Cipla Limited (CIPLA) Earnings Call Transcript & Summary

Dear shareholders, good afternoon, and a warm welcome to the 87th Annual General Meeting of Cipla Limited. [Operator Instructions] Please note that as per the statutory requirements, the proceedings of the Annual General Meeting are being recorded. [Operator Instructions] I now invite our Chairman, Dr. Y. K. Hamied, to initiate the proceedings. Thank you, and over to you, sir.

Good afternoon, everybody. It's morning where I am, but good afternoon to all of you. Welcome to the 87th Annual General Meeting of the company. I would like Mr. Rajendra Chopra to make an announcement and then I'll take over after that. So Rajendra, the ball is in your court.

Chairman Sir, before I start the statutory process, may I request you to please introduce the Board members who are attending this meeting.

I will do that. On my left, we've got Mr. Ashok Sinha, then I think it should be -- the picture is not really clear to me, but I think that is Adil Zainulbhai, then Punita Lal, then I think it is, I don't know the names are not really clear, but I would like to please -- Ashish is there, then there's myself, then there is -- it's not really clear. So Rajendra why don't you do the necessary introduction on my behalf.

Mr. Chopra, please unmute your audio.

Samina Hamied is on the left of mine, then you've got Mr. M. K. Hamied, I can recognize. The pictures in front of me are not very clear. So will you do the needful, please?

Mr. Chopra, over to you.

I'll do it, sir. I'll do it. On the top left, we have Mr. Ashok Sinha. Ashok Sinha is the Independent Director and Chairman of the Audit Committee. Next to Mr. Ashok Sinha, we have Mr. Adil Zainulbhai. He is the Lead Independent Director on the Board of the company. Then we have Ms. Punita Lal. She is the Independent Director and the Chairperson of the Nomination and Remuneration Committee. Then we have Mr. Ashish Adukia, he is our Global Chief Financial Officer. Below Mr. Ashish Adukia, we have Mr. Umang Vohra. He is the Managing Director and Global Chief Executive Officer. Then we have our Chairman, Dr. Y. K. Hamied. Below Dr. Y. K. Hamied, we have Mr. P R Ramesh. He is the Independent Director and member of the Audit Committee. Then we have on the left side of the screen, we have under Mr. Ashok Sinha, we have Mr. M. K. Hamied. He is the Vice Chairman. Then below Mr. M. K. Hamied, we have Ms. Samina Hamied. She is the Executive Vice Chairperson and the Chairperson of the Investment and Risk Management Committee Meeting. Then we have Mr. S Radhakrishnan. He is the Chairman of the Stakeholder Relationship Committee Meeting. Beside Mr. S Radhakrishnan, we have Mr. Robert Stewart. He is the Independent Director of the company. And then we have Dr. Mandar Vaidya. He's also the Independent Director of the company. Thank you. In addition to the Board members, we also have Mr. Gautam Wadhera. He is the partner at Walker Chandiok & Co LLP. They are the statutory auditors. Then we have Mr. B. Narasimhan, Practicing Company Secretary. He is the Secretarial Auditor and the scrutinizer for the purpose of voting results at the AGM. We also have Mr. D. H. Zaveri. He's the Cost Auditor for us and Mr. L. Bhargav, who is certified [indiscernible] aspects of the Annual Report. The repeated quorum is present, and therefore, I call this meeting with the permission of the Chairman in order, and I'll make now statutory announcements.

Please do that.

This meeting is being conducted through video conference in accordance with the provisions of the Companies Act 2013 and the circulars issued by the Ministry of Corporate Affairs and the SEBI. The proceedings of this Annual General Meeting are also being webcast live and can be viewed using the details provided in the notice to the Annual General Meeting. The integrated annual report containing the Board report, the auditor's report, the financial statements and other reports, along with the notice of this meeting have already been sent to the shareholders at their registered email id. I hope all the shareholders have received the annual report. With your permission, I take them as read. Since there are no qualifications, observations, comment in the statutory auditors or the Secretarial Auditors Report for the year ended 31st March 2023, I take the liberty and consider both the reports as read in the interest of the time. In order to enable you to vote on the regulations, we have provided e-voting facility through NSDL platform. The remote e-voting commenced at 9 a.m. on Sunday, 6 August 2023 and ended at 5 p.m. Indian Standard Time on Wednesday, 9 August 2023. The voting rights for record on the shares held by the members as on the cutoff date that is 3 August 2023. In case you have not exercised your voting right through the remote e-voting facility, I request you to do soon now while watching the AGM proceeding. Voting will remain open up to 30 minutes from the conclusion of this meeting. Since you have been provided e-voting facility, there will be no voting by show of hands at the meeting as per the statutory provision. The statutory document registers and reports as are required to be placed at the AGM are open for inspection electronically. Shareholders who wish to inspect these documents, register or reports can write to us at [email protected], we will facilitate the inspection. May I now invite our Chairman, Dr. Y. K. Hamid, to address the shareholder and deliver his speech. Over to you, Chairman.

Thank you, Rajendra. Ladies and gentlemen, wherever you are in India or in the rest of the world, welcome to the 87th Annual General Meeting of Cipla. In the past 3 years, major advancement in medical science provided solutions to protecting the well-being and health of society, including COVID-19 patients. Every time the world has faced a crisis, we have witnessed humanity coming out stronger. The advancement in pharma research, scientific innovation, newer discoveries of therapies and treatment options would not have been possible without the work, dedication and insight of scientists and researchers worldwide. Society in general, owes them a deep debt of gratitude. All of you have received a copy of Cipla's Annual Report for the year ended 31st March 2023. This includes a detailed summary of our financial performance, management discussions and analysis, business strategy, manufacturing operations, supply chain management, human relations, corporate social responsibility, environment practices and overall company governance. With your permission, I take the report as read. This is the sixth consecutive year in which we have presented a fully integrated Annual Report. It is pertinent to note that in the last 2 decades, the Indian pharmaceutical industry has stood true to its position of being the pharmacy capital of the world. Armed with a robust network of 3,000 pharma companies and approximately 10,000 manufacturing units spread across India, India offers a unique international competitive advantage. It is time that we reevaluate India's role within the global pharmaceutical industry, strengthen our position in the light of geopolitical changes, biodiversity and attaining self-sufficiency with innovation as the guiding principle for future growth. Gentlemen, today, the world is faced with many challenges, including that of AMR, antimicrobial resistance, climate change, natural disasters, and multiple risks. Your company is actively working to combat AMR and improving antibiotic usage or misuse of antibiotics. We are also promoting incremental innovation in the area of repurposing and repositioning of active and essential drugs. On the environmental front, Cipla is making a major impact towards carbon and water neutrality and net-zero targets to bring about a positive change in the world. During the year under review, we forged many partnerships and made significant investments in newer therapies such as messenger RNA, CAR-T cell therapies, Biosimilars, stem cell research digital therapeutics, et cetera. I sincerely believe that this will lead to build up the Cipla of the future. We maintain our rank as the third largest pharma company in India, and also in South Africa. We have recently achieved the second rank in that country. Apart from this, we are among the leading 15 global generic pharma companies. In the area of dispensing medicines in the U.S.A., Cipla ranks among the top 10. In the field of respiratory medicine, our presence is growing with very new interesting launches. We have a leading presence in the care spectrum with a wide range of drugs and device combinations that has established Cipla as a leader in respiratory medicine both in India and in many key emerging markets. Your company has extended its humanitarian approach beyond providing essential medicines. Cipla Palliative Care and Training Center has provided care beyond core to many terminally ill patients, particularly suffering from cancer and allied ailments. Over the past 25 years, this center, which is in Puna, has cared for approximately 25,000 patients along with their families and caretakers. This outstanding gesture on the part of Cipla gives all of us a great deal of satisfaction and has firmed up our resolve to expand access to palliative care across the country. Guided by our compassion and perseverance, we will always strive to improve access to quality medicines and that too at affordable prices, not only in India and Africa, but globally as well. Finally, I'd like to take this opportunity to express my sincere gratitude to all my colleagues on the Cipla Board of Directors and Cipla's management team for their support, guidance and visionary leadership. I would also like to acknowledge the contribution to the company of all our employees, both past and present, as well to our shareholders. So that Cipla can continue its successful March forward. As always, our profuse thanks to the medical profession, our customers, our suppliers, our partners and associates for their continued support and trust in our company, the ever green Cipla. Thank you.

