the company is taking good care to retain and keep the morale high of its employees. It is good to see the company give ESOPs and performance-led initiatives to remunerate the employees in aligning their objective with that of shareholders. Sir, I would like to say that demerger of the hotel business is a great idea. A highly capital-intensive business like hotels does not fit well within the portfolio of an FMCG company. At the same time, I really like the idea of ITC proposing to retain 40% of the hotel shares and, and over balance 60 shares, 60% of the shares to its shareholders. This way, we can be sure that the hotel business will have the corporate strength and goodwill of ITC behind to help it grow and thus unlock maximum value for the shareholders of the company. At the same time, it will give a lot of flexibility to the shareholders to take appropriate investment decisions. I expect demerger to greatly improve return on capital and other financial ratios of the company. Chairman, sir, I fully support all the resolutions included, including your appointment as Chairman and Managing Director of the company for further five years. I'm sure the company will continue to grow and prosper under your sterling leadership. Sir, the market was expecting first quarter results from the company today. Traditionally, the quarterly results have been declared on the AGM day, but this time the company seems to have decided to delay the same. Any special reason for that? If you could share the future plans of ITC in demerger of hotels and your plans for growing the hotel business. Sir, we would also like to know as to what would be the residual value of the ITC shares once it is demerged. The market well could not understand this, and we would also like to hear about that as to after the demerger, how what would be the price at which what would be the approximate price of the ITC hotel shares? Chairman, sir, wishing you and the management team the best of health and prosperity. Thank you, sir. Thank you. Thank you very much. We will now move to our next speaker member. That's Mr. Manoj Kumar Gupta. Request you to please accept the prompt on your screen, Mr. Gupta. Unmute your audio and video, and you may proceed with your question. Hello. Good morning, respected Chairman. Namaskar, board of directors, fellow shareholders. My name is Manoj Gupta. I am an equity shareholder of ITC Limited. First of all, I congratulate you Mr. Chair, respected Chairman and the Board of Directors and entire management team and employees for the best and excellent result of the company for the year 2022, 2023. Sir, I will try to complete my speech within two minutes. As per your instruction, I will try. Thanks to the Company Secretary and his team to help us to join this meeting. Thanks for you and your team and the board for higher dividend this year in the history of ITC of INR 15.50 sir, and thanks to the board for consideration. The demerger of hotel division. This is a very appropriate decision at right time. This demerger will create value of employees and investors. Sir, after listing of hotel in the stock market, is there any plan to plot the FPO of hotel business, hotel company or any plan to list the ITC in future? Sir, there is a speculation in the market that there is several things in your mind and in the pipeline of ITC to list the shares in the stock market. kindly throw some highlight and I strongly support all the resolutions, especially resolution number 3, 7 and 10. sir. I wish to God to give you more success to take the company on new heights and share price will be in four digits in when we meet, meet in 2025 after list the hotel division sir. Thank you, sir, your smile will send the right signal to the investors and the stock market sir. We smile and keep smile, sir. Thank you, sir. Thank you. Thank you very much. I now invite our next speaker member, Miss Ashalata Maheshwari. Miss Maheshwari, [Foreign language] you may unmute your audio and your video, then you may ask your question. [Foreign language] Thank you. Thank you madam and I’ll request all speakers to please to keep their comments short. Within 2 minutes please. Thank you. We now invite the next speaker member. Mr Jaydeep Bakshi. Request you please, accept the prompt on your screen. You may unmute your audio and video and ask your question. We will wait for a moment for Mr. Bakshi to unmute his connection. We can see you sir. Good morning, Chairman and Board of Directors. I am Jaydeep Bakshi.I am joining you from the city of Kolkata. I would like to thank our Company Secretary for giving me this opportunity I would like to express my views. Sir, your initial speech very well highlighted our company's position, future prospects, and the various brands we hold, as well as how we aim to progress further in the coming years. Once again, thank you for the dividend of 15.50%, which includes a special dividend of 2.75%. Despite the difficult situation, our gross revenue has increased by 70.6%, with a PBT of 24% on a year-on-year basis. This is, no doubt, a remarkable achievement, and credit goes to everyone involved for delivering these handsome results. Our FMCG segment registered strong growth despite subdued demand and inflationary conditions. Regarding our special focus on enhanced value-added products: what is our strategy for categories like Millet, which is considered a 'super food,' to grow our branded product portfolio? Furthermore, how are we leveraging digitalization to increase productivity and bring structural changes across the value chain through the efficient use of resources? How are we positioning ourselves to fit into this digital transformation?" With the resumption of physical classes in educational institutions, I would like to know about our earnings growth and future plans for the Education and Stationery Products sector. Similarly, regarding our Hotel segment, with several important events just around the corner, I hope our hotel chain will earn substantial revenue. Additionally, how much has our capacity increased due to the rise in activities like conferences and business meetings? Sir, regarding the 'ITC Next' strategy for building a future-ready organization, what are the current highlights? Furthermore, our support for Green Energy is a very commendable initiative, as are our CSR activities; giving back to society and spreading awareness is truly great. Finally, what is our CAPEX (Capital Expenditure) program for R&D development to provide more consumer-centric and effective products?" Kindly highlight our progress on the Personal Care and Home Care manufacturing unit at Uluberia that we are currently setting up. It is also good to know that we have reduced our dependence on imported pulp, leading to lower operating costs for our Paperboards and Specialty Papers division. Thank you, Sir, for giving me this opportunity. I support all the resolutions and wish our company the very best in the coming years. I hope we continue to reward shareholders with handsome dividends in the future. Lastly, a very Happy Independence Day to everyone present at today’s virtual meeting. Thank you, Sir—stay safe, everyone. Thank you. We now invite our next speaker, Mr. Ayush Gupta. We request you to please go ahead with your question. [Foreign language] [Foreign language] Chairman Sir, [Foreign language] Sir, [Foreign language] 1 [Foreign language] Thank you sir. Thank you. We now invite our next speaker member, Mr. Sujan Modak. Request you to please accept the prompt on your screen. You may unmute your audio and video and ask your question. Mr. Modak, you may unmute your mic and your camera and ask your question, please. Yeah. You can hear me? Yes, sir. Thank you. Yeah. Respected Chairman, other Board of Directors, I'm Sujan Modak. I'm attending this meeting from my residence in Kolkata. Sir, namaskar, good morning to all of you, sir. Mr. Puri, [Foreign language], sir? I'm good. Thank you very much for inquiring. Yeah. Go ahead with your question. Yeah. Yeah, sir. Yeah. Thank you, sir. Sir, if we see the performance of our company this year, it is an excellent performance, very good set of numbers and some dividends, sir. There is a hotel demerger is on the card, so it's very nice, sir. Yeah, our CSR activity is also very good, sir. Sir, I have a few questions, sir. What is the CapEx plan and guidance you give for next two to three years? If you can please tell us, sir. What are the plan we are taking to keep this growth sustainable, sir? Sir, ek cheez hai, sir, aap is company ko ye aise height mein leke gaye hai, is as the level has changed. From one level, it has gone to several height of the level, sir. Sir,[Foreign language] Sir, when a person goes to any shop and buys some product, he, he. It's a bharosa that, that he gets. Because he, he knows that it's a getting a very best quality and very nice pricing that he is getting. That, that is a perfect thing you have done it, sir. Thank you very much. I really congratulate our management for this, sir. Sir, before I finish, I'd like to definitely thank our company secretary, Mr. Singhji, and his whole team, especially Kunal sir, Kunal Ghoshal sir, [Foreign language]. They, they are, they are the one of the very big officers, very valuable officers of our company. There is no doubt of it, sir. Sir, Sir, last a question I have, sir. That is, sir, we all know in the shop floor, in the factory, safety is first. Sir, I have seen in the report that there are some recordable work-related injuries we had this year. That is 12. Last year it was 11. Number of fatalities also one. Last year it was two. High consequence work-related injuries, also one and there is some number in the lost time also. Sir, could you tell that what exactly happened? Is, is, wh-wh-whether it was a human failure, human mistake, or it is a material failure, or there is some problem with our safety rules and regulations? I believe that our company has taken proper steps so that it will not recur again. Nothing to add more, sir. Thank you very much. At least, at least that I can tell in this moment that, [Foreign language]. That is a perfect thing we got. Thank you. Over to you, sir. Thank you. Thank you. We will now invite our next speaker member, Mr. Amit Saraogi. Request you to please accept the prompt on your screen, unmute your audio and video, and ask your question. We will wait for a moment while Mr. Amit Saraogi unmutes his connection. Please go ahead. Hi. Respected Chairman and Managing Director, Mr. Sanjiv Puri, Mr. Supratim Dutta, Mr. Biswa Behari, Nakul Anand, and other directors, good morning to all of you. My name is Amit Saraogi. I'm a businessman in livestock sector and a proud shareholder of ITC. I request ITC for its professionalism and marketing leadership. Sir, today we have come out of the worldwide pandemic, which resulted in death of millions of people. The technology came to help in terms of vaccines and meetings through video conferences. It's great to see management continuing to hold the meeting through video conferencing, as it allows shareholders across the country to participate in the proceedings of the meetings. I can join from my office, and I can talk, so we save a lot of carbon footprint and commute time. Sir, the company has again shown its management mettle by posting another round of outstanding results. The gross revenue has grown to almost INR 76,000 crore as against INR 64,000 crore last year. The profits have grown from INR 15,000 crore to almost INR 20,000 crore. The company has over 200 manufacturing units, providing direct employment to about 90,000 people, and despite its size, it is a leading example in sustainability and environment protection. Today, most of the companies run on shareholder value story, that is, corporations should be run solely for the benefit of shareholders. However, it is a very limiting idea, in my opinion. Because of this mindset, businesses shy away from pursuing innovation or investing in the areas that will lead to future growth or invention of useful new products and in areas where results will take time to come. However, ITC, under