Advanced Enzyme Technologies Limited (ADVENZYMES) Earnings Call Transcript & Summary

Good morning, everyone. Dear members, we welcome you all at the 32nd Annual General Meeting of the company being held through video conference/other audiovisual means. [Operator Instructions] For preregistered speaker members who are present for the AGM, the audio-video will be enabled once you are invited one by one to speak during the question-answer session. Members are requested to refer to the instructions provided in the AGM notice or by e-mail for a seamless participation through video conference or for availing the e-voting on the resolutions as per the facility provided for the eligible members present at the AGM. In case of any difficulty, the member may reach out on the help line number given in the notice. The requisite quorum being present for the meeting, I now hand over the proceedings to the Chairman, Mr. Vasant Rathi. Thank you.

Good morning, everybody. Good morning, ladies and gentlemen. I welcome all the shareholders to this 22nd Annual General Meeting of your company, the second virtual AGM of the company. We have the same AGM last year on the virtual thing. I sincerely hope that all of you and your families are in good health, and I request you all to continue following the necessary safety and social distancing measures since COVID Delta variant are still active in various part of the world, including India. As the requisite quorum is present, I hereby declare the meeting in order. In view of the COVID-19 pandemic and social distancing norms, this AGM is being held through video conference/other video -- audio/video means in compliance with the circular issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India and the applicable provisions of the Company Act 2013 and SEBI listing regulations. In accordance with the said circular, the physical presence of member at the AGM venue is exempted, and the members attending the AGM through the said VC facility is counted for the purpose of the quorum. I welcome my colleague on the Board of your company and let me briefly introduce them to you. We have Mr. Kedar Desai, who is a Board member and also Independent Director and Chair of the Audit Committee, CSR Committee and Stakeholders Relations Committee. Kedar?

Good morning. I'm attending this meeting from [indiscernible].

Mr. Pramod Desai (sic) [ Pramod Kasat ] is an Independent Director on the Board and Chairman of the Nomination and Remuneration Committee. Pramod?

Good morning, everybody. I'm Pramod Kasat. Welcome to this AGM, all the shareholders. Thank you.

Thank you, Pramod. Mr. Mukund Kabra is a Whole-Time Director of your company. Mukund?

Good morning, everyone. I'm Mukund Kabra, attending this 32nd Annual General Meeting of the company through videoconference from [indiscernible]. Thank you, everyone.

Thank you, Mukund. Ms. Rasika Rathi is a Nonexecutive Director of your company and also Vice President, General Counsel for the U.S. subsidiary. Rasika?

Good morning. I am Rasika Rathi attending this 32nd Annual General Meeting from my house in the United States. Welcome.

Thank you, Rasika. Mr. Vinodkumar Jajoo is also an Independent Director. Vinod?

Good morning, you all. I'm Sir Vinodkumar Hiralal Jajoo attending this 32nd Annual General Meeting of the company through videoconference from my residence at Nashik. Thank you.

Dr. Sunny Sharma is a Nonexecutive Director of your company. Sunny?

Good morning, everyone. I'm Sunny Sharma attending the 32nd Annual General Meeting of the company through videoconference from Mumbai. Thank you, and welcome.

