BirlaNu Limited (BIRLANU) Earnings Call Transcript & Summary

Good afternoon, all. I'm G. Manikandan, Company Secretary of your company. Welcome all the shareholders and the dignitaries to the 73rd Annual General Meeting conducted through video conferencing, or other audio/visual mode. In view of this ongoing COVID-19 pandemic and requirements of social distancing and to ensure the safety of the shareholders, in compliance with the various circulars issued by MCA, the 73rd Annual General Meeting is conducted through VC/OAVM. If shareholders who are attending this meeting are facing any technical issues while joining or during the course of the meeting, they are requested to contact the help desk set up by NSDL, whose details are already provided in the notice. I would like to confirm the presence of all the directors of the Board and Mr. KR Veerappan, CFO of the company; Mr. Vikas Somani, partner from BSR & Associates, LLP, who are the statutory auditors of the company; and Mr. Mohit Gurjar, representative from PS Rao & Associates, secretarial auditors of the company; and Mr. Sandeep Zanwar, partner of S.S. Zanwar & Associates, cost auditors of the company. As the required quorum of members is present as per Section 103 of the company's act and the various MCA circulars issued, the Annual General Meeting may be commenced. I now request Chairman to introduce the directors of the company who are visible on the screen and conduct the proceedings of this meeting. Thank you.

Good afternoon, everyone. I'm CK Birla, Non-Executive Chairman, attending this meeting from New Delhi. And I would like to introduce all my colleagues on the Board now. Mr. Dhirup Roy Choudhary, Managing Director and CEO.

Good afternoon, everyone. Good afternoon, Mr. Birla. I'm Dhirup Choudhary, Managing Director and CEO of HIL, and I'm attending this call from my home in Kuala Lumpur.

Mr. V.V. Ranganathan, Independent Director, Chairman of the Audit Committee and Nomination and Remuneration cum Compensation Committee. You're on mute. Please, you're muted again. Mr. Ranganathan, you're muted. You're on mute.

Mr. Ranganathan, can you unmute yourself, please?

Yes. Is it happening now?

Yes.

I'm Ranganathan. Good afternoon, everyone. I'm Ranganathan here, and I am taking this call and attending the AGM from my home in Coimbatore.

Mr. Deepak Khetrapal, Non-Executive Director and Chairman of the Corporate Social Responsibility Committee.

I'm Deepak Khetrapal. I'm attending this AGM of HIL Limited from my residence in Delhi.

Ms. Gauri Rasgotra, Independent Director and Chairman of the Stakeholders Relationship Committee.

Good afternoon, everyone. I'm attending this AGM from my office at New Delhi.

Dr. Arvind Sahay, Independent Director. Dr. Sahay, just unmute yourself. Please unmute yourself.

Good afternoon, everyone. This is Arvind Sahay. I'm attending this meeting from my office at IIM Ahmedabad.

Thank you. So now I should proceed, Manikandan?

Yes, sir. Request to deliver your speech, sir.