your leadership, continues in its quest to digitization and innovation. It has introduced number of innovative products in packaging and several brands like Aashirvaad. ITC has today more than 25 world-class brands in foods, personal care products, and so on, so on. Sir, we say the most reliable way to predict the future is to create it and in input innovation. ITC has extensive digital adoption across manufacturing, distribution, and consumer insights. ITC e-store has more than 45 categories with over 900 products. Astra and ITC MAARS are leading smart sourcing by bringing the power of digital to farmers. Sixth Sense, the AI-powered data analytics. All we know, AI is the future, is used to gain consumer insights. Various smart consumer hotels and FMCG apps have been introduced to increase engagement with the customers. As a result of all these endeavors, today the investor and consumers have recognized the hidden value in stocks like ITC. The company has given all-time high dividend of more than INR 15 per share, and the price of share of the company has risen by over 60% in last one year, around INR 272 to about INR 450 today. I fully support and welcome the move of the board of directors to propose your re-appointment for a further period of five years. I'm sure the company will be safe in your hands and will continue to grow and create value for all its stakeholders. Sir, we really value and admire your leadership. I'm very glad to see that the management has also paid attention to the shareholders' growing call for demerger of its capital-intensive hotel business. At the same time, the management has acted as a very responsible parent and has been wise in proposing to retain 40% shares in the hotels company. This will ensure that ITC will remain the largest shareholder in hotels after demerger, and hotels will continue to benefit from ITC's brand equity and institutional strength, and will not be target of a takeover threat. Without ITC name and its support, the hotels business, which ITC has nurtured over the years, would have just vanished. That's why, we as shareholders can continue to hold 60% ownership of ITC hotels and 40% ownership indirectly. This will unlock good value for us and result in long-term value creation for all the stakeholders. On the whole, I can say ITC is an all-round package of consumer-centric and investor-friendly company. Sir, I have one question. Generally, ITC declares its first quarterly results on the AGM meeting day, but we have not declared the quarterly results today. What is the reason for it? Once again, wish you and your professional team of board of directors and the team overall to take ITC to even greater heights so that we as shareholders keep enjoying the fruit of success of ITC. Thank you. Thank, thank you. I would request once again, all speaker members to please, you know, contain their comments to two minutes, because we would like to give opportunity to others to speak as well. Thank you. Our next question is from Gautam Nandi. Requested to please unmute your microphone and ask your question. Am I audible? Yes, sir. Thank you. Good morning, respected Chairman, board of directors, and my online fellow shareholders. Myself, Gautam Nandi of Kolkata, very old equity shareholder of the company. Sir, firstly, I'd like to give thanks to your secretarial department for sending me annual report along with notice and necessary joining link through email well in advance. Especially thanks to our respected company secretaries and his whole team for rendering very good services to our minority shareholders. Sir, you are organizing your annual general meeting through video conference, and I find it's a grand success. Sir, I am very pleased to receive your wonderful annual report, consisting almost 660 pages, which is very attractive and also very informative. Sir, accounts and performance,... annual report, sir. Sir, your MD, sir, you have explained everything in your beautiful speech very nicely. Thank you very much, Sir. Sir, every company is suffering in this market scenario. The situation is very, very tough, but in this market scenario, you have provided us, you have paid a very good dividend, very good dividend to our minority shareholders. We are very happy, Sir. Sir, my question is, sir, what is your roadmap for the next three to four years? Sir, are you going to launch any new product in this year? Sir, do you have any expansion program here in near future? Please tell us, sir. Sir, one thing, is there any plan to issue bonus share in this year or two? Because the bonus is long, long outstanding, sir, we are expecting, sir. Sir, one request, if situation permits, please arrange a factory visit as before, which is long, long outstanding, in the coming winter season. Sir, we are eagerly awaiting for the visit, sir. Sir, I have requested for the hard copy of annual report. Your deployment has sent me in time, so thank you once again, sir. Sir, we are using your products, and we are very much satisfied. As per the price and quality is concerned, it is really, really very remarkable. Sir, in this regard, I, one request, sir. Please issue discount coupons at least 30%. Because the market by 10%-20% as they meet up. We expect at least 30% discount coupon to our minority shareholders. Sir, one thing more, I got huge price appreciation in your company's stock, sir. I am very happy, sir. Sir, I'm very proud to be a shareholder of your company. I have full trust with our strong management. I, along with my family, wholeheartedly support your all resolutions, which we have already casted through my e-voting. Sir, looking forward with a positive outlook towards our company, with higher profit margin and some dividend, 1:1 bonus and return. May God bless you, sir. Stay safe, stay healthy. Thank you very much, sir. Gautam Nandi, signing off. Thank you. We now invite our next speaker member, Mr. Dilip Kumar Das. Request you to please accept the prompt on your screen, unmute your audio and video, and ask your question. We will wait for a moment for Mr. Das to unmute his connection. Am I audible? Yes, sir. Please go ahead. Good morning, Chairman. Mr. Das, please, hold the microphone little closer to you and ask your question, sir. Good morning, Chairman. Am I heard? Hello. Go ahead, sir. You may ask your question. Good morning, Chairman. This is all the shareholders, official and fellow shareholders who are connected with the 112th Annual General Meet meeting of the- Sir, we cannot—we are, we are unable to hear you, sir. If you could check your connection, or maybe we should go to another speaker and then come back? Hello? Okay, sir. Mr. Dilip Das, we can't hear you clearly. We request you to please leave and rejoin to refresh your connection. In the meanwhile, we'll take our next speaker member. We invite Mr. Santosh Kumar Saraf to please accept the prompt on your screen. Unmute your audio and video and ask your question. We will wait for Mr. Saraf to unmute his connection. Yes. Hello, [Foreign language]… hotel industry demerge...[Foreign language] sir, 15.5% dividend sir. Puri Sahab, please have BC meeting. [Foreign language]. Thank you. Thank you. I also thank the moderator, sir. It's a very good system. Namaskar, sir. Thank you. We will now take our next speaker member, Mr. Kamal Majumdar. Request you to please accept the prompt on your screen, Mr. Majumdar. Unmute your audio and video, and you can ask your question, sir. We will wait for a moment while your connection comes up on screen. Yes, sir. Please go ahead. Yes, ma'am. Respected Mr. Puri, other directors of the company, myself, Kamal Kumar Majumdar, I'm an institutional shareholder from Kolkata. My special thanks to our Company Secretary, Mr. Singhi, and his team members, like Kunal Ghoshal, for giving wonderful investor services and maintaining cordial relationship with shareholders. I have some queries relating to audited accounts and other matters. Sir, though there was, there is no restriction as per the Companies Act 2013, yet what prompted our statutory auditor to sign the report, accounts, and schedules for financial year 2023 from Frankfurt on 05/18/2023? Sir, we are all happy to know that the demerger of capital of hotel business and subsequently 260% of proposed equity to the shareholders of ITC, keeping 40% with the parent. To be placed along with the formation of a wholly-owned subsidiary for this, to be named at ITC Hotels Limited, with an investment of not exceeding INR 100 crore in the equity shares of one each of the said company before the board on 14/8/2023. In this connection, I want to know whether the Ministry of Corporate Affairs approved the name of the subsidiary till date. When our company may invest in the proposed subsidiary, ITC Hotels Limited, and when do you believe the proposed team will get all approvals from the competent authorities? How both the brands, Mementos and Storii are doing during FY 2023 as regard hotel is concerned? Sir, how brand extensions like Aashirvaad to dairy, ready to eat vermicelli, salt, spices and peas to dairy beverages and cakes, Bingo! to namkeen and ITC MasterChef to frozen snacks and cooking pears, Savlon to sanitizers, wipes, etc. increases our visibility, revenue and profitability during FY 2023 and Q1 of FY 2024? It is nice to note that our margins in FMCG business improved by 120 basis points to 10.2% during FY 2023, amidst elevated commodity prices. How the margin behaved during Q1 of FY 2024 and your expectation from the remaining part of the year? Sir, ITC Infotech Limited during financial year 2023, though increased turnover to INR 2,673 from INR 2,360 crore, yet booked less PBT of INR 464 crore against financial year 2023's figure of INR 689 crore. ITC Infotech U.S.A. and ITC Infotech Limited also booked small losses. What is the reason for decrease in profit as well as losses during financial year? What is the share of revenue from ITC group during financial year 2023? Share of our ASF from the ITC group. Whether the company has a proposal to merge all subsidiaries and list it in the market in the near future? Please share your thoughts in this regard. Whether ITC Infotech Malaysia, SDN BHD, started operations during financial year 2024. Sir, whether INR 56 crore fund in advance in cash flow statement page 150, relates to disinvestment of 26% holding in SPA Hotels Limited on 07/04/2023. What was the reason for this disinvestment against honorable Karnataka High Court order, delivered in December 2017, in respect of validity of pictorial and texture, textual warning under Cigarettes and Other Tobacco Products Act 2003, 2003. What is the present status in this regard? What is the... You mentioned about the starting of the plant of nicotine plant. In this connection, I want to know, do you agree that the nicotine plant will be a money spinner, mainly foreign exchange earner for our company in the near future? What will be the total cost of the project? Sir, company took strategy of building in-house manufacturing capabilities for products with unique formulations and enhancing supply chain agility and setting up a unit in Uluberia, West Bengal, for personal and home care products. Present status which is closed in this regard. Whether the company will decrease its dependence on third party for personal care and other segments in the coming years? Please share your thoughts in this regard. Thank you, Chairman, for giving me a chance to complete my questions. Thank you all. Thank you. We now invite our next speaker member, Mr. Manjeet Singh. Could you please unmute your mic and ask your question? Sir, am I audible? Yes, sir. Please carry on. ITC Management team, ITC Secretary team or my co-shareholder, [Foreign language] [Foreign language] Thank you. We now invite Mr. Sarvjit Singh to please unmute your mic and ask your question. Hello Chairman sir, can you hear my voice? I can hear you sir, please go ahead. Chairman, sir, first of all, good afternoon to you, all the Board of Directors, all the staff of ITC Limited and my co-fellow shareholders. Chairman, sir, [Foreign language] [Foreign language] Thank