MSTC Limited (MSTCLTD) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I, Ajay Kumar Rai, Company Secretary of MSTC Limited, welcome you all to the 58th Annual General Meeting of the company. I would like to introduce, first of all, all the directors of the company. We are sitting in the corporate house conference room with me, our Chairman, Sri Surinder Kumar Gupta; Director Commercial, Srimathi Bhanu Kumar; Director Finance, Sri Subrata Sarkar. We have...

[Foreign language]

[Foreign language] Okay. Thank you, sir. Let me restart once again. I would like to introduce our Director. First of all, we have with us our Chairman and Managing Director, Sri Surinder Kumar Gupta; Director Commercial, Sri Bhanu Kumar, Director Finance, Sri Subrata Sarkar. We have also with us the Independent Director and Chairman of Audit Committee, Dr. Vasant Ashok Patil. We have with us Independent Director and Chairman of Nomination and Remuneration Committee as well as CSR Committee, Sri Adya Prasad Panday. We have with us our Government Nominee Director, Sri Ashwini Kumarji. He is also the Chairman of Risk Management Committee. We also have Government -- President of India representative, Sri [ Subhas Kumar. ] I would like to state that the proceeding of AGM shall be deemed to be conducted at the registered of the company with [indiscernible] deemed venue of the AGM. I would like to draw your kind attention, certain key point participating in the Annual General Meeting. The facility to join the Annual General Meeting, you see, is being provided to the members with first come first services. All members in attending this meeting are by default on mute mode to avoid background disturbance and to ensure smooth and seamless conduct of the meeting. Once the question and answer session will start, name of the members attending the meeting as the speaker will be announced by -- one by one. The speaker name is pronounced will be unmuted by the host. Only those shareholders whose name is announced will be allowed to speak. The shareholders are requested to switch on their camera and audio before they start speaking. The speaker while speaking should use earphone and ensure that Wi-Fi is not connected with any other device, and there is no disturbance from background. In case do network is a speaker shareholder are not able to join the meeting, the next shareholder will be requested to speak. The shareholders won't be able to join the question-and-answer session on that time will be allowed to speak only after all the speaker shareholders have completed their time. We'd like to request all the speaker shareholders not to ask the question already raised by earlier shareholders and limit their speech to maximum of 3 minutes. Further shareholders are requested to ask only pertinent question and that related to annual report and item mentioned in the notice of 58th Annual General Meeting of the company. During the meeting, if the shareholders face any technical issue, they may contact the member mentioning the notice of AGM. Since the meeting is held through VC, pursuant to the applicable circular and guideline issued by the Ministry of Corporate Affairs, physical attendance of shareholders is dispensed of. Accordingly, there is no requirement for appointment of proxy by the members as well as some [mission of attendance slip]. Necessary documents registered in compliance with provisions of the Companies Act 2013 which are required to be kept open and available for inspection and shall remain open and accessible during the continuation of this meeting to any person having a right to attend the meeting. Members seeking to inspect the document may visit NSDL site for the same or may request for the same through e-mail provided in the notice of the AGM. The notice for conveying the 58th Annual General Meeting, along with the annual report for 2022-'23, containing Directors' Report, along with the annexes, the audited stand-alone and consolidated financial statement of accounts of the company for the year ended 31st March 2023, together with the Director's Report, has been sent to the shareholders through mail to all those shareholders whose e-mail ID is available with the company and the [indiscernible] participant. The company has taken all the requisite steps to enable the shareholders to participate and vote on the items to be considered in this AGM. Company has received the presentation from the President of India holding around 64.75% of the total voting power. Now I request Chairman, sir, to continue the proceeding of the meeting. Thank you.

Yes. Very good morning to all of you. Ladies and gentlemen, with the help of Company Secretary, I confirm that the necessary quorum is present. I, S.K. Gupta, Chairman and Managing Director of your company, on behalf of Board of Directors of MSTC Limited, welcome you all to this 58th Annual General Meeting of your company. I'd like to extend my sincere thanks to all of you for taking time to be with us today. In compliance of the various directions issued by Ministry of Corporate Affairs and SEBI, we are organizing this AGM through audio/video means or other audio/video means, OAVM. I hereby declare the meeting open since the requisite quorum is present. For the information of the members, I would like to state that the proceedings of this AGM is being recorded. I would like -- now like to call all the directors who are being present in this meeting to introduce themselves to the shareholders.

Good morning to all. Good morning to all. I am Mrs. Bhanu Kumar, Director Commercial. I'm attending this 58th Annual General Meeting of the company from the MSTC headquarters in Kolkata.

Good morning to all. I am Subrata Sarkar, Director Finance and CFO, attending the meeting, the Annual General Meeting from MSTC headquarter at Kolkata.

Good morning, everybody. I'm Ashwini Kumar, Economic Adviser, Ministry of Steel. I'm Government Nominee Director on the Board of MSTC. I'm attending the meeting through VC from my office in Delhi.

Thank you, sir. Patil, sir?

Dr. Vasant Patil, Independent Director, attending the annual general meeting from Nandurbar on VC.

Thank you, sir. Panday, sir?

Adya Prasad Panday, Independent Director, [indiscernible].

Thank you, sir. I would also like to say that myself, Ajay Rai, Company Secretary, attending the meeting from Kolkata. I would like to add on that the statutory auditors and secretary auditors has also joined and attending the meeting.