Good afternoon, dear shareholders, a very warm welcome to all of you at the 73rd Annual General Meeting of your company. On behalf of the Board of Directors, I would like to thank you all for joining this meeting virtually through videoconferencing. I hope all of you are safe and healthy. Your presence is indeed a true testimony of your involvement and support for your company. Annual General Meeting is an important event for a company, which gives the opportunity to engage directly with you. But given the current restriction of people's movement and social distancing arising out of COVID-19 pandemic, we have been constrained to hold a virtual shareholder meeting rather than our usual physical meeting in Hyderabad. The company's accounts for the year ended 31st March 2020 have already been circulated to you. With your permission, I would like to take them as read. The COVID-19 pandemic is the most agonizing event which has impacted the entire world. The pandemic, which started in a small way, has disrupted life for everyone in the country and all across the world. Having infected millions of people worldwide, it has disrupted many industries, trade and business cycles, impacting global economic activities significantly. With the health and safety of everyone being the foremost priority during this pandemic, we are all finding newer and safer ways to carry out our activities, including innovative ways of running the businesses and managing the corporate and governance processes. At this stage, we are not sure how the situation will evolve. However, your company is committed to face the unknown challenges, and it is taking this crisis as an opportunity to reimagine, redefine its business model, thereby bringing lean processes and agility into our system, which will help the company to go through difficult times. The company has in the process adopted to a new way of managing businesses, including digital connect in all the areas and remote working. The company believes that with a strong foundation and stakeholder support, including its loyal customers and employees, it will be able to overcome all the hurdles posed by the external environment and continue to maintain its market leadership position in the relevant market segments, ably supported by the various customer connect initiatives put in place by the company. As I said, on the business front, your company continues to strengthen its market share across segments by driving innovation and capitalizing on opportunities. This is being achieved amongst multiple headwinds, including a slowdown in the real estate sector, liquidity challenges in urban areas and various restrictions imposed by the National Green Tribunal on construction and industrial activities in some states of the country. Further, the rise in key raw material prices, along with the outbreak of COVID-19 during the end of the fiscal year, added to the challenges. The company's strong portfolio of products with a compelling brand recall enabled it to endure these challenges and deliver sustainable value in the last fiscal year. On a positive note, the fiscal year 2019-'20 marked the completion of the first full year of operations after the acquisition of Parador Germany. I'm happy to report that HIL has completed the financial and cultural integration of the company during the year seamlessly. Parador registered double-digit growth in revenue with significant improvement in margins despite challenges in the flooring segment in Germany and Austria, which are the 2 major markets of Parador. As a part of our digital transformation strategy, we continue to invest in various digital and technological solutions, concentrating on the Internet of Things to connect shop floors and autonomous machines. During the year under review, the first step towards our digital transformation journey began and a digital road map for all our divisions has been prepared. We implemented the first connect shop floor at our Chennai plant as our first step towards Industry 4.0 adoption, and we plan to replicate this in all our other manufacturing plants in the current year and some in the next year. The company believes that sustainable business practices form the cornerstone of a better tomorrow, and we are committed in our endeavor to create a viable future. We continue to explore new ways to reduce our environmental footprint and substantially contribute towards social empowerment. The entire CK Birla Group and HIL already took multiple initiatives to support the fight against COVID-19. The group contributed to the PM CARES Fund for combating the epidemic and also initiating relief across the country. In addition, most of our employees at HIL have donated their 1-day salary to financially support plumbers, masons and carpenters. Despite all the challenges faced by our company, the consolidated revenue for the year under review grew by 17% to INR 2,554 crores in the year 2019-'20. This is excluding the revenue of INR 39 crores from discontinued operations, resulting in a stronger financial performance. Profit after tax grew by around 5% to INR 106 crores during the same period. As you know, during the nationwide lockdown, which was imposed in the later part of March 2020, affected the sales in that period. And also, it has had -- because it went on in April and most of our plants started towards the end of April and some in May, it has had an impact also in the current financial year. But in spite of that, our financial leverage has been maintained, and we have a comfortable debt-to-equity ratio of 1:1 on a consolidated basis with a credit rating of AA- with stable outlook, which is indicating the financial -- satisfactory financial health of the company. As regards to performance of our business segments, we continue to remain a leading player in the Roofing Solutions and Building Solutions segment. Brands Charminar and Birla Aerocon were once again accredited with the Superbrand Status. The Polymer Solutions segment under the brand HIL also witnessed a significant growth, largely due to the capacity and product portfolio enhancement. We've had expansion of dealership network and well-planned marketing activities with a quality-centric approach. It gives me great pleasure to inform you that your company has been certified as a Great Place to Work for the year 2020 for the second time in a row. This goes to prove the confidence all employees have in your company and commends on the efforts taken by the management towards building an implacable performance-based organization. This also validates our strong work culture built around the passionate theme that resonates with ONE HIL philosophy. As I said earlier, that the current fiscal year will be fairly challenging because of the -- across the world because of the COVID-19 virus, but I am confident that with our resilient business model, stable financial position and committed workforce form an integral part of our business strategy. We remain motivated to emerge stronger together as we rise above this crisis to foster strategic growth. For this unknown future that is there, we are planning all our strategies by adopting zero-based approach and leveraging various digital tools to ensure customer engagements with seamless communication. And we are also looking at various opportunities that we can look during this period and especially when all the markets start opening. The health and well-being of our employees shall remain -- is and shall remain our priority as we navigate on a path to recovery. And we are also making sure that in all our factories, wherever the production -- all of them have started, that we are maintaining all the required protocols in place so that the health and safety is not compromised in any way. On behalf of the Board of Directors, I would like to express my gratitude to our customers, supply chain partners, financial institutions, business associates, central and state governments for their cooperation and look forward to their continued support in the future. I thank all of my colleagues on the Board for their oversight and their important support to me and to the company during the year. I acknowledge everyone at HIL for their hard work and dedication to ensure relevance and embed a resilience in delivering exceptional value to all our stakeholders. As we stride our path ahead, your company remains poised to rebound on its growth trajectory, banking on its innovative and diverse business portfolios. I now would just like to say that I hope, please be safe and please keep well. That is the most important message that I would like to give you. Thank you. I would now request members who have registered as speaker shareholders to give their valuable openings and suggestions, if any, with a request to introduce themselves by giving their full name and folio number before speaking. I would also request other members who have not registered as speaker shareholder and still wanting to give valuable opinions, suggestions, if any, to use the chat box facility provided by NSDL, so that the same can be responded appropriately.

