Ircon International Limited (IRCON) Earnings Call Transcript & Summary

[Foreign Language] Good afternoon, Dear shareholders, I, Brijesh Kumar Gupta, Chairman and Managing Director of Ircon International Limited extend a hearty welcome to all of you at this 47th Annual General Meeting. I hope you all are safe and are in good health. I also welcome my colleagues on the Board and the key officials of the company who have joined this meeting from Delhi and through online mode. May I introduce them to shareholders. Then let me introduce other directors who are attending the meeting from the corporate office at New Delhi. Smt. Ragini Advani, the Director of Finance; Shri. Parag Varma, Director Works; Shri. Anand Kumar Singh, Director Projects; Shri. Ajay Kumar Chauhan, Independent Director, who is also chairperson of the Audit Committee and Nomination and Remuneration committee. Now the Government Nominee Director, Shri. Dhananjay Singh, Executive Director, Works, who is also a Chairperson of Stockholders Relationship Committee and representative of Government of India and attending this meeting through online mode, and other independent directors who are attending the meeting through online mode. Smt. Ranjana Upadhyay, who is also Chairperson of Corporate Social Responsibility and Sustainability Committee; Shri. Dipendra Kumar Gupta, Independent Director; and Dr. Kartik Chandulal Bhadra, Independent Director. Other than the Board members, we have Sri B. Muganthan, Chief Financial Officer and [ Finance ]; Ms. Ritu Arora, Company Secretary and Compliance Officer, Shri. Dalbir Singh Gulati and Shri Harbir Singh Gulati from Statutory Auditors; M/s HDSG and associates, and Shri N. K. Sinha from Secretarial Auditor, Kumar Naresh Sinha and associates are also present in the meeting through VC. Scrutinizer Shri Sachin Agarwal, practicing company secretary, is also presented through VC. Now I request the company secretary to confirm a quorum of the meeting.

Thank you, sir. So far, we have more than 75 members who are attending this Annual General Meeting through VC and the requisite quorum is present and proceedings of the meeting can be commenced. .

As the requisite quorum is present, the meeting is properly constituted. And now I call this meeting to order. I once again thank you, all the members for joining this meeting through VC. The company has taken the recruited steps to enable the members to participate and vote on the items being considered at this Annual General Meeting. Now I request Company Secretary to explain the procedure of the meeting and voting .

Good afternoon, everyone. I, Ritu Arora, Company Secretary, welcome you all at the 47th Annual General Meeting of Ircon International Limited. This 47th AGM of the company is being held through video conferencing in compliance with the Companies Act, 2013, read with the notification and guidelines issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India. I would like to inform you regarding the participation process of this meeting, facility of joining this meeting through VC is being made available on first-come-first-service basis. Since there is no physical attendance of the members, the requirement of appointing the proxy is not applicable. . Attendance of members through VC is being counted for the purpose of quorum under the act. As per the Companies Act 2013, Register of Directors and key managerial personnel and their shareholding register of contracts and arrangements in which directors are interested, memorandum and Articles of Association, and other documents referred to in the notice of AGM are available for inspection and can be accessed through the link made available on the website of NSDL during the meeting. . As per Section 108 of the Companies Act 2013, read with Rule 20 of Companies Management and Administration Rules 2014 and Regulation 44 of SEBI, Listing Obligations and Disclosure Requirement Regulation 2015, Ircon has provided the remote e-voting facility to all the shareholders of company for all the resolutions such forth in the notice of AGM. The remote e-voting was conducted from 9:00 a.m. 9 September 2023 to 5 p.m. 11 September 2023. Members who have not cast their board earlier through remote e-voting can cast their vote through e-voting at the meeting as the credentials displayed in the e-voting window. Shri Sachin Agarwal, Practicing Company Secretary and failing him, Ms. Anjali, Practicing Company Secretary of M/s Agarwal S. and Associates have been appointed as scrutinizer to conduct the e-voting process in a fair and transparent manner. Shri Sachin Agarwal is attending the meeting as a scrutinizer to conduct the e-voting process. The scrutinizer's report would be available within 2 working days from the meeting. All the members who have joined this meeting are by default put on mute mode by the host to avoid any disturbance and ensure smooth and seamless conduct of the meeting. Once the question-and-answer round starts, I will announce the name of shareholders who have registered as speaker shareholders, one by one. The speaker shareholders will thereafter with the unmuted by the host. While speaking shareholders are requested to use the earphones so that he/she is clearly audible. We would like to request the shareholders to limit the timing to ask questions up to 2 to 3 minutes. I'm sure that Wi-Fi is not connected to any other device, no other background applications are running. There is proper lighting to have good video and audio experience. If there is a connectivity problem at a speaker's end, we will ask the next speaker to join. Once the connectivity improves, the early speaker shareholder will be called again to speak. During the meeting, if the shareholders faces any issue, he/she may contact on the helpline number mentioned on the notice of AGM, but dedicated toll free number for investors regarding queries or issues during the AGM is provided in the notice of the AGM. Thank you very much. Now I request our Chairman to take the proceedings further and address the quorum.

