Hindustan Petroleum Corporation Limited (HINDPETRO) Earnings Call Transcript & Summary

Good morning, shareholders. I am V. Murali, Company Secretary. I welcome all the shareholders to the 69th Annual General Meeting of the company. I request Shri Mukesh Kumar Surana, Chairman, to preside over the meeting.

Good morning, shareholders. I'm Mukesh Kumar Surana, Chairman and Managing Director of the company, attending this meeting on video conferencing from Mumbai. I would like to welcome all the shareholders to the 69th Annual General Meeting of the company. Keeping in mind the safety and security of the members, other stakeholders and employees of the company and the relaxations granted by the Ministry of Corporate Affairs due to the ongoing COVID-19 pandemic and consequential social distancing norms, we are, for the second consecutive year, holding the AGM through video conferencing. This is in compliance with the directions of the Ministry of Corporate Affairs and Securities and Exchange Board of India. A live streaming of this meeting is also being webcast on NSDL's website. Since the meeting is held through video conferencing, I request Company Secretary to spare a few minutes to inform the process of video conferencing meeting.

Thank you, Chairman. Though by now, most of you would have a firsthand experience of joining and participating in the AGM through video conferencing, however, I would like to spare a few minutes to take you through certain procedural and technical points. The facility of joining the AGM through video conferencing is being made available to members on a first come, first out basis. All members who have joined this meeting are by default placed on mute, mute mode by the host to avoid any disturbance arising from background noise and to ensure smooth and seamless conduct of the meeting. Once the question-answer session starts, the names of the members who have registered as speaker member will be announced one by one. Only the audio of the speaker member will thereafter be unmuted by the host. To start speaking, the member is requested to click the Video On button, only once and wait until the video is on. If the member is not able to join through video for any reason, the member can speak through the audio mode. While speaking, we would request the speaker to use their earphones so that they are clearly audible, minimize any noise in the background, ensure that WiFi is not connected to any other devices, no other background applications are running and there is proper lighting to have a good video experience. If there is any connectivity problem at the speaker member's end, we would invite the next speaker to join. Once the connectivity improves, the speaker member may be called again to speak after the other members who have registered complete their turn. We would request the members to be slow and loud while asking the questions, so as to capture them correctly. We would request the members to limit their speech to 3 minutes. During the AGM, if a member faces any technical issues, they may contact the helpline number mentioned in the notice of AGM. I now request the Chairman to take forward the proceedings of the meeting. Thank you. Over to you, Chairman.

The Company Secretary has confirmed the presence of quorum and the meeting can commence. Before we commence the proceedings, I would like to introduce my colleagues on the dais. To my right is Shri Pushp Kumar Joshi, Director, HR; and to my left is Shri Rakesh Misri, Director, Marketing; and to my extreme right is Shri V. Murali, Company Secretary. Now I call on my fellow Board members who are on video conferencing to introduce themselves. Now I request Shri Vinod Shenoy, Director of Refineries of the company, to introduce himself.

Good morning. I'm Vinod Shenoy, Director, Refineries of the company. I'm joining this Annual General Meeting of HPCL through video conferencing from Mumbai. Thank you.

Shri Sunil Kumar, Nominee Director of the company, could not join the Annual General Meeting due to urgent official exigencies. Now I request Dr. Alka Mittal, Nominee Director of the company, to introduce herself.

Good morning. I'm Dr. Alka Mittal, representing ONGC for this meeting. And I'm joining this meeting -- I'm joining the AGM of HPCL virtually through video conferencing from Delhi.

Now I request Shri G. Rajendran Pillai, Independent Director of the company, to introduce himself.

Good morning. I am G. Rajendran Pillai, Independent Director of the company. I am the Chairman of the Auditing Committee, the Nomination and the Remuneration Committee and Shareholders Relationship Committee. I am joining this AGM of HPCL through video conferencing from Kollam, Kerala.

Thanks to all members of the Board. We also have our senior leadership team attending this meeting on video conferencing. We have received good wishes and compliments from many members on e-mails who could not join this meeting. We acknowledge their sentiments and thank them for their continued support. The representatives of statutory auditors, the secretary of auditors, cost auditors and scrutinizers for remote e-voting process are also attending the AGM through video conferencing. Representative of ONGC, Shri Rajnikant, is also present at the meeting. The representative of major financial institutions, foreign portfolio investors, mutual funds, et cetera, are present in the meeting. The company has taken requisite steps to enable members to participate and vote on the items being considered at this AGM. Since there is no physical attendance of members, and in compliance with the circular issued by MCA and SEBI, the requirement of appointing proxies is not applicable. The registrars as required under the Companies Act 2013 to be made available for inspection of members during the continuance of the meeting are placed on the website of the company, that is www.hindustanpetroleum.com and available for inspection during the continuance of the meeting. Since the notice along with directors' report, auditor's report, et cetera, are already circulated to the members. With your permission, I take the notice convening the meeting, directors' report, auditor's report as received and read. I request the company secretary to read out the comments of the Comptroller and Auditor General of India under Section 143 (6) of the Companies Act 2013 on the financial statements of the corporation.

Comments on the Comptroller and Auditor General of India under Section 143 (6b) of the Companies Act 2013 on the financial statements of Hindustan Petroleum Corporation Limited for the year ended 31st March 2021. The preparation of financial statements of Hindustan Petroleum Corporation Limited for the year ended 31st March 2021, in accordance with the financial reporting framework prescribed into the Companies Act 2013 is the responsibility of the management of the company, the statutory auditor appointed by the Comptroller and Auditor General of India under Section 139 (5) of the act is responsible for expressing opinion on the financial statements under Section 143 of the act based on independent audit in accordance with the standards on auditing prescribed under Section 143 (10) of the act. This is stated to have been done by them while their audit report dated 20th May 2021, i.e., on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the financial statements of Hindustan Petroleum Corporation Limited for the year ended 31st March 2021, under Section 143 (6a) of the act. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records. On the basis of my supplementary audit, nothing significant has come to my knowledge, which would give rise to any comment upon our supplement to statutory auditor's report under Section 143 (6b) of the act. For and on behalf of Comptroller and Auditor General of India, signed by C.M. Sane, Director General of Commercial Audit, Mumbai, issued on 26th of July 2021. Thank you. I now request our Chairman to address the members.

