National Aluminium Company Limited (NATIONALUM) Earnings Call Transcript & Summary

Very good morning to all -- one and all, respected CMD, sir, all directors, representatives of the President of India, shareholders, statutory auditors, cost auditors, secretary auditors and scrutinizer, who all are attending this 30th annual meeting of the company through virtual mode due to COVID-19 pandemic situation. I hope you and your family members are staying healthy and safe in this unprecedented pandemic situation. In view of the prevailing situation due to COVID-19 pandemic requiring social distancing, Ministry of Corporate Affairs has advised all companies to conduct their AGMs through video conferencing or other audio virtual means. Accordingly, NALCO is conducting its 40th AGM in virtual mode. On behalf of NALCO, I take this opportunity to welcome you all to this particular AGM of your company. Members, including the nominee of the President of India, present through virtual mode constitute valid quorum in terms of the relevant circulars issued by Ministry of Corporate Affairs, constitute valid quorum as per Article 42 of the Articles of Association of the Company. I request our Chairman-cum-Managing Director to chair the meeting in accordance with Article 44 of the Articles of Association of the Company and commence the proceedings of this AGM. Before the commencement of the proceedings, as a customary, may I now request all the members, all representatives in this auditorium to pay tribute to our beloved organization. And in this connection, we request everybody to kindly arise at their respective places as we play the NALCO anthem. [Presentation]

All statutory registers maintained under the Companies Act, 2013, have already been uploaded in the website of the RTA, that is M/s. KFin Technologies Private Limited, and the same are kept open and accessible to all members of the company. E-voting in the Instapoll is now open for all shareholders who have not cast their votes through remote e-voting. Now may I request Chairman to commence the proceedings of this meeting?