Thank you, Chairman. Umang, may I invite you to now present and provide an update to the shareholders on the [indiscernible].

I now request Mr. Umang, our MD and Global CEO, to brief you on the operations and performance of the company. And thereafter, Rajendra, will you take over the statutory items as proposed in the notice of the AGM and other matters. Over to you, Umang.

Thank you very much, Chairman sir, and welcome, ladies and gentlemen, and thank you for the opportunity to present the Cipla performance over the past 1 year. As you -- most of you may have received our annual report. At this time the team is "Force for Good." And we just replicated that on this slide. So if we go to the next slide, please. This is the snapshot of the performance. I think a couple of factors that we should be happy about. The first is the growth excluding COVID. Cipla showed 11% growth year-on-year on a high base from the previous year of COVID therapies. The EBITDA margin is at -- adjusted margins at 23%. We reported closer to 22%. R&D spends have grown 20% year-on-year and are measuring in at about 6% of sales. So if you look at the overall snapshot, I think the strong trajectory and profitability continues. There is revenue growth. And as you may have seen in quarter 1 numbers, our revenue engine and momentum and booked portfolio in pipeline, that we have been investing over the past couple of years is beginning to yield us the outcomes that we had expected. Covering very quickly on our markets. One India was up 13% year-on-year. And again, this excludes the benefit of COVID, but if you were to look at just the trajectory of this business over the past, I would say, 8 to 10 quarters has been consistently beating market. We are improving the share of chronic therapies in our portfolio, and our consumer franchise and generics business are contributing significantly to the various demographic patterns that we see in the India market. In North America, our business has grown really strongly. We're at 23% growth. This business used to be sub $200 million, $300 million until about 7 to 8 years back, and we continue to see the trajectory going forward, largely out of the portfolio unlocking that we have been bringing our supply reliability as well as the smart consumer strategy that we have deployed through the team in the U.S. On South Africa, the private market took a slight blip this year. I think it was adjusting for the COVID base in the numbers. I think our business continues to remain strong for many quarters now, almost 20-plus quarters we have beaten market, and we continue to do so in terms of growth. This business is rebounding very healthily as we have seen in the quarter 1 of this year. And in international markets, the business which stood a lot of volatility, but we are in our direct-to-market businesses, which are the businesses we are building for the future. We've seen double-digit secondary growth almost across all the markets that we operate in. So the commercial engine of this company, I think, is firing very strongly. And I will cover the rest of the slides where we will also talk about the operating performance. Can we go to the next slide, please. Beyond what we do commercially, we stand as a company that cares for life. There are several themes that the Chairman also mentioned in terms of palliative care, but there is a lot that our foundation does in terms of disaster response, in terms of projects that we take on for sustainability, for health and many people have told us that we, as a company, operate with the heart of the foundation and not -- and I think that is the most -- that's the best thing that we hear every time that we interact with significant shareholders, such as the doctors, such as the hospitals and several other stakeholders of our company. But a lot of work done by not only the Cipla Foundation, which has probably led us to where we are today, but also there are several aspects of our business. Can we go to the next slide, please?. We had spoken to you about -- of our strategy, which we had called the trinity of passion, capability and economic engine. I'd like to tell you that we have achieved significantly almost all big aspects of our strategic blueprint. In fact, in this year, just about 2 to 3 weeks back, Cipla also had a discussion with this board of the new strategy for the next 4 years. And there are equally challenging themes that have been laid out by the Board to the management, and the management has accepted that we will drive the strategy of Cipla around those pillars that have been articulated. But very quickly, in the -- over the past 3 years, not only has Cipla increased its portfolio in the lung leadership space. I think we disclosed that lung leadership and ailments of the lung account for 30% now of the share of our revenues. We spoke about wellness becoming very strong. It's currently about closer to 9% of our revenues. We are hoping to take that up to 15%. In AMR, we have created significant portfolio additions. And every time there is a crisis, we want to be the company that can come up with a solution to problems that the world faces just like we did in COVID, just like we did in HIV. As I mentioned, the whole markets -- most of the market commentary that I covered are in good standing at this point in time, as is the U.S. with the type of differentiated assets that we have. Of course, we've had some issues with our facilities, and I will talk about them in a separate slide. If you look at our emerging market strategy that is -- in terms of double-digit growth that we are seeing in most secondary markets, that's on track. During the year and several years before, maybe 2 to 3 years before, digital became a real opportunity for us to increase the canvas that we operate in, and the company has adopted several and significant moves, even the training that we impart today to patients goes through a digital universe that we call Breathefree Digital Educators. And on the rest of the continuous improvement in our ability to create a benchmark of costs, I think that continues to happen. None of this is possible without three things that run in the organization. The first is the culture of quality. Second is the type of portfolio work that happens in our facilities in our labs because they are the real fuel for the fire that we put into each one of our commercial engines. And the third is the talent that this company has. And on all 3, we have achieved significant breakthroughs. We continue to redefine the boundaries of science. We're continuing to push the envelope in drug product categories, work with agencies to get the best medicines that can satisfy unmet needs. In most places, we are a follow-on as a generic in the sense that we are the first generic to the market. But in many places, we are now refining this boundary to be the first company to be able to come up with this through our efforts in mRNA, through our efforts in the bio side of the world and in the Stempeutics through our alliance partner in Stempeutics. And so there's a lot happening. I will cover quality as well, but we are very proud of what we've been able to achieve in the past strategic plan period that we have just finished. Can we go to the next slide, please. ESG continues to be a very strong focus for Cipla. We realize that as a company, we carry this responsibility, and I would like to repeat a line that I -- that our facility in Kurkumbh has, and that line inspires us every time and that line really is, that you don't inherit this earth from our parents, we borrow it from our children. And that's the responsibility that we take as people at Cipla. We realized that we borrowed this planet from the future generations, from our children, and we need to leave it better than how we borrowed it. And that is the responsibility. As you can see, Chairman has outlined the goals that we are trying to achieve. We are well underway with these goals. The company is being recognized for what it's doing in terms of carbon neutrality. I think about 40%, 45% of our power today comes from renewable sources. And I think that's a very strong achievement for us as a company. We are doing a lot in water because pharmaceuticals is very extensive with the use of water because we clean. And sometimes the water we use can be redeployed. And I think that's what we are trying to do. At the same time, we're working with several communities around our facilities in making sure that they have sustainability embedded in those communities and what -- and how we can help them to achieve their objectives of life and sustainability. If you go to the next slide, please. I want to speak about certain recent news items around our Goa and Indore facilities. I would like to give you a commitment that management is working earnestly to the remediation of what has been found by the U.S. FDA at these facilities. In Goa, which we -- the facility is from 2020, has been under the warning letter status from the FDA. We have some early -- while we have remediated all the actions that we have promised to FDA, we also have some early green shoots of progress. We were recently audited by MHRA and that audit went off relatively well. At the while Goa takes its -- waits for the opportunity to be reinspected by the FDA, we have actively been de-risking our product portfolio from here and are working on moving some of these difficult-to-do products to other partner sites within our network where possible and with other partners where it's not possible in our network. In Indore, which was a recent inspection, we have received -- we have in constant dialogue with the FDA. We are in the process of remediating most of the actions that the FDA has mentioned. We believe a reinspection of this facility may happen in the next year. And at this point in time, we have deployed the best consultants to help us with both of these facilities. So we feel confident that we're on the right track. And pretty soon, we are hoping that these facilities complete the remediation activities that is demanded of them. Again, here, the assets that we have filed, which are limited are being de-risked to our other sites. Some of which happened to be in the U.S. Can we go to the next slide, please. So Chairman spoke about how this world is changing, about how science and how much of gratitude we as a society or to the scientists. But some of those areas that are happening in the future, if you fast forward to the future, you would see Biosimilars becoming a very large portion of our portfolio. You would see mRNA therapies becoming the cornerstone of how innovation comes, genomics, the basic way in which respiratory medicine is changing and the impact of digital. And I'd like to mention that we are cognizant of these. We are investing significantly either through ourselves or through our partner network, either through equity or through broad alliances into each of these areas. And several of these has been part of what the company has done over the past. But -- and that's the focus that we bring, not just managing the today of operations, but making sure that we continue to stay more relevant as a company than we have been today to the patients that we serve. I'd like to thank the Cipla team. I'd like to thank the Board for their counsel, their partnership and the Cipla team for what we do every day, the 25,000 of us. Clearly, a lot of our initiatives are being recognized. We've been awarded various awards as well as several citations on what we do on a day-to-day basis. So with that, thanks to all of you shareholders for your support and for -- to the employees of Cipla, our partners, and to the Board for their constant counsel and judgment. Thank you very much. Rajendra, I'll now transfer this to you.