you, Chairman, sir, for giving me a chance to speak in your AGM. Thank you. We now invite our next speaker member, Mr. Lokesh Gupta, to please accept the prompt on your screen and ask your question. You can unmute your mic. Mr. Gupta. [Foreign language] [Foreign language] [Foreign language] Thank you. We now invite our next speaker, Mr. Bimal Krishna Sarkar. Sir, please accept the prompt on your screen, unmute your audio and video, and proceed with your question. We will wait a moment while Mr. Sarkar establishes his connection. Am I audible, Madam? Sir, very good afternoon, Sir. Bimal Krishna Sarkar, equity shareholder of the company. Sir, residence Kolkata. Sir, most of the question already raised by the previous speaker. Sir, [Foreign language] Thank you very much. We now invite Mr. Reddy Gundaluru. Request to please accept the prompt on your screen, unmute your audio and video and ask your question. We will wait for a moment for you to unmute your connection, Mr. Gundaluru. Mr. Edappa Gundaluru, could you please unmute your audio and video and ask your question? There seems to be no response from Mr. Gundaluru's connection. We will therefore move to our next speaker member, that is Mr. B.L. Mittal from LUV KUSH PROJECTS LIMITED. Please accept the prompt on your screen, unmute your audio and video and ask your question. Mr. Mittal, could you please unmute your mic and your webcam and ask your question, please? Yes, sir, please go ahead. Thank you. Thank you, sir. Thank you, Chairman, sir. Thank you, the Board of Directors for the excellent result. It is really commendable to see the complete transformation from cigarette business to FMCG business. I am happy to note that more than 60% of the turnover comes from non-cigarette business. Thank you for keeping us on path of sustainable, profitable growth. Today, the world is all about e-commerce and digitalization. The growing digitalization by way of establishing marketing command center, contextual communication, and consumer promotion. Use of AI in consumer data analytics speak a lot about ITC. Building of growth through technology, digitalization, and innovation, we can see firstly exciting times ahead. I have been a very long-term shareholder, and I have seen how the ITC strategize about its business. I am happy to note that all, formation of the intangible business in FMCG business and hotel business, ITC has invested out of its cash flow and thereby saving lot of amount of income tax because you invested in intangibles and those expenses debited in profit and loss account, and thereby huge saving of taxation. Similarly, story happened in hotel business also, that depreciation amount of a consolidated business have been a really value creator. The dividend, I am not very much thought of. My personal choice is that ITC invest its own business. Dividend is not a tax-friendly matter because we have to pay a lot of taxes on dividend also. This, this demerger story, I must congratulate the management strategic point of view to retain the 40% equity. You know, in, in, in business that at home, we always understand that any business at home need one father and mother. The separate strategic company will have father and mother, both in terms of the ITC, and will have a proper value, descriptions, and value invites. More than business, the ITC have been able to create such a culture in its people, and I've been using the ITC Hotels, particularly from a long time, and ITC product. In all time, there is huge difference in terms of humbleness, and ITC peoples are very humble in their approach, and they treat us very nicely, though they don't know I am the shareholders. I followed with interest the demerger proposal of hotel business by ITC. In my opinion, a capital-intensive business like hotel should be housed in a separate company so that investors may be given a choice in owning business. The proposal to retain 40% shares in the ITC hotel post-demerger is a master stroke. This will ensure the hotel business with ITC has nurtured. I would personally ask two specific question. One question is about what will be the share ratio of the ITC hotel? Second question I would ask that in view of the proposed Data Protection Bill and lot of laws which are coming on cybersecurity and social media, what are the preparedness of the ITC to face these two challenges? Thank you so much, and I would again congratulate to Chairman, sir, and to the Board of Directors. Thank you. Thank you. We now invite our next speaker member, Mr. Sunil Kumar Moda. Please accept the prompt on your screen, unmute your audio and video, and ask your question. We will wait for a moment for you to unmute your connection. Mr. Sunil Kumar Moda, I request you to please unmute your audio and video and ask your question. Yes, hello. Yeah. Yes, sir. Go ahead. Yeah. Very good afternoon, sir. Good morning, respected Chairman and Director, Board of Directors, Company Secretary, employees of ITC, my fellow shareholder. Myself, Sunil Moda, is connecting from my residence, Kolkata. It is 112th AGM of ITC Limited and wonderful results, sir, and your formal inaugural inaugural speech was very informative and knowledgeable. Thank you very much for giving INR 15.50, including final and special dividend for the year 2022-2023. Sir, we have INR 1,242.80 lakhs, 7,741 shares, that is, value is, and shareholders 29 lakhs approx. Sir, at, at first we know that ITC is a cigarette company, but, but it is now a well-diversified company. There are 25 multitask mother brand we, we have. 200 manufacturing units. A very good, very affordable product you are selling to the customers. We really depend on you. Everything is, it is ITC. Whenever I require any product, we can get it from ITC. I repeat, I repeat ITC. ITC, they take world class brands for India, and that is food, education, stationery, production, agriculture, etcetera. Sir, what is the roadmap for the next two to three years, and also capital spend? What, Sir, are you getting any new or undertaking new steel industry to under your umbrella, so that they can well, manage and give some profit also? With this, I, I understand, but one thing, there are so many factory brands in our different parts of India. Sir, please arrange, consider for arrange a factory. Looks like, Mr. Sunil Kumar's audio has gone, muted. We will therefore move to our next speaker member. We invite Ms. Celestine Elizabeth Mascarenhas to please accept the prompt on your screen. You can unmute your audio and video, and you may ask your question. We will wait for a moment for Ms. Mascarenhas to unmute her connection. Mrs. Mascarenhas, could you please, unmute your audio and video and ask your question? Yes. Ma'am, could you unmute your mic? Okay, now you can hear me? Yes, ma'am. I'm audible, huh? Audible and visible. Please go ahead. Visible. Okay, okay. respected Chairman and MD, Sanjiv Puri, members of the board, my fellow shareholders, and this VC. I am Mrs. Celestine Mascarenhas, speaking from Mumbai. First, I thank the Company Secretary for sending me an annual report and also registering me as a speaker at my request. thank, thanks so much, and also giving me this platform to speak. our annual report is very, very informative, with lots of facts and figures, lots of pictures of our products and of our activities going. So it is self-explanatory, which cuts all our questions. Very good. our working is very good. that is why such a big dividend of INR 15.50 per share of one. Thank you. Very good market capitalization. I'm very happy with it. Thank you so much. Congratulations for all the awards and accolades received during the year. Also, I like the CSR work. Now, my queries, number one is: Which among all our products is having a very powerful power brand? Can you speak that any new product added in the last three months? The third question, as many shareholders have asked previously, and sir, you are also telling limit because more people can participate. I just ask one last question. Sir, the merger of the hotel business, see that the small shareholders are sufficiently rewarded. That's only from me. I supported all the resolutions. Thank you very much. May God bless our company, may God bless you, and may you have very good health, because health is... To everybody, and very happy festive season, especially Happy Independence Day, which is just coming, within four, five days. With this, I thank you very much. My request is Mr. Mascarenhas is immediately next, so, he will immediately speak on this connection. Thank you. Hello? Hello? Hello. Hello. We can hear you, sir. Please go ahead. Yeah, yeah. Respected Chairman, sir, very distinguished members of the board and my fellow shareholders, good afternoon to you all. My name is Aloysius Mascarenhas. I'm a proud shareholder of this prestigious company. Many times before, I have requested to speak, but I was not able to get the line, and so also the annual report. It's the first time we have received an annual report, which is so good, so beautifully worded, full of facts and figures and pictures, and the performance is excellent. Our PBT, PAT has gone up substantially, and you have given a welcome dividend of INR 15.50. Very good, sir. Keep it up. We are doing very well on various fronts, businesses, be it agriculture business or, or hotel business and various types. I'm happy to note that we are doing good CSR activities and have a good risk management and a good dividend policy. Sir, now our products, which are so many, I would like to add most of the products I, we are using at home. I would like your company to give a discount, like many other companies. Moreover, when new launches are made, to give a sample to the shareholders to get a very good feedback of the products. Many things, you have given it so beautifully. I have only one question about the unclaimed dividend and unclaimed shares. If the shares are not or dividend is not claimed in seven years, it goes to the government kitty called the Investor Education Protection Fund. I would like to know how many, how far, how many dividend, rupees dividend is gone, or number of shares gone to this account. See that the poor people's shareholders' money is not blocked. By this IEPF fund, say, remind them and send them the reviews. I would like to know, any more acquisitions are there in the pipeline? Kindly educate us. Last question is about the export. Which country we are exporting? If it's in dollar terms, dollar is rising day by day against the rupee, so what is the revenue that we have got in this regard? Rest, many questions have been asked by my predecessor shareholders, so I end my speech wishing you personally, all the board members, and more importantly, all the employees, all the very best. We are in the midst of a festive season, so I wish each one of you a very happy festive season. With this, sir, I take your leave. Thank you very much for patient hearing. Thank you. Thank you. We now invite our next speaker member, Mr. Gagan Kumar. Request you to please unmute your audio and video and ask your question. We will wait for a moment while Mr. Gagan Kumar unmutes his connection. Yes, sir, please go ahead. Yeah. Puri Sir, good morning to start our meeting. Good afternoon, okay, Ji. Good afternoon. I'm Gagan Kumar from Delhi. Most of my questions are covered. I just want to know one thing, that are we planning to open any ITC exclusive stores? The only question I have, sir. Rest, all of my questions are covered. Best of luck to you and your team. Thank you so much. Thank you. Thank you for being brief and to the point. Thank you. We take our next question. That is from Mr. Arun Kumar Pupana. Could you please accept the prompt on your screen, Mr. Pupana? Unmute your audio and video, and you may then go ahead with your question. Yes, sir. Can you please unmute your webcam and mic? Thank you. Can you hear me now? We, we can see you and hear you, sir. Please go ahead. Thank you. I think, yes, good afternoon all. Compliments to the management for building ITC on valuables, not just on valuations, and being socially responsible, too. Compliments for