Dear shareholders, I am delighted to share with you the 47th annual report of the company for financial year 2022-'23, which has been yet ever year of impressive performance. It is a matter of great pride that your company has displayed overall a good performance. On a stand-alone basis, your company has clocked highest-ever total turnover of INR 10,262 crores as compared to previous year of INR 7,181 crores registering an increase of 43%. Also, on a consolidated basis, total turnover registered a record increase of 42% and it stood at INR 10,750 crores as compared to previous year of INR 7,586 crores. It is noteworthy to mention that company, which has started exclusively as a railway construction company has acquired expertise across diversified infrastructure sectors over the past 47 years and has also spread in a spectrum of services into PMC, EPC and PPP mode. The company has to its credit 128 completed projects in 25 countries across the globe and over 400 projects in India, contracts secured in India and abroad. The project secured during financial year 2022-'23 includes work of signaling and telecommunication system from Maho Junction to Anuradhapura in Sri Lanka and the Indian line of credit. Establishment of railway sidings along with railway station contagious to Mine Lease Boundary of Gare Pelma Sector III Coal Mine. PMC services for signaling and telecommunication system and development of rail infrastructure for proposed to members. RLS 20 MTY for Ananta OCP of Jagannath Area at Talcher. Ircon has also been engaged for central public sector undertaking for development of new industrial estates in the Indian territory of Jammu and Kashmir. Your company has more than 50 projects in its portfolio, including 5 international projects in Bangladesh, Nigeria, Sri Lanka, Nepal and Myanmar. We continue to actively participate in new projects across industry segments, in the domestic front to capture healthy profit margins. The company aggressively pursuing foreign projects, including projects we funded through EXIM Bank of India and projects being funded through multilateral funding agencies. Financial highlights. On a stand-alone basis, apart from recording the highest ever turnover, we have also recorded highest ever operating turnover of INR 9921 crores in financial year 2022-'23 as against INR 6910 crore in the previous financial year, registering an increase of 44%. Profit before tax. For financial year 2022-'23 stood at INR 883 crores, thereby showing an increase of 45% as compared to INR 610 crores in the previous financial year. Profit after tax is stood at INR 777 crores in financial year 2022-'23 registering a growth of 43% as against INR 544 crores in the previous financial year. The net worth of your company has increased by 12% to INR 5178 crores in financial year 2022-'23 as against INR 4,621 crores in financial year 2021-'22. During financial year 2022-'23, the railway sector contributed around 94% of our operating turnover and operating turnover from highway other sector by approximately 6%. On a consolidated basis, the impressive financial performance of the company is evident from a quantum jump of 14% in the operating turnover during financial year 2022-'23, which touched to INR 10,368 crores previous year was INR 7380 crores. We have achieved a consolidated net profit of INR 765 crores for financial year 2022-'23 as against INR 592 crores in the previous year. Furthermore, I would like to mention that the statutory auditors have not given any qualification or remarks in the auditors and budget report and the Comptroller and Auditor General of India, C&AG has given new comments for the financial year 2022-'23. Financial results for the quarter ending INR 3600 crores 2023. It gives me immense pleasure to announce that the turnover and profitability for quarter 1 financial year '24 on a stand-alone basis have improved substantially in comparison with quarter 1 than financial year '23. The total turnover for this quarter has increased by 38% to INR 2693 crores from INR 1,957 crores. The operating turnover is stood at INR 2,626 crores against INR 1,897 crores and the profit after tax PAT has increased by 31% to INR 162 crores from INR 123 crores. I am also glad to announce that recently, market cap has crossed INR 1,000 crores or rather at present, it is around, say, INR 1500 crores. Dividend. The Board of Directors declared and disbursed an interim dividend of INR 1.8 per equity share of face value of INR 2 per share during financing year 2022-'23. In addition to interim dividend, your company has proposed a final dividend of INR 1.20 per share. With this, the total dividend payout for financial year 2022-'23 would stand at 150% on the paid up equity share capital aggregating to approx INR 282 crores, which is 36% of the post-tax profits of financial year 2022-'23 and 5% of the network of the company has on March 31, 2023. Share Capital. After declaration and payment of the proposed final dividend with cumulative dividend paid to shareholders up to financial year 2022-'23 would stand at INR 2,657 crores. During financial year 2022-'23, the paid up share capital stood at INR 188 crores. As on March 31, 2023, the shareholding of the Promoter that is President of India, it stood at 73% of the paid up equity share capital. You complete compliance of the minimum public shareholding MPS requirement in terms of the securities contract regulation rules 1957. Ircon Group Companies. As of now, Ircon Group comprises of 11 subsidiary companies and 7 joint venture companies, the details of which are provided in the Director's report. During the year, the company has made investment of INR 423 crores in its subsidiary and JV companies and for the purpose of availing the term loan facility from scheduled commercial banks by fully owned subsidiaries. Ircon has provided corporate guarantee for 5 of its subsidiary companies in highway sector. The other details of investment made, loans granted and guarantee extended by Ircon subsidiary and joint venture companies during the financial year, 2022-'23 from part of the notes to the stand-alone substantial statement provided in the annual report. The ratings and recommendation. In terms of memorandum of understanding signed between the Ministry of Railways, Government of India, your company has been rated as very good for the year 2021-'22. As per 2022, addition of USA's Engineering News Record ENR, Ircon is the only Indian PSU to make it to the list of top 250 international contractors as well as under top 250 global construction contractors. Further, in the business standard, BS 1000 Annual Magazine released in March 2023, Ircon has been ranked 164th in 2022 by total revenue and ranked 7th in terms of sector performance under the construction and infrastructure sector. Ircon also ranked 226th in 2022 in the list of Fortune India 500. Keeping up the trend of winning awards year after year, during the financial year, 2022-'23, Ircon has won Green Tech Environment Award for environment protection, E&R-Construction and global award and Dun and Bradstreet's PSU and Government Summit, Atmanirbhar Bharat initiatives. Corporate governance. We are fully aware that some principles of corporate governance are essential for long-term development and sustainability, and we are operating within the amid of these principles. In realization of its commitment to responsible businesses, we follow the highest standards of ethical business. Operations and best practices by adopting a robust corporate governance, policy and code of conduct. Your company is adhering to the provisions contained in the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, the Companies Act 2013 and DPE Corporate Governance Guidelines 2010 and other applicable regulatory requirements. A certificate on compliance of conditions of corporate governance under the SEBI Regulation and DPE guidelines on corporate governance from part of Director's report. Your company has secured excellent rating for financial layer 2022-'23 on a self-evolution basis, in compliance of corporate governance for financing year 2022-'23. Environmental, Social and the Governance, ESG. Our Environmental Social Governance, ESG framework is implemented throughout all aspects of company operations at Ircon as well as its subsidiary companies. Our corporate strategies aim to achieve steady prudent and sustainable growth. We adhered to the highest standards of ethical business conduct in order to fulfill our commitment to