Avenue Supermarts Limited (DMART) Earnings Call Transcript & Summary

We would like to inform everybody that we are all in place to proceed with the AGM. Go to the Board.

Good morning, and a very warm welcome to all the shareholders to the 22nd Annual General Meeting of Avenue Supermarts Limited. I'm Ashu Gupta, Company Secretary of the company. I hope all of you are safe and in good health. Before we commence, I would like to inform you that this Annual General Meeting is being held through videoconferencing or other audiovisual means in accordance with the general circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India from time to time, applicable provisions of the company's Act and the SEBI regulations. The current teleconferencing, the [ video ] facility, is being made available to the shareholders to attend this annual general meeting of the company on a first-come, first-serve basis. The members attending the meeting through video conferencing shall be counted for the purpose of quorum. Since this AGM is being held through video conferencing, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies by the members is not available for the AGM, and hence, inspection of proxy register is also not applicable. The company has received requests from a few members to speak in this AGM. Accordingly, floor will be open for the members to ask questions or express their views. It's just informed that the company reserves the right to limit the number of speakers depending on the availability of time for the AGM. [Operator Instructions] Members may note that since the AGM is held through video conferencing or other audiovisual means, the resolutions mentioned in the notice convening with AGM have already been coached to vote through remote e-voting. And as the facility of e-voting is also available at the AGM, there will be no proposing or seconding of the resolutions. Members who have not yet cast their vote by remote e-voting can exercise their voting rights at the AGM through e-voting by following instructions as mentioned in the notice of the AGM for remote e-voting. The members can vote at the AGM through e-voting from commencement of this AGM until 15 minutes after conclusion of the AGM. I now request our Chairman, Mr. Ramesh Damani, to take over proceedings of the meeting. Thank you. Over to you, Sir.

Sure. Thank you so much, Ashu. On behalf of the Board of Directors, I, Ramesh Damani, Chairman of the Board, welcome you to the 22nd Annual General Meeting of Avenue Supermarts Limited. I'm joining this meeting from my office in the Nariman Point in Mumbai. I have been informed that the requisite quorum for the meeting is present, and accordingly, I hereby call the meeting to order. Participation of members through video conferencing has been recognized as quorum in accordance with the circular mentioned earlier and as per Section 103 of the Company's Act 2013. The statutory registers are available electronically for inspection by the members who were desirous to have an inspection of the AGM. Members seeking to inspect these documents can send the request to investorrelations@dmartindia.com from their registered e-mail addresses. Before I begin my address, let me take the honor of welcoming our Board members who joined us for this meeting. For safety reasons, we are all attending the meeting from different locations. Therefore, I now request the board members, as I speak the names, to introduce themselves. May I first call upon Mr. Chandrashekhar Bhave to introduce himself.

Good morning, everybody. I am Chandrashekhar Bhave. I am the Independent Director of your company on the Board of Directors. I'm the Chairman of the Audit Committee, the Nomination and Remuneration Committee, and the Corporate Social Responsibility Committee of the Board. I'm joining this meeting from Hotel Steinplatz in Berlin. Thank you.

*&*Thank you, Mr. Bhave. May I express Ms. Kalpana Unadkat, our Independent Director, to introduce herself.

Thank you, Mr. Damani. Good morning, everyone. I'm Kalpana Unadkat. I'm an Independent Director of the company, and I'm joining this meeting in -- from Mumbai. Thank you.

Thank you, Kalpana. May I request our superstar MD, Ignatius Navil Noronha, to introduce himself.

Yes. Thank you, sir. Good morning, everyone. My name is Ignatius Navil Noronha. I'm the Managing Director and CEO of your company. I am also Chairman of the Risk Management Committee of the company. I'm joining this meeting from Mumbai. Thank you.

Thank you, Navil. May I request Mr. Ramakant Baheti to introduce himself.

Good morning, everyone. I'm Ramakant Baheti, Whole Time Director and Group CFO. I'm attending this meeting from Mumbai. Thank you.