Good morning to one and all. I feel privileged -- Annual General Meeting of the company. I introduce all functional directors. To my right is Shri Radhashyam Mahapatra, Director, HR; and to extreme right, Shri N. K. Mohanty, Company Secretary; and to my left, the Shri M.P. Mishra, Director, Projects and Technology; additional charge, Director, Finance; and to my extreme left, B.K. Das, Director, Production, and additional charge, Director, Commercial. Shri Sanjay Lohiya, IAS, Additional Secretary, Ministry of Mines; and Shri Satendra Singh, IAS, Joint Secretary, Ministry of Mines, Part-Time Official Directors on the Board, are not able to attend the meeting due to their preoccupation. At present, there are no independent directors on the Board of the company and Statutory Committee, that is Audit Committee, Stakeholder Relationship Committee, Nomination and Remuneration Committee are not in place, and positions of the Chairman of this committee [ are lying back in ]. Esteemed shareholders, I extend hearty welcome to all of you to the 40th Annual General Meeting of your company, marking 4 decades of business excellence since we began our journey in 1981. On behalf of the Board of Directors, I would like to sincerely thank you all for demonstrating your keen interest in the company and joining the meeting through virtual platform. In the last 4 decades, your company has come a long way in the service of the nation and powering India's mineral security. The directors' report, audited accounts and auditors' report for the year ending on 31st March 2021 have been shared earlier through e-mail. And with your permission, I take them as read. I hope that you are doing well and keeping safe and healthy. Before I deliberate on various aspects, let me take this opportunity to pay our sincere gratitude to each and everyone working at the frontline: the medical community, sanitation workers, essential service providers and all other agencies who are working diligently to be there for combating the pandemic in order to make the world safer. The year 20-21 has been a year of accomplishments for your company. It will go down as one of the most successful years in the company's history despite the extremely turbulent challenging business environment. During this unprecedented time since the outbreak of COVID-19 pandemic, the world is going through a public health crisis. The spread of COVID-19 virus has presented extraordinary challenges to the global economy and human livelihood. Company is not exception to that. In spite of an extremely turbulent environment, coupled with volatile nature of LME prices, subdued demand for metal, we have made steady progress by focusing on 5 Ps: production, productivity, people, projects and profit. Even the LME was at rock-bottom in Q1, around USD 1,457, that is the lowest in last 8 to 10 years. But with strategic initiatives, financial reengineering, along with effective procurement strategies, led to a landslide improvement in the bottom line of the company. Adopting sustainable business practices has always been at the core of every aspect of NALCO's business. During this pandemic, your company has also taken proactive measures to prioritize the health of its employees and their family members. Safe and healthy working environment is a prime motto. The company's strong sense of commitment for the society and the inclusive approach while reaching out to people, the central and state government during this pandemic has helped your company generate immense goodwill. Before I take up the agenda for today's meeting, I would like to take this opportunity to apprise you on the economic scenario, both domestic and global, pertaining to the aluminum industry, in particular, and on your company's achievement and performance during the financial year 20-21. Global alumina and aluminum scenario where the company is playing its main business, prime business. In case of alumina, global production grew year-on-year basis at the rate of 2.41%, whereas the consumption grew year-on-year basis at the rate of 2.36%. Production is higher than the consumption. It resulted to surplus stock available. Inventory in the market, 0.67 million tonnes surplus during the first half of the year 2020. 0.11 million tonne deficiency was observed in the second half of the calendar year 2020. The price initially for alumina, it was USD 233 in April 2020. And at the year-end, it improved marginally and decreased around USD 291. During August, it was hovering around USD 305. The global alumina price had not shown a substantial growth despite of favorable LME movement for the metal price. Many factors attributable for such. During the pandemic, the ports experienced congestion, nonavailability of the vessels, increase in the freight rates, subdued demand, et cetera, and supply favorable conditions, the price of alumina could not move at par with metal price. So far, global aluminum scenario is concerned, the production year-on-year basis was 2.31%, whereas the consumption showed a reverse trend. It decreased by 2.66%. So the supply-demand gap between the production and the consumption widened. Inventory in the market, 1.83 million tonnes surplus during 2020 and 0.11 million tonnes deficiency during second half of the year 2020. The price of aluminum metal were the lowest since last 10 years. It reached around the rock-bottom price of $1,457 in April 2020. But gradually, it recovered. That price is not sustainable for any smelter or any industry engaged in smelting. Average LME in August, it is around $2,611. Market fundamentals are presently strong. China has made production for aluminum due to power cut. Demand outside China is expected to grow 14.4% year-on-year basis, and Chinese demand is expected to grow 6.3%. Domestic outlook. After COVID pandemic declared, with effect from 22nd March 2020, the demand nosedived, resulted inventory accumulation. [indiscernible] given with focused attention on export by liquidating the stockpile. These have remunerated the company when the cost of production was lower, demand was subdued. Decision was taken -- conscious decision was taken that to continue the production with the hope the market will be corrected because the prevailing price was not sustainable and that decision has remunerated the company. When the raw material chemical prices were lower, cost of products somewhat made were lower and continuous product somewhat made despite all challenges the company placed during the COVID. And we have sold the product at a higher LME price when the price was moving upward. And the scaling of new height. Some strategic decisions were taken, so history has been created. Highest-ever bauxite production, 73.65 lakhs production had been achieved in this pandemic year against highest-ever previous record of 73.02 lakhs. Highest-ever calcined alumina monthly produced 2 lakhs, 14,000 in the month of March 2021, which has surpassed all record of past, 2 lakhs, 13,000. Despite COVID impact, alumina production, we have achieved 20 lakhs, 85,500, which is 99.3% of normative alumina production. It is pertinent to state here that during April to September, due to COVID regulation, almost manpower deployment was reduced by 1/3. Despite of restricted manpower deployment, logistics constraint, subdued demand all-out efforts were made. No stone were left unturned to continue our production and achieve the maximization which every NALCOnian showed the ordinary people with extraordinary attitude. Metal produced during the year, 4 lakhs, 18,522, which is higher than the metal produced in the immediate previous year which was having a normal year of production. And the company again declared as the lowest cost producer of alumina and bauxite by Wood Mackenzie report 2020. During this pandemic, the global demand was lower, domestic demand was subdued, focused attention was given to give thrust on a project more to enhance export, and company has made the highest-ever export of metal, 1 lakhs, 92,174 metric tons