responsible businesses. We consistently strive to make positive impact on the commodities in which we operate. As a corporate citizen, we have spent INR 10.12 crores towards Corporate Social Responsibility, CSR activities during financial year 2022-'23 as against the allocated budget of INR 10.10 crores. Focusing on the annual theme that is Health and Nutrition, as announced by the DPE and to give preference to the aspirational districts under the CSR. The CSR and Sustainability Activities of the company comprised of conducting health awareness and 66 medical camps in districts of Jammu and Kashmir for creating general health awareness amongst the villagers. Establishing a vision center in aspirational districts Jaisalmer of Rajasthan for detection of visual defects among children, thereby preventing the progress of eye disease through proper care and treatment. Empowerment of women through skilled development, training program in Khora colony District Ghaziabad, Uttar Pradesh by Bisnouli Sarvodaya Gramodyog Sewa Sansthan, we have also contributed INR 1.5 crores to Prime Minister, Citizens Assistance and Relief and Emergency Situation Fund, PM CARES Fund. Human Resource, the biggest asset. The company's policies have been framed in a way to embrace the most recent techniques to continuously improve the knowledge, ability, skills and productivity of the employees. The philosophy that employs are the key to an organization success has led to the development of these policies. Employee participation to promote it as a partnership with a focus on their professional development [indiscernible] and growth to foster a positive work and harmonious environment within the organization. The company believes that retention of well trained, competent and committed employees and also expanding our workforce who can assure new ideas, strategies and thought processes will ultimately help in improving the efficiency of the company. The total strength of our Human Resources as of March 31, 2023, stood at 1341 with 257 newly employed personnel empowerment through Information Technology. In the process of improving the levels of transparency and efficiency through technology advancement, Ircon is in the process of upgrades to SAP S/4HANA, enterprising source planning application software. SAP S/4HANA is already being used in finance controlling and humor resource management functions to a large extent. It is leading to company-wide information availability, transparency and has enabled faster decision-making. This reporting tool purchase real-time data from SAP and helps in preparation of financial statements of the company. Employee self-service portal, finance and HCM modules of SAP have been rolled out for entire organization and 5 pilot locations are under go live for full functionalities. The other initiatives of the company in the direction of paperless office includes e-office system from National Information Centre for approval and movement of official documents within the organization, government in procurement system of NIC, GePNIC offering full transparency in public procurement and dedicated videoconferencing conferencing facility on Cisco VC and Google Meet from official e-mail ID, which enables seamless meetings for a review of the projects, meetings of the Board, its committees and also general meetings. Future outlook. The infrastructure plays a huge role in propylene other industries and India's overall development. The government, therefore, focuses on the development of infrastructure and construction services through focused policies such as open FDI norms, large budget allocation to the infrastructure sector, smart cities, mission, et cetera. Under national infrastructure pipeline, India has an investment budget of USD 1.4 trillion on infrastructure, which includes 24% on renewal energy, 18% on roads and highways, 70% on urban infrastructure and 12% on railways. 35 multi-model logistics parts to be developed at a total capital cost of USD 6.1 billion. We'll cater to 50% of the freight movement. The logistics cost in India is 13% to the GDP as compared to 8% in the rest of the world, making it difficult for Indian exports to compete globally. The government is working to bring down the logistic cost to GDP to 7% from the current 13%. Indian government launched Gati Shakti Master Plan to integrate different modes of transportation and increase the speed of infrastructure development in India. The capital outlay of INR 2.40 lakh crores, that is USD 29 billion has been provided for the railways in the budget 2023, which is the highest ever outlay. Further allocation for roads and highways has raised to INR 2.7 lakh crore in budget 2023-'24. The government is working towards the development of a national highway network of 2 lakh kilometers by 2025. Ircon has a long-standing reputation as 1 of the industry leaders in transportation infrastructure with proven expertise in railway projects to uphold our reputation in the industry and to get sustained profit margins, we intend to capitalize our advantageous position in the market, both in terms of our expertise and financial strength. With the established presence in the Indian market, Ircon further intends to cover the unexplored areas within the country under national infrastructure pipeline. Ircon believes that this will further help in enhancing its portfolio with projects proposed by the government of India will further consolidate its position in the infrastructure sector. Our strategic focus involves enhancing our market projects within the domestic sector by actively enhancing our involvement in key industry segments such as railways, highways, tunnels and bridges. Additionally, we are engaged in high-speed rail projects, NCRTC project, NHAI projects on PPP model, renewal power project, PMC undertakings for Indian Railway ventures leveraging our established footprint in multiple Indian states. We are committed to extending our operations [indiscernible] and shall continue to grow in these areas. We are confident that various infrastructure initiatives, decreed by the Government of India will help us in fostering our future growth. We believe that we are well positioned to execute projects under these modes due to our strong technological capabilities and sound financial position. We will also continue to focus on international market for opportunities in our area of strength and PPP mode of opportunities in rail and roadways. Acknowledgement. I am incredibly thankful to all the predecessors and the present Board members our shareholders and all staff holders for their cooperation and trust in Ircon. On behalf of the Board of Directors, I take this opportunity to record our gratitude and appreciation for the untiring efforts of all the past and present employees of the company. The company is grateful for the value and support received from various ministries such as railways, road transport and highways, external affairs, finance, commerce, urban development as well as other ministries, departments and agencies. We are also grateful for the support received from the Office of Controller, Auditor General of India, Reserve Bank of India, Bankers, statutory branch cost, secretarial and internal auditors of the company, Indian Embassies and Missions, abroad, Foreign Embassies in India, Axis Bank, ECGC Limited, the Protector of Emigration, Passport Authority and our esteemed clients both within India and overseas has without their active support, the company would not have achieved this milestone during the year under review. We would like to express our sincere appreciation to all the dedicated employees of the company at every level. Their unwavering efforts, dedication, sincerity and commitment have significantly contributed to achieving the highest ever performance of the company. The notice of AGM and the annual report of the company for the year 2022-'23 containing the directors' report, audited financial statements, standalone and consolidated, auditor support and C&AG comments, thereon have already been sent with the members at their registered e-mail id. Since this meeting is held to video conferencing, the items and resolutions mentioned in the notice convening the AGM have already been put to booth through remote voting. There will be no proposing and seconding of the resolutions. Now I request the company's secretary to read out the items mentioned in the notice of AGM and the observations of secretarial auditors and management replies there too.