Thank you, sir.

Mr. Ajay Kapadia...

No, no. Thank you, sir. Thank you. Now I invite speaker shareholders who have registered themselves to speak in this AGM to come forward and give their valuable suggestion. Can I request Mr. [ Kamal Kishore ]?

[Foreign Language]

Yes. Yes, [ Kamal ].

[Foreign Language]

Thank you, [ Kamal ]. May I now request Mr. Bharat Shah to come forward and give his valuable inputs and opinion.

I'm audible?

Yes, Bharat Shah.

Mr. Chairman, sir, Board of Directors. Mr. Chairman, I am attending this HIL AGM since last 25 years. From 1995, I have started and I have not missed a single AGM. And we know that last several years, we are seeing that on the AGM day, it is a rainy day. And today also in Hyderabad, it is raining very, very -- fine weather is there. Sir, coming to annual report, sir, just on presentation of annual report of 232 page, it's informative because we have to -- we can read it. And all information there is -- you have given in annual report. I congratulate our MD, Mr. Dhirup Roy Choudhary; Mr. Veerappan, CFO; and Manikandan for presenting such an excellent annual report. Sir, coming to -- you have given all -- total information on business solution, wet -- walling solution, dry as well as wet, each and every segment has been covered. Sir, coming to dividend, hope this dividend 200% is also attractive dividend and hope you will maintain this dividend in coming years. Again, I would like to congratulate the management for Great Place to Work award, which we have received, and Most Promising Business Leader in Asia Award 2019 by The Economic Times to Mr. Dhirup Choudhary, who has taken this company to new heights and now has created a wealth for minority and small shareholders. Sir, what is the current status of Nigerian subsidiary where we have a 33% stake in Supercor Limited? Whether it is closed down now? So what is the market share of Roofing Solutions? Because recently, one of the -- in one of the AGM from Telangana, company has said that they are having 18% market share in Roofing Solutions. So what is the market share pan-India of HIL? And we are seeing this COVID has lots of problem it has created and construction industry is affected heavily. So how do you see the future in next 2, 3 years, how this company will come out from this and scale new heights? Thank you, sir.

Thank you, Bharat. Now can I request to [ Mr. Ulhas Paymaster ] to come forward and give his valuable views and opinion?

Hello. Can you hear me?

Can I request the shareholders to unmute their video?

Can you hear me?

Yes, sir. Yes, we could.