Dear shareholders, it gives me immense pleasure to present you the annual report and financial statements of your company for the year ending 31st March 2023. Prior to state that administered uncertain economic and demand environment, your company continued to grow and evolve the business and has delivered yet another year of robust performance. During the year under review, your company has achieved highest ever PAT and PBT. We are hopeful that growth and advancement will continue to help your company to improve its position in the coming years. The annual report filed '22-'23, containing 58th AGM notice, Directors' Report, the [indiscernible] Statement of Accounts of the company for the year ending 31st March 2023 has already been circulated to you. With your kind permission, I take them as read. Now with your permission, I would like to highlight some important developments for the company. Regarding the economic and business environment as such, the Indian economy has moved on after its encounter with the pandemic, steadying a considerable recovery and positioning itself to -- send to the pre-pandemic growth path in '22-'23. There were some signs of moderation in the second half of FY '22-'23, our growth was underpinned by strong investment activity, bolstered by government's CapEx push and [indiscernible] conjunction. The e-commerce sector also witnessed a renewed push and a sharp increase in penetration in the after month of pandemic. The government's push to boost the digital economy, growing Internet penetration, innovation in mobile technology and increased adoption of digital payments further accelerated the adoption and growth of e-commerce. During the year under review, the team has worked relentlessly with the determination and desire to execute the business plan that resulted in excellent performance. MSTC was able to achieve growth of around 4.13% in revenue from operations, net of purchase over last year. PBT rose by around 42.46% and PAT rose by 19.56%. That has resulted in highest ever profit figures for your company. During the financial year, your company has crossed INR 3,015.90 billion. That's more than INR 3 lakh crores in terms of value of goods transacted through its marketing and e-commerce verticals, which is 120% increase of value of goods traded in the last year. The company has recorded total income of INR 498 crores. Total e-commerce service charges increased from INR 264 crores to INR 288 crores, which is a growth of 9%. Profit after tax during the financial year was INR 239.23 crores compared to INR 200.05 crores in the previous financial year, and profit before tax during the financial year was INR 313.48 crores as compared to INR 200.04 crores in the previous financial year, riding mainly on the e-commerce contributions. Company has paid interim dividend of INR 11.80 per share. In addition to that, Board has recommended the payment of a final dividend of INR 3.20 per share, which will be paid to shareholders after shareholders' approval in the AGM. MSTC has launched ELV portal for disposal of end-of-life vehicles for central and state government. MSTC has various advantages. It plays very important role as a service provider in e-commerce and is a market leader in this sector. Our strength lies in our ability to convert any business activity conducted through brick-and-mortar method or any other method, online activity. It has the distinction of serving majority of centers, PSUs, state governments, departments and large private organizations for providing transparent, fair and seamless e-commerce services to various stakeholders. MSTC has always been availing first-mover advantage in its business verticals. Regarding our subsidiary company, Ferro Scrap Nigam Limited, which is a 100% subsidiary of the company. During the year, the profit after tax of the FSNL was INR 38.37 crores. Regarding the joint venture company, Mahindra MSTC Recycling Private Limited, that is MMRPL, has followed into recycling sector through the joint venture, which has set up India's first authorized collection and dismantling center at Greater Noida. In 31st March 2023, it has set up 6 RVSF and intend to set up more collection and dismantling centers across India. Regarding the consolidate financials. When we talk about consolidated performance, MSTC has once again created history at profit after tax has increased remarkably by 41.34%, and profit after tax increased by around 21.53%. In the area of corporate social responsibility, CSR, during the financial year, company has spent around INR 3.01 crore on various CSR activities related to health, education and environment. In the operational area, the company has excelled, as you know, company is a major stand-alone e-commerce company in the country. The area including -- include selling ELC business, e-sale of raw materials, minerals and other commodities, e-procurement, et cetera. Customized e-commerce solution has emerged as a major innovative business model of MSTC. MSTC major operational activity undertaken by your company are as follows: it has successfully conducted auction for 4G, 5G spectrum. 86 coal mine blocks and 94 major mineral blocks have been successfully alloted through the auction conducted on MSTC portal. 9,000 NPAs from banks sold for a sale value of around INR 7,000 crores. The successfully conducted auction of 3 number of ATR aircraft on behalf of AAI. We successfully conducted auction for transfer of technology rights also. We have successfully integrated the billing software developed by HSIIDC with boom barrier and GPS system of HSIIDC for assess monitoring and fraud prevention. Regarding the future outlook, MSTC is looking at giving more value-added services to the existing and future clients in terms of logistics, valuation consultancy and technology-driven assistance for decision making. MSTC has taken up a mission based on central government's vision to stimulate the start-up revolution in the India -- in our country by providing incubation, nurturing and fostering of worthy ideas. Further, to cater the need of ever-changing business environment, MSTC Limited has successfully -- has recently introduced a startup policy as -- and is in the process of constituting a committee, which will identify, take up, monitor and mature the projects from prospective start-up companies. We are confident that MSTC's association with start-up will be able to create opportunity and employment, as well as will lead to overall growth of the company. Our people and their passion for excellence give us an unparalleled competitive advantage. MSTC is committed to create value for customer and ensure that MSTC stays ahead of market. In the mineral and -- mineral blocks, MSTC is a nominated agency for allocation of all blocks and all major mineral blocks in the country towards very customized e-commerce portal. The minor mineral blocks allocation is also happening through MSTC's e-commerce portal in the various states in the country. The minerals which are mined from these blocks hold huge potential for resale on MSTC portal. Regarding the e-retail software, MSTC has carved a niche for itself by developing a unique EXIM portal firewall marketing companies. As in the process has developed requisite expertise for providing unique solutions to government and private organizations, particularly the MSME. This sector holds a great opportunity and potential for MSTC in future. Regarding targeting private companies, MSTC is casting more focus on untapped e-commerce business from the private sector. And in this stride, MSTC signed big ticket agreements with Reliance Industries, Indus Tower, Tata Power, L&T, Jindal Group, Vedanta, et cetera, to name a few. However, I firmly believe that digital transformation is an integral part and play a key role in the development of organization in the near future. We are also taking various steps to ensure that we remain well placed to take this opportunity with both hands. The various opportunities -- in e-commerce, MSTC has emerged as a major stand-alone e-commerce service provider in the country with its [indiscernible] into new and diverse business verticals, including the flagship projects of Government of India. It has a immense potential to grow many multiworld in the area. MSTC is endeavoring to harness the untapped potential in the private sector, also besides trying to retain the government and PSU business. In the recycling sector, MSTC through PPP model-wise joint venture route is spearheading the initiative in ELP sector -- ELV sector. It's pivotal role is in setting up the recycling plant in the automobile sector, e-waste and solid-waste management sector, which is a [sundry] sector. MSTC has recent launched an ELV portal for disposal of end-of-life vehicles for central and state governments, ELVs. The services have now been extended for individual ELV owners also. MSTC is exploring possibilities for entering into more areas in recycling field as a step towards circular economy. We have certain threats also to gem portal reducing opportunities in exposure with the government's directives to use the GeM portal for procurements, the business in e-procurement of common goods and services will take a hit. The scope of work in procurement gets a bit downsized as major percentage of any company's business is spent on procurement of goods and services. Trading business as publicity matter, MSTC has decided to play safe in traditional trading business due to accent of risk involved. Cyber attacks, risk of cyber attacks are forever a threat on account of the fast evolving nature of the threat. In addition to impact on business operations, a security breach could result in reputational damage, penalties and legal and financial liabilities also. Regarding the business model, technologies are changing the customers' approach and creating new class of customers and thus creating a challenge on any organization to keep themselves updated and continuously develop a model which will split the customer's need. Investor service, company shares have been dematerialized in both the depositories, that is NSDL as well as CDSL. 39 shareholders out of 63,553 are holding shares in physical mode. I would like to request to the remaining shareholders to get their shares demat so that the bonus shares lying in the unclaimed bonus suspense account can be transferred to the demat account of the respective shareholders. Further, this will also enable the shareholders to receive the dividend in time. Regarding the corporate governance, your company always strives to attain highest standards of corporate governance practices. The company is complying with government guidelines on corporate governance framed by DPE for CPSEs and SEBI. Regulations 2015 in letter and spirit, your company is continuously working for optimal benefits of its shareholders, and has thus molded its corporate conduct to fulfill these responsibilities. The company has established systems and procedures to ensure that its Board of Directors is well informed about the policies of the company to enable them to discharge their responsibilities and to enhance the overall value for the shareholders. Your company is making best efforts to adapt and comply with the changing statutes and continuously to -- continue to comply with corporate governance guidelines known to the extent within its control. Regarding accolades and recognizations, MSTC head office, Kolkata received the NARAKAS Rajbhasha Samman 2021-'22 second prize for the best performance in the field of official language implementation among public sector units in Kolkata. MSTC Hyderabad and MSTC Visakhapatnam received the NARAKAS Rajbhasha Samman '21-22 for the best performance in the field of official language implementation among public sector undertakings in these cities. Regarding human resources, your company has always considered its human resources as the most important resource and has been conducted various implied benefits programs. The industry relations have remained cordial and participative all along. We have opened offices in many cities in India so that we can reach out to our principals and customers easily and generate more business for the company. I would like to place or recall my gratitude to honorable Union Minister of Steel, honorable State Minister of Steel, Secretary Steel, Additional Secretary and FA steel, Additional Secretary Steel and other officials of Ministry of Steel, Defense Ministry, Coal Ministry, mining, civil aviation, petroleum, Natural Gas Ministry and various other central government ministries, all state governments, various central and state PSUs, private companies, bankers, our principals and others for their valuable assistance and guidance extended to the company during this year. I also place only record the appreciation of the sincere efforts made by various employees at all level. I also express my gratitude to all the stakeholders, customers and suppliers for their trust and confidence reposed by them on your company year after year. And I assure you that we shall continue to create more value for our stakeholders. [Foreign Language] Thank you. Company Secretary, please.

