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

Good morning to all. I'm Mukund Kabra attending this Annual General Meeting of the company via conference from Sinnar. Thank you.

Ms. Rasika Rathi is a Non-Executive Director of your company, Rasika?

Good morning everybody. Happy to be here.

And also the Vice President, General Counsel for the U.S. subsidiary. Mr. Rajesh Sharma, Mr. Vindokumar Jajoo and Ms. Rajshree Patel are Independent Directors on the Board. Raj?

Good morning, everyone. Welcome to the AGM.

Good morning, everyone. Welcome.

Dr. Sunny Sharma is a Non-Executive Director of your company, Sunny?

Good morning, everyone. I'm Sunny Sharma attending this Annual General Meeting of the company through video conference from Florida. Thank you, Vic.

Mr. Nitin Deshmukh is appointed by your Board as an additional director, independent director, effective from July 1, 2022. The appointment of Mr. Deshmukh is proposed to be regularized at this AGM as an independent Director. Nitin?

Yes, good morning. I'm Nitin Deshmukh attending this AGM of the company through video conference from my residence in Mumbai. Welcome to the AGM.

During the year under review, Mr. Vilas Aurangabadkar, Independent Director of the company, ceased to be on the Board of the company due to his sad demise. He was a very dear friend of mine from the college days, and we sincerely miss him. We express deep condolences on his demise and appreciate his valuable contribution to the company during his tenure. We also have with us Mr. Beni Rauka, Chief Financial Officer; and Mr. Sanjay Basantani, Company's Secretary. I also welcome to Mr. Amrish Vaidhya, representative and partner of our statutory auditors. Messrs. MSKA & Associates and the Secretarial Auditor, Mr. Shiv Prasad -- Shiv Hari Jalan, proprietor of Shiv Hari Jalan & Company secretary. [indiscernible]. Is he here? The Annual Report, including Board's report, audited financial statements for the year ended March 31, 2022. Notice conveyed this AGM read with the corrigendum to the AGM notice in relation to item number 6, have been sent through electronic mode to the members in the advance at the registered e-mail IDs and have also been made available on the website of the company and submitted to the stock exchanges, BSE and NSE. With the permission of the members present, the said report, AGM notice, including the resolution and explanatory statements there to read with corrigendum are taken as read. The Statutory Auditor's Report and Secretarial Auditor's Report for the year ended March 31, 2022, does not have any qualifications, observations or any adverse remarks, which would have any material adverse effect on the functioning of the company. Hence, these audit reports are not required to be made. The statutory registers and other documents, as mentioned in the AGM notice are available for the inspection electronically, as mentioned in the notes to the AGM notice, including copy of the certificate from the secretarial auditor in respect of the employee stock option schemes of the company, confirming the implementation of the scheme in the accordance with the applicable SEBI regulations and the resolutions passed by the shareholders in this regard. Now I would like to share challenges faced by your company as well as few developments during this year. During the year under preview, which is '21/'22, inflation and supply chain disruption have caused major headwinds for your company. Overall, the input costs increased significantly due to a high level of inflation. Prices of raw material and fuel use for manufacturing increased many-fold. Shutdowns and supply chain issues in procurements, further amplified the cost of raw material in the domestic market, especially for the solvents. Trade across the globe was severely impacted from a ruptured supply chain, which caused obstacles in raw material procurement as well as finished good supply. The crisis severely increased containerized freight rates and massive scarcity of truckers in the U.S., Europe, et cetera. Over and above that spurt in fuel prices and freight cost escalated overall cost for the company, thereby impacting margins over the short-term. Now let me share a few developments and performance during the year. To strengthen the supply chain and Improve the market reach, your company also inked 2 strategic distribution pacts for food and dietary supplements in Southeast Asia and India. Your company launched its B2C company line and sell platform in India based on its established and driving B2C business model in U.S. The systemic enzyme and probiotic supplement ImmunoSEB and ProbioSEB CSC3 were listed with the National Institute of Health, NIH, for their proven clinical efficiency, to moderate and we resolve COVID and post-COVID fatigue and muscle weaknesses. This is a very unique achievement by this company because we never seen any kind of supplements that were published on NIH a website for the COVID-related fatigues and problems. So that was a great achievement for the company. Your company dedication to the safety of the product yielded FDA grant of number of -- and no further questions later of GRAS Dossiers regarding