Good morning, ladies and gentlemen. It's a great honor and privilege for me to welcome all the shareholders on behalf of the Board of Directors to the 69th Annual General Meeting of Hindustan Petroleum Corporation Limited. I would like to thank you all for sparing the time to join from wherever you are and for your continued faith in the company. Like last year, we are, once again, meeting virtually as the continued impact of the COVID-19 pandemic necessitates the adoption of safety precautions to arrest its spread. I take this opportunity to express solidarity with all those who have lost their lives -- who has lost their loved ones, and I wish a speedy recovery to those who are infected or battling with the pandemic. I also salute the tireless efforts and incredible courage of all the corona warriors fighting this crisis with complete dedication. During the year, your company exhibited high degree of agility, resilience and responsiveness to navigate through the challenges. Your company made every effort to serve the nation by ensuring uninterrupted supply of essential commodities like cooking gas and transport fuels across the length and breadth of the country, while ensuring the safety of the workforce and the customers. Implementation of significant technological solutions, innovative work practices and strict adherence to COVID-19 protocols enable employees of your company to work seamlessly from home and remote locations to ensure business continuity. Your company also helped in strengthening the health infrastructure in the country to combat COVID-19 pandemic in addition to helping the needy and the migrant workers. Vaccination drive and preventing measures have been extensively pursued to ensure a strong layer of protection against coronavirus. I'm happy to state that navigating through a challenging environment, your company has delivered its highest ever profit after tax of INR 10,664 crores during the year, crossing INR 10,000 crores mark for the first time. This outstanding achievement has been possible only due to tireless efforts of all the employees, channel partners and unwavering faith of all our stakeholders. Our response in time of need and crisis has also earned us goodwill from the customers and public at large. With an aim to create value for the stakeholders, your company initiated share buyback program in November 2020 through market transactions for a maximum value of INR 2,500 crores at a maximum rate of INR 250 per share. The buyback program has been completed on its expiry date of 14th May 2021. In its entire buyback program, HPCL bought back 10.53 crore equity shares utilizing a total amount of INR 2,954 crores, which includes all transaction costs and taxes. I also wish to inform that Dr. Alka Mittal has joined the Board of your company as Government Nominee Director representing ONGC effective 17 June 2021, in place of Shri Subhash Kumar. Now with your permission, I would like to outline the major developments that have taken place in the Indian economy and hydrocarbon sector during financial year 2021. Indian economy contracted by 7.3% in the financial year 2021 as the lockdown measures imposed to contain the pandemic affected the economic activities. Several proactive preventive and mitigating measures taken by government have helped the GDP growth to turn positive in the third quarter and further strengthened in the fourth quarter of FY 2021. With aggressive vaccination programs and fiscal stimulus, economic activity is witnessing a resumption and GDP is likely to exceed the prepandemic level by the end of the current fiscal year. For the global oil and gas industry, the year gone by was challenging and unprecedented, restrictions on mobility, containment measures and economic disruptions related to the COVID-19 outbreak led to the sharpest oil demand contraction in decades during the calendar year 2020. Crude oil prices varied in a wide range during financial year 2021. The Brent crude oil prices fell to an average of USD 18.8 per barrel in April 2020 due to significant decline in oil consumption that caused a sharp price in global oil inventories. Brent crude prices showed a rising trend towards the end of financial year 2021 and reached an average level of USD 65.6 per barrel in March '21 with demand pickup and production cuts by some of the major oil producers. India's fuel demand, which has contracted to almost 50% in April 2020 rebounded sharply with gradual relaxation of lockdown restrictions to end the year with almost 91% of the '19-'20 full year demand. Among major products, LPG posted growth of 4.8%, supported by [ GUI's ] Pradhan Mantri Garib Kalyan Yojana scheme to provide up to 3 LPG cylinders free per PMUY beneficiary as COVID-19 relief. The lockdown-related restrictions on movements and their impacts on economic activities led to a drop in consumption of diesel and petrol by 12% and 6.7%, respectively. With the airlines remaining inoperative for most of the year, aviation fuel consumption fell by 54%. Government of India is pursuing various initiatives for energy accessibility to all at affordable prices, with reduced import dependence and low carbon energy mix. [ Pradhan Mantri Ujjwala Yojana ] has benefited 8 crore households, Pan-India rollout of BS-VI standards auto fuels effective 1st April 2020, increasing use of natural gas as cooking and transportation fuel and impetus to develop ecosystem for production and use of biofuels are few such steps in the downstream sector. Policy initiatives are also being taken for higher ratio of ethanol blending in petrol, faster adoption of e-mobility and higher use of green hydrogen in future. Now I present the details of the financial and fiscal performance of your company for the financial year 2021. During financial year 2021, your company recorded its highest ever profit after tax of INR 10,664 crores as compared to INR 2,637 crores for the previous year. Gross sales was INR 269,243 crores. Gross margin averaged at USD 3.86 per barrel. Earnings per share for the year 2021 increased to INR 70.57 as compared to INR 17.31 in the previous year. The net worth of your company as of 31st March 2021, has reached to INR 36,186 crores as compared to INR 28,962 crores as of 31st March 2020. Your company has proposed a final dividend of INR 22.75 per share for the financial year 2021. The amount of final dividend payout would be approximately INR 3,227 crores. I'm happy to share that the credit rating of your company by various reputed international and national credit rating agencies continue to be at par with the sovereign rating of India. The credit rating of your company from Moody's Investor Services is Baa3 and from Fitch Rating is BBB-. The refineries your company registered sound physical performance during the year with combined capacity utilization of 104% and achieved a throughput of 16.42 MMT despite demand contraction and constraints due to COVID-19 pandemic. Adopting continually to the unprecedented challenges due to pandemic, effective crude sourcing plants, optimizing day-to-day crude run rate, efficient logistics management and regulating product procurement from other sources enabled your company to achieve steady performance. The refineries continued their first in areas of workplace safety, operational excellence, reliability improvement and energy conservation measures. Mumbai Refinery achieved the highest annual production of new oil base stock and achieved the best ever safety performance of 30.08 million man hours of safe operations as of 31st March 2021. Visakh Refinery achieved the highest annual production of LDO, very low sulfur fuel oil, MTO and JBO. Despite the contraction in petroleum product consumption in the country, your company continued to demonstrate its excellence in marketing our petroleum products and achieved a robust sales volume of 36.63 million tonnes. I am pleased to state that your company registered market share gain for transport fuels and recorded the least degrowth of 6.6% in domestic sales among the industry. In retail sales, your company achieved a total sales volume of 22 million tonnes. Effective implementation of various customer-centric initiatives, enhanced offering to customers, strengthening of network capabilities and effective deployment of technology helped in achieving the sales performance. Your company launched new fuel additives under brand name of HP Power Petrol Plus and HP TurboJet Diesel Plus for superior and improved performance of petrol and diesel engine vehicles, respectively. To ensure wider fuel choices to customers, electric vehicle charging facilities were enhanced to 84 retail outlets. CNG facilities were provided at additional 203 outlets, taking the total number of retail outlets with CNG facilities to 674. 369 door-to-door mobile dispensers were commissioned during the year to meet the requirement of select customers for getting fuel delivered at their premises. Your company continued its position as the second largest LPG marketer in India. Your company achieved the highest ever LPG sales volume of 7.41 million tonnes with a growth rate of 5.3%, focusing on initiatives and enhancing customer satisfaction, the strengthening of infrastructure and improving rural reach. To enhance the offerings to customers and value creation, HPCL launched the high-performance branded LPG that is HP Gas Flame Plus for commercial and industrial customers during the year. In the highly competitive free trade LPG category, over 3 million APCO cylinders in package sizes of 5 kg and 2 kg were sold during the year. It's a matter of pride that your company has achieved a market share of over 45% in this segment. As of 31st March 2021, total 3.81 crore LPG refills were delivered to the PMUY beneficiaries by HPCL under the PMGKY scheme. During the year, your company achieved a sales volume of 4.8 million metric ton in B2B segment despite the challenges related to COVID-19. Your company concentrated on maximizing the sales of fuel oil, diesel and bitumen by focusing on key accounts and the MSME segment. It helped in achieving over 1 million tonne sales in each of these products for the sixth consecutive year. Highest ever sales in light diesel oil, mineral turpentine oil and lube patching oil were achieved during the year. In the highly competitive lubricant market, your company continues to be India's largest lube marketer for the eighth consecutive year with total lubricant sales of over 600,000 metric ton. This excellent performance was the result of consistent focus on partnerships, expansion in new markets, strengthening our channel network and launching of new lubricant grades and specialties. In the aviation fuel segment, your company recorded a sales volume of 398 TMT in financial year 2021. I am proud to state that your company ensured round-the-clock refueling services at various airports during the peak of pandemic for meeting the fuel requirements of the flights operating for emergency and medical purposes. Your company achieved throughput of 47.3 million metric ton in fuel operations during the year. This helped in maintaining uninterrupted supply of petroleum products from refineries to oil installations and consumers spread across the country. Enhancing operational efficiency and cost optimization with effective usage of technology remains to be a key focus area for the company. During the year, 18 strategic locations were converted into smart terminals with complete automation and seamless integration of various processes, taking total number of smart installations to 50. The 3,775-kilometer long network of cross-country pipeline continues to be the backbone of product transportation across the country and remains to be the key competitive strength of our company. HPCL pipeline network recorded a throughput of 19.1 million metric ton during the year, which helped in significant reduction in logistic costs and carbon footprint in addition to ensuring safety and distribution of products across the country. Expansion in the business portfolio along with participation in the entire value chain of the natural gas business towards greater presence in the clean energy vertical remains to be a focus area for your company. HPCL along with its joint ventures has the authorization for City Gas distribution in 20 geographical areas, covering 9 states. Your company is also participating in development of 3 cross-country natural gas pipelines namely, Mehsana to Bathinda, Bathinda to Srinagar and Mallavaram to Bhilwara through joint venture companies. Acquisition of balance 50% of the equity in joint venture company, HPCL Shapoorji Energy Private Limited, that is HSEPL, making it a wholly owned subsidiary of HPCL is another significant initiative during the year. The move shall help your company in further consolidation in growing natural gas business. I'm happy to share that the new name of HSEPL is HPCL LNG Limited, that is HPLL. HPCL LNG Limited is setting up a 5 million metric ton per annum capacity LNG regasification terminal at Chhara in Gujarat for which construction is in progress. All operating joint ventures and subsidiaries, your company performed well during the financial year 2021 and helped your company register a robust consolidation and consolidated profit performance. Your company continued to expand its footprint in overseas markets by leveraging HPCL Middle East FZCO, a total -- a wholly owned subsidiary of HPCL. I'm happy to share that your company has exported 14,800 metric ton of lubricants to 16 countries and enhanced its footprint to 6 new countries during the year. It's a matter of pride that the first HPCL branded retail outlet opened in Bhutan in the previous year in collaboration with the State Trading Corporation of Bhutan Limited has achieved the status of the highest selling retail outlet in Bhutan in the financial year 2021. Projects completed during the year to achieve growth and to cater to the increasing fuel demand, your company is strategically investing in infrastructure across various segments of the energy fuel value chain. With a capital expenditure of INR 14,700 crores, several capital projects were completed during the financial year 2021, and various other projects are in progress. Fuel supply network was further strengthened with the addition of Madurai railway siding facility. In addition, Hisar POL depot in the state of Haryana was completed during the year. I'm happy to share that your company has completed its 51st LPG bottling plant during the year at Raigarh in the state of Odisha. In addition, capacities of the existing plants were augmented by 270,000 metric ton per annum. To meet the future demand, your company has commissioned an LPG master go down in Leh, Ladakh with a storage capacity of 36,600 LPG cylinders to meet the demand of LPG in the area during winter. The aviation fuel network was strengthened with the commissioning of new ASFs at Shirdi in Maharashtra and Kurnool in Andhra Pradesh during the year. Your company has commissioned 2,158 new retail outlets during the year, which is the highest in the year, taking the total number of retail outlets to 18,634. 112 new LPG distributor ships were also commissioned during the year, taking the total number of LPG distributors to 6,192. I'm pleased to mention that amidst COVID and monsoon challenges, mechanical completion of the project to increase the capacity of Mumbai Refinery to 9.5 MMTPA has been completed and the units are commissioned. Visakh Refinery Modernization Project, VRMP, to increase the capacity of Visakh Refinery to 15 million metric ton per annum is in the advanced stage of construction and is expected to be completed in financial year '21-'22. Execution of residual upgradation facility project is part of VRMP is also progressing well at Visakh Refinery and is likely to get completed by December 2022. The 9 MMTPA greenfield refinery and petrochemical complex project of HPCL Rajasthan Refinery Limited with 2 million metric ton per annum of petrochemical production capacity has picked up speed and is advancing well. The construction of the 5 MMTPA Chhara LNG regasification terminal at Chhara port in Gujarat by HPCL LNG Limited is also progressing well. I'm happy to state that 3 major cross-country pipeline projects, namely, Vijayawada-Dharmapuri product pipeline, Hassan Cherlapally LPG pipeline and Barmer Palanpur product pipelines are running ahead of schedule. These projects shall increase the pipeline network to about 5,300 kilometers and shall increase the capacity to over 41 MMTPA for HPCL. In addition, other projects related to LPG plants, aviation service facilities, CGD networks, et cetera, along with the upgradation of existing facilities as supply locations are under different stages of implementation. On the renewal front, construction of 2G Refinery in Bathinda and compressed biogas plant at Budaun in UP are in progress in addition to the CBG plants being set up under a certain scheme by other entrepreneurs with offtake support from HPCL for biogas. Your company continues to lay strong emphasis on innovation and R&D. To enhance its a competitive strength, HPCL's Green R&D Centre at Bengaluru is focused on developing, demonstrating and deploying novel and innovative product and technologies. I'm happy to share that continued focus on research and innovation across various areas in energy sector enabled your company to receive 44 patents during the year, taking the cumulative patents granted to 90 as of 31st March 2021. It is also a matter of pride that as of July 2021, the cumulative number of patents granted to HPCL Green R&D Centre has crossed 100. 7 new labs are under construction in Phase 2 expansion program of HP Green R&D Centre in addition to existing 9 labs. Under Phase 2 expansion program, construction of petrochemicals and polymer labs, lube research lab, corrosion studies lab and green hydrogen generators with PEM electrolyzers were completed during the year. The focus is on effectively leveraging the R&D strength for achieving efficiency gains and facilitating wide-scale commercialization and newly developed technologies and products. Your company is reporting its performance on environmental, social and economic aspects through the publication of Annual Sustainability Report since last 9 years. The 10th sustainability report for the financial year 2021 based on GRI Standards and duly assured on AA1000 Assurance Standards has been published. Your company is committed to the triple bottom line framework, wherein equal focus is laid on financial, social and environmental capital to create greater business values. Several sustainability development projects like green belt development, recycling of wastewater, rainwater harvesting, LED lighting, solar PV power generation at marketing locations and retail outlets and various energy conservation scheme at refineries were completed during this year. Safety remains an integral part of all activities of the company and is accorded the highest priority. Numerous actions have been undertaken by your company to enhance safety in all facets of operations, underpinned by SOPs, continuous training of operating workforce, technology-enabled monitoring practices and alarm systems. In the area of renewable energy, your company has generated 17.05 crore units of electricity during the year from its wind farms of capacity 100.9 megawatt in Maharashtra and Rajasthan. Solar power capacity of 11.4 MWP has been added across various locations during the year, taking total solar power capacity to 43.95 MWP as of March 31, 2021. I'm also happy to say that 25% of HPCL retail outlets network now operates on solar power. Towards reduction of carbon intensity in transportation sector, your company is actively participating in ethanol blending program and has recorded overall ethanol blending percentage of 6.18% by blending 58.84 crore liters of ethanol in petrol during financial year 2021. In addition, your company also recorded blending of 4.1 crore liters of biodiesel during the year. During the year, your company released letters of intent to entrepreneurs for setting up of 100 CBG plants with an estimated production capacity of 232,000 metric ton per annum, taking total LOIs to 151 with a capacity of 307,000 metric ton per annum. Your company is committed to synergizing business growth with social responsibility and strives to augment the social capital of the nation through impactful CSR initiatives. Your company has undertaken various CSR initiatives touching the lives of unprivileged people through programs related to child care, health care, education and skill development with an overall CSR spend of INR 156 crores during financial year 2021. Your company is a comprehensive and well-defined risk management framework with robust internal control processes for smooth conducting the business. The risk including crude supply disruption, crude price volatility, foreign exchange exposure, intensity of competition, climate change concerns, et cetera, are regularly reviewed for risk mitigation plans and suitable intervention. Your company remains committed to operating with the highest standards of corporate governance. All business activities are connected with strict adherence to the regulatory framework and under the core values of ethics, accountability, transparency, integrity and professionalism. The focus is on further nurturing the trust and confidence in stakeholder relations and ensuring sustained value creation for all stakeholders. All the mandatory provisions stipulated in SEBI listing regulations relating to the corporate governance requirements have been complied with. The committed and competent human capital of about 9,500 employees remain the backbone of your corporation with a number of millennials and gender diversity, your company's workforce has the strength of experience, youthful energy, innovative mindset and multiple perspectives. The corporation has a strong culture of learning and development, which is further enriched through initiatives such as e-learning, partnership with academia, learning through virtual reality center, et cetera. For all around excellence, your company has been recognized at various forums. Your company received the prestigious Oil Marketing Company of the Year Award for leadership in oil marketing business by the Federation of Indian Petroleum Industries, that is FIPI, in financial year 2021. The performance of the company during the year 2021 is a testimony to the faith and loyalty reposed by the customers, shareholders and firm support of all the stakeholders. Value creation to the stakeholders and customers through the strengthening core business, expanding product portfolio and broadening the horizons will continue to be the trajectory of your company. Your company has undertaken a number of large-scale brownfield and greenfield projects across the energy value chain to support growth, diversify the portfolio, improve efficiencies, increase competitiveness and enhance participation in renewable sector. Some of these major projects are fast approaching towards completion to realize the intended benefit soon. MREP, in fact, has been commissioned. Commissioning of these facilities will strengthen the core business of refining and marketing, enhance supply chain capabilities and customer reach, enhance footprint in natural gas value chain and bring petrochemicals, LNG and biofuels to the business portfolio. Our recent launch of HPCL branded stores Happy Shop at Club HP petrol pump on September 1, 2021, marks our foray in retail nonfuel business and that is one such endeavors for the future. We also proposed to commission around 5,000 EV charging facilities in next 3 years and have various [ MUs ] in place for the same. We are in actively discussion for the business of green power and green hydrogen as well. Expanding the marketing presence in the key overseas geographies will further support the growth plans of our company. Your company will continue to leverage subsidiary company, HPCL Middle East FZCO, set up in Dubai free trade zone in expanding the overseas footprints. Towards future-proofing environmental stewardship, your company is actively pursuing emerging opportunities in chemicals, electric mobility, renewables, alternate fuels, hydrogen and new technologies under multiple business models. Your company will also be leveraging the strength of its state-of-the-art R&D center, collaboration with technological partners and start-ups towards this goal. The incubation of 23 start-ups by HPCL is a step for -- towards the exploration of emerging opportunities in the business portfolio. Capital expenditure of about INR 65,000 crores is envisaged over the next 5 years for various projects. Digital technologies are fast evolving to become a key driver for business transformation. Digital connectivity and abundance of data is reshaping value creation models across the business verticals. Your company has drawn out an elaborate digital transformation strategy and is actively working on leveraging emerging technologies in various areas of its business to enhance efficiency and customer experience. The ERP modernization project under implementation will further help in digital agility of your company. Customers on the marketing sides and the assets on the refinery sides remains the key areas of our digital initiatives. Your company is effectively leveraging the innovation culture in the organization to create competitive advantage, addressing business challenges, optimize processes and create value. The structural process of idea management has ensured that over 3,400 innovative ideas from 30% of the employees have been captured during the year. Economic activity in the country is gathering momentum, supported by the recovery in both demand and supply channels, large pent-up demand, sustained rollout of the vaccination program, growth-enhancing proposals in the Indian budget and accommodative monetary policies. However, global financial volatility may pose a risk. Expanding economy, population growth, urbanization and industrialization continue to propel India's energy requirement. As the Indian economy rebounds from its contraction in the previous year with the removal of restrictions on mobility, the recovery in industrial activities and increased public and private spending, primary energy consumption is projected to rise sharply. While oil continues to remain the main state to meet the fuel demand of the country, regulatory thrust on increasing penetration of low-carbon energy will increase consumption of natural gas and biofuels in India's energy basket. Emerging alternate sources of energy will also help in catering to a part of the increasing energy demand. Your company remains focused on delivering consistent, responsible growth and value creation through sustainable business models with right mix of core business and leveraging new opportunities in product portfolio, business models and geographies. Before I conclude, I, on behalf of the Board of Directors, would like to thank the Ministry of Petroleum and Natural Gas, other ministries and departments of the government of India and various state governments and local authorities for their valuable guidance and counsel and look forward to their continued support. We also acknowledge the support received from various local authorities in the smooth conduct of our business. My fellow directors and I, are thankful to Ministers Oil and Natural Gas Corporation Limited and all the shareholders for their support and confidence they posed in us. I thank you for taking the time to be with us today. I thank all our customers, dealers, distributors and all business associates who are an integral part of our business. I sincerely thank all our employees for their unwavering commitment and timeless efforts. I also thank our employee unions and associations for their continued involvement and support for the growth of the company. I wish to acknowledge the contributions of Shri Subhash Kumar, who was the government nominee director, representing ONGC on the Board of your company up to 19 May 2021. I also wish to acknowledge the contributions of Shri Amar Sinha and Shri Siraj Hussain, who were Independent Directors on the Board of your company and have completed their tenure during the year. I also wish to acknowledge the contribution of Shri R.K. Sawant, previous Director of Finance, who has superannuated during the year. I also take this opportunity to thank my colleagues on the Board for their mature counsel. I look forward to their continued involvement and collaborative working with all our stakeholders to keep alive our legacy of touching lives and be a company that delivers happiness. Thank you. I now request the Company Secretary to inform the process followed by the company for remote e-voting.