Thank you, sir. Under the ordinary businesses, first item is to receive, consider and adopt the audited standalone financial statements of the company for the financial year ended 31 March, 2023, along with the Board's report, auditors report and comments of the controller and auditor General of India thereon. . Second item, to receive, consider and adopt the audited consolidated financial statements of the company for the financial year ended 31st March, 2023, along with the auditors report and the comments of CAG thereon. Third item to confirm the payment of interim dividend of INR 1.80 per share. On the face value of INR 2 of each, that is 90% of the paid up capital of INR 188.10 crores, amounting to INR 169.29 crores and to declare a final dividend at the rate of INR 1.20 per share on the face value of INR 2 each. That is 60% of the paid of capital of INR 188.10 crores amounting to INR 112.86 crores for the financial year 2022-'23. Fourth item to appoint a Director in place of Shri Ragini Advani, Director of Finance,09575213, who retires by rotation and being eligible, offer herself for re-appointment. Item #5, to authorize the Board of Directors to pick the remuneration of statutory auditors for the financial year '23, '24 appointed by C&AG. Under the special businesses, Item #6 to appoint Shri Brijesh Kumar Gupta, 10092756 as Chairman and Managing Director liable to retire by rotation. Item #7 to appoint Shri Anand Kumar Singh 07918656 as Director of Projects, liable to retire by rotation. Item #8 to ratify the remuneration of cost auditors of the company for the financial year 2023, '24. Statutory auditors have not given any qualification or remarks in the auditor CFO. C&AG has also issued new comments. The observation of these secretarial auditors with managements reply are mentioned on Page #142 of the annual report, which I'm reading out for the shareholders. Observations are Half of the Board of the company was not independent as required under Regulation 17 one of SEBI LODR, Regulation 2015, and Para 3.14, DPE guidelines on corporate governance with regard to composition of Board of Directors. Management reply is, as the provisions of Section 2 of Section 45, of the Companies Act 2013 Icron, is a government company as per provisions of Companies Act 2013 and articles of Association of Ircon, the President of India is vested with the power to appoint directors, including independent directors on the Board of the Company. Hence all directors in Ircon are appointed by the Government of India through its administrative ministry. That is Ministry of Railways, and Ircon has no role to play in appointment of any directors, including independent director, unless nominated by the government. The company has already requested this ministry that the Ministry of Railways, Government of India for appointment of requisite number of Independent Director on the Board. Now I request the Chairman, sir, to continue with the proceedings.