the safety and food for Bacillus clausii, Bacillus and Bacillus subtilis. Now with this, we have 3 different probiotics in the supplement market in food market, which are considered as a GRAS status into entire food chain and supplemental to market. This accomplishment places your company in an elite group of probiotic manufacturers. So now you can see that besides supplying these 3 major probiotics, we are also proceeding with a lot of many other probiotics to be registered with FDA. During the year, the consolidated operating revenue of your company grew by about 6% to INR 5,294 million from INR 5,018 million. Our EBITDA stood at about INR 2,014 million, we grew by about 13% to from INR 2,316 million. PAT before minority interest declined by 18% to INR 1,238 million from INR 1,513. Human Nutrition is our largest revenue contributor, which is 68% of the revenue followed by animal nutrition, which is 11% of the revenue. Bio processing which is 42% of the revenue and specialized manufacturing, which is our -- going to be our future superstar is this time it is 9% of driving. Your company is almost at 0 debt and with a debt equity ratio standing at 0.01x. That we basically your company is debt free. Now let me brief you on the e-voting period and related processes. As for the company act and SEBI Listing Regulations read with the recent circular notified, your company has provided the remote e-voting facility for all the resolutions mentioned in the AGM notice. The e-voting period commenced on August 15, 2022 at 9 am IST and ended on August 18, 2022 at 5 pm IST. The e-voting facilities also available for the members present at AGM and who has not cast the vote earlier during the remote e-voting period. So you still have a chance to revote if you have not voted so far. Members holding shares of the company as on the cutoff date of August 12, 2012 -- 2022, sorry are provided an opportunity to cast their vote electronically. The company has engaged the services of NSDL for facilitating voting through the electronic means. Your company has taken requisite steps to enable members as on the cutoff date to participate and work on business items mentioned in AGM notice. As per the applicable provisions, every resolution which has been put to vote through remote e-voting need not be proposed by the member and seconded by another member. I remember a few years ago, we had to read each and every resolution and somebody has to support it, proposed and support, that is not required. There are 3 ordinary businesses witness and 6 special business items that were pre-circulated to the AGM notice to the registered e-mail ID of the members and taken as a read at this meeting. All resolutions were with the explanatory statements have already placed before members to the remote e-voting. Order business. Item number 1. We are going to go through these 8 resolutions. Item number 1, or resolution number 1, to receive, consider and adopt the audited financial statements, which is stand-alone of the company for the financial year ended March 31, 2022 together with the auditor's report thereon and the reports of the Board of Directors of the company and the auditors financial statements consolidated of the company for financial year ended March 31, 2022, together with the auditor's with thereon. Item number 2, pursuant to the dividend distribution policy of the company. The Board has recommended a final dividend at 50%, that is INR 1 per equity share of INR 2 each, subject to deduction of the taxes at the source as at the applicable rates. So this dividend has been increased by 11% this year by your company. If you can recall, last year, it was 50% was increment -- was from INR 0.60 to INR 0.90. Item number 3, the AGM notice pertained to ordinary business to appoint a Director in place of Director retiring by rotation, who being eligible has offered for reappointment. The special business item recommended by the Board and details are provided in the relevant explanatory statement separated earlier as a part of the AGM notice. The next agenda item related to my contribution on the Board, after me attaining the age of 75 years [ Board ] has required pursuant to the regulations 17(1A) of SEBI Listings Regulations, hence the consent of the member present, I would request my fellow Board members and Independent Director, Mr. Kedar Desai to take the chair and conduct the proceedings for the said agenda.

Thank you, Mr. Rathi. Special business Item number 4, pertains to continuation of directorship or Mr. Vasant Rathi, Non-Executive Director of the Board of the company on and after attaining the age 75 years on January 17, 2023. The Board of the company was of the view that it is in the interest of the company to continue to avail the valuable expertise of Mr. Rathi as his vision and active contribution to the business and a strategic decision making is critical to the long-term growth and prospects of the company and group. Pursuant to the provisions of regulation 17(1A) of the SEBI Listing Regulations, the Board recommended this resolution for approval of the members as a special resolution. I will request Mr. Rathi to continue to chair the meeting.

