India Pesticides Limited (IPL) Earnings Call Transcript & Summary

Very good afternoon, everyone. Some compliance of all -- to the 38th Annual General Meeting of the company. As you are aware that pursuant to the MCA circulars The AGM is being held through video conference, other audio/visuals being provided by NSDL without the physical presence of the members at the venue. The venue of the AGM [indiscernible] at 35-A, Civil Line, District Bareilly, Uttar Pradesh. I also welcome all the dignitaries attending the [indiscernible] compliance, take this opportunity to introduce them to the members. Shri Anand Swarup Agarwal, Chairman [indiscernible] of Annual General Meeting of the company, [indiscernible] member of this management committee of the company he is participating from corporate office, Lucknow. Welcome, sir. Shri Rajen Singh Sharma, Executive Director of the company, members of Stakeholder Relationship Committee and the member of CSR Committee of the company. He is participating from corporate office, Lucknow. Welcome, sir. Shri Mohan Vasant Tanksale, Independent Director of the company and Chairman of Audit Committee, and CSR Committee of the company and a member of Risk Management Committee of the company, he is participating from Mumbai. Welcome, sir. Shri Adesh Kumar Gupta, Independent Director of the company. Chairman of Nomination and Remuneration Committee and member of the Audit Committee, Stakeholder, Relationship Committee, Risk Management Committee of the company. He is participating from Mumbai. Welcome, sir. Dr. Shrimati Madhu Dikshit, Independent Director of the company and Chairperson of Risk Management Committee and a member of Nomination and Remuneration Committee of the company. She is participating from Lucknow and she will join shortly. Shri Rahul Arun Bagaria, non-Executive Director of the company, member of Audit Committee and Nomination and Remuneration Committee of the company. He is participating from Mumbai. Welcome, sir. Shri Dheeraj Kumar Jain, Chief Executive Officer of the company. He is participating from corporate office Lucknow. Welcome, sir. Shri Satya Prakash Gupta, Chief Financial Officer of the company. He is participating from corporate office Lucknow. Welcome, sir. Mr. R.P. Baradiya, Partner of Lodha & Company, Statutory Auditor of the company. He is participating from Mumbai. Welcome, sir. Mr. Saket Sharma, partner of GSK and Associates, representing Secretarial Auditors of the company and appointed as a scrutinizer to supply the remote e-voting process and voting head Annual General Meeting, very transparently and he has joined this meeting from Kanpur. Welcome, sir. In compliance with the provision of the Companies Act, 2013, Secretarial Standard-2 and SEBI listing obligation and disclosure requirement regulations in 2015, also known as SEBI LODR regulations, the remote e-voting facility was provided by the company to its shareholders, which was commenced on Monday, 21, August 2023 at 9AM and India date witness a 23, August 2023 at 5:00PM. And the company is also providing an e-voting facility to [indiscernible] facilities during the proceeding of the AGM to enable the members to pass their votes who have not done through remote e-voting. Members may please note that all the documents referred to in the notice and explanatory statements sell the available for inspection during the Annual General Meeting. The register of directors and key managerial person and their shareholdings, maintained under Section 170 out the Act and the register of Contract and Arrangements, in which the Director are interested under Section 189 of that Act shall also be available for inspection during the AGM. Now I request to Shri Anand Swarup Agarwal, Chairman of the company, to kindly chair the proceeding of the meeting. Over to you, sir.