Thank you, sir. Ladies and gentlemen, let us now proceed with the formal business led before this Annual General Meeting of your company. The notice dated May 23, 2023 convening this Annual General Meeting has already been circulated to all the members of the company. With your permission, may I take the same as read? I'll further like to inform that the statutory auditor's report of the company does not contain any qualification, and hence, the same is not required to be read. With your permission, I take the same as read. The Secretarial auditor report of the company though contain some observation by the auditors, Secretarial Auditor, which is as follow. The Secretarial auditor report has stated that the composition of the Board with regard to minimum number of independent directors are not complied as per the provisions of regulation 17 (1b) of SEBI LODR regulation. The -- and there is just shortage in the number of independent directors, including independent woman Director during the financial year under review. It has been brought to my knowledge that NSE and BSE had issued notice for their forced noncompliance and charged penalty. Further, the company has applied for waiver of the penalty charge on the ground that appointment of directors on the Board is made by the Government of India and not within the power of MSTC Limited. The comment of the management have already been provided in the Board report, Page #32 of the Annual Report. However, for the purpose of clarity and information of shareholders, I'm once again reading out the same. Your company is a government company under the administrative control of Ministry of Steel, Government of India. Neither the board nor the company is in power to appoint independent director and the power to appoint Independent Director vest Government of India as per government guidelines. Pursuant to provisions of the Companies Act 2013 and SEBI LODR regulation in 2015, your company has provided the facility of remote e-voting on all the regulations as set out in the notice of the Annual General Meeting. The period for remote e-voting commenced on Saturday, September 16, 2023, at 9:00 a.m. and ended on September 19, 2023 at 5:00 p.m. Mrs. Ravina Dugar Agarwal, partner of Mehta & Mehta, practicing Company Secretary firm, has been appointed as the scrutinizer by the Board of Directors to scrutinize the e-voting process in a fair and transparent manner, with a view to provide an opportunity to all those shareholders not [indiscernible] remote e-voting facility. E-voting facilities have been provided with the help of NSDL, and the same is open for voting by the members during the AGM. The e-voting will be available at an NSDL site and can be carried out in the same manner in which remote e-voting was done. Please note that only those members who have not cast their vote by remote e-voting are entitled to vote through e-voting facility. These e-voting facilities now available and will continue to be available til half an hour after the conclusion of Annual General Meeting. Please note that the notice of 58th Annual General Meeting of the company contained the following items. There will be no proposal of second of the regulation since the meeting is conducted through VC. The meeting to be discussed in the AGM are as follows. Number one, to receive considered and adopt the audited stand-alone, as well as consolidated financial statement of the company for the financial year ended 31st March 2023 together with the report of the Board and auditors thereon and comment of the Comptroller and Auditor General of India. Number two, as you already witnessed, to confirm first and second interim dividend paid at rate INR 5.50 per share and INR 6.30 per share, respectively, on equity sales of the financial year '22-23 and to declare final dividend at the rate INR 3.20 per share on equity sales for the financial year 2022-'23. The third item is to appoint a director in place of Sri Surinder Kumar Gupta, who retire by rotation and being eligible, offer for himself for reappointment. Number 4. To authorize Board of Directors of the company to fix remuneration of best statutory auditor of the company appointed by the Comptroller and Audit General of India for the financial year 2022 -- '23-'24. We appoint Sri Ashwini Kumar, DIM 075-98593 as Government Nominee Director. This will be considered as a special business. The Chairman and Managing Director and other directors present in the meeting will happy to answer any questions or finish any clarification required by any member present related to the resolution set out in the notice dated May '22-'23. Members are being requested to ask questions relating to agenda specified in notice and the annual report of the company. We have already received the list of the shareholders willing to ask questions, and their name will be called serially. Members are requested to follow the protocol elaborated at the beginning of the meeting.

The first speaker is [ Srimathi Lili Prasad. ] Mrs. [ Lili Prasad? ] Okay. We are now moving to the next speaker, [ Mr. Dimal Prisna Sarkar. ]

Sir, am I audible?