Thank you, Mr. Desai. The next special business item number 5, pertains to the related party transactions of your company with subsidiary, JC Biotech Private Limited for a period of 1 year effective from October 1, 2022. The approval is sought from the members for sales, purchases transaction, not exceeding INR 750 million in the ordinary course of business. The products supplied by JC Biotech to your company is manufactured by JC Biotech with a unique technology and its cost of production is lower compared to that of the company for the same product. Number two, resolution number 6, which is a special resolution is for the appointment of Mr. Nitin Jagannath Deshmukh as an Independent Director of the company for a period of 5 consecutive years with effect from July 1, 2022. Mr. Deshmukh currently serves as an adviser at Kotak Investment Advisory Limited and holds several board and advisory board positions. Brief profile and other details are provided in the AGM notice. Number three, business item number 7. Pertaining to reclassification of the status from promoter group category to the public category pursuant to the requests received from 14 promoter group members holding around 0.94% of the paid-up share capital of your company. The Board in its meeting held on May 20, 2022, analyzed the said reclassification request and was of the view that the request made by the said Promoter Group members for reclassification they recommended to the members for approval. Views of the Board are provided in the explanatory statement in the AGM notice. In this regard, the extract of Board meeting minutes were also submitted to the Stock Exchange, both stock exchanges on May 20, 2022. The reclassification request is approved by the members shall be subjected to the approval of the stock exchanges. Now last resolution number 8, pertains to the approval of AETL Employee Stock Options Scheme 2022. And the resolution number 9 pertain to the approval for the extension of the said scheme and grant of options under the scheme to the employees of the subsidiaries of the company. We propose to implement AETL Employee Stock Options Scheme 2022 with a view to attract and retain key talents with the company and its subsidiaries by way of rewarding their performance and motivate them to contribute to the overall corporate growth and profitability. Maximum number of options in aggregate to be granted under the ESOP Scheme 2022, shall not exceed 25,00,000 options around 2.24% on the paid-up capital of your company. Exercise price shall be determined by the committee at the time of grant, provided that the said exercise price per option should not be higher than the prevailing market price of the shares discounted by minimum or 33.33% and shall not be less than prevailing value of the equity share of the company. The market price considered will be average of closing price of the equity share of the company on a recognized stock market -- stock exchanges for the last 90 trading days receiving the grant date. Maximum quantum of options for eligible employees for each year shall not exceed 25,000 options. Wherein 1 option is convertible into 1 share at INR 2 each, maximum 600,000 auctions in aggregate per financial year can be granted. Salient features the scheme are provided in the AGM notice. Please read to that. Now we invite the pre-registered speaker members by one -- by one by one, and the speaker members will then be required to unmute their audio/video. In the interest of the time, the registered speaker members are requested to restrict the speak to the maximum 3 minutes. I will attempt to reply queries after taking notes of all your queries. The moderator can now invite the pre-registered speaker members one by one.

So we have a total of 10 pre-registered people for this meeting. The first speaker we have is Mr. Bimal Kumar Agrawal.

I think he is not available right now in the meeting. So we will move on to the next speaker.

Ronak, he is joining back. He is there in the meeting.

Can you hear me?

Yes sir.

First of all, I thank the company secretary Mr. Sanjay and his team and also the management. We should have had 2 minute silence for the as you spoke regarding the secretary, which we should -- would have -- it would have been better, we will have 2 minute silence. And you can have after my speech. What is the impact of rising dollar, rising interest rates, as already you have mentioned regarding crude in our business? Please try to arrange plant visit as [indiscernible] already explained that thing, which was I suppose to ask, I got nothing else to ask and I have supported all the resolution 2 days in advance. Thank you very much. That's all from me --

Thank you, Bimal Ji.

And for the next people in the list is Mr. Aneel Parekh. I think he is not available right now in the meeting. So we will move on to the next speaker.

Mr. Aneel, unmute yourself please.

