Dear shareholders, good day and a warm W elcome to the 35th Annual General Meeting of Tata Elxsi Limited. As a reminder for the smooth conduct of the meeting, the members will be in mute mode, and audio and video will be enabled when they are called upon to speak at the AGM as per the preregistration. Please note that, as per the requirements, the proceedings of the 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, Simba. A very good morning, and let me extend a warm Welcome to the 35th Annual General Meeting of Tata Elxsi Limited. This meeting is being held through VC in adherence to the directives and relevant circulars issued by the MCA and SEBI. The company has taken all necessary steps to ensure that shareholders are provided with an opportunity to participate in this AGM through video conferencing. The proceedings of this meeting are being broadcast live through the NSDL platform. In accordance with the Articles of Association of the company, Mr. N. G. Subramaniam, Chairperson of the Board, shall chair this meeting. The notice for the 35th AGM, along with the annual report of the company, was sent to all shareholders whose email IDs are available with the depositories, company, and the registrar. As the meeting 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 for all businesses as mentioned in the notice by way of remote e-voting, which was open from the 6th of July until the 9th of July. Members who have not cast their votes through remote e-voting are requested to vote through the portal within 15 minutes post the AGM, all by way of e-voting available on the NSDL platform. There will be no proposing or seconding of the resolutions. For the ensuing AGM, kindly note that all participants will be on mute mode only. Those shareholders who have pre-registered their names for the Q&A session will be called serially. Each speaker shareholder will be given an option by the moderator to unmute themselves and may then express or ask their questions. The speaker shareholders are requested to wait for a few seconds for their video and audio to be enabled for a seamless conversation. We request each speaker shareholder to restrict their query to a maximum of three minutes. We'd also like to inform that our representatives of the promoters, Tata Sons Private Limited, have joined this meeting along with the representatives of our statutory auditors, secretarial auditors, and the scrutinizer. I would now request Mr. N. G. Subramaniam, Chairman, to conduct the proceedings of the meeting. Thank you. Thank you, Cauveri. Good day to all of you. It's my pleasure, as your Chairman, to welcome you all to the company's 35th Annual General Meeting. On behalf of the Board of Directors and everyone at Tata Elxsi, I thank you for your continued trust, encouragement, support, and guidance to the company and its management. The 35th Annual General Meeting of Tata Elxsi Limited is being conducted through video conference. I have Mr. Manoj Raghavan, Managing Director and CEO of your company; Mr. Gaurav Bajaj, Chief Financial Officer of the company; and Ms. Cauveri Sriram, Company Secretary, along with me in Bangalore, where we are headquartered. The other directors of the board have joined the meeting remotely. Let me begin by introducing our directors. I now invite Mr. Sudhakar Rao to introduce himself. Please. Good morning, ladies and gentlemen. I am Sudhakar Rao, joining this 35th Annual General Meeting of Tata Elxsi from a residence in Bangalore. I am the Chairman of the Shareholders' Committee, as also the CSR Committee of the company, and I'm a member of the NRC and the Audit Committees of the company. Thank you. Professor Anurag Kumar. Good morning, everyone. This is Professor Anurag Kumar, joining this meeting online from my office in the Institute of Science in Bangalore. I am an Independent Director of the company. I chair the Risk Management Committee, and I'm a Member of the Shareholders' Relationship Committee and the Audit Committee. Thank you. Mr. Soumitra Bhattacharya. Good morning, everyone. My name is Soumitra Bhattacharya. I'm an Independent Director of the company, attending this from my home office in Bangalore in Tata Elxsi. I'm a Member of the Risk Committee, the Audit Committee of the company. Ms. Ashu Suyash. Good morning and namaste to all of you. I am Ashu Suyash, and I'm joining the AGM of Tata Elxsi from my residence in Mumbai. I'm an Independent Director of your company. I am the Chairperson of the NRC and a Member of the Audit Committee and the Risk Management Committee. Mr. Ankur Verma? Good morning, everyone. My name is Ankur Verma. I'm the Director of the company and Member of the Audit Committee. I'm joining this 35th AGM of Tata Elxsi from my office in Mumbai. Thank you. Mr. Manoj Raghavan. Good morning, everybody. This is Manoj Raghavan. I'm the MD and CEO of Tata Elxsi. I'm joining this from the registered office of Tata Elxsi. Mr. Gaurav Bajaj. Dear shareholders, very good morning. I am Gaurav Bajaj, CFO of Tata Elxsi, joining this AGM from the registered office of the company in Bangalore. Thank you, Directors. As the requested quorum is present, with your permission, I now call the meeting to order. In terms of the MCA notifications, as the shareholders are allowed to join the Annual General Meeting 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 during the Q&A session. The annual report of the company for the year ended March 31st, 2024, along with the Director's Report and Audited Annual Accounts of the company, have been shared with you, and may I request that these be taken as read? Let me now begin with the customary address to the shareholders, highlighting the performance of the company. I once again would like to welcome all of you to this 35th Annual General Meeting today. Before I take you all through the highlights of the company's performance for the year FY 2024, I would like to thank Mrs. Shyamala Gopinath, a longstanding, valuable member of the board who served us on the board till the 19th of June 2024. We are grateful for her association with the company and for all the invaluable contributions and mentorship during her tenure. I also take this opportunity to welcome Mrs. Ashu Suyash and Mr. Soumitra Bhattacharya as independent directors on the board. We are delighted to have them, and their multidimensional experience of running businesses, industry views, etc., would greatly benefit Tata Elxsi. Let me now take you through the highlights of the financial performance for the year FY 2024. During the fiscal year, your company reported continued growth in revenue, profit, and other key performance indicators. This continued success is testimony to our deep domain expertise, unique combination of design and technology that we offer, long-term client relationships, and proven agile operating model. The comprehensive annual report, director's report, and the audited financial statements for the period ending March 31st, 2024, have been circulated for your perusal. I request to consider these documents as officially read. For the fiscal year 2023/2024, your company's operating revenue stood at INR 3,552.1 crore, a 13% growth over the previous year. Your company reported an EBITDA margin of 29.5% at INR 1,046.4 crore. Profit before tax stood at INR 1,048.7 crore, with profit after tax of INR 792.2 crore. Tata Elxsi now delivers comprehensive solutions that span from market and client preferences research, initial concept to product launch in the markets of transportation, media and communication, and healthcare and life sciences. In the transportation vertical, we are engaged with five global OEMs on their software-defined vehicle programs across connected, autonomous, and electric vehicles. Of the INR 1,723.9 crore revenue that your company earned from the transportation vertical, over 56% was from its various engagements with the global OEMs. During the financial year, transportation segment grew 20.4% year-on-year in constant currency terms and accounted for 49.9% of overall software development and services revenue. In the media and broadcast segment, your company works with multiple system operators, broadcasters, and production houses globally, assisting them in launching multi-player services that offer an optimized viewing experience. In the telecommunication segment, your company provides modern solutions for network transformation, process automation, and workflow management. During the financial year, your company generated revenue of INR 1,217.5 crore, registering a growth over the previous year. In the FY 2023/2024, media and communication segment accounted for 35.3% of overall software development and services revenue. In the healthcare and life sciences segment, several companies and healthcare providers are channeling investments to intelligent and interconnected devices and platforms, tapping into advanced analytics and regulatory compliance. Your company is well positioned to address the opportunities, including omnichannel care, digital therapeutics, and patient assistance. In the financial year, your company's healthcare and medical devices business registered a revenue of INR 484.9 crore. During this year, healthcare and life sciences segment grew by 7.6% year-on-year in constant currency terms and accounted for 14% of the overall software development and services revenue. In FY 2023/2024, the industrial design and visualization division generated over 90% of its revenue from these three verticals, which is in line with our design-led engineering strategy. Our system integration services business, which provides professional services for cloud and infrastructure management and augmented reality and virtual reality solutions, is gradually witnessing a shift from conventional reselling and support to incorporating sustained annuity-based managed professional services. Your company's interactions now extend past the initial deployment of products and platforms, as it plays an integral role in essential services after the product