Yes, you are audible.

Yes, you are audible, Mr. Sarkar.

[indiscernible]

[indiscernible], Mr. Sarkar. [indiscernible] Your sound is breaking.

[Foreign language]

[Foreign language]

[Foreign language]

[Foreign language]

Thank you, Mr. Sarkar. The answer will be -- the questions raised by the shareholders will be noted, and answer will be provided at last collectively. Now I'll request Mr. [ Sunil Kumar Modak ] to join.

Can you hear me?

Yes, we can hear you. We can hear you.

Okay. Mr. Surinder Kumar Gupta, Chairman and Managing Director; other dignitaries, Board of Directors, Company Secretary, Government Nominee present at this meeting, my fellow shareholders and the employees of the company. This is our 58th Annual General Meeting. Very -- this is virtual meeting. I am from [indiscernible], connecting from my city, Kolkata. Very good results, sir. Excellent, robust performance. You have paid dividend, including interim and final dividend, INR 15 per share. Very nice. Robust performance and uncertain economic and demand environment, our company continue to grow and make a robust performance and achieved highest-ever PAT and PBT. Congrats for the highest ever total income, INR 498 crores this year. Sir, I congratulate our secretarial department for rendering excellent investor services. I especially thank Mr. Secretary, Mr. Rai, and his entire team for providing very good investor services. I have received annual report, e-notice, et cetera, in time. And on requests, I also received a hard copy of annual report. I congratulate him and I also congratulate to give me a chance to speak on this platform. Sir, I request one thing on page -- regarding unpaid and unclaimed dividend, which remains unpaid unclaimed for a period of 7 years and due for transfer to Investor Education and Protection Fund, IEF, on November 4, 2023. Before sending this to the IEF fund, if it is possible, please give notice to the individual shareholders. Coming to the account portions, revenue from operations reduced INR 324 crores from INR 470 crores, but profit after tax INR 239 crores from INR [ 200 ] crores. EBITDA INR 319 crores from INR 227 crores. Earnings per share, very [indiscernible] 33.98, about INR 34. Total volume of business, [ INR 3,01,59,000 ] crores from [ INR 1,36,849 crores ]. Sir, regarding e-voting, I have casted my e-voting and in favor of the resolutions. And I hope that our company will do better in future. Before end my speech, I'd like to know what is the road map of the company for next 2, 3 years? And also to consider for the memento as a token of appreciation for the speaker shareholders and shareholders, if possible. With this, I conclude and hope that our company is in good hand and we'll do better years to come. [Foreign language].

I will request now the next speaker shareholder, [ Mr. Sujan Modak ].

Can you hear me?

Yes, we can hear you.

Respected Chairman of the Board of Directors, [Foreign language], Sir, I'm [ Sujan Modak. ] I'm attending this meeting from my residence in Kolkata. Sir, first of all, if we see the performance of our company this year, this is a very, very good performance, sir. Profit before tax, profit after tax has really gone up, sir, and you have given a very good dividend, . I have a few questions to know, what are the key challenges at this particular moment our company is facing, if you can please tell us, sir? And what is the growth guidance you give for next one, I mean, particularly this year, the growth guidance? Because -- this western world isn't showing a slowdown and our interest rates are keeping high with the inflation also in the same to same pattern. So if you can give the growth guidance, it will be very good, sir. And what is our CapEx plan for -- for this year, if you can please tell us, sir? Sir, I've got a suggestion. This question-and-answer session. We ask the questions and at the end you give the answers. If possible, these question and answers, could be send to all the shareholders' e-mail address. So I think it will be very good, but it is -- maybe it's -- if it is feasible for you, sir, if you can tell us. Because a lot of shareholders cannot join it, but they can read it later on. And before I finish, I'd like to definitely thank our Company Secretary, Mr. Ajay Kumar Rai, and his whole team for being a very good investor services to the investors' community. [Foreign language].

[Foreign language].

[Foreign language]. If possible, please do this favor to us. Thank you. Over to you, sir, for further proceedings.

Okay. Thank you. Now -- since earlier, [ Mrs. Lili Prasad ] could not able to join, if it is possible, she can now join.

Sir, she is not in the meeting.

Okay. She is not in the meeting. We can move to the next shareholder. That is [ Mr. Santosh Chopra. ] Yes, Mr. Chopra, you can continue. Please, unmute yourself.

[Foreign language]. No, not getting inside. Now it is okay?

Now it's okay.

Is it okay now?

Yes, it's okay.

. I'm a retired senior citizen from Delhi NCR Kaushambi Ghaziabad, and I've invested my family funds in your public sector company. I thank for giving me the opportunity to speak at this AGM by listing me as a speaker and sending me the link. But I'm sorry to state that nobody contacted me for a technical support or any other help, which usually other CS are doing as a courtesy or at least once in a year. I also congratulate the company, securing many achievements, assignments and winning so many rewards besides tie-up with Tata, Alliance, besides many more. As most of my queries have been covered by the management in their opening remarks and previous speakers, I will limit my queries to a few. What is the whistleblower policy in your company? What is the latest status of litigation relating to export of jewelry? How do you select auditors, statutory auditors and internal auditors? How many complaints were received from SEBI and status of resolving the same? How much expenditure was incurred on entertainment during the last financial year, although which how much in entertaining the Board of Directors, auditors, official statutory bodies and shareholders? Last but not the least, I wish management and all executives, entire workforce and my co-shareholders happy all the coming festivals and pray to God for all prosperity in your company.

Now we can move to the next shareholder, [ Mr. Atanu Saha. ]

I'm audible, sir?

Yes, you are audible.