Am I audible? I'm starting my video. Chairman, sir, I have received well in advance of our annual report, which I have requested for physical copy and our secretary is truly sent me that well in advance so I could able to go through the balance sheet. Sir, excellent performance under the circumstances of Ukraine-Russia war and dollar is going up and there are many challenges, economic and globally. You have done exceedingly well and all round performance, which I can see. And also, I have seen that we are going to have debt-free company in 2023, probably. So that's very good that we are a debt-free company in next year. And I'm really proud that I'm a shareholder of this company, which is one number in enzymes in listed company in India. And Sir, my question is, we have 13 patents. How many more patents we are going to add in our portfolio? And our expenditure on R&D units is a little bit low, 3% to 4%, what I have seen in the balance sheet. So we need to scale up our R&D in terms of expenditure I would like to have your views on that, sir? Sir now second question, sir, on Page 16 and 17 where demographic has been given. Our main penetration is in America and India. But we are not having penetration in Europe and rest of the world. and also in Asia. So kindly give me your views on that, how we are going forward in these regions? I would like to know. So then excellent journey of our excellence on Page 18 and 19. I'm not reading out very good, keep it up, sir. Now sir, on Page 24 way of 7 R&D locations in India and Germany. Where do we plan to have more R&D facilities available in the future? I would like to know. Sir, then coming on -- 1 minute. Sir, what is our installed capacity and capacity utilization in all the plants? I would like to know. Are they all working at full capacity or because of COVID virus, maybe we are not working at full capacity? I would like to know. Sir everything else is very well explained in the balance sheet. Now I have only 1 or 2 questions. Sir, our subsidiaries on Page 55 Advanced Bio-Agro Tech, Advance EnzyTech, JC Biotech, sir, what activity it takes and how it is contributing towards top line and bottom line? I would like to know. And rest you explain everything in your opening remarks, I would like to extend wholehearted support to you all. And I already voted for all the resolutions very strongly, I'm supporting. Thank you for patient hearing.

Thank you, Aneel Ji.

So for the next people on the list, Mrs. Vasudha Dakwe.

Myself Vasudha from Thane. I would like to congrats our company's secretary for sending me the soft copy as well as physical copy of the report well in advance, which itself is clear and transparent. The opening speech given where the Chairperson is also very informative. Most of the question was asked by my previous shareholders, I would not ask to repeat it again. With this, I support all the resolutions. Thank you very much and wish the company all the best for coming financial years as well as all the festivals coming during the month of Sawan and Bhadrapada.

So the next people on the list is Mr. Satish Jayantilal Shah.

[Foreign Language]

So the next speaker on the list Mr. Vinod Motilal Agarwal.

I voted for all the 7 resolutions -- all the regulations to be -- sought to be passed today in today's AGM, sir. Sir, growing and noting from your 5-year EPS and the page numbers are 12 to 15. So you have given 5-year highlights. I see that the EPS when I add up the 5-year EPS, it comes to 43-plus and the dividend payout for those 5 years is only INR 3.06 only. And now the net worth of the company is INR 1,000 crores plus, and the equity is only very small of INR 22 crores only, sir. And when I see on the balance sheet side, we have got a net cash balance of about INR 267 crores. And on this INR 267 crores, [indiscernible] the interest income is only about INR 32,00,000 sir plus INR 79,000. So it comes only INR 33,00,000 on INR 267 crores of cash, so why so low interest income only on such a large result of the company cash and cash balance reserve, I would like to know. And sir with this [Foreign Language] the good results, you got to go small equity. Can you expect that -- because you have given out the net worth has crossed INR 1,000 crores and now industry for the first time, which is a good, net worth is good, cash reserves are good and everything is good , the performance INR 10 earnings plus INR 2 face value is also very good, sir. And I appreciate all those things sir. But the dividend paid out is only INR 3.06 over 5 years, sir, as I see it, sir. And can you expect the bonus from the company or a special dividend from the company from the cash reserve or a buyback from the cash reserve of the company? This what I'd like to know. And speaking only on the consolidated part of the balance sheet a stand-alone may be different. This was highlighted by the company in the pages 12 to 15. That is why. i took up only those pages, sir. I wish the company all the best. The company may keep on performing well and keep on increasing. But look into the matter of giving bonus or a special dividend or a buyback with the reserves and the good performance of the company. I am signing out Vinod Agarwal from Mumbai.

So the next speaker on the list is Ms. Lekha Satish Shah.

Myself Lekha Shah from Mumbai. First of all, I'm very much thankful to our company secretory Sanjay sir for extending very good investor services and also sending me the AGM notice well in time which is full of knowledge, facts and figures in place. Thank you, chairman, sir for explaining as [indiscernible] the company. Congratulations for excellent work, sir. Today being Janmashtami I pray to God, that showers his blessings upon our company and you sir. Sir, I'm confident that with your vision and determination you will lead our company to greater heights. Sir, thanks for the dividend, sir. Sir, I would like to ask a few questions. My first question, being the market leader in developing [ enzyme ] and in probiotics, which are other companies in the same business? My second question is how many scientists we have in our R&D unit and the number of women employees? My third question is due to shutdowns and supply chain issue in China, how much are we shutting supply raw material? My fourth question is in our newly added specialized manufacturing segment, how much of revenue we expect it to contribute? Sir I would like to say, I strongly support all the resolution for today's meeting and my best wishes always to our company and its prosperity.

