Dear shareholders, good afternoon and a warm welcome to the 33rd annual general meeting of Tata Elxsi Limited. As a reminder, for the smooth conduct of the meeting, the members will be in the mute mode, and audio and video will be enabled when they are called upon to speak at the AGM as per the pre-registration. Please note that as per the requirements, the proceedings of annual general meeting will be recorded and available on the website of the company. I now hand over the proceedings to Ms. Cauveri Sriram, Company Secretary of Tata Elxsi Limited. Thanks, Thanuja. A very good afternoon, and let me extend a warm welcome to the 33rd annual general meeting of Tata Elxsi. This meeting is being held through video conference in adherence to the directives issued by the MCA and SEBI. The notice convening the 33rd AGM, along with the annual report of the company, was sent to all shareholders whose emails are available with the company, depositories, and the registrar. As the AGM is being held through VC, the appointment of proxies has been dispensed with. In terms of the provisions of the Companies Act and SEBI LODR, the company has facilitated the option of voting to all businesses as mentioned in the notice by way of remote e-voting, which was open from the 19th of June until the 22nd of June. The members who have not voted through remote e-voting can cast their vote during the AGM and 15 minutes thereafter by way of e-voting available on the NSDL platform. Please note that all participants will be on mute mode only. Shareholders who have joined through the NSDL link can post their queries with a communicate option available on the screen, and these queries will be responded to. Those shareholders who have pre-registered their names for the Q&A session will be called serially, and their video and audio will be unmuted. The speaker shareholders are requested to wait for at least 30 seconds for their video and audio to be enabled to have a seamless conversation. Each speaker shareholder is requested to restrict their query to a maximum of three minutes. I would now request Mr. N. Ganapathy Subramaniam, the Chairman, to conduct the proceedings of the meeting. Thank you. Thank you, Cauveri. Namaskar and good afternoon to all of you. It's my pleasure as your chairman to welcome you all to the company's 33rd annual general meeting. On behalf of the board of directors and everyone at Tata Elxsi Limited, I thank you for your continued trust, encouragement, and support to the company and its management. In adherence to the government's directives, the 33rd annual general meeting of Tata Elxsi Limited is being conducted through video conference. I have Mr. Manoj Raghavan, MD and CEO of your company, and Ms. Cauveri Sriram, Company Secretary, along with me in Bangalore, where we are headquartered. The other directors of the board and the representative of BSR & Company, statutory auditors, and Ms. Jayashree Parthasarathy, secretarial auditor, and Mr. V. Madan, the scrutinizer, have joined the proceedings remotely. Let me begin by introducing the directors. I now invite Mrs. Gopinath to introduce herself, please. This is Shyamala Gopinath joining for the 33rd AGM from California, USA. I'm an independent director of the company. I chair the audit committee and the nomination and remuneration committee. I'm also a member of the CSR. Hope you and your family are well and safe. Mr. Sudhakar Rao. Good afternoon, everybody. I'm Sudhakar Rao joining this meeting from my residence in Bangalore. I am the chair of the committee and the stakeholders committee in the company, as also member of the audit committee. I too extend a hearty welcome to all members for this meeting. Thank you, sir. Professor Anurag Kumar. Good afternoon, everybody. This is Professor Anurag Kumar joining this meeting from my home in Bangalore. I'm an independent director on the board. I've been so since the end of 2020. I'm the chair of the risk management committee, and I'm also a member of the stakeholder relationship committee. I wish you and your families to stay safe and healthy. Thank you very much. Thank you, sir. Mr. Ankur Verma. Hi, my name is Ankur Verma. I'm joining this meeting from my office in Mumbai. I'm part of the audit committee of Tata Elxsi. I welcome everybody to the 33rd annual general meeting of Tata Elxsi and wish everybody a very safe new year. Thank you. Thank you, Ankur. Mr. Manoj Raghavan. Good afternoon. This is Manoj Raghavan. I'm the MD and CEO of the company. I'm joining the AGM from our registered office in Bengaluru. Thank you. Thank you, fellow directors. I've confirmed that the requisite quorum is present, and with your permission, I now call the meeting to order. In terms of the MCA notifications, as the shareholders are allowed to join the AGM personally through video conference, the necessity of appointing proxies is dispensed with. I would like to mention that those shareholders who have pre-registered with the company will be called upon one by one to post their questions, queries, and suggestions during the Q&A session. As is customary, let me make certain remarks on my statement regarding the performance of the company and the overall industry trends to begin with before we move to the e-voting and Q&A sessions. As your chairperson, I take pleasure in once again welcoming you all to this 33rd annual general meeting of your company. On behalf of the board of directors and everyone at Tata Elxsi, I would like to thank you for the trust and confidence that you have placed and look forward to your continued support to the board of directors and the management. I'm particularly pleased to chair this annual general meeting this afternoon. Financial year 2021, 2022 was a year marked by industry-leading top line and bottom line growth for your company. I would like to thank my co-directors for their able guidance, CEO and MD, Manoj Raghavan, their senior leadership team, and the entire Tata Elxsi staff for an outstanding performance during the year under review. The integrated annual report for the year ended 31st of March 2022, along with the directors' report and audited annual accounts of the company, have been shared with you, and may I request that these be taken as read. I would now like to outline the salient aspects of your company's financial performance for the year 2021-2022, followed by highlights of operations, human resources, our commitment to the environment and community, and an overview of overall business environment. Firstly, the financial performance. The total income during the year increased by 34.8% from INR 1,866 crores in the previous year to INR 2,515 crores. Operating revenues grew 35.3% year-on-year to INR 2,471 crores. The profit before tax increased to INR 745 crores in this year from INR 512 crores in the previous year, up 45.6% year-on-year. The profit after tax was INR 548 crores, witnessing a year-on-year growth of 50.1% over the previous year's PAT of INR 365 crores. This is the first time in your company's history that profit after tax has surpassed INR 500 crores. Your top-line growth was a result of your company's preparedness to address the growing demand for technology services in a world where digital adoption has become fundamental. The company's strong processes and capabilities for serving customers from offshore locations helped us tide over travel restrictions and ensure uninterrupted deliveries. Your company's investments in previous years in the areas of digital healthcare, OTT, autonomous driving, and assisted driving and other technology areas helped in addressing connectivity, healthcare, and mobility needs of the world. Let me move on to certain highlights of the operations. I would now like to share some of the highlights related to key segments of your company's business. In the transportation segment, your company has built strong capabilities in providing solutions and services for developing next-generation mobility offerings. In the financial year, your transportation segment grew by a healthy 29.8%. This was supported by your continued efforts to grow in adjacencies in the off-road and rail industries. Your company is actively engaged with leading car manufacturers and suppliers to design and develop software and solutions for powertrain, infotainment, autonomous driving, and advanced driver assistance systems and other related areas. With the world pivoting strongly towards the sustainability and conservation of the environment, we see significant investments being made by the automotive industry in developing electric vehicles across the globe. The once-in-a-century shift entails far more than changing powertrains from ICEs to EVs. For automakers, it will require a fundamental rethinking of their business model. Today's new age EV companies not only offer strong products but also operate under very different economics. Their simplified electrical and electronic architectures and software-driven approach significantly reduce costs while enabling them to command premium prices. Their sales and service models also take a different approach, relying on direct online sales instead of traditional dealer networks. In addition to switching from ICEs to zero-emission powertrains, incumbent OEMs will need to transform their approach to electrical architectures, connectivity, and software, and develop new ways of engaging with and delighting customers. This far-reaching transformation will require a shift to an operating model and ways of working that are more akin to those of a consumer technology companies than automakers. Your company, by virtue of its specialized capabilities in electronics and software and familiarity of software and platform approaches from other industries, including high-tech and consumer electronics, is placed well to address the priorities of the auto industry, both for incumbent car makers and suppliers and new age OEMs. With connected vehicles, sensors and electronics, cars will generate data that provides opportunities for enhancing customer experience, delivering new services, and creating new revenue streams. Your company has been investing in building capabilities, developing reference products and solutions, and crafting global partnerships with hyperscalers and key technology suppliers that enable customers with a faster time to market and reduced risks. Its design digital proposition provides car makers the opportunity to bring design and technology seamlessly together to reimagine the entire customer journey from sales and showrooms to ownership and in-car experience, essentially from discovery and evaluation to purchase and use. Your company works with leading media broadcast and communication companies across the world, helping them roll out multi-play services with optimized viewing experience and assisting with integration, process automation, and network transformation efforts. This segment witnessed an impressive growth of 32.2% year-on-year. The accelerating adoption of entertainment on the go and demand for complete viewer