release. During the financial year, revenue from the system integration services business reached INR 99.3 crore, marking an 18.6% increase compared to the previous financial year on a constant currency basis. The experience centers designed by the SIS division blend technology, interactive content, and design to tell the story of enterprises and their brands. One of the notable projects completed during the year was the state-of-the-art experience center at Tata Chemicals, leveraging your company's capabilities in design, digital technology, and content development. Moving on to products, platforms, and patents, your company is deploying artificial intelligence technology to help our clients bring new products and solutions to the market at a faster pace. As we progress on this journey, we aim to leverage AI and Gen AI for all our products, platforms, and services. On the patents front, at the end of the financial year, your company has filed a total of 121 patent applications and has been granted 68 patents. Tether, which is your company's flagship connected vehicle platform, has seen significant adoption by the industry, with over 1 million vehicles now powered by it. This platform is a cloud-based solution enhanced by the integration of IoT and AI/ML technologies designed to unlock a spectrum of value-added services and revenue streams for the OEMs. It empowers our clients to provide their end users with a suite of user-centric functionalities. During the financial year, your company launched Neuron, the autonomous network platform that enables telecommunication operators to progress towards zero-touch automation powered by Gen AI. This represents a comprehensive network transformation suite designed to assist operators in planning, building, deploying, and managing heterogeneous networks. Moving to talent and workforce management, to support the growth initiatives that your company is undertaking, there has been a sustained capacity building. During the financial year, we added 1,535 employees to the workforce, bringing the total number of employees to 13,399 by the end of the financial year. The talent and workforce in the company is quite diverse by gender, age, and technology skills that enable us to form teams with multidisciplinary skills for the projects that we execute. Through our employee value proposition, we encourage our employees to be bold, curious, and proactive in shaping their and company's future. This has enabled a better retention of our talent with our attrition rate at 12.4% for the whole year. As part of our initiatives to attract the best engineering talent, your company organized an engaging innovation and creativity challenge called Teleport that got 6,500 registrations from across India's leading engineering colleges and universities. Teleport has been recognized as one of Unstop's top- 25 campus engagement initiatives for e-schools. Your company's unique design-led engineering capability is best illustrated by its engagement with Tata Motors for the Gen3 HMI, or Human Machine Interface, a futuristic digital cockpit experience designed for passenger vehicles. The innovation and excellence of this solution was recognized with the prestigious German Design Awards in 2024. Your company's design-led engineering capabilities and deep domain knowledge in the three verticals that we are operating is well recognized by the industry, and our clients acknowledge this as a differentiation. A testament to our design-led engineering capability was the esteemed German Design Award 2024 to the Gen3 HMI design, which was developed for Tata Motors, as I mentioned before, as well as Tata Elxsi's AI-powered OTT platform won the prestigious iF Design Award 2024 for OTT user experience design. Another iF Design Award 2024 is for the product design, which was awarded to Tata Elxsi for the Aha! tea vending machine, which was designed for Chaayos. Embracing sustainable design practices, Aha! stands out as a sustainability champion, crafting every cup with 100% natural ingredients and streamlining processes to reduce waste to less than 1%. While we are talking of our sustainable design practices, let me also provide an overview of our commitment to the environment and society. As a responsible corporate citizen, I am glad to share that your company has reported a 54% reduction in carbon intensity on turnover basis in financial year 2024 as compared to the baseline year of financial year 2020. This is in line with our aspiration to be carbon neutral by 2030. We run our CSR initiatives on three broad themes of education, health, and environment. Under the theme Shiksha, with our employee volunteering, several educational and research-supported programs have been underway. These programs targeted the needy, orphaned, and single-parented students. Also, under this program, assistance has been provided to a group of 92 students with neurodiversity in Bangalore, Chennai, and Thiruvananthapuram, thus fostering inclusive education and enhancing skill acquisition. Through Niramay, your company has championed healthcare initiatives, supporting marginalized communities via health clinics and mobile units, and upgrading charitable hospitals with crucial diagnostic and surgical equipment. This year, the program benefited over 53,000 individuals in need of healthcare. Additionally, collaborating with the Indian Institute of Technology, Madras, Niramay projects have fostered the creation of cutting-edge prosthetic technologies and a device for hand neuro rehabilitation. The launch of the Neo Stand, an affordable motorized standing wheelchair, in March 2024, now successfully transitioned to commercial production, underscores our commitment to enhancing the quality of life for the differently abled. Under the theme of Paryavaran, your company runs long-term CSR programs related to environment and preservation of natural resources. Some of the key programs during the financial year included rejuvenation of urban lakes, plantations, livelihood enhancement programs for farmers, and the like. Under this theme, we also work with 350 tribal farmers to create sustained livelihood opportunities through coffee plantations to improve their yield. Let me move on to provide an outlook on the technology and the business front for the coming financial year. I would now look to discuss artificial intelligence, Gen AI, and quantum computing, and these technologies continue to be advancing rapidly, and they're all based on cloud technologies, and these will significantly influence both consumers and enterprises in the way they design products and use them. More and more of these technologies are getting embedded into the various products or services that we consume, and this is happening without all of us realizing it seamlessly. Your company has seriously prioritized this technology change and is embracing them holistically. Our solutions and execution are increasingly centered around artificial intelligence, cloud, and generative AI. We are engaged with our clients across verticals in proposing and executing projects which are AI and cloud-centric besides being design-led. As our clients embrace these technologies, we are witnessing traction in long-term deals around software-defined vehicles related programs for the OEMs, connected devices, and edge analytics on the healthcare front. Underlying all of these rapid advancements is the next generation of human-machine interface, which is now getting defined by design and experience. These advancements present significant opportunities for Tata Elxsi, and we are making the required investments in the labs, equipment, large language models, prompt engineering, and the talent and skills that we need. Talking of broader business outlook, the environment in both emerging and established markets is expected to be volatile, and geopolitical issues of the past couple of years are expected to continue. Technology spend is likely to remain stable, and transformation programs will surely leverage AI, Gen AI, and cloud. More and more of the solutions are expected to be interdisciplinary and would be deploying sensors, computing on the edge, and large-scale analytics and instantaneous rule-based decisions. Organizations are building in-house capabilities at present on these new technologies and adopting a balanced approach to work with vendor partners like Tata Elxsi. Your company has, over the years, navigated these economic situations and rapid technological changes very well. We are working closely with our clients, aligning to their priorities and expectations. This, coupled with our commitment to research and innovation, your company is well equipped to mitigate these challenges. We remain optimistic about sustaining our growth trajectory by differentiation products, platforms, and services. Closer to home, your company is well poised to leverage its local presence in India and play a greater role in making India and make for India opportunities. This would also help tap into the strong growth opportunities that India promises to offer in the coming years. In conclusion, I extend my compliments to our CEO, Mr. Manoj Raghavan, the management team, all staff members, and business partners for their achievements in the fiscal year 2023/2024. I also express my gratitude to my fellow directors for their professionalism, mentorship, and invaluable guidance. On behalf of the Board of Directors, Management, and Staff at Tata Elxsi, let me sincerely thank you, our esteemed shareholders, for your unwavering faith and support towards the company and its leadership. Thank you very much. We now move to the e-voting and Q&A sessions. I would like to now call the names of the shareholders who have pre-registered themselves with the company one by one to post their questions and queries. In case of any technical issues, the next shareholder who is in queue will be called. The said shareholder can rejoin after the technical issue is sorted. Let me move on to the first shareholder, Dr. Arun