We also with us Mr. Beni Prasad Rauka, our Chief Financial Officer; and Mr. Sanjay Basantani, Company Secretary. Thank you, [indiscernible]. Thank you, [indiscernible]. I also welcome to Mr. Sadashiv Shetty, representative of and partner of our statutory auditors, MSR & Company LLP (sic) [ B S R & Co. LLP ]; and the Secretarial Auditor, Mr. Shiv Hari Jalan, practicing company sectary. The annual report, including Board's report, audited financial statements for the year ended March 31, 2021, along with notice conveying this AGM has been sent through electronic mode to the members in advance at their registered e-mail ID and also has been made available on the website of the company and submitted to the stock exchange -- both stock exchanges. With the permission of the members present, the same report and notice, including the regulations and explanatory statements, thereto are taken as read. The statutory auditor reports -- secretarial and auditors' report for the year ended March 31, 2021, does not have any qualifications, observations or adverse remarks which would have any material adverse effect on the financing -- finance functioning of the company. Hence, this audit reports are not required to be read. The statutory register and other documents mentioned in the AGM notice are available for the inspection electronically, as mentioned in the notice to the AGM notice, including a copy of the certificate from the statutory auditors in respect of the employees stock option schemes of the company, confirming the implementation of the scheme is in accordance with the applicable SEBI regulations and the resolutions passed by the shareholders in this [indiscernible]. The COVID-19 pandemic, which was a defining event in 2020, continue to have an impact in different parts of the world in 2021 as well. The health, social and economical consequences were felt by people the world over. Especially in the last few months, India has gone through the big wave of COVID, second wave of COVID. Health care frontline workers continue to work tenaciously to provide all help possible to those in need. At Advanced, we are regularly taking stock of the current COVID scenario. Safeguarding employee, customer health and interest is always the top most priority of your company. The pandemic's impact was felt by businesses all over the globe. However, despite the unfavorable environment, the company exhibited resilient performance for the year ended March 31, 2021, and crossed for the first time in company history more than 5 million -- more than INR 5 million mark in 2021. That is INR 5,018 million. This would not have been possible without the good measure of the Board, management and the passion and dedication of our people. During the year, consolidated operating revenue of your company grew at 13% to INR 5,018 million from INR 4,440 million, that is INR 4,440 million in FY '20. On EBITDA, our EBITDA grew by 14% to INR 2,315 million, while our EBITDA margin remained at 46%. So while we are growing, good part to note is that we have continued to keep our EBITDA margins at the same level -- high level at 46%. Our PAT grew by 14% to INR 1,515 million compared to last year at INR 1,330 million. Human Nutrition continued to be primary revenue drivers, contributing INR 3,786 million in FY '21, up by 18%. Animal Nutrition and Bio-processing business grew by 11% and 1%, respectively. Due to the pandemic, lockdown restrictions are as well imposed from time to time. Logistic cost rose significantly. And today still, we are facing similar type problems in logistics. And the delivery took longer time, and costs keep on increasing. This, coupled with lower consumption of animal feed product range, impacted animal nutritional business. The company's Bio-processing business comprises of food and nonfood businesses. With regard to the food business, focus was primarily on the European market. Due to lower consumption and very severe COVID situation in Europe, we are a company -- we witnessed slow growth. The nonfood business consist of industrial processes like textile processing and effluent treatment, paper and pulp, leather and laundry solutions, et cetera. As paper focused more on essentials during the year, these businesses did not much garner much revenue. In January 2021, your company completed the acquisition of SciTech Specialities Private Limited, a contract manufacturing company with niche technology specializing in effervescent granules and tablets. The acquisition has strengthened manufacturing capability of your company by adding 2 manufacturing facilities for nutraceuticals and pharmaceuticals. The combined synergy will allow your company to expand its B2C business and will also empower your company with important applications in the existing verticals and provide new delivery systems for existing products. This venture will strengthen the overall capabilities of capacity expansion as well as R&D. Now let me brief you on the e-voting period and related processes. This is -- previously, I told you all about 2021, FY 2021 in terms of financial details. Now regarding e-voting period and related processes. As per the Company Act 2013 and SEBI Listing Regulations, read with the recent circular notified, your company has provided the remote e-voting facility to the members for all the resolutions mentioned in the AGM notice. The e-voting period commenced on September 3, 2021, at 9 a.m. IST and ended September 7, 2021, at 5 p.m. IST, that is yesterday. The e-voting facilities also are available for the members present at the AGM who has not cast their vote earlier during the remote e-voting period. Members holding shares of the company as on the cutoff date of September 1, 2021, are provided an opportunity to cast their votes electronically. In this process, the company has engaged the services of National Securities Depository Limited, NSDL, for facilitating voting through electronic means. Your company has taken requisite step to enable members as on the cutoff date to participate and vote on the business items mentioned in the AGM notice. There are certain -- as per the applicable provisions, every resolution which has been put to vote through the remote e-voting need not be proposed by the member and seconded by another member. I remember previous meetings where every resolution has to be read, proposed and seconded. It seems like that requirement is not there. There are 4 ordinary businesses and 7 special businesses, business items that were recirculated through the AGM notice to the registered e-mail ID of the members and taken as read at this meeting. All resolutions made with explanatory statements thereto are already placed before members who are remotely voting. Ordinary business. Item number one: to receive, consider and adopt the audited financial statements, stand-alone, of the company for financial year ended March 31, 2021, together with the auditors' report thereon and the report of the Board of Directors of the company and the audited financial statements of the company for the financial year in March 31, 2021, together with the auditors' report thereon. Item number two: pursuant to the dividend distribution policy of the company, the Board has recommended to increase the dividend to all our shareholders by 50% compared to last year to a final dividend of 45%, that is INR 0.90 per equity share of INR 2 each, subjected to deduction of taxes at the source of the applicable rates. Number three of the AGM notice pertain to ordinary business to appoint a director in place of directors retiring by rotation who, being eligible, has offered for reappointment. Item number four pertain to the appointment of MSKA & Associates, charted accountants, for a period of 5 consecutive years to hold office from the conclusion of this AGM till the conclusion of 37th AGM of your company, as per the details provided in the explanatory statement. In special business item number 5, the Board has recommended the remuneration of M/s. Shilpa & Co., cost accountants, as the cost auditor for the financial year 2021, '22 for the ratification of the members. The special business item is recommended by the Board and placed before the member, which we as a Board have provided in the relevant explanatory statement circulated earlier as a part of the AGM notice, including the following: The Board has recommended reappointment of 2 directions. Mr. Mukund Kabra is a Whole-Time director for terms of 5 consecutive years with effect from the April 1, 2022; and Mr. Pramod Kasat as an Independent Director for his second term of 5 consecutive years effective December 14, 2021. Brief profiles and other details are provided in the AGM notice. Number two, the next 2 special business items, that is item number eight and nine, pertain to related party transaction of the company with their 2 subsidiaries, that is Advanced Bio-Agro Tech Limited and JC Biotech Private Limited, for a period of 1 year effective from October 1, 2021. Resolution number 10 is for the continuation of office of profit in terms of remuneration for related party and promoter group member, Mr. Kishor Rathi. And the last item number 11 pertain to reclassification from promoter and new -- from promoter group member to public category. Views of the Board on the reclassification request were shared from the promoter, and a few promoter group members are provided in the explanatory statement in the AGM notice. In this regard, the extract of the Board meeting minutes were also submitted to the exchanges on August 7, 2021. Now we would invite the preregistered speaker members one by one. [Operator Instructions] I will attempt to reply to queries after taking also all your queries. Moderator, can you now invite the preregistered speaker members one by one? Sanjay?