Thank you, Chairman. The Companies Act 2013 and SEBI listing regulation requires company to provide the facility of e-voting to enable members to cast their votes electronically on all the items of business to be transacted at the general meeting. Accordingly, the company had engaged the services of NSDL to provide members the facility to cast their vote through the remote electronic voting platform provided by NSDL. The remote e-voting commenced on September 9, 2021, at 5:00 p.m. and ended on September 14, 2021, at 5:00 p.m. The members holding shares as on the cutoff date of September 8, 2021, were entitled to vote. Shri Upendra Shukla, practicing Company Secretary, was appointed as a scrutinizer to conduct the remote e-voting process in a fair and transparent manner. Thank you. I now request the Chairman to take forward the proceedings of the meeting.

Thank you, Company Secretary. As per the notice of 69th AGM, the following resolutions are proposed for approval of the members of the company by passing of ordinary resolutions for the following 4 ordinary businesses and 3 special business. Ordinary business is: first, to receive, consider and adopt the audited financial statements of the company for the financial year ended March 31, 2021, together with the reports of the Board of Directors and auditors thereon; second, to declare a final equity dividend of INR 22.75 per share for the financial year 2021; third, to appoint a director in place of Shri Sunil Kumar, DIN #08467559, who retires by rotation and being eligible offers himself for reappointment; number four, to appoint a director in place of Shri Vinod Shenoy, DIN #07632981, who retires by rotation and being eligible offers himself for reappointment. Special business, resolution #5, appointment of Dr. Alka Mittal, DIN #07272207 as a Director of the company; next, payment of remuneration to cost auditor for financial year '21, '22; and the last one, approval of material related party transaction to be entered during financial year '22, '23. Since the AGM is being held through video conferencing and the resolutions mentioned in the notice convening this AGM have been already put to vote through remote e-voting, there will be no proposing and seconding of the resolutions. May I now request the members to raise queries on the items of business to be transacted at this AGM. With a view to facilitate participation of more members and to provide equal opportunity to speak, the time allotted to each speaker is maximum 3 minutes. The members are requested to avoid repetitive queries, observations already raised by other members so as to enable adequate time to other members and to provide response to the queries. I will now request the host to call one by one those members who have registered to speak.

Chairman, sir, our first speaker shareholder is Hutokshi Sam Patel. [Operator Instructions]

Hello? Am I audible?

Yes, ma'am.

Am I audible?

Yes, ma'am. We request you to ask your question.

Okay. [indiscernible] Mukesh Suranaji, the Chairman and Managing Director of the company; the eminent Directors on the Board; the representative Director of ONGC on the Board; Mr. Rajneesh Narang, the Executive Director, Corporate Finance; and our most favorite Mr. Murali, the Company Secretary. I pay tribute to Mr. Murali and a special thanks to him for his excellent work, helpful nature and very hard working. He's always good to solve our problem. So is also our Mr. Balaji and Mr. Balaji has always been very helpful. Even at night time, even if we ring him up at 8:30 or so, he's ever ready to help us. Thank you, Mr. Balaji. Thank you, Mr. Murali. I also thank very much, [indiscernible] and above all, Mr. [ Shirodkar ] of HP. This AGM, I stand today -- I speak today at this AGM, it is because of this OAVC. I'm thankful to NSDL and MultiTV [ Rohan ] and [indiscernible] of MSBL for helping me joining this meeting through [indiscernible]. I request the Board members that even if your -- the COVID is removed and if the physical meeting is coming, please, it would be better if we are processing it [indiscernible] through OAVC. From all India of our basis can participate in the AGM, which is held only once in the whole year. Now I come to the annual report. I understand that [indiscernible] government of India Enterprise found in the year 1974. [indiscernible] are being given the Maharatna status in oil and natural debt. It's in the list of Forbes 2000, the Fortune 500, and it is the 54th global engineering company in the world. With a network of 36,186 crores and a PAT of 10,644 crores, HP today is the largest lube refinery in Mumbai, but maybe in India, I just -- against the largest lube refinery in India, producing lube oil of around 428 TMTPB. And it also exports some of it to the Middle East earning finances from abroad. I also congratulate the company for its JV stake of 49% in MEL and 16% in MRPL, which is the second largest petroleum pipeline network in India. Congratulations to all of you in HP. It is a 51th LPG marketing plant has come up. Mr. Surana, thank you very much for your speech. It was very much -- it has enlightened us. It has a strong wonderful delight for the workers of HP. We are very -- I am very proud of our -- and I feel very privileged to be a shareholder of this company, especially a speaker at this AGM. Thank you, Mr. Surana, sir. I also congratulate the company for the various awards and applauds that the company has received, which is mentioned in the annual report. In the CSR sector, the company has done very well. INR 129.97 crore to be spent. The company has spent more -- much more than that, INR 156.35 crore. Now I come out with key questions. Fuel prices in India is very much highly fluctuating and very, very high, extremely high, especially in the city of Bombay. For middle class and lower class people it's become terrible, sir. INR 107 -- INR 100 liter petrol. How do you expect us to even use our scooter in this heavy rate [ despite the fluctuation created by the ] [indiscernible] in the stress sectors of economy? What is -- will HP, HPCL, BPCL, engine oil -- so much more production is there. Why the prices are not coming down? Why there are not [indiscernible]. Our voice, why are they not voicing in the Ministry of Petroleum to bring down -- why Finance Minister is not bringing down the price. Even gas cylinder, it has reached almost INR 900, INR 950. How a poor man can afford? Live like masses. India is a country of masses. Please do something. I'm sure that the representative of Oil and Natural Gas [ Corporation ] must be hearing this AGM. It's a very important company, headed by our Mr. Mukesh Surana. So please convey our voice to the ministry, not only to the petroleum ministry, but I would go to the extent of saying even the finance ministry to bring down the price of the petrol and even the price of the gas cylinder. It will be very useful even to the common man. Second, sir, today is -- we are living in an extremely modern age where we are hopefully go to the moon, but we are going right up to the Mars. EV station, which is very useful in the EV, electric vehicles, and electricity, which is power, which has got power whether, as you say in your speech, there's electric power, solar power, very useful and we're helping the power companies to set up EV stations right in the cities also, I guess and at your various petrol pumps even on the highways. Sir, what advantage will this? I understand that there's a business, agreement service business with Tata Power. Could you throw light on this as to how many outlets will HP help to come out with this EV station and how it will be? Please throw some light because when this -- what are the key plannings to introduce this EV station in India? [indiscernible] government plan in Indian electric because it is this -- is this helping in the government's plan for the Indian electricity mobility vision plan for future benefit for our country? How it will be useful to us, please throw some light on it. Sir, ethanol blending, explain by what percentage will our margin increase or improve. Please let me know that. Benefit -- sorry. Sir, how much is the government interference with day-to-day changes in prices of petroleum, as I mentioned before? What is the overall debt of our company? If you can please let me know. Sir, one, I would like to ask is, sir, in your annual report, the bank and cash balance has increased quite a lot. Thank you very much for paying us a dividend of 22.75%. But as a shareholder, it's not a [indiscernible].

Ma'am, the...

Yes, just 2 minutes, please. The [indiscernible] by you giving us a dividend. Sir, since the bank balance is much, we expect the dividend to be a little higher. Are you helping out with bonus issues also? Please do let me know. And our share price is really low in the market. Why is it still today that share price is almost INR 276 when I last left the market. INR 276 is quite very low on the 69th AGM. Sir, if I support all resolutions, I wish that -- and yes, very important in this COVID time, sir, the land of masses, the people who have worked to continue running for the company. So are we providing them with good increment? If not promotions, I think we should give them even promotion. Many companies, the Board of Directors are taking half salary. What is the process that we're helping them out in our HP. These people are the main people who have -- who are working hard in the COVID times, in the heavy rains, in the heavy sunlight of Bombay City, Delhi City. In what way can we improve them? This should also benefit them, this should also encourage them is they're coming in all weather to make our company work and give good results. Anyway, I thank very much for giving me this opportunity, and I feel very proud to stand before you and as a speaker and speak at this. God Bless, everybody, and I congratulate company and the Board of Directors. Sir, one more very important thing in your list of directors that is mentioned on Page 69 that are almost around 150 management team. Out of this, I find, there's only 2 ladies in the whole group of 150 men, sir, only 2 ladies. Sir, in your -- even in board of directors.

Ma'am, requesting to wrap your question, ma'am.

Last question, 5 members are shared, but there is no ladies member except for a Dr. Alka Mittal who is representative of ONGC. Sir, there are many capable ladies who can be on the Board of HP, even though it is a government organization. Since our finance minister is a lady. Anyway, I thank you very much for giving me this opportunity, not taking much of the time. Wish you ahead good luck and [indiscernible] more of dividend and increase in share price. Thank you very much. Have a nice day. All the best to you.

Chairman, sir, our next speaker shareholder is Santosh Kumar Saraf. [Operator Instructions]

[Foreign Language]

Our next speaker shareholder is Lekha Shah. [Operator Instructions]

Thank you, sir. Respected, Chairman sir, Board of Directors and my fellow members. Good morning to all of you. Myself Lekha Shah from Mumbai. Thank you, Mukesh sir, for such an Informative and wonderful presentation. First of all, I am very much thankful to your Company Secretary, Mr. Murali and [indiscernible] for extending, they're reputting their investor services and also sending me the AGM notice by email, Delhi Time in such a difficult situation. It is full of knowledge [indiscernible] in place. Sir, time factor and unpredictable apparently, I'm sure that our company has the ability to deliver growth and increase the shareholders' value in the company, as such was demonstrated this year. I would thank all personnel of the company for [indiscernible] and awards and recognition by the various line during the year 2021. And also I'm happy our company is doing very well in the field of CSR activities. Sir, I'm happy to see all the good deeds that you have done during this difficult time. I pray to God that he always shower his blessing upon you. Sir, I'm confident that with your mission and determination you will lead our company to greater times. And also I pray to God our company should progress more and more under you and your team. Sir, I would like to ask few questions. My first question is, what are the learnings from the lockdown and how is the company implementing those learning? My second question is has there been any impact of COVID second wave on the company operations? My third question is how many of our employees were affected by COVID-19? Sir, I would like to say I strongly propose all the resolutions for today's meeting and my best wishes are always with the company and its facility. Thank you, sir.

Chairman sir, our next speaker shareholder is Mrs. Homayun Beruz Pouredehi. [ Operator Instructions]

Yes, can you hear me? Hello?

Yes, ma'am.