Bopanna, please. Thank you. Dr. Bopanna, may we request you to please unmute your connection and ask your question? Morning, sir. Morning, Dr. Bopanna. How are you? Nice to see you smiling. Good. Likewise. Thanks to Cauveri Sriram for setting up the VC. I was able to drop into your office because I started coming to Whitefield to Tata Medical Center. I've enrolled for a wellness program. They're doing a great job. So I dropped in. I'm very happy with the premises, the way you maintain it. Thank you. The AGM is a perfect place to share experience and learn and hear from our colleagues and learn a lot. First, I'd like to compliment the company for the market cap, the sense of awe and satisfaction with the vertical rise in the share price. My question, sir, there are a lot of opportunities in IoT, AI, ML to develop intelligent solutions. There are a lot of opportunities for Tata Elxsi. What will be the pie for us in future, the growth prospects? What are Tata Elxsi's offerings in skill mismatch? Because there's a lot of skill mismatch in new-age technologies like coding, AI, and robotics. In healthcare, sir, how is Tata Elxsi assisting Tata Medical Center at Whitefield with devices to diagnose, the software to monitor, and the telemedicine added to that? What are new solutions in 5G, broadcasting, and communication industry for content management, video streaming with virtual reality and augmented reality? What innovation did you offer Tata Motors related to connected cars, autonomous driving, advanced driver assistance systems, etc., during the last year? What is Tata Elxsi offering in product engineering across industries, encompassing research and information architecture, and plans to explore more uncharted territories? Are we doing enough? What are investments in cybersecurity to ensure that our data and systems are protected 24/7, 365? Lastly, sir, Chairman, sir, we share all join the board to appreciate and thank you in your role as Executive Chairman. You gave the needed direction. I would like to see this with the same smile and the twinkle in your eyes. In conclusion, the potential is vast for Tata Elxsi. We are only scratching the surface. I wish a great future for us. Thank you very much. Thank you, sir. It's a Non-Executive Chairman. Thank you. Thank you, Dr. Bopanna. We move on to the next shareholder. This is Bharti Saraf, please. Thank you, Chairman. We have Mrs. Santosh Saraf jointly connecting with Bharti Saraf. So I'll just unmute the connection. Mrs. Saraf, may we request you to please unmute your video and audio and ask your question? We will wait for a moment while Mrs. Saraf unmutes her connection. Sir, I'm not getting any response from this connection at the moment. Maybe once she joins in, we will announce Mrs. Saraf's turn. May we connect with the next p articipant? Yes. Mr. Manoj Kumar Gupta, please. Sure. Our speaker number three is Mr. Manoj Kumar Gupta. Mr. Gupta, could you please unmute your connection and ask your question? Good morning, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my residence, Kolkata. Sir, I feel proud to be a part of Tata Elxsi. I thank you, the company secretary, Cauveri Sriram, to help us to join this meeting through VC. I thank you for your team for excellent results of the company for the year ended 2023/2024 and for the excellent dividend of 70% share. Sir, when I started to hear your speech, I was thinking I think that our group chairman is addressing because your voice is matching with our group chairman. I totally agree with Ms. Dr. Bopanna that be smile. Keep a smile. If you will smile, the board and team, the entire company will smile, and that reflect will in the stock market. That we will also smile to get the benefit in the stock market. Your smile will send a right signal in the stock market. That entire thing is right. Keep a smile on the face, sir. Sir, have you any plan to split the shares, either 10:1 or 5:1 to increase the market liquidity and the market capitalization and give a good reward to the shareholders? I will not ask you to issue the bonus or write. The split of shares is a good reward to the investors. By the way, that will help the investors to increase their holding and increase the market liquidity and market capitalization, sir. Mr. Gupta, it looks like your connection is muted. Could you please unmute your connection and continue asking your question? Hello? Yes, sir. Please go ahead. Sir, I just want to know how you will help the medical sector through Tata Elxsi. Medical sector is growing. How will you help in the medical devices through Tata Elxsi? Sir, how will you help the young generation to get their education smoothly? What's the plan of Tata Elxsi to innovate for the young generation for their secure future and bright future to get a proper education? How many projects are in pipeline of Tata Elxsi, sir, for the next three years, sir? Thank you, sir. I strongly support all the resolutions, and I wish to God to give you more success in coming time with the team of management, sir. Thank y ou. Thank you, Mr. Gupta. We move on to the next speaker, Mr. Naveen Bothra, please. Good morning, NGS Sir. Morning, sir. Very warm wishes to our MD and CEO, Mr. Manoj Raghavan, the other distinguished board members, and the management team from the management team, Mr. Nitin Pai, Mr. Gaurav, and Cauveri. Naveen Bothra, pleasure attending the 35th AGM from Delhi. I welcome both the new independent directors, Ms. Ashu Suyash, ex-Kotak MD and CEO, financial services veteran, and Mr. Soumitra Bhattacharya, ex-Bosch MD, auto industry veteran. We look forward to their valuable guidance as Chairman, sir, initiated in his opening remarks. Welcome both the independent directors. I would like to congratulate the team at Tata Elxsi under the agile leadership of Mr. Manoj Raghavan on the double-digit growth in operating revenues and surpassing for the first time the INR 1,000 crore PBT during the year. We do expect that in the very near future, this number will convert into PAT. INR 1,000 crore PBT will convert into PAT in the coming times. Chairman, sir, the Chairman's speech gave a very broad view of the initiatives and the steps we are taking Tata Elxsi to new horizons by adopting design-led engineering, design-led engineering with AI, generative AI. You also talked about the quantum computing. We thank you very much for giving all the outlines, sir. Kudos to the team on the numerous awards and accolades for our various innovation-led design digital products and solutions. Yes, sir, I have the following points for your learned views. I have already shared the last five years' operating matrix table indicating our thought process on the available cash and cash equivalents vis-à-vis the yield on cash balances, ROE vis-à-vis the ROE, which is self-explanatory. The team Tata Elxsi is doing exceedingly well, even after dividend payout ratio increasing from 40% - 55%. Cash and cash equivalents are getting accumulated, more and more accumulated. All the parameters, all the operating parameters are quite excellent. But the yield on our cash and cash equivalents, post-tax yields on cash and cash equivalents is roughly around 5%. That needs, I think I would request the board to request the board in their wisdom to take a considered view on revisiting our current capital allocation policy for greater investments, greater organic investments, as you talked about. We have full faith in the management's plan. I have just shared my perspective on the thing and would like to have your considered view on this, sir. Next, coming on the SDX ecosystem, software defined everything. Page 66 of our annual report under MDA talks about the business growth drivers for this year. Again, we are talking about software-driven everything and technology-led innovations in supply chain and sustainability. We are quite happy to see the supply chain and sustainability world getting into for the first time in our annual report as a business opportunity. Sir, kindly help us understand as to how we are planning to harness the business opportunities in the field of SDX ecosystem and the supply chain and sustainability. Are we planning to have any technology-led partnerships, collaborations for the chosen fields? These couple of chosen fields. Number three is the diversification of businesses. It has been our stated intention, sir, to have 40/4 0/ 20 shares from our current verticals of automotive, media, and healthcare. But in the last two years, due to the tailwinds, which is quite good for our company, for revenue generation and profits also, automotive and transportation vertical, the revenue pie has increased up to 47%, as you told in the software, from the software 49%. Almost half of our revenue in software vertical are coming from automotive. The business mix is tilting towards this automotive and transportation vertical. Even in that, Tata Motors and JLR Group is the major contributor. So, sir, keeping in this view, we would request you to kindly enlighten us on our long-term strategy to strengthen our other two verticals and further diversification, if any. As we have talked about in the March quarter investor presentation, by integrating design and engineering, we are talking about the future potential segments, which can be consumer package goods, retail, energy, and utilities, and manufacturing. So I would like to have your views, sir, on the further diversification of sectors. Also, I would like to have your views on our strategy in the semiconductor space, where even in India, a lot of activity and business opportunity are coming up, as well as in the global arena, there are a lot of capabilities. This semiconductor space, we are having capabilities right from the start. I would like to have your views, sir. Continuing with this, are we planning to enter into or incubating any other new vertical to achieve our stated business mix and to also de-risk from our major dependency on one vertical? I would like to congratulate the team led