both top line and bottom line. Chairman, sir, just three questions: Under CSR, are we making nicotine patches for cessation of smoking? Are you importing those patches, or are you going to start manufacturing in India? Any plans for alternative proteins, like for cultured meat, without sacrificing flavor, nutrition, and quality? Now, millets has been declared as the cereal of the... The Year of Millets now. Any plans in making millet products by ITC? Lastly, sir, I, IEPF, I would suggest the company takes initiative, maybe appoint some agency who will charge some money and do the paperwork. It's very cumbersome. Titan from Bengaluru is helping the clients. I wish ITC also to do that. Just, I wish you all the best, Chairman, sir. Thank you very much. Thank you, Mr. Pupana. We will now move to our next speaker member, Mr. Om Prakash Kejriwal. Request you to accept the prompt on your screen, unmute your audio and video, and you may ask your question. Mr. Kejriwal, could you please unmute your mic and ask your question? We will wait for a moment while Mr. Kejriwal unmutes his connection. Can we, in that case, move to the next speaker, please? Sure, sir. We invite Mr. Yusuf Rangwala to unmute his microphone and ask his question. Mr. Yusuf Rangwala, could you please go ahead and ask your question? Yeah. Good, good afternoon. Good, good afternoon, sir. Can you hear my voice, sir? Good afternoon. [Foreign language], sir. Mumbai Rangwala speaking. Sir, I'm an old shareholder of ITC, sir. Hello? Mr. Rangwala, please hold the mic little closer to you and speak. Your voice is- Can you hear my voice, sir? Good afternoon, good afternoon, sir. I'm speaking from Mumbai, sir. I'm old age shareholder. Sir, your atta, whole product, like perfume, all the product I use sir. I am very happy with it, but as you mentioned, the dividend INR 15 on INR 1 share, very excellent! Sir, me some shareholder join [Foreign language]. Hotel division, it's paper [Foreign language], we are di-different, we are, we are separating. Sir, hotel division mein sir, give me coupon sir, discount coupon. Like Kika such product ITC hotel, manufacturing check, sir. 30% discount coupon. At your, [Foreign language] one kilo to two kilo [Foreign language] Sir, [Foreign language]. 400, 450's balance sheet. Our Company Secretary, we are so thankful to her, sir. She is a very hard working company secretary. Sir, last bonus, when was given? Good was given? Good reserve, sir. For this you also give good dividend, sir. Sir, I humbly request you to visit us. Sir, if possible, please visit our factory. Sir, our brand names are also very good, sir. I want to know, sir, totally, what new products are you going to introduce this year, sir? Which are the new products? Like our atta, atta is world famous, sir. It has no competition. In atta, sir, we are the leader, as you mentioned in the annual report. There are many excellent products, sir, but few body spray, ITC, I use it, sir. It is so good, sir. It is so good, the whole day its smell remains, sir, body spray. Very excellent. How many new varieties you introduced in ladies and gents? I would like to know. As a Reliance, we are getting one is to one. In In Reliance, sir, your product, one is free. Why, sir? Why not in the market and other places, sir? For the mall, you give this scheme. Why not in the market and other places, sir? For the mall, you give this scheme. Sir, I want to know, that ITC's whatever product is there, it is available only in the mall. You, sir, should also in the mall. You, sir, should also give it to the dealer people. We can also get it from the We can also get it from the dealer people. This is my humble request, sir, because in your mall, like in Reliance, like in D-Mart, there all products one is to one is available. Sir, you are giving it to them, why not to the public, sir? Like, like, like, your, your dealers, sir. Your total number of dealers, how many are there, sir, ITC all over India, the total number of dealers? Sir, nothing more to add. Sir, I am meeting you for the first time, but it seems that, sir, I see your face, sir, every time. Sir, if you for the first time, but it seems that, sir, I see your face, sir, every time. Sir, if possible, sir, I want to meet you. Sir, to meet you. Sir, please call me to Kolkata, sir. Whenever you come to Mumbai, sir, I want to meet you, sir, because I am a big fan of yours, sir. In my heart, I have your picture, sir. If I tear my heart and show it, your picture is in I have your picture, sir. If I tear my heart and show it, your picture is in my heart, sir. Thank you very much, sir, and wishing you a very happy Independence Day, and nothing more to add. I am very thankful to all the people and the staff who taken the trouble and given me a chance, sir, so that I can talk to you, sir. Such a good to you, sir. Such a good opportunity, sir, I will never forget in my life, sir. As long as I am alive, I will be with you, sir. never forget in my life, sir. As long as I am alive, I will be with you, sir. I want to conclude by sharing a small poem: "Flowers' fragrance, blossoms' pride, in all the upcoming festivals, I wish you all the best with your loved ones and happy festivals." Sir, if possible, send us a gift hamper from ITC, sir, if possible, sir. I sir, if possible, sir. I humble request, sir, now is the time of Diwali, sir. A A small gift... Something sweet, sir. We are manufacturing sweets also, sir. Nothing more to it, sir. Thank you very much, sir. Thank you. We now invite our next speaker member, Mr. Atul Chaturvedi. Please accept the prompt on your screen, unmute your audio and video and ask your question. Sir, we can see you. Can you unmute your mic? Yeah, go ahead, sir. Greetings to all. It's great to participate in the 112th Annual General Meeting of ITC through this electronic platform. My name is Atul Chaturvedi, and I'm a shareholder of this company. As a young Indian, I feel very proud to be a shareholder of this Indian company like ITC. It stands for quality, agility, and innovation. In this context of the call for Prime Minister to make in India, it's a matter of great pride that ITC is making world-class products available to us in India without resulting in any kind of foreign exchange royalty outflow from the country. When we buy products from companies like Hindustan Lever, Colgate, Nestlé, et cetera, a large chunk of profits go out of the country in the form of precious foreign exchange. Not so in the case of ITC. It should be be Indian, buy Indian, and use only world-class products made in India, like the ones made in ITC. The golden rule of every business is to put yourself in customer's place. I was happy to read about the significant steps taken by ITC to be in the future ready by leveraging the power of digital technologies across all business operations and truly becoming consumer-centric company to delight the consumers. Digitalization has created opportunities for everybody to accumulate information in the way they never, they were never able to analyze as the speed that wasn't there. I was happy to read about how we are building a future technology enterprise in these areas of operation. The consumer initiatives are also clearly visible to us in terms of making customers' life easier. The super e-store of the company is so convenient that now we've started using e-store regularly to buy our food and personal care products. I was really impressed with the buying experience and the short delivery time. While reading the investors presentation of ITC, I came across the section ITC MAARS, through which ITC is aiming to aid farmers by providing customized solutions using technology. The platform has already been able to cover more than 5 lakh farmers and cover 1,150 FPOs. I hope this will lead to significant benefits of our agri-business and food business in future, in addition to helping our farmers as well. Sir, in the view of all these initiatives, I would like to understand what are the future plans for ITC to harness digital technologies to penetrate markets even more effectively for its FMCG and other businesses? Our best wishes are always with you. Thanks so much. Thank you. We now invite our next speaker member, Mr. Ashutosh Kumar Pathak. Please accept the prompt on your screen, unmute your audio and video and ask your question, Mr. Pathak. Mr. Pathak, could you please unmute your mic and your webcam and ask your question? Am I audible? Yes, sir. Am I audible? Yes, sir. Very good afternoon. I have some, sir, short views. I don't take much time. Sir, what is the our main strategy is asset light modern strategy because we are ongoing in hotel demerger business as well as any in the table that is ITC Infotech? If possible, throw some highlights. Next, HUL got enhanced space by their initiative project Shakti. Women empowerment and self-economic dependent on rural sector. Have we any plan, this type of? If possible, throw some highlights. With implementation ITC MAARS and power of digital farmer, what we are getting the farming pace where the very disorder in environmental and heatwave? If possible, throw some highlights. Sir, we have blended leadership, various potential banks. Sir, many of the products are not properly available in our local markets. What initiative my company's management team taken? Just HUL, many products is sufficient available in market, but our not. Throw some highlights about this. Sir, any problem we are facing due to high inflation in raw materials and consumer with demand, higher borrowing cost, and also global slo-slow economy. During this current financial year, have we any facing some impact, if possible, throw some highlights? Finally, sir, in page 174, our investment is money market fund, that is mostly mutual fund. At present, money market in volatile position, so I think that investment to be in a debt fund concentrated. Sir, page 146, our inventories is very high, INR 10,593.90 crore, then INR 9,997.77 crore. What is the key reason for high this inventories? Nothing to say more. I thank my company's management team, big sum, a seventh Indian company to cross INR 6 lakh crore market capitalization and share price rose over 48% so far this financial year. My enhanced gratitude to our respected Wholetime Director, Mr. Nakul Kumar Anand, for his enhanced contribution to my company, and thank to God for his good health rest of the life and also good health for our respected Chairman also and all leadership teams. Thank you, sir. Thank you. We now invite Prithu Dayal. Request you to please accept the prompt on your screen, unmute your audio and video, and ask your question. We will wait for a moment while Prithu Dayal unmutes the connection. Prithu Dayal, could you please unmute your- Yes. Yes, sir. Yes. Can you hear me? Yes, sir. Thank you. Yeah. Yeah. First of all, thank you for giving me an opportunity to speak in this. My faith in ITC has been only for one reason, it's one of the only companies in the world which is in roti, kapda aur makan. Well, I would like to be short, and I would just like to emphasize on the hotel business. I, I request the ITC management to give us the discount coupons. Today, the competition is giving a good discount of 25%. If we compare the prices of your Storii with the Palace Hotel of Taj, and with that discount of 25%, which actually works out to more than 30% with taxes, we are at par with them. Why do we need to be at par with them when we can give the discount to the shareholders and make use of the hotels ourselves? It is a family, the money is coming well within the family. The second thing I would like to say is that I read between the lines a lot about Marriott. You have some hotels which are already tied up with Marriott, and now you are going ahead with the Marriott program, no, Marriott program with Marriott, not only in India but over the world. Is there any plan for a coalition between ITC and Marriott very soon? That's my question. Thank you very much. Thank you. We now invite our next speaker member, Mr. Sharad Kumar Shivraj Shah. Request you to please accept the prompt on your screen, unmute your audio