Thank you, Ramakant ji. May I request Ms. Manjri Chandak to introduce herself.

Thank you, sir. Good morning. My name is Manjri Chandak, I'm the Executive Director of your company. I'm also the Chairperson of the Stakeholder Relationship Committee, and I'm attending this meeting from Mumbai. Thank you.

Thank you, Manjri. May I request Mr. Elvin Machado to introduce himself.

Good morning, everyone. I'm Elvin Machado. I am the Whole Time Director of your company, and I'm attending this meeting from the Thane corporate office.

Thank you, Elvin. In addition to our Director, we are also joined by Mr. Niladri Deb, CFO, who are joining us on the head office of the company in Thane. Welcome, Mr. Niladri.

Thank you, Ram.

The Chairman of the Audit Committee, Nomination Committee, NRC Nomination Remuneration Committee, and the Stakeholders Relations Committee are present at the AGM. We also have Mr. Sudhir Soni, partner, SRBC & Company LLP, statutory auditors of the company; and Mr. Himanshu Kamdar, partner, Mr. Rathi & Associates; Secretary Auditors and Scrutinizer for e-voting attending this meeting through video conferencing. May I now address to shareholders. Good morning, dear shareholders. I'm extremely delighted to interact with you through this medium. We have adapted to a new normal way of life in the past 2 years due to COVID-19. The second wave of the pandemic further tested our will as a society. We, as an organization, focus on what we could do to help our customers, partners, employees and the society at large as these events unfolded. Despite the charging times, FY 2022 progressed positively. This was driven by a strong approach from the government to balance life and health, including lockdowns and widespread vaccination programs, to safeguard public health and implementation of much-needed fiscal and monetary policy measures to boost liquidity into the system. We also observed the private and non-profit sectors, as well as health care personnels and others, working together to serve the country and its people. The Indian GDP is estimated to have grown at 8.7% in FY '22, exceeding the pre-COVID levels in actual terms. The effects of the various reforms for capital spending, greater capacity utilization, and more priority investments are likely to enable this growth. At DMart, we saw growth across all our key financial parameters. We opened a record of 50 new stores during the financial year. With that, our retail footprint expanded to 284 stores by the end of March 2022. As part of our CSR commitments, we have continued directing our support to the public education system in India. In the past 2 years, we have enabled virtual systems through which the pupils are able to study remotely. We also expanded our reach to 2 new cities, Pune and Aurangabad in Maharashtra, apart from extending our reach in the Mumbai metropolitan region. In addition, the company has made meaningful contributions to support some reputed and well-run external institutions in the fields of education, health care and nutrition. We continue to strengthen our approach to sustainability through various means that will have a meaningful long-term positive impact on our company, its employees, the environment and other stakeholders. Considering the overall development of the country, the emission per person and the nature of our business model, we have developed the metrics for our go-to-market strategy on sustainability. We have detailed the same in our annual report this year. I would like to express my gratitude to all our shareholders who continue to trust in us, in DMart and what DMart and what it stands for. I want to express my sincere gratitude to all of our employees for the unwavering focus, passion and dedication in assisting us in serving our consumers in time of the need. I'm optimistic in India's resurge and consumption story and its growth potential, and in DMart's continuing ability to serve millions of Indians with our value proposition. As we continue to serve and grow, I request your extended cooperation. Thank you very much. Now one second, please. I conclude my speech, and now we'll carry on with the business of the meeting. The notice containing the 22nd AGM, along with Annual Report with the financial year ended 31st March 2022, consisting of financial statements, including the Board's report, auditor's report, have been sent only to the members whose e-mail IDs are registered with the company, or the Registrar and share transfer agents or the depository participants through electronic means. The notice has also been posted on the website of the company. With your permission, I shifted [indiscernible] of the AGM as well. The company has presented its standalone and consolidated financial statements of the company for the financial year 31st March 2022 as per the requirements under the Companies Act 2013. The audited report on the standalone and the consolidated financial statement does not have any qualification, observation or comment on financial transactions or matters which have had any adverse effect on the functioning of the company. With your permission, I will also take that auditor's report as read. I now invite our shareholders to express their views or ask questions pertaining to the performance of the company during the year under review of the resolutions placed for the approval of the members. The shareholders are requested to be brief and avoid repetition. The shareholders are also requested to express views and raise queries pertaining specifically to the annual report for the financial year '21, '22 and business matters for today's meeting. The shareholders who have send their queries on the e-mail ID of the company provided in the notice of the meeting will be answered during the meeting. As regard to any personal grievances to the queries if any, shareholders are requested to write directly to the Company Secretary or the Registrar and transfer agents to enable prompt and appropriate response. Now, may I invite shareholders to register themselves with the speakers to express their views and ask questions or give suggestions. Moderator will take over.