by Mr. Manoj Raghavan and also Mr. Nitin Pai on the integration of design and engineering and giving the investors a full view of the design-led software development, software revenues, and all these things. Continuing with Mr. Bopanna's regarding the market cap and all these things, we are fortunate that in your 10 years, less than 10 years of chairmanship, our market cap has grown by almost 25x. Since Mr. Manoj Raghavan took over five years ago, our market cap is 10x. We are very happy and feel gratitude towards the management team and the excellence of the team Tata Elxsi. Team Tata Elxsi. Sir, I have voted in favor of all the resolutions, and I propose a vote of thanks to the steering board, steering boards. Special thanks to our company secretary, Cauveri, and her team for coordinating the smooth participation in this AGM. I thank you very much for providing me the opportunity to express my views and wish team Tata Elxsi all the very best. Thank you. Thank you, sir. Thank you, Mr. Bothra. Should we check whether Bharti Saraf is available? Sure, sir. Sir, it looks like Mr. Saraf has left the meeting. Maybe he'll join back, sir. We move on to the next shareholder, Mr. Yusuf Rangwala. Sure, sir. Mr. Rangwala, we've sent you a prompt to unmute your connection. Could you please ask your question? Mr. Rangwala, could you please go ahead and ask your question? We've unmuted your audio. [Foreign language] [Foreign language] Please go ahead Yes, sir Now, we are declare INR 70 dividend on face value 10 [Foreign language] market [Foreign language] rate around INR 7,500 [Foreign language] growth, [Foreign language] Cauveri Madam [Foreign language] working Cauveri Madam [Foreign language], sir? [Foreign language] [Foreign language] [Foreign language] She is done a very excellent work. [Foreign language] We are very happy and very proud shareholder of this company. [Foreign language] I pray for your God, your health, well. And [Foreign language] Thank you. [Foreign language] resolution [Foreign language] favour [Foreign language] vote [Foreign language] I am in the favour of all the resolution, [Foreign language] Thank you very much. [Foreign language] forum [Foreign language] Thank you very much. [Foreign language] speech [Foreign language] Chairman, [Foreign language] speech [Foreign language], last [Foreign language] speech, [Foreign language] Thank you very much, [Foreign language] Thank you, Mr. Rangwala Thank you, Mr. Ramaswamy Vasudev [Foreign language] And [Foreign language], how are you? [Foreign language] How are you doing? Thank you. Very well. Very well. Nice to see you again, sir. Mr. Manoj Raghavan, other Board of Directors, Gaurav, Nitin and Cauveri. Very good morning to you all. I congratulate the management team, you know, under the leadership of Mr. Manoj Raghavan, for the excellent set of numbers. The annual report, you know, it's very self-explanatory and a lot of labor from our team has gone into it. Sir, congratulations. I have got the following points for your consideration. On my all the points, you have given the sort of broad idea. I would like to have a sort of specific talk from you on this issue, sir. Number one, products and platforms. Our annual report at page number seven talks about AI-enabled platforms and you know, sort of little details and revenue is given over there. What is the share of revenue from this vertical for financial year 2023-24? [Foreign language] A broad idea about will be available to us, sir. Generative AI. Thanks for your very brief talk about generative AI, sir. I would like to understand from you specifically how the evaluation of this disruptive technology with the size and scale of our business opportunity we see and what this technology will have impact on our overall revenue and people cost in the times to come. Sir, lastly, you know, the startups, there are lot good number of startups of emerging, sir, as you may be aware. Because, you know, [Foreign language]. In this there is a saying, you know, I am a very small person in this area and a technical person as well. Are we planning to invest in any new startups in the emerging digital technology, sir? Kindly enlighten us. Thanks, Cauveri, for you know, enabling me joining this VC in a very smooth way. And you know, all the best to the team for all the election, sir. Thanks a lot, Mr. N. G. S. Thanks very much. Thank you, sir. Can we have Anil Mehta, please? Mr. Anil Mehta. Thank you, Mr. Mehta. We sent you a prompt to unmute your audio. Could you please go ahead with your question? Mr. Mehta would like to ask a question over audio, so we have sent him a prompt to unmute his connection. Hello, am I audible? Yes, sir. Yes, sir. Please go ahead. Yeah, thank you very much. Good morning to all of you. This is Anil Mehta. I attend in this meeting from my residence, Kandivali, Mumbai. First question is that, sir, with increase of globalization, what has the company done to increase the international breadth of knowledge and experience on the board? Second question, how does the management monitor intercompany transactions? Question three, what are the major opportunities and challenges facing the company? And how does the management plan to respond? Next question, what are the principal objectives of the company's business plan for the next year? For the next five years? And the last question, how does the company assess its liquidity and availability of funding sources for operations? With this, we are supporting all the resolutions. And thanks to the Secretary Department for the fine cooperation and support in nature. All the best. Thank you, sir. Thank you, Mr. Mehta. Can we have Mr. Aman P. Surana, please? Sure. Speaker number eight, Mr. Aman Surana. We have unmuted your microphone. Could you please ask your question? Mr. Aman Surana, could you please go ahead and ask your question? [Foreign language] Yes, sir. We are able to hear you. Please go on. Okay. I don't know, my camera is still not showing, but it's okay. Fine. I will. So, dear sir, thank you for giving me this opportunity to reach out to you. This is my second AGM, and which thank. So, thanks for this opportunity. I have few questions and one advice for the management to ponder upon. Kindly let us know what extra work that Tata Elxsi is doing, that its nearest competitors like Tata Technologies, KPIT, LTTS are not doing. Are we doing any work related to the chip design and the chip design manufacturing ecosystem? Can we get into the defense technology? In India, we often encounter. We read in the newspapers about disasters in the railway, often due to improper and defective signaling. Can we suggest better railway compartment designs for better rail passenger safety? Now, coming to the advice, I don't have much. Only one advice. My advice to the management is to look at the way the Tata Elxsi website is presently designed. It looks very, you know, very plain and very simple and very pallid in its test. Tata Elxsi is working in diverse industries like health care, automotive, media, and including designing the crew module recovery models for the Gaganyaan mission. But the website is not very dynamically designed. Just look into this aspect. So, saying this, I rest my cause. Thank you for giving me this opportunity. Thank you, Mr. Dutta. We will move on to the next shareholder, Mr. Om Prakash Kejriwal, please. Mr. Om Prakash Kejriwal, we would request you to unmute your audio and video and ask your question. Mr. Kejriwal, please go ahead. Hello, am I audible, sir? Yes, sir. We are able to hear you. We are also able to see you. Please go ahead. Thank you. Thank you very much. Good morning, sir ji. And good morning, everybody attending this AGM. Myself, Om Prakash Kejriwal, your equity shareholder from Kolkata. Thank you, sir ji, for providing me the platform to speak something before you. Thanks to our secretary department for helping me in registration as a speaker shareholder. Especially, thanks to Cauveri madam for helping me. Sir ji, this is my third AGM, only due to virtual. So, I am your very old shareholder from the time of IPO. If possible, please follow this virtual AGM in next year also, so that more and more shareholders could join our AGM from different parts of the world and express their views. Sir ji, India is growing. Every software company is growing. But sorry to say, sir, we are not growing to such extent. Our EPS is INR 127 on face value of INR 10. Previous year, it was INR 121. What is the reason, sir ji, for such slow growth? [Foreign language] Please share your views. Thank you, sir ji, for increasing our dividend to INR 70 from INR 60.60. I have one complaint, sir ji. Your board meeting was on April 23rd for account finalization and you are calling AGM today. So late, sir. Please call AGM at an early date if possible. Sir ji, our equity is INR 62 crore and our reserve is INR 2,443 crore. Bonus is overdue, sir. In 35 years journey, you issued only one bonus. So, please consider to issue bonus shares. Also, sir, please split our share in ratio of 10:1, so that more and more small investor could join our company and our company could grow a bigger company. Our sister concern TCS is of the face value of INR 1. So, please consider split of shares. At last, sir ji, please maintain your smile and be cheerful. We are always with you as a small investor and long term investor. Thank you. Thank you, sir ji. Okay, sir. Thank you, Mr. Kejriwal. Can we move on to Mrs. Elizabeth Mascarenhas, please? [Foreign language] That's a great work she is doing. Thank you so much. Now, good working and good dividend of INR 70 per share and also good market capitalization. I am very happy to be a proud shareholder of Tata Elxsi. Next, I congratulate for all the awards and accolades. I won't describe anything. Also, very good CSR work. Now, I come directly to the questions and some other information. Whether we have rated the ESG and rated on which platform? Number two, we are in the media, communication, health and life services, AI