and video, and ask your question. We will wait for a moment while Mr. Shah unmutes his connection. Uh. Sir, please go ahead. Okay. Sir, it is now afternoon, not good morning, and I'm very happy with the company, sir. I have... I'm facing lot of- Sir, could you please hold the mic little closer to you, Mr. Shah? Yeah, yeah, yeah. It's sounding a bit muffled. Yeah. Sir, I am right now facing lot, facing lot of problems with my Wi-Fi, but still able to attend the meeting. What is important in this particular, so that what I have done, my all points I have already made to you, so that by chance if Wi-Fi goes out, still you can reply to my question, you can understand my question. Sir, page number 33— is excellent for long-term shareholders because the price has gone from 248 to 440. It is excellent, sir. From December to March, what I observed, our price is above 50, and if my price is above 50, my company will always do better. This is my experience, what I have seen in HUL balance sheet first time in this year, all the time the share price was above 50, and in last 10 years, HUL performance is increased. We expect that all the time our price should be above 50. Sir, important is the PAT is INR 19,476, and you have given dividend INR 19,255. It is excellent! You are not keeping anything with you, sir, so I am very happy. Very important for shareholders is share your employment cost, sir. You do a lot of things for pollution, environment, water saving, so many things, whatever the government says, and employment is government job area, but still we do a good employment. What we are doing, the employment cost is we have kept 28% of our PAT, so it means my company is run for shareholder, and we get the price and the dividend. What is my... What I think, sir, the last bonus we are given in 2017. I don't say anything more than that, sir. Whether you refer page number 320, 223, 235, 147, shows our excellent performance last so many years and this financial year. Shareholder means India, so enduring value of market of India is you are doing, sir. Last point now, sir, only the page number 47. India pays maximum tax on cigarettes, so I am requesting, and you should also request Prime Minister, that increase tax on cigarettes and no tax on tax GST, income tax, and keep India free from all taxes. That means because there will be only one tax in India, that is only on cigarettes, and all will be happy, sir. What is my conclusion? The base, sir, conclusion is, it is only two, three lines, sir. There is higher revenue compared to HUL FY. What I'm looking here, I'm a shareholder of your company for last so many years, and I don't have a feel of ITC, so I request you to arrange a factory visit for Mumbai shareholders to Ranjan Gaur, Pune, so that what is ITC that we'll come to know. Another thing I will definitely tell you, sir, ITC presence, product presence is not there in Mumbai. We please look into it and do that something so that all ITC products, B Natural is available, but Savlon is not available. One thing more, sir, I'm very happy that investment service center is in with company and all shareholders are free from that tape and link in time, because we get troubled like anything. Pune support we purchase hotel business, sir. What is the only thing I have not understood, the ITC will hold 40%, but what whether I will get new shares of hotel business, that is not clear. If you can clear that, I will be very happy. Only problem what I see in ITC is only one problem, sir. We make profit, we make earning per share is good, everything is good. Nothing to blame anywhere to the ITC. Only one thing is there, our number of shares are INR 1,242 crore. That is the only problem with us. That problem, I don't think we are able to remove. Thank you very much for giving me opportunity. Thank you very much, sir. Thank you. We now invite our next speaker member, Mr. Deepak Sahal. I request you to please accept the prompt on your screen. You may then unmute your audio and video and ask your question. Mr. Sahal, could you please unmute your connection and ask your question? Yes, ma'am. I am audible? Yes, sir. Please go ahead. Okay. Thank you so much. Very good afternoon, sir. Very good afternoon, Sanjiv Puri, sir, Supratim Dutta, sir, board of directors and management team on the dais. I am Deepak Sahal, based out of Kolkata and a shareholder of the company. I thank you for giving me the opportunity to speak at this AGM. At the outset, I would like to congratulate Chairman, sir, board of directors and the management team on such a fantastic overall result. Under your leadership, Chairman, sir, the company has posted strong performance across all operating segments. Gross revenue has increased to INR 72,689 crore. The profit after tax has increased to INR 18,753 crore, and EPS stands at 15.15. The company has also declared higher seven dividend, resulting in total dividend of INR 19,265 crore. Last 10 years—financial highlights given in the annual report shows the sustainable growth of the company in all fronts. In terms of market capitalization, the company is among the top 10 companies in India. I'd like to congratulate you once again, sir, and your entire team for such a great performance, and wish all around success for the company in the years to come. Your secretarial department is doing a good job and guiding us whenever required. We as a shareholder are looking forward for demerger of hotel business since last few years, and as all the shareholders have spoken about it, I thank you, Chairman Sir, for the Board of Directors for considering and announcing demerger of hotel business as this will enhance the shareholder, shareholder value. We will get shares of ITC Hotels Limited free of cost. It will be like a issue of bonus shares to all of us. With ITC holding shares in new hotel company, we are confident of sustainable growth of the hotel business and the support of ITC as a promoter of that, that company. I have only one question and one suggestion, sir. What would be the ratio of issue of shares of new company to the existing shareholders, and also the reasoning of issuing of 40% shares of new company to ITC Limited and 60% shares to existing shareholders of ITC Limited. Me and my family have been regular users of all your products, starting from Dark Fantasy, Bingo!, Yippee!, Aashirvaad, atta, Translate books, even. In Lassi, I have a small suggestion that you all is available in pouches. It should also be available in tetra packs. Apart from that, I would like to support all the resolution, demergers, proposals and requests. You have continued, and continue convening, the annual report meeting through this mode, as many shareholders get the opportunity to attend and speak across the length and breadth of the country. Thank you so much. That's it. Thank you. We now take our next speaker member, Mr. Gautam Tiwari. Please accept the prompt on your screen, unmute your audio and video, and you may then ask your question. Mr. Tiwari, can you please unmute your mic and your camera and ask your question? I think you can understand me? Yeah, we can see you and hear you, sir. You can see me. I've been waiting for a long. In fact, I was not knowing my number. Sir, I'm very much impressed, Sanjiv Puri, with your explanation, the way you are explained, right in the beginning, and thereafter also the full cover story of what ITC is, what ITC is doing and what ITC is going to do in future. I'm very, very happy, sir. I'm, I would, like to request our company secretary department. Of course, it is doing a very good service, but I would like them to please pay some attention of giving the speaker number and please send me the physical copy, which I had requested for, which I haven't received so far. Sir, I have been a shareholder of ITC right from day one, and I'm very happy being a shareholder of your company. I am from Bombay, and I'm Gautam Tiwari, as it is already announced. Dear Sir, you have given a very good chance. In fact, sir, instead of giving separate bonus share, you have already given bonus in the form of demerger of ITC and keeping and retaining 40% of it along with ITC, so that we are very sure whatever demerged portion of this hotel business will be given to shareholders is going to do a very good, very good reward to the shareholders in the days to come. I'm very sure whatever ITC is doing, is doing, keeping in interests of the minority shareholders, unlocking their wealth and rewarding them gracefully year by year. Sir, I wouldn't take your much time because already it is too late and there are many other companies, but I, the whole team, our CFO, Supratim Dutta, and our CMD, you are the CMD. Sir, sir, without you, we cannot just imagine the ITC. You are the stalwart of ITC, and your presence in ITC is a must. I very, very strongly support the resolution, of, rather, propose that you must always be there. Till you are there along with us, we are very sure that the ITC is going to step on ladder to ladder. Dear Sir, I would like to know, now that what is our current R&D expenditure and current CSR budget that we have got for the year? Sir, I would also like to know how much amount we intend to transfer and how many shares we intending to transfer to IEPF? Is there any physically challenged employee with which we have got, sir? Sir, our hotel business as, as it is, we have segregated ourselves to FMCG business also and hotel business. I would like to know 61% revenue, which you are getting from non-cigarette business, how much more are we going to reduce, sir, that business further? Because government is bringing tax after tax, and it is, they are announcing that it is harmful for the health of the people. Are we going to reduce, and if at all, to what extent, or to reduce the harm which is tobacco doing to the to our society or community and still progressing? Sir, I'm very happy that carbon neutrality, the way you explained about the hotel and five state-of-the-art business, and rest all these ratios, sir, I support appointments, the appointments, all directors, all demergers and mergers which you have announced. Moreover, I support the all the resolutions for which I have already voted, and that is why I have waited for such a long time, sir. We have got the meeting now of HDFC Bank, for which we have been, in fact, getting ready. Thank God, I just waited. I was thinking my number will come, my number will come. Sir, thank you. Thank you. Thank you, sir. We have noted your point. Sir, please announce the number hereafter, speaker number, so that we'll be very happy. We note your point. can you please- God, God bless you. Thank you very much, sir. Thank you very much, sir. I request all the speakers to please be brief, because we are already, quite late, and we would like to give time for other speakers. Thank you. We invite Ms. Vasudha Dakwe to please unmute your mic and ask your question. Ms. Vasudha Dakwe, I request you to please unmute your connection and ask your question. Yes, please go ahead. Your mic is unmuted. Sir, can you hear me, ma'am? Yes, ma'am. Thank you very much for giving the opportunity to speak. Respected Chairman, sir, Board of Directors, and my fellow shareholders, my name is Vasudha from Pune. Most of the question was asked by my fellow shareholder. I will not repeat it again. Only one thing I would like to request you that please look into the matter of unclaimed dividend amounts which is going to the ICF account, and this is the seventh. Ma'am, there's a lot of background noise coming in from your connection. If you could just hold the microphone also closer to you and ask. Oh, okay, ma'am. Okay. Can you hear me now? Yes. A little better. You can repeat the question. We've heard your question. You can just complete it. I, I've heard your question. Please go ahead and repeat it, yeah. Hello. I would like to request you please call me to claim my unclaimed dividend amount from ICS fund from any one of the secretarial team assistant. This will be great helpful to me. Thank you very much, sir. Thank you. Thank you. We now invite Adarsh Garodia to please accept