Now we will begin with question-and-answer session. The number of registered speakers are -- 23, Company Secretary to call out the name of registered speakers one by one. I want to thank all the [indiscernible] .

First speaker is Ajay Jain.

Ajay sir, you can unmute yourself, you can switch on your video. You can speak now, sir.

Yes. Good morning to whole Board of Management, and the dedicated shareholder of Ircon International, I wanted to speak in front of all Board of Management. It's a truly inspiring to witness the journey of our company and expand the commitment to infrastructure development. Over the year, Ircon International has showcased multiple growth engineering expertise and a commitment to delivering complex project excellence. Our ability to build multi-infrastructure, both nationally and internationally has been instrumental in our success. And India is committed to get carbon neutral by 2017. And every industry is looking to reduce its carbon footprint. How Ircon is looking into it, what measures they are taking to reduce its carbon footprint. Along with this, my question to Board of Management is same. I also applaud the company's dedication to sustainable and environmental responsible strategies in projects. Let us remain shade part in our commitment, environmental protection and corporate social responsibility as we move forward. And showing that Ircon continues to be responsible and trustworthy and partly infrastructure development of our country. Thank you for your attention. I support all the resolutions passed, and I manifest that our company will be Maharatna company soon. I eagerly anticipate another year of growth and successful income. Thank you for your time.

Thank you. As far as your first question is concerned, that is carbon reducing the carbon footprint. Basically, essentially, Ircon is sort of contractor and we are getting the work done at site through our subcontractors. Basically, we do always insist on the subcontractors that this threshold manage their activities in such a way so that they are excellent and do not cause environmental solution. So with basically at all fronts, since this is the sort of our mission, the carbon footprint would go down. So basically, we are taking all sort of efforts and conducting our business accordingly, and we take this -- this question a responsibility, and we are taking action on that.

Thank you, sir. Next speaker is Mr. Kaushik Sahukar.

Kaushik sir, you can unmute yourself. You can switch on your video. You can speak now.

Yes, sir. Good afternoon to all. I'm honored to have the opportunity to address you all today. I would like to express my gratitude to the Board of Directors for allowing the chance to express my view in the front of all Board of Directors. Thank you, thank you so much. . First of all, salute the Board of Directors for catering VC mode of meeting. There by allowing pan-India participation. Sir request you to continue this trend. I'm traditional shareholder of our company, and I must commend the management for the remarkable efforts in creating wealth for the shareholders, particularly minority shareholders. However, I'd like to raise a couple of concerns. My primary concern pertains to the utilization of saving on account of VC mode of meeting. I believe it will be end fair to allocate a portion of these funds to welfare of the shareholders, more particularly amongst speaker shareholders, who actively participate in [indiscernible] speakers. Considering the valuable contribution and active involvement in the meeting, it could be a gesture of recognition to [indiscernible] on festivals. Sir, can you provide me the breakup of account on account of expenses on account of VC mode of meeting on account of physical mode of meeting, if possible. I humbly request the Board to consider my proposal and explore the possibility of implementing the gesture of reputed appreciation. By doing so, I firmly believe that it will reinforce the positive approval between the company other stakeholders and contribute to the overall leverage of the company. My other consumer, what are the major projects currently undertaken by Ircon and what is the status. Are there any upcoming projects or tenders that shareholders should be aware of, harvest in improving operational efficiency and cost management in this project. How Ircon is leveraging technology and innovation to enhance the quality and efficiency of its construction projects. Sir are there any benefits to Ircon maybe direct or indirect, the company from recently completed G20 Summit. My final concern is that the company has been hesitant in supporting individual in need, including myself. I have sent my credentials in the past and follow up consistently, but my request has not been considered. So not aiding differently even [indiscernible] part of sales activity then why company is hesitant in supporting me [indiscernible]. Your assistance would mean a lot to me. If I can't get help from such a reputed company like Ircon, then whom can I trust to, whom can I turn to. I'm resigning [indiscernible] and hope for receiving justice and productive consideration [indiscernible] in regard has been support. I want to clarify that I'm not taking any handout of free money nor sympathy. I value my independence. I am self-reliant and chartered accountant myself. And I hope you can understand and respect my desire to maintain that independence. Thank you for considering my request, and I have found it [indiscernible] with your support, I can make significant contribution to our organization and have a positive impact on society. I really await your response and sincerely appreciate the time and attention that you have given me today. Additionally, I would like to request your assistance in introducing me to your esteemed auditor. As a professional, I believe the expertise and guidance will be instrumental in realizing our mature goal. Thank you so much.