Good morning. Good morning. Hello. Mr. Chairman, we are really missing you. We used to come and meet you personally in our physical AGMs, and it was such a pleasure. Your humble attitude. You would come and visit all of us, shake hands with us, meet us. We are really missing all that human touch in this virtual AGM. We hope to meet you next year and shake hands with you and meet you. Sir, I would just like to know, sir, that we are under essential services. So about plants, nothing has ever been effected. So sir, are we running the full capacity all our plants everywhere are running to full capacity. Sir, has there been demand and please, sir, has there been any supply chain problem that did you know? Last year, we had difficulty procuring your gas cylinders. Last year, last time lockdown. This time it is not so, we praise God for that. Everything is running smoothly, I must say, that is great. Sir, but the only thing, as some other speaker also has said, the high prices of gas cylinder is pinches. Because who is using it? A common man. It really pinches them. They are feeling a lot plus the inflation rate. Sir, I think that you should bring this into government's notice and reduce the price, not fair. Mr. Modi always likes to do this for the welfare of the people and for the welfare of the women, providing them free gas cylinders, he should consider. And you also, sir, put forward our proposal as what shareholders have told you. And of course, we thank the Company Secretary, Mr. Murali, and everybody who has been following up with us to make us come into speakers platform. Sir, it's not easy. In other companies, we are not able to come because we are not sent the link and time. And when we are not sent the link, how can we appear and so on and so on. But they all have become very prompt actions ringing us up in time and so on. Sir, now, I heard your speech in detail, sir, everything you explained so well. Sir, I have nothing more to say. In this pandemic, you're doing your best. I hope your scientists are working more and more to discover still better things for the betterment, sir, of our India. Thank you very much. Wish you and your entire team, all the best. Thank you, sir.

Chairman sir, our next speaker shareholder is Praful Chavda. [Operator Instructions]

[Foreign Language]

Chairman sir, our next speaker shareholder is Manoj Kumar Gupta. [Operator Instructions]

Good morning. My name is Manoj Kumar Gupta, I'm equity shareholder of Hindustan Petroleum Limited. I've joined this meeting from Kolkata. Sir, first of all, being a shareholder, I'm proud you, your team and your all executives to give an excellent and very good results during this effort with COVID-19. And thanks to your Company Secretary and his team, especially Mr. Balaji, that who always keep in touch with the investor to get our request and register our name as a speaker. So it's a good sign that under your leadership, your secretarial department is performing well and is responding to small investors quickly because we are -- being a shareholder of Kolkata, I'm very depressed to see strategic view of Anil Ambani Group that was not allowed to us to speak in their AGM. But I thank you, your team that you allow us to join this meeting. Just, now, Mr. Chavda has spoken from Hyderabad, I'm from Kolkata. So it says, you like the corporate democracies. Now sir, I will tell you one thing, if you don't mind. Being a shareholder of MRPL since the IPO, the secretarial service of MRPL is very poor. Because I have sent the request to get registered, they have not acknowledged, they have not informed me about my name in the AGM. So secretarial services of MRPL is very poor. And sir, what steps are you taking to create the value of investors? Because your share price is very under-priced, your market cap is around INR 38,000 crores. Your market cap should be more than INR 150,000 crore. So how you will create investors value? And just now you have mentioned in your speech Happy Shop and electric vehicle charging station, 500 electric EV charging stations will come in -- when these 500 stations will come? Have you any idea that in either in 2 or 3 years? And sir, what is your view of blending of ethanol in fuel by 2025? Our road and transport minister, Shri Nitin Gadkari, have stated by the blending of ethanol oil in the fuel, the prices of fuel charges will reduce. So what is your view? How much ethanol will be blend to reduce the fuel charges? And what's the view of the ONGC about the HPCL? And sir, you should try to employ -- deploy the woman's employees at the petrol pump. If 2 -- in every city, tier 1, tier 2 city, make 2 or 3 petrol pump service by the only females, female staff should be there. And WhatsApp number, I totally agree with Mr. Chavda, WhatsApp number should be there on every petrol pump. If there is any problems by the petrol pump people, they can send through the WhatsApp, or they can call on WhatsApp about that complaint, sir. And sir, try to inspire the sports activity, spend some money on -- from the CSR to -- adopt hockey -- or why are you not adopting the women's hockey team. By spending INR 50 crores, you should adopt women's hockey team, sir. Nothing to say more, sir. I believe that company will more grow and progress under your leadership. I think that I covered within 3 minutes, sir. Thank you, sir. It would be my pleasure to meet you at Mumbai in my next visit to [indiscernible] on good return during the separate mix up. Thank you, sir.

Chairman sir, Our next speaker shareholder is Mr. Gautam Tiwari. [Operator Instructions]

Sir, first of all, very, very good morning to our very, very respectable Chairman, sir. Our eminent and really well-dignified Board of Directors, Our team, Hindustan Petroleum Corporation Limited. My name is Gautam Tiwari, and I'm participating at this meeting from Mumbai. Sir, during the physical AGM, we remember the way [Foreign Language] we really miss at this virtual meeting. But still, we are happy to see you healthy and fine and fit at this junction of the meeting, sir. Sir, I would like to specially thank our MD, CFO, CEO, CS and full secretarial IR and finance team and the entire board of management also for giving such good results, outstanding performance despite dreaded corona epidemic virus spread across the world. Sir, I would also like to thank the management for paying generous dividend year-on-year uninterrupted to us, to the shareholders and stakeholders regularly. Sir, I thank the company for winning various awards and accolades and especially how this company being selected as one of the Navratna companies. Sir, I thank our secretarial department for -- [Foreign Language], it is the best in the industry. [Foreign Language] we are very much thankful, very sincere in their working. And right from day one we have been attached, especially I have been attached with this company. So we are experiencing a very good services from all those whom you have selected for investor services. And we thank you very much, sir, for selecting such expert persons for our company for giving the investor services. Sir, in order to appreciate my knowledge. Sir, your opening speech was a really good, really detailed and we could get the proper working knowledge about our company as to now where do we stand. Just to my appreciation for the working of the company and enhance my knowledge about the company, I have got certain queries in my mind if at all, I can get the answers of this from you, I'll be grateful to you, sir. Sir, how many new petrol pumps in rural and in urban areas are we planning now, especially, during this year they are in the pipeline? Sir, now, [Foreign Language]. Sir, by the end of this year, how many electric charging stations will be there, especially, in urban area as we have planned? Sir, we would like to do the effects of COVID-19 pandemic. How many casualties? How many affected cases? How many recoveries and how many active cases? And what is the vaccination status of all employee and staff and stakeholders with our companies, those who are attached with us? Sir, what are the challenges and learnings from COVID? And thinking of our road map, for this year and the year after this, considering COVID pandemic to continue for some more time, what is the strategy being followed for our working of the company? Sir, as we are seeing our, really, market cap is very less [Foreign Language]. In fact, we showed greater market cap, our share is also really underpriced compared to Bharat Petroleum. Where are we lagging? I'm really sure, sir, [Foreign Language] we'll be getting much, much better strategies, and much, much better market cap and pricing also in the days to come. Sir, I have -- I support all the regulations wholeheartedly and I have voted in favor of all the resolutions. I support all the appointments and reappointments of our directors on Board. And I -- we have been -- we have got total confidence, trust and faith in the management. And we have been attached with you, sir, from day 1, and we promise that our strong support was there, is there, and shall continue along our family and from all the shareholders here with you. And we wish we will never [ move ] away from you till we exist on the earth, till we breathe our last and will support you wholeheartedly and encourage you for all your endeavors and we wish you a really happy, long, healthy, wealthy, safe life, and a very, very bright future in the days to come. And once again, we thank you very much for patiently listening and relating to our comments. And once again, I wish you all the best, sir. I wish you all the success in the days to come. [Foreign Language].

Our next speaker shareholder is Rajni Kant. [Operator Instructions]

Respective Chairman, and directors, and fellow shareholders. At the outset, I, Rajni Kant, Company Secretary, convey the greeting to one and all of you on behalf of Shri Subhash Kumar, the Chairman ONGC group of companies and the board of directors of ONGC. ONGC is the single largest shareholder of HPCL. Heartedly, we appreciate the management for achieving laudable performance during the year 2021. After considering the interest of the shareholders of HPCL, ONGC management decided to support all the regulations as proposed in the notice of this meeting. We congratulate the management of HPCL for achieving highest ever PAT of INR 10,664 crore. And spectacular sales volume of 36.63 MMT during financial year 2021. Despite bigger challenges posed by contraction in demand due to outbreak of COVID-19 pandemic. Sir, it is heartening to note that during the year 2021, HPCL commissioned 2,158 new retail outlets, which has been the highest in the year, taking the number of total retail outlets to 18,634. HPCL also commissioned 112 new LPG distributorships, taking number of total LPG distributors to 6,192 as of 31st March 2021. As every [ CRO ]business stands impacted globally due to COVID pandemic, our nation is no exception, and each of us have been facing unprecedented challenges. Of course, the COVID-19 also opened up certain new income opportunities for running business more efficiently. For example, today we're attending this meeting from our respective places, with greatest ease, no travel cost, no travel hassle or no loss of time due to travel. In fact, General Meeting through video conferences has provided equal opportunity across the globe and justifying the term equity among us, the shareholders. Sir, we strongly feel that virtual meeting should continue even in future in the larger interest of the shareholders participation. Needless to say that it has offered opportunity to the company for valuable inputs even from far flung shareholders. Dear sir, we appreciate the excellent arrangement and efforts of all those who are involved in this seamless arrangement of this meeting. Through [ this ], particularly the Company Secretary and his team, in promoting public relations and all other associated adjudicatives. Sir, ONGC firmly believes that HPCL management will make all efforts and keep moving forward in achieving its targets and delivering to the complete satisfaction of all the shareholders, including ONGC, the largest shareholder of the company. Last but not least, on behalf of ONGC, the parent company, I place on the call our sincere appreciation and gratitude to all the fellow shareholders for attending this meeting and sparing their valuable time and making this AGM a grand and fruitful event. [Foreign Language]

Chairman sir, Mr. [ Mahendra Kelkar ] has not joined the meeting. So with your permission we are moving to next speaker shareholder. Our next speaker shareholder is Vinod Agarwal. [Operator Instructions]

Chairman Surana, and Company secretary, Murali. Good morning and good afternoon, everyone. Sir, I've noted your CSR activity on the child care, health care and education, INR 160 crores, you spent in year '20, the 1 year you've got. Sir, my question I made on -- you're laying [ feet ] pipeline, what will be the CapEx on those? And you're going on for green energy system and hydrogen and EV charging station. Over the past -- over the next 3 years, sir, what is your CapEx plans for these pipeline, the EV charging systems and all. And then you've done very well and very good in your LPG systems you have done. You've got so many, 6,100 distributors and 45% shares of LPG in the country, which are very good, sir. And you got 9,400 employees. Sir, of your 2 plants, what is the efficiency and the plant capacity they're running at in Mumbai...

Sir, you have a background noise. If you can...

And what is your future CapEx plan? This is my only small queries to you, sir. Thank you, signing off. Vinod Agarwal from Mumbai.

Chairman sir, Mrs. [ Asha Lata Maheshwari ] has not joined the meeting. So with your permission we are moving to next speaker shareholder. Our next speaker shareholder is Smita Shah. [Operator Instructions]

[Foreign Language]

[Foreign Language]

Chairman sir, Our next speaker shareholder is Mahesh Kumar Chandna. [Operator Instructions]

Respective Chairman sir, Directors on the Board, Mr. Company Secretary, very lovely shareholder brothers and sisters, ladies and gentlemen, a cheerful afternoon to each one of you. So before I say my name and the number of shares, I would like to express my heartfelt condolences for your those employees, retired employees, LPG dealermen, pump attendants who lost their lives due to COVID. My heart bleeds and freeze at the loss of precious life connected with Hindustan Petroleum. Sir, my name is Mahesh Chandna, and I own 31,894 shares. Mr. Chairman, every time I tell you not to write, today, I may request you to please write this number, 31,894 shares, Mr. Chairman. So you may be wondering, how come this odd number of shares [Foreign Language] 13th of February '95 when you came out with the IPO, and this company got listed, I became your shareholder. And ever since I'm attending the shareholder meeting, as well as asking few questions and expressing my views. It's not only questions, Mr. Chairman, it's return. We have -- we are at liberty to express your views. So I saw your modest profit of INR 120 crore in 1991 to the highest INR 3,726 crores in '15/'16. [Foreign Language], that means I never saw a profit of INR 4,000 crores in your company. [Foreign Language] INR 6,208 crores, Mr. Chairman. [Foreign Language], I mean to say second year, INR 6,357 crores. Third year, third ball, INR 6,228 crores. Chairman, sir, [Foreign Language]. And you couldn't give us INR 6,000 crores. You gave us, you ran like everybody ran but you ran on the pitch with pads. And the profit was INR 2,000 crores [Foreign Language]. You must have thought [Foreign Language] INR 10,664 crores [Foreign Language] Mr. Chairman, INR 31, 894 crores. As a proud shareholder, I would like to clap for you from my home, Delhi, Mr. Chairman. Foreign Language] 96 -- 97 [Foreign Language] -- Chairman, I would like to draw your attention here. [Foreign Language] And these 5 years have got [indiscernible] 31,890 [Foreign Language]. your honesty, Mr. Chairman, nobility of the true touchstones of your regional leadership, Mr. Chairman. It's a reflection of shining example of your deep rooted commitment [Foreign Language]

[Foreign Language]