the prompt on your screen and ask your question. You may please unmute your mic and your camera and ask. Yeah. Good afternoon, Chairman, sir, board of directors and my fellow shareholders attending the AGM. My name is Adarsh Garodia. I am a shareholder of this company. First of all, congratulations to the management, all the staff and employees, for providing this excellent results in 2022, 2023, the highest ever dividend and one of the best capital appreciation in the share value. As a shareholder, I have no reasons to complain, and I fully support all the resolutions being proposed at this AGM, as well as the proposal for demerger of the hotel business, which I think is a great idea. Chairman, sir, your speech is always inspirational and enhances the co-shareholders' confidence. Also, thanks to the secretarial team for providing me the copy of the annual report in just one request and, allowing me to put up my points in this meeting. As a shareholder, I would just like to speak on two topics, which is CSR and awards and recognitions of the company. I feel extremely proud for all the activities and contribution of the company under the social responsibility scheme. Last year, the company spent around INR 365 crore on various CSR activities and provided support to lakhs of beneficiaries in the area of promoting preventive healthcare, sanitation and poverty alleviation, livelihood enhancement, economic empowerment of women, environment sustainability, protection of national heritage, art and culture, R&D, engineering, medicine, and rural development, disaster assistance. This demonstrates the company's deep commitment in nation building by building more resilient and equitable communities, raising living standards, advancing equity, diversity and inclusion, and grassroots capacity building. I would like to thank you and your entire team for that. It's really a great contribution in the development of the nation. ITC is truly a responsible corporate citizen. Second point, I would like to congratulate the team for getting various awards and recognitions during the year. As a company of the year award at the Economic Times, the Bengal Corporate Awards, the Internet of Things and Digitization Award, Packaging Company of the Year Award, Responsible Manufacturer of the Year Award, Platinum Medallion, ITC Malur unit becoming the first food factory in Asia to be awarded the prestigious Alliance for Water Stewardship, and the Best Innovator in Data and Analytics and Logistics and Supply Chain Innovation Company of the Year Award... I thank you for your kind words, but may I request you to be brief, please, for the record. Yeah. I'm a proud shareholder and may we always be rewarded with higher dividend, capital appreciation, and bonus issues. With you at the helm of affairs and along with your team, we know it's always possible. Thank you so much. Thank you. Thank you. We'll take our next question from Anil Babubhai Mehta. Request you to please unmute your audio and video and ask your question. We will wait for a moment for Mr. Anil Babubhai Mehta to please unmute his connection. Hello? Yes, sir. Please go ahead. Am I audible? Yes, you're audible, sir. Please Please ask your question. Thank you very much, sir. Good afternoon. This is Anil Mehta. I attend in this meeting from Kandivali, Mumbai, with, with my family, who they are also the shareholder of this company. Our question is, first is: How does the company identify the new directors? Has the company used outside recruiting services to find the directors? What fees were paid to this consultant? Does the company consider nomination from the shareholder? Sir, our second question is: What are the major opportunities and challenges facing the company, and how does the management plan to respond? Our last question is that, what is the low cost producer in the industry? What steps has the company taken to achieve the lowest cost possible for all the products? With this, we are supporting all the resolution and thanks to the company secretary department for their cooperative and supportive nature and all the best. Thank you very much, sir. Thank you. Thank you for being brief and reiterating to the next speaker also to be brief. Thank you. The next question is from Sachin Marathe. Requested to please accept the prompt on your screen, you may unmute your audio and video and ask your question. Mr. Marathe, could you please unmute your connection and ask your question? Yes. Please go ahead, sir. Mr. Sachin Marathe. Yes, go ahead, sir. Yes, sorry. Actually, maximum..., so even experience certificate or......, everyone has spoken about it. Mine was just one, that I had said last time that Hindi channels, so business, Zee Business, CNN Aawaaz, our presence is not visible there. Only we people have to watch English channels, which is not possible for us, so we don't understand much. Secondly, when the news comes in the newspaper, only then we come to know that the hotel is demerging and all this, so the news is coming to them first, coming to us later. If there is any solution on this also, so if you tell us the solution, it will be better for us too, to try it out. Sir, secondly, I actually, it out. Sir, secondly, I actually, my son is actually a food blogger, Purush Panekar. I am from Pune, we people last time, which you had opened a store at the Bengaluru railway station, so I also tried to open one here. I emailed Tonal Roast last year. I did not get any reply from them. Only them. Only an ITC care number came, 912609, but after that nothing happened. No reply, no phone, nothing. I don't know what kind of response this is. If, actually, a lot of metro stations have just opened here, so we were trying to track the metro station near the railway station. This thing is old now. I This thing is old now. I This thing is old now. I attempted this last year, and then I shifted to another brand. This, what, how, if someone wants a franchise and all this, how can we move forward? I would like to know this. Thank you. Thank you. We invite our next speaker member, Mr. Ajit Seth. Please unmute your audio and video and ask your question. Hello, am I audible, sir? Yes, sir. Good afternoon, really thank you for consistently creating value to the shareholders, and I will keep my speech very, very brief. Sir, I'll just read out my questions. Sir, in recent times, there has been curb on the illicit cigarette trades on account of government actions. Whether the authorities are still actively putting in efforts to curb the illicit cigarettes? Sir, could you please provide breakup of cigarette revenue and volume in terms of our different brands, namely Insignia, India Kings, Classic, Gold Flake, Player, Bristol, Flake, et cetera. Sir, the next question is: Could you please provide volume details of cigarette business in last couple of years, in totality and in terms of export and domestic sales? Also, any guidance on volume growth in the coming couple of years. Sir, the next question is: How much is leaf tobacco sold in India and outside India and outlook going forward in two, three years? Sir, what is the margin earned in this business and who are our key customers? Sir, the last question is, our margin in the FMCG business has been improving, and could you please quantify how much is that... How much of that is from the increasing prices and from saving in costs? Sir, how sustainable is the increased margin going forward and our strategies towards cost saving? Thank you so much, sir, and all the best. Thank you for being brief. Thank you. We invite our next speaker member, Mr. Abhijit Panda. Please unmute your audio and video and ask your question. Mr. Panda, could you please unmute your audio and video and ask your question? Please go ahead, sir. Yes, sir. Please go ahead. Chairman, Board of Directors and company secretary, myself, Abhijit Panda, a equity shareholder of your company for a long time. Sir, last three years say, AGM [Foreign language] Sir, first of all, I congratulate company's management and whole team of company performance, it is excellent. Sir, a few points I like to mention that depreciation charge increased by 4.4% and finance cost is increased by 29.6% year-over-year. It is very high. What is your plan to calm down the finance cost? Sir, [Foreign language] e unemployed situation is very miserable condition. Sir, please give this suggestion. Sir, [Foreign language] company PAT, profit after tax is increased 26.6%, 25.6%. It is good, and company always maintain a healthy dividend. Sir, [Foreign language], equity share- We have noted your question, and we thank you for the compliments. I'll request you to finish so that others can speak also. We are running out of time now. Sir, last question. Sir, please organize a factory visit to those shareholder who are interested to participate in Kolkata or Mumbai, anywhere. Thank you very much. Thank you. Thank you. Thank you. I will request all speaker members to not to repeat questions or suggestions that have already been made and keep themselves very brief, please. Thank you. We now invite our next speaker member, Anuj Gaggar. Please unmute your mic and ask your question. Hi, good afternoon. Am I audible? Yes, sir. Hi, good afternoon, Sanjiv sir and team ITC. In interest of time, I'll be super quick. First of all, I support all the resolutions passed in today's AGM, presented in today's AGM, rather. Other than that, sir, I had made a list of, so I'll not be repetitive. I just want to mention that, you know, the ITC has always been the first choice for me and my family. ITC in a couple of areas like, you know, washing detergents. ITC in a couple of areas like, you know, washing detergents. Please. In many futuristic businesses. Second, which of the segment from our conglomerate do you think shall lead to the next rally of growth? Third, I really appreciate the innovation and process of introduction of new product line in FMCG segment. What are your next plans on how to make this segment the leading contributor to the profits of our conglomerate? Fourth, how much amount of CapEx are you planning or is already in pipeline in this fiscal year, for which segment of our company? Please enumerate it segment-wise. Fifth, looking at the current volatile macros, high inflation, higher interest rate, higher raw material prices, and uneven monsoon Pan India, what and how much amount of impact would it have on our value-added products and services? Sixth, what are your views and research reports on the future of consumption and business of cigarettes? Taking into account it's the same good and rising awareness among citizens about its impact on our health. Seven the last one, what steps is my company planning to take for the well-being of its employee in this fiscal year? Thank you, sir. Thank you. We take our next question from Mr. Dilip Jain. Request you to please unmute your audio and video connection and ask your question. Mr. Jain, we have given you permission to unmute your microphone. Please go ahead. Hello. Yes, sir, go ahead. Hello, everyone. Yes, please. Hello. Yes, please, go ahead and please be brief. Yes, yes, Chairman, sir. Jai Jinendra. My Dilip Kumar Das, Jaipur. I am waiting for I'm thinking about to go to washroom, but I can't because when, when anybody, my, my, my call is coming. Sir, I wanted to say that like you have all the departments, why don't you launch an ITC Mart? ITC's, ITC's own brand, like D-Mart and all. You have so many of your own products. In my opinion, it would be a very good initiative if you consider it, everyone. Apart from this, the CSR social welfare program that is going on, the activities that are going on are very good. In this, sir, I wanted to ask that if you include physically handicapped people in this, it will be good. How many female staff and physically handicapped staff do you have in your company? If you could tell us a little about this also. If you are doing any buyback program or any new product launch or acquisition, please let us know. Thank you very much, sir. It was very good. I'm speaking from very good. I'm speaking from Jaipur. If If you