experience is driving growth in this key segment for your company. With increasing digitalization of healthcare segment, demand for designing next generation products in critical care, patient monitoring, and drug delivery is witnessing robust growth. Our capabilities in cloud-based platforms for remote health and telecare propositions is very strong in the healthcare segment. In the fiscal year 2021-2022, your company's healthcare and medical services business grew by 72.4%. This segment continues to be the fastest-growing segment of your company. Apart from the technology and software development, your company offers industrial design, visualization services, and related adjacencies to our global customers. With strong capabilities in consumer research and strategy, product design, service design, and user experience design, the division helps in creating traction through design-led deals, which has a multiplier effect for winning deals in transportation, media, broadcast, and communication, as well as healthcare verticals. This business grew by 36% year-over-year during the financial year. Our system integration and support services business helps companies negotiate the digital pivot by providing professional services for augmented reality, virtual reality, cloud, and infrastructure management. Using a unique combination of content, design, and technology, it offers innovative solutions for virtual reality labs, training and safety centers, and world-class experience centers. During the financial year 2021-2022, the system integration business grew by 18% year-over-year. Let me address the human resources and talent situation of your company. Your company is committed to providing a safe, healthy, and learning-oriented workplace to our employees. We provide a work environment which fosters innovation and encourages our employees to think differently and bring in creativity. Recognizing the hybrid work model and need for learning in both virtual and physical classroom models, we have enabled access to some of the world's leading technology as well as management and leadership training content and courses. We've also digitized our own internal training modules for virtual and anytime access for self-paced learning and upskilling. We are also committed to ensuring employee diversity and inclusivity at workplace. 35% of our workforce are female employees, making us among the leaders in the technology and engineering R&D provider space. To ensure well-being of our employees and their families, we have provided access to a premium healthcare platform for the benefit of all our employees and their family members. This is apart from other facilities like access to unified healthcare portal and one-to-one counseling services for employees who need them. In terms of patents, being in the forefront of design and development, innovation is integral to our operations. Your company has a dedicated patents team which supports innovators with IPR management and patent filings. Till date, your company has filed 104 patents, of which 29 patents have already been granted. In the financial year 2021-2022 itself, 10 patents were awarded to your company. Our innovation efforts are also getting recognition in the form of very prestigious awards and international acclaim that your company has won during the year. Tata Elxsi won the NASSCOM Engineering & Innovation Excellence Awards in all three product award categories, representing our leadership in each of our chosen verticals and the ability to create products and solutions that drive value for customers while enabling differentiation and annuity revenues for your company. We are also conferred with OTT TV Technology of the Year Award at the renowned VideoTech Innovation Awards 2021 in London for our product QoEtient, which is an advanced solution to enable quality of experience for OTT and streamed video. Your company was also amongst the finalists at the International Association of Broadcasting Manufacturers Awards for its solutions in the media and broadcasting industry. Your company has also been acknowledged as a premium and specialized engineering services provider globally and featured in the leadership zone in its key verticals in the Zinnov Zones FY21 report for engineering R&D providers globally. Let me address our commitment to the environment. One more theme enterprises across the world are advancing is sustainability. There is a greater thrust in making businesses circular by making products and services which are sustainable. Efforts under this include driving net zero, reducing waste, giving more water back to Mother Earth than what gets consumed, recycling everything, and preserving nature and biodiversity. The environment and its conservation have been high-priority areas for Tata Elxsi. We have been actively undertaking energy and water use efficiency measures since many years. To reaffirm our commitment to a better tomorrow, and as a part of our ESG charter, we have adopted the ambitious goal of being 100% carbon neutral by the year 2030. As a part of that journey, we would strive to have 50% less carbon footprint by the year 2025. We have been actively undertaking energy and water use efficiency measures since many years. Our ongoing initiatives include recharging groundwater using rainwater, effluent treatment, and reusing treated water. We have been replacing conventional lighting and equipment with energy-efficient lighting and equipment. We also recycle our e-waste with the help of specialized agencies. We have recently equipped our two main development centers in Bangalore and Thiruvananthapuram with 100 kW rooftop solar panels to generate our own electricity and reduce our carbon footprint by over 240 tons annually, an important step in our goal of using renewable energy resources and achieving our stated 2025 and 2030 goals. In terms of contributing to the community, our CSR activities are focused on two of the most important needs of our society, which is education and healthcare. We run various programs under two flagship initiatives called Shiksha and Niramay. Shiksha is the umbrella program under which we have built several initiatives towards enabling education for the underprivileged sections of the society. To enable the right education, we have undertaken initiatives that aim to impact lives of more than 200 students. These students come from varied backgrounds, and with the help of our CSR initiatives, can pursue various diploma, master's, and other programs. Through this program, we have sponsored a unique performance and art-based holistic development for spastic children, which benefits 45 spastic students in Chennai and Bangalore. Niramay is an umbrella program under which we provide financial help that assists in life-saving treatments, primarily related to neuro, heart, and cancer. The program also covers the slum and rural clinics that we run for the needy and the infrastructure we create for charitable hospitals. Through Niramay, we have touched the lives of 27,000 patients across the country in financial year 2022 alone. We have also started funding a multi-year research, design and prototyping program for medical and assistive services at IIT Madras. In terms of the overall business environment, firstly on technology. Every enterprise is becoming technology-driven and more and more of their business is getting integrated into technology. Digital is becoming all-pervasive, continue to push boundaries of experience and innovation. Your company is well positioned in terms of talent, competencies, solutions, and IP to say, to stay relevant to our clients as they advance their digital agenda. From an industry perspective, telecom, broadcasting, and various digital media are witnessing sustained growth due to increased demand for connectivity, broadband services, and home entertainment. We are witnessing a recovery in the automotive market driven by increased demand, but limited only by the semiconductor shortage. Automakers and suppliers are investing significantly into platform, product, and technology to address the connected, autonomous, assisted, and electric context for the future. The healthcare industry is adopting digital technologies and leveraging data and analytics with connected devices to support better patient outcomes and newer business models. These industry trends are driving continual demand for software, electronics, and digital services that your company is well positioned to meet. Moving to a macroeconomic view, the global economy witnessed recovery from the pandemic-fueled disruption, leading to strong albeit uneven growth during the fiscal year. At the current time, however, the world is facing economic growth uncertainties and geopolitical volatility, leading to inflationary and growth pressures across countries. The diversified presence of your company across geographies and industries does mitigate geopolitical and currency risks to some extent. Our continuous efforts to strengthen our capabilities in the verticals that we serve and expand our offerings in adjacent segments has helped us sustain our growth momentum. Our design-led engineering offerings is witnessing good traction in the market, and we remain confident of your company's performance in the future. I would like to congratulate our management team, staff, and business associates for their excellent performance during the fiscal year 2021-2022, and thank them for their contribution and commitment towards Tata Elxsi. I would also like to record my appreciation for my fellow directors for their valuable guidance. On behalf of the board of directors and our management and staff at Tata Elxsi, I thank all of you, our valued shareholders, for your continued trust and support of the company and its management. Thank you very much. We now move to the e-voting and then followed by the Q&A session. Ladies and gentlemen, before we commence the e-voting, with the consent of the shareholders, the notice convening the meeting be taken as read. In compliance with the provisions of the Companies Act, 2013 and the relevant rules made thereunder, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company had provided to the members the facility to exercise their right to vote at the 33rd annual general meeting by electronic means. However, for the benefit of shareholders who have joined the meeting through video conference and have not cast their votes through remote e-voting, the company has facilitated e-voting during the AGM through the NSDL portal. The icon for e-voting is available on the screen, which will redirect you on a separate window to the e-voting portal of NSDL. In case a shareholder has already cast his or her vote through the remote e-voting, then such a shareholder should not cast his or her vote through e-voting now, as such vote will be considered as invalid. Mr. V. Madan, Practicing Company Secretary, has been appointed as scrutinizer for scrutinizing the e-voting process in a fair, transparent manner. The auditors have given an unqualified