[Foreign Language] Next speaker is Mr. Yousuf Yunis Rangawala.

Yousuf sir, you can unmute yourself. You can switch on your video. You can speak sir.

[Foreign Language]

We call the next speaker, Mr. Santosh Chopra.

Santosh Sir, you can unmute yourself. You can switch on your video. You can continue your speech sir.

We can call the next speaker. We will take later on. Mr. Shripal Mohannath.

Ma'am, Mr. Shripal Mohannath hasn't joined this meeting. You can move to the next speaker shareholder.

Next speaker is Mr. Surendra Kumar Arora.

Mr. Surendra Kumar Arora hasn't joined this making. You can move to the next speaker shareholder.

Mr. Gagan Kumar?

Mr. Gagan Kumar hasn't joined this meeting. You can move to the next speaker shareholder.

Mr. Ashok Kumar Jain?

Ma'am, Ashok Kumar Jain hasn't joined this meeting. You can move to the next speaker shareholder.

Mr. Ravi Kumar Naredi?

Mr. Ravi Kumar Naredi hasn't joined this meeting. You can move to the next speaker shareholder.

Reddappa Gundluru?

Yes ma'am. He is with us. Sir, you can unmute yourself. You can speak now.

Chairman, sir and Board of Directors and my fellow shareholders of this Ircon Engineering. This is Reddappa Gundluru from Hyderabad. I'm a financial adviser for [indiscernible]. Sir, as a shareholder I'm very happy and proud about the company performance of Financial Year '23. [Foreign Language] Also sir, as I requested the Company Secretary for the annual report, I received annual report well in advance with the short notice. I felt very happy that Company Secretary sent it immediately. And also after receiving the annual report, [Foreign Language] and also the cover page to last page, wonderful, sir, wonderful photographs, wonderful achievements. As a financial adviser, I felt very happy and also I found that there is a very wonderful corporate governance maintained by my company. Transparency is there, ethical is there, good manners is there. Overall, I can say there is integrity in my company and also corporate governance. That is the reason I'm appreciating all the KPs of my company, hardworking employees, company CFO and CS for the wonderful corporate governance. And also the financials are wonderful, consistent financial performance. Thank you for dividend. Board of Directors and MD sir, they are having their growth mindset. My special thanks to them appreciating their efforts in company growth. And also, CS sir is very wonderful, tremendous support to the needy, wonderful CS sir. And also, sir [Foreign Language] I did not find a single question in financial, sir. Wonderful sir. [Foreign Language] That type of a company I'm having. That's the reason I'm very proud as a shareholder. [Foreign Language] I am supporting all the regulations. E-voting already I had done, sir. Sir, thank you for the Company's Secretary for a wonderful smooth Annual General Meeting proceedings and his team. I received the annual report well in advance. And also the link also well in advance I received. So that I'm attending the AGM today. Finally sir, I am concluding. Chairman sir, MD sir, other executive directors under your leadership, my company will achieve many more higher awards in coming financial year '24 and further financial endeavors. We have faith on you, we have trust on you everything for supporting. Go ahead, sir. I am wishing good health and happiness to you [Foreign Language]. Thank you so much for giving me this opportunity.

[Foreign Language]

Our next speaker is Mr. Manoj Kumar Gupta.

Manoj sir, you can unmute yourself. You can speak sir.

Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my residence in Kolkata. I feel proud to be a shareholder of your call. And I thank to you and your team for a good result of the company for the year '22/'23. And thanks to the company's secretary and the team to help us to join this meeting through VC. And I thank to her that on my request, she has sent a physical copy of balance sheet and I have gone through that 372 pages balance sheet. And the balance sheet is very excellent and very visionary and very -- you have mentioned everything in the balance sheet. And thanks for your dividend of 150%, 90% plus 60% and when you will reward to the investors, sir, by the way of bonus, or by the way of light when you will reward to the investors. On Page 16 in your balance sheet, domestic projects, either these all projects are completed or in process. And how much amount you have spent on completion of these projects? On Page 21, CSR allocation fund of INR 77 crores. You have mentioned entire thing that how much amount you have allocated to health, education and everything. So I thank to you that you have given a good report in the balance sheet about your CSR projects and the fund that there will be no question on that, how much amount, which sector you have spent, you have already mentioned. On page 159, can you see on page 159, balance sheet is in your hand, disputed cases pending before the various platforms. I'm surprised to see that a government company is facing a lot of cases before the various platforms in several state or income tax, sales tax matter. So how you face this challenge? And what's your plan to resolve these cases? Have you made any provision for any of these demands? On page 214, your expenses has gone up near to double. So how you will reduce the expenses in future, sir? On page 214, expenses. And sir, recently, 2 states are heavily affected by the flood and the rain, Uttarakhand and Himachal. Several businesses collapsed, several roads have collapsed. So if you get chance, are you ready to repair or rebuild that bridges again, to restore the smooth life of the people of these states. And last but not least, I strongly support all the regulations with the hope that the company will grow on new heights under your leadership in coming time and once again, I thank to the company secretary for their excellent services. Thank you.