and enhanced platforms, transportation. I would like to know which of this among these we get good margin and all at the same time good growth in the future? [Foreign language] Next is, Tata my company is one of the biggest proxy play to India. India semiconductor ecosystem designing and development of systems and software for various end user industries. Our company has tie up with Renesas Electronics Corporation, a premier supplier of the advanced semiconductor solution for setting up a state of art design center in Bengaluru. That will develop target solution for EV. This is very good. We are looking out how much will come out from here. Then, recently, even recently, CEO Jensen Huang of NVIDIA said, India's IT will be the front office of the world AI revolution. And my company Elxsi can do a lot in, as you said in your speech. Also, I heard the development of general AI into every product and business processes. And we can be NVIDIA of India for the world. With this, I thank you very much. I wish you all the success, so that one day I can see Tata Elxsi NVIDIA of the world. So, thank you. And now, my husband wants to speak a few lines. Mr. Mascarenhas, Hello sir, can I proceed? Can I proceed, sir? Yes, sir, please go ahead. Yeah, yeah, yeah, yeah, respected Chairman, sir, very distinguished members of the board and my fellow shareholders. Good morning to you all. My name is Aloysius Mascarenhas. At the outset, I thank the management, company secretary and the team for sending me the balance sheet. The balance sheet, which I received on time. It is self-explanatory, full of facts and figures in place. And I am happy to be a proud shareholder of this prestigious company, which is having a very good market cap. I am very happy to welcome a very good dividend of INR 70 per share. But, I have got 600 shares, sir, in physical form. But, I have problem in demating, because two shares, some shares, I do not find. So, I find difficulty in demating and KYC. I said, now, what has happened? If I don't do KYC, because I cannot do it, because of lack of share certificate numbers. So, it is cut up. As a result, this lovely dividend of 700%, I am losing. So, I am an old shareholder, 75 years old, living only on dividend income. I don't have any other income, but only dividend income. No pension, absolutely. So, if this amount, such big amount of dividend, is withheld, I am in a real problem. I have to go for medical, also, arthritic knee replacement. So, I require the money badly. So, please help me, sir. With this, I don't want to speak more. Many questions have been asked by my predecessor shareholders. So, I end this speech, wishing you personally, all the board members, and more importantly, all the employees, all the very best in the days and years to come. With this, sir, thank you very much for patient hearing. Thank you. God bless you and our company. Thank you, Mr. Mascarenhas. The next speaker is Lekha Satish Shah. Please, Thank you, Chairman. Speaker number 12 is unmuted. Miss Shah, please go ahead. Hello, am I audible, ma'am? Yes, ma'am, please go ahead. 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 am very much thankful to our Company Secretary, Cauveri ma'am, for sending the AGM notice well in time, which is full of knowledge, facts and figures in place. Again, I thank you, our Company Secretary, Cauveri ma'am, for their best performance and always outstanding support for all my doubts. Thank you, Chairman, sir, for explaining us well as the company. Congratulations for excellent work, sir. Sir, I pray to God that He always shower His blessings upon you. Sir, I would like thank all the persons of company for receiving awards and recognition while you are applying during the year 2023. And also, I am glad the company is doing very well the field of CSR activities. Seen this event allowed to log in without any problem. I would like thank them for their services, specially Swapnil Bhai. Chairman, sir, I hope the company will continue video conference meeting in future. Sir, I would like ask few questions. My first question is, what is the road map for the next two years? My second question is, what is the total number of employees? My third question is, how many women employees are working in our company? So, I strongly and wholeheartedly support all the resolutions for today's meeting. Thank you so much, sir. Thank you, Mrs. Shah. We will go on to the next speaker, Mrs. Prakashini Ganesh Shenoy, please. Thank you, Chairman. Our speaker number 13, Mrs. Shenoy, is being unmuted. Please go ahead. Am I audible, sir? Yes, ma'am, please go ahead. Yes, I am Prakashini Ganesh Shenoy from Bombay. Respected Honorable Chairman, Mr. Subramaniam ji, other dignitaries on the board, and my fellow shareholders, good afternoon to all of you. I received the AGM report well in time, which is colorful, transparent, knowledgeable, informative, and contains all the information as per the corporate governance. I thank the company secretary and the team for the same. The Chairman has given a beautiful picture regarding the company and its working in all parameters. Thank you, Chairman, sir. I am happy to know that the company has done outstanding work in the field of CSR activities during the year. At the outset, I am thankful to the board for recommending no dividend for the financial year 2023/2024. I also congratulate one and all for various awards and activities, which the company has got. This shows the hard work and sincerity of each and every staff. Sir, I have few questions. My first question is, on the sustainability front, how does the company plan to invest? [Foreign language] Chairman, sir, last but not least, as many of my predecessors have told, even I join with them and request you personally to please continue with VC, so that people all over will have an opportunity to express their views. I wish the company good luck for a bright future and pray God that the profit of the company shall reach the peak in due course. Sir, I strongly and wholeheartedly support all the resolutions put forth in today's meeting. Thank you, Chairman, sir. Thank you, Mrs. Shenoy. We will now have Mr. Ravikumar Naredy, please. Mr. Naredy, may I request you to unmute your connection and ask your question. Hi, good afternoon, sir. I am attending this meeting from Bhilwara, Rajasthan. My first question is, as you know, Land Rover started making two of their models in India, which is Land Rover Sport and Land Rover Autobiography. And I think Land Rover will start more models in future also. So, do you think this will benefit us as a company in future? And my second question is, are we getting any orders in airport design work and metro and railway stations related work? And also in movie animation segment also, please give update on that. And my balance questions is already ask, so thank you. And overall, management did a great job, so congratulations on that and all the best for the future and reverse. Thank you. Thank you, Mr. Naredy. Yeah, and we now have Mr. Shailesh Mahadevia, please. Yes, sir. Speaker number 15, Mr. Mahadevia, could you please unmute your video and audio and ask your question? [Foreign language] Sir, further, you have also done excellent work for the Tata Consumer Products, particularly the tea vending machine, and we are told that from same machine, you can offer as many as 50 flavors. Sir, what exactly we have done this a particular banner? Sir, now I would like to come to our association with ISRO. ISRO, we are playing role in two ways. Firstly, we are contributing our design in some of their devices for their latest programs like Gaganyaan etc. The other role, which we are, we may be playing that while privatizing certain parts of ISRO activities, they are inviting members to join and they are also offering their technological achievements, which they have been using so far. Sir, are we purchasing anything from ISRO from their technology, on which they have already done lot of work? [Foreign language] [Foreign language] That will be of great help to us as this technology is not, we are not very much familiar with all this. And sir, lastly, I also joined with some of our shareholders, who have suggested to split the shares into INR 1 from INR 10. The latest in our group was done by Tata Steel, whose prices were not as high as ours, like INR 7,000. Their share was quoting only at about INR 1,500. And the bonus shares, sir, two years ago, you had suggested you have no time to even think about this, as you are so very busy with the working of our company. But sir, spare some time for benefit of the shareholders at large. Sir, with this, I request you to continue this meetings online, which enables person like us at the age of 86 to participate in our activities. Thank you and wish you all the best. Thank you. Namaste. Thank you, Mr. Mahadevia. Can we move on to the next shareholder? [Foreign language] I am sorry, we couldn't hear him clearly. Mr. Chopra, could you repeat? Mr. Chopra, yes, please. Mr. Chairman, you yes? Hello? Yeah, we did hear you personally. Could you repeat, please? Yes, please. Mr. Chairman, you have already elaborated most of the things of your company. Your speech and previous speakers have already put so many questions. I don't have to put more questions, except once. My request was to split from INR 10 - INR 1 and give us also bonus, so that we can also get something. Thank you very much. I appreciate the sector department efforts investing us. Thank you very much. Thank you. Thank you, sir. Can we move on to Mr. Bharat Mulchand Shah, please? Sir, sir, speaker number 18, Mr. Shah, please go ahead with your question. Chairman, Mr. Shah, we are not able to hear you. Could you please speak louder? [Foreign language] [Foreign language] [Foreign language] [Foreign language] Yes, sir, please go ahead. Sir, good afternoon. Sir, I am shareholder since inception and this is for the first time I am speaking in this dias. Hell o? Yes, sir, please go ahead. We are able to hear