I'm Atanu Saha, a shareholder of MSTC Limited. My respected Chairman and MD, sir, Surinder Kumar Guptaji and Bhanu Kumar, Commercial; and Vasant Patil, Independent Director. And Pandey Ji, Independent Director and Government Nominee Ashwiniji, Risk Management Committee and secretarial auditors and our Company Secretary, sir, Ajay Prasad Rai Ji and CFO Subrata Sarkarji. Sir, I also our representative shareholder present in this virtual meeting. Thanks that I give me -- I get chance to participate to this meeting -- virtual meeting. Sir, today is 20 September 2023. Our company is organizing its 58th Annual General Meeting. My previous shareholder rising number of queries, also [ gratis ] to our Board member, our company's future growth. Sir, one thing that's I'm informing that dividend is really good. I mean, good return on equity, ROE, 30% on -- till 3 years. Even the dividend payout is also 36.3%. The sales growth matter of it is minus 20.5% until last 5 years. And other income also, which is mentioned that is INR 165 crores. So it is a core where it is and how we -- other income. There's only one question. And sir, it's really remarkable for us, for our company, that we are organizing this virtual meeting instead of physical meeting. And even everywhere, which is encouraging, even they are enjoying that virtual meeting, which is part of our e-commerce section. E-business also. Anyhow, better good or bad anything, but it is helpful for -- it is for who are inside their room, for their aged person, for their valuable suggestions. And also who are inside India, we are connecting whole India, even outside India. I already casted my vote sir, matter of fact. I wish a good year ahead with good results and good health to good health to every employer. At the last, I wish Miniratna will get everyone will transfer to a big Ratna, Maharatna. Thank you, sir. I, Atanu Saha hand over to our moderator.

Now I request Mr. [ Amit Kumar Banerji ] to please join.

Hello.

Amit Banerji, you can Continue.

Video is -- visibility is not appearing. Anyhow, Respected Chairman of the meeting, other Board members present. Myself Amit Kumar Banerji from City of Kolkata. Thank you for getting me connected and opportunity to speak such a wonderful occasion. It is our 23rd AGM of the company, MSTC Limited. As regards the performance is concerned, yes, it is very nice, good growth, strong financial presentation, total revenue with a tune around INR 498 crores. Profit after tax INR 239 crores, EPA 33.98, it is an increase. Last year, it was 28.42. Dividend, yes, about 150% of...

I think there is some technical problem for [ Mr. Banaji side]. So [Mr. Banaji ], can you stop your [indiscernible] speech. In that case, it may happen that your network connectivity can increase...

I think in an increase -- and your voice not clear, what I request that you can check your connectivity first and then we can ask the other shareholder, and then we can come back to you again. You have -- once again unmute yourself sir. Sir, please unmute yourself. Your muted. Yes. Now you can speak.

Yes. As regards the performance profit after tax about INR 209 crores. Dividend is there, 150%. Sir, borrowing is there about INR 145 crores currently. Other expenses is also there. Traveling about INR 249 lakhs. Last year, it was only INR 55.49 lakhs. Entertainment about INR 34.47 lakhs.

You have once again muted yourself. Please unmute yourself.

Sir, is it okay now?

Now it is okay.

What's the problem? The switch is still up to unmute 1 second repeatedly. Anyhow, the borrowing is also there. Traveling, entertainment, legal, about INR 3 crores. Last year, it was INR 2 crores. So kind of keep attention to reduce about these things to resolve the issue by video conferencing and so on. Sir I'd request consider planned reach. for attending members. Any plan to split of the equity shares kindly share your views? What is your target plan vision mission but the growth of the company for the next 2 years, what is the key challenges of the company is facing in contest of production. Is there any plan to use green energy like solar energies but the company using of solar power. I hope our company will definitely grow up year after year and performed better results, giving a strategic move and obviously keeping in mind shareholders' rewarding policy. I thank all team members for smooth conducting video conferencing meeting today. Thank you. My said, Amit Kumar Banaji, over to you, step forward for the proceedings.

Thank you, Mr. Manage. Now I'll request the next shareholder [ Mr. Asir Kumar Pader ] to please join. [ Mr. Pader ] please unmute yourself.

Am I audible, sir? .

Yes, you are audible.

Very good morning, the Executive Chairman, Government Nominee Board of the Directors, Company Secretary, fellow members joining at 58 AGM of MSTC Limited. My name is [ Asir Kumar Pader ] joining from [ Dondan, Kolkata]. I [ thrust ] my extreme gratitude to our Company's Secretary, respected Mr. Ajay Kumar Rai and inter secretarial department for sending me the notice of the AGM and balance sheet by e-mail very well in advance and allow me to speak. Sir, your opening remarks is very optimistic at present performance of our organizations, also future strategies and road map. By the way, I like to appreciate my company's management team for excellent financial performance financially at '23. Where there is very economical turbulences as well as domestic and international market. And also total income achieved INR 498 crores and profit after tax, INR 239.23 crores. And net profit margin achieved 73.67% nicely then 42.51% previous year. And also slightly return on net worth reduced to 40.27% against 42.98%. Also, thanks to my company's management team for rewarding the members with dividend -- total dividend INR 15. Sir, I have some brief views which I like to share Sir, many organizations are ongoing for consolidation of subsidiaries. We have one subsidiary, 100% subsidiaries, FSNL. Also nicely financial performance achieved profit after tax at INR 38.37 crores. Sir, any future plan to consolidate it, if possible, throw some highlights? And second, we have the total reverse auction, efficiency and electricity price. Sir, I noticed many wind power generations are not interested to continue their productions. Due to low tariff rate, how we can assist them, if possible, for some highlights because government is still concentration in renewal energy. If possible, throw some highlights. Sir, are we ongoing in auction portal like semiconductor component, also lithium ion and biofuel, which is very most important in this present scenario, if possible, so some highlights. Sir, expected top line and bottom line performance from joint venture next to 3 years because we are very nicely ongoing from recycling because this is very most important as a waste management system also. Sir, are we also [indiscernible] at bank NPA? Sir, are we ongoing any contribution for assist for bank space asset as well as many asset reconstruction companies are ongoing, the face [indiscernible] of the company for the NCLT bank framework, if possible how are we compared this. Next in the -- how can we mitigate the challenges because mostly mentioned business risks, system risk, financial risk, legal and compliance risk and cyber security is the very high risk and policy retail-related competition, other service provider and risk-related employee workforce and breach of data protections law and also commodity prices also respected Chairman also mentioned GM portal. How can we mitigate all these challenges, if possible, for some highlights. And so our CapEx program in digital tools and digital talents for the next year, which is the very most important in our business prospectives, if possible, show some highlights about this. Also, sir, you mentioned in the balance sheet, we have financial in 93. We have value of good standard as mentioned, INR 301,591 crores trading and e-commerce. Sir, if possible, expected value of transaction next to 3 years with vehicle staffing, facility and ELV auction, total split them auction and coal mining auction, mineral block action and auction of NPA. This is a very value-added we are procuring, if possible, throw some highlights. Sir, our capital also, we are -- previously, my company rewarded with bonus share. I also eager for getting bonus share because our paid-up capital is INR 70 crores, and they serve also mentioned INR 524 crores. Also a debt for company, I am appreciated to my company's the entire management team. So in Page 114 some pending dispute may be shortlisted. And sir, if you don't mind, I am just sharing this in Page 115 claim for Indian versus bank, INR 130.23 lakh since pending 2011. And also export be purchase lender standard charter bank, which aggregating value is 1,000 -- sorry, INR 14,361.977 lakhs since 2009, '09. Sir, if possible for some highlights, we state about this spending disputed, if possible, for some highlights. And sir, in Page 136 and any chance for recovery, trade receivable, credit impaired mentioned some parties, total value is INR 384 crores. If possible, throw some highlights and also Page 143, mentioned the bad date written off INR 77 crores, sorry, possible for some highlights, any chance for recovered this amount. And also, Mr. Banaji also mentioned, our cost optimization because traveling expenses is very higher than previous year. Sir, I have full support to my company in every respect and I feel proud to be a member of this organization and very innovative, they are going appliance with the digital tools for the future of our Indian economy. And I think more innovation can go my company in top prices. It is my innovation view. Thank you, sir.