Okay. Now I wish to comment on the dividend policy of the company. I think you are declaring a dividend of nearly 200%. But sir, now with this new taxation changes, the taxation on the -- for the marginal tax rate for the high net worth individual works out to around 37%, 38%. So I would request the management and the Chairman to consider whether the dividend can be reduced, so that the shareholders don't have to pay this kind of high taxation. And in order to compensate this lower dividend, the management could consider giving the bonus issue frequently, so that the shareholders are compensated and the shareholders can sell their bonus shares and pay only 10% long-term capital gain. Sir, because if the management is worried about the high quantity of shares in the market, the management could also consider a buyback, a frequent buyback or even a reduction of capital, so that the overall capital of the company remains within the acceptable limits of the management. But sir, I would definitely request you to please consider the dividend policy and try to see that the minority shareholders, at least the high net worth shareholders, are not taxed at a higher rate. Secondly, again, on the same issue, sir, I am surprised at how your company decided to pay the final dividend in the current year because, again, the dividend will attract the full income tax in the current year. I wish the management, like other very well-managed companies, could have considered an intern dividend before March 31, so that the shareholders would have paid a lower income tax on that dividend. Sir, secondly, I would like to know from the management what is the present status on the production and the distribution because of the pandemic. What is the level of activity in our plants in overall percentage terms? If the management could tell us, what is the overall percentage for most of the products? Thirdly, for the Managing Director, a couple of years ago, he had said that our polymer pipe business is -- we are still very low when compared to the market leaders. So I would like to know from him how many years we will take to reach near the competition of the top 2 or 3 market players and how many more years it will take for -- to reach at that level? The fourth question I would like to ask you, sir, is regarding the Parador. Can you tell us, sir, what is the level of production sale and the market penetration in the Indian market? You have given a lot of commentary on the Parador business in the European market, but there is not much of information on the Parador business in the Indian market. If you could give some more information, I would be highly obliged. Thank you.

Thank you, sir. Now may I request [ Mr. Santosh Kumar Shaw ] to come forward and give his valuable inputs.

[Foreign Language]

Yes, [ Santosh Kumar ], please continue.

[Foreign Language]

Yes. Yes.

[Foreign Language]

Yes. It's coming.

[Foreign Language]

Thank you, [ Santosh ]. Can I now request Mr. [ Bharatraj ] to come forward and share his valuable views and opinion?

Yes. Good afternoon, Mr. Chairman. Am I audible?

Yes, audible works. [ Bharat ], you can unmute your video also.

Yes. Now it is audible?

Yes, please. Audible, [ Bharat ]. Please continue.

Yes. Yes. Good afternoon, Mr. Chairman and Mr. Managing Director and Board of Directors. I'm very happy we are all safe, and we are happy to join the AGM. Sir, first of all, I thank the management for this wonderful income for this 2020, sir. And I'm very happy that our company has received Great Place to Work award and Best Legal Team 2019 award. I congratulate the legal team for achieving this award. And I am very proud that we are the next Fortune 500 company, which is going to enter in Fortune 500, sir. I'm very happy for that award, sir. And Parador has won German Design Award in 2019. I'm very happy, sir, happy with the brand, which is very popular in Europe. And regarding this IPL, sir, my question is that, is our company is going to continue that IPL sponsorship? How many years contract is there? That is my question, sir. Sir, if you compare with the last 3 years net profit percentage, if you compare the last year, it was 36%, now it has come down to minus 2.53%, sir, 3 years' net profit. May I know the reason, sir? And the third one is, sir, last year, you have given dividend 25% -- INR 25 per share. Now you have given INR 20. May I know why the dividend has come down, sir? Is there any plans -- is there any interim dividend? Or next year, we'll expect more dividend from your side, sir? One more thing, Mr. Chairman. We expect the bonus. If bonus is not able, at least, you'll give more dividend, sir. We'll be more happy. And it is good if you split the shares, sir, INR 1 or INR 2 face value. So the value will be [indiscernible]. And once again, sir, I must thank Mr. -- our MD, sir. He's a wonderful person. Whenever he is accessible for us. I'm very happy under the leadership our company is growing. And I thank my secretary, Mr. Manikandan. He's the best. He's wonderful people, always available for our assistance. Thank you very much, Mr. Manikandan, for arranging a wonderful AGM. And all the best, Mr. Chairman. Take care of your health. And entire Board of Directors, take care of your health, sir. Thank you very much.

Thank you, [ Bharat ]. May I request Mr. Praful Chauda to come forward and share his views and opinions?