Okay. Good afternoon, dear shareholders. It gives me immense happiness to welcome you all to the 38th and visual meeting of your company. On behalf of the Board of Directors and on my own behalf, I thank each one of you for joining us today. Your presence in the large numbers is a testimony to your support and is the source of strength for us. Since the requisite quorum is present, I declare the meeting open. I would like to begin the proceeding by giving you a report on the overall performance of your company. The company had a good all round performance as it continued to its focus on customer, customer engagement, introduce new products, improved operational efficiencies to strengthen the plant infrastructure and build people capabilities. Over the years, our expertise in advanced process chemistry and manufacturing process efficiency, has helped us to empower the farmers community through innovative crop protection solutions. Moreover, our R&D competencies have enabled us to enhance our existing products and explore new bonds with containable growth potential. Dear shareholders, as I begin, it is imperative to discuss about our macroeconomic environment and how it impacted our performance. As I recollect on the years gone by, we have faced several challenges in the operating landscape. The import impact of various macroeconomic headwinds across the global affected our margins. The agrochemical industry, in particular, witnessed increasing raw material prices and logistical constraints, which further impacted our operations, however, proactive measures and the strategic planning enabled us to participate, mitigate the impact. Our key strengths such as sourcing most of our raw materials locally in backward integration in the production process provided stability and support. As the year progressed, a sudden decline in raw material costs affected our profit margins. Additionally, high cost inventory made it challenging for us to fully pass on the increased cost to our customers impacting our margins. Nevertheless, through customer-focused strategies by introducing new products and onboarding new customers, our revenue growth in FY '23 witnessed and upswing by 23.2%. This achievement is a testament to the effectiveness of our initiatives. At India Pesticides we are dedicated to translating ESG principles into tangible actions. To this end, we strive to make a meaningful impact on society by fostering sustainability in all that we do. We are also endeavoring to raise the share of renewable energy source in our energy mix to contribute to the global fight against climate change. Additionally, we have implemented responsible risk management practices to curb the environment impact. In FY '23, we made well-calibrated efforts to promote afforestation by implementing the Miyawaki technique, we were able to enrich the existing green-belt around our manufacturing sites. Our food forestation project transferred previously arid lands into productive areas, cultivating fruits and vegetables. Over the years, our focus on building the strongest communities has remained steadfast. During the year 2023 -- 2022 and '23, we continue to make a positive impact through various targeted social welfare initiatives. These programs encompass a range of activities, including project and our wells site visits, awareness program, replantation drives and projects driving the development of the school and rural areas. Looking ahead, we anticipate headwinds in the short term, primarily due to the ongoing downtrend in the technical offering from China. However, we are optimistic that this situation will stabilize going forward. We are also confident about our long-term growth prospects driven by our strong fundamentals and renewed emphasis on new product development. Another positive aspect is the fact that India's economic fundamentals continued to be stable market -- marked by robust domestic demand and growing competitiveness in exporting good qualities and good purposes. With our manufacturing progress and R&D efficiency, we believe we are poised to capitalize on the potential that lies ahead. The trust and cooperation of all stakeholders are invaluable to us, and I would like to thank everyone who has been a part of our journey. It is their confidence in our capabilities that push us to raise the bar while doing what we do best with dedication to producing need-based effective farming solutions we are determined to deliver continuous excellence through innovation and sustainability. Now I invite Mr. D.K. Jain and Dr. Satya Prakash Gupta to share the overall business and financials performance of the company. Thereafter, Mr. Ajeet Pandey, company Secretary, will proceed with AGM proceeding. Thank you so much, and over to Mr. Jain.