and unmodified report, and the same is taken as read. Before we commence the e-voting, I would like to now call the names of the shareholders who have pre-registered themselves with the company one by one to pose their questions, queries, and suggestions. In case of any technical issues with any particular shareholder, the next shareholder who is in the queue will be called. The said shareholder can rejoin after the technical issue is sorted out. The moderator will unmute the audio and video once the shareholder's name is called out. They may kindly wait for 30 seconds for the video to activate. The shareholders who are posing their questions are requested to please indicate their names and folio number or client ID in the beginning, and I shall reply to all the questions. As I have to give opportunity to other shareholders, I would earnestly request each shareholder to restrict your query to three minutes. We move on to the question and answer session. May I now invite Dr. Arunkumar Boppana, please. Yes, sir. Good afternoon, sir. Good afternoon. Can you hear me, sir? Yes, sir. Can you hear me? Yes. Thank you. Good afternoon to everybody. Thanks to Cauveri and Rituja for arranging the VC, and welcome to Cauveri as the company secretary, sir. I am proud you have taken over as chairman of Tejas Networks, of which I'm a proud shareholder too, sir. I will see you there too. The world is not same today as it was yesterday, and it will be different still tomorrow, more so in tech world with Tata Elxsi. Compliments to you and your team, and congratulations for all the good work and the market cap as of today. My questions: With share price hovering over INR 8,000, what are the plans for split and bonus? Now related party transactions has become a new thing from the ROC. Actually, it's a nightmare for Cauveri to handle it. Does Tata Elxsi have any related party transactions? With the pandemic, there is shortage of skilled people. You said you have no problem with staff, but people are jumping jobs in Bangalore, particularly with over 30%-40% increase. What is attrition rate of Elxsi and how are you going to beat it now? Electric cars will become mainstream by 2030. What are innovations coming up there? What is the budget for R&D in this segment? Still, sir, about 45 crore people are still unconnected and deprived of digital services. Tata Elxsi plans to fill the gaps. What are the innovations in emerging technologies in AI, blockchain, and cybersecurity? Cybersecurity fears are real. Experts might have had good intentions, but it looks like the road to hell is paved regardless. Your comments, sir. Cyber threats are a large part of our lives today. Their sins will be known when they're caught, but they can make us bankrupt and reduce us to dust. Your comments. With tech that's growing. With tech and terrorism, there's growing gun culture too, from a son born from the womb of a woman who is sharing history with us, not an outsider. This is the risk of technology. Do I say we cut trees to make paper to write "Don't cut trees"? Is technology going that way? Sir, with tech, economically we are gaining, ecologically we are losing. We have lost the rhythm with earth and connectivity to reality too because startups have scripted history. There is overuse and abuse of technology. Is it like putting coins in pockets with holes? In conclusion, sir, I admire and appreciate tech innovations and culture. My vote is for agriculture, sir. Food is our most fundamental blessing. With food to eat, most problems and questions are solved. I wish Tata Elxsi all the best and success in their unabated pursuit of excellence and creating next gen products and leaders. Thank you very much and wish you all the best sir. Namaste. Thank you. All the best. Thank you very much. Thank you, Dr. Boppana. May I invite Mr. Yusuf Yunus Rangwala, please. Yusuf Yunus Rangwala is not connected for today, sir. Can we move on to Bharti Saraf, please? Hello, sir. नमस्कार sir, मैं भारती साराफ में join कर रहा हूं। संतोष कुमार सराफ बोल रहा हूं। सबसे पहले आप सभी को मेरा नमस्कार। आशा करता हूं आप सब स्वस्थ होंगे। मेरा नाम संतोष कुमार सराफ, मैं कलकत्ता से बोल रहा हूं sir. Sir, management को मैं सबसे पहले धन्यवाद दूंगा इतना अच्छा result और इतना अच्छा dividend देने के लिए, जो कि मैं समझता हूं अपनी history के अंदर में highest dividend आप लोगों ने present किया sir. Last year 24 बार dividend दिया था। इस बार 42 बार, 50 बार dividend दिया है तो कम से कम ये तो more than... मैं क्या बताऊं, near about double के अंदाज में है। at least 80% dividend आपने बढ़ा के दिया। बहुत अच्छा किया sir और आपने जो अपने जो presentation और भाषण दिया उसमें इतना मैंने जो प्रश्न करता हूं उसका उत्तर दे दिया। आपने solar energy के बारे में बता दिया। आपने rainwater harvesting के बारे में बता दिया। अब क्या प्रश्न करें? फिर भी एक दो आदत से लाचार इसलिए प्रश्न कर लेता हूं sir. एक तो ये single use plastic का जो 1 जुलाई से ban हो रहा है, इसके लिए आप अपने branches में और अपने offices में क्या खबर दे रहे हैं कि इन इन चीजों को single use में है तो इनको use ना किया जाए sir. दूसरा प्रश्न है sir मेरा कि अपने जो female और male का ratio अभी 35% है sir. तो इसको further बढ़ाने के लिए क्या कदम उठा रहे हैं? क्योंकि आप देखिए next में अपने President भी female आ रही है। अपनी Finance Minister भी female है। मैं समझता हूं female को empowerment करना काफी अच्छा रहेगा। चेष्टा करिए जहां तक वो ज्यादा empowerment कर सकें sir. आपने CSR में ₹7 करोड़ खर्चा किया है, जिससे 35,000 beneficiary को फायदा हुआ sir. यह बहुत बड़ी अच्छा, अगर per head counting करें तो काफी अच्छा आपने खर्चा किया, sir। आशा करता हूं ऐसे Tata Group का नाम ही, sir, Ratan Tata हमारे जो हैं, इतने बड़े हैं कि India के icon हम समझते हैं। हमको उस पर गर्व रहता है Ratanji के ऊपर में कि एक ऐसा industry है जो अपने फायदे की नहीं सोचता, देश के फायदे की सोचता है। Air India भी उन्होंने takeover किया। किसी की हिम्मत नहीं रही Air India को takeover करने की, कि loss में से उन्होंने ही takeover किया और हर समय India के दुख में उन्होंने साथ दिया है। इसलिए मैं CSR के बारे में क्या कहूं, sir। दूसरा, sir, यह है कि ज्यादा समय नहीं है कि Bangalore में आप meeting करते हैं। मैंने तीन साल पहले Bangalore में meeting attend की थी, 2017-18 के time में, जिसमें G. Vaidyanathan sir Secretary थे। अभी हमारी Cauveri madam Secretary आई हैं। मैं बहुत खुश हूं sir. उनका direct हमसे link और link क्या मतलब as a family phone करती हैं। उनमें लगता ही नहीं कि वो Secretary है Tata Elxsi की और उनकी team में जो भी है वो भी काफी अच्छी family है sir. ये आपने ऐसा Secretary choice किया जिसके बारे में मैं कुछ नहीं कहता हूं और मैं उनके उनके भी लंबे भविष्य की कामना करता हूं। उन्नति की कामना करता हूं sir. रही video conference meeting में हम मिल रहे से मैं कर ता से मिल रहा हूं। Bangalore जाकर meeting करना possible हर बार नहीं होता तो चाहूंगा sir future में अगर physical meeting करने का chance हो कि Bangalore वाले जितने Sadanand Shastri आदि हैं, वो चाहेंगे physical meeting हो। अभी हम लोग चाहूंगा physical meeting करिए। उसके सामने 15 से 20 minute का hybrid meeting भी करिए। अभी हमारे company Kesoram Industries बोलके उन्होंने physical meeting की थी Kala Mandir में। उसके साथ में उन्होंने 15 से 20 minute की hybrid meeting की। तो जैसे हमारे उम्र वाले जो आदमी हैं वो बाहर से attend नहीं कर सकते थे। उन्हें मौका मिला अपनी बात करने का और ऐसे आप Bangalore में आपको उदाहरण के साथ तो पता होगा कि हमारे जो Infosys वाले हैं वो Christ University में जब meeting करते हैं तो Bombay वाले shareholder video conference meeting करते हैं physical के साथ में। तो ऐसा concept develop करिए। ज्यादा कुछ नहीं। आप सबसे जितने भी Director हैं, जितने भी अधिकारी हैं, जितने भी कर्मचारी हैं उनकी अच्छे स्वास्थ्य की कामना करता हूं और भगवान से प्रार्थना करता हूं। भगवान 2022-23 आप सभी के लिए wealthy, healthy और prosperous और safety के साथ बीतती हो sir. जय हिंद जय भारत। नमस्कार sir. Namaskar, Santosh Kumar Saraf ji. Thank you. May I invite Mr. Naveen Bothra, please. Thank you, sir. Naveen Bothra attending the AGM from Delhi. It's a great pleasure to again connect with you. We look forward to the in-person meeting from next year, if possible. It will be quite helpful to have some personal interactions with all of you. Good afternoon, Chairman NGSR, Mr. Manoj Raghavan, our other board members who are attending the AGM from various locations. From management team, Mr. Nitin Pai, Mr. Gaurav, our CFO, and Ms. Cauveri, our company secretary, who is joining as CS for the first year. We wish her very well and long professional career, successful career. Congratulations to the management team and the entire Tata Elxsi team for the robust performance, even in the face of the continuing challenges of pandemic as well as some geopolitical turbulence. Achieving the highest ever profits in the company history with the strongest growth. We congratulate the management once again. A big round of applause for the management team for the various international awards in the OTT segment, as well as all the three awards in the NASSCOM engineering event, for which our team gives management team we applaud very much. Our company is scaling new heights of progress. Just a minute, sir. Okay. Our company is scaling new heights under the guidance of our learned chairman, MGS sir, other board members, and the young and energetic management team led by Mr. Manoj Raghavan. We wish all the very best in the future also. Accolades for wealth creation. The board's valuable and regular guidance with the active and agile participation and execution by our management team and hard work put in by the team has resulted in huge wealth creation for all the shareholders. We, as shareholders, express our gratitude, sir. I would like to highly appreciate the swift action and coordination by Cauveri for onboarding and the smooth interaction in this AGM. Sir, I have some following points for your learned views, which I have already shared with the secretarial team. Briefly, I would like to say. Number one, sir, I would like to know the management's medium-term management plan. Chairman, sir, it will be quite helpful if we can have your learned views about our in this accelerated phase of growth, if we can get the next three-five years vision, say in the year vision 2026 or something like that, or aspirational $1 billion revenue target. What steps and the way ahead we are considering, and also considering the present geopolitical challenges and pandemic challenges. Also climate change is coming as a business opportunity also. We would like to have your views about the medium-term management plan to scale up company's operations further. Number two is regarding the semiconductor communication and 5G space. Considering our rich know-how in the semiconductor space right from the company's inception, Chairman, sir, may kindly enlighten us on the synergy possibilities and scaling up possibilities with the US Tata Group of companies in this semiconductor and communication space, such as Tejas, Saankhya, and Tata Electronics. In Tejas, you have come as chairman, which we are quite happy about and would be interacting there also. We would like to have your views for the Tata Elxsi's role will be played in the semiconductor