Good morning, Chairman, sir. We have a total of 8 preregistered speakers for this meeting. The first speaker we have is Ms. Lekha Satish Shah. [Operator Instructions]

Hello. Can you hear me, sir?

Yes. Please, proceed.

Thank you, sir. Respected Chairman, sir, Board of Directors and my fellow members, good morning to all of you. Myself, Lekha Shah, Mumbai from [indiscernible]. First of all, I am very much thankful to our company secretary, Mr. Sanjay, sir, and his team for assembling very good investor services and also sending me the AGM notice by e-mail well in time in such a difficult situation, which is full of knowledge, facts and figures in place. So I'm very grateful to our company secretary, Mr. Sanjay, sir. Thank you, Chairman sir, for explaining us well about the company. Congratulations for excellent work, sir. Chairman, sir, this is the second AGM that is conducted through videoconference. I hope next year, by the grace of God, that situation get better, and we have a physical meeting. Though times are tough and unpredictable currently, I'm sure that our company has the ability to deliver growth and increase the shareholder's value the company has, as has been demonstrated this year. Sir, I'm happy to see all the good things that you have done during this tough time. I pray to God that he always shower his blessing upon you. Sir, I'm confident that with your vision and determination, you will lead our company greater height. And also, I pray to God, our company should progress more and more under you and your teamwork. Sir, I would like to ask you a few questions. My first question is, what are the learning from the lockdown and how is the company implementing those learnings? Number two, has there been any impact of COVID's second wave on the company operation? Third is, how is the company operating? Are we operating from home and they are working from the office? Fourth is, all our employees vaccinated against COVID-19? Fifth one, how many of our employees were affected by COVID-19? So I would like to say, I strongly propose all the resolutions for today's meeting and my best wishes always our company and its property. Chairman sir, it's a difficult time maybe, [Foreign Language]. Thank you so much.