Thank you, sir. Very good afternoon to all of you. I warmly welcome each one of you to this Annual General Body meeting of our company. It is always a pleasure to connect with you all, although virtual, it is a privilege to host you today. I thank you for your continued trust, encouragement and unequivocal support to the company and its management. IPL now is a globally recognized company in the agrochemical sector and is also a well-known brand among millions of Indian farmers. The Indian economy continues to be a fast-growing economy with various reform policies and measures initiated by the government, including efforts to bring about greater financial inclusion, subsidy reform, infrastructure development and vegetary measures to boost the farm sector is expected to reset the economy to a higher growth trajectory. Your company's goal is to provide sustainable growth and to continue enhancing shareholders' value. Dear friends, FY '23 has demonstrated the resilience of our product offerings and business model, focusing the unwavering commitment of our team to driving growth despite several macroeconomic challenges across the globe, we remained very consistent in delivering sustainable top line throughout the year. Our expertise in advanced process chemistry, manufacturing process efficiency and backward integration strategies has positioned our company at the forefront of the industry. Major headwinds still remain because of the continued downward trend of the technical offerings from China, which we feel should stabilize in another 1 or 2 quarters. Furthermore, our R&D competencies have enabled us to enhance our existing products and explore new areas with significant growth potential. With a steadfast focus on research, the company achieved notable success and established its own niche in the agrochemical industry. Apart from product development, we are also working toward process innovations that lead to cost savings and efficiencies for the company. We take great pride in making -- being a Made in India company, promoting the domestic development and production of agrochemicals. Our cutting-edge plants and affiliated labs are on par with local standards, supporting our commitment to indigenous innovation. During FY '23, we launched 14 products. We include 10 formulations, 3 technical and 1 very important intermediate. We have successfully expanded our installed capacity by 2,500 metric tons to 24,000 metric tons per year. But expansion projects under the subsidiary at Hamirpur plant are progressing as planned. And we will be able to commence the operation of the first plant at Hamirpur 4 by quarter 4 FY '24. Our unwavering commitment to deliver sustainable long-term growth remains steadfast. The core of or strategy is strong focus on research and development, driving continuous innovation towards in both of our products and processes. Through our dedicated R&D effort, we strive to develop R&D safe processes and systems. We are happy to include that we have received NABL accreditation to our QC Lab, the strengthening of our analytical capability and confidence. During this year, we have received CIB registrations for 6 technicals and almost 100 formulation registrations, thereby increasing our overall portfolio of registrations. Additionally, to grow our global footprint, we have ongoing international registrations in key regions, including the European Union, U.S., U.K. and various South Asian countries. The data generation and subsequent registry procedures are well underway. Our CapEx plans are being executed as planned at our existing manufacturing unit and also in our wholly owned subsidiary, Shalvis Specialties at Hamirpur District, Uttar Pradesh. India Pesticide Limited as a corporate is committed to upholding its social responsibility with reverberating belief, Care the World with Care. We believe that focusing on sustainability during all our initiatives can lead to the growth of our communities. Our commitment to maintaining the work environment safe, secure and healthy for its employees, stakeholders is a journey that follows continued improvement. With these comments, we march ahead in the new years with increased energy and enthusiasm to achieve higher goals. We sincerely thank all the Board of Directors who bring to our door step, diversified experiences and share their valuable knowledge to keep us on the right track for continuous progress. Our people drive our success each year. leading our purpose and upholding the values we hold dear. I would like to take this opportunity to thank them for their commitment to our business. Also, I thank our shareholders, suppliers and customers and look forward to their continued support as we position India Pesticides for the long-term growth and success. At this juncture, I would like to end my message couplet: [Foreign Language]. Thank you so much. Over to Mr. S. P. Gupta.

Thank you, sir. Very good afternoon. Ladies and gentlemen. A very warm welcome to the 38th AGM of India Pesticides Limited. I am happy to present the financial highlights of the company. Total income for FY '23 stood at INR 898 crores, which is almost 23% higher as compared to INR 729 crores achieved in FY '22 followed by '23, the EBITDA stands at INR 210 crores, with EBITDA margin up 23.4%. The net profit for FY '23, INR 143 crores, with PAT margin at 15.9%. In FY '23, our revenue from exports stood at INR 480 crores as compared to INR 330 crores in FY '22 and domestic revenue stood at INR 402 crores as compared to INR 379 crores in FY '22. Revenue from technicals and formulation stood at crores, INR 703 crores and INR 178 crores, respectively. Our distinct product offering and ability to develop client specific molecules benefits us in the targeting and servicing diverse and niche range of demand internationally as well as domestically. During FY '23, we invested INR 70 crores in CapEx for expansion of our Sandila unit and increased capacity by 2,500 metric tonne, increasing our overall technical capacity to 24,000 tonnes. For current year FY '24 company has planned CapEx of INR 50 crores at -- existing at Sandila and INR 60 crore has been planned for our 100% subsidiary. All CapEx will be funded through internal accruals. India Pesticides Limited has a very strong balance sheet with ability to generate good free cash flow. Our cash and cash equivalent at the end of Q1 FY '24 by INR 136 crores. We remain confident of continuing our growth trajectory. I offer my sincere thanks to Board of Directors for continuous guidance. I am also grateful to our shareholders and other stakeholders like customer, employee and business associates who have repost faith -- their faith in IPL. With this, I now hand over to company Secretary, Ajeet Pandey Ji for further proceedings of the AGM.