and communication space and as well as in the 5G, how we are going to capture the coming opportunities and also the various government schemes of DLI and PLI, how it is going to affect our company. Number three is regarding product and platforms, only licensing opportunities. Our annual report in the integrated annual report, page 22 and 23, we have exhaustively given the information about our leading platforms, which now are quite branded, also getting recognitions from international agency as well as our software association, NASSCOM, also. In this situation, next level of growth through nonlinearity licensing revenue, just like SaaS model of licensing the platforms which we have, one or two platforms we have already done. We would like to know your views about the nonlinear growth possibility in the coming three to five years, and how much these things can be scoped and scalability potential of these platforms. If you tell us, it will be quite helpful for all the shareholders. Our theme for this annual report is designing the next. The coming technologies or the coming buzzwords in these days are quantum computing as well as metaverse, Web3. In these technologies like metaverse and quantum computing, your views on the evolution of these technologies vis-a-vis their potential opportunities for Tata Elxsi. Also, Metaverse and all the prospect things will be running on the Web3 and all these things. Blockchain is also quite mature technology nowadays. What are the possibilities considering all these new technology and the scope of investment in these fields from data analytics points of view? Sir, to conclude, I have a couple of suggestions. I remember two or three years ago in the AGM. I have, regarding the point about the mutual fund and insurance companies, we are quite happy that our shareholding has grown, and mutual fund and insurance companies' percentage of shareholding has gone up in the last two years. In the last three years, the investor interaction and outreach of the management has greatly increased, and which we greatly appreciate, wherein all the even small shareholders can interact interactively with the management and get their views. It is quite appreciable. Through the con calls and otherwise, management team is continuously in touch with the investors and all these things. Considering the long-term nature of mutual fund investments provide capital providers or insurance, companies, to further broaden our shareholding base and, provide stability, we may consider, because even after MP it is around less than 5% also, the participation of mutual fund and insurance companies. We may think about it so that, shareholder base and capital pool are stable for a long period of time. Second one, small suggestion regarding the share-based incentives for, the talent attraction and retention. Sir, in the last three years, company market cap has multiplied manifold, around 10 times, from INR 5,000-10,000 crore to around INR 50,000 crore now, INR 49,000-50,000 crore now, which is tenfold increase for the shareholders, which is quite appreciable. I would like to suggest that if any scheme can be devised to share this incentive for the benefit of all the employees, so in turn which aligns the employees' interest also in this accelerated course of company's growth and also help in talent, further talent attraction and retention. To conclude, I wish the management team all the very best in the times ahead, and I already voted in favor of both the resolutions and I also propose a vote of thanks to move. Thank you very much, sir, for providing me the opportunity. Thank you very much. Thank you, sir. Thank you very much. May I now invite, Mr. Vasudeva Ramaswamy, please. Participants are requested to please restrict your queries to three minutes. I will now request Mr. Vasudeva Ramaswamy to please proceed ahead with your question. Namaskaram, sir. How are you, sir? Namaskaram, thank you. Thank you very much. Thank you, sir. Thank you. Again, namaskaram to you, sir. Mr. Manoj Raghavan, the other board of directors, our friend Mr. Manu, again, Gaurav Bajaj, Cauveri ji. Sir, a very good afternoon to you all. Our company has achieved, you know, good numbers in all the parameters, sir. Big congratulations. Again, big round of applause to the team for migrating from small cap category to mid cap, and it is almost on edge of becoming. I will say not edge of progressing, edge of becoming to large cap club in market cap also, sir. Again, we have pre-booked the AGM, sir. It is a very good for all of us so that, you know, we can complete the task, complete the job. Again, sir, the integrated annual report needs a special mention. We got a very good feel of it, and we could understand everything very clearly, sir. Again, congratulations to Kaveri and her team for preparing and compiling it in a very good manner, sir. Again, capital allocation policy, sir, we have done it in a very disciplined manner. You have given good dividends also to the shareholders. We, sir, even after paying dividend, even after allocating that capital in a very disciplined manner, we have around INR 1,000 crores with us, sir. Almost. Not fully. Again, what are our plans to utilize the reserves? Are we going for any organic investment further? What is the CapEx for 2020-2023, sir? Further, sir, do we have any plan for inorganic acquisition so that we can broaden our geographical reach and customer base, sir? Again, sir, I would like to say that we are deciding the next. We are again doing, creating great utility engineering. This should be visible to the investors. If you organize an investor week at Bengaluru so that, you know, everyone can have a feel of it and, you know, understand further, and again, we will be reaching more heights in the market cap, et cetera. Again, like my friend Naveen suggested, mutual fund people can come to us and we can have more kind of participation in that, sir. Again, to conclude, sir, all the very best to you, sir, and take care of your health, sir. Congratulations again to you on becoming chairman of Tata also. We hope to see you there also, sir. All the very best, sir. Thanks a lot for the opportunity, sir. Thank you very much. Thank you, sir. May I now invite Mrs. Elizabeth Mascarenhas, please. Sir, can you hear me? Yes, ma'am. Hello. We are able to hear you. Uh. Yes, ma'am. We are able to hear you. Please go on. Yeah. Very nice. You can see me also? Respected Chairman. Yes, yes. Mr. N. Ganapathy Subramaniam, members of the board attending from everywhere, including California, U.S. It may be night, madam is there. My fellow shareholders attending this virtual. I am speaking from Mumbai. Mrs. CE Mascarenhas. First of all, I thank the company secretary, Ms. Cauveri Sriram, and her team for sending me e-annual report and also registering me as a speaker at my request. Thank you, Cauveri and her team for doing and giving me this platform to speak. Thanks once again. Now, the annual report is very informative and self-explanatory, adhering to all the norms of corporate governance. The layout of the annual report is very good. Now I come to the working. Working par excellence, revenue up, PAT up, EPS per share has gone to INR 88.26, and a wonderful dividend of INR 42.5, which is great. What is more greater is our market capitalization. Keep it up. Market is giving lots of thumbs up. Now, I pray to you that you must consider split, because make this share affordable to everybody. Even a small person can be a part of this big growth story. Now I come to the appreciation. Especially, I congratulate for all the awards and applause received, especially OTT TV Technology of the Year Award and many, many more already given in the annual report. Also, I appreciate the CSR work done by our company and staff, and keep it up. Our company is also giving very much importance in ESG. I would like to know, have you got this rating? What is it? If it is, what is our rating? Now my queries, sir. We are in designing of automotive products and media, consumer health, off-highway equipment, rail, semiconductors, telecom. Sir, I would like to know in which is our core competence, where we are having a very good cutting edge, we have shortage, and where our margin is good, and which there is demand will grow for the future. My second question is, we are in semiconductors. We have shortage in semiconductors, and if fully we go for it, we can avail or we must have availed also, we can go or we can avail benefit of PLI scheme of the Government of India. Next, the third one is, what is the attrition percentage? Especially our company is also giving to the staff very good training. If attrition is high, how do we retain the skilled trained staff? Number four, our company has filed a total 104 patents. Out of that, 27 patents are already granted. Out of that balance, how many more we have got as of today? Number five, our company is on designing driverless cars. Sir, I would like to know what is the progress made and is it done on behalf of some company or it is for Tata Motors? And if Tata Motors, when this car will be launched? Number six, roadmap for the next three years, especially from the CapEx for organic and inorganic growth with geopolitical issues in mind. I support all the resolutions. I pray that our company grows more and more strength to strength, and I can see per share more than INR 10,000 and remaining, my husband, Mr. A.P. Mascarenhas will speak. Just allow him. Thank you, madam. Yeah, welcome. Mascarenhas. Yeah, yeah. Can I speak? Yes, sir. Yes, sir. Please go ahead. Yeah. Respected Chairman, sir, very distinguished members of the board, and my fellow shareholders. Good evening to you all. My name is Aloysius Mascarenhas. At the outset, I thank the management of our company secretary and the team for sending me the e-balance sheet, which I received on time. It is self-explanatory, exhaustive, and adhering to all the parameters required for a good corporate governance. Our results are very good, so also our product line. We are, I believe, in drones and many sophisticated equipment. Our market cap is very good, and you have given a handsome dividend. Now, going forward, what is our future plans? How many, any plans for acquisition of smaller companies? Here, I would like to ask who are our main competitors and our market share, both nationally and internationally. One more question is my personal question, sir. I'm holding a good quantity of Tata Elxsi shares. I would like the company secretary department to help me in dematting, because I'm facing a lot of hurdles in dematting my shares. I would like your cooperation in this regard, because I'm 73+. I would like the help from our company's secretarial department. With this, sir, many questions have been asked by my predecessors, shareholders. I don't want to repeat. I wish you personally, all the board members, and more importantly, all the employees, all the very best in the days and years to come. With this, sir, thank you very much for patient hearing. Thank you. Thank