Hello? Hello? [Foreign Language]

Yes. Yes. You're audible, sir.

[Foreign Language]

Thank you, Mr. Praful Chauda. Now may I request [ Mr. Reddappa ] to come forward and share his views or opinions?

Yes. Respected Chairman. Sir, my voice is audible, Mr. CS.

Yes. It's audible, [ Reddappa ]. [ Mr. Reddappa ], you can continue. You are audible.

I'm exporting my video, sir.

Okay. Thank you.

Yes. A very good evening, sir. Mr. Chairman, respected Chairman, Board of Directors and my fellow shareholders, good evening. My name is [ Reddappa Gudluru ]. My DP ID is IN30267938862279, sir. Sir, as a shareholder, we are very happy about the company's performance, sir. So you have given very quality annual report and given very good dividends, sir. Sir, I would like to congratulate our Chairman and Board of Directors under these below achievements, sir, especially our company. Congratulations on the acquisition of Parador Holdings. So last year -- earlier also you have achieved many more things, sir. So I wanted to regard once again that acquisition on Parador, which enhance company's capability of the -- at the same time expand the global footprint, sir. So in this regard, I wanted to congratulate all the Board of Directors, sir. Thank you so much, sir. And also, sir, my company has launched new products in the market to sustain a very good leadership and a good position, sir. This is also one of the good achievement in last financial year. And also, a special congratulations to Dhirup Roy garu, Managing Director and CEO, who got the Most Promising Business Leadership Award in 2019. I wanted to remind once again, you are the very good leader in this, my company, sir, and I am very proud of him as our CEO. And also, I'm very proud of as a shareholder in this company. So once again, I'm giving valuable and happy congratulations to the -- my CEO, sir. And also Most Promising Business Leadership in Asia Award 2019 in The Economic Times of the 2019, sir. And also, in last year, my company is in the league of the 100 companies who got the Great Work Time award (sic) [Great Place to Work]. This is not a simple thing, sir. My company has a great ethics. Greater global firms -- my company is having, sir. This is not a simple thing, sir. Thank you so much and congratulations for this award, sir. Great Workplace in this company, all worldwide, sir, top 100 places, my company is HIL Limited Company, a Hyderabad company. Really, I'm very proud, sir, in this award. Thank you so much. Sir, and also, in this Chairman speech, you have given a lot of information about the company performance last financial year. Thank you so much, sir. I have seen a good financial performance in growth and margins terms. And also, I wanted to regard my appreciation and you have -- my company has contributed INR 3.5 crores to the PM relief fund, sir. Has the company in this -- contribution in the critical situation is a very good thing and social responsibility, sir. My heartful congratulations and thanks to the Board of Directors and especially the CEO and my Chairman, CK Birla garu. And also, my congratulations on the Parador -- already, I have appreciate, sir. And my question is, sir, how do you expect the business environment in this financial year? And what is the innovative steps taken by the company to recover the -- due to this pandemic situation, revenue downfall, sir? Is there any specific steps you are taking, sir? I would like to know from the management, sir. This is my question. Sir, and also my second question is, what is the security precautions my company has taken to ensure the security precautions at workplace, sir? So few employees are working from home, few employees are working from offices. What is the security or precautions you are taking, sir? So I would like to know that -- this also, sir. And also, sir, my appreciation. And sir, last year, my company has shared dividend of 200%. But this -- in difficult conditions also, my company is distributing 100% dividend, sir. So a big applause to the management, sir. In this critical and challenging year, sir, you are distributing 100% dividend. This is not a simple thing. Thank you so much for this, again, achievement, sir. This is also hearty achievement, so that my hearty congratulations to the CEO and all the Board of Directors, sir. Thank you so much. Sir, my question is, so you have distributed INR 3.5 crores in PM relief fund. Is there any local distribution as in AP, Telangana, and regional areas? I would like to know, sir. Please, sir, throw some light on this information, sir. So this is also a very good appreciation, sir, your company's approach to social responsibility. So this is also highly appreciated thing, sir. And also, I wanted to regard something, sir. I am attending the last 2 years in the AGM. In every AGM, sir, my CEO and Directors are receiving in very good manner. So I wanted to tell this because they are giving personal touche. So whenever I speak to the shareholders, they are feeling very personal touch, especially CEO sir, Dhirup bhai, very friendly manner they are receiving. Really, really appreciate it. [Foreign Language] Definitely, I wanted to tell. He's a very nice person, humble person, sir. Thank you so much. That's the reason you are getting awards year-on-year. So -- very good luck to you, sir. And also, Mr. Company Secretary Department, sir, whenever I need any queries on the agenda, any queries on consolidated and standalone, so whenever I phone, sir, they are immediately, promptly responding to the -- my queries, sir. So especially, I wanted to say the company department persons, especially Manikandan, company's secretary, he's one of the best assets of our company and his team also, Mr. Naresh. He is also a nice person, sir. He's serving his duties, personally I have seen in the company. That's the reason my company is a very good, great company to the work, achieved award and also very good ethics company. I personally observed on that. Thank you so much for that. These people are our company assets. So great company, good working environment, good ethics. So stay safe. And I also some questions, sir. My company has rebranded. Will it be operated as -- so can you please tell me about that, sir? And also, sir, comparing that PBT was a little bit high due to the high raw material. However, [indiscernible] what is the improved margin strategy, you have any strategy taking for the improvement of the margin, sir? That is my question. I have some queries, sir. I'll send a mail to my company secretary and the accounts department, sir. I'm reducing my questions over here. So thank you so much for giving this opportunity to -- in the Annual General Virtual Meeting in this 2020, sir. So thank you so much for this time -- giving time, sir. All the best wishes, and stay safe, stay healthy. And I wish all the best, sir. Good bless you. Thank you so much, sir.