Mr. H.S. Patel is not available in the meeting now, so we move to our second shareholder, Mrs. Elizabeth Mascarinas.

Mr. Chairman, sir, Mr. Ramesh Damani, MD and CEO, Ignatius Navil Noronha, members of the board, my fellow shareholders attending this virtual meet, I am Mrs. Celestine Elizabeth Mascarinas. I'm attending from Mumbai. First of all, I will offer my condolence to Mr. Ramesh Damani. Ramesh Damani, I offer my condolence on the demise of a great friend of 30 years, Rakesh Jhunjhunwala. May his soul rest in peace, and eternal rest granted to him for long and may the souls of the people rest in peace. With this, I thank the Company's Secretary, Ms. Ashu Gupta and her team, for sending me the Annual Report and also registering me as a speaker at my insistence, and I thank you very much, and giving me this platform to speak. Yes, annual report is very informative and self-explanatory. Working is good, even PBT, PAT is up. EPS is also up 24.95% as against last year of 17.99%. But no dividend. I would like to know when, in which year we will be having this dividend? And after 3 years, we will be celebrating silver jubilee. On Page 26 and 27, I see all the directors very good smile. I feel some positive things will come out to the minority shareholders, or to do our DMart. Think of making being like [indiscernible] of Warren Buffet, which is DMart of India, only gave higher and higher valuation. Anyway, the task is to you. Last, I'll go to the next one. Congratulations for all the awards and applauds received in this tough time. Thank you so much. I also appreciate the CSR work done, and it is the great thing, the work is done so well. Of course, I am very happy that we have very good CRISIL ratings on our bonds and whatever it is. And also, ESG initiatives are taken. I would like to know whether we have gone for rating and if rating, which agency and what is our score? Promoters, now, my query is we have 284 stores and 50 stores added. How many are fully-owned and how many leased? How long it is for a store to be viable, earlier or some months? Number two, the percentage of online sales to total sales, what is our market shares in the retailing? Number three, what is the CapEx for the next 3 years? And getting ready for silver jubilee, for organic growth and inorganic growth by acquisition, like many retailers have done? Like Big Basket, Nature Basket, et cetera. Rest, I think there are many people who want to speak. I support all, congratulations and wish our DMart team the best of health, because health is wealth. Now, Mr. Mascarinas, my husband, he's also a shareholder. He wants to say two lines.

Respected Chairman, sir, members of the Board and my fellow shareholders, good morning to you all. My name is [ Alestra Mascarinas ]. I am the best wisher of your company. It is doing so well. Our market is going up day by day. And my only question is, we are flourishing in India. Are there any plans to set up stores like Walmart or anything abroad, Dubai and all? So this is my only question. And like Warren Buffet, we are doing very well. So 3 years down the line, we will be completing silver jubilee. I expect a bonus, if not dividend, because dividends [indiscernible] not a practice, at least a bonus. With this, I wish you personally, our Chairman and Board of Directors, and more importantly, all the employees all the very best in the days and years to come. With this, sir, thank you very much.