Thank you, Mr. Pradeep. Now we can move to the next shareholder, [ Mr. Pradeep Kumar Sharma]. Please unmute yourself and join.

Can you hear me?

Yes, we can hear you.

I have been a shareholder since MSTC was born. That is over half a century. So one can say that I have grown up with MSTC over in the background. A few points I'd like to only mention. Initially, MSTC was metals, scrap, grid corporation. Now that Metal Scrap portion has become small, other activities have taken over. So the name was to MSTC Limited. Now people like me can relate why it is called MSTC because, it is not a metal, scrap, grid corporation anymore. It has got a lot of activities. I have seen the company grow a few points I'd like to mention. We have got a greenfield because you've got no competition. There is no other company which is providing as many services as MSTC provided. I'm happy to note all these old maybe slightly older, slightly younger, I'm 72 years old. So I think most of people who have not retired from government service far less than next in age than me. So I can be a senior person talking to juniors. But I'm so happy that technology has been so nicely adopted. Where all these people and they are trying so far to use the latest tools. When I was President of Computer Club in Calcutta. I use to dream with things how they will happen. My dreams have been surpassed by MSTC's technical team. It is very, very important to acknowledge their role. I have seen them implementing new concepts like reverse auction, one shift like auction on Internet, on the web portal, et cetera. So even those who were so-called [ Kalwar ] Sons scrap dealers master out of bidding on the auction and then came the e-auction, reverse auction, sorry, and then came the procurement of raw materials for so many companies, particularly PSUs. Given the present scenario in the past many, so many decades of production, MSTC is a neat and clean company for selling whatever DSUs want them to sell. Last point I'd like to say MSTC has got absolutely a brilliant future because it has got hardly any competition. If it can avoid getting into the trap disinvestment, et cetera, which happened on operating. I think this company will grow by leads and bounds. And everybody can ride running horse Chairmans come, Chairmans go. [ Vankat Raman ] was a good friend of mine, [ Mr. Sign was a good friend ]. So if you listen to shareholders a little bit, maybe that will help. But I wish you the best in the days to come, where you're able to go to new fields where no other PSU is even watching or available or considering. So all the best, good luck, and I'd like to see [indiscernible] I am going to live for another 10 years. So be careful, I'm watching. Goodbye, all the best, bye.

Thanks, [ Mr. Sharma ]. We are really delighted to have you here as a speaker shareholder. And this company seems to be more yours than ours. And with that, if we can move to the next shareholder, [ Mr. Baris Rino Reddik ]. Mr. Reddik, please meet yourself and join.

Hello. Good afternoon, everyone.

Good afternoon. You can continue.

Yes. So I'm [indiscernible] calling from Hyderabad. Regarding the clarifications I'm seeking. So e-commerce division, you have given for e-retail portal and other businesses like we expect the shareholders will appreciate if you are able to give that numbers, business numbers in a segregated mode, that is at present e-commerce, all e-commerce you're giving it as a 1 number. But as all of us know, markets are giving valuation for the retail e-commerce only more than the B2B. And unfortunately, for our company, we are getting only the trading account, the company valuations of pricing multiples. So we will appreciate if you are able to give all B2C business into segregated accounting method, thereby all the -- that is your B2C e-commerce business to retail e-commerce divisions, which include your loan book, bank loan portfolios and other things, other activities platforms into a different segregated reporting method. And the second thing is, as far as -- unlike other PSUs, MS is not providing any specific guidance for the business growth for the next few years. This uncertainty is affecting the market perception, and we are getting lower valuations of further company shares. And the third thing regarding this previous year's provisions and write-offs, the backlog has been cleared? Or is there any pending or any future surprises? We want to know. So thank you for the opportunity, all the best and good luck.

Thank you, [ Mr. Reddik ]. Now we can move to the next shareholder, [ Mr. J.T. Bakshi ]. Mr. Bakshi you can unmute yourself and join.

Yes. Good [indiscernible] Chairman and both of Directors, myself [ J.T. Bakshi ], connecting from the city of Calcutta. Thanks of our Company Secretary for giving me an opportunity to express my view and presenting a detailed annual report and also to the inter-secretary department for conducting this video components in a smooth manner. So in the initial speech, you will explain the organization position. So nothing to add on this and our performance has also been good. And thanks for the dividend we have passed on INR 11.80 and interim one and the INR 3.20, the final one. Sir, regarding the MSTC has launched ALD portal for disposal of end-like vehicles for since and state governments can throw some light on this. And my earlier figure has also mentioned about the cybersecurity because this is the most alarming thing now going all over the place. So what are our thought process regarding this cybersecurity, how are we taking up the challenge? And what is our carbon neutralization plan and to -- for this green energy, how are we planning to move forward? Congrats for the CSR activity, where we have around spend around INR 3.01 crores. And regarding our vision to be the global market leader in e-commerce domain, timely throw light and also to increase the India share in global cross-border trade, kindly, if possible, throw some light also. And our -- these flagship projects have been well detailed on Pages 6 and 7. And nothing to add on this. I wish the company, our organization all the best, and we come out with much better results and reward the shareholders and same in the coming years. Thank you, sir, and [ peace ] and greetings to all present in today's video conference.