[Foreign Language] Mr. Chairman, yes. On your commitment, I'm reminded of Dr. Heidi Reeder. He said, "Commitment is the foundation of great accomplishment," Mr. Chairman. Now before I give my views and ask 5 questions and ask these [indiscernible] ethical versus nonethical line of [indiscernible], you may ponder about that. But before that, I will say I was brimming with the pride as a shareholder and point you to [Foreign Language] I must compliment you and your Board and your enterprise, of course, happening the impact your COVID [indiscernible], you navigated very well. Chairman, sir, [Foreign Language] But as owner of the company, [Foreign Language] 9,448 [Foreign Language]. I'll repeat, [Foreign Language] commend the shareholders [Foreign Language] is required factor. [Foreign Language] Now the annual report [Foreign Language] he's doing fantastic job, I must tell you, Mr. Murali. Annual report [Foreign Language]. Now Mr. Chairman, let me start my 5 questions. [indiscernible] is not a question. I will stand to disagree with maybe many shareholders who may be here or may not be here and Mr. Hamid resolution #2 [Foreign Language]. That's on dividend, INR 22.75 crores. So gentlemen, [Foreign Language] shareholders right now [Foreign Language] [Foreign Language] You may be aware, rather 100% after [Foreign Language] So on this point, [indiscernible] INR 95, almost INR 45 after dividend [Foreign Language] Mr. Chairman, sir, 6,208 [Foreign Language] 10,664 [Foreign Language] INR 4,185 versus this year, you're outpour only INR 1,485. Sir, I'm really surprised, okay, [Foreign Language] shareholders have a long-term plan [Foreign Language] But sir, [Foreign Language] Sir, on Page #181 it's written, after the JVs or acquisition, they gave you double dividend, Mr. Chairman, INR 301.31 crores as compared to INR 154.83 crores, again, associate double dividend [Foreign Language] So I will request you, Mr. Chairman, [Foreign Language] dividend [Foreign Language] senior citizen [Foreign Language] after dividend, which you'll see here. [Foreign Language] Mr. Chairman, private company [Foreign Language] of our Board of Directors to resign [Foreign Language] Sir, here request [Foreign Language] No problem. I'm still sure, Mr. Chairman. [Foreign Language] My first question pertains to, Mr. Chairman, it pertains to our still meeting then, virtual meeting then. I don't know how many numbers must be there. Living ONGC [Foreign Language], sir, I must appreciate them. Back your shareholders [Foreign Language]. Sir, who is your biggest shareholder today in the [indiscernible] and how many shareholder he or she is owning? Kindly enlighten me, Mr. Chairman. Sir, [Foreign Language]

Sorry to interrupt you, sir. Sir, we request you to wrap your question due to time constraint.

[Foreign Language] I would like to know the answer from you, Mr. Chairman. [Foreign Language] Mr. Chairman, my question #3 pertains to [indiscernible] you have already covered. You have given a broad outlook, Mr. Chairman, in your 35 minutes a speech [Foreign Language] the modernization expansion. Visakh Refinery, you have mentioned, it will commission in '21, '22. Rajasthan, you didn't give anything, sir. [indiscernible] at Chhara is progressing at a fast pace. Sir, I would like to know when these 3 major projects will get commissioned because we hear interest here and there, sir. I am interested in knowing how much GRI will get in place after commissioning or modernization of these 3 refineries. Kindly share with me. [Foreign Language] I'm a big shareholder. I come in the league of 10,000 and above. Sir, on this refinery [Foreign Language] 11, 11 [Foreign Language] Sorry, sorry. I stand corrected. Mumbai Refinery [Foreign Language] You mentioned Mumbai Refinery has achieved best-ever safety performance by clocking 30.08 million man-hours of save operations. This is [indiscernible] written in your annual report also on Page #4 (sic) [ Page #6 ], Mr. Chairman. [Foreign Language] Mr. [ Vijay Aggassi ] [Foreign Language], sir, look at his modesty and greatness. [Foreign Language] promptly replied [indiscernible] and that after thanking me, he wrote dear...

Sir, we request you to wrap your question, sir. Due to time constraint, we have to move to the next speaker shareholder. Mahesh, sir, we request you to wrap your question.

He's got disconnected.

Chairman, sir, with your permission, we are moving to next speaker shareholder. Our next speaker shareholder is Mihir Shah.

Good afternoon, Chairman, sir, and good afternoon to all the fellow shareholders and the Board of Directors. So I -- first of all, I would like to congratulate this team for the excellent performance in spite of all the COVID-related uncertainties and handling COVID very well. And my first escalation would be for being the first PSU to do a buyback for enhancing shareholder value. It's a very novel step which HPCL has taken, and I really commend the Chairman and the Board of Directors for doing that for the shareholders. I have the following questions. Chairman, sir, you may please enlighten at the end of that -- I have just done a basic from whatever you have mentioned in the annual report as well as maybe your interviews in various newspapers, like Mumbai Refinery, I believe the full benefit of the expansion will happen from the financial year '22-'23; Visakh Refinery from financial year '23-'24 and HMEL expansion from '22-'23. Now I would also like to know what is the status of HPCL LNG that mentioned earlier, the Shapoorji Energy. Because we have bought back Shapoorji Pallonji stake at a fantastic premium at an enterprise value for -- the market value of about equity value of about INR 2,200 crores. So this is a 5 MMTPA LNG terminal that we are contemplating. So I would just like to know what are the time lines for it? Because the last 3 years have I've hearing for it. So when is the time line when it would be commissioned? And what is the ROCE that we would be expecting on it? And most -- what I know -- since we are talking too much about electric vehicles coming up, 2-wheelers will start, then cargo will be following. Now HPCL currently -- after the -- it sells more than what it produces and what it refines in. But after the expansion, Mumbai Refinery would be 9.5 tonne, Visakh would be 15, HMEL would be 12. So you now have 37. [ Marmia ] would be another 9. And if the MRPL eventually merges with us, so that will be another 12. So we have almost close to 60 of refining capacity. And we are selling about 36. So do we see next 5 years that kind of a growth in the fuel sales to go to that level? Second is that we are also -- currently, HPCL has a gross block of about INR 60,000 crores. In the next 5 years, the gross block, it will go to 150 lakh crores. So this is something which is unprecedented in a similar PSU so -- and commendable that the company is doing this without diluting any equity. So the INR 60,000 crores to 150 lakh crores, of course, the company has adequate cash flows. But my mention of the 60 of MM -- I mean to say, if confuse myself with the numbers. But the same 60 versus 36 that we are selling, so do we see that growth? Do we need to merge MRPL with us? I mean so then we can take from wherever it would be most efficient and gives us less prices. Like HMEL, I believe will be most efficient. I don't know [ Marmia ] would turn up. And again, my last question would be would HPCL consider another buyback? And my suggestion as a shareholder would be that there should be -- you should be actually looking at it. Because last year, we did a buyback with a maximum price of INR 250. Now last year, we made about INR 70 of EPS. That's the distributed dividend. And after that, another INR 40 of -- INR 45 of book value would be added. So the stock price is still rolling below INR 300. So why don't we do another buyback? It's more tax efficient. It is still -- it will be better for shareholders, I believe. So I would suggest -- seriously suggest then, because the share price is really languishing. Like a Petronet LNG and HPCL, the market cap is almost similar, so it's quite low. If we only -- if you like BPCL, even whenever strategic control happens, obviously, it will happen at a premium. BPC market cap is almost 2.5x, so even more than HPCL, where the profits are not that much even adjusted for the Mozambique assets. So I would request the management to seriously consider another buyback. Even if the dividend gets reduced, it's perfectly okay. But a buyback will really go a long way in enhancing shareholder value.

Chairman, sir, our next speaker shareholder is Satish Shaha.

Hello?

Yes, sir. We can hear you.

[Foreign Language] Shri Chairman, sir, and directors. Sir, [Foreign Language] Wish you all the best.

Chairman, sir, our next speaker shareholder is Tamal Kumar Majumder.

Is it okay? Are we ready?

Yes, sir.

Respect to Mr. Surana, Dr. Mittal, Mr. Kumar, Mr. Pillai and other directors of the company. Myself, Tamal Kumar Majumder, an equity shareholder from Calcutta. And thank you, Mr. Chairman, for your passionate speech at the opening of the meeting. Sir, I have some queries relating for the accounts and other matters and speak [indiscernible] Last year, my line was disconnected. I was the only one whose line was disconnected. Though Mr. Chandna and others took so much time, there was no my line. The new term is coming with a technical problem. So I hope -- I am not going to take so much time on which, Mr. Chairman, take long speak at it. But I think you will give some time to me to share my thoughts as regards to accounts, okay, sir. Sir, we must -- I congratulate you and your team for the highest profit, for the highest PAT on during the year, financial year '21. And in Q1 of financial year '22, the company booked a PBT of INR 2,397 crores against sale of INR 77,308 crores. What is your expectation for the remaining part of the year? How our segment is doing during the current year? So how are other segments have been during the current year? Sir, I also agree with Mr. Mihir Shah, that through the buyback of shares, which completed on 14/5/2021, healthy to extinguish 10.5 equal shares and decrease the paid up capital by 6.91%. And by cancellation of the shares, our promoter shares increased [ VSNL Oil ]. [ Oil ] share increased to 53% without increasing their stack due to this cancellation. But sir, I also want to know whether the company -- the scheme also helped the shareholders also and whether the company may go for another buyback within end year. And yes, company has retained earnings balance of INR 34,271 crores as of March 2021. Because we have already exhausted share premium and other [indiscernible] exhausted here for the last issue, so whether you may go for the -- head out for another buyback using the retained earnings balance of INR 34,000 crores. Sir, impairment against companies, investment in HPCL biofuels continue during financial year '21 also. And 73% of the investments are proving INR 785 crores, impaired as on 31st March, 2021. Please share your thinking in respect of the company, whether the company will make further investment in it, or simply write-off it remaining balance in the coming years. Sir, same position what is, in case of Singapore first subsidiary price petroleum. In addition to the impairment, the company provided INR 318.00 crores in earlier year against corporate guarantee given against a loan. The company is under several litigations among its partners. What is its current position? Is there any possibility of its revival? And what is the status of the year, whether company paid any amount from the INR 318.00 crores, which they provided against corporate guarantee yield debt? And how our company is implementing its ethanol policy of the Government of India? Sir, sorry to learn that our honorable prime minister's innovative dream project, prime minister's Ujjwala Yojana, PMUY, has really failed to help poor people due to lethargic attitude of oil companies. Instead of pursuing the matters with poor customers through the LPG dealer network, hostile LPG-led dealer network, oil companies took the easy road of providing amount against those who are not using LPG for the last 12 months. Our company did still also provided INR 390 crores during financial year '21, against Indian Oil's provision of INR 910 crores. It's really a dream project formulated by the Government of India. And I believe that oil companies must use their heart in dealing the problem by clearing bottlenecks through their vast dealer network in order to make it really successful. Because you may have noticed last year can also commented very adversely in this regard, in regard of the scheme, how these are being implemented. So I hope you will also look into this matter, not only providing amount against the aggregate as you. Because you have enough cash. You are in a position to write up the entire amount in one step, but that will not solve the problem. Sir, sorry to note that our company has only one independent director on its Board. Statutory auditor mentioned the matter in their report for financial year '21 as well as Q1 of financial year '22. For the sake of better corporate governance, there must be adequate number of independent directors on the Board. Why the government petroleum ministry is not taking appropriate action in this regard for a long time, at least after the retirement of one independent director on 20th September, 2020. Whether the management is pursuing the matter vigorously with the appropriate offer, your position, please, sir. Sir, the company saw INR 24,053 under capital work in progress in Page 106 (sic) [ Page 150 ]. Would you please share details in this regard. And sir, you talked about a CapEx of INR 65,000 crores during the next 5 years. What will be its share during the current year? What will be its share out of INR 65,000 crores. What will be its share? And sir, it is noted that HPCL entered into an agreement for installation of charging stations at its petrol farms with Tata Power. And in your opening speech, you mentioned that you want to start -- install 5,000 charging stations within a period of 3 years. Tata Power sales then will...

Tamal, sir, we request you to wrap your question.

No, you have not said anything to Mr. Chandna. Well, I am going to [indiscernible]. I will take 2, 3 minutes only. You said nothing. It's become a practice on the audio part where really at the start, the shareholder [indiscernible] from accounts. Sir, you also mentioned that there are 5,000 units charging station during financial year '21 for the next 3 years. So would you share with us the details of which -- details in the second. What is your target for the current year. And sir, company provided INR 699 against doubtful debts, against last year's figure of INR 218. What is the result for increase of 3x of doubtful debts? And HPCL, along with BPCL and IOC, Ujjwala Plus Foundation, the Section 8 company. What is our contribution in this company during the current year? And how we cooperate? Good sir. The -- I strongly believe that salary and what -- Mr. Chandna said many things. And what he remain [indiscernible] his arrogance in asking how many -- who is the highest number of shareholders, who has highest number of shareholders, knowing it fully the India have a -- ONGCs, they are controlling 53% of the shares. So he's holding some thousands of shares, and he has the arrogance to say at least give the number of shareholders. This gives a wrong signal, no? And lastly, I strongly believe that salary structure of our executive directors, including CEO of more of the companies must be revised to make it at least, to some extent, comparable with its private sector companies. Sir, you've got a remuneration of only INR 63.64 crores -- INR 64 lakhs, sorry, INR 63.64 lakhs during financial year '21 as the CEO, which is not comparable with the salary of PMS Prasad or KPI -- of Mr. Kapil of Reliance, and other private companies. Former SBI Chairman [indiscernible], once fantastically said during his chairmanship at the SBI, my driver is getting more salary than me. And I think after Mr. [indiscernible] retirement, he is getting more by way of commission and all the fees from the company than what he got from the SBI during his tenure as Chairman. And in order to avoid brain drain and to keep the talent, the government should consider increasing remuneration of executive directors immediately. We'll all be happy if government takes appropriate action in this regard before -- at least, before your retirement. And sir, you talked about that -- about last question, sir, you talked about 25% of our outlets are -- of outlets use solar power. What is your target for the current year or the next 5 years?