[Foreign Language]

Thank you, sir. Our next speaker is Mr. Sarabjit Singh.

Mr. Sarabjit Singh has not joined ma'am. You can move to the next speaker shareholder.

Thank you. Next is Mr. Manjit Singh.

Mr. Manjit Singh hasn't joined this meeting. You can move to the next speaker shareholder.

Next speaker is Mr. Ankur Chanda.

Yes, he is with us. Ankur sir, you can unmute yourself. You can speak now, sir.

[Foreign Language]

[Foreign Language]

[Foreign Language] vis-a-vis a face value of INR 2 per share. So we are performing very well. [Foreign Language]

Thank you, ma'am. So we can call our next speaker, Mr. Bharat Raj.

Bharat sir, you can unmute yourself. You can speak now, sir. Bharat sir, I think you are on mute. Ma'am, I think he has some -- Yes, sir. Yes, sir, we can hear you.

Hello? Very good afternoon, madam. I am Bharat Raj calling from Hyderabad. First of all, I congratulate the Ircon for wonderful performance and wonderful dividend payout sir. Sir, India is growing under the leadership of our honorable prime minister. A lot of new projects are coming. I accept that in coming years we will receive a bonus and interim special dividend. In time our company secretary has sent the annual report and the balance sheet. Thanks for the secretive services. Once again, my best wishes to you all. All the best for coming years. Thank you very much.

Thank you, Mr. Bharat Raj. [Foreign Language]

Our next speaker is Mr. Pravin Kumar.

A very, very good afternoon to my respective Chairperson, well decorated esteem Board of Directors and my co-fellow shareholders in this meeting online. Myself Pravin Kumar joining this meeting from New Delhi. I have few observations, which I love to share with the entire house. First of all, respective Chairperson, excellent speech, very, very in-depth speech, very, very investor-friendly speech and very, very informative also. So I'm very, very thankful to you for a retail investor point of view. And sir, I'm with the company since IPO and over the period of time, our company has grown under your leadership in leap and bound. So I'm very, very thankful to you, that dedication, that devotion you are having along with the professional team. I'm very, very thankful that yes, this is a very, very interesting company. I'm very, very privileged to be part of such a large company, great company, who are working for the government of India, and I'm very, very thankful to the entire management team for investor-friendly approach [indiscernible], which we set out for the notice today. And sir, one more thing, which I'd love to add here from a retail point of view, that higher standard of corporate governance is maintained by our Company Secretary and her entire team. That truly boost our morale, even during COVID time if you have any queries, it will be promptly replied. So I'm very, very thankful. She is the biggest asset we have as far as the communication is concerned. So I'm very, very thankful. My question to the management is what will be the growth driver for the next 2 years, and I wish you all the very, very best and thank you for this opportunity. Thank you, sir. Thank you very much.

Thank you, Mr. Pravin [Foreign Language].

Thank you, sir. Next speaker is Mr. Lokesh Gupta.

Ma'am, Lokesh Gupta hasn't joined in this meeting. You can move forward to the next speaker shareholder.

Next is Mr. J. Abishek.

Yes, he is with us. Abishek sir, you can unmute yourself as well as you can switch on your video.

My name is Abhishek, shareholder of the company. [indiscernible] First of all, I congratulate the management on the eve of Annual General Body Meeting. So I trust all is well with you and your family. In this challenging situation, our company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability, dividend history and becoming one of the strongest brands in our respective signal. I am being associated with the company since the day 1 of the IPO, and I've also attended [indiscernible]. So nothing much to ask sir. We can see [Technical Difficulty] corporate governance standard is really excellent. Just explain us about the whistleblower mechanism policy, which is being adopted in our company so that we can -- the shareholders can come to know about a glimpse about the same, and what are the steps being taken by the management to reduce the other expenses, legal professional charges and the audit fees? And there are a lot of contingent liabilities spending in the company. So what steps have been taken by the management to arrive at a compromise or a settlement so that as soon as possible the disputes will be settled. Nothing much to ask, sir. I would request the management to kindly try to consider hybrid AGMs in the years to come, because most of the senior citizens are not able to run because of the digital challenges in this virtual platform. So try to consider hybrid AGMs, in the years to come, which will convince more number of participants to join you in the meeting. You can get the valuable points, suggestions and ideas that will be helpful for the management to empower in future, so that local shareholders can join you physically and Pan India shareholders joining virtually. And I thank the Company's Secretary and their entire team for sending us the link well in advance and making this annual general body meeting a grand success. I wish the company and the Board of Directors, a great success and prosperity in the coming future, and thank you for giving me the opportunity, sir. Hope to see you in the physical AGM next year.

Thank you, Mr. Abhishek. [Foreign Language]

Next speaker is Mr. Jaideep Bakshi.

Jaideep sir, you can unmute yourself. You can switch on your video, you can speak sir. I think he has some technical glitches.

We can call the next speaker. Mr. Chetan Chadha.