Thank you, Umang. The shareholders may note that since this meeting is being held through video conference and the resolutions provided in the notice have already been put to vote through e-voting. There will be no proposing and seconding to the -- for the resolutions. I will now brief you on all the resolutions, which we have proposed in the Notice of the Annual General Meeting. Once I finish the customary process of briefing on the resolutions, we will invite the members who have registered their name to ask questions or seek clarifications or express their views from the management, statutory auditor and secretarial auditors. Item #1 and #2 of the notice have been proposed as ordinary resolutions for adoption of audited, stand-alone and consolidated financial statement of the company for the financial year ended 31st March 2023 and the report of the Board of Directors and auditors thereon. The auditor has issued an unmodified report on the financial statement and has confirmed that the financial statement present are true and fair view of the state of affairs of the company. The Board has recommended these financial statements for adoption by the members. Item #3 of the notice has been proposed as an ordinary resolution for declaration of dividend. The Board has recommended a final dividend of INR 8.50 per equity share for the financial year ended 31st March 2023. Upon approval by the company, the company will endeavor to pay the dividend within 7 working days from the date of declaration. But in no case, it will be after 30 days from the Annual General Meeting. Item #4 of the notice has been proposed as an ordinary resolution for appointment of Mr. Umang Vohra, as Director liable to retire by rotation. Except Mr. Umang Vohra, none of the directors and key managerial personnel of the company and their relatives are concerned or interested in the resolution. Based on the performance evaluation and on the recommendation of the Nomination and Remuneration Committee, the Board has recommended the reappointment of Mr. Umang Vohra as a Director liable to retire by rotation. Item #5 of the notice has been proposed as an ordinary resolution for ratification of the remuneration of cost auditor for the financial year 2023, '24, The Board on the recommendation of the Audit Committee has approved the remuneration of INR 12,50,000 plus applicable taxes and out-of-pocket expenses as remuneration to Mr. D H Zaveri, the cost auditor. As per the provisions of the company's act, since the remuneration approved by the Board is required to be ratified by the Board -- by the members of the company, the Board recommends ratification of the remuneration of the cost auditor. We will now invite the members who have registered themselves to ask any question to the management, the statutory auditor or secretarial auditor or to make any suggestions. We have received 24 requests from the members who want to speak at the AGM. They will be unmuted and will be allowed to ask questions when called upon by the moderators. We will reply to all the questions and queries in one go. Considering the high registrations from the speakers in the interest of time, I request the members to keep their questions and comments in brief and not to repeat the questions which have already been asked by the fellow members. I also request to not to take more than 2 minutes as this will ensure that other members get opportunity to ask the questions. May I now request the moderator to please invite the shareholders one by one. Over to you, moderator.

Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] I now invite the first speaker shareholder, Mr. Arun Kumar Bopanna [Operator Instructions] Please unmute your microphone and go ahead with your question.

Good afternoon, everybody. Thanks to Rajendra Chopra for sending me the balance sheet and arranging the receipt. Chairman sir, in a century, the world has seen Spanish Flu, World War, Corona, we lost a lot of friends and relatives too. With no one ahead and with no one behind, Dr. K. Hamied started Cipla in 1935 to make affordable drugs changing the face of Indian pharma industry. Cipla did develop, deliver and delight us for 87 years sticking to their routes, religiously providing modern medicines to Indian masses at affordable prices. And compliments for enabling access, affordability and innovative medicines to Indian public for bringing down the prices with first-to-market medicines in India, too. My question, sir, what is the impact of Ukraine War for raw material security and how did we act? And now the skills are to be revoted, with AI and coding, et cetera, what is the budget for us in HR? What is the employee average age and the attrition rate and employees by gender. Concerning the present momentum, what will be the -- our asset base at the end of the decade. Sir, this drug delivery system -- new drug deliveries have come. Overall is taking a backseat. I understand injectables and transdermal therapies are taking the stage now. I think last year, I think Mr. Umang said that we are trying to get something from Japan. So what are the transdermal patches are you importing from Japan? And what is the status of transdermal patches within Cipla and within the country and what will be the future? And lastly, sir, the question is the IEPF and KYC norms has become major headache. It's a nightmare for senior citizens like me. And a company like Titan in Bangalore has pioneered the initiative to assess the shareholders. I would request and suggest Cipla to take the initiative to help the shareholders for fiscal form. And tribute to the founders and successors of Cipla. Cipla was built with the spirit to serve the board of the country with dedication. The dominant position of Cipla is an impressive achievement and record it speaks for itself. The accomplishments of the founders and successors are nothing short of being remarkable. In conclusion, regardless achievements of the past must not matter, achievements for the future, we must focus on. I wish Cipla all the best to develop, deliver and delight us in the coming centuries too. Thank you very much.

Thank you very much. We tried contacting speaker shareholder #2, Sailesh Mahadevia, to join the meeting. However, on the account of no response from the member, we will move on to the next speaker, Ms. Smita Shah and Bharat Shah, speaker shareholder #3. [Operator Instructions]

[Foreign Language] Sir 1 minute.

Sorry to interrupt you, ma'am, your audio is not clear now. Please check. Now it is audible. Go ahead, please.

Thank you. [Foreign Language] Chairman sir, Shri. Y K Hamiedji, Vice Chairman, M. K. Hamiedji, [Foreign Language] Executive Vice Chairman -- Chairperson, Ms. Saminaji, MD Umangji [Foreign Language].

[Foreign Language]

I now invite speaker shareholder #4, Mr. Kaushik Shahukar. [Operator Instructions]

Am I audible, sir?

Yes, you're audible, sir.