Thank you so much, sir. Thank you. Next, we will request our next speaker stakeholder, Mr. [ Yusuf Sangwana ], to please proceed with the question. Mr. [ Yusuf ], we would also request you to please turn on your camera for a better interactive experience.

Yes. Good morning, sir. [Foreign Language] Yes, sir. Thank you very much. [Foreign Language]

Thank you, sir.

Thank you so much, Mr. Yusuf. We would like to proceed with our next speaker shareholder. We have Mr. Rajen Rashid.

[Foreign Language]

Thank you.

We would like to proceed with our next speaker shareholder, that is Mr. K. [ Sadananda Shastri ]. But unfortunately, he couldn't be with us. Going ahead, we have Ms. [ Prakashini Shinoy ]. She is also not found in the list of attendees. So going ahead, we have Mr. [ Satish Shah ]. Mr. Satish, may we request you to please turn on your camera for a better experience. And now, you have been unmuted. Can we have your question, please? Mr. Satish. You may go ahead with your question, please. I believe he is not able to hear us, or there is some connectivity issue at his end. So going ahead with the next speaker shareholder, can we proceed with Mr. [ Anil Parekh ]?

I'm not able to join through video, so I will continue with audio, Chairman, sir. First of all, I would like to extend my gratitude to all the Board members, Mr. Ramesh Damani and all the Board members. And also, I would like to join with Mrs. [ Mascarinas ] in giving my condolences to our [ big bull ], Mr. -- He is demised just 2 days before, and he was a role model to all of us. And really, I'm thankful to you for allowing me to speak that. Sir, under the circumstances, excellent performance, as always. And I have never seen a single family who is not going to DMart for their daily needs. So it is because of our founder Chairman's vision, and you all people have done excellent work, that every family, at least one member is going every day in DMart. Sir, my second request is kindly have a physical meeting next time when we have everything very well placed, because we miss the essence of physical meeting, sir. Now sir, to continue with my questions. Sir, on Page #5, we have presence all over India, but we have missed Eastern parts, all the Eastern parts where we don't have a single presence. So please give me your views on that. And when we are going to establish there our stores also? Sir, then on Page #9, excellent all the financial performance indicators. I don't want to spell out that. And it's because of your dedicated efforts and all the Board members have done excellent role. Sir, on Page #24 about the corporate CSR activities, we are helping CanCare Trust. That's very good. I have gone through the details, this is an excellent work we are doing for cancer patients. Sir, continue helping them. And sir, on Page #29, I would like to extend my whole-hearted support to Mrs. Ashu Gupta, and your CF team is doing excellent work, and we all are happy. Sir, my only one question is that why we are missing dividend in spite of the fact we are doing excellent work, and this is the time when you can reward the shareholders by declaring dividend? So please give me your justification on that. Sir, also, our Avenue e-commerce Nahar Seth and Reflect Wholesale. Kindly give you your views on that, what they are doing and what you are going forward with them? Sir, last question is, sir, on Page 132, we have done the related party transactions with Avenue food Plaza. It's a negligible, Nahar Seth also negligible, and then Reflect Wholesale, 7 Apple Hotel, Bombay Swadeshi, Derive Trading, Damani Estate, Khaitan and Company and Boutique Hotels. Sir, are all these having a related party at arm's length or what? And please give me your views how it will help us to our top line and bottom line? Thank you for persevering and supporting all the resolutions. Thank you, sir.

Thank you.

Thank you so much, Mr. [ Anil ]. Our next speaker shareholder is Ms. [ Lekha Shah ]. Unfortunately, Ms. Lekha couldn't join us with this meeting. So going ahead with our next speaker shareholder, we have Mr. [ Hasmukhlal Vohra ]. Mr. Hasmukh, you have been unmuted. Can we have your video turned on for the question, please?