ever come, please give me a chance. I would like to meet you. If I can meet you, if you give me to meet you. If I can meet you, if you give me the opportunity, I will feel good. Thank you, sir. Thank you. We take our last question from Hemal Kampani. Request you to please accept the prompt on your screen, unmute your audio and video and ask your question. We will wait for a moment for Hemal Kampani to unmute connection. Mr. Kampani, can you please unmute your microphone? Yeah. Yes, thank you. Okay. Good afternoon, everybody. I will only say that, you know, we had a lot of questions. It covers all my questions as well. I think it's time for the chairman to answer us, and that's all what I am looking for, and thank you very much for giving me the opportunity to speak. Thank you. Over to you, Chairman, sir. That was the last question. Thank you. First of all, I'd like to thank all the member speakers for their questions and participation and keen interest in the affairs of the company. The depth of the questions shows your the amount of effort you spend in spend to study the company results. I'm also very happy to note that we are receiving comments not only from the financial performance, but environmental and social performance, and that is extremely encouraging to all of us because ITC's philosophy has always been that, you know, businesses have both economic and social purpose, and it's extremely encouraging to hear these comments from all of you. Let me also thank you for all the kind words, and, and I really, acknowledge them with humility on behalf of Team ITC, and it's the team ITC that has been at it. Your, your words certainly mean a lot to me and to the entire team, and it's an immense source of. Are favorable. The idea is to be resilient, and the idea is to give competitively superior performance. That's why we are focusing on a set of tools, and that's why we are looking at portfolio in a particular way, which I've explained. I will not really, get into it. I cannot really. We do believe that, our, our investments indicate that, we are quite confident of prospects over the future. We commissioned five facilities last year, four more are in the pipeline right now, which are under various stages of construction. That shows our optimism for the future. We believe there are immense opportunities. I'm not going to speak much about short term because it's a silent period, but as a general level, let me say that I think the Indian economy has been fairly resilient. Of course, as I said in my initial address also, whatever is indexed to the external environment, there, you know, there are risks, both on account of inflation and both on account of the demand conditions in certain parts of the larger in the large economies in the world, the Western economies, China, and so on and so forth. That's the general situation. Overall, I think we are quite optimistic of the future prospects. There are also questions specifically around costs. Well, that, that's an area that receives immense focus. In businesses, in many businesses, we have made structural interventions and have achieved the status of being the lowest cost. Where we are new entrants, the whole blueprint and the thinking is to become, cost is, is to become the most efficient producer where we are not there. We may not simply be there because we're new to the game and scale is not there. The manner in which the businesses are being developed is to bring in, cost efficiency, to the highest order. That's why, for example, we have made investments in ICML, and these are strategically located proximal to the market, give economies of scale and scope, de-layer logistics. Yeah. And, of course, the benefits will accrue when capacity utilization is, is full. And they also, of course, gives us the scalability to be able to grow our FMCG businesses. We are, we are— I think that is certainly an area that is under immense focus, and I think the progress we have made is appreciable, even in newer businesses like FMCG, as is being reflected in the growing margins. Well, as far as exports from ITC is concerned, I think it's there in the annual report. Last year it was INR 10,000 crore. For the last few years, as I said earlier, it's a, it's a few, few billion. What is good is that a large component of that is agriculture-based, so really benefiting the rural economy, and our products are exported to over 100 countries. On new products and inorganic, yeah, these are things that are continuously evaluated. I said earlier also that we have launched, in the last three years, 300 new products. Well, I know all of you are very keen to have the quarter one results. Yes, it is customary to either do it on the same day or to do it earlier. This time, as you know, we were also dealing with some issues of demergers, which both have to be dealt simultaneously, and therefore, we had to phase out activity. We take note of your views on this matter. Well, there was also a mention that employee cost for ITC is higher at 28%. I'd just like to correct the figure. We are about 5% of, of our revenue, and that is, in fact, quite competitive. Quite competitive. It's a good figure when you compare like to like for industry. We would be amongst most efficient in as far as this productivity, productivity metric is concerned. The details of R&D expenditure are also given in the annual report. It's about INR 170 crore. I've already, you know, spoken about the launches we have made in the last three years, and this is powered by the investments that we have made in the ITC Life Sciences and Technology Center, and this is the largest innovation center in the country in the private sector as per an independent research. There's also a query regarding digital innovations. I think I've, I've covered it in quite a lot of detail, right from FMCG to the other businesses, whether it's hotels or agri. Multiple initiatives are there, so, so I hope you have taken note of it. As far as Marriott is concerned, we do have an arrangement for co-branding and, and distribution. As far as specifically, you know, this arrangement with millets is concerned, I think that's our endeavor to promote millets as a super grain. It's part of our ITC Mission Millets. We want to create awareness, more focused on India, but also globally. As we have a good partnership with Marriott, we thought together we can also work and take this super grain, India's treasured super grain, make it more accessible, make it make people across the world to try it. Well, in hotels, we are now, since 2017, focusing on an asset-light approach. Which means that, you know, for faster growth, we will not merely rely on our own investments, but we will also, you know, work with others to manage their properties. That vector is receiving immense promise. We have also revamped Welcomhotel. We have launched two new brands like Mementos and Storii, so that we have a full bouquet of offerings for our customers. As I said earlier, just in the last 16 months alone, we have opened, 18 hotels. We, we do feel we do see this, sector gaining momentum going forward. Well, there are also questions about how shareholder interests will be protected in the demerger, how swap ratios will be determined. Let me, let me first of all say that there is no change in economic interest, because in the new arrangement that's been approved in principle by the board, 60% is held directly by shareholders, 40% is held indirectly through your your holding within the ITC. So there's no economic interest change. It's in that same ratio of 60% that you get distributed. Now, how many shares that leads to, whether it is, you know, one is to 20, one is to 10, one is to 5 or whatever that ratio is, that is only a mathematical exercise based on how many shares ITC has got and how many shares the new entity has got. Ultimately, the value that will accrue to you of, in terms of the direct ownership, will equal to, you know, 60% of the market cap of ITC Hotels distributed in proportion to your shareholding. The numbers is just the arithmetic. Whichever way it is, you will have the same value, because what happens is if you have more shares, the value per share is lower. If you have less shares, the value per share is higher, right? There is, there is no change in your economic interest or the benefit that you get. However, the most important facet of sustaining shareholder value and protecting shareholder value is to make sure that ITC Hotels succeeds. That is why I believe the continued interest of ITC in ITC Hotels, and I'm glad to note that many of you have positively commented on it, will provide goodwill, will, will, will be able to let the hotel use our, you know, the, the ITC logo, will be able to use our brands, goodwill and our intellectual property and stabilize the operations and, and let it flourish. At the same time, the institutional synergies that ITC enjoys in the FMCG businesses, particularly foods, that also will be retained. Because ultimately, you know, in the, the valuations follow the value that is created, whether it's from ITC or whether it is created from ITC Hotels. The fundamental responsibility of management is to make sure that the business remains contemporary, the business remains competitive, we make the right strategic choices and we provide competitively superior performance, and based on that, we... You know, ultimately, the market will determine the valuations. The arrangements we have made, I think, is, is, is in line of enabling the new entity as a pure play, focused hotels entity to succeed. That's, that's the premise, and, and, and we are quite positive on it. Yes, MCA has approved ITC Hotels as a name. The listing, you know, the whole process takes about one year plus, could be 15 months, could be lesser, could be a little more, because there are multiple steps in the regulatory process. There were also questions about follow-on public offering. I think once the demerger happens, shares of ITC will get listed. It'll have its own board. Its board will take its own decisions. It will, it will decide on how to raise capital if it requires to do so. It will, it will be a company with a strong balance sheets, debt-free, with a strong balance sheet, and, and therefore, will be in a position to chart its own growth as also raise capital as, as it deems fit. Okay. There, there are some questions with ITC Infotech. Now, ITC Infotech has made appreciable progress in the recent past, and, and we have now in a phase where we are investing in building capabilities through solutions as also bringing in specialized and, you know, higher order talent into the company. The company has made some strategic initiatives in the recent past that position it well. The whole philosophy is about, you know, being really good and best in class in certain chosen domains. The acquisition of, you know, PTC's professional services, and I think the focus on domain-led solutions, domain/technology-led solutions, these are absolutely the steps in the right direction, and, and within that, sharp focus on digital. Now, that also falls very well into the positioning of ITC Infotech, of being able to provide business-friendly solutions. With these kind of investments, we believe that this is a business that holds immense promise for growth and value, value creation. Yes, there is, there is some reduction in the bottom line in the recent past. I think that's, that's a combination of, you know, the, the manpower costs have escalated in this industry. Secondly, as I said earlier, we are also now dialing up investments so that the company is future ready. These investments will, of course, unlock more value as we go forward. AI is certainly an area that ITC Infotech is, is focusing on. There are also queries on IPOs. ITC Infotech is a separate entity, right now it's a wholly owned subsidiary. The issues of IPO, et cetera, are things that are continuously evaluated, and when it's felt that it's the right thing to do, this will be taken forward. However, these are, these are things that we periodically review, and it was through such periodic review that