Thank you, [ Reddappa ] for your kind words. Okay, if there is any queries, you can write to us. We will respond. Now can I request [ Mr. Pattabhi ] to come forward and give his valuable inputs and suggestions? [ Mr. Pattabhi Raman ]?

After the recent skirmishes between India and China, the relationship is a bit strained now. There is a sentiment in India to either reduce the imports from China or to stop the imports from China. For example, TTK Prestige company has declared that they will stop importing anything from China. So the sentiment is such. I do hope the same will be reflected in China too now, since we have -- since China is a very big market for Parador. How is this Parador brand viewed in China? Is it viewed as an Indian brand from Indian company? Or is it viewed as a German brand? They don't know about the Indian parent at all now. And will that affect our market in China? That's the only question I have. Thank you very much for opportunity.

Thank you, [ Pattabhi ]. Sir, all the speakers have already joined the call and given their inputs. There are a few more queries which came on the chat box from the shareholders. I'd just like to read those questions. So a few shareholders have asked about the bonus and the stock split. And second, they want to understand how the company is managing the COVID impact, which Chairman has addressed in his speech. And then one of the shareholder wants to know when the Parador range of floorings will be made available in India for local usage? And then what is the debt reduction plan of the company going forward? So these are the few questions which we have received on the chat box, sir. Now I request Chairman to...

Can you hear me?

Yes, sir. Now I request -- yes.

Will you mute the last shareholder, [ Mr. Pattabhi ]?

Yes, sir, speaking. Yes. Yes. I'm here.

Okay. Will you please mute?

Yes, yes. Done, sir. Sorry.