Yes. Thank you. Good afternoon, everyone. I'm honored to have the opportunity to address you all today and would like to express my gratitude to the Board of Directors for allowing me this chance once again. First off, I salute the Board of Directors for continuing VC mode of meeting, thereby allowing PAN India participation. Sir, I request you to continue this trend. I am satisfied shareholder of our company and I must commend the management for their remarkable efforts and creating wealth for the shareholders. However, I'd like to raise up a couple of concerns. My primary concern pertains to the implied issue of saving on account of virtual mode of meeting. I believe it will be prudent and fair to allocate a portion of these parts to the welfare of the shareholders, more particularly amongst speaker shareholders who actually participate in AGM as speakers. Considering the valuable contribution and active involvement in the meeting, it would be a gesture of recognition and appreciation to restore the small momento among important festivals. Sir, can you provide with the expenses on account of virtual mode of meeting and account of physical mode of meeting, if possible? I humbly request to all the Board to consider my proposal and explore the possibility of implementing the gesture of gratitude and appreciation. By doing so, I firmly believe that it will reinforce the positive rapport between the company and stakeholders and contribute to the overall well-being of the corporate family. Sir my next concern is do manufacture any drugs in providing skin rashes or urine infection and also do you manufacture any oncology products. Sir if yes, can you just share the name. My final concern is the company has been hesitant in supporting individual in need, including myself. I have shared my credentials in the past and follow up done persistently, but my request has not been considered. So not aiming differently-abled person be part of sales activity, then why the company is hesitant in supporting me. I appealed for your support and certification at work, including Form 15CB. Your assistance would mean a lot to me. If I can't get help from such as a reputable company like Cipla, then whom can I turn to. I'm resending with credential at the AGM to your id in the hope receiving justice and brought to consideration for regard, help and support. I want to clarify that I'm not seeking handouts of free money nor sympathy. I value my independence and self-reliance as a Chartered Accountant and hope you can understand and respect my desire to maintain that independence. Thank you for considering my request. I firmly believe with your support, I can make additional contribution to our organization. Thank you. Thank you so much.

Thank you very much. I now invite the next speaker shareholder, Ms. HS Patel. [Operator Instructions]

Hello. Thank you dear. Respected Chairman, Mr. Y. K. Hamied sir, Mr. M. K. Hamied, other eminent directors on the Board. the Managing Director, Mr. Umang Vohra, our CFO, Ashish Adukia and our most favorite, Mr. Rajendra Chopraji. Siddharth, I'm very much thankful to you. Very, very efficient work you have done in the CS Department, secretarial department, very helpful and very up-to-date in giving help to the shareholders. Very nice work done, Siddharth. You should be rewarded. As well I'm thankful to Nataraj. He has also been very helpful. And the whole team is very good. Thank you, Mr. Rajendra Chopraji. Mr Umang Vohra, I strongly support the resolution #4 for his recoming on the Board as a MD. So Umang Vohraji, you have 0.04% of shares of Cipla, very nice. I'm very happy to note that the directors of the company are holding shares of the same company. Because in some companies, directors are there who don't hold shares. This is I'm really very proud of you, Mr. Umang Vohra. And you have been doing a very good job for the company. Thank you very much. Cipla has been the third largest pharmaceutical company, the 15th in the global generic company and third largest in the respiratory section. This year, the revenue growth is almost 13%. It's very nice to note that. Commercial engineering of the company is operating perfectly well, no doubt. Sir, I would like to know what is the total debt of the company and what is -- no doubt the debt is coming down, but at present, what is the total debt? I congratulate the company and all its employees for the hard work that they have done, for receiving various awards and accolades, especially Cipla was first to introduce anti-retroviral drugs against HIV. Congratulate each and every employee, and good luck to you for this. It is true that success does not depend -- does not make the company great, but it is the contribution of each member of the company to the society at large that makes the company great and no doubt Cipla is doing that. All the best to you Cipla and its employees and the Board of Directors and the management team. Anyway, Cipla -- Sir here, as one of the shareholders has previously spoken about Titan. Titan has taken the great initiative in recalling unclaimed dividend of the shareholders. Those who have not claimed dividend for the last 7 years, the dividend, along with the certificate goes to the Investor Education -- that is, IEPF, Investor Education Protection Fund. And from there to trace out their past dividend is very difficult. So extra care has been taken by Titan and they have come out with the resolution that they are appointing a company and paying that company to retrieve the shareholders at their residence, at their residence, whether the residence has changed, whether the resident -- the shareholder is dead or alive. It's a very good initiative by the company. I hope even Cipla comes up with such new helping aids to the shareholders instead of throwing the dividends to the IEPS fund. Next, I would like to -- I'm a bit a little author of -- so I don't say that I'm not modern. Of course, I'm modern also. But our mother earth full of various plants. There are various richly rewarding mother earth especially of our country, India. And as likely said by Mr. Vohra, that we don't -- we not only inherit, I would say we not only inherit from our parents, but we also borrow it from our children. And if when we say we borrow it from our children, we should do something for the mother earth also and for our future children also. Like we have many medical herbs, many plants of which we can convince we can use and supply instead of just using only medical [Foreign Language] which is made out of plants and herbs, why don't we make use in [indiscernible] Cipla, all such plants and herbs of mother earth. Turmeric, ginger, [Foreign Language], all these are very, very wild. We can come out with turmeric milk powder, ginger milk powder. Early morning to have a very hot cup of milk with a little ginger and turmeric is very good, especially winter and in this monsoon season. Why we are not giving this to the -- to our public at large. Mr. Vohra, please and the medical team please, I would like to request you to please put some special attention to this. And Mr. Ashish Adukia, you are a CFO, please see that some finances are given to them to take out such medicines from the plants and herbs. Also, one important thing I would like to make note...

Mrs. Patel? Can you hear me? May I request you that I can meet you and I can take your suggestions in detail.

It has never happened, sir. That never happened.

It will happen.

In the whole year, in the whole year, sorry to interrupt you, in the whole year, shareholders are not called, not even spoken even once. I don't say you call 10,000 or 15,000 shareholders, but at least the speaker shareholders are not even called. When we ring them -- I'm not talking about Cipla alone. I'm talking about the innumerable companies, when we bring them on secretarial department, our call are never answered. Do you know that, sir? You only on the day on the 2, 3 days, 5 days before AGM only shareholders are valued believe me, it is a fact.

I will call you and I personally assure you, I will call you.

One more thing I would like to bring to notice over here that please make medicines in such a way that the effect of the medicine lasts for at least 5 to 7 hours. Employees, even in your company, everywhere human beings are working, whether it is -- labor is done to earn money. So in order to sustain the body and work hard, let the medicine effect remaining at least 7, 8 hours. [Foreign Language] So why we are spending INR 500 and INR 600, on your MBBS degree. The population is in crores while doctors are in thousands or maybe in a few lakhs. Why importance is not given to the public at large, why importance is not going to the people who are sick, who are ailing, going through the hospital and spending crores of rupee. Doctors are to be facilitated or human being is to be taken care of. I only limit to you, sir, Hamied sir. Thank you very much. And wish all your employees, good luck, the management team and the Board of Directors. Thank you very much.