against the previous size of 1 lakh, 46,947. Additional facility has been commissioned at the Visakhapatnam port for loading, unloading. So simultaneously, loading and unloading can be made. Loading of our cargo and unloading of caustic soda, both, can be taken simultaneously. And so far financial performance is concerned, the sales turnover registered a growth of 5% over the previous year. The company achieved INR 8,869 crores sales revenue in the current fiscal against INR 8,426 crores corresponding immediate previous year. The PBT registered manyfold increase. In the year '19-'20, the company registered a PBT of INR 226 crores, whereas in the year '20-'21 pandemic year, the company got a PBT of INR 1,317 crores. That ninefold increase, in the year '19-'20, it was INR 138 crores. But in the current year, '20-'21, the company registered a PAT of INR 1,299.98 crores. Strong operational performance by all the units, mines, refinery, CPP, smelter, could make this possible. Strategic action plan, cost optimization, financial reengineering made possible by the stellar performance, the credit goes to all the workforce, all the NALCOnians. The company had achieved its CapEx target more than 100%. Against INR 112 crores investment targeted, the company had made INR 1,024 crores CapEx expenditure, which includes INR 36 crore equity investment in the JV company, GACL Limited. The company has signed a DPE CPSE MOU with the Administrative Ministry. And based on the financial performance with reference to the audited accounts and the physical performance actually achieved, the provisional MOU score, which is self-evaluated, falls under the excellent category. And the final evaluation by the DPE is under process. Raw material security. In both Central and North Block of Panchpatmali Bauxite Mines is having valid mining lease up to 16 November 2032. South Block is having 19 July 2029. Both the mines are operational, which supplies the feed bauxite to the refinery uninterruptedly. Government has allotted Pottangi Bauxite Mines, having 75 million tonnes of extractable reserves. Statutory clearances and other things are under process with the existing operational mines. And the Pottangi Mines were operational. Your refinery will secure for next 25 to 30 years. Your company is having steam power plant at refinery, treated refinery and captive power plant at Angul adjacent to the smelter. Around 8 million tonnes of coal is required as a fuel for uninterrupted production and continuous production. Your company is having FSA fo around 6 million tonnes and bridge linkage of 0.89 million tonnes, thus total FSA and bridge linkage constitute around 87% of the annual fuel requirement, which is also a greater security. Utkal-D and E have been allotted. All clearances of Utkal-D are in place, and company is quite hopeful to operationalize Utkal-D and to fast track both. Utkal-E statutory clearances are under process. Once these coal blocks are operationalized, the coal security will be further strengthened, and it will add to the bottom line as it will result in cost savings in comparison to the coal purchased from the coal-supplying company, MCL, and different subsidiary of CIL. And major projects, fifth stream refinery. The fifth stream refinery of 1 million tonne capacity expansion is under process. Major packages having longer lead times and project priorities, valuing INR 2,800 crores have already been awarded and other packages, not on the critical path, tendering of are in different stages. The estimated CapEx is INR 6,435 crores based on 2018 price level. Restrictive manpower deployment due to COVID restriction, logistic constraint, travel restriction of foreign consultants and foreign representatives of the vendors and demobilization of workforce from the site has affected the project progress to some extent. Constant persuasion and follow-up, again, gain momentum, and the company is quite confident with close persuasion will commission the plant in its normal schedule. Pottangi Bauxite Mines, 75 million tonnes extractable reserves, and various statutory clearances are under place and some are under process. And company is quite hopeful that the same will be a personalized sync with expansion project. At the backward integration and one step for encouraging [indiscernible], company has made various initiatives. Angul Aluminium Park, the company is a JV partner, and the park activity is nearly completion. It is a joint venture company with IDCO, a Government of Odisha state-owned enterprise. Once the park is made operational, the customer will be at doorstep, and it will result value addition at our plant vicinity. Caustic soda, a principal raw material for refinery, without -- which is considered as a lifeline of refinery, without which the entire further process will be stalled. As a backward integration, company has partnered with JV company, with GACL, for setting up a caustic soda plant at Dahej, Gujarat. Having 2.7 kilo lakh tonnes of production capacity, the plant will be commissioned, expected in December to February so that it will give a raw material assurance -- confirmed assurance which will add further strength for continued production of refinery. Your company has formed a JV with MIDHANI, a CPSE under Ministry of Defense, for setting up 60,000-tonne high-end alloys in Andhra Pradesh. Consent to establish had been recently obtained. Action has been initiated for engagement of EPCM consultant and technology providers. And once it is commissioned, the bottom line will increase substantial as the profit margin of this product is much higher than the normal primary product. And the national mineral security, one step taken by the company, a JV company has been formed in the name of KABIL, Khanij Bidesh India Ltd. Intent behind such formation is to make mineral security of 12 strategic minerals as required by the government of India. NALCO, along with other CPSEs under the Ministry of Mines, like HCL, MECL, all other co-venturers on the partners in this JV. Research and development is indispensable in the present arena. Now the COVID has [ startled the nation ] that you must treat or change your operation into an automated basis, digitalize more so that this type of pandemic operation will not be affected. The company has already started activities to digitalize and implementation of industry for evaluation in some of the production plants, selective sections on a trial basis. Research and development in-house is intensified. And various patents -- 21 patents have been approved to the company, 8 have been commercialized. And the core focus or thrust is given to make research related to aluminum sectors and waste management and value creation out of waste like red mud. The company, in association with JNARDDC, different IITs, NITs and CSIR, has been taking various measures and steps for intensifying the research and development. The company has paid dividend. In the year '19-'20, the company earned a profit of INR 138 crores, but it paid 200% of the PAT on the dividend in the year '19-'20. INR 274 crores dividend was paid. In the current fiscal, already at the rate of INR 2.50 per share, INR 460.61 crore dividend has been paid in 2 tranches. And the Board has recommended final dividend at the rate of 20% of the past value, that is INR 1 per share, subject to approval of the shareholders in the Annual General Meeting. So the interim dividend paid in 2 tranches, and the proposed final dividend will result in total dividend payout of INR 644.27 crores, which is 50% of the PAT on during the year. As per the DPE guidelines, DIPAM guidelines, the company made buyback of shares. The process was completed on 17th March 2021. And after buyback, the share capital stands at INR 918.32 crore, and Government of India holding is around 51.28% against 51.5% earlier. Procurement from MSME and through GeM, your company has procured 30.42% of the total procurement from MSME against 25% target. And the company has also taken all-out efforts