Thank you, sir. Dear shareholders, notice of AGM dated 30, May 2023 report of, Board of Directors, his annexure and the financial statements for the financial year 2022 and 2023 are taken as read as the same has already been circulated to the members. There are no qualification in the auditor report and the report of secretarial auditors of the company. And accordingly, there were not required to be read. The company has received requests from a few members to register them as a speakers at the meeting. Accordingly, the floor is open for these members who have questions or expressed their views. Members may can also post their question or views through the chat box facility. If any member faces any technical issues please contact the helpline number of NSDL as provided in the notice of AGM. Members are requested to keep their questions brief and specific. The company reserves the right to receive the number of questions and a number of speakers has approved for the smooth conduct of the AGM. I now invite the speakers who have registered themselves as speakers, express their views and ask questions. We shall wait for 1 minute and then move on to the next speaker. I wish to inform the speakers that when each of your name is taken, you mic will be opened by the moderator of this meeting, which is NSDL person, and you will have also unmute mic from your pin before expressing your views or asking questions. After all the speakers have finished speaking, management will reply to their wishes. If any question of shareholders remain unanswered due to any reason, the same shall be replied to the shareholders on their email within a week from the conclusion of this meeting.

Now I now invite Mr. Lokesh Gupta, VP ID is, 3013041400 client ID is, 0164-7317, who has registered himself as a speaker to express his views and ask questions. We will wait for 1 minute, then we shall move on to the next speaker. Mr. Lokesh Ji, please unmute yourself and ask your question or say something. You are unmuted. Hopefully, Lokesh Gupta Ji is not connected. Now next speaker I would like to invite Mr. Jaspal Chopra Ji, File ID IM30051382570454 who has registered himself as a speaker, to express his views and ask questions. Jaspal Ji please.

I am calling from Delhi, Jaspal Chopra, shareholder of the company. Of course, sir, I would like to congratulate the management of the company. Because our company is considered to be 1 of the renowned company, having its network, this distribution and sales and all that virtually throughout the world, I can call it because though I could not get that balance sheet in a physical form, I just stepped out from the Google now that and I was surprised to see that our company is one of the 5 leading companies of the world and our network is -- our spread is from Australia, America, U.K., and like that around 40 countries, we are there. So that is a basic reason. And my query was just to find out how much is the foreign exchange earnings and all that, which you have replied already, so that query automatically ends. Now my query is that we are producing for the pharma industry as well as for the farming industry. I just want to find out what is the ratio of our earnings from these both industries, pharma as well as the farming. And second thing is that from all the speeches and all that, I could not know if the company has declared any dividend or not. I don't know because definitely, I would like to know it. So then the next thing is that -- last year, on the recommendation of the analyst [Technical Difficulty] commercial TVs and all that, I acquired the share at the rate [ INR 321 ]. And thereafter, the company made the high of INR 329. I was very happy. But during that, there was a full stop and the company showed a low of [ INR 198 ]. I'm holding a share of insecticide also, that also came down, but that has recovered like that, today that is around INR 550. But at the time of AGM, the share price of our company is just at INR 215. May I know how long I will have to wait further price in which I have took the entry because the entry I gave you that is 2021. Sir, regarding the products you are having it, definitely you are doing a very big thing, because you are supplementing the dreams of our Prime Minister, because our Prime Minister is working hard for the farmers just to double their income and all that. And our company is supporting the efforts of our Prime Minister, so for that I'm very, very much proud of you, sir. Sir, and before -- just is brief. And before I end, I would like to thank our Company Secretary, our CFO, for getting me a chance to express myself. Then -- as well as -- the person who is a moderator, who has given a link to express myself. And before I close, I pray God for the positivity, for the strength of the company, because the strength of the company in the sense of my investment and that -- that all of you should remain healthy, wealthy and should work with more because our company knew that. And last of all, I wish you happy meeting for the festivals, which are coming ahead. So best of luck to you. And please ask our Mr. Company Secretary to send me a copy of final accounts by a physical copy, because I'm 82-year-old, who did not afford to read out from this digital operations and all that thing. So I want to understand the details, I want to just have a copy of that. And -- so wish you best of luck and very, very long and happy life ahead. So I must thank our CFO or Chairman, our MD, our Company Secretary, and all other persons who are working dedicatedly for the upliftment of the company. Thank you.