Thank you very much. I now invite the next speaker shareholder, Rajesh K. Chenani. [Operator Instructions]

Respected, evergreen Chairman, Dr. Y K Hamiedji, Vice Chairman, Mr. M K Hamied, Executive Vice Chairperson, Ms. Saminaji and CEO, Mr. Umang Vohra, and a very, very highly distinguished Board of Directors, my fellow shareholders. My name is Rajesh Chenani. I've joined in from Vile Parle, Mumbai. Sir, first of all, I'll thank our Company Secretary, Mr. Rajendra Chopraji for sending me the physical copy very well on time. Sir, it is full of each and facts and figures in place, and I thank Mr. Nataraj also. I got the call from the secretarial department for joining the AGM. So it's a very good relationship maintained by Mr. Rajendra Chopra between the shareholders and the management because the secretarial team is the one who keeps a very good contact, and he has done a very good job. So a very good corporate governance. So Page #10, the 10 years highlight is very well presented. The company EPS is INR 34.69. But the dividend has been whatever, well, thank you for the dividend, what should I say? Our share capital is INR 161 crores, the [indiscernible] is very good, sir. So sir, do consider something for the shareholders. So it's been a very, very long time. I think it was something 2004 to '05 when we received the last bonus. And sir, time to time, Mr. Umang Vohraji, from time to time I have been able to hear you as CEO on CNBC and ET Now. So whatever -- even after [indiscernible] you were on ET Now. So I got the opportunity to hear you. And it was a very good presentation what you have shown. Sir, there is nothing much to add for me, sir. And the only thing is the promoter shareholding is 33.47, the public shareholding is only 0.02%. So correct me if I'm wrong, sir. And sir, there was an article last week, in Economic Times where Mr. Jairam [indiscernible] very strongest party, very concerned about the stake being sold by the promoters. Sir because of Mr. Hamiedji, it is you who is more concerned about the health of the country because your medicines are very much less expensive compared to the multinationals and all. So sir, if you are selling your stake to the Blackstone or I don't know whatever the name is coming up, though it will be a professional company, but sir, the prices of the medicine has been [indiscernible]. As it is we are a -- general public is suffering and you have always taken care of the -- you have always thought about the people. So just throw the light on this. [Foreign Language] With this sir, I support all the resolutions and so my very best wishes to the company, sir. Thank you, sir, and thank you to the secretarial department for giving me the opportunity. Thank you.

Thank you very much. I now invite the next speaker shareholder, Bharat Pratap Singh Negandhi and Lata Bharat Negandhi. [Operator Instructions]

Respected Chairman, Board of Director and fellow shareholders, good evening to all of you. My name is Bharat Negandhi from Bombay. Firstly, I have received the annual report in time, report is very beautiful, authentic and transparent. And congratulation Company Secretary, Mr. Rajendra Chopra and Natarajan and [indiscernible] team who sent me the annual report to my resident address. I strongly support to Mr. Umang Vohra for Director. Sir, I already sent you my queries in e-mail. So I have not asked any question because of give me reply afterwards. I fully support to pass the all the resolution and wish company maybe bright and healthy future of the company. Thank you. Thank you, sir.

Thank you very much. I now invite the next speaker shareholder Mr. Santosh Kumar Saraf. [Operator Instructions]

[Foreign Language]

Mr. Saraf, sorry to interrupt you. Sir, your audio is breaking.

Okay, 1 minute. Just to give you -- just give me 1 minute, sir.

Yes, sir, please. Please proceed. Yes, it is better.

[Foreign Language]

Mr. Saraf, sorry to interrupt you, sir, your audio is breaking. [Operator Instructions]

[Foreign Language]

Thank you very much. We request to all the speaker shareholders to please restrict your comments or questions to 2 minutes. I now invite the next speaker shareholder, Bimal Kumar Agarwal. [Operator Instructions].

Good afternoon, and good evening to everyone. First of all I'll thank the company secretary, his team and the management staff and the shareholders. As Chairman has already spoken such a good this thing he has given, speech. I've got nothing to say about that and I've supported all the resolutions and try to arrange a visit if possible. And you always keep the meeting online only because anyone can go join from North, people are joining from Delhi, Calcutta, Ahmedabad, keep it online only, don't have physical meetings, we are saving quite a lot of money also. Why you want to have physical meetings, keep it online. That's all from me. Thank you very much.

I now invite the next speaker shareholder, Hariram Chaudhary. [Operator Instructions]. Ladies and gentlemen, we will wait for a moment while Mr. Chaudhary unmutes his audio and video. Mr. Chaudhary, please unmute your microphone and proceed with your question.

I've unmuted, and I started my video also. Now I taking my speech. Mr. Chairman, Shri Hamiedji, and I would like to have the attention of Shri Rajendraji Chopra and CSR Committee Chairman. And I first appreciate the first of efforts of Shri Rajendraji Chopra, Chiragji, [indiscernible], Natarajanji from the Secretary Department, who have helped us [indiscernible] with us shareholders. Mr. Chairman, I am speaking. My name is Hariram Chaudhary. I am speaking from Santa Cruz. Now during the COVID Mr. Chairman, when there was black marketing price of the medicines, our company Cipla was there, which provided at a cheaper rate, we appreciate very much for that. And I also thank for the dividend. Now Mr. Chairman, I suggest that we have all the meetings in hybrid form, physical as well as online. These are rainy season, rainy season can attend and outside persons can attend and also [indiscernible]. In my other company where I am a director, we have the hybrid system. Please continue with hybrid system some only. And Mr. Chairman, I'm pleased to have the get together of the shareholders and those who are present today. And if not there, at least the speakers. And this can be done in your office itself, you may not spend for the hall. Now about CSR, kindly let us know how much amount we have spent and whether this amount is more than 2% of the net profit, who is the Chairman of the CSR Committee and who are the members of the CSR Committee. Now kindly let the annual -- for annual report I compliment the Company Secretary for having prepared the informative annual report. Now Mr. Chairman I suggest that we have a dedicated mobile phone in the secretary department so that when we don't get the landline, we can at least send the message. And kindly let us know whether we use solar energy in our plants and all of our premises, whether we are using water harvesting, kindly let us know about that. Kindly let us know, what are the latest technology, digital technology, we've adopted. Have we adopted artificial intelligence. Now kindly let us know how much capital expenditure we spent during '22, '23 and how much capital expenditure we'll be spending during '23 '24, and I support the request for factory visit, I support the request for bonus and Mr. Chairman, let us know how many total persons are participating in this meeting. Now one more request, the -- those who have not claimed the dividend, please send one more reminder to them so that they can claim it. Now in conclusion, I support or I...

Mr. Chaudhary we are not able to hear you, sir. Sir, it looks like you have muted your microphone. Thank you. It seems that we have lost the connection for Mr. Chaudhary. We'll move on to the next speaker shareholder, Mr. Dnyaneshwar Bhagwat. [Operator Instructions]. We are not able to hear you, sir. As there is no response from Mr. Bhagwat, we'll move on to the next speaker shareholder Mr. Anil Champaklal Parekh. [Operator Instructions].

Hello. Am I audible.

Yes, sir.

[Foreign Language]. Mr. Y K Hamied, Mr. M K Hamied, other board members and my fellow shareholders. Sir, I'm Anil Parekh here from Bombay. I would like to first thank our CS team, Mr. Rajendra Chopra very kind person and wholehearted support for us whenever we call in, and he needs to be, what you call, promoted for future prospects of this company. Chairman, sir, I'm very much pleased with the performance of the company year-on-year, we are doing a wonderful job. Our revenue has grown to INR 22,753 crores. Profit for the year is INR 28 crores -- INR 2,802 crores and we have declared a dividend of INR 8.5 rupees. Thank you, sir, for taking care of small shareholders. Sir, many things have said before me by many shareholders, I'm not going in detail. My only question to you is sir, where we stand as far as generic medicines are concerned. And just now we are at the third position. So what would be the scenario as far as world over and Asian continent. Sir, I have no questions still. I'm supporting all the resolutions with whole of my heart. And sir, my request again to you is please have a physical meeting. Since last 3 years, we are unable to meet each other. Now it's a high time to meet in physical meeting. Chairman, sir, thank you for allowing me to speak and I support all the resolutions.

Speaker Shareholder Mr. Gaurav Liladhar Rozatkar, we tried contacting him to join the meeting. However, on the account of no response, we'll move on to the next speaker Mr. Surekha Sharadkumar Shah and Sharadkumar Jivraj Shah. [Operator Instructions]. Please unmute your microphone and proceed with your question.

Can you hear me, sir?

Yes, sir. You're audible, please go ahead.

Yes. Sir, I regularly attend these meetings when it was conducted physically and I have gone through the report and again, Hamied, our Chairman, Group CEO, it has given me good idea.