to purchase through GeM. Goods and services valuing INR 343.19 crore has been procured through GeM during the current fiscal '20-'21 against an insignificant amount of INR 8.42 crores procurement of goods and services made in '19-'20. Various efforts have been made to fight against COVID because the philosophy, safe working is the best working, so company has taken, as a responsible corporate citizen, various steps to fight and combat against COVID-19. We have funded 200 bedded at Nabarangpur, the undivided Koraput District, where the company mines and refinery is located in that district; 150-bedded COVID hospital at Angul in association with ESIC; 250-bedded COVID care center, one at Angul, one at Damanjodi; 20-bedded COVID care center at Bhubaneswar, and we have provided financial assistance to Saheed Laxman Nayak Medical College at Koraput for converting the hospital into a COVID hospital which will be helpful for the public in general. And a 25,70,000 capacity -- vaccine-carrying capacity, high-end refrigerated truck has been provided to the government. Ventilator ambulances have been provided to rescue the needy patients. Oxygen plants have been provided at different places of the country. DG sets have been provided to all oxygen plants in those states, ensuring continuous oxygen supply to different parts of the country. Vaccination program had been intensified. Workers, employees have been given vaccination, and their family members are also extended. And apart from this, various other activities, like sanitization of the periphery area, villages, local area, hospitals, have been undertaken. Dry ration have been provided. Various measures have been taken. Financial contribution has been made to PM Care Fund and CM Relief Fund. So as a responsible corporate citizen, to maintain safe working environment, all efforts were taken inside the towns for sanitization and awareness development, vaccination so that we could be able to produce uninterruptedly, and a stellar performance could be achieved. Environment,safety, occupational health is also adopted considering 4R principle, reduce, reuse, recycle, redesign, in the area of air pollution, water pollution, waste management and resource conservation beyond the call for regulatory compliance. All production units of your company are certified to International Standards on Management System and Energy Management System. Various measures have been taken for harvesting rainwater and encouraging renewable energy. Your company continued to maintain a cordial industrial relations culture during the year '20-'21, despite challenges faced due to outbreak of COVID-19 pandemic. As a responsible corporate citizen, we care, we share, we grow with all our stakeholders and villagers, periphery, all our surrounding people. NALCO believes in promoting inclusive growth and equitable development. Your company has undertaken various CSR activities, giving special focus to the team-based CSR activities are declared by government of India from year to year. And this year, health and nutrition is the theme, so major COVID aspects have been taken. And the focus area of CSR in health, education, women empowerment, skill development aligned with the national requirement. And 2 policies of the company, Nalco Ki Ladli, giving scholarship to the tribal girls for continuing education; and Indradhanush, providing education to the children of the periphery villages of the undivided Koraput District have been well appreciated. And the outcome of this will go a long way, creating education of future generation who will be the strength and backbone of the nation. Your Board has been strengthened with the induction of Shri Manasa Prasad Mishra as Director, P&T; and Shri Bijay Kumar Das as Director, Production, with effect from 1st November 2020 and 1st December 2020, respectively. Shri Sanjay Lohiya, IAS, Additional Secretary, Ministry of Mines, joined the Board as Part-time Official Director with effect on 9th November 2020. As of today, the Board comprises of 6 directors, 4 functional directors, including chairman and managing director; and 2 part-time official directors. While director P&T is holding additional charge of director, finance, with effect from 1st March '21, director, production is holding additional charge of director, commercial from the same date. Corporate governance encourages a trustworthy moral as well as an ethical environment. All-out efforts are being made to make compliance of all corporate governance guidelines. Awards and accolades. The company has been recognized by various reputed institutions, organizations for its stellar performance: the PSE Excellence Award in recognition of Excellence in CSR activities; CII-EXIM Bank Platinum Award for Business Excellence in recognition of company's smart strategy and implementation of best management practice in Alumina Refinery; Captive Power Plant in Angul bagged the Best Energy-efficient Power Plant-Coal in eastern region; Alumina Refinery in Damanjodi was awarded for Best Environment, Health and Safety practice in industry by CII; NALCO was awarded Certificate of Excellence under the public sector category at the national-level Odisha MSME Trade Fair '21. Before concluding, I take this opportunity to thank each and everyone who have contributed and played their roles in the improved performance of the company. I, on behalf of the Board, would also like to acknowledge the unstinted support provided by the Government of India and Government of Odisha. We'd like to sincerely thank the Ministry of Mines, Government of India, for providing the impetus in advancing the interests and supporting the growth of your company. We also acknowledge the corporation extended by various other ministries, particularly the Ministry of Environment & Forest, Ministry of Coal, Department of Public Enterprises, various other departments, statutory agencies of the central government as well as the state governments. I also sincerely thank the Government of Odisha for supporting the growth of the company. I would like to place on record our deep appreciation for the support extended by the Comptroller and Auditors General of India, Indian Railways, Mahanadi Coalfields Ltd, auditors and other government agencies who have wholeheartedly supported your company. I would like to express my heartfelt appreciation to our esteemed shareholders, investors, customers, suppliers, bankers, consultants and business associates for their unwavering support. Your company is also thankful to the people residing in the periphery of our project sites for their support and providing a conducive environment for us to operate. I convey my appreciation to my colleagues on the Board and all employees for their invaluable contribution towards the growth of the company. Here, I would especially like to acknowledge the NALCOnians and their family members for their sustained support, even in the wake of the COVID pandemic. The extraordinary results that ordinary people can achieve have been demonstrated by all NALCOnian collective together. We can deliver best to reach at a greater height, I urge each and everyone to continue their fullest support for enabling the company to create new performance standards and reach to a higher height of success. I have no doubt that, together, we can achieve more, and no dream is too big. With this belief, I once again convey my best wishes to you, your family members and to all our stakeholders. And this is the mantra we recite at NALCO: Arise away. Don't give away until we achieve. So we aim high, and we'll perform high. Thank you. [Foreign Language] The directors' report is with you for some time now. With your permission, I take the same as read. The Chairman's speech will be uploaded after the completion of the AGM. Company secretary may guide the members regarding the proceedings of the meeting under the auditors' report as required under Section 145 of the Companies Act, 2013, and secretarial auditors' report. Company secretary?