you. Sir, see, I was having some problem with the registrar. Sir, that problem has solved. But sir, this should not happen. This should not happen because I have sent my share for the dematerialization. But they have return it without any cost. And they now it has been dematerialize. Dematerialize is no problem. But see, this should not happen. And we how to contact the company secretary and anything. I was not having any detail. So, I have to approach the SEBI. Hello? [Foreign language] Yes, we are able to hear you. Please go ahead. Sir, Aspi from Bombay. Thanks for giving me an opportunity to speak. Sir, next year when the physical AGM starts, please continue with the hybrid meetings that we from Bombay can also attend. Sir, please request the moderator to announce speaker number every time so that we know when our name will be called out. Sir, congratulate the management on very good results. I hope the same trend continues. Sir, how much percentage of our income comes from AI? How much percentage you expect in next two years? So, in your chairman speech, you mention the work our company does for Tata Motors. Why should Tata Motors come to us when they are Tata Tech subsidiary dedicated to mobility only? Sir, if there is work of auto manufacturer, do you bid with Tata Technology? [Foreign language] Considering Europe is not in good shape. So, I don't want you to give extra dividend. I don't expect a bonus and a split. Don't give bonus and split as demanded by others. Let the share price increase like MRF. And you can also follow TCS and go for buybacks. But I would, I would not recommend bonus and split. So, thank you very much and all the best for the future. Thank you. Thank you, Mr. Bhesania. Sir, could we check if Mr. Bharti Saraf is available? [Foreign language] [Foreign language] [Foreign language] Sir, no, Mr. Rozekar has confirmed that he will not be joining, as he will be traveling. So, that was the last question. Sir, over to you for further proceedings. Thank you, all the shareholders, who participated in the question and answer session. Let me now try and address the questions, not in specific order, but let me try and cover as much as possible. First is Doctor Bopanna. I think, thank you for your extensive set of questions. I think, their first question is related to opportunity in IoT, Industrial IoT, AI, ML, and what are the future opportunities. I think, all these are fairly interconnected. And in my address, I spoke about interdisciplinary, disciplinary nature of the problems that are emerging. And clients are always looking at some of these new technologies. There going to be lot of sensors, computing on the edge. Your company has adept skill sets, evolved frameworks and architectures to provide solutions with all these technologies coming together, keeping the experience and Gen AI RAI at the center. So, we will watch this space very carefully. And every solution that we are now providing to our clients, really leverages all of these technologies. And you wanted to know about skill mismatch and how do we really address that skill mismatch that we have, vis-à-vis the customer expectations in new technologies like AI, robotics and so on. So on. I think, your company is investing a lot in upskilling the talent that we have. And our lateral hiring for specific niche areas is also addressing some of the skill mismatches that we have. How are we assisting Tata Medical Center? We are not really looking at any one particular company like Tata Medical and others. But, I think, we have a very strong capability and portfolio of solutions and services that we offer to the healthcare and life sciences segment, which is really focused on lot of medical devices, interaction between medical devices and extracting data and providing real time analytics for analysis around the data that is extracted from such medical devices. So, which is something that you know, we have done for most medical device manufacturers. What opportunities are there to work with Tata Medical Center and Tata MD Diagnostics? Some of those things is something the company is exploring. And as we probably in the next AGM, we will provide more updates on that. 5G, augmented reality, I think, virtual reality, streaming, these are all areas of focus for our media and communications vertical. The company has developed this Neuron platform. And Neuron platform is getting strong traction in the marketplace. And incidentally, the Neuron platform, the orchestration that it is providing, is powered, is powering the BSNL network today. That it which TCS is rolling it out along with the Tejas Networks. So, your company has supplied this particular piece of the orchestration technology, which is the Neuron plane, which is the essence of the Neuron platform. Is something that we have utilized. And moving forward, I think, whenever such a large scale 4G, 5G network rollout happens, this orchestration platform will be part of such offerings, either from Tejas or through TCS or independently from Tata Elxsi. And then, are we doing enough across industries? Should we diversify more? Is something that you had asked for? I think, the company is always looking at various opportunities. Beyond the verticals that we have, we are exploring opportunities and we are investing at present in creating the solutions and skill sets and the potentially frameworks that are required for a few verticals and few areas. Like, aerospace is one such area, we are contemplating. And defense is another area that we are looking at. And thirdly, I think, you know, how do we make our design count across the various verticals? This is something that we are looking at. And cyber security, I think, you know, we are not going to market with our offerings in cyber security area. But, what we are really focused on is making sure that our network, our areas of work that we do, they are all fully secured and free of vulnerabilities. That has been our focus. And, and I think, you know, we have adopted some of the best in class security tools, so that our network is safe and secured, which in turn connects to our clients network in many situations. So, I think, you know, overall, I think, we have done a good job of it. Likewise, every design that we do and every code that we develop and embed into the various products that we supply, is also free of vulnerabilities. And then, there is a specific focus on edge as a key focus area in all these areas. Then, I think, there have been many people, we have asked, I think, Mr. Saraf and many others, have asked about AI new technologies. And, I think, I have alluded to some of this as to what we are doing. I think, there is a significant amount of work that is happening in artificial intelligence. Gen AI, the company has devised a number of use cases for the automotive sector, for the media and communication sector, as well as the health care sector. And, each one of these use cases, the company has developed prototypes. And, we are now engaging with the OEMs and our existing client base to see how these use cases can be meaningfully deployed for the benefit of our clients as well as their end clients. And, we are seeing some good traction in the automotive sector and health care sector. Hopefully, you know, we will make these count in the future quarters. It's very difficult for us to split the AI revenue separately. How much of, I think, one of the share holders, Saraf also asked, I think, you know, what is the share of revenue from artificial intelligence. It's very difficult to split that because things like AI, digital technologies, as well as cloud, they are integral to every single project that we are executing today. So, it's very hard to differentiate and then say that so much comes from AI, so much comes from digital and so on. So on. So, at this point in time, we are publishing certain breakups in terms of diversification by verticals and diversification by service lines. And, I think, you know, we will stick to that. And, if it becomes really necessary and if this is possible, then we will consider reporting the AI revenue separately moving forward. I think, most people have talked about continuing with the virtual AGMs and hybrid AGMs. We will see how this evolves. But, it's clear that the AGMs will continue to be in this virtual format. A lot of people have asked about splitting of shares and the bonus issues may be considered. I think, your board will take all these inputs that have been given by many share holders. We will consider it as appropriate in the coming times. I think, Mr. Manoj Kumar Gupta have asked how are we helping medical vertical. I think, I had answered that. And, Manoj, you want to answer specifically on health care and medical devices vertical? [Foreign language] So, typically, whether it is when you launch in a particular market, U.S. and Europe, there are regulations that the products have to be certified against. So, that takes a lot of effort and time. So, we are really helping companies in that process. We are also building our own products, you know, to engage and, you know, actually helping, you know, in the telemedicine sort of applications, in the hospitalization, you know, applications. So, really digitally transform, you know, the hospital experience. So, these are things that we are doing in the healthcare and medical space. Yes, thank you, Manoj. I think, it was Mr. Shailesh Mahadevia, who asked for a presentation from CEO and MD. We will certainly do it from next year. And, I will now pass on many of the questions, whatever questions possible to be answered by our CEO MD to fill this in this AGM. I think, young generation to education and then innovative design through our CSR efforts. We are helping. I think, I articulated that. And, I think, this whether we should get into education sector as a business is something that we will consider. But, I think, it's a crowded space and we are very focused on the three verticals. We have looking forward to add one or two more in the