Yes. Thank you. Good morning to you all. First of all, see, my name is [ Hasmukh Vohra ] from Mumbai. First of all, compliments to our MD and CEO, Shri Ignatius Noronha, because he is the architect for our expansion activities and for continuing increased profits, profitability. My Thanks are also due to the Secretary team led by the Company Secretary, Ashu Gupta, and -- because they have sent me all the information which are required, which will -- which enables me to speak at this meeting. And second thing, is the results are excellent. There is increased sales and increased profits. I would like to know if the company, if the management can share with us what you think is the estimated CAGR in sales and profits for the current year FY '22, '23 and for FY '23, '24? Then, third thing I would like to know is about the publicity. Now a days, we see newspapers, we see lots of newspapers (sic) advertisements by Reliance Jio, but our DMart is absent. I mean, they are not running any advertisements. So I would like to know what are the management's views in this [ regard]? I personally believe that if we do the publicity, it will increase our business. And next thing is consolidated PBT, PAT, profit and [indiscernible] effects is less than standalone PAT. The consolidated profit is INR 1,492 crores, and standalone is INR 1,616 crores. It means our subsidiaries or associate companies have contributed negatively in our profits. So I would like to know about the management views, when these subsidiaries or associates will come into profit stage? Lastly, sir, thank you and all the best.

Thank you so much, Mr. Hasmukh ji. Going ahead with our next speaker shareholder on the list, we have Ms. [ Swaran Lata ]

Okay. Good morning, Chairman, sir, Board of Directors and the fellow shareholders attending the meeting. Congratulations to the management and all the staff for providing the excellent results during the COVID pandemic. So I have a full faith in the management, and I have no doubt in the financial statements of annual report. Most of the points have been covered in Chairman's speech, but I would like to know that in this improved scenario in domestic market after the pandemic, how will you reward the shareholders in the financial year '23? Shall we expect a bonus or split of equity face value? Second, I want to know what steps has the Board taken to monitor that shareholders' interests are being protected? And last, I would like to know that, sir, is there any discount scheme to be given to the shareholders on their purchase from DMart stores? Further in this regard, I would request the management and especially to the CMD, sir, that please consider my request of a discount voucher to be issued to the shareholders or at least to the members who are attending the meeting as a token of love and affection. Thank you very much to the Secretary for allowing me to put up my points in the meeting, and hope the management will continue to hold the AGM through VC in the future, which enables the shareholders residing faraway places like me to interact with the management. Thank you.

Thank you so much. Moving ahead with the next speaker shareholder, we were supposed to have Ms. [ Rekha ], but she couldn't join us. After that, we were supposed to have Mr. Suresh Chand Jain. He couldn't be with us either. So going ahead with the list of the registered speaker shareholders, we have [ Mr. Ravi Kumar Naredi]. Sir Ravi, we are ready for your questions. Can we have your video turned on please? Have been unmuted.

[Foreign Language] Co-Chairman to our company, my investment guru, Ramesh ji, fantastic performer MD Mr. Noronha, honorable Board of Directors, employees of company, fellow shareholders, and at last, Shri. Radhakishan Ji Damani, promoter of company. Sir, it is good. You have added 12 location of DMart Ready. Congratulations for same. Whatever store we are planning, we are not asking, but want to know it. Existing store, do you have any plan to expand the space. If yes, how much percentage we may grow? Secondly, Avenue e-commerce result as on 31st March '22, our loss for financial year '22 is INR 142 crores. So when we will get breakeven lightly. Sir, how many employees are as on 31st March '22? And how much grew in financial year '22, and what our plan for financial year '23? Sir, you said in larger town, top line is higher in spite of higher property prices. So how many larger town is still left in India to open our stores? Sir these 12 cities we are doing, DMart-ready. We have any plan to open any brick or mortar store, or we will skip it? Sir, revenue from sales per square feet is INR 27,454 in financial year '22 versus INR 35,647 in financial year '19, is we are grew 176 to 284. This INR 35,647 is dream only or we may achieve this? And last, can we opt the billing system in store in such a way those want Tatkaal scheme without waiting and DMart charge extra service. Can we implement that? That is my question, sir. And thank you very much. All the best, everything for that.