Thank you. Thank you, Lekha ji. Thank you for your very probing questions. Next?

Sir, the next speaker on the list is Mr. [ Vinod Agarwal ], but I think he is not available in the meeting. So we'll move on to the next. The third speaker in the list is Mr. Anil Parekh. [Operator Instructions]

Am I audible?

Yes. Please proceed.

Very good. Anil, thank you. Good morning.

Good morning, Rathi ji, and other Board members. I'm very much pleased to attend this videoconference second time in a row due to unavoidable circumstances caused by COVID-19 pandemic. And I hope you are all sound and safe at your respective ends. Sir, in your opening segment, you have elaborated everything in detail, and there are no questions left. And also, everything is very well, minutely have kept in the balance sheet. So I don't want to ask you any questions. However, the -- so performance this year is excellent under your leadership and all the Board members. You are working very hard for a company to grow at a faster pace, and I'm very much pleased the way company are going ahead. And also, I would like to congratulate for crossing INR 5,000 million mark. And I hope sooner or later, you will reach to INR 10,000 million mark. Sir, about the acquisition this year, I would like to know how much it will add to our top line and bottom line? And also, any other acquisitions are likely in this current year? Also, you have taken very good steps to protect your employees and customers at all the level. So I'm very much thankful to you for doing so. Sir, I have no further questions to ask you. I have full, what you call, confidence in your leadership, and I'm very much pleased that I'm a shareholder of this company. And thank you for presenteering, and I support all the resolutions proposed today. Thank you, sir.

Thank you, Anil ji. Thank you. Next?

The next speaker in the list is Mr. Tushar Sodha. [Operator Instructions]

Am I clearly audible?

Yes. Yes, please.

Very respected Chairman sir, eminent Board of Directors and my fellow shareholders, my name is Tushar Sodha. Finance and [ central ] departments deserve appreciation for sublime presentation of this year's financial statements. Many congratulations for the highest ever consolidated revenues of INR 500 crores. Happy to know that we are among the top 15 enzyme companies globally. Net profits also are at all-time high levels of INR 134 crores. This excellent set of numbers would not have been possible without the vision of the Board of Directors, senior management and the passion and dedication of entire team at Advanced Enzyme. Ours is a virtually debt-free company, and you have managed to retire almost the entire debt within just 4 years. Despite several headwinds and pandemic, our finance department has done a wonderful job with company performing well from practically all financial parameters of free cash flow, EBITDA margins and net profit margins. Chairman sir, effective first quarter, our company has newly added revenue stream of specialty manufacturing, which contributed about 10% of the revenues directly into June quarter. Till March 2021, human health care and nutrition contributed 77%, with animal nutrition 9% and the industrial bioprocessing about 14%. Going forward, do you anticipate any major changes in the segmental percentages? What is the percentage capacity utilization currently? What is the percentage contribution of our top 10 customers for total revenues? Do we expect any further acquisitions? Also, kindly inform when can we expect the launch of B2C nutraceuticals platform? Net worth of INR 970 crores, which is about 84% of the total balance sheet size of INR 1,152 crores, provides financial comfort to all the stakeholders. I congratulate team Advanced Enzymes for this seamless and excellent connectivity in audio/video. I extent my wholehearted support and wish for a bright financial performance on a sustainable basis for Advanced Enzymes. Thank you very much, Chairman sir, for giving me this opportunity to put forth my queries and express my views. Thank you so much, sir.

Thank you, Tushar. Next?