Thank you, Seth. And now I would like to welcome Mr. Ankur Chanda, [indiscernible] INC023652851223 [Technical Difficulty]. Ankur Chanda, please.

[Foreign Language] What is the market share of our product in domestic and export market? And second one is, is there any impact of business due to geographical issue? And third is, does company have any plan for new acquisition? [Foreign Language].

Thank you, Ankur. I now invite Mr. Praveen Kumar, client ID, ILT001181204498.

A very, very good afternoon to my respected Chairperson, the esteemed Board of Director and my co-fellow shareholders joined this meeting. Myself, Praveen Kumar, joining this meeting from New Delhi. I have few of regulations to share with the entire house. First of all, thank you very much for your very, very, very, very in-depth address for the shareholder. I think it is very, very informative as per as the deal investors is concerned. And my other dignitary who also delivered their speech, I think it is very, very informative and very, very clear to us that where our company stands and what the future like. Sir, I am part of our company since IPO. Yes, I do accept my less pier thing that, yes, we are at a loss. But despite its effect over the period of time, I see your dedication, devotion to make our company a truly Indian multi-nation company. So I have great faith in your leadership, your dedication and devotion, you have to take care of domestic market as well as overseas market. And sir, if you see the broader picture of it, our country with the population of 150 crores is largely, I think 70% is on agriculture, and we are a prominent player into this. And you also said that we are the world-class R&D, we had made lots of formulations. On that, we will be registering them and we will be marketing in India as well as abroad also. So I have the best compliment for the management and the investor-friendly approach you are having. I truly salute you. Sir, I'd love to thank our CFO for the layout of Annual General Meeting, Annual report, it was very, very easy to understand. And one more thing which I love to share a bit of a question, although my earlier speaker asked so many questions. I don't want to repeat that. But -- for the next 2 years, what is the growth driver who brings lots of revenue in our company. This is my question. And one more thing which is very, very important for a retail investor point of view. The litmus stats of the company is also decided by the corporate governance. And in this regard, I'd like to thank our Company Secretary, Ajeet Pandey and his entire team for the real communications. I mean the act he had -- I mean, he's truly darling of the shareholder. I mean, if you have any query, it will be promptly reply. And so it will pay in bold letter, yes, we care for the retail, he listen to the retail investor because it's a hard money into it. So I'm very, very thankful to part of such a legacy, such an interesting company. So my best wishes with all the luck and all the dedications so that in the future, our company making itself very, very big in international market also. So my best wishes. And once again, I'm very, very thankful for this opportunity. Thank you, sir, and all the very, very best.

Thank you, Praveen. I now invite Mr. Sachin [indiscernible] Towards to you, Sachin, please. Sir, Mr. Sachin has not joined. Now move forward, I now invite Mr. Jainik Bakshi, IN30154963.

Good afternoon, Chairman, MD and Board of Directors. Myself, Jainik Bakshi, connecting from the city of Kolkata. Thanks to our Company Secretary, Pandey, for giving an opportunity to express my views and also to the NSDL team for conducting this video conference in a smooth manner. Sir, your initial speech along with MD, we have nicely explained our company at present and future status also. So we are the leaders in the agrochemical sector. And also we have done growth in the revenue. Sir, our operations have been affected due to these geopolitical tensions and also this inflection, which is hitting every industry. So what are our plans for mitigating in future and to come out from this situation? What is our CapEx program or CapEx expenditure program for the R&D sector? And do we have any e-commerce section where we are inviting some business. And the cost total measures and countering this raw material cost, which is also pinching in every sector. What is our thought process for the green energy and reduced use of fossil fuel? And just convey our thoughts for future sustainable growth with our capabilities. Nothing to add more. I wish the company all the best and with the all the dedication of our workforce and all the members who are attached with our company, who have created this position for our company and will make the company rise further in the coming years. Thank you, sir, and for giving the opportunity and continue this video conference, which helps us to get connected. Thank you, sir.