Thank you, Mr. Bakshi. Now the next shareholder is Mr. Subaska. Mr. Subaska, you can unmurte yourself and join. Okay. So Mr. Subaska has already left. So with that, we have covered all the speaker shareholder. Now I will request Chairman, sir, to reply the query raised by all the speaker shareholders. Thank you.

Yes. First of all, I'll express my thanks for all these speakers who have said very nice words for the company, for the management, our Secretary team led by Mr. Ajay Rai, Thanks to all. The questions regarding the growth guidance challenges. I mean some of the questions are common. So I'll instead of naming the speaker, I'll say. Regarding the growth, there is a very good suggestion that we should have a chapter for next 5 years, I will like to take this suggestion and include it in our annual report so that the complete growth plan and the company's vision is included in details in the company's annual report. So that the -- I mean, and the suggestion that perhaps the market is not -- taking that into account while we're in the company. So we'll include it. Here, we can say that as far as the growth, immediate growth, near-term growth is concerned, we are well poised for the good growth. We are doing a number of flagship projects. ELV portal is one of them. Government of India and all state governments combined together have more than 3 lakh government vehicles, which have -- which are beyond their life for 18 years. So right now, as we sit here, we have sold the government vehicles around 13,000 approx figures. So there is going to be a good growth in the current year as well as the next year for the sale of all these vehicles. So that will be a very good dividend for the company. our ELV recycling system, including our joint venture company, who will be getting naturally. He will be bidding and participating in the auctions to run a few actions and get the requisite raw material from that. Apart from that, we are discussing at various stages with the central government, state government, a lot of projects are being discussed. So as we finalize the major agreements, we'll let our investors, our shareholders know. And lot of agreements are being signed. Some of these are small agreements. Some of these are big agreements. So I mean, our revenue basically is not coming. What I can say is from one particular principle. Our revenue is spread over so many large principles. So that is a good also derisk also. If some -- if we lose a business, I mean as far as the risk is concerned, the competition is concerned, one of the speakers have said that there is no competition. I'll not comment. Although company has done very good. It has got a [indiscernible] position. But still, there is some competition from the private sector also. And a few government sector players also in e-commerce solution. But of course, MSTC position is very good as compared to the fairness, transparency and we face the principles the government has had has in our system. That is why we get the business. So there is some competition from all these players. But definitely, our company is striving hard to see to it that the business growth remains intact and whatever growth we have achieved in e-commerce sector in last couple of years that growth momentum is maintained. One positive thing about the company has been that we have come out of trading business, which was risky business. We are only now doing trading part in 110% BG that we have told in various meetings also. So the risk is gone. And our whole attention is towards the e-commerce. So our total energy is dedicated to the e-commerce reduction of the company is very clear. that the growth have to be in e-commerce sector. Apart from that, recycling is another area. Where we have done a joint venture with MMRPL. And we are exploring more areas in the recycling sector. As we have advised in the annual report that we are tying up with the startups also. We are tying up with the academic institutions like IIT also so that we get good business ideas from the young growth of our company, start-up of the company in recycling as well as e-commerce sector is concerned. Regarding the suggestions in CSR activity, although we have done quite a few projects in Calcutta. So we'll be continuing being headquartered in Calcutta will be continue to support the CSR activities in Calcutta. And your suggestion regarding the -- some CSR activity for visually disabled person that have been noted on, and we'll see to it how we can accommodate in our CSR activities. Regarding our CapEx plans, Current year, we have around a requirement of more than INR 100 crores in CapEx. Your company has purchased an office building in Calcutta, Delhi, we were previously operating from the leased accommodation. So we have bought an office space in International Trade Center at a trade center, which has been developed for Urban Development Ministry NBCC. So that is a major CapEx plan in this current year. So around INR 110 crores is invested -- to be spent on this -- I mean, out of this total INR 110 crore CapEx budget, majority of the CapEx will be spent on that. You will appreciate that company -- our company is a e-company. It doesn't have any factories. So there is no as such CapEx requirement for the company's normal growth. Our CapEx is in IT infrastructures. And we have upgraded that infrastructure a couple of years back. And that upgradation doesn't cost that much. To just give a very, very high CapEx. So whatever the necessary CapEx requirements are there for expansion of our activities, we are always doing it. Then the other thing is the revenue, there were a few questions about downturn in revenue so that we have already advised that it is because of the downsizing in activity of the trading. But now trading except the 110% BG. The trading is gone. And there is no leftover trading revenues left with us. So definitely, now the trajectory will be more stable. The revenues will be more stable, and we'll be striving that we are able to achieve the trend of the increase in profits. As of now, we are not having any borrowing Traveling expenses, I accept that it has increased. But if we appreciate that in the previous year, because of the COVID, there was a lot of travel restrictions. So that is why the travel expenditure has decreased considerably. Although a number of meetings are had in VC mode in our corporate office also and in the -- by field offices also. But still some personal visits and some personal touch is required even if we are visiting the government offices or private clients. So if we see the type of revenue we are having to the traveling expansion in that comparison is very insignificant sum. In fact, all these expenses, traveling expenses, entertainment expenditure, they are very, very meager as compared to the revenues of the company and the growth company is achieving in a couple of years. Regarding the legal expenses, I agree that legal expenses have been increased, but that is because of the few trading cases that were from the previous trading business. But now, I mean, we have already informed the shareholders and the stock exchanges also that we have run major case in DRAT Mumbai against standard chartered bank, where the recoveries have been quest. And we have got a refund of INR 90 crore, which was reposted with DRAT. Now all -- many of the cases are in their final stages. Litigation, we all know that is a long run process. And our efforts are to minimize the legal cases. So all these cases are all very few serious cases are there, which are recently -- which are of recent region. So those are the cases of e-commerce, which don't carry much of the significance and we are fighting those cases. This statutory -- there's a question about the statutory auditor selection. The statutory auditors are nominated by CAG. The internal auditors are selected by an open tender process by the company. Regarding the plant visit, as I have already informed that we don't have any plant as such. So as such, no plant visit can be and we said as we don't have any production and all our revenues are apart from a small portion in the trading, our revenues are for basically e-commerce. Regarding the green energy and solar energy, company in our office has installed the -- this Calcutta Corporate Office. We have a solar panels at the top of the building, which are generating energy, and we are using our office requirement. As such, we don't have much plan to expand in the solar energy over green energy as on date. Regarding the question of consolidation of subsidiary, FSNL, I would like to state that being a government company, we basically go as per the direction