Chetan sir hasn't joined this meeting. You can move to the next speaker shareholder.

Next is Mr. Sashi Jain.

Sashi Jain, please unmute yourself. You can speak now.

Good afternoon Chairman, esteemed Board of Directors and my co-fellow shareholders. I, Sashi Jain, BPID 120816006539382 joined the AGM from Delhi. [indiscernible] and also, thanks to the secretary department who helped me to join the AGM on VC Portal. [Foreign Language] Thank you, sir. Thank you.

Thank you, Mr. Sashi [Foreign Language]. Thank you, sir.

Next speaker is Mr. Kishanlal Chadha.

Ma'am, Kishanlal Chadha hasn't joined. You can move to the next speaker shareholder.

Next is Mr. Kirti Shah.

Mr. Kirti Shah hasn't joined this meeting. You can move to the next speaker shareholder.

Who have some problem, I'm repeating the name, Mr. Yousuf Yunis Rangawala.

Can you hear my voice? I'm speaking from Mumbai. Sir. I was the third speaker, but due to some network issue, I could not attend sir. My question first, I received the annual report today from Ritu madam. I'm thanking Ritu madam for sending our balance sheet. She is a very hard-working company secretary [Foreign Language]. This shows how our company is growing. This is our 47th annual general meeting. After 3 years, we will be completing 50 years. I can accept the bonus [indiscernible] years if possible. So if you have an analyst meet at Mumbai -- this is my humble request -- if you have some analyst meet, please inform us. Whether you are keeping analyst meet or not, I would like to know. And what are the total number of staff at present. [Foreign Language] I am very happy and very proud to be shareholder of this excellent company. [Foreign Language] Thank you very much.

[Foreign Language]

Next is Mr. Santosh Chopra if he is available.

Ma'am, he hasn't joined this meeting. He left the meeting.

Last one is Mr. Jaideep Bakshi.

We have with us Mr. Gagan Kumar. If you allow, then I can.

No issues, Mr. Gagan Kumar.

Gagan sir, you can speak now, you can unmute yourself.

Good afternoon, Mr. Chairman, Board of Directors and fellow shareholders, myself Gagan Kumar, I'm joining this meeting from Delhi. [Foreign Language]. Most of my query already addressed by other speaker shareholder. [Foreign Language] I have registered as a speaker and I got mail well in time, call from the company. And I don't know how this gentleman is saying all that. So in this regard, I would like to say that our corporate governance is too good under the leadership of our CFO and CS and the entire secretarial team. Now my question is that can you inform the initiative taken by company-owned sustainability and climate change? And last question I have is, what are the key reasons of the good performance of the company? And what is our road map for next 3 to 4 years? That is all from my side. Thank you so much for giving this opportunity.

Thank you, Mr. Gagan Kumar. [Foreign Language]

So we end our question-and-answer session here.

Just a second ma'am. We have Jaideep Bakshi sir. Can I allow?

Yes, please.

Jaideep sir, please unmute yourself.

Very good afternoon, Chairman and Board of Directors, myself Jaideep Bakshi, connecting from the city of Kolkata. Thanks Ritu Madam for giving an opportunity and also a second time, though I missed on the first chance. Sir, you nicely explained our company's position, very descriptive one. And no questions left, chance to ask regarding anything. Just want to know, as you have said for the earlier replies also, how do we move forward in the coming years? And sir, what is our green energy program and ESG program. Just if you can throw some light on this. And sir, one of my earlier speakers has also queried about this -- are we taking into this project with this flood affected areas in the Uttarakhand and Himachal Pradesh like this, any such areas, because there was devastating flood also because of the heavy rains. Nothing to add more. CSR activities are always good and also congrats for the awards. And also for the dividend. Once again, thanks. Everyone employed related to our company, congrats to them for bringing up these wonderful top performance also. Nothing to add more sir. And festive greetings to all present in today's video conference. Thank you, sir, for giving opportunity and sir continue this video conference so that we can join in from different places. Thank you, sir.

Thank you, Mr. Jaideep. [Foreign Language] Thank you very much.

Thank you sir. So moderator, now I end our question-and-answer session here.

Yes ma'am, you can continue your speech.

I want to thank all the shareholders for taking out their time to join the meeting through VC and being with us. Thank you. Thank you very much.

Now I request Smt. Ragini Advani, Director of Finance, to propose a vote of thanks.

Good afternoon, everyone. On behalf of Ircon International Limited, I thank all the shareholders for sparing their valuable time and attending today's AGM of Ircon International Limited. I'm particularly thankful to CMD sir and other Board members, including Sri Dhananjay Singhji, who is representing Government of India as our nominee Director. I'm also thankful to all the auditors, statutory auditors, secretary and auditor for attending the meeting. I would like to place [indiscernible] the best efforts made by the employees of the company in achieving the current level of the performance and thank all the volunteers in organizing this AGM. We will continue to make our best efforts to get this company to keep growing year-on-year. With this, I declare the meeting has closed, and wish all the shareholders happy, healthy and safe journey ahead. Thank you.

Thank you, ma'am.

Thank you all. Now I'm ending this session.