you, sir. Thank you very much. Can I now invite Mr. Shailesh Mahadevia, please? Yes, sir. Sir, am I already visible and audible? Yes, sir. We are able to see you. We are able to hear you very well. Please go ahead. Very good, sir. Respected Chairman, the Board of Directors, and all the members of the company. Sir, congratulations for achieving excellent result, which I believe has become our way of life for the last many years. In the presence of all the directors, including our director from California, where it must be very early in the morning. Sir, I also appreciate the assistance we have received from our Company Secretary Kaveri, who has now been promoted as a Company Secretary. She is not only a Company Secretary, but she is also looking after all the governance of the company. Her third main job is that she is also a member of key management personnel. Sir, congratulations to the company for creating a person from the organization to reach at such a high level and also congrats to her. Sir, now, I also appreciate that our profit, net profit, has increased by more than INR 500 crore for the first, and you will continue this performance in the years to come. You will multiply it further. Now, I wish to put some of the questions with a view to increase my understanding and appreciation of the work which is being done by the management. Sir, my first question is that on page 72, you have stated where India excels in developing various fields in engineering and design area. You have specified five particular items, major. Sir, out of those five, we are concentrating on three or four of them, healthcare or automobile, et cetera. Sir, what you have not included as a vertical, as a major development, is the semiconductor. Sir, semiconductor, as we have been talking, is the urgent requirement of the country. The Chairman of our Tata Group has also made a commitment that we are on the lookout for developing in this particular field, and I am sure in that particular development, Tata Elxsi must be playing a very important role. Sir, if you can make some comment today regarding the present status? Sir, then I would like to refer to my next question, which is regarding the economic value added of our country, of our company. Sir, I am sure we must have generated a large amount of economic value added after taking into account the opportunity cost on our capital and reserves. Sir, if you can share this information, it will be of great interest to us. In a very short time, we'll come to know everything on the subject. Sir, I also appreciate our company has been accepted in United States MSCI considerations. We are now included in the list of MSCI. Sir, I want to refer to engagement ratio of all our employees. I am aware that all of them are engaged very cleverly, very wisely, exhaustively. Very often, the nature of business may be such that our engagement of our employees may not be maximum, but it may be optimum. If you can make some observation, and particularly this is because of rapid technological changes, and even our trained workers have to jump from one application to the other. That is regarding that particular problem. Sir, I would like to refer to the estimate of world economic development or world growth in the current year of current calendar year. It was originally estimated that the average growth in the world will be 4.2%, but it has been recently reduced to 2.8% for the current year. Sir, may I know how it is likely to affect our business, our profitability? Because most of our clients who are there in America and the Western world, they may all have been influenced as a result of this estimated fall in the growth rate which is likely to come. Sir, I would like to refer to the social impact. We are doing an excellent social work. We are getting good results, and I am sure it must be having a multiplier effect. Compared with what we spend, the benefit that the society gets is much larger. Sir, now social impact studies are being carried out. Sir, may I know if our company has carried out such a calculation? If not, I think if we can do that next year, it will throw a better light about our contribution to the societies. Sir, I would like to come the next important question regarding our association with China. Sir, in our last report, last AGM, we gave great emphasis to our association with China. Particularly, we had our offices over there also. We are trying to help their, I think, the Great Wall Automobile Company of China. Surprisingly, sir, in the current year and in the current report, there is no mention whatsoever about this particular endeavor. Sir, may I know what is the position as far as our business association with China is concerned? Sir, I would now like to make only one request. In the report, you have mentioned that we are taking part in many webinars. We may also be holding webinars at our request. Sir, if possible, can a shareholder like me may also be invited in some of the important webinars? It will greatly help us and keep us up to date on that particular subject of our company's development. Sir, the last one is regarding the development of 5G. It is likely to be introduced very shortly. What has been told to us is that the speed at which 5G will operate will be about ten times more than 4G, in which the nation is operating. Sir, this will of course mean that there will be a lot of collection of data, reprocessing, et cetera, et cetera. Sir, if you can tell us how this introduction of 5G will have an impact on our business in all their aspects? Sir, with this, I thank you for giving me the opportunity. You have made it possible that I am not only heard, but I am also visible. Last year, we had missed that opportunity because of the service provider, some problem. This, I am enjoying this year, the progress, the improvement which we have made in our network and in our connectivity. Thank you very much, sir. With all my best wishes. Thank you, Mr. Mahadevia, for your insights. May I now invite, Mrs. Lekha Satish Shah, please. Hello. Can you hear me, sir? Yes, ma'am, we are able to hear you. Thank you, sir. Respected Chairman, sir, board of directors, and my fellow members, good afternoon to all of you. Myself, Lekha Shah from Mumbai. First of all, I'm very much thankful to our company secretary, Miss Cauveri Sriram and his team for extending very good investor services and also sending me the AGM notice well in time, which is full of knowledge, facts, and figures in place. Thank you, Chairman, sir, for explaining as well about the company. Congratulations for excellent work, sir. Sir, I pray to God that he always shower his blessing upon you. I thought of many questions to ask you, but they are all covered with the previous speakers. Here is only two questions. Has there been any impact of COVID second wave on the company operations? My second question is. What is the roadmap for the next two years? I would like to say I strongly support all the resolutions for today's meeting and my best wishes always to the company and its prosperity. Thank you, sir. Thank you, ma'am. May I now invite Mr. Om Prakash Kejriwal, please? Thank you, sir. Do you hear me? Yes, Mr. Kejriwal. Thank you. Thank you. Good evening, sir, for inviting me to the 33rd annual general meeting. Especially thanks to Ms. Cauveri Sriram for inviting. Sir, मैं काफी पुराना shareholder हूं आपका। आपका performance तो काफी अच्छा रहा, लेकिन पूरी lifetime में 2017 में आपने एक बार bonus दिया, 1:1. उसके बाद आपने कभी भी bonus नहीं दिया। तो इसको जरा consider कीजिए, क्योंकि Tata Group तो जो है payout के लिए काफी famous है। दूसरा dividend आपने ₹42.50 dividend announce किया है अभी। Out of earning है ₹88 का। ठीक है, around 50% आपने जो है payout किया है, लेकिन पिछले साल आपने ₹48 का payout किया था, जिसमें ₹24 special dividend भी था। तो उस हिसाब से वह ₹48 हुआ। तो उस हिसाब से इस साल आपका dividend payout कुछ कम हो गया, तो इसका कारण थोड़ा बताइएगा। क्या कारण है dividend curtail करने का? अच्छा पूरे lifetime में आपने कोई right share नहीं दिया। Right issue, ठीक है। आपको capital का जरूरत नहीं है। कोई बात नहीं। लेकिन sir split तो कर सकते हैं। Share price ₹8000 के ऊपर rule कर रहा है तो कम से कम maximum लोग participate कर सकें। उसीलिए कम से कम आपको इसको split करने के लिए consider करना चाहिए। क्योंकि Tata का प्रायः सब company जो है split कर रहा है। Even Tata Steel भी अभी split करने जा रहा है और इसके पहले Tata Motors ने split किया। TCS एक रुपए का share है। Tata Consumer ने split किया तो उसको देखते हुए आपको split करने को immediate विचार करना चाहिए। Working आपने बताया काफी excellent है तो उसके लिए बहुत बहुत धन्यवाद। एक आप लोग driverless car project पर काम कर रहे थे तो उसमें आप लोग का क्या progress है, कब तक वह implement होगा वो थोड़ा सा बताइएगा। और एक semiconductor अभी India में काफी, India क्या, worldwide पूरा shortage हो रहा है तो उस पर designing पर आप लोग काम कर रहे हैं तो यह कब तक shortage खत्म हो जाएगा India में या पूरा worldwide। इसको थोड़ा सा बताने का चेष्टा कीजिए। एक sir यह आपको एक suggestion बोलिए, request बोलिए। Physical shareholder, जो shareholder अभी भी physical share hold कर रहा है उसको काफी परेशानी हो रही है। कोई company के पास ₹100 due है dividend का। ठीक है, लेकिन उसको बार बार remind करते हैं लेकिन वह dividend नहीं pay करता है और ultimately वह share को seize करके IEPF में shift कर देता है, transfer कर देता है। तो इसमें shareholder का तो कोई गलती नहीं है। गलती company का है लेकिन company realize नहीं कर रही है। तो इसको sort out करने के लिए आपका Tata Group में भी बहुत सारे shareholder है जो कि physical share अभी भी hold करता है। तो आप लोग क्या कर रहे हैं? कम से कम Mr. Chandrasekaran के साथ मिलकर आप लोग को कोई dedicated team बनाना चाहिए जो कि पूरा Tata shareholder group को, group में जो physical shareholder है उसको कम से कम help करें कि वह अपना share को जो है lose out नहीं कर पाए। क्योंकि sir यह तो hard earned money है। पूरे lifetime में जो पैसा earn किया उसका investment आपको आपकी company में लगाया, आपकी group में लगाया और वह अगर share seize हो जाएगा, government department में अगर shift हो जाएगा तो यह तो उसके साथ बहुत hardship हो जाएगा। तो कम से कम इस पर विचार करके कोई एक dedicated team बनाइए। तीन चार आदमी का जो कि shareholder से contact करके उसका problem sort out करे और कम से कम उसका जो money है उसको मिल जाए। वह उसमें lose out नहीं करें। इसमें एक CSR, corporate social responsibility, ठीक है, यह fund एक बनाया है। Government of India ने यह fund बनाया है और कहा है कि कुछ certain amount जो है profit का कुछ certain amount इसमें transfer कीजिए और social help कीजिए। ठीक है, कोई बात नहीं। लेकिन आपका जो shareholder है वो जो suffer कर रहा है उसको भी तो कुछ help कीजिए आप। उसको कोई help नहीं कर रहा है लेकिन सब लोग बात कर रहे हैं CSR का। हां, कि हमने hospital को help किया, हमने वो student को help किया। लेकिन आपका shareholder जो कि अपना money लगा के बैठा हुआ है, आपकी company में invest करके बैठा हुआ है उसको कोई help नहीं मिल रहा है। हम लोग mail करते हैं, phone करते हैं, कोई response नहीं है। मतलब अभी एक system चल गया है कि signature गायब हो जाता है। हमने share transfer के लिए भेजा। वहां से reply आता है कि आपका signature नहीं है। बहुत बड़ी