Sorry to interrupt you, Mr. Shah. I would request you, sir, to please hold your microphone slightly close. Your audio is not clear.

Okay. Now it is okay? Is it okay Sir?

Yes, sir, please proceed.

Sir, and basically our information and it is a very old company. Cipla is serving the nation for the last 87 years from time of Gandhiji. And what I've seen, if you just see a 6-year revenue and PAT is increasing. Page #10 highlights are excellent and what is basically that your presence and your turnover because all MNCs turnover is not that much, and our turnover is INR 22 -- INR 23,000 crores and really, we are helping people to have [indiscernible]. And what is my observation, I have gone through the -- your stand-alone profit and loss and consolidated profit and loss. My observation is that our consolidated report is excellent this time, stand alone is slightly lower than the previous year. And my other observation in stand-alone, the employment cost is INR 2,377 crores and my PAT is INR 2,513 crores. So PAT is higher than the employment in stand alone. But when I look into the consolidated my PAT is INR 2,830 crores and the employment cost is INR 3,830 crores is much higher by around INR 1,000 crores, sir. And what I feel is that when we run a company, we run a company for shareholders, promoters and to make profits. And here what I see, we spend more money on this employment. So definitely, I feel personally that we should look into this aspect and then see that our PAT is always higher than employment cost. Another thing, sir, first speaker talked about the shares and I have seen -- last 4 months, say in 2019, I was doing demat and after that I stopped it and now from to 15th of March, I started dematting my shares and around at least I've done 60 companies dematting but what I have found with KFintech is that there is no consistency, there is no logic and there is no common sense while doing a demat procedure because if the share value is very low still they reject. And because of this, I'm getting some problem with 6 companies and that companies details I have forwarded in the PDF form to you. And if you can help me in that respect, it will take -- our Company Secretary Rajendra Chopra can do that and asked him to see that the demat [indiscernible]. Today, I went to the bank, what is my observation, sir, this -- basically KFintech lean time, they take a lot of time or they don't do this dematting. But all small [ RPAs ] in India, they do the dematting very fast, very quickly without any hassle. So -- and if I can do the demat of 60, 70 shares, why KFintech is taking time to demat my 6 company shares and another thing what I've observed, sir, that I have done KYC with KFintech for my wife and myself in Reliance 560 shares is already available with them. And another thing, in case of [ Rain Industries ] KFintech works, but company said don't hear what KFintech says only provide me...

Sorry to interrupt you Mr. Shah would request you to ask...

Last sentence sir, I don't have anything. They said -- which linked the Aadhar and PAN and immediately he has done demat of my [ Rain Industries ] Share. So I request you whatever PDF I've sent to you, please look into it and try to see that my demat procedure is complete. That is the only request sir.

Sorry to interrupt you, Mr. Shah. Thank you very much, Mr. Shah. Next speaker shareholder Kirti Shah. We tried contacting him to join the meeting, however, on account of no response from the member, did not join the AGM. Next speaker Mahesh Kumar [ Bopanna ] did not -- registered for the AGM, but did not join the meeting. We'll move on to the next speaker shareholder. Mr. Dinesh Bhatia. [Operator Instructions].

Hello [Foreign Language].

I now invite the next speaker shareholder Manoj Kumar Gupta, [Operator Instructions].

Yes. Hello. Good evening, respected Chairman, Mr. Hamied, Board of Directors, fellow shareholders. My name is Manoj Gupta. I've joined this meeting from my residence Kolkata. Sir, namaskar, I feel proud to be a part of Cipla because Cipla is founded before independence in the country. And we can't be people of the country and a runner being running 3 hospitals in Calcutta, charitable hospital in Calcutta, we can't forget the contribution of Cipla in the era of COVID. You have saved the life of more than 100 million people of the country by providing the medicines at a nominal cost at that time. And I thank to our Vice Chairman -- Vice Chair Person, he is doing an excellent job for the country, company and employees, executives and the investors. And I thank to the Company Secondary and his team for their help us to join this meeting through VC. And sir, you are the world leader in generic pharma. Hamied's family contribution can't be forget, sir, and you treat as God in the African countries. Cipla is very popular I will not ask any question on the accounts because, sir, Cipla is a renowned name, how you will reward to the shareholders. And sir, is it right report in the media, whatever the mention by the politician, Sri Jairam Ramesh, in media that Cipla is going to sell. Sir, we are with you, we were with you, we're with you, we will with you. Do not sell this company and Cipla is a very renowned company, and I strongly support all the resolutions because you are the world leader in the inhaler business for the asthma patients. If they will come or they will acquire this company, they will increase the price by 25% to 30% of every product. The middle class will suffer. Those are getting your products at a nominal course, they have to pay more when the foreigners will come to earn money. So that kindly look into this matter. Sir, thank you.

Thank you very much. I now invite the next speaker shareholder, Sadananda Shastri. [Operator Instructions]. Ladies and gentlemen, we will wait for a moment while Mr. Shastri, unmute his audio and video. Please unmute your audio and video from your device and proceed with your question.

Am I audible, sir?

Yes, sir.

Okay, okay. Sir, good evening. I'm Sadananda Sastry from Bangalore. My number is 11702201. Chairman, sir, I'm going in accordance with your report only and none other than that have I read more. This is the first time I'm attending your AGM with the help of and cooperation of your AGM team. Thanks to them. As per report, Page 58, Intellectual Capital, have you found out any devices for over -- oral insulin. Page #60. You have said that the company has launched new products, 81, 93 and 78 year-on-year. But why 15 products short in '22, '23, what is the reason. Page #69 in expansion for the name Cipla, you have given performance with accountability for letter P. Is it possible to implement in the present situation. Fixing our capability is very difficult. Is there any precedent for that. Page #83 asthma patients are coming out more from city area, any new effective devices, tablets or capsules are found out for these patients. Nowadays, it has become a talk of the town that using inhalers are dangerous, what is your comment? Page #84, have you said in maximizing --you have said in the maximizing shareholders' value that engage with investors through meeting and conference. Why you did not conduct physical meeting. Page 121, after declaring dividend, the company's duty is to see results. Good reserves speaks about the stability of the company here transferred to reserves maintained in silence. What is the reason? So Page #185, company has given due dates for transfer of unclaimable dividend but the amount is not mentioned, why? What is the reason? Page 290 balance sheet, company's property, plants decreased by INR 255 crores, but depreciation expense has increased by INR 120 crores. What is the reason? Investment increased by INR 825 crores, whether the company feels investment is more beneficial than putting the funds in company's activity. In trade receivables, a total INR 66 crores are at a verge of becoming bad. It is not a small amount. It would be a big hit to the profit growth. How do the company attempt to realize it? your equity capital is running on the same track and other equities that is retained earnings going up, why can't the company declare bonus shares to keep the capital in comfortable position to bring down the borrowings, liabilities and finance costs. Lastly, if the company attempts to control surely the increase in other expenses, company's current year profit growth will be a sound one. Thank you very much, sir. See you next year in the same month.

I now invite next speaker shareholder, Vasudha Vikas Dakwe. [Operator Instructions]. As there is no response from the current speaker shareholder, we'll move on to the next speaker shareholder. Jaydip Bakshi. [Operator Instructions]. Ladies and gentlemen, we will wait for a moment while Mr. Bakshi -- yes, sir, you're unmuted. Please go ahead.