coming years. And, we have a reasonable, I think, one of the questions that Mr. Gupta asked is about projects in the pipeline. We have a reasonable pipeline and I think, we have a sales team which qualifies and puts the opportunities. And, we go through a process of different stages of each of the opportunities that we have. And, the pipeline that we have considering our current client base and the new go-to-market universe that we have is... I think, it's really approximately about two to three times the revenue base that we have at this point in time. And, that augurs well for our growth in the future. Mr. Naveen Bothra, again, thank you for your continued support. I think, you have been always interacting with us during the year as well as in every AGM so far. You know, thank you very much. And, I think, you know, your analysis and your request for us to reconsider and relook at capital allocation policy is well noted. We will again take it up in the next board discussions and then take a very informed decision on some of these recommendations that you have made. And then, the software-defined vehicles. I think, there is an emerging. This is clearly an emerging opportunity because contrary to the earlier times where proprietary hardware and proprietary embedded software used to be a differentiator. Used to be the way in which many products are defined and designed. Now, the era is really about using, you know, standard hardware and make it lot more configurable with the software defining how a particular product needs to function. What kind of interface that needs to be happen and how that can be customized and personalized at individual levels. I think, that something that is very much evolving and quite proven, I should say. And, your company is well positioned to really look at software-defined hardware performance and software-defined interface for all the human machine interactions that is happening currently. We will continue to explore that and differentiate ourselves in that particular area. And then, you talk about supply chain and sustainability. I think, we are as an organization, we continue to focus on sustainability being an important element in our design of our solutions and products. In fact, that is one of the true differentiations that we bring in. You know, and I think, one of the other shareholders also asked about in what way you are differentiating yourselves. I think, this is one such differentiation. Whatever we do, and I think, the example that we quoted for Kiosks and Aha! machine is truly a representation of how we bring in sustainability to the core of our design work, which we will continue to do. And then, it is really about, you know, sensors and how do we capture information that's coming out of sensors and do the computing then and there and then make real-time decisions on what should be the next best thing that the product should do. And this is an area, I think, we will continue to invest and build our competencies and capabilities as we really see that this is offering enough differentiation for us. I think, you asked about diversification of business mix. We continuing to look for opportunities and I talked about aerospace and defense as one potential vertical that we could get in. We have done some good work in designing the Kochi Metro. And I think, the opportunity is there to extend that capability that we have to other metros and other, let's say, the railways as another opportunity. We are exploring some of these options as a part of the transportation vertical as we see. And then, Mr. Ramaswamy, I think, you had asked products and platforms enabled because, I think, you know, it's very difficult to again differentiate and see and call out how much is the revenue that is coming out of products and platforms. We have invested in this products and platforms, whether it is Tether and Neuron and Autonomai and a few others over the last about two to three years. We continue to keep enhancing it, upgrading it and see how they can be made more intelligent using the current technologies. We are also looking at applying them in the cloud and really looking at SaaS-based pricing models for all of these platforms. As I mentioned, the Neuron clearly, you know, is something that has been packaged into the overall solution that we are offering to BSNL. And the opportunity is there to synergize and collaborate further with Tejas Networks and other group companies to as they go ahead and position their products and integrated solutions for the telcos and enterprises. I think, you also asked about questions on Gen AI. I think, I have talked about Gen AI and clearly, your question is more about, you know, how it will impact the overall revenues, productivity and so on. These are really stages and at this point in time, we are really focused on building the competency, capability and frameworks that are required to go to market with. I think, we have enough ammunition at our as a part of our portfolio. Yes, Gen AI has the potential to improve productivity and depending upon what area it is, it could lead to anywhere between 25% to 40% to 50% productivity that is possible. But overall impact on revenues is something that, you know, we will have to wait and see because many enterprises, while they are all interested in looking at Gen AI, they are also keen to see how what are the options that they have, how they want to embrace Gen AI internally within their organizations and how a third party like us, when we design and offer our solutions using Gen AI, what does it mean, how does it fit into their overall architecture. And there are lot of points that are getting discussed across the value chain of delivering solutions. So, it's a fast changing and fastly evolving. But, we have taken some calculated decisions and calculated calls in embracing Gen AI in everything that we do. And that should augur well, even in terms of simply positioning our products and services in the marketplace. Startups, are we planning to invest in? I don't think that we are going to be investing in startups. We have tried in the past to incubate a few startups within Tata Elxsi with some mixed successes. We will continue to look at opportunities of collaborating with startups. Number one, number two is that some of the platforms that we are specially using Gen AI, whether we could offer it to the startups is something that our team is evaluating at this point in time. Then, the next questions came from Mr. Anil Mehta. And then, how are we actually building our competencies with international domain experience is something that you had asked for. It's a combination of doing the right investments upfront, looking at our with the customer base that we have. For example, if you take some of the OEMs that with whom we are operating, they are truly global. So, in that sense, that when we work with a particular OEM, we happen to work with them in Europe, we happen to work with them in Asia as well as in the United States. So, that gives us a perspective of how each markets operate, what are the nuances for each of these markets. So, overall, you know, each of these verticals, their domain team have this international experience. And then, you know, the knowledge that is assimilated and gathered out of all of these engagements that we do for global customers, provides the base for the international knowledge that we have. We also do limited hiring laterally in these markets, wherever we require such domain expertise and market knowledge to augment that we have. Related party transactions that you had asked for, I think, we have a very strong process. It's actually a compliance requirement in every audit committee and every board meeting. I think, these are presented and where required shareholder approvals and all of them are taken. And be assured that, you know, this is a topic which is well governed within your company. And then, in terms of the business plan for the next year and five year, it's very, you know, sufficient to say that the company is extremely focused on maintaining the double digit growth and the margin difference that we with which we operate. I think, the opportunity is there to double our revenues in, let's say, over the next five years for sure, if not more, organically as well as inorganically. But then, the market conditions, the currency as one of the important levers in all of this and the inflation, some of these are the headwinds that we need to deal with. And some of the new technologies that we are facing is also something that provide varying set of opportunities. So, we have to look at all of these things. And then, our CEO and the management team has a very detailed process by which, you know, they go to market with the specific solutions and differentiation. As a management team, they meet every month for an operations and business review. So, a lot of governance is in place to drive growth as they truly believe that growth is very important in order to sustain the investments that we need to make in all the technologies which are coming in as well as meet the expectations of the younger generation of employees who are joining us. As far as the liquidity question is concerned, I think, we monitor this very carefully. There are very strong processes in terms of our own treasury management. Investments that we make, foreign exchange requirements locally as we meet the expenses vis-à-vis, the billing that takes place in foreign exchange. And how do we provide leverage the natural hedge that is available in making sure that, you know, the funds are sufficiently well utilized and invested well. At the same time, meet the working capital requirements properly. I think, Mr. Dutta, you had asked questions on chip design, defense technology and then disaster in railways. And can we contribute in some way and come up with solutions for safety and so on? I think, we will reflect on these inputs. I would request the management team to really look at some of these