So our next speaker shareholder is Yusuf Rangwala.

Sir, can you hear my voice now?

Yes, sir.

I'm from Mumbai, sir. I'm very happy with our Company Secretary, Mr. Murali, with a dynamic, handsome. And sir, after dividend [Foreign Language] this company may [Foreign Language] 269, 275 [Foreign Language] or after retirement, till next year. [Foreign Language] May God bless our company and have full support with our civil company, sir.

Chairman, sir, our next speaker shareholder is Bharati Saraf.

I already asked -- my friend speak already. I'm not going to speak.

Chairman, sir, [ Bimal Kumar Agarwal ] has not joined the meeting. So with your permission, we are moving to next speaker shareholder. Our next speaker shareholder is Ashit Kumar Pathak.

Am I audible, sir? Am I audible.

Yes. Yes.

My name is from Ashit Kumar Pathak from Dum Dum, Kolkata. Many, many thanks to Company Secretary, Mr. V. Murali and secretary of department for sending me the notice of the annual report very -- by mail, very well in advance and allow me to speak. I have already casted for certain resolutions mentioned in the notice. My views, financial performance, financial year '21 is very optimistic. Total turnover, INR 2,69,243 crores; EBITDA INR 18,714 crores against INR 5,959 crores; PAT INR 10,664 crores against INR 2,637 crores. Net worth also is increased. EPS also gone INR 70.57. Nice, very, very nice achievable performance. Also, less, less finance cost. And regarding policy of members with buyback and also INR 22.75 per share. I am appreciating to my company's management team for their rewarding policy to members and also financial performance in this pandemic. My first view is share capital is only INR 1,453.11 crores. But reserve is INR 34,733.70 crores. Maybe may be considered as NCD bonus forwarding to members. NTPC also rewarded with bonus NCD. This is my views I'd like to share. Nicely, the debt equity ratio came down from 0.84 to 0.70 book value as on 31st March, INR 262.26 crores. And also current ratio is 0.70 against 0.65. Interest coverage ratio is very nicely achieved, 16.57 against 2.45. Also, sir, average sales also came down per employee. That is negotiable. And average net profit per employee is very highly achieved, INR 1.13 crores against INR 0.2 crores. Sir, any impact in operation due to volatility of crude, international crude price, high cost raw material price and logistic supplies? If possible, for some highlights, CapEx program financial year '21 was INR 14,700 crores. Probable, the CapEx program in financial year '22, if possible for some highlights. And any expansion target up in current financial year, like retail outlet, LPG distributors, LPG customers, ASF, SKO, LDO dealers, LPG bottling plants and target solar power outlet. Solar power targeted -- solar power outlets last year was 25%. Mr. Tamal Kumar Majumder also raised -- and this is my point, the possible enhancing the solar power in retail outlets, if possible for some highlights. Acquired 50% equity joint venture, Shapoorji Energy Private Limited, 5 MMTPA capacity, operation of -- sir, probably commencement of operation in this unit, if possible for some highlights. And then present commencement status of operation [indiscernible] plant at [ Ulisha ]. And present attrition rate and overall capacity of equalization. Women impairment, what states my company taken because the women, only 960 women employees against 9,448 total employees. In budget station, financial year '22 government declared monetization in HPCL natural gas pipelines in Jammu and Kashmir hydrogen generation plant. How my company take this opportunity? So some highlights about this? And already, my company also tied up with recognized [indiscernible] spot ethanol because government target 20% blending of ethanol by 2030. Foreign exchange earning is very low, INR 3,452.13 crores against INR 8,405.14 crores. What steps taken for enhanced foreign exchange earning? Any steps taken for CapEx in digital agent, in supply chain, data analytics and production activities with minimum cost optimization? Also, decarbonization and ESG sustainability, if possible for some highlights. Nicely activation activities, INR 156.35 crores. Sir, what amount we paid on COVID? If possible, give the details. And sir, in future ONGC buyback, when does this taking place? Any future when this mark with HPCL? If possible, for some highlights. In Page 133, Note 59, present status of provision of impairment, INR 319.6 crores. If possible, for some highlights. And also loans given to PMUY Scheme, which is outstanding, INR 1,882.25 crores. And also Note 69, present status of diminution value of investment by Provident Fund Trust and Post Retirement Medical Benefits Fund Trust amounting to INR 243 crores and INR 99.50 crores in IL&FS and DHFL. Any recovery chance, if possible, for some highlights. And present evaluation of direct tax, VSVS, where tax liability was INR 776.66 crores mentioned, and present status of inventory, INR 28,529.70 crores (sic) [ INR 28,592.17 crores ] against INR 19,141.19 crores previous year. And then credit impairment mentioned, INR 159.36 crores present status. Also, allowance for bad loans mentioned, but INR 320.14 crores against INR 179.90 crores. And also sundry expenditure also have than previous year, INR 1,275.85 crores against INR 1,187.95 crores. And also your provision...

Ashit, sir, we request you to wrap your question.

1 minute, sir, 1 minute. Received loans and, sir, other expense provision, doubtful received/loans mentioned, INR 559.08 crores against INR 205.43 crores. And nothing to say more. And expected enhanced financial year -- financial performance, financial year '22 by the leadership of our respected Chairman and besting of votes.

Chairman, sir, our next speaker shareholder is Vasudha Vikas Dakwe. Chairman, sir, Vasuda, ma'am, is facing some technical issues. With your permission, we are moving to next speaker shareholder. Our next speaker shareholder is Kankanala Bharat Raj.

Sir, good afternoon, Chairman and the Board of Directors and the entire secretary department for doing a wonderful virtual leader conference. Sir, Mr. Board of Directs and the Board of Directors...

Hello?

Hello? Hello? Sir, am I audible, sir?

Yes.

Yes, Mr. Mukesh, Chairman of our Management, that our company, sir, under your leadership, very wonderful performance, sir. I'm very proud of you. You're making our company wonderful revenue and a very good profit with the company the last year. Sir, I thank the management and Board for giving dividend, sir. Sir, [indiscernible] My request is that -- and it's for another dividend delivery, okay, sir. Because the [indiscernible] is good, you're going to determine if the number if good, can we expect to have one more interim dividend, sir, because [indiscernible]. Please answer one more question [indiscernible]. Can we expect any bonus from [indiscernible], sir? [indiscernible] bonus also of our company, sir? Sir, you have told that we are -- you're planning to open 3,000 EV stations. In the EV stations, is there any opportunity for that -- you're hoping fully world outlet, are doing an opportunity for the outside, sir? It is an opportunity and it's good for the -- few outlets for the shareholders who are interested to open outlet of [indiscernible] regular charging station, sir. Sir, once again, Mr. Chairman, all the best for coming year. [indiscernible]

Chairman, sir, our next speaker shareholder is Celestine Mascarenhas.

Hello? Hello? You talk. You talk. Hello? Can you hear me?

Hello? Hello? Hello? Yes, yes, [indiscernible]

We can hear you. Yes. Yes.

This went so long because there are other meetings. So it has come together and it is becoming a little hassle. Okay. Anyway, good. Respected Chairman and MD, Mr. Mukesh Kumar Surana, and the honorable Directors, also government-appointed nominees, my fellow shareholders, my name is Mrs. CE Mascarenhas. First of all, I thank the Company Secretary, Shri V. Murali, and his team for sending me e-annual report with notice and also registering me as a speaker on my request on it, also the platform, Zoom platform to speak. Now I come to the annual report. Good, with lots of charts and bars, information self-explanatory. Working is good PBT, PAT, up. EPS also good. Dividend of INR 22.50 is wonderful. Good market cap. But this should go up because this is [indiscernible] up like earlier, and I look out, it should be 4 digit. Therefore, some bonus can be declared by the Board against our market cap will double. Next one is I congratulate for all the awards and accolades as given in the annual report. Also, I appreciate the CSR work done, documented in our annual report. So my queries. How many of us -- how much saving is done? Do working at home, start working at home, no travel, e-meeting and no need of posting and notices and on, how much is the saving we have gotten? Next one, we are in LPG, naphtha, motor spirit, hexane, mineral turpentine oil, among et cetera, et cetera, even aviation fuel and light diesel oil, bitumen, et cetera. In which of these we get the highest margin? And which the market share is very full of HPCL and which is the future demand? Third, I would like to know when MRPL will merge with our company, HPCL? Because in MRPL, a lot of -- a lot was asked when it will be, especially my foreign fellow shareholders. So I'm asking you, since I'm telling, I'm asking you when or what is the total light on this. I didn't hear anybody asking this. That's why I had many questions, but I have all concisely. Sir, throw light on this development. Fourth, can you spell out the future road map, especially -- with now ethanol mixing with petrol or diesel and all. So what it will trade for us? Then CapEx program funding with COVID and the learnings we will get from COVID 1 and 2. I suppose all congratulations.

Chairman, sir, our next speaker shareholder is Hiranand Kotwani.

Hello? Hello?

Yes, sir, we can hear you. Yes, sir.

I waive to ask the question, but certainly, I will come up on another question. [indiscernible] Gentlemen, what did the company received from the various petrol pumps regarding the leakages, cheating? How do you deal with it? Or employee, how many [indiscernible] cases are reported ordinary, sir? How many of the employees was caught? And how you deal with it? Our dividend policy should be clear, particularly I'm opining that so many companies are driving that 50% should be divided as our properties good. Not wrong to criticize because I used to criticize [indiscernible] the various segments, but there is good improvement on all level certainly. Our main raw material is crude. How many products we are driving from the crude? Some would say [Foreign Language]. For R&D department [Foreign Language]. Innovation is must for any organization for expansion, innovation. What is your call in this regard? And you have my good wishes.

Chairman, sir, our next speaker shareholder is Ronald Fernandes.

Hello?

Yes, sir, we can hear you.

Yes. First and foremost, I wish to thank the Company Secretary, the secretarial team, the share transfer agent and the management staff of Hindustan Petroleum Corporation Limited for sending the AGM notice on time. Of course, now looking at the annual results, sir, I would like to highlight you it's very bold and beautiful. And the very first page of it shows the 5 fingers and holding. It might be left hand -- it's the left hand that you're holding and the light is showing up. The [ dia ] it's the light illuminate. And it -- below that is Fueling Future and Delivering Growth. It's the right aspect, sir. But looking at it also, if it is 5 fingers, then I would say our balance sheet is very, very able to carry consisting of 320 pages. So I have to bifurcate that thing into 3 plus 2 is 5. So that becomes 5, 50 pages. But you have to remove the 0 and put 5 because the 5 fingers on your left hand and 5 fingers on the right is the strategy of holding the -- whether you be a lefty or righty. Of course, look down -- looking at the [indiscernible], I would like to highlight that the problem is about the AGM that we are conducting in the [ VCM ]. So the [ VCM ] is very good what you are doing. But the problem is -- I would like to highlight to you what exactly is the strategy of holding the AGM. Now here, old AGM has been physical form, which was better because there, actually we are presented with the rolls and greeted by the thing, like token of appreciation of the rules. But next time when you continue with the meeting, I think it's better you consider giving a [ column ] in the hand and a column in the answer. That would be appreciated on your part, so that at least we remember the pen and the flower, the common flower. Because with this also, I would like to highlight to you, sir, it's 320 pages, and what is this, Bharat Petroleum -- Hindustan Petroleum and this thing though, IOC, Indian oversea -- Indian Oil Corporation. Now looking at this, the alphabet of Hindustan Petroleum Corporation Limited is consisting of total 36 alphabet, sir, and this thing now -- 1 minute. Yes. It's consisting of total 36 alphabets, okay? And Bharat Petrol Corporation Limited and Indian Oil Corporation Limited, is 27 and 33. That comes to 60. So all the 3 companies have completed 60 AGM. And your 36 is Hindustan Petroleum. So it's coming to 96. So if I look at 69, it's at 69, I think about, sir. You learn [indiscernible] value-added taxes. You learned rounded and you'll see the same 69. But then we look at 96% also, it become the same 96 over there. So 30 years down the line, what will be your growth of the company? I would love to highlight it. Also -- and looking at it also, sir, I would like to highlight to you your EPS issuing INR 70.57. INR 70.57 is a very good sign, sir. That reminded me of 7 plus 5 plus 7 is coming to 19. The year is over '19 and we are suffering from that from 2020 onwards until '21, '22. I don't know it will be continued till further on because there also we meet in the next AGM at a physical form, that would be appreciated also. And your PAT is showing INR 10,664 crores, very, very good signs. Why? Because if we total that up, it comes to #17. So #17, when I'm breaking #17, you are facing in the other side, you will read the other line of the company. I would like to let you know, I think you better don't resign from the company or don't retire from the company because we have to tell the government nominee directors, not to give you a resignation because when you name is Mukesh Kumar Surana, it is something very great. Mukesh means more of cash. And Kumar is Kumar is [Foreign Language]. Surana is [Foreign Language], if you give us a nice juice -- somebody has asked for the butter and bread. Okay. I would like to ask for butter, bread and cheese with jam applied on it. So it will be a 4-layer sandwich, club sandwich, clumped together, made with wheat. And I have a solicitation program for you, sir. But we'll not allow you to resign from the company or leave the Board of Directors. At least, you will keep the remote control in your hand, and therefore, the government nominees. So that will...