Sir, thank you very much. This particular AGM of the company is held through VC in accordance with the applicable circulars issued by MCA and SEBI. So physical presence of members have been dispensed with. And consequently, the facility for appointing proxies in this meeting is also not available. Holding AGM through virtual mode has facilitated all our interested members to attend this meeting, irrespective of their locations. All the members who have joined this meeting on virtual mode are placed by default on mute mode by the host, RTA, M/s. KFin Technologies Private Ltd., to uphold any kind of background disturbance and to ensure smooth and seamless conduct of this meeting. [ Registered ] speakers have registered in this portal to speak in this 40th AGM of the company. Once the name of the speaker is called out, the person shall be unmuted by the host to enable him to speak. Before speaking, the shareholder is requested to click on both video and audio icons appearing on the screen. All speakers are requested that, while speaking, they may use earphones so that the voice is clearly audible. Any noise in the background should be minimized, and this would ensure that no other applications are running in the laptop or mobile being used for the purpose. It's also recommended to use stable WiFi or LAN connection to mitigate any kind of technical glitch. Due to posit of time, the speaker will be allowed for 2 to 3 minutes maximum to speak or express his or her views and ask the questions. After that, the host will mute the speaker, and the next speaker will be given opportunity to speak. In terms of Section 108 of the Companies Act, 2013, and rules made thereunder as per section Regulation 44 of SEBI (LODR) Regulations, 2015, remote e-voting facility was provided to all members who are holding the shares as on the cut-off date that is 25 September 2021. Remote e-voting platform was provided by the registrar, that is KFin Technologies Private Limited. The voting period was kept open from 9 a.m. on Monday, the 27th September 2021 till 1700 hours on Wednesday, the 29th September 2021. The e-voting platform, Instapoll, is kept open for voting by members who could not cast their votes through remote e-voting platform. I hope the eligible and interested shareholders have cast their votes. If not voted, they may exercise their votes now before the meeting comes to an end and the following businesses placed before the meeting and as enumerated in the notice sent to all the shareholders. I'll go straight out to the businesses one by one. Resolution #1 of the ordinary business, to receive, consider and adopt the audited financial statements, including audited consolidated financial statements of the company for the financial year ended 31st March 2021, the reports of the Board of directors and auditors thereon. Ordinary business #2, to conform payment of first and second interim dividend and declared final dividend on equity shares for the financial year ended 31st March 2021. Ordinary business 3, to appoint Director in place of Shri Radhashyam Mahapatro, having DIN number 07248972, who retires by rotation and being eligible, offers himself for reappointment. Coming to the special business 4, to appoint Shri Manasa Prasad Mishra, having DIN number 08951624, as Director, Projects & Technical of the company. Special business 5: to appoint Shri Sanjay Lohiya, having DIN number 07151125, as Director of the company. #6, to appoint Shri Bijay Kumar Das, having DIN number 08984700, as Director, Production of the company. 7, to ratify the remuneration of the cost auditors for the financial year ending 31st March 2022. M/s Deba Mohapatra & Co. Company Secretaries were appointed as the scrutinizers for both remote e-voting and e-voting at Instapoll. In terms of Section 145 of the Companies Act, 2013, the independent auditors' reports, both stand-alone and consolidated, are not being read since there are no qualifications, observations or comments of the statutory auditors on the financial statements. However, the qualifying remarks of the secretarial auditors in their report and the management's explanation on the same are being read out. The qualifying remarks reported by the secretarial auditors in the report for the financial year ended 31st March 2021 and the explanations of the management are highlighted below. The qualifying remark 1, composition of the Board. As for provision for Section 149(1)(b) of the Companies Act, 2013, every listed companies shall have at least one woman director on the Board. Further, as per Section 149(4) of the Companies Act, 2013, 1/3 of the total strength of the Board should be independent directors. During the year under review, the company did not have the requisite number of independent directors at any point of time. Further, there is no independent director on the Board with effect from 9th September 2020, including at least one woman director. And the position remained vacant till 31st March 2021. Accordingly, the composition of the Board is not in compliance with the provisions under Section 149(1) and 149(4) of the Companies Act, 2013. As per the Regulation 17(1)(a) of the SEBI Regulations, not less than 50% of the Board of Directors shall comprise of nonexecutive directors. Further, as per Regulation 17(1)(b) of the regulations, if the listed company doesn't have a regular nonexecutive chairperson, at least half of the Board of Directors shall comprise of independent directors. As on 31/3/2021, managing directors, that is part-time official directors, constitute 33.33% of the total Board strength. The company did not have the requisite number of independent directors at any point of time. Further, there are no independent directors on the Board, with effect from 8th September 2020, including at least one woman director, and the position remained vacant till 31st March 2021. Accordingly, the composition of the Board is not in compliance with the provisions under Regulation 17(1)(a) and Regulation 17(1)(b) of SEBI Regulations, 2015. The management explanation is the company had 2 independent directors, including 1 woman independent director, at the beginning of the financial year. And the tenure of these 2 independent directors ended on 5th September 2020 and 7th September 2020, respectively. President of India is the appointing authority for directors as per the Articles of Association of the Company. Matter has been taken up with the Administrative Ministry for early appointment of requisite number of independent, including woman director, for compliance with the provisions of the Companies Act, 2013 and SEBI Regulations, 2015. Qualifying remark #2, regarding board meeting. As per the provisions on the SEBI Regulations, the quorum for every Board meetings shall be 1/3 of the total strength or 3 directors, whichever is higher, including at least 1 independent director. In the absence of independent directors on the Board with effect from 8th September 2020, the meetings of the Board were held on 11th November 2020, 18th November 2020, 27th January 2021, 12th February 2021, 15th March 2021 and 23rd March 2021 were without valid quorum. The management explanation for the above is there were only 2 independent directors on the Board at the beginning of the financial year. These 2 independent directors cease to hold their office with effect from 5th September 2020 and 7th September 2020, respectively. There were valid quorum in the Board meetings held on 26th January 2020 and 4th September 2020. Though the required number of directors were present in the subsequent meetings in the year, but the quorum did not have any independent directors. President of India is the appointing authority for directors as per Articles of Association of the Company. Matter has been taken up with the Administrative Ministry for early appointment of indecent directors for compliance with the requirements under SEBI (LODR) Regulations, 2015. Qualifying remark #3 regarding Audit Committee. The Chairman of the committee did not have accounting or related financial expertise as required under the provisions of the act and SEBI Regulations. The committee did not meet minimum 4 times during the year under review as required under the act as well as SEBI Regulations. The management explanation: There were only 2 independent directors on the Board at the beginning of the financial year ending -- financial year against the requirement of 7 independent directors. None of these 2 independent directors were having accounting or related financial expertise as required under the provisions of the act as well as SEBI Regulations. With the available 2 independent directors, 2 Audit Committee meetings were held on 26th January 2020 and 4th September 2020. These 2 independent directors ceased to hold office with effect from 5th September 2020 and 7th September 2020, respectively. In the absence of independent directors, the Audit Committee could not be reconstituted. And hence, the requisite number of meetings of the Audit Committee could not be held. President of India is the appointing authority for directors as per Articles of Association of the Company. Matter has been taken up with the Administrative Ministry for early appointment of requisite number of independent directors for compliance with the provisions of Companies Act, 2013, and SEBI (LODR) Regulations, 2015. After appointment of independent directors, the Audit Committee would be reconstituted to comply with the provisions of the company act as well as SEBI guidelines. Qualifying remark #4 regarding the Nomination and Remuneration Committee. As per provisions under the SEBI Regulations, the committee should meet at least once in every year. However, the company has not met during the year under review. The management's explanation for the same. There are only 2 independent directors on the Board at the beginning of the financial year, a president of office and these 2 independent directors from the Board with effect from 5th September 2020 and 7th September 2020, respectively. The Nomination and Remuneration Committee could not be reconstituted. And hence, the meeting of the Nomination and Remuneration Committee could not take place. President of India is the appointing authority for directors as per Articles of Association of the Company. Matter has been taken up with the Administrative Ministry for early appointment of requisite number of independent directors for compliance with the provisions of Companies Act, 2013, and SEBI (LODR) Regulations, 2015. Now I request the moderator to facilitate the esteemed speakers to put forth their valuable views or queries. Moderator, please?