of the government of India, and FSNL is under disinvestment, DPAM, which is a government body is taking ahead this disinvestment plan. Regarding the portal for lithium, et cetera, I would like to highlight that essentially government has released a policy for auctioning of critical minerals. So there are 13 critical minerals. MSTC is in the process of discussion with Ministry of Mines, where all these mineral blocks will be auction on MSTC platform like other major mineral blocks. Regarding the top line, bottom line growth for our joint venture company, MMRPL. I would like to inform the shareholders that the company is doing -- I mean undertaking good growth basically. The number of vehicles received are growing exponentially. Central government had issued a policy in September 21 for ELV recycling. Now 17, 18 states have fallen -- have announced their policies. And more -- and the Prime Minister office is taking this very seriously and holding various meetings with the state governments. Now more and more state governments are coming on board and could be in the current -- by the current year, end of the current year, most majority of the state governments will be onboard in this policy. There are few challenges like one is automated testing centers, where the vehicles which are older, beyond a certain life will have to be mandatary tested by the KTS. So those are not adequate number. So the government has not been able to enforce the strict guidelines for testing of the vehicles. And the dealings are mandatory testing is getting extended because of lack of ATS. But now more or more state governments coming on loop, and more ATS are coming and could be in a year or so, there will be sufficient ATS. And all private vehicles, which are old will have to be mandatory tested. That will be the time when large number of vehicles will be available with RBSF and MMRPL will still have exponential growth. We have, as you have rightly pointed out, we have a portal for our bank NPS. We are in discussion with IBBI for sale of the assets under a CLT as and when we have some development growth -- I mean, concrete growth in this, will inform the shareholders. Regarding the cyber threats and the -- that is -- I accept it's a major challenge. And our IT team is gearing itself so that the threats which are evolving are duly mitigated. We have a very strict policy. We have an intrusion prevention systems. We have doubled farewell. We have everything in redundant mode. At every place, there is a redundancy. If one thing fails because of some attack or something or malfunctioning. The second -- the standby takes care of it. We have a disaster recovery central also in Mumbai. We are strengthening the disaster recovery center also so that we are able to mitigate any kind of cyber threat. We are not complacent in this matter, and we are continuously in touch with the industry to see to it that we have best solutions in this. Regarding the bonus shares, will go as per the government of India guidelines for the any kind of such arrangements. So although we have a good network now. So it is the decision which government will take on the basis of the [indiscernible] they have framed. Regarding one question on whether any leftovers provisions are there from trading. I like sure that there is no provision required, and we say we -- I mean, in future, we have done all the provisions that we were envisaging. So there is no provision expected from the marketing, all marketing or trading activities. There is insignificant amount of provisions may be there in the e-commerce, which will not be very significant. [indiscernible] says which will be very normal kind of thing. I'll thank especially Mr. Pradeep Kumar Sharma, who is a 50-year-old investor in MSTC and who has kept his faith. And I hope that company has duly rewarded -- he has been duly rewarded at various stages. The faith is kept in the company, on behalf of management, I will thank him and for his nice words also. And we wish you a very long life also. You are 70 years old, and we wish you a long life and hope you will be always supporting the company. Regarding the question about technology adoption. Yes, I'll accept that MSTC has a super technology very well. And the types of auction, the variety of actions MSTC conduct is unparalleled. So we can conduct any business process as per the customer's requirement, the type of auctions which suits his needs well. One question about the segregation of accounts that will be duly examined how we can meet this concern. But I'll say that MSTC is primarily B2B company. We are providing the solution for business-to-business. We have very little presence in B2C. B2C primarily, we see this bank NPA portal. So that is our B2C where the end customers are individual customers who buy the assets from the banks as an individual basis also instead of company. Most of the other businesses are B2B. We have a Jaivikkheti portal, which is a B2C portal we are -- it has not gained much traction, but we are trying to associated with ONDC, which is the government of India organization. which have a robust logistic arrangement. So we are in discussion with them. So if we -- as and when we materialize that integration with ONDC. Jaivikkheti portal will also get a good growth. Regarding the Standard Chartered Bank litigations, I have already advised that. We have won the case in high court. We have won the cases in DRT. Now the original petition is banning in the DRT Mumbai, which is being contested by us with full efforts. And we are regularly in touch with our legal team so that we get -- our contention is hard. We are making all efforts for a reduction of trade receivables. What one big portion of the trade receivable is in the associate model chip. Where basically, we get the money from the principal and after a reduction of our charges we pay to the vendor. So here, the trade receivable is basically not going -- I mean going to affect our balance sheet much. So whatever money will come, that will go to the vendors. So that is the large chunk of trade receivables. Other trade receivable from e-commerce and all that, of course, we are trying out to get that trade receivables. Regarding the Indian overseas bank, after I finish, I'll request my Director of Finance to apprise you a bit about the development in Indian Overseas Bank. Although the case, we are fighting. Yes. There's another question about the whistle blower policy. That whistle blower policy is available on our website. Anybody on MSTC corporate website, the whistle blower policy is displayed. And any person who has any concern can raise the complaint against -- in this mechanism of whistle blower policy? Regarding the global plan, definitely company has a plan. In the [ Exim ] portal for the -- our marketing companies, a lot of global players are there in the red center auctions a lot of global players are there. We are working so that we can get association with -- we are able to increase our global trade. So these were the major things that on whatever is left will cover in the replies -- written replies. Indian request our Director, Finance, to apprise you about this Indian overseas case.

Already with the permission of our on the steam shareholders, I would like to apprise that already as appearing in the notes of accounts. This litigation is going for a pretty long time and now subsidies. Basically, it is against the claim of IOB and our counter claim against the IOB. The matter is now pending with the honorable high court of Calcutta. And as it is subdued. It will be very difficult to comment upon that. So as and when any major development occurs, we will certainly let you know about the development of this case. Thank you very much.

One question about SEBI complaints. I'll request the company secretary to brief shareholders that the company has not received any campaign from SEBI though the company has received some notices from stock exchanges, both BSE and NSE and penalty has been imposed. And this has already been raised by the secretary auditor in his comment, and reply has also been provided. Thank you, ladies and gentlemen. Before conclusion, we would like to say that the combined result of remote voting and e-voting, the result will be declared in accordance with the provisions of the company's act 2013 and will be uploaded on the company's website as well as on the Indian Stock Exchange website. Ladies and gentlemen, the business of the 50th General Annual Meeting being over. I, with the permission of Chairman would like to declare the meeting concluded. Results will be declared within 48 hours from the conclusion of the meeting.