Sir, we request you to wrap your question, sir.

Yes. So I've already submitted my questions to you earlier, sir, in my -- when I gave in my -- there were 7, 8 questions I put forward about the COVID and all the -- everything over the number of employees and the CSR activities also, which have done -- this is just an additional thing what I want to do because I know that you will try to wrap up everybody's question. And then even the #17 speaker was there. That also -- I do not know his name, but he knows me very well. And the other one was holding 31,894 shares. So these are the 2 great speakers over there, sir. But the names, I do not know them, but they know me very well. That is what I would like to do because I'm bringing in all numbers in. That's why if you look at it, it's something very different for you and all. Of course, I would like to highlight when you will have a meeting of the physical form or if not, we can always have a get together with all the shareholders of the company. Because every HPCL meeting, after the meeting is conducted, the employees of the company, along with the investors and all are taken...

We request to wrap your questions, sir.

I've already submitted the questions to you earlier, sir. I put it up. This is additional what I have spoken to you. I'm not asking any -- you can ask for the listing. I did that before. With this, I suppose already supported all the resolutions and thank the management for patiently listening. Thank you.

Chairman, sir, Mr. [indiscernible] has not joined the meeting. So with your permission, we are moving to the next speaker shareholder. Our next speaker shareholder is Priya Gupta.

Thank you, sir. Am I audible to all of you? Hello?

Yes, ma'am.

Yes, ma'am. Please go ahead.

Am I audible now?

Yes. Please ask your question.

Good afternoon to the speakers, Surana and [indiscernible]. Thank you so much. And first of all, I will congratulate to you for your 69th Annual General Meeting. And it's my great pleasure to attend as a shareholder to attend this Annual General Meeting for Shareholders. I'm very thankful to you, all of you, to give this opportunity to attend this general meeting through virtual mode. And I will really appreciate to all of the 4 areas: the refineries, your CST activities, your dividend distribution policies, your corona safety regimens and all the facilities, which you provide to attend our AGM. I will appreciate, too, all the secretarial team to give this opportunity and attend this Annual General Meeting. And I wish you all future growth for the company. Thank you so much to all.

Chairman Surana, our next speaker shareholder is Dinesh Bhatia.

Hello?

Yes, sir, we can hear you. Please ask your question.

[Foreign Language]

Yes, sir. Yes, sir.

[Foreign Language]

Chairman, sir, our next speaker shareholder is Ramakrishnarao.

Am I audible, sir?

Yes, sir.

Thank you very much for giving the opportunity to participate in the Annual General Meeting. Sir, because your time is up, I'm slightly coming to the point of the [ demetallization ] of the shareholders. So to me, that's taken a year, still my shares and physical shares are not being demetallized because of one reason or another because it can only go through. Number two, if paying the dividend is also -- sending by check instead of by sending an [indiscernible] after this. When I brought to the notice of the minister of company, they accuse me [indiscernible]. And if you tell me to bring them something, you can see my portfolio [indiscernible]. Number two, I'm requesting the management to look into the first half. Then HPCL is going due to privatization. We have taken to some steps because our technical and financial experts will look on the matter. Number three, I am giving less to solar energies coming into live. So how the petroleum products will be clear present? Kindly address these 3 points. Thank you very much.

Chairman, sir, our last speaker shareholder for the day is Vasudha Vikas Dakwe.

Hello?

Yes, ma'am, we can hear you.

Thank you very much for taking these again. Hello, very good evening, very good afternoon to the speaker Chairman, sir, Board of Directors and my fellow shareholders, myself for the company. I would like to congratulate the Company Secretary for sending me the soft copy of the report well in advance, which itself is clear and concise. Most of the question was asked by previous shareholders, so I don't want to repeat it again. With this, I support all the resolutions and wish the company all that is for coming financial years and coming [indiscernible] festival. Thank you very much, sir.

Chairman, sir, we are done with all the speaker shareholder. Over to you, sir.