The next in the list is Mr. [indiscernible], but I think he is not available for speaking. So we'll move on to the next one, who -- the next speaker is Ms. Vasuda Dakwe. [Operator Instructions]

Hello? Hello?

Yes. Yes. You're audible, please.

Very good morning, respected Chairman sir, Board of Directors and my fellow shareholders, myself, Vasuda Dakwe. I would like to congratulate our company secretary for sending em a soft copy of the report well in advance, which itself is clear and transparent. The presentation given by the chairperson is also excellent. So all the matters are explained very clearly. I would like to ask in -- our women employees -- number of women employees is only 45. Is it possible to increase it after the lockdown is over? With this, I support all the resolution. Thank you very much, and wish the company all the best for coming financial years and my best wishes for coming festival seasons, Ganpati, Dasara, Diwali. Thank you, sir.

Thank you.

Thank you so much. Sir, the next speaker on the list is Mr. Yashpal Chopra. [Operator Instructions]

Hello?

Yes, you're audible.

Mr. Chopra, good morning.

Hello? Hello? Hello, am I audible?

Yes, sir. You're audible.

Hello? Am I audible?

Yes, please.

You're audible.

Hello? Hello? Hello?

Yes, sir. You're audible.

Okay. Okay. Yes, Yashpal Chopra calling from Delhi. Sir, this is my first meeting for you. And actually, I'm not so happy in joining the meeting over here because the reason being there are -- my company had issued this IPO at INR 896, but the present value of the share is hardly is 1/3 of that. So I just wanted to find out as well what was wrong in that, why -- whether our pricing of the IPO was wrong or the pricing over here, at this stage, is wrong. This is the first query which I must know it. And if -- because the share market is -- the share price is the barometer of the strength of the company, so as the share price in the market, that does not hold so much promise for me. I do not understand. What should I say about the strength of the management? Can you advise me that? Just to average my investment, should I invest just in -- should I invest [ more ] for that? If I can get an idea that the coming time is better? Because I do not understand such a big fall. What's the reason for this big fall?. And the COVID has been around in entire -- in global, entire companies and all that. But most of the company have risen up, have just come up. But our company, it has not shown that much strength. So please indicate the reason behind that and the efforts you are being -- you are taking to -- means upgrade our company. So that is the main reason, that is the main query. The second query is during COVID, there may be some mishap in your company also. What the company has done to reinstate that family, whoever was a victim of that thing? So that is my second query. So sir, before I close, I must remind our company secretary that I had requested for a page of performance and a page of Chairman's speech, which has not provided to me so far, because I am a person -- senior citizen, around 82 years old age. I cannot afford to read the digital balance sheet, and that is why I had made request to him just 2 days ago, that he should send me a page of performance so that I can take out my idea as to where the company stands, and if it is on better footing from the previous year or not. Because now, only based on your speech, I understand that it is just on a better track. So now -- so I would just either pray God that he bestow positivity on you all from the top to bottom, so that my company gets strength, so that my company gets a better performance, so that their share price in the market and that image of the company in the market is high. That is my request to my God because I know that for a management like that of yours, I cannot expect much. It is only that miracle, if it is done from the all mighty. Only then I can just hope for the revival of my investment. So before I close, I pray God to bestow positivity on you all so that you may just proceed in the right direction. So that is my prayer to my God. So best of luck. Thank you. This is Yashpal Chopra calling from Delhi.

Thank you, Yashpal-ji.

The last speaker on the list is [ Mr. Vimal Kumar Agarwal ], but I understand he's also not available for speaking. So that's about it, sir.

Okay. Thank you so much for your various questions. Chopra ji, to start with your queries. Beni, can you answer Chopra ji regarding the share price and what -- how we are supporting the affected families?