Thank you, sir. All the queries of the speakers would be addressed by the management of the company. And if the same could not be addressed immediately, the esteemed members would reply in the registered e-mail address. Sir, now I invite our first speaker, Mr. [ Hiranand Motwani ]. Mr. [ Motwani ]?

Yes. I'm here. I'm speaking from Kalyan. It is great pride and privilege for me to join you, people. I am shareholder for the last 23 years. I used to come there but certainly could not. But I today feel pride to join you from this near Mumbai, Kalyan. It's a great pleasure. Gentlemen, this company has a very good attraction to me, very sentimental because core sector aluminum. But company has not rewarded the minority shareholder. There's ups and downs in your organizations. Very rich company, doing all -- I've seen your balance sheet. I studied your balance sheet, in so many years, I studied. I -- there's -- particularly the email, I couldn't read. But certainly, I keep your balance sheet in my cupboard and read some time how the future growth and the future prosperity will come because this is -- aluminum is a very core sector. Demand, supply increased. Certainly, your profit is 138 last year, 1,300. I fail to understand this. This is a very big jump. But last year, it's accounting some provision or that. Please explain. I cannot expect this. There should be 25%, 26% to 30%, 40%. But 138 is -- the government company is showing something otherwise. Please explain this accounting, particularly the profit concern. And particularly, I hear the dividend. It should be kept enhancing because we keep this company a very attractive investment purpose. Yes. But this bonuses certainly should come at this juncture. Recall last time some [indiscernible] long back. Can you elaborate when the large bonus will come -- bonus given by the company and how the future company will reward the minority shareholder?