विडंबना है sir। Computerised जमाना है। पहले मैं 40 साल, 40 साल से इस market में हूं। Share में invest करता हूं अपना money। हां, मैंने कभी feel नहीं किया। अभी तीन चार साल में ऐसा feeling हो गया कि हर company बोल रही है कि आपका signature available नहीं है। क्यों भाई? मेरी गलती है। Signature available नहीं है तो यह आपकी गलती है। आपके द्वार में miss हुआ है signature। Computerised हो गया। हम लोग super computer का बात करते हैं और signature गायब। यह बहुत बड़ी चिंता की बात है sir। इस पर थोड़ा सा आप लोग काम कीजिए कि जिससे कि जो हम लोग physical shareholder, देखिए physical shareholder प्रायः senior citizen है और senior citizen अगर suffer करेगा तो पूरा all India suffer करेगा। तो इस पर थोड़ा विचार करके कोई committee बनाइए जिससे कि आपका shareholder कम से कम आपके Tata Group का shareholder कम से कम suffer ना करें। If you people, Government of India, also want to give some suggestion, now like seven years till seven years if you share, if you do not take dividend, then your share will be transferred. Government of India's in IEPF. It is very difficult to get the share out from there. So at least it should not be that seven years should be made at least 20 years so that the dividend companies give their shareholders by searching, give it. So think a little about it so that your shareholder does not suffer. Their earning money, their hard earned money, at least they get it. Just my suggestion is this, sir. I think that you people will think about it. Will think a little about it by meeting Mr. N. Chandrasekaran. Thank you, sir. Thank you, sir. Thank you, sir. Thank you. May I now invite Mr. Manoj Kumar Gupta, please. We don't have Mr. Manoj Kumar Gupta connected. We have the last question from Mr. Yusuf Yunus Rangwala, who is connected via audio. Vanakkam, sir. Vanakkam, sir. Speaking from Mumbai, city of Mumbai, sir. My name is Yusuf Rangwala. Sir, respected chairman and respected chairman, Mr. N. Ganapathy Subramaniam, Chandra sir, and my fellow shareholder. Sir, first dividend you gave INR 42 on INR 10 share, that is a very good and very handsome. Sir, last bonus you gave when? 1 x 1. I want to know, today our market rate is also very high, around 7,500 today market rate is. Sir, our profit is INR 490.67 crore. Earning per share is 88.226 crore. Book value is 257 book value per share. Sir, your annual report you printed 180 pages, sir. Our madam, Ms. Cauveri Sriram, Karvi madam also as much as I thank her, it is so less, madam. For her, sir, I thank her very much. Her service, madam, is amazing and she is a very hardworking madam. Always keep her with you, sir, and for her progress, I do, madam. Madam, please progress her, sir. Bring her on board, madam. Sir, I want to know page number. Sir, page number I give you. Page number. Sir, your balance sheet you have printed. Page number you have over the page. Sir, page number you have done a good job, sir. What you have done in wind, sir? Wind also has its own photo. I want to know that. In your wind and sir, your CSR activity report is good. Sir, I am very happy to know this, sir. Such Tata Group company's shareholder I am, sir, I have become balli-balli, sir. Such a good company, sir. Sir, I want to know, sir, this is ours, what is it? One minute, sir. This meeting and core people also, sir, as much as I thank them, it is so less. This Rituja madam who has come and her entire team, who are good hardworking and they join us well, sir. Sir, today on telephone you have joined me. Look, it is so far. You are sitting in Bangalore, I am sitting in Bombay. But you can hear my voice, sir, you can hear my heart's voice. Sir, if possible, your company, sir, is so big. Your 180-page, your entire balance sheet you have printed. Sir, I want to know your Infosys and sir, Wipro, which is not our main competitor. Who is our main competitor, sir, in our business? I want to know. Total number of staff, how many work for us, sir? In Bangalore you have two factories, sir, manufacturing. Sir, if possible, then call me to Bangalore, sir. It is my humble request, sir. I want to see, sir, your factory, sir. Sir, your balance sheet is amazing, sir. I don't have any words. I will keep this balance sheet safely, sir. As long as I am alive, this balance sheet will be with me, sir. Jai Hind. Jai Maharashtra. Vanakkam, sir. From Mumbai. Speaking from Mumbai, Yusuf Rangwala. Thank you, sir, very much. Jai Hind. Vanakkam, sir. Thank you so much, Mr. Rangwala. Over to you, Chairman. Thank you, Rituja, and let me try and address questions and queries that have come from these many shareholders, and I want to thank all of them for taking their time and joining the annual general meeting of Tata Elxsi. Firstly, I think Dr. Arun Bopanna, I think you have raised some phenomenal number of questions. I think the first one is with respect to the share price. Many people have asked this question about should we not consider a bonus and split? One is the share price, and then we have enough reserves even after giving a handsome dividend. Thank you for all those observations. We take your inputs. As a board, we consider all the possibilities and the business growth ambitions that the company has, as well as the market environment, the macroeconomic conditions, and where are the new opportunities that are coming. If you really look at it, some of the technology areas, the way in which digital technologies are changing, the opportunities pose and how quickly they mature means that we need to be acting very quickly and investing, you know, in building the capabilities in those technologies, and so on. We take a very calibrated discussion and very calibrated view on such corporate action related decisions. We will take all these inputs that you all have given, and at an appropriate point in time when we feel that, you know, this is something that we can consider, we will certainly consider. We have been rewarding the shareholders handsomely. Our policy of rewarding the shareholders, both in terms of dividends, special dividends, bonus, have been, you know, quite measured, taking into account the company's cash position, company's reserves and the future plans. Tata Elxsi's views on related party transactions and new rules. I think, you know, we would like to certainly assure all the shareholders that all the applicable rules are being taken into account. The company is in compliance with the latest amendments therein. Jaguar Land Rover is a material related party and approved limits for FY 2022-2023 is INR 450 crore, which has been sought as a provision right now. Right. You had also asked about talent situation and people jumping jobs so frequently and, you know, and how we are planning to address our attrition. I think attrition is something that in the technology side is quite well known and people do switch jobs. We all have our own ways of managing the talent and retaining the talent. At Tata Elxsi, you know, we provide an environment which nurtures creativity, innovation, and an environment where people can work without tension. We do engage with the employees, we do invest in the employees, and we provide them with the best of hardware technologies, best of opportunities, the futuristic digital opportunities in which people can work in the field of automotive, transport, medical devices, healthcare, and so on and so on. You know, I think, you know, one is the salary aspects, which is we believe that we are competitive. We every year we benchmark our compensation data with the market, and then we adequately reward the employees, both in terms of a fixed pay salaries as well as the variable pays, and certain incentives and awards based on people's original work and innovation and contribution. We do believe that we are taking enormous amount of employee engagement related work to ensure that we retain the talent that we need. But I must admit that the opportunities outside are also equally, you know. People want such trained people, especially people with the knowledge of Tata Elxsi. We do sometimes go out of our normal processes to retain people in a way. We do believe that, you know, many companies, what happened was they during the COVID time, they stopped hiring for one cycle. At least one year they did not hire. Whereas, you know, Tata Elxsi hired during the COVID period, and then we kept going. We honored every offer that we made during the COVID period. With the result, what happens is people who did not hire suddenly had to catch up with the demand and technology. With everybody starting to do that, there has been this aberration, which we believe that it will stabilize in the next one or two quarters, is what we believe so and we hope so. Then electric cars, I think you asked a question. A number of our current client engagements are for development of electric vehicles, and I think many people also asked about driverless cars, et cetera. I also want to add that, while autonomous cars and driverless cars became a norm and there are a lot of investments going on, and considering the maturity time that it is required for doing the technology and the ecosystem that need to develop alongside, people have kind of given a low priority to this, you know, many of them. In the current environment, with sustainability being a bigger agenda, there is a lot of focus on electric vehicles. In line with the demand, while we continue to operate on building technologies for the driverless cars and autonomous vehicles, or assisted driver technologies, as we call it, you know, but the efforts on electric vehicles have really taken a front seat, I should say. Your company is investing in a number of areas, including EV simulation, testing, and calibration solutions. We are building partnerships with leading technology providers so we can enhance our overall proposition, you know, combining our intellectual properties, products, services, along with theirs in being relevant to them. This is giving us a competitive advantage in winning new deals. We have multi-year, multi-million dollar deals that we have won for EV system development over the last few quarters. We also talked about 45 crore people still being unconnected. I think, you know, we see, I think the technologies are improving and with 5G coming in, and there is also a theme of broadcast and broadband being converged. When broadcast and broadband convergence takes place, there's going to be solutions for such unconnected areas to being connected. Innovations in emerging technologies, AI, blockchain, cybersecurity, I think, a number of areas we have addressed, and I think, you know, all aspects of digital, including AI and cybersecurity are something that will be everywhere. You know, in every solution that we develop and deliver, the artificial intelligence and automation, computing on the edge, cloud, this becomes hygiene nowadays. Security being at the center of everything that we code and we develop is equally important. I think the preventive proactive measures. I think you've talked a lot about cybersecurity and its threats. We are with you, we hear you, and