Yes, sir. Yes. Good morning. Chopra ji, good morning. I think Chopra ji, you have mentioned the price of INR 896, it is INR 10 share. So if you really see the price of the company as of day, now our share is off INR 2. So we have issued the IPO price was around INR 191, INR 191 per share. And today, price is about INR 380 to INR 390 or so. So I think as far as what you are saying is, I think probably you have seen that INR 896 per share price. But now the share is of INR 2, so you have to divide that IPO price by 5. So we have -- I mean in essence, the company's growth, you can see very well from the price, which has increased from INR 191 to INR 380 or so. Hope I have clarified. And as regards -- I think another question, this is your -- I think you wanted the financial highlight. Chopra ji, we'll take care of that. But yes, in annual report, we have given all those numbers. You can refer Page #14 where we have given the financial highlight of last 5 years. Then I request Chairman, sir, to elaborate more on it.

I think -- I hope you already answered all of Chopra-ji's questions here, right?

Yes. So COVID, he said, I think they wanted to know more about the families...

So what are the COVID families in the company -- how many COVID families are [indiscernible]. Mukund, can you tell on this one please?

We are taking care of all the people. We have vaccinated everyone who is working with the company. At the same time, there are 1 or 2 people who were working from home, as we said, we taken care their children's educations. We have provided them the money from the insurances. We have done the insurance for everyone who is working with the company. They are insured for the COVIDs. And this is what we do. We are also taking all the precautions which is required for the COVID. I hope I answered your queries.

There are -- Anil ji has mentioned that -- thank you, Anil ji, for recognizing the very hard work which are great directions given by our Board management and Board of Directors to achieve the milestone crossing INR 5,000 crores with keeping the margins -- very high margins with 46% EBITDAs. We are constantly striving to reach our goal of INR 1,000 crore, and thank you for your well wishes on that. I'm sure that company will achieve those targets within next few years. Now to reach those targets, we are reaching or trying to reach different markets and expanding our market segments. We are still working on a 4-vertical sense, maybe it's time we explain also -- before also in the last meeting also, that we concentrate on the human health, animal nutrition, animal health, food and [indiscernible] as well as probiotics, which is our major market segments and also bioprocessing. So all these segments are going well, as I explained to you before. There are some -- some markets have been affected, and therefore, there is an effect on animal nutrition or bioprocessing areas, other segment and other businesses, as you call it, due to COVID. Now there are still a lot of markets that is still affected with the second COVID wave. And as I was telling you before, there is a lot of the challenges in the worldwide market when we try to reach our customers. The logistics are tough. We're trying to deliver all the product as quickly as possible. The delays are enormous in the deliveries and the cost has gone up tremendously. Despite of all the challenges with the COVID, our staff has done tremendous work, they've worked very hard and tried to deliver the products. In the meantime, our R&D people are working very hard. We -- all our scientist-ed has done a tremendous job last year in working in a very tough environment and we have published various different scientific datas to -- scientific journals in last year. We have also launched new products in the COVID area for the B2C market and you will find that some of the studies which we have done on 200 patients, COVID patients, were just published on the Journal of Medicine few days ago. So we're trying very well in trying to reach different market segments and working with our enzymes to alleviate lot of suffering and pains during this COVID time, and all the credit goes to our well deserved R&D people, research and development people, management people, and many different workers who are working industry. With the COVID situation also, we are trying to keep the distance, all the COVID norms, and still with the reduced staff, everybody is working very hard to deliver the goods and services to all our valued customers. We really appreciate your dedications and hard work, and we have a very strong management team and very -- they are very well guided with our Board of Directors, who you've just recently met some of them. So we're trying everything possible. We hope that this COVID situation eases during next few months, 6 to 8 months' time, and we can get back to normal. Hoping that can happen, we have a plan to reach to several different areas where we never have sold our products before. So expand our market, and expanding our product reach also in those markets with the various studies, R&D work, research work and delivering our products in a cost effective way to [ reach ] in the market to expand. There was -- COVID has -- as I said, COVID has definitely affected our -- our limited our scope during last year. In spite of that, company has continued to grow, and we will keep on working very hard from the management as well as the good work groups. We're also expanding our research and development centers. We are constantly trying to add various different abilities to company. This year, very interestingly, we have just acquired SciTech majority shares, and it will help us in a great way to expand our market segments which are different solutions and -- to do a different applications in various different sectors. We will keep on working on other acquisitions. We are constantly working a team of group -- a team people -- group is constantly evaluating and working on various different possible targets and acquisition targets and working them through. And obviously, that could also help us in the further growth of the company. Any other questions I missed here, Beni?