Thank you, sir. Now I invite our next speaker, Mr. [ Mannan S. Patel ]. Mr. [ Mannan S. Patel ]?

Congratulations for the very good set of numbers last year in spite of a very difficult year. So I would like to congratulate the management for the performance. Sir, my questions are -- first, on the alumina side, you mentioned briefly in your speech that alumina prices are not increasing in line with the LME. So I wanted to understand, why is this the case? Because I understand at least alumina should be 15% to 17% of the aluminum prices. So aluminum prices going to almost 3,000 levels but alumina still at $300. So can you please throw some light on what is the current price of alumina? And do you expect alumina prices to go up in the future? Sir, second question on the cost. Raw materials are increasing. So I want to understand first on the CPC side. So what is the current cost of calcined petroleum coke and also the availability? So when we expand our smelter because Supreme Court has put a cap on the import of CPC, so I would like to understand, what is the current pricing -- price of CPC, the trend and the availability of CPC, when we will expand? Similar questions on the coal tar pitch. So I understand the coal tar pitch is also going up substantially. So again, what is the price? And what is the kind of trend do you see on coal tar pitch? Sir, on the coal side, the coal has -- we have seen shortages again in coal, and we have been reading articles in newspapers that there have been substantial shortages. So while we are doing a lot on Utkal, but we have heard since quite some time that Utkal - E will come online. But last year also in the AGM, you mentioned that within this...