Thank you. I now invite Mr. Surjeet Singh who might have registered himself as a speaker to express his views and ask questions. Mr. Surjeet, sir, over to you.

Sir, Mr. Surjeet is not present.

Thank you for confirmation. I now invite Mr. Dileep Kumar Das, who has registered himself as a speaker to give his views and ask questions.

Good afternoon, Chairman. Distinguished Board of Directors, our officials and fellow shareholders, who are connected with this 38th Annual General Meeting of IPL Limited today. I, Dileep Kumar Das, shareholder and member of [indiscernible] joining from Kolkata. Sir, I have not received my physical copy of annual report, kindly send me after this meeting. Our Chairman and other officers elaborately discussed about our company information, which is overall good. Our shareholder -- as a shareholder of the company, I am very glad for all the performance of our company. And I have casted -- I cast my vote in all the resolution in favor you, sir. I hope every success of the company in years to come. The no other matter, thanking you for giving the opportunity as a special. Good day, sir. Over to you.

I now invite Mr. Manjeet Singh, who has registered himself as a speaker to express his views and ask questions.

Sir, Manjeet sir is not present.

Thank you for confirmation. I now invite Mr. Sunil Kumar Gupta, who has registered himself as a speaker to express his views and ask questions.

Mr. Sunil Kumar Gupta is not present.

Okay. Thank you dear shareholders for asking very insightful questions on this virtual AGM. With the provision of the Chairman, CEO and CFO will answer the questions. Over to you, sir.

Thank you, Ajeet. Thank you very much for the nice words to support the company and its performance, and thank you once again for reposing the faith in the management. Taking up the questions first by our elderly senior member, Sri. Yashpal Chopra. Thank you, sir, for the nice words. And as per the queries, our pharma sector, we have a small section of pharma, we are getting about 7% above a turnover from our pharma products and remaining agro products. And dividend, we have declared dividend of INR 0.75. That is INR 0.75 per share of [indiscernible] this year. And about the share price that you have bought '21, that's true. And the share prices, okay, we don't control the share price as the market controls the prices. But the overall situation in the industry is slightly subdued. That is why probably it is low. It will certainly rise again. And coming to [indiscernible] and I will request Ajeet Pandey to send you the physical copy of the annual report, surely. We will send you within a week. Ankur Chanda, thank you very much for your good words. We certainly take inspiration from your words and try to do a little more, so that we can strong even better in the coming years. And our market share of our domestic and international is roughly 50-50 at present and we are trying to have a good balance between domestic as well as the international business. We are also explanations whenever they ask, they are looking for good opportunities. We are open to that apart from CapEx plans. And Praveen Kumar, thank you very much for your nice words. As I said that we are working even on domestic as well as international. And last year also, we introduced new products which are domestic oriented and few quarters [Technical Difficulty]. And we see the next coming years, we see good promising progress in our operations. By way of [Technical Difficulty] by way of new chemistries and all the things get a lot of revenues from our new site at Dandeli, as well as the subsidiary at Hamirpur. So that will start functioning. We are going to get reasonably good turnover from there also. And coming to Mr. Bakshi from Kolkata. That is true, sir. We have processed innovations, et cetera. And the particular situation is I feel that is a temporary one because of headwinds from China for all the supply position and initial problems of the container movement, et cetera. So now those things are [Technical Difficulty], and we feel the prices of the raw et cetera should also stabilize. So then we will be able to get a stable performance from us as well as the innovations of existing processes where [Technical Difficulty] if we try to increase on efficiencies to maintain the margins. And we are in a lot in our R&D. We have strengthened our team of R&D by almost 3, 4 very senior scientists we have recruited now and our R&D spend is increasing every year. And of course, on clean energy, we are regularly working on the reduction of the fossil fuels. I am happy to say that all our energy needs, apart from power, we get it from [ rises ] that is a renewable energy. We don't use any fossil fuel in our plant. All our boilers and heating systems, they run on rises rather than on coal. And we are trying to also increase our share in the solar power also. And coming to Mr. Dileep Kumar Das' comments, sir, your comment of not receiving the physical copy, I already requested Mr. Ajeet Pandey to send you the physical copy, you must certainly get it. And thank you for your nice words for the company. So with this, I think, I hope I have tried to answer all the questions. If you have any more questions, please do write to us. We will certainly be happy to reply them. Thank you so much.