the demerger of ITC Hotels was proposed. As I've said in the past also, primary focus is to make sure that the business is competitive and, and future ready. We evaluate the best option for structuring in the context of business maturity, competitive context, and market dynamics. This is an ongoing process. Well, CapEx, I, I already alluded to the kind of investments we are making as far as capital expenditure is concerned, in terms of capacity expansion. Of course, there are also investments for upgrading quality, upgrading technology, safety and so on, so forth. So this, this, this area will continue to be supported, both for capacity expansion, upgradation of quality, and, and, and upgradation of, technology, as also getting into newer segments. Well, last year we spent a little over INR 2,000 crore. I think as, as capacity utilizations are improving, I think this number also is going to increase as we go forward. I've also noted the points that are being made on safety, and our objective and vision is zero accident. We take this with a lot of responsibility. We make a lot of investments to make sure that we create an accident-free workplace. We take a lot of efforts in educating employees. We have made deep investments as far as the hardware is concerned, and we continue to make ongoing investments in creating the right behavior, because, you know, accidents is always a combination of the safety at workplace plus our own individual behavior. We make a lot of investments also to inculcate the right mindset, and that's the journey that we will be at it. Of course, if you look at it, you know, from prior years, and over a period of time, and we compare what is known as the lost time injury frequency rate, this is a, you know, metric that is used globally. Actually, our metric, and when we compare with peers in the similar industry, is actually best in class. It's right on top. In no industry are we in a lower rank. We are best in class in every industry, that does not satisfy us. We have to ultimately get to zero accident. There are a set of questions regarding FMCG. We take note of the observations of availability of certain products. The trade marketing and distribution team is also here, and I'm sure they've made note of it. I know a lot of efforts are being made through leveraging digital, to enhance digital and physical infrastructure, to enhance availability, but nonetheless, we note, note this point. However, I'd just like to, in this context, mention to you that every product is not designed to be available everywhere. Some products are available in certain parts of the geography, and certain products, by their very nature of being niche, are only available in select stores. Some of our brands are new, and they are being developed, and therefore, as they reach, you know, scale and size and they receive the kind of investments that are required, over time, of course, they will expand. There are multiple factors at play, but nonetheless, we take note of it, and we will certainly take corrective action on these areas. I also noted this observation by a shareholder speaker about his interest in opening a store, and as to why the communication was not closed with him. We take note of it, and we will take corrective action. As far as, you know, Lassi is concerned, yeah, can be made available in Tetra Pak, but, you know, it's for us to continuously evaluate what is what is the best thing for us to succeed. There are also questions about which products are... ours are most powerful. We have 25 powerful mother brands. You know, Aashirvaad is the number one branded atta. Bingo! is number one in bridges segment.... Sunfeast is number one in cream biscuits. Classmate is number one in notebook. Yippee is number two in noodles. Mangaldeep is number two in agarbatti. These are just some examples. Alternate proteins. I'm happy to see that question, that you're keenly following the area of the health space. It's also a more sustainable way of consumption. We recognize this, and we are pursuing it. We have two products under ITC MasterChef, and these are plant-based products, and we are continuing to invest to identify and develop more options in this area. As far as an exclusive store is concerned, I think for now we have the ITC eStore, and I hope all of you use it well, and all of you do tell your in your network about this store so that you can support and be brand, brand ambassadors to the ITC eStore. We will, we will. There's no plan as of now to have a physical store, but we take note, and we, these are things that we continuously evaluate. As I said in my, you know, there's a question about Fabelle. As I said in our FMCG section on our portfolio strategy, we have mega brands that we are scaling up. We have mega brands to address adjacencies, and we are creating categories of the future, incubating them. Fabelle is one such area, and at the right time, we will look at taking it forward when we are sure about it. Also, the company is already scaling up certain categories, and therefore, we do not want to. It would not be appropriate for us to try and scale up everything together. We, as far as manufacturing is concerned, we have a combination of manufacturing in our own facilities and manufacturing outside. It's a combination that I think works well. It's a synergistic combination. Of course, whatever is of high value, value-added, whatever has got proprietary IP, whatever is a high degree of innovation, all that is made within our own facilities. Of course, our own facilities also, with economies of scale, provide us advantages, but at the same time, I think hub-and-spoke, spoke model optimizes the whole supply chain. It's a combination that we will go towards. There's a question about Uluberia plant. I think, in about a year's time, it should be available in, it should commence. There are some questions on the cigarette business. Now, let me first tell you, as I said earlier, that cigarette the cigarette industry is only 8% of tobacco consumption, and we are pursuing this business with all responsibility, complying with all the regulations. Of course, we acknowledge the fact that the government is making people aware and creating awareness on the risks associated. As far as... There's also a question about the future of the business. I think the, the fact that it's 8% of tobacco consumption and the fact that illicit, you know, illicit today is equal to one-third of legal industry. Really, there is an interplay between the two, depending on how taxation works. In the recent past, with stability and deterrent actions of the government, I think the legal industry is able to claw back, and therefore, it, it is working in favor of legal industry. That's a critical determinant. You see, anything related to... There's also a question of whether nicotine patches, patches can under CSR. No, that's not permitted. Regarding, yeah. Well, this unclaimed dividend, you know, all this information I think is already there in the report. I won't get into it, and if you need any help, please, do contact our investor, services. As all of you, many of you have said that we are quite prompt, so you will get all the support you need. CSR spend is already there in the annual report. It's INR 365 crore. Issues of buyback, et cetera, these are things that the board evaluates from time to time, and we take the right decisions that are in the long-term interests of all stakeholders, and that's the philosophy that will continue to guide us. Well, identification of, you know, directors is, is, is recommendation is done by Nomination and Compensation Committee, but we do receive, you know, alternatives and, and possibilities through various channels, including through, you know, agencies that specialize in this. There's also a question about high inventory. Well, the inventory has to be looked at in the context of the business size. The inventory holding has actually come down from two months to 1.8 months this year. Regarding our treasury investments, there was a comment on money market. Should we change to debt? Actually, this is a subset of debt funds only. I was glad to hear your concerns about D&I, and specifically about employment opportunities for differently abled.... We were one year back, 123, now we are 294. This is an area that is receiving attention within the company and also as part of our CSR. There's also a question on rural empowerment and specifically women. As I said in my opening address, that our CSR program benefits 75 lakh people, out of which nearly 50 lakh are women. As far as data protection bill and social media risk is concerned, we are, you know, quite well geared up for it. We do have a lot of SOPs. We do deploy technology to continuously scan and take corrective action by the way of online reputation management. As new regulations come, we study them and upgrade our processes. As far as SP is concerned, you see, the project did not take off the way envisaged, and in the meantime, ITC invested in ITC Kohinoor, and which is doing extremely well. We also have another hotel, ITC Kakatiya. We did not feel there's a need of any other hotel and neither do the joint ventures partners wanting to therefore progress this project. I think this was an amicable. This was the best alternative. Auditors signed the accounts from Frankfurt because they were in Frankfurt, and they attended meetings through video conferencing, and this is very much allowed. I mean, my answer to bonus shares is the same as buyback, so I'm not going to sign it. We're going to get into it again. There are a lot of suggestions on discounts. I would like to draw attention to our esteemed shareholders, that as per the secretarial standards on general meeting, I think this is not allowed. We've made note of your request for factory visit. We've also made note of your requests and suggestions for meetings in hybrid form, and we will, we will examine this. I think I have, I have answered, most of the, questions, and if something is left out or you need some more information, please, feel free to contact the investor relations team or secretarial team, and we'll be happy to provide further answers. Once again, I thank you for your interest in the affairs of the company and your insightful questions, and these questions also certainly help us understand, the views and concerns of our stakeholders. Please, continue engaging, and thank you very much for all your, kind words and, and words of encouragement to Team ITC. That does mean a lot to all of us. Thank you. I would now get back to the, the other business, the agenda, that is, pending. I would like to advise that pursuant to the Companies Act 2013, all resolutions before this meeting will be required to be transacted through e-voting. Members were provided with the facility to cast votes before the meeting through remote e-voting. The period for remote e-voting commenced on 7th August, 9:00 A.M., and ended on 10th August at 5:00 P.M. Members who are attending this meeting and who have not cast their votes through remote vote, remote e-voting, may avail the facility of e-voting now being provided through NSDL e-voting website. Such facility will be available for next 15 minutes. Mr. R. L. Auddy, Senior Solicitor, Solicitor, and Partner, Messrs. Sanderson and Morgans, have been appointed by a board as a scrutinizer for this purpose. The voting results will be declared within two working days from the conclusion of this meeting, and the resolutions will be deemed to be passed on the date of the AGM, subject to receipt of a requisite number of votes. The results, along with the scrutinizer's report, will be available on the company's corporate website and also on the website of NSDL. The results will also be forwarded to the National Stock Exchange, the Bombay Stock Exchange, and the Calcutta Stock Exchange, where the company's shares are listed. On behalf of the board, I convey my sincere thanks to all of you for attending the meeting and participating in this meeting. We look forward to seeing you again next year. Stay safe, be healthy, and take care of yourselves.