we are doing our bit. You know, how do we? When we develop software and solutions, and when we deliver that to our clients, how do we make sure that they are free from vulnerabilities? There are specific technologies that we use to ensure that the code that we develop and deliver and embed into some of the products and devices, they are free from vulnerabilities, is something is a bigger focus for us as a company. With reference to our own network and the connectivity that we use to connect with our customers' network, we monitor our network. There is a network operating center that we have. We have also put in a complete security, cybersecurity action force or team which monitors and prevents all unsolicited attacks that comes towards your company. Right? I think, you know, I couldn't agree with you more in terms of agriculture being a bigger focus for us. You know, with the advent of sensor technologies and the related aspects, I think, you know, the opportunity is there for us to improve the yield in agriculture and make the right level of intervention and give enough information to the farmers. This is an area that, you know, especially with respect to IoT and sensors, the team is looking at it, and hopefully in the next meeting of the shareholders, we may be able to give you some positive news on this, okay? That was Mr. Arun Kumar Boppana. We had Mr. Saraf. Santosh Kumar Saraf, you asked, I think, you know, yours. You talked about. Well, I talked about water, et cetera. You mentioned about plastics, and reduction of plastics is a big effort. I think, you know, sorry that we didn't mention it. Our company has taken very positive steps to avoid usage of plastics. There is a considerable reduction that we already achieved in both direct and indirect consumption of plastics, which we will continue to do so and maybe, you know, in the next year reports onwards, we will also cover that as an integral part of it. We have taken your suggestions with respect to improving our diversity quotient further, and I think. It's a very focused area for us, which we will continue to work on. Physical meeting, hybrid meeting, I think, you know, we hope that we will be able to conduct a physical annual general meeting next year. Based on the inputs from the regulators and the possibilities that the regulators provide for, we will be compliant with it, and let's hope that in addition to the physical meeting, a hybrid meeting is also possible, right? Now that's something that we look forward to as well, right? Then Mr. Naveen Bothra, again, thank you for all your insights, support, guidance, and I think you had asked for many questions, many suggestions you have given for the company, and very valuable. I want to thank you for that. With respect to medium-term management plan, I think there are. The company is focused on the core segments that it operates, right? I think, you know, one of the things that we had as our, you know, over the last three years was that, look, how do we ensure that we become a very strong company, very strong force in the areas that we are operating, namely automotive, healthcare, and so on, right, transport and so on. I think we have largely achieved and we have the momentum on our side. Our focus at this point in time is to ensure that this momentum is sustained and become a leader in these particular areas that we have started to focus on. Moving from there, I think we will certainly look at adjacencies and the competencies that we have already built, right? Like for example, IoT is a space where we have built a lot of competencies, which we would like to see, right? How do we leverage IoT as a bigger technologies, as a horizontal for many areas of our business, right? That's one thing that we are looking at. AI, data, and computing on the edge, that becomes again a very focused area. Within these three segments that we are operating, even there is enough opportunities to look at and which is what we are hoping for. Quantum is an area where you know, there's a lot of work that is being happening outside and but it has to come to mainstream. As a company, we have started to train people. We have started to work on certain areas like quantum, cryptography, quantum security, and these are areas that, you know, we need to know, and we need to proactively build competencies and capabilities. 5G is another area where, you know, I think there is a lot of effort, and the private networks. With the advent of private networks and 5G, we should be able to do more in the telecom segment as well. We are looking at this point in time, many similar and adjacent opportunities without compromising on the momentum that we have for these three verticals. Right? You also asked about semiconductor, and semiconductor is a shortage. I think a lot of people spoke about it as well. Within the semiconductor area, the shortage is likely to continue for a. If not for a foreseeable future, at least for about three, four quarters, I don't see any reason why that shortage should ease, right? Within that realm, then we'll have to see how our customers are dealing with it, and accordingly, we will have to align in optimizing the usage of semiconductors, optimizing the usage of processors to better and efficiently, you know, manage the resources that are available to deliver the maximum throughput on via the solution, the solutions that we are delivering to our customers. Company is capable of, you know, let's say, designing chips while we are not yet, we have not built on that capability and, you know, we are doing it in a limited manner. Maybe, you know, that's based on your suggestions, we have to look into it and probably partnering with some of the other group companies and efforts. At this stage, you know, we are working with the companies like Tata Electronics in enabling, let's say, Industry 4.0 kind of solutions, smart factory solutions, and so on and so on, right? We have the competencies and capabilities, but, you know, semiconductor design, chip design is a very long haul, very involved and investment that is required. Our view is that we will have synergies with the group companies and pool all the group competencies together to see if we can make an impact on the semiconductor arena. Products and platforms monetization, I think, there are several platforms that we have built, and, some of them have been proven, some of them are still in the labs. Digital health platform, for omni-channel care, and then TEPlay, the OTT, IPTV platform, the IoT platform, TETHER. They're all already helping us in terms of winning large customer deals and creating differentiation in the verticals that we operate in. Some of these licensing are also, you know, sometimes it's a one-time license fee. Sometimes, you know, more and more customers are asking on a pay per use basis or on a cloud-based, a SaaS-based pricing models. We are putting together the strategy to keep improving the market share in these platforms, number one. Secondly, look, you know, our own revenue profile, how do we bring in that nonlinearity and how do we keep improving, increasing the share of nonlinearity revenue, if I can call it that way, into the play? I think quantum computing, I've already answered. Metaverse, I think, you know, is again, something that you have pointed out. We are exploring it, and we have. You know, with our visual computing experience and the design capability that we have, the competencies exist, and we are piloting some projects right now. I think, you know, it's an opportunity that we will play it big, and we will take it on the front foot. On the many suggestions that you have pointed out, I think we'll continue to reach out to the investor. The outreach, investor outreach has increased, as you rightly pointed out, and I think, you know, I want to thank the management team and the investor relations team. We will continue to improve upon that and then see that the value proposition of the company is well understood by both institutional and retail investors at large. Thank you, Mr. Bothra, for all this. Mr. Vasudeva Ramaswamy, again, thank you for your suggestions. Again, I think with respect to your question on bonus and split, I think I've already answered. Interactive investors meet is again a good proposition, and I think the COVID has kind of prevented us from doing some of these things physically, but we will keep improving that, and we will consider holding an interactive investors meet as time permits, as the situation permits, hopefully this year. Mrs. Elizabeth Mascarenhas, thank you, ma'am, for joining us and for your suggestions today. With respect to your suggestion on considering the split or bonus, I've already answered. Our ESG rating is, you know, we have started to apply this. We've undertaken an ESG assessment by EcoVadis, an internationally reputed agency. First time we have been recognized with a bronze medal in the latest assessment undertaken last quarter, and we will have the opportunities to improve, and we hope to improve from there. Which is our core competence, where our businesses are, as I said, I think, you know, our focus is very clear. Those, you know, design-led engineering is really our core competency, and that is what our company is known for, that is what our clients respect us for. Many competencies in that area, patents, et cetera, we have created in that, in design-led engineering. In that sense that we will continue to enhance our capabilities and then provide the best-in-class experience for the customers and customer's customers as we design products, specifically in automotive and other transport segments, healthcare, medical devices segment, and so on, right? I think, you know, that is going to be our core competence. In almost all, as you have as I outlined in my opening speech about the company's performance, almost all the verticals are growing in higher double digits. You know, I mean, about 25%, every industry has grown by, well, 25% or more. We have also grown each of the markets, whether it is United States or Europe, UK or Asia. In each of these markets we are competing. I think, you know, these three segments will continue to remain our core areas of focus, while we will start to look at some of the adjacencies in these three segments. One of the things that company is considering is to see how we can leverage 5G and telecom, as telecom is likely to become a horizontal for all the other verticals in the future. How can we provide and leverage some of the experiences that we have in the 5G area for better utilization? That's what I think I said. Semiconductor, I've already answered. Attrition percentage, we are about 20% in the last quarter figure, which is about the last 12-month basis. We run at about 20%, which is somewhere in the middle compared to the all the others' companies. We are not the leading there, but we are not the trailing there as well. With the opportunities there to retain people and there. This is a very hot technology area in which we are operating, and we are doing our best to retain people. I think patents, I have mentioned that, you know, we have 109 patents, right? What I think. 