First of all, thanks to all the esteemed shareholders for their interest in the company and going through all the details, asking such excellent questions. So my heartfelt regards and gratitude to all of them. I also wish to thank all the shareholders for their continued trust and faith in us, which helps us to keep the things on the right track and propel the company further. Many of the shareholders have stated that we should have the physical meeting. Some of them have said that we should have the virtual meeting and we should continue with it. While the virtual meetings is giving the benefit of shareholders from the other cities joining and also saving their time in traveling and saving them the trouble of commuting, at the same time, there is no alternative to the physical meet. And I really, really appreciate all the shareholders who desire to meet us, and any shareholder who wants to meet us at any point of time, he is most welcome to our office, and we'll be very happy to welcome him. And I personally, on behalf of myself and behalf of all the directors, wish to convey that we as much wish to meet you personally as you are. Some questions are asked about the women representation. I wish to state that HPCL is one company in which every post which is there in the company has been held at some other point of time by a woman employee, including my own position. My predecessor was a woman who held the position of the Chairman of HPCL. And we are consistently working to increase the number of woman employees. I'm also very happy to share that our Mumbai retail RO, all the officers, including the retail RM, is a woman employee. Even Mumbai LPG retail -- LPG RO also is full women employees RO. In HPCL Mumbai refinery, women officers are running the employees, including one of the operations head of one of the major block is a woman. And therefore, I must say that -- and including many of the woman employees are holding very high positions in the company, including our head of the Treasury, Head of Materials in Visakh refinery. Our earlier CSR head was woman. Earlier, we had the Strategy Head as woman. So I can only assure that we provide equal opportunities and there is -- every position which exists in the company is open for the woman employees to occupy that. I'm also happy to say that almost 25% of our field staff, the forecourt sales force are women. And there are many aisles in the forecourts, which are reserved only for the woman customers. Some of the questions were raised regarding the HPCL support Olympic, Olympians and sports. HPCL does support the sports. We also have some scheme where we do support the young talents before they get to the professional level and nourish them to get into the proper bracket of professional career. In fact, HPCL has also supported some of the Paralympians in 2021 Olympic -- Tokyo Olympic. One -- some of the challenges were related to the COVID challenges as the number of cases, et cetera. As all of you know that the -- COVID did pose a number of challenges in terms of health and safety concerns of the employees. Being in the essential commodity, it was important for us to ensure the supply of LPG and the transportation fuels for public, especially when there were -- during lockdown, the people were at home. It was important that the LPG is delivered. You will be surprised that during the peak of the COVID time, we were delivering around 15 lakhs LPG cylinder per day on an average. But following various protocols, number of actions were taken to meet with these COVID challenges, which include strict protocols, COVID-19-related special SOPs. We had the change in the shift timing so that we can continue with our operations of refineries, et cetera, with the lesser number of manpower. We implored the employees to work from home, and necessary changes in the work practices were made according to that with enabled IT systems. And in addition to the checks when the people come to the offices or the operating location, which cannot be operated without the people, so all those protocols were done. And while we have passed through 2 waves, it's important that we continue to be on guard, and HPCL is fully conscious and cautious to ensure that we continue with the -- all the precautions which we are taking. During the total COVID period, right from the start, we had around 2,368 cases of infection of the employees. Out of that, 2,296, that is almost 97% of the employees, have already recovered. There are 27 active cases as of today, and we had around 45 casualties overall, all over India. The -- some of the -- people have raised the question related to high prices, petrol, diesel, LPG. As you are all aware that the -- all the 3 commodities are related to the international prices, which is a function of the international product prices exchange rate. And with the movement of the international prices, the domestic prices also vary. And that is the reason that sometimes, prices goes high, sometimes prices go low, because it is being adjusted on a daily basis on a rolling average of 15 days. There is the taxation element, and I must say that around 60% of the total price, which you pay is the taxes as far as MSN is concerned. LPG prices are connected to the Saudi CP prices, again, the international prices. And accordingly, that gets varied. And as far as the subsidy part is concerned, that is the government policy, and we abide by the same. And so we'll continue to align the petrol and diesel prices as per the international prices and subject to the taxation both at the central and the state level. And when the international prices are lower, it will get lower; when it is higher, it will get higher. If there are changes in the taxation regime, that also will impact the prices of the petrol and diesel. Some of the people have asked questions related to EV charging facilities and the plan of HPCL. As I mentioned, we have got around 83, 85 petrol pumps that are already recharging facilities are there. We are accelerating it at the fast pace. In this year, we will be adding the EV charging facilities to another 400 retail outlets. And in next 3 years, it will be provided to around 5,000 outlets. In fact, all the new outlets which are coming will have at least one additional mode of energy provision. It can be EV, it can be biofuels, it can be CNG, et cetera. There were some questions about the plan of the company regarding renewables and hydrogen and ethanol, et cetera, so -- and the various new modes as well on the new retail outlet. So I would like to deal with these questions one by one that -- as far as the number of new retail outlets are concerned, we have a plan to commission another 1,500 new retail outlets in the current year, and another 50 LPG distributorships are planned in the current year. We are also increasing the capacity of LPG bottling plants, and our Raigarh plant with the 60 TMT capacity is getting commissioned soon. And [indiscernible] LPG plant with the existing capacity of 180 TMT is also getting expanded. In Odisha, we are at around 250 -- 240 TMT total capacity with this. That -- some of the questions has asked the -- regarding the dividends, whether the dividend is low, dividend is high. Some people were happy with the dividend of INR 22.75, and some people said it is less and it should be more. I just wish to mention that in this year, we also had a buyback and where we had spent around INR 2,954 crores and the dividend of INR 3,237 crores. So we had spent around INR 6,181 crore as returns to the shareholder, which comes to around 58% of the total PAT. And company will continue to ensure that we have the most efficient capital allocation between the dividend payout, between the share buyback and between the CapEx to enhance the value of the shareholders. And accordingly, we will keep on aligning our dividend payout to the shareholders. And to that extent, the total attribution to the shareholders is not less, rather it is more only compared to the previous years. There was a question regarding the 3 pipelines, which we are putting up. And the CapEx for that -- the CapEx for Vijayawada Dharmapuri line is INR 3,072 crores; for the Hassan Cherlapally pipeline, it's INR 2,166 crore; and for Barmer Palanpur pipeline, it's INR [ 776 ] crores. So total is around INR 6,014 crore for these 3 pipelines, which are likely to be commissioned in next 2 years or so. Our total CapEx plan is INR 65,000 crore. Out of which, the current year CapEx plan is INR 14,500 crore. And we are on course for the same. There was a question regarding the commissioning of the Chhara LPG plant. We are tentatively scheduled to commission by the end of 2022. We are hoping to commission by December 2022 as of the current status. EV charging station, I already mentioned about that. In next 3 years, we have planned to put around 5,000 retail outlets. We have got various MOUs, including Tatas and others. And the -- many of these MOUs are OpEx model, where the CapEx is spent by the -- our partners, and there is a share of the OpEx model. In addition, we are also putting up some low charging -- low-speed charging stations at our outlets. There was a question regarding that -- how do we increase the reach of the LPG refuels to the customers. So while we are already trying to ensure that more distributorships are commissioned and we place our LPG bottling plants nearer to the consumption zones, our new steps which has been taken is also to provide the customer -- enroll customer service centers. Around 10,000 customer service centers have been enrolled in the year, who can help in making the reach of the LPG to the remote areas and in the villages. In fact, they also keep certain number of cylinders with them so that the people can pick up from them. And they are connected to the distributor and the customer directly. They can also help in both booking the LPG cylinders, et cetera. On automating our outlets, we are already having an aggressive program to automate all the petrol pumps and where we can monitor it online. It also helps us in ensuring that the transaction at the outlets are above board. And some of the issues which are mentioned by one of the esteemed shareholders, this automation helps us in online monitoring of the share of the outlets, including the inventory, the product being filled in the vehicles, including the [indiscernible] sales can be monitored, including the quality, et cetera. And we are further ensuring with the digital interventions to ensure that more and more checks are brought in and the transparency is insured. But if anybody has got any complaints, they can always write back to us, and we will ensure that their queries are answered; and if there is an issue, it is properly investigated and corrective actions taken. Some of the suggestions were to provide a WhatsApp number. There is a call number for putting the complaint, but we can look into having a WhatsApp mechanism also. There was some question relating to the increase in the provisions by 3x somebody has mentioned. The last year, it was mostly related to the doubtful provisions on Air India as per the accounting policies. And as a conservative principle, we have also provided this year, some of the things for the loans which we have given to PMUY customers for buying the hot plates and the first refill. So these are the provision made as a conservative accounting principle in addition to interest on the Air India, which is leading to this increased provision in this. One question was whether we saved anything on OpEx during the COVID time, and approximate saving was to the extent of INR 200 crores because of people working from home, no travels. Because a lot of people are working from home, so the office facility in terms of electricity; water; printing, stationery; et cetera, were also saved; the AC charges, et cetera; and of course, some of the maintenance work also. Now not all of this will get repeated every year. But yes, some of the practices which we have learned during the COVID period, we will follow in the time to come also. The related question related to PMUY loan balance as of today, 1st of August 2021, we have got INR 1,829 crore of PMUY loan to be recovered from the customers. One question was regarding the air travel expenses saved because of travel of EDs. So there was a saving of around INR 2 crores because of lesser travel by the senior staff -- by the EDs because that was the question, especially related to EDs. The plan for door delivery, we -- in FY 2021, we have commissioned 369 door-to-door dispenser. And the all 369, which is there as of today were commissioned in 2020-'21. As of today of 1st September 2021, we have got this number has reached to 452. And there was a question that what is the cost of the dispenser side, it's in the range of 22-27 lakhs with a capacity of 3 to 6 scale capacity. There was also one question that our direct marketing has dedicated, whether it was a part of 369. Yes, it was a part of the 369 thing. And in future also, we'll be adding more door-to-door dispenser. For that, EOI is published. And there are 2 EOIs are already published, and there may be 3 more coming in this year and where the people can apply if they are interested in operating the dispensers for HPCL. And there are the technical specification and the SOPs, which they need to follow and in which both the dealers as well as the other people can apply for operating these dispensers. Regarding some of the questions regarding impairments, there are notes given on HPL impairment in -- on Page 207 of the annual report, Note #56. Similarly, on PPI PL, you can refer to Note #58 on Page #208 regarding the provisions which are being made. The total outlets is up today are 18,634 and as of 1st of April 2021. As of first September, it has reached to 19,020. So I'm happy that we already crossed the 19,000 mark on the total number of outlets. And we are planning to add around 1,500 outlets in this year and maybe around 1,000 outlets in each of the next year which will be coming. There was a question whether in COVID, we had any issue regarding capacity utilization. There were challenges, but our refineries has operated at 104% of their capacity. We do operate even higher than that sometimes, but we operated more than our design capacity even during the COVID time. And as far as the bottling plants are concerned, they were definitely operated at a higher capacity because there were a more requirement of LPG during that period. In fact, during April to June 2020, the domestic LPG growth was almost 20%, 25%. So LPG plants were required to operate to get it to that need. On solarization. In 2021, we have solarized around 1,146 outlets. So total is up today around 5,000 outlets are already solarized. And in the current year, we will be solarizing another 1,500. In future, we have got a plan to solarize most of our outlets, which are possible to do that. On the wind power, we have got 100-megawatt capacity wind mills in Rajasthan and Maharashtra, in which we generated 17.05 crore kilowatt-hour electricity during the year FY 2021, which gave us a revenue of INR 55.64 crores. In April to August of this year, we have generated 12.3 crore kilowatt hour further, which has brought us a revenue of INR 39 crores. Our ethanol blending plant, we are setting up a 2G plant in Bathinda. We are coming up a CBG plant in UP, that is in Budaun. And we are also setting up some 1G plants on grain-based ethanol plants, which are in the initial stages. Our ethanol blending was 6.18% in the last year FY 2021, which has further taken a momentum. And in April to August, the ethanol blending was more than 9%. And government of India has got a plan to increase the ethanol blending to 20% by 2025. And so in 2025, it will be 20% mandatory blending in petrol for -- all over India. And there is a gradual road map which has been put out from now to 2025, how do we reach from current status to 20% with E10. That is 10% blending almost happening now on most part of the country. There was one question regarding the dividend of 1,486. I think one of the shareholders asked that dividend declares 1,486. Actually, that is the dividend payout. So 2019-'20 which is paid in 2021 is 1,486. The dividend declared for FY 2021, which is INR 22.75, actually amounts to INR 3,277 crore, which will get paid in this year after the AGM. And as I mentioned, in addition, the buyback has costed us INR 2,954 crore. So the total dividend plus buyback comes to around 58%, which compared to 2016-'17, at that time, the payout was 49%. So even though the dividend at that time was INR 30 per share and now it's INR 22.75. But the total payout, including buyback now, is 58% versus 49%. And also, you have to remember that after that, we had 2 bonus shares also. So the person who was holding 2 shares at that time now holds 9 shares. So that also has to be accounted in the same. The existing LPG bottling capacity of HPCL is 5,912 TMT per annum. And during 2021, we had a 330 TMT per annum. And there is a plan to add another 750 TMT per annum in next 3 years. Regarding the outlets, the breakup between rural and this. During current year, we'll be opening around 1,500 outlets. Out of that, 500 will be in rural areas, around 400 in urban and around 600 in highways. There was one question regarding the profitability of the -- an improvement in the profitability of the refineries because of the various projects which we are doing. So as you may be aware that the GRM is a function of the crude price and the product cracks, and the product cracks also has got a function of the demand/supply of individual products and the configuration of the refinery and the product slate. But our base case is that with the commissioning of MREP, which I mentioned has already been commissioned and the units are getting stabilized, we should get 2 million ton of additional capacity and around $1 additional GRM on that. As far as Visakh refinery expansion concerned, without the bottom upgradation facilities, we should get around $1.5 additional margin with the increased capacity of 15 million ton. And with the bottom upgradation facilities coming, it should add another $6 to the GRM. That is what is the broad calculation which we have got, but it will depend on the way the things pan out. But we are quite hopeful because the bottom upgradation facilities increases the discrete yield and reduces the bottoms almost by 10%. And in both Mumbai and Visakh, the substantial energy efficiency has been broadened by replacing the smaller-capacity units with the bigger-capacity units at both the places. One of the question was whether to continue -- we should -- the total throughput. Mr. Mihir Shah, I think, has asked that question that with a total capacity of 45 million ton of HPCL and if the MRPL comes 60, and we are selling 36. So the 36 million ton we sold during the corona restriction time, but otherwise, in 2019-'20 itself, we have reached around 40 million ton, and we add around 2 million ton of throughput every year in our sales volume. So if I do not consider the MRPL, we will still be short of the refining capacity and we will be needing additional. I may also mention that the 60 million ton, even if you include the MRPL total, it includes the fuel and loss which we need for running the refinery. So 60 million is throughput of the refinery. Assuming around 10% of the fuel and loss, so it is around 54 million. Also, there is a petchem volume in this -- from MRPL, from HMEL and from Rajasthan refinery. So if we deduct that, we will have the volumes of around 50 million ton or so. And I think there should be reasonable volume for us to be able to sustain even our current marketing requirements. But I would like to add that while a lot of things are being talked about, about the new energy resources, the total demand of the energy, the way it is increasing in the country, for some time to come, there will still be reliance on the liquid fuels. And we will need the capacities to cater to that need. While the alternate resources will take a traction in the time to come, it will take some time for it to form a major part of the total energy value chain. And therefore, at least it will take 10 years minimum for us to see any dent in the growth of the liquid fuels. And therefore, it is important for us that we have the capacity to compete in the market to be able to generate the profit for the company and to generate the value for the shareholders. And I can also mention that our projects are pitching at the right time, where in the commodity cycles, the GRMs are on the improvement scale. So that should bring some benefit to the -- our stakeholders. On the -- there was one question related to how do we handle the cases on the -- and the control measures. We have got a well-laid-out audit and vigilance mechanism and -- which thus carried out the -- carry out surprise checks. In addition to regular inspections, there are well-laid-out SOPs. And in case of any issue is observed or reported, it is investigated and actions are taken related to that as per our disciplinary guidelines. And we remain open to any suggestions which anybody may have to improve the things, to make it more transparent, to make it more convenient. And we will always be happy to provide that to the -- all the shareholders and to all our customers. There were some suggestion that in the future, we should have more dividends. Somebody suggested that we should have 4x a dividend. I will be very happy if by a trust of all of you and by the grace of the god, we make that point of profit where we can give 4x the dividend. That means that we should make more 4x the profit. So I convey your wishes to myself, to all of us that we are in a position to deliver that much value to all of you. There were also suggestions that during the COVID time, the employees did an excellent job, and I thank all our employees for the efforts which they have taken during those challenging times. And some of the shareholders suggested that we should give some additional things. Had it been in my hand, I would have definitely done that. But we are guided by certain guidelines, which governs the packets -- the pay packets and the benefits to the employees of the company. But I would be extremely happy if the government was to consider any such suggestion and the employees are rewarded to that. I think with this, I have answered most of the questions. But in case any of the registered speakers could not join or speak due to technical reasons, have queries raised by them, during this meeting has remained unanswered, they may send their request by writing to the company. And on receipt of any e-mail or such mail request, the company shall respond suitably. Before that, there were 2 shareholders which mentioned that they have sent their queries in writing. So I think that it is my duty to respond to that itself. Some of them are already responded. Regarding the flight expenses of EDs then completion, the Rajasthan refinery completion, we are targeting it to be completing by '23-'24. The COVID did have some impact on the projects, but we were able to continue the project. In fact, [ Mumbai ] refinery expansion shutdown we took during the peak of the second wave. And I can say that in spite of the challenges that shutdown, which was essential for hooking up the facilities and completion of the refinery project was completed. For VRMP, I had already given a completion outlook that we are looking for the expansion unit to get completed by -- in the financial year '21-'22 and the rough unit to come by the December '22. The Rajasthan refinery, we are expecting in the financial year '23-'24 to complete and the Chhara plant by December '22. On the door-to-delivery, I already mentioned the 369, all were done in '21-'22, and the one which was asked to be dedicated was a part of 369. And the current targets for CapEx is INR 14,500 crore. COVID cases, I have already answered to the question. The -- there was some question related to, how did the COVID affect the business segment-wise area? So this detail is already published, details that there was total degrowth of around 9%, and the degrowth was different on different segments. So for petrol retail, it was minus 6%; for HSD, to around 10% minus; LPG, 5% plus; and aviation was 53% minus. And total consumption was around 194 million metric ton in 2021 against 214 million metric ton in '19-'20. There were some questions related to major states affected by COVID and the impact of that. So yes, depending on the impact of the COVID, different states had different sales volume in different products and it -- the impact was more in some of the states and less -- like some of Delhi, Kerala, et cetera, had more impact and some of the states like Bihar, et cetera, had a lesser impact on that. Then how many people were impacted by COVID, I already mentioned. And I can -- I mentioned there are 45 deaths during that. And we had a special compensation package which the company had announced, where the person, if he meets with unfortunate death because of COVID, then he gets the additional compensation in addition to all the other things which we pay and -- available to him. Additional compensation at the rate of basic plus DA for the balance period of surveys, to the extent of minimum 10 lakhs and maximum 50 lakhs. And in this 31 planes had already been settled and 11 are under progress to that effect. Various questions related to CSR activities and the COVID-related CSR activities. I can mention that HPCL has been forefront during the COVID time as well. And we have installed 10 oxygen PSA plants. We have provided walk-in freezer. We have supported the vaccination cold storage facilities and cold chain equipment and helped the state governments to provide the cold chain equipment for vaccination drive. Also provided the oxygen generators, ventilators. Our Bathinda refinery have provided and held in setting up oxygen facility for 100-bed makeshift hospital in Bathinda. Mumbai refinery has supported BMC to set up a medical facility of 200 beds near our refinery; in addition to providing the food grant, the sanitizer -- sanitation kits, et cetera, to migrant laborers, the contract laborers; and also providing the financial support to various hospitals during the COVID care. There was one question, what is the cost of this VCM? It cost around INR 20 lakhs. So I think with this, I have answered almost all the questions, which has been raised through mails or through in person. But even if there are further questions, we will be happy to answer to that. The e-voting facility is now open for members who have not casted their votes earlier. Members who have casted their votes earlier are requested not to vote again. Members may please go to the voting page of NSDL e-voting website and cast their votes. The e-voting facility will remain open for 15 minutes after the meeting to enable members to cast their votes. The combined final results of voting will be announced separately and will be communicated to the stock exchanges within 2 working days of the conclusion of the AGM. The sales results shall also be placed on the website of the company and on the website of NSDL. I thank the members for attending the meeting and for their continued support. I also thank the directors for joining the meeting in person and also remotely. I request all members to stay safe and stay healthy. I now request Director, HR, Pushp Joshi, to propose word of thanks.

Dear members, on behalf of the Board of Directors of the company and myself, I wish to express our sincere thanks to all of you for making it convenient to attend the 69th AGM of the company through video conferencing. I thank Dr. Alka Mittal, Nominee Director representing ONGC, who has made it convenient to attend this AGM. I thank Shri G Rajendran Pillai, our independent director, who has made it convenient to attend this AGM. I thank our statutory auditors, cost auditors, secretarial auditors and practicing Company Secretary for attending this AGM. I also wish to express our thanks to the representatives of ONGC and various financial institutions, mutual funds who have attended the meeting. I thank our Chairman and Managing Director, Shri Mukesh Kumar Surana, for presiding over the meeting. I once again thank all of you. And may I say, we look forward to your long association with our corporation. Thank you very much.

With this, I declare the meeting as concluded. Thank you. I now authorize the Shri V. Murali, Company Secretary of the company, to complete the e-voting process.