[ Mannan ], can you wrap up this session, sir? You're way past your...

Sir, I'll just take 1 more minute. So I would like to understand what is the progress on Utkal and why it is not progressing because last AGM also, we said the same thing, that it will be operational soon, but we have no concrete time lines and -- on when will the Utkal block come online. And sir, lastly, I would like to understand, what is the revenue potential from the GACL JV? I understand it will be operational very soon. So I want to understand what is the revenue potential from GACL JV or if there are cost synergies accruing from that. And how will all the input increases affect our margins going forward?

Now I request our next speaker, Mr. [ Vinod Motilal Agarwal ]. Mr. [ Agarwal ], looks like he's not joined. So now we move on to our next speaker, Mr. [ T.V. Chalapathi Rao ]. Mr. [ Chalapathi Rao ]?

I would like to know, what will be the impact on the earnings per share, sir, when the new aluminum capacity comes online? I would also like to know, what is the future outlook of -- the opinion of the management team on the future outlook of the aluminum prices in the medium to the short term? The next question is basically what is the status of the aluminum metal capacity expansion plans because we have been hearing various reports on that. I would also like to know that are we still buying power from outside for our smelter and for our refinery, and if that will be the case, what is the reason for that? Because I think we have enough power capacity in our power plant. I would also like to know, what is the current cost of production of aluminum metal?

Now we move on to our next speaker, Mr. [ Dinesh Gopaldas Bhatia ]. It seems Mr. [ Bhatia ] has not logged in. And we'll now move on to our next speaker, Mr. [ Saket Kapur ].

Yes, sir. Sir, as has been the earlier request also, Chairman [indiscernible], and also, if you could remember the last TV interview on CNBC wherein our metal analyst, [ D.R. Nigel ], did pointed out to the request of analyst con call. Sir, AGM is a platform for investors to participate. But in a dynamic world and with so many changes happening in the metal industry, quarterly numbers are -- when are mandated to be presented to the investor, there should be business updates. So you are coming up on televisions. They're giving us the right feedback. But conference call, press releases, volume data, margins, profile, environment, everything is very -- could be very helpful, sir. So my suggestion to you is to look forward into our -- to look forward to our request of holding regular conference call. Yes, that's all. I will come again, sir.

Now I'll move on to Mr. -- our next speaker, Mr. [ Barthi Saraf ]. It seems that he has not logged in. Now we move on to our next speaker, Mr. [ Santosh Kumar Saraf ]. He, too, has not joined. So now we move on to our last speaker, Mr. [ Mano Jay Vagadia ]. Sir, he seems also not joined. With that, all the shareholders who have reached out to speak and currently available to speak are given an opportunity to speak. I now hand it over back to the Chairman. Thank you, sir.

Our -- one of the esteemed shareholders, Mr. Santosh Kumar Saraf, he also conveyed a mail that in case due to connectivity problem, I'm not able to...

Hello? Hello? I am...

So the mail, I'm just going through the mail which they have exchanged. I'm just going through their questions. Part is the CapEx plan of the management for the next 3 years to increase growth and income of the company. Kindly let me know the order book position at present and new product introduced during the year in market. Kindly let me know the steps taken to fulfill the vision of local for vocal and AatmNirbhar Bharat. Finally, let me know the steps are being taken to enhance the brand India image of our product in global market. Kindly let me know the steps taken to reduce or stop the usage of single-unit plastic. What steps are being taken for rainwater harvesting? Kindly let me know the steps taken for renewable energy source. What steps are being taken to increase percentage of female employees? And what is the number of new female employees added during the year ended 31st March? Kindly provide the details of geographical diversification of our employees, join-wise, gender-wise, age-wise, distribution, casual, contractual employees. Kindly let me know the percentage of employees including casual and contractual employees. Lastly, I wish for all our Board of Director, managerial person, employee and all other stakeholders and their family happiness, wellness and prosperity. Kindly let me note the amount saved in video conferencing comparison to physical meeting. In case of any technical reason or other unavoidable circumstances, if by chance I cannot participate for the video conferencing on the day, please consider this as my above views and queries to be placed in front of the Chairman or management for the record and replay in the Annual General Meeting. So with this, all the stakeholders who have registered their queries, we have noted. And I would like to place the facts for better appreciation of all the stakeholders. And the past observation of one of our esteemed stakeholders was '19/'20, 138 crores profit, and '20/'21, it is 1,300 crores profit. Just I will explain that any sort