Very good evening, Chairman and Board of Directors. Myself, Jaydip Bakshi, connecting from the city of Kolkata. Thanks to our Company secretary, Rajendraji for giving me an opportunity to express my view and presenting a detailed annual report and, sir, your initial presentation was fantastic. You explained our company's position and also future prospects of our company. And sir, our year-on-year growth has been -- in revenue has been excellent. And on the dividend, you have passed down INR 8.50 is an excellent one in this type, very economic conditions, which -- this industry is passing. So what is our future CapEx program and our growth plans? And what has been the revenue earned from our global sector? Sir, are we into any promotional tie-ups with any company for new drugs like that? And what is our CapEx program for the R&D for development of new products in our pipeline. And debt recovery, what is our status. And congrats for the awards, which you have received. Sir, I just want to request, sir, this landline number is not responding, so that we cannot because we don't -- people want to get connected -- we are facing some problems. And if sir you are arranging a factory visit or get together kindly inform us so that we can make this -- take this opportunity. Thank you, sir, and continue this video conference so that we can get connected from different places. Thank you, sir, and stay safe.

I now invite the next speaker shareholder, Yusuf Yunus Rangwala and Fatima Rangwala. [Operator Instructions].

Well, can you hear my voice now? Can you hear? [Foreign Language]

Yes, sir.

Yes. Good evening, sir. Hamied, sir, I'm very happy and very proud to be actually a shareholder of this company [Foreign Language]. You got very excellent people which have taken about and our Company Secretary, Mr. Rajendra sir, who is dynamic people, I'm very thankful, I'm very thankful to our excellent company share department and also thankful to Visa people who provided technology. They have very good services. Visa [Foreign Language] Visa technology, at present they are leader in this field, and we are very happy and very proud to be getting a good service sir. Sir many years passed you've not arranged a factory visit. Sir, this is 87th General Annual Meeting [Foreign Language] this shows how our foreign institutions are buying. Foreign and LIC these are the 2 people who are buying our shares as seen today, NSE, sir and BSE. There was many ups and downs sir, today but our shares have not -- very excellent sir. We are the -- [Foreign Language]. Hamied sir, and Board of the Chairman and Vice Chairman, I wish you a very happy Eid and we are meeting now, sir, wish you a very happy Eid and festivals sir, now we are waiting sir, and all the festival from my side and nothing more to add. Sir, Cipla [Foreign Language] if you arrange a Patalganga visit that is very nearby. So that is my humble request, sir. Many years have passed, however, 7, 8 years before Corona you arranged a visit. So now the time has come sir you please arrange a visit. 2 people will come from my side, we're having portfolio different sir. So please tell Rajendra sir, there will be 2 shareholders who are coming for factory visit. And nothing more to add and my speech saying -- small praying sir [Foreign Language] and there are so many pharmaceutical companies who are the main competitors in this business [Foreign Language]. What are the competition are we facing in the world, sir. At present world ranking pharma [Foreign Language]. And nothing more to add and my speech praying the god for your health, wealth [Foreign Language]. Thank you very much. Jai Hind, sir. And much speech is over, sir. Thank you very much.

Thank you very much. I now invite the next speaker shareholder, Gautam Tiwari. [Operator Instructions]. Ladies and gentlemen, we will wait for a moment while Mr. Tiwari unmutes his audio and video. Mr. Tiwari, please unmute your audio and video and proceed.

First of all, I am happy to see you hale and hearty sir. Hamied, you are our heart throb, [Foreign Language]. Thank you very much for patient listening.

I now invite the next speaker shareholder, Dnyaneshwar Bhagwat. [Operator Instructions]. Mr. Bhagwat, please unmute your microphone and proceed with your question.

First of all, I'm sorry, that line the network issue, I can't talk to you. So sorry, once again, my name is Dnyaneshwar K. Bhagwat calling from Mumbai. Respected Chairman, Board of Directors and by fellow shareholders, myself Dnyaneshwar from Mumbai. First of all, I would like to say thanks to Mr. Company Secretary, our Mr. Rajendra Chopra and his team also Mr. Natarajan and Mr. Pawan for doing excellent work, first of all sending with a soft copy as well hard copy of the AGM, which -- well in advance which is full of knowledge, easy to underspend. So I thank to Mr. Rajendra Chopra and his team as well investor service persons, thank you. Secondly, sir, about the AGM copy. Mr. Rajendra Chopra has done excellent work. He has given all the details like CSR activities, then Board of Director photograph, color photograph, then agenda footprint in global markets, it's a global level. You also given that also. So what information, whatever the shareholders require information that all the information is available in the AGM notice. Third, I support all the resolutions. I don't have much question because the Chairman, Mr. Hamied has given all the details and second, Mr. Umang Vohra for the financial part, he has given all the details. So no more question about that. Last but not the least, I support all the resolutions. I have only one question. The question is that, sir, what is -- what -- how much growth do you expect in for coming financial year? Second question, what is the -- what market share we're having in domestic as well as international. That's all from my side. For coming our independence day, I wish company good luck. And for coming festival, I wish again good luck for the company and for the future prospect. Thank you very much for patience here. My name is Dnyaneshwar K. Bhagwat. Thank you very much for patience hearing.

Thank you, all speakers for your participation. The management will provide answers to your questions shortly. [Presentation]

Over to you, sir.

Okay. Dear shareholders, we've just had many questions and answers from the shareholders, nothing really very elaborate, but I will get Mr. Umang and Mr. Ashish to answer these now. But there was one question that came out, which is about the news that has been spread all over the print media, et cetera, and I would like to inform you as Chairman of Cipla that all the news you are hearing is speculative and all the clarifications for this have been made to the stock exchange here in Bombay and whatever information given to the stock exchange is in public domain and is public knowledge. So whatever you all want to know, please do get it from the stock exchange. Over to you, Umang, to answer some of the questions, there was not very much asked about the performance of the company. And as Chairman, I would like to congratulate once again, yourself, Samina, Ashish and the entire Cipla management team on a very good performance for the year that has just passed and also the figures that I have before we -- for the 4 months of the current year, and hopefully, God-willing, Cipla will have a very much more successful year in the year ending 2024. Over to you, Umang.