Thank you, sir. Now I would like to take up items as set out in the notice convening the meeting. Members may please note that the e-voting module for voting during the AGM is active now. The first item related to ordinary business for your consideration is to adopt the audited stand-alone financial statement of the company for the financial year in this 31st March 2023, the reports of the Board of Directors and auditors thereon; and audited consolidated financial statement of the company for the financial year ended 31st March 2023 and the report of auditors thereon. This resolution is placed before the meeting to be passed as an ordinary resolution. The second item related to ordinary business, for your consideration is to confirm the payment of the dividend of INR 0.75 per equity share of the face value of INR 1. This as the final dividend for the year ended 31st March 2023. This resolution is placed before the meeting to be passed as an ordinary resolution. Further item related to the ordinary business to reappoint Mr. Rajendra Singh Sharma, Whole-Time Director of the company, who retires by rotation in terms of Section 152 sub-section 6 of the Company's Act 2013, and being is built offers himself for re-appointment. This resolution is placed before the meeting to be passed as an ordinary resolution. The fourth item related to the special business, increase in remuneration of the whole-time director. The resolution is placed before the meeting to be passed as a special resolution. The fifth item related to the special business is to reappoint Mr. Rajendra Singh Sharma as a whole-time Director in the category of Executive Director of the company for the period of 5 years. The resolution is placed before permitting to be passed as a special resolution. Sixth item related to the special business to rectify the remuneration of cost auditors for the financial year '23-'24. The resolution is placed before the meeting to be passed as an ordinary resolution. The seventh item related to the special business approval under section 188 of the Company's Act 2013 and Regulation 23(4) of the Securities Exchange Board of India, Listing Obligations and Disclosure Requirements, regulation 2015, for a transaction with related parties. The resolution is placed before the meeting to be passed as an ordinary resolution. The eighth item related the special business, approval for India Pesticide employee stock option plan 2023 and the grant of employee stock options to the employees of the company there. This resolution is placed before the meeting to be passed as a special resolution. Members who have not cast their vote through remote voting or e-voting during the proceeding of the AGM are requested to kindly vote on the proposed resolutions. That is Resolution #1 to #8 of the notice of AGM. The remote e-voting module in the AGM is already active. Those who have not voted through the remote e-voting facility provided by the company may please vote. The icon for e-voting is available on the screen, which will be directed you to a separate window to the e-voting portal of NSDL. The e-voting facility is active and will be closed after 15 minutes of the closure of the meeting. Members may note that the results of remote e-voting will be downloaded by scrutinizer and he will prepare his report on the same. Thereafter, we will club the remote e-voting results with the results of voting at the AGM. The scrutinizer will submit his report to me and I shall countersign the same. Thereafter, the combined results will be announced, displayed on the website of the company, that is www.indiapesticideslimited.com under the Investor Relations tab and NSDL, www.evoting.nsdl.com. Within 2 working hours -- within 2 working days from the conclusion of the meeting and will be intimated to the stock exchange, we are seeing NSE respective where the shares of the company are listed. Further a copy of [indiscernible] also be placed on the notice board at registered office and corporate office of the company. The combined results will be treated as a part of the proceedings. Dear members has advised by the scrutinizers, all the members who are participating in the Annual General Meeting have been given adequate time and opportunity to vote at the AGM. And this concludes the proceeding of the AGM, however, the e-voting facility will be kept open for next 15 minutes, also to enable shareholders to cast their votes. Thank you all for participating in the AGM. Stay safe and healthy. Now I would like to invite Chairman, sir, to thank the shareholders and invite them for e-voting. Over to you, sir.

Dear shareholders, I thank you all for having spared your valuable time to attend this AGM of the company. The e-voting facility will be kept open for the next 15 minutes to enable shareholders to cast their valuable votes. Thank you so much, and have a nice day. Thank you once again.