Yes, I think the follow up questions, Mukund can respond regarding the vaccination. How many employees have been vaccinated? And the capacity utilization and the customer contribution of [indiscernible] -- and customer contribution. Then the number of women employees, I think, again, that can also be addressed.

Tushar ji, the percentage capacity utilization is somewhere around 55% to 60%. Even though it is very difficult to measure the capacity in our case, like implementation-wise, if we really look at it at present, like our capacity utilization is somewhere around 60%. Top 10 customers, I guess Rauka ji can give you the number, but I think it's somewhere around 38% of the total. Maybe Rauka ji can correct me.

No, correct. This is still at 38% level.

Another question, what change in different segments, I guess Tushar ji, we are working on all the different segments at present. We cannot predict exactly how the -- all the segments will move. But we believe that in the next 5 years, probably like after the growth of the company, probably like we will reach 50% on the pharma segments or the human nutraceutical segments and maybe it's 25% each under food and animal food areas. There was another one question from Vasuda ji on the women employees, is -- encouraging as possible after the pandemic. I guess we don't discriminate between the women employees and men employees. It goes with the merit to merit, even in the pandemic. We had taken few of the women -- maybe more like the women employees at present in the selection process. There is no discrimination, but it depends on the job profile, work requirement, at the same time, the qualification. So I can't say the number will increase or decrease, but there is no discrimination. That's what I can say at this point of time.

There is one more question from Anil Parekh. Anil has asked how much the SciTech will contribute in the top line and in the [indiscernible] this is bottom line? So Anil, I think last quarter, first quarter of FY '22, we have seen that SciTech has contributed about 10% of our revenues. So we -- I think we feel that it will continue between 8% to 10% in our top line contribution and bottom line, it should be about 4% to 5%. Yes.

So I hope that may have all answered all the questions. Thank you all for patient hearing and for offering your solutions. And thank you for your good support. I hope I have replied to the queries from the members. Members who are present for this virtual AGM today who have not used the facility of remote e-voting earlier to cast their vote on the resolution mentioned in this notice, and are otherwise not barred from voting so, as being provided e-voting facility at this AGM, which is available, and will continue to remain open for 1 minutes after I conclude here. Mr. [indiscernible], practicing company secretary, has been appointed as the scrutinizer by the Board for scrutinizing the entire voting process. The total voting results will be submitted by the scrutinizer to the company on or before September 9, 2021. The voting result shall be declared by the company and the [ Chief ] of the scrutinizer's report within 2 working days of the conclusion of this AGM. The scrutinizer's report will incur combined results of the votes cast by the members through the remote e-voting and votes cast electronically and with AGM. The report was submitted by the company to both stock exchanges and will also be uploaded on the company websites. Before I conclude, I would like to thank all of the valued shareholders, customers, suppliers, bankers and financial institutions and our audiences for continued motivation and trust. I extend my sincere thanks to all my colleagues on the Board for their guidance and support. I also convey my heartfelt gratitude to the management, all over the -- and all our employees and business associates for their dedicated contribution in the performance and growth of your company. As informed earlier, the e-voting facility for all the resolutions mentioned in the AGM notice shall continue to remain open for the next 15 minutes from here. Subject to receipt of the [ prerequisite ] number of votes, the resolutions have been deemed to be passed today that is on the date of this 32nd AGM. With consent of the members, I and other Board members will sign-off now, while making sure we formally conclude with the conclusion of the say, 15 minutes, for those who did not vote before [ when they're working, so they can vote. Wish you all a very good health. Be safe and thank you all for joining us for this AGM. Sincerely appreciated. Thank you very much. Have a nice day.

Thank you, sir.

Well, thank you, Chairman and the Board members. So now as mentioned by our Chairman, the e-voting facilities shall be available for next 15 minutes, and the board members and the auditors to -- and the Chairman, sir, may log off so we can conclude the meeting. Thank you.