opportunities as they are contemplating to get into the aerospace and defense arena as a focused vertical website. I think, you know, there are many different views that come out of it, but we will take your inputs. I think, the approach taken by Tata Elxsi is that simplicity is, you know, overrules everything else. Is the theme that they have been adopted. But having said that there are lot of new technologies that have come in making the website lot more dynamic and interactive as you have rightly observed. And I think, the management team will reflect on it. And then, we will try and improve our website in the coming months. Mr. Kejriwal, again, thank you for all your inputs. I think, you had challenged us on the growth. I think, you know, given the market conditions, etc., I think, you know, the company did well to register a 13% growth sequentially. But the opportunity is there and we need to go and tap in the right opportunity as the euphoria around AI Gen AI settles down and how that will be used and how cloud and cloud interoperability and multi cloud strategies are stabilized in our customer base. I think, you know, the growth should come back to what we used to grow earlier. I think, you talk about semiconductor chips in Gujarat and the investments that the group is making. Are we engaged? We are exploring always the, you know, opportunities in synergizing with our group efforts. And, you know, we will look for engaging with them in the right and appropriate manner, be it in system integration and design and otherwise. I think, a bonus split, that's, that we have already answered the questions. Mr. and Mrs. Mascarenhas, I think, you asked a question about ESG platform. I think, EcoVadis Bronze is the platform on which, you know, we are working on. I think, you asked about the average employees, age of the employees. Is, is that about? 28 years is the average age of Tata Elxsi employees. And then, you wanted to know about R&D attrition, which is really about, you know, in various centers. It's different, but on average, it's about 12.4% is what we have published it. And you have given us an idea to really look at whether attrition should be really looked at the R&D employees separately. We felt that it's not required because mostly, you know, most of the work that we do is product R&D and R&D. So, I think, the company attrition of 12.4% is be more or less the same across the R&D as well. Then, the total employees is about 13,400 with 36% are women employees at this point in time. We have lot of respect for NVIDIA and I think, as you know, the company has its origins in building graphical design capabilities with Silicon Graphics machines, you know, way back. So, that D&A continues to be there and we will continue to look at, you know, the AI opportunities in that thing. And Mr. Musk and his, you ask about, you had the problem of KYC and share certificates. And I will request the company secretary to really understand your problem better and then see how we could help with in the framework that is there. Then, Lekha Shah, I think, you ask about the roadmap for two years. I think, I had mention it. Then, total number of employees, women percentage, etc., we have done. Mrs. Prakashini Shenoy and I, you talk about sustainability and then increment the revenue opportunities and growth opportunities in the future. I think, you know, I had explain all this. Essentially, you know, the digital and AI technologies and including cloud and artificial intelligence is there in every project that we do. It is, in fact, you know, if you don't have some of this in your offer, you are out right rejected. So, in that sense, that, you know, we need to really differentiate ourselves using some of these offerings, which we are continuing to do. Sustainability, what investments that we are making is the other question that you had, you had ask. As I said that, look, you know, focus is to see not only that, you know, we are on the path to achieve carbon neutral by 2030. And we are also embracing the group sustainability goals under the Aalingana project that the group level that has been defined. We are aligning our actions according to that across the various dimensions. But more so, you know, in terms of the design work that we do, the products that we recommend for our customers, we are ensuring that it is sustainable. And whatever work that we do, you know, we make it carbon neutral for our customers as well. Because whatever we, if we make it carbon neutral, that helps in the scope to scope three emissions, you know, from their perspective. I think, that's a focus. Mr. Naredy, I think, you had given us, you ask a few questions: airport, railways, metro. I think, I have answer that question. Movies, we used to be operating, you know, in supporting our customers in animation and this thing. But we are not doing such work anymore. And we are truly leveraged the experience that we have gain by in the animation movies, very productively in our design vertical, which is now integrated in every single project that we do. And that's why, you know, we have really focused on design led engineering. And that's a key differentiator for your company. Jaguar Land Rover, yes, indeed, they are started making cars in India. And they are, we are engaging with them. We continue to support them in certain key areas of work that we are doing. Mr. Mahadevia, I think, you ask many questions. I think, more or less, I have answer, you know, all the questions that you had ask. I think, attrition, we will continue to drive the attrition down. I think, we are comfortable now between the range of 10%- 11% as an attrition in this industry. And then, you ask about lake restoration. It's really about in the Kanamangala lake rejuvenation work. It was, it evolved in understanding the overall topology, desilting and then cleaning of the entire lake, as well as strengthening the lake bed and near by, creating walking paths, planting greenery around the lake, so that it is sustained. And and also ensure that the natural paths that are available for all the rain waters to collect and accumulate, rather than going waste, is something that we have ensured. And it's a truly successful. And then, when we see that lake filled with water after a rain, and I think, it's a very nice sight to see. Then, you also wanted to ask about, talk about cyber security. And then, the tea vending machine, I think, I have already talk about it. ISRO, are we collaborating sufficiently and adequately? I think, you know, it's a, we are proud of our association with ISRO. And then, the fact that we have designed one particular unit for them, is a in the Gaganyaan thing, is a very very rewarding. And because, it not only helps to test our capabilities, and also build significant competencies for us. And we will ensure that Manoj presents in the from the next AGM onwards, providing more color to the overall company's performance, as well as the competencies that he has created. Mr. Hrishikesh Chopra, your inputs on splitting shares and bonus shares. Likewise, Mr. Bharat Shah, all are taken into account. I think, Mr. Maheshwari Somani, you had solved the problem of demat. I am sorry that you had to go through some unpleasant experience while doing so. But, we will try and correct that moving forward. Okay, I think overall, I think, I have answered all the questions from the shareholders. If there are any further questions that you have, and if I you feel that some of these questions are not answered adequately, please do reach out to the company and company secretary. And thank you for your kind words about our Company Secretary, Ms. Cauveri Sriram. I think, she will, she is, she is doing a brilliant job for us and the team secretary work. I also would like, on behalf of all of you, would like to compliment her work, you know, in doing this. So, thank you so much with this. I would like to thank all of you for being part of the 35th Annual General Meeting of the company. We request you to stay connected. The management team will continue to do their best in responding to you right through the year. So, you know, as mentioned in the AGM notice, the following resolutions are proposed for approval of the shareholders. Resolution number one, adoption of the audited financial statements, directors and the statutory auditors report for the financial year ended March 31st 2024. Resolution number two, to declare a dividend of INR 70 per equity share of face value INR 10 each for the financial year 2023/2024. Resolution number three, to appoint a director in place of Mr. Ankur Verma, who retires by rotation and being eligible, seeks reappointment. My request, all shareholders who have not exercised the remote e-voting, to cast their vote through e-voting. Please note that e-voting will be kept open for 15 minutes more. The scrutinizer shall count the number of votes cast for and against the resolutions and will then submit his report to the chairman, which will be made available on the website of the company and filed with stock exchanges within 48 hours of the conclusion of this Annual General Meeting. The resolutions as set forth in the notice shall be deemed to be passed today, subject to receipt of the requisite number of votes. Further, I hereby authorize the company secretary to declare the results of the voting and make the necessary disclosures in this regard. Thank you all for joining us in this Annual General Meeting. I would like to thank all my fellow directors, company executives and the shareholders for joining this meeting remotely. I once again want to sincerely appreciate and look forward to your continued support and guidance. With this, I declare that the 35th Annual General Meeting is closed. As closed. Thank you all very much. Namaste. Thank you, chairman. Dear members, as instructed by the scrutinizers, request all the members participating in the AGM and who have not cast their vote yet, to cast their vote in the remaining period of 15 minutes. Thank you.