Thank you, Chairman, and I'm happy to note your comments, and thank you for the support from the Board, as always, and to each and every employee and partner of Cipla. So I will go quickly through the questions. Mr. Arun Bopanna, you had asked about the Ukraine war, you'd asked about some statistics on HR in terms of gender and average age. You've asked about assets and asked about new drug delivery. I think the assets question can be answered by Ashish subsequently. Let me start by saying the Ukraine war had a negligible impact in terms of material cost, but it had a huge impact in terms of freight costs. And it had a huge impact in terms of crude, et cetera. I think those have been mitigated by the company. In terms of HR statistics, we're about 14.4% of our employees are women. This is about 1% higher than the last year, and we are fortunate that we are able to grow this. It is our endeavor to make our workplaces more gender diverse. In terms of overall age, I think Cipla's -- only 3% of Cipla's population firstly is over the age of 50 years, 39% to 40% is between the age of 30-50 and the balance are less than 30 years. So our average age comes up to about 33.7 or 34 years or so. In terms of new drug delivery, there is tremendous work happening. You asked specifically about transdermal patches. We are continuing that program. Unfortunately, that lead product that we had from Japan that is not progressing any further. But transdermal patches as a technology. We have several that we have launched in India and as a platform that continues to go forward. [Foreign Language]. Mr. Kaushik Shahukar had asked about the products for skin rashes and oncology. We have several products. In fact, we are launching now biosimilars in the area of skin rashes. We have a partnership with Novartis for Scapho which is a psoriasis product. We also have several products that we have launched through our division, Rivela is a range that we sell which is for skin moisturizing, skin rash, several of our products are there. In oncology, we have several products. We sell almost 60% to 70% of the range that we can that we have marked for ourselves. We have collaborations with Roche. We make our own products as well, and many of them are sold. So whether it is trastuzumab, bevacizumab, all of these are sold by Cipla in India. Mr. Patel, you had asked questions about the debt of the company, I think Mr. Adukia will answer that later. You also asked about herbal medicines, and I'm happy to report to you that Cipla is doing a lot in the area of herbal medicines. We are launching -- you may have seen that even the product of ORS, we have relaunched that with some herbal flavors. We've also got Nimbu Paani in it. Please do try it if you have not. And there are several other herbal products that we are working on within our Consumer Healthcare division. Rajesh -- Rajesh Chainaniji had asked about the EPS and the bonus. I think that will be clarified by Mr. Ashish Adukia. Bharat Negandhiji you had asked a question on -- over e-mail that will be responded to you by the company's secretarial team. Santosh Sarafji [Foreign Language]. Bimal Agarwal, you asked for an online meeting only, and we are considering that between the request for physical and online. Hariram Chaudharyji, your question was on -- on the CSR part, I think we do spend in many years, we are slightly higher than 2% of the overall spend of the company. The Chairman of the committee is Mr. M.K. Hamied. The company is doing a lot in artificial intelligence. We have several chatbots that are working. We have our supply chain function that is incubating artificial intelligence and CapEx-related questions will be taken on by Ashish Adukiaji. Dnyaneshwar Bhagwat, your question was on growth for this year versus the next year. We do not give that guidance. I think you can take the quarter 1 numbers and overall, the year and the growth will be healthy. We -- I'd like to -- you also asked about domestic share. We are roughly about 5.5% share in terms of prescriptions. We are trying to get closer to 6%. We are #3 in the market in India. Anil Parekhji, you had asked for plans in other markets. We have a set of focus markets in the world. Obviously, India, South Africa, U.S. are large markets within the emerging side of the world the Indian subcontinent closer markets like Sri Lanka, Nepal will continue to be strong going forward for us. We are also trying to build our presence in Brazil, trying to also build our presence in China. If we go to the next question, Surekha and Sharad Shah, you asked about stand-alone to consolidated numbers with reference to employee cost. Ashish will take that further. It is the endeavor of the company to make sure that employee productivity stays high. At the same time, every employee who works with Cipla must have a huge commitment to their career. And I think Cipla is trying to find that balance as a company we're trying to do the best we can for employees. This is truly the force that propels company going forward. Dinesh Bhatiaji you had asked about share split your comments [Foreign Language]. I think Manoj Guptaji, your question has been answered by Chairman in terms of the stake -- rumors around the stake sale. Sadananda Sastry, you had -- Mr. Shastri, you had asked about oral insulin. There is -- we have inhaled insulin coming into India very soon. We will also -- we are also working on oral products, peptide products that will act as insulin as well as act as weight reduction products over a period of time. So you will see this coming in the next 2 to 3 years. Jaydip, there was also several other questions you had asked, right? They were about what are we doing to make sure that inhalers are not dangerous. I think we do several awareness campaigns. We call it BerokZindagi. Inhalers are safe, they are efficacious. This message is going out to several people. You spoke about the depreciation investment, Ashish will cover some of those points when he will cover your answers. Jaydipji, your future -- your question was more on future CapEx. I'd like to say we are going to spend approximately INR 800 -- between INR 800 crores to INR 1,200 crores every year on CapEx. We are very judicious about what we spend. This is in line with how the industry standard is moving. R&D will continue to be a large focus for us. That was your second question. We will continue to do between 6% to 8% of sales, always 6% to 7% of sales in R&D. And within that, we will prioritize the best outcome that we can get. Yusuf Rangwala and Fatima Rangwala, your question was on factory visit. We have taken that into account. Also in oncology, yes, we are doing a lot of medicines that we are coming out within oncology. This is one of those areas that is a focus area for the company. There's also been a lot of collaborations we are trying to strike because this part of medicine has several -- has very -- lots of innovation that is best to be tapped in the market. Gautam Tiwari [Foreign Language]. With that I have come to the end of the list. Maybe Ashish, if you can quickly cover some of the questions on the financials that the shareholders had asked.

Yes. Thank you. Thank you, Umang. So Mr. Arun Kumar, you had a question on attrition rate. So that's about 20% for us. This is more or less in line with the industry. On asset based, of course, we don't give the projection or forward-looking asset base. But currently, our noncurrent asset is somewhere around INR 12,200 roughly which includes your fixed asset as well as your other noncurrent assets. Mr. Kaushik, you had a question on virtual cost of AGM, it's about somewhere around INR 50 lacs and physical used to cost of about INR 1.2 to INR 1.5 crores roughly. So it is certainly saves us money. Ms. Hutokshiji your question was around total debt, our total debt is only about INR 532 crores, which includes the debt of QCIL also, once QCIL is out, then it will be about INR 520 crores roughly. There was a question around global investment. Like Umang had said, the global investment, if you look at stand-alone, it is INR 9,138 crores, which includes the investments that you're making into your subsidiaries. But on a consolidated basis, that number is squared off, so it's a much smaller number. And there was a question around the shareholding, so 33.47 is owned by promoters. All the other is public shareholding, which is institutional as well as retail shareholders. Transfer to reserve is not mandatory as per new companies act, and that's why we've not done that. Unclaimed dividend is about INR 11 crores, which is mentioned in the annual report as well. CSR amount is about INR 62.3 crores, which is about slightly over 2%. CapEx is INR 841 crores. We stay in the zip code of about 4% to 5% of the revenue. There was a question around stand-alone profits that have come down in compared to -- in comparison to previous year. One of the key reasons for that is other income that has come down, which is a dividend from subsidiaries that has come down, which was special dividend last year from subsidiary to Cipla Limited. There was also a comparison made of employee cost versus the profit between stand-alone and consolidated. I would like to point out that most of our large manufacturing facilities and therefore, a large portion of our employees sit in India, which is a stand-alone entity. And therefore, the employee cost in India and the stand-alone entity is much larger and consolidates our overseas entities as well. Then, there was a comment made on the reduction in CapEx. Like I said, the CapEx made is INR 841 crores, but there was these classification of certain assets as asset held for sale, which we have made the announcement for which is QCIL, due to that, the CapEx number and of course, because of depreciation, the numbers have come down but we have made investment in CapEx, like I said. There was an increase in investment that is because of our investment in Ethris. There was a comment made on bad debt -- you may please go and see Page 340. In fact, we've had recovery of bad debt as well this year. And there's a lot of [indiscernible] that goes into following up on any receivable, which is overdue. Other expenses, there was a comment which has gone up because of traveling that has increased and professional fees also is included in that increase that is there. There was a comment on global revenue. Global revenue -- or overall exports in FY '23 was about 56.6%. And that broadly reflects our ex India revenue as well. Yes. That's it from my side. On dividend, I would like to just comment that we have increased the dividend payout from 16% to about 25%, and we have also put up a revised policy of dividend on the website, which talks about somewhere around 30% dividend is the endeavor that will make depending on the cash requirements of the company for various medium-term and long-term requirements. Thank you. Thank you.

I think we have answered all the questions from the shareholders. If there's any question which is left unanswered, I request the shareholders to send the e-mail to me will ensure that you get the reply. Chairman, over to you.

Thank you. I'd like to thank all the shareholders for attending the AGM today, 10th of August 2023 and would like to conclude this AGM and the proceedings of the AGM has now been declared completed. As I mentioned earlier, the remote e-voting facility is still available to shareholders for the next half and half. The shareholders who have not yet voted can proceed to vote by clicking the voting icon visible on the screen. On behalf of the Board, on behalf of Rajendra Chopra, the Company Secretary, is authorized to receive the scrutinizer's report and announce the voting results. The resolutions as set forth in the notice shall be deemed to be passed today subject to receipt of the requisite number of votes. I thank all the participants for attending our 87th Annual General Meeting and look forward to the next one next year. Do take care and stay safe and happy. Thank you, gentlemen.