104 patents, I think we have put in that. Driverless cars and, you know, we work with automakers, we work with other automotive companies as well. As I said, the focus is not on so much on driverless cars, but it's more on assisted technologies at this moment, with a lot more focus on EV, electric vehicles. Okay? That's the way that I put it. Mr. Mascarenhas, again, you know, thanking you for joining us today. You know, there are opportunities that we, the company is considering in terms of an inorganic growth and, as and when it happens then we will let you know. There are, you know. Clearly, we don't want to buy a company for just acquiring resources. We want to buy a company which will give us more market presence or come to us with intellectual property or assets, or some clear differentiation in a particular vertical or fast track our presence in a particular vertical. There are things that the company is evaluating, and then for the right value, if we are able to get it, then, you know, we'll certainly consider. You also asked who are our competitors and what is our market share. I think our competitors are mostly, you know, every engineering services company which is there. Then in the marketplace, as we compete, we compete with Accenture, Wipro, L&T, and then Capgemini, KPIT. You know, it depends on the segment, depends on the market, and many of these companies, you know, are competing with us. We have grown, you know, last year, competing with all these firms, and we're happy that we are able to win the deals that we want to win. Our market share, you know, with specifically with respect to these engineering services and embedded segment, it's about between 4%-5%, at this stage, depending upon what you include, what you don't include. There is enough headroom for us to grow this business even in the chosen segment that we currently operate. And then, Mithra, you had asked for some Demat help. I think I will request our team to get in touch with you to see what help that we can provide, that is possible. Right? Thank you very much. Mr. Mahadevia, I think again, you know, thank you so much for joining us today and providing your insights. I think the first question was with respect to your concentration on only three of the areas, but other areas we are not present. What is in the India context I think you had mentioned. As I said, look, we have to choose to focus, and we have chosen those three, and we will look at those adjacencies. EVA of our company is something that, you know, it's about INR 414 crore at this point in time. With about 10% as the WACC and capital as the contribution. Okay. We, you know, maybe we are not really, you know, focused on EVA per se being, you know, where we are right now. I think that's something that we compute and we internally monitor a little bit. Maybe, you know, we will have to look at it more closely if it is meaningful to us. I think I request Gaurav to consider this and maybe, you know, also take it as a KPI if it is meaningful to be reported. Yeah. Engagement of employees, I think I covered it as a part of the attrition. I think your question on are we optimum, are we getting the optimum out of the employees? Are we getting the maximum out of employees? I think, you know, we don't want to focus on individuals, but, you know, we have a culture in Elxsi, which is a team-based culture. We win or lose as a team. Are we getting the right velocity and throughput and the productivity that is expected by the project, by that team is what is our measure at this point in time. We don't really monitor each individual's contribution in per se when it comes to the question of this. However, there is a system to measure their intellect, measure their technology prowess as we do their performance assessment. Your suggestions are valid, and employee engagement is something that we have taken it very seriously. During the last two years, phenomenal amount of channels have been employed by our HR in reaching out to people and making sure they are part of Elxsi and part of Elxsi's way of working, culture, tradition, and all of that. I think your observation on the growth in the world economy is reduced from 4.2% to 2.8% is known and is noted. We don't see. Basically in all these things in the current environment, whether it is geopolitical risks or otherwise, technology is becoming the solution for everything. Whether it is you want to grow, you need technology. Whether you want to be efficient, you need technology. You want to be innovative, you need technology. In that sense, you know, we don't see this will adversely impact the investments in technology. I think, you know, some of our client interactions that we have had, they have not talked to us so far about reduction in technology or any defocus in the technology. In that context, I think, you know, I would say that there is no impact that we see at this moment. However, as a management team, we are focused in terms of monitoring the situation and tracking it, and if we have to make any course corrective measures, we will make it quickly. Social impact, you know, studies are being conducted. Yes, and we have to conduct that study as well. We will initiate. Thank you for that intervention. We will initiate that study, and we will share a more recent impact rather than merely saying that it benefited 27,000 employees. What exactly is the impact we have created is something that, you know, we'll be able to share it hopefully in the coming year. Our association in China, you know, as you know, China is one of the most affected or most impacted countries due to COVID. I think, you know, in that context that our ability to execute projects in China and our ability to send people in China or work locally in China, everything is impacted. In that context, our work that we did with Great Wall Motor Company is also progressed very slowly. There is clearly a reduction in our focus and efforts in China because of all these constraints. When the post-pandemic world in China opens up, I do believe that there will be opportunities for us to reengage, and in that time, you know, we'll keep you informed of that. The next question you asked, Mr. Mahadevia, was on webinars. It's a good idea that you have given us to see whether any of the shareholders can connect and join our webinars. We will keep that in mind and keep you posted. 5G, again, you know, I think I talked about it. There is a lot of opportunity. We have the ability to contribute. And at this point in time, we are working with some of the group companies. One of the intellectual property that the company has, which we call it as the cloud orchestration software, which is essential for virtualization of the telecom networks, is something that, you know, Elxsi has contributed in the overall efforts of building an Atmanirbhar technology both for 5G and 4G and 5G and beyond. Moving on to Mrs. Lekha Shah. Has there been any impact of COVID? You know, we have been able to successfully transition into a remote working model. We continued. I think we spoke about it last year. We continued that, and with that happens, I think, you know. It's not optimal that, you know, we have managed to grow the company and was not significantly impacted during the second wave as well because of the resilience that we could bring in to our operations and our clients' operations. You also asked about the plan for the next two to three years. I think I've shared with it earlier. Mr. Kejriwalji, I think you know we have a lot of suggestions and bonus split and rights, et cetera, I think I already answered. Driverless car, I already answered. Semiconductor, I already answered. Physical shareholders, I think you've given some suggestions. As far as the group level initiative is concerned, we'll certainly consider it. We'll certainly discuss it at a group level to see whether it's an opportunity exists. I want to assure you that our company secretary and our team reaches out to every physical shareholders by encouraging them to convert it into Demat. Also, even before we move things to IEPF, there is a last-ditch effort to do to reach that shareholder to ensure that shareholders' interests are always protected. We'll continue to do so, but you have given us some ideas. We will take that forward as we move things. I think with that, you know, that comes to the end of the question and answer session, and I answered most of the questions to the best of our abilities. If you still have any questions, please do mail us, reach out to the company secretary, and we'll be happy to connect back with you and shareholders and address those concerns or questions. With that, I think, you know, the question and answer session is coming to an end. Let me make my closing remarks of this meeting. Now that we have addressed the queries from shareholders, we would like to table the following resolutions to vote at the 33rd annual general meeting. Ordinary business, resolution number one, to consider and adopt the audited financial statements of the company for the year ended March 31st, 2022, together with the reports of the board of directors and the auditors thereon. Resolution number two, to declare a dividend of INR 42.50 per equity share of INR 10 each for the financial year 2021/2022. Resolution number three, to appoint a director in place of Mr. Ankur Verma, who retires by rotation and being eligible offers himself for reappointment. Resolution number four, to reappoint Messrs BSR & Co., LLP, chartered accountants as statutory auditors of the company for a period of five years from the conclusion of this annual general meeting up to the conclusion of the 38th annual general meeting to be held in the year 2027. As a special business, resolution number five, reappointment of Mr. Manoj Raghavan as the Chief Executive Officer and Managing Director of the company. With this, we are coming to the end of this meeting. In case there are any more queries that have not been addressed, may you please send an email to the company secretary as I had earlier requested. May I request all shareholders who have not exercised the remote e-voting to cast their vote through e-voting. I hereby authorize the company secretary to carry out the voting process. Please note that the e-voting will be kept open for 15 minutes. The scrutinizer shall count the number of votes for and against the resolutions after downloading the same from the e-voting system of NSDL. The scrutinizer will then submit his report to the chairman, which will be put up on the website of the company and filed with the stock exchange within 48 hours of the conclusion of this annual general meeting. Thank you all again for joining this annual general meeting. I would like to thank all the directors, company executives, senior leadership, and the shareholders for joining this meeting remotely. Stay safe and stay healthy. Thank you very much.