Thank you so much, sir. Thank you. Next, were supposed to have Ms. Vasudha [indiscernible] on the list, but she couldn't join us. Going ahead, the next registered speaker shareholder with the question, we have Mr. [ Bharat Moolchand Shah ]. Bharat ji, may we have your video turned on for the question, please?

[Foreign Language] Thank you very much, sir. Thank you very much. [Foreign Language]

[Foreign Language]

[Operator Instructions] We'll go ahead with the next speaker shareholder, we have Ms. [ Hotokshi Sam Patel ].

Respected Chairman, Mr. Ramesh Damani; Mr. Noronha, the MD. I'm a little unwell for my voice is a little hoarse. Mr. Noronha, MD, CEO; Mr. Machado, the Director; Ramakant Baheti. Just hold on, please hold on. Yes, respected Chairman and eminent Board of Directors. Mr. Baheti, the CFO of the company, Group CFO; Mr. Niladri, the CFO of the company; Ashu Gupta, Company Secretary. I'm very much thankful to both of them. Niladri Deb and Ashu Gupta for giving me a very good, ideal report. Mr. Deb, very good financial figures that you have given the -- all the points are very self-explanatory and very good report. Ashu Gupta ji, thank you very much for your annual report. Whole Secretariat team has worked very hard to compile a good report. Ankit Agarwal has been very, very helpful. Ankit is very competent, very capable and efficient person. Whenever I trouble him with all the different questions in the annual report, he never gets angry. He is very humble, very polite, but very competent and capable. And I also thank Anita Shetty for this. The company this time, though revenue, PAT, net profit margin, operating margin have all gone up, return on net worth is also up, paid up capital has increased, turnover has increased, EPS has increased but income has come down. Cash and bank balance are both down. Bank balance is also down, cash in hand is also down. I do not know what is the reason for that. If anybody from the finance is able to answer this please, I request. Inventory level has gone high up, depreciation expense has also gone high up and other expenses -- these things could have been controlled. Investment level has increased. So all the profits that you have earned has gone into the investment. Sir, why is it so? We are also the shareholders. We also spent our hard earned money in investing with DMart, and we are not getting any dividend. It's okay. We don't mind but in the hard crucial times, it is the dividend on which many of our senior citizens depend. We have, of course, shares of other companies also, but each company is giving us a dividend while you have not provided any dividend to us. The company doesn't do anything for the shareholders. I feel it in that way. See, first of all, you don't have any factories. So there is no factory visit that other companies give us. They take us for the different places every year, of course, in 2, 3 years, just because of COVID, it was not there. Otherwise, every year -- even pharmaceutical companies also takes us. Other companies take us, pharmaceutical also have taken us to that factory visit, then we get -- we have get together, then they celebrate the Diwali by sending us sweet box, the Christmas time or the New Year first January. Nothing is done so no activity at all, nothing good is done for the shareholders. Damani sahib, [Foreign Language] I know you have daughters, but we also have children at home. We are also have -- we also have to the look after our children. So it's [Foreign Language]. Share it with your shareholders also. You do not give dividend to us. You do not do any other good things to us. You don't even give us coupons. At least some concession coupons, we are getting coupons from Future people. We are getting coupon from Reliance, from innumerable companies, we are getting coupons. No, it is not by law. No, it isn't. law is applicable to everybody. Yes, it is. Yet we have given, yet we have taken care of, good care is taken for the shareholders by other companies. Why Damani, why DMart is not taking good care of the shareholders? You don't know your share price has gone very up. That is one thing good for us. But at the same time, we cannot increase our portfolio. If we are having 20, 40, 50 shares, we cannot make it into 100 because the price has gone up 4,000. Today the share price of the company's INR 4,436. This is 22 AGM and the share price today is this and you have not given any dividend to us. I strongly support all your resolutions, especially resolution number 2 and all other resolutions. So your CSR activity has been very good. Impact assessment report given by the other company has been very good. So good CSR activities is done out of INR 32.23 amount, your company has already spent INR 31.29. Last year's amount has carried forward INR 0.94. This year, again, the balance is becoming equal. And so however, the activities of the CSR has been very good by the company. When you can be so good with the people outside the firm which you have no returns. I do not know why government is forcing the companies to do the part, to have 2% of the profit to the CSR activities. People keep on producing and producing 3, 3, 4, 4 children. There is no investment done by anybody from that section into your company. However, I find that Retailer Association of India has invested 10,000 shares in our company. If you can throw some light on it, what is it? Since when they are holding 10,000 shares in our company? have we allotted them or they have purchased the shares? If you can throw some light on it when you answer my questions. Year-by-year, you also provide 8% salary increase to your employees. That is very good not to think because at the COVID times, they are working hard to the -- really, they're working hard in your shop to increase your sale, to increase the sales purchase everything, good facility was provided by DMart in the crucial times of COVID. I really congratulate all your employees for their hard work. But Sir, even consider us also. We also look up to you. Dividend is not there. But in other means you can do good to us. In that time, you should not say, no, no, no, it is not by law. Law is applicable to all the companies and yet they are doing good to the shareholders. They are doing immense good to the shareholders. Can I know at least 2, 3 things of yours, what good you have done for the shareholders alone? What DMart is -- Company Secretary Ashu Guptaji, you are a link between the shareholders and the company and the management -- Directors. Why don't you convey our message to them? Tell Damani Sir, that it is not good to be so stingy. Give out even to the shareholders. We are investing back in the company. We are investing our hard earned money back in the company. No others are investing, are they getting anything in return? Give them in return. When you have come in the business. You also want profit in return. Isn't it Damani, Sir? So, also we are investing our money. We also want in return. That's all I have to say. I thank very much even the system has given opportunity to all the people from whole of India to participate in this AGM. Also, I would like to give one more important point. AGM is meant for the shareholders not for anybody else. Board meeting is meant for the directors, but AGM is meant only for shareholders. Importance is to be given to shareholders at the time of AGM. Thanks all. Thank you very much, Noronhaji. Please and Mr. Baheti, Sir. You are a group's CFO, please you advise Mr. Damani for making good for the shareholders. Thank you very much Mr. Damani, Sir, all the directors on the Board. All the employees who have worked very hard. Thank you very much, and good luck to the company.

Thank you so much, Ma'am. We'd like to proceed with our next speaker shareholder on the list. We have Miss Khushali Sanjay Agrawal .

Am I audible?

Yes, you are.

Thank you, management of Avenue Supermarts Limited for giving me this opportunity. I'm Khushali Agrawal and my question is, the Avenue e-commerce limited, subsidiary company only INR 492 crores invest [Foreign Language] year ending 31st March 2022 from a INR 1 crore loss [Foreign Language] company incorporated [Foreign Language] management [Foreign Language] breakeven position [Foreign Language]. And second question is, so 10, 20 minutes delivery card trend [Foreign Language] company [Foreign Language]. Thank you so much.

Thank you so much, Miss Khushali. Proceeding with our next speaker shareholder, we have Mr. [ Ashok Kumar Jain ].

Hello? I am audible, Sir?

Yes, go ahead.

Good morning, Chairman Sir, Board of Directors, all my fellow private shareholders. I'm Ashok Kumar , I joined our meeting from far away,distance Delhi. First of all, I am thanks to the secretary Department who helped me to join the meeting on e-portal. Thank you, sir, and Chairman Sir [Foreign Language]. Thank you, Sir.

Proceeding ahead with our next speaker shareholder, we have Mr. [ Ashish Bansal ].

Respected Chairman and Board of Directors, you can hear my voice, Sir?

Yes, sir.