Okay. So thank you. Some questions have been asked about bonus. I think lower dividend this year, lower dividend was because when we met in the month of May, the COVID virus has started. And seeing last year's results and seeing what will happen this year, so we want to take a prudent policy. And that is why the dividend was slightly reduced. But let me tell you, we always have a policy that pay as much as possible, and we will continue to do so. As far as bonus shares are concerned, yes, I've been hearing this. Let us see at the appropriate time. We will definitely report it. Market share, you -- someone mentioned about 18%, I think some company has mentioned. We -- no one -- and this is all a guesstimate, but I think we would be 20% plus, but I cannot confirm anything on this regard, what is the exact number. But that much I know, we are the market leader. So that's how it looks like it. Well, the future of construction industry is very difficult to see just now, very difficult. I can't -- I have no idea. I think the government is taking a lot of steps, a lot of measures to boost the infrastructure area. New areas are coming up. New opportunities are coming up for the company. So we are pursuing everything possible and making sure that we can get our share of business in that whatever new way of working has been happening and whatever new activity has been doing. And whenever there is a demand coming up, we are there. So that is what I would like to show you. We are leaving nothing unturned. We're after every business. As far as the pipe business is concerned, yes, we've had a struggle for many years. Someone asked how many years it would take to get to be in the top 2 or 3. It's difficult for me to say today. But that's what we have to strive for, that's what we have to aim. I think if you are not in the top 2 or 3, that business is not worth being in. So our target is that -- I think we are working towards that, and I'm hopeful. I can't tell you the time frame. But yes, we are working towards that. As far as Parador is concerned, [ Mr. Paymaster ] has asked about this. Parador also, a lot of things have been done over there. We had difficult markets last year. But in spite of that, the management team that was there was very committed even during the time of the COVID crisis. But everything was closed. They continued the plants. I must say, I'm encouraged by the results. And I'm hopeful that -- we got a double-digit growth last year. I can't say that we will have double-digit growth this year, but we are moving in the right path. [ Mr. Santosh Kumar ] talked about the deal number and unclaimed dividend. I'll ask Manikandan to look into that, what is that issue. And he raised a very good point about disabled people employment. We will definitely look into it and see whatever is possible, and I think it's a very good suggestion. [ Mr. Praful Chavda ] and [ Bharatraj ] talked of dividends. [ Mr. Paymaster ] said lower dividend, more bonus share frequently. I think that is not feasible, but let us see. For the dividend policy, it has to be the same. And we'll keep working on that. Our endeavor is how to maximize our profit so that we can give you good dividends. [ Bharatraj ] talked of IPL. We are not participating in the IPL this year and next year also. So that doesn't apply to us. Workplace security, we are definitely making sure that all the protocols that have been issued by the health ministry from everywhere -- and from various other agencies, we are following that. So I think we will make sure that nothing is -- every possible precaution and safety will be taken into consideration. That I can assure you. There's a lot of questions that have come up on chat on our capacity utilization. Well, as you know, month of April was a virtual closeout. In May, it started. So gradually, by June, we have come back to normal levels. But May was slightly better, not at a 100% level, but a little less than that. But April was a virtual washout. Parador range is already in India. We had INR 5 crores sales last year, and we are continuing to see -- it was progressing well. I think because of this lockdown and the virus, they had a slight setback. But I'm hopeful that going forward -- you won't have a sale like what you get in Europe or China, but it will take time and it will pick up in India. The HYSIL sale, someone's asked, [ Mr. Sunil Gotra ], that has been completed and the funds that are being received from this divestment, which we have already received, has been repaid to the banks against our long-term loan. And that means there will be a debt reduction in this year. [ Mr. Navin Gotra ] has asked about the block business. All I can say is that backward integration, but at the moment, we are not looking at backward integration into cement, which is a major raw material. And expansion plans, we are first trying to see how do we get 100% capacity utilization with the existing capacity because as you rightly has pointed out that there will be challenges in the real estate sector. I think for this year, I don't see any bounce back in the real estate sector, whether it's in the housing space or commercial space, both are going to be affected. So we have to wait and see what happens over there. [ Mr. Manish Bandari ] has asked about sales guidance in Parador. Parador, as I said earlier, that we've had a double-digit growth this year. It may not be double digit, but I expect that we'll try and see how we have a double-digit growth over there in the years ahead. [ Ms. Kamala Ranganayaki ] wants to know about Brazil. Yes, we are looking at some fiber from Brazil, but it is all closed down now. So our future purchase will be from Russia and Kazakhstan because they are the only 2 countries in the world. And we are working to make sure that whatever we do not get from Brazil, we are able to source it from Russia and China. [ Mr. Hasmukh Gangar ] has asked about how the fiber cement is going to hit with post migration of laborers. So we've had some issues in some of the plants, but we've been -- somehow been able to take steps and make sure that the effect is minimalized, very minimalized. But yes, we've had some challenges in some of our plants because of migratory labor. He's asked about Brazil. Brazil is only supplying very little fiber that's in stock. But -- and once their stock is completed, there is no more fiber available from Brazil. We will be definitely buying fiber from Kazakh and Russia. [ Mr. Hasmukh Gangar ] also wants to know about Fortune. Fortune, yes, it is taking time. It is taking more than what we have expected because, again, this -- we are only giving you the institutional segment and not anywhere else. And I would say it's a very good product. We are working on it, how to improve the marketability of that further. And I am hopeful going forward, it will start picking up. That's all I can say about Fortune today. So with that, I think I've answered all the questions. Now can I go on to the agenda?