So the next speaker on the list, we have Mr. Tushar Sodha.

Respected chairman, sir, eminent Board of Directors and fellow shareholders, Finance and Secretarial departments deserve appreciation for a nice presentation of this year's financial statements. Congratulations for the highest ever consolidated revenues of INR 539 crores. I'm happy to know that we are among the top 15 enzymes companies globally. It would not have been possible without the vision of the Board of Directors, senior management and the passion and dedication of the entire team Advanced Enzymes. [ Ours ] is virtually a debt-free company, as we have managed to retire almost the entire debt within the last 5 years. Despite several headwinds of pandemic our finance department has done a wonderful job with a very healthy and robust balance sheet. In Operations plant our capacity utilization continues to make a range of about 55% to 60%. Kindly, inform steps initiated to increase these percentages further. Chairman sir, sales promotion and legal and professional charges have gone up substantially for March '22 as compared to the last year. What is the percentage contribution of top customers for total revenues that we expect any further acquisitions? Advance Enzymes had the second highest market share in India, kindly inform which unlisted company has the highest market share. Profit after tax margins are at 33%, which are at the lowest of last 5 years. When can we expect the margins to regain 28% to 30% levels? Financial results for first quarter ended on 30th June has not been up to the mark, do you expect revival in the next 9 months? Chairman sir, inventory turnover cycle has increased to 83 days. since last 4 to 5 years, it was at only 66 days. Net worth of INR 1,090 crores, which is about 86% of the total balance sheet size of INR 1,267 crores provides very good financial comfort to all the stakeholders. As always, I extend my whole-hearted support and wish you all the very best for great financial performance on a sustainable basis. Thank you chairman sir, for giving me this opportunity to put forth my queries.

We have Mr. Rajendra Shiv.

[Foreign Language]

So that's all about the speakers. Requesting chairman sir to proceed further.

Thank you all. It was very nice to hear from various different speakers and their questions. I will try to -- I will attempt to answer as many questions as I can. If I forget something, please remind me. Initially, Bimal Ji asked what is the impact on the company's performance going forward with the rising interest rates? Fortunately, we Bimal Ji the company is -- has a steady financial balance sheet with good amount of cash on the books. So we don't have to borrow a considerably at higher interest rates. So I believe that it will be a very minimal impact for the company with the rising interest rates. Second thing, which Aneel Ji asked, a lot of questions on the expenditure in R&D. We have R&D expenditures in the company is 4% to 5% at this point in time. And because our company's product and product line is so much dependent upon future developments and new products and new applications, new developments, your company is trying to do and expand research and development activities enormously. Good news, I want to give you recently that we -- as you all know, a couple of years ago, we brought land in Nashik -- 15 acre land in Nashik for the Research and Development creating a world -- worldwide R&D headquarters. We have received all the requisite -- approvals from various different government agencies in cities and now that we just started the construction on it. Hopefully, we will be very quickly within the next 6 to 12 months, we will have our first R&D center building will be ready for inauguration. So we are trying to expand our R&D activities enormously. We just expanded our R&D facilities in Bombay also, brought extra land. And we say that our R&D expenditure will grow from current 4% to 5% to some where around 7% to 8%, 9% in the near future. So we are paying a lot of attention to new R&Ds. Coming back to some of the other questions which you talked about, how our Europe -- our European market, Asia and next other world markets. This year is, again, a very challenging year. with a war going in Europe. There are a lot of challenges that the company is going to face and facing actually on logistics, on the cost, raw material supply, even though it is somewhat easing a little bit at this point in time. But we believe that our European activities will increase as well as our Russian activities are going very robustly now-a days. So we'll be expanding our operations quite a lot, move to Asian and other African markets during these coming years. Coming to your -- somebody explain -- ask me about the capacity utilization. Obviously, there was a lot of strength and -- but capacity utilization is still around 50% to 55%. We have enormous room to grow without putting a lot of capital expenditure. But we will be adding for a few other equipments to make it more efficient operation as to reduce the cost vis-a-vis we can be competitive with the world market. Our other subsidiaries like Bio-Agro Tech and EnzyTech they are -- even though they were stable and steady for the last year, we see that there will be a good growth coming into these 2 other subsidiaries in coming years. There is -- there was a question regarding the bonus. As I said, we're increasing the bonus (sic) [ dividend ] this year by 11% from INR 0.90 to INR 1. Even though companies facing a lot of different challenges in the marketplace.

It's dividend not bonus. Just correct

Dividend, sorry. We're increasing the bonus (sic) [ dividend ] by 11%. We see that we will continue to do our very progressive bonus policy in coming years and try to maintain our profitability and EBITDA measure, which have which are under great pressure due to various different conditions and situation or the market, which I explained before. In R&D units, Beni, can you say how many people are working in our R&D units and how many women employees?

Yes. So we have 85 people working over there. Out of them, 31 is female employees, and we have 60 scientists.

So that gives you --

Yes. This is other than Evoxx. Evoxx has another team of 20 people over there. And then I think 6 members are like female and that's the breakup of male and female.

So that can give you -- our R&D is very substantial. We have very, very great deal of retention to the R&D growth and R&D team. We're very proud of our R&D people. Enormous amount of work is going on at this point in time in our various different R&D centers. And this will, over the period of next few years, you will see great deal of expansion in this area. There was a question Lekha Ji asked regarding also China supplies and how it is affecting? These China supplies are affecting everybody because most of the chemicals, raw materials, lot of things worldwide everybody is dependent upon China. And that vis-a-vis because the supplies are constrained or delayed the cost of the raw materials are enormously increasing debt also affect us on our production cost. So yes, China supplies a major, major concern. I believe I answered almost all the companies. There are some questions I understand is that -- yes, we are -- Rajendra Ji was asking a lot of financial questions. Beni, do you have those?

I think, Aneel has asked some questions about the contribution of our subsidiaries. So Aneel Ji that information set is available on Page 55 of annual report, where we have given entity-wise contribution in top line as well as contribution in PAT on the consolidated basis by each of our subsidiaries. So kindly refer that Page #55 onwards to 56. And in addition to that the information regarding top 10 customers, right? The contribution of top 10 customers. This is about 28%. Any other questions -- is there any other question?

There was something like 88%.

I think Rajendra Ji has asked on the competitor and dividend policy. The dividend policy, I guess, like Beni sir has already explained what is going to be there. On the competitors, there are many different competitors in different segments. When you go into the food segment main competitors are the globe players like Novozymes and others. In animal feed, there are a lot of regional players as well get into the picture. In to the neutaceutical there is another different [indiscernible], people like GSM and other people are there. So which -- every area depends who is going to give the competitor because your company was in many different areas which very few people do.

So I think we've covered almost all the questions. Anything else? We left anything? All right, I personally want to really like to thank all our stockholders who were so kind to read all these annual reports, reviewed them, digest them and asked very pertinent questions. We sincerely appreciate that. I can assure you that your company continues to -- will continue to grow as we are doing and at a much vigorous speed. We hope that this year -- this year is going to be a challenging year. We know it. First quarter was a very challenging quarter for us and we did grow actually. But this period of time of challenges are always give us a new opportunity to review to -- to challenge ourselves to find new ways and means to grow. And I'm sure that our very dedicated staff and people who are working in the company with your support and with the guidance of our very esteemed Board of Directors, your company is going to do very well in the coming years to come. % So thank you all for the patient hearing and for offering your suggestions. I hope I have replied to the queries received from the members. Members who are present for this virtual AGM today and have not used the facility of the remote e-voting earlier to cast their vote of the resolution mentioned in this notice and are otherwise not there from doing so are being provided e-voting facility at the AGM, which is available and will continue to remain open for 15 minutes after I conclude here. Scrutinizers report will include combined results of votes cast by the members through remote e-voting and votes cast electronically at the AGM. The report will be submitted by the company to BSE and NSE stock exchanges, and it will also be uploaded on the website of the company. Before I conclude, I would like to thank all our valued shareholders, customers, suppliers, bankers and for continued contribution and trust. This is a very auspicious day today. I want to extend my best wishes on this Krishna Janmashtami to every -- each and everyone. I extend my sincere thanks to my colleagues on the Board for their guidance and support. I also convey my heartful gratitude to the management, my very dedicated employees and business associates for the dedicated contribution to the performance and growth of your company. As informed earlier, the e-voting facility for all the resolutions mentioned in the AGM notice to this shall continue to remain open for the next 15 minutes from here. Subject to receipt of the requisite number of votes, the resolution shall be deemed to be passed today that is on the date of this 33rd AGM. With consent of the members, I and other Board members will sign off now. The meeting shall formally concluded with the conclusion of the said 15 minutes. Wish you all a very good health, be safe. And thank you all for joining us for this AGM. Have a wonderful day. Thank you.

Thank you.