Yes, sir.

So the e-voting facility is now opened up to members to cast their vote. With your permission, I take up the agenda item given in the notice of the 73rd Annual General Meeting. There are some more in the chat bot, something more has come in, so I would request the CEO and CFO to -- whatever they comment, to give some answers and clarifications that are required -- requested by some of the shareholders. So item #1 -- order of business, item #1, adoption of financial statements, standalone and consolidated, along with reports thereon for the year ended March 31, 2020. Item #2, to confirm the payment of interim dividend and declaration of final dividend for the year ended March 31, 2020. Now I request Mr. Deepak Khetrapal to take up the Chair for the item #3, wherein being a Director, I request him.

Thank you, Mr. Birla, and good afternoon, everyone, Board of Directors and shareholders. My job for this particular agenda item #3 is to take up the item for the reelection of Mr. Birla, who's retiring by rotation but is eligible, and that's why he's offered for reelection. So that's agenda item #3. So back to you Mr. Birla, please.

Thank you. There's a special business item #4 relative to the remuneration of the cost auditors for the financial year ended March 31, 2021. So as per the requirements of the Companies Act 2013 and the SEBI LODR 2015 and MCA circulars, we have provided to all the members holding shares as of cutoff date of July 22, 2020, the facility to exercise their right to vote on resolutions as set out from item #1 to #4 of the notice of the 73rd Annual General Meeting by electronic means through remote e-voting platform provided by NSDL. The remote e-voting facility was made available to members from Saturday, July 25, 2020, 9 a.m. IST and to Tuesday, July 28, 2020, 5 p.m. IST. In accordance with the Section 107 and 109 of the Companies Act 2013, MCA circulars and SEBI circulars, we have also provided electronic means of voting, i.e., the AGM e-voting, to all members holding shares as of the cutoff date of July 22, 2020, the facility to exercise their right to vote on resolution as set out from item #1 to #4 of the notice of the 73rd AGM during the meeting through NSDL. The members attending the meeting, who have not casted their vote by remote e-voting, can cast their vote through the AGM e-voting. Now I request Mr. Mohit Gurjar of PS Rao & Associates, practicing company secretary, who is also the scrutinizer for the e-voting process, remote e-voting and AGM e-voting, to act as a scrutinizer to scrutinize that the voting is in a fair and transparent manner. [Voting]

I hope by now all the members would have casted their votes. I request Mr. Mohit Gurjar, scrutinizer for the remote e-voting and the AGM e-voting, to scrutinize all the votes and submit his report within 48 hours of the conclusion of this meeting. With your permission, I request the Managing Director and CEO or the Company Secretary or the Chief Financial Officer of the company to receive the scrutinizer report and declare the results and submit the same to stock exchanges. The results will be declared after considering the result of both remote e-voting and AGM e-voting through and shall be communicated to NSE and BSE and should also be made available on the website of the company. Finally, on behalf of the Board of Directors, I thank all our stakeholders, our shareholders, customers, bankers, suppliers for having given their continued support. I wish to place on record my appreciation for the committed and efficient services rendered by all the employees of the company and their tremendous will and passion to change with the times. I now declare that the official agenda of the 73rd Annual General Meeting is over. Thank you.

Thank you, sir. Thank you all the directors. May I request shareholders if there are any questions, they can write to [email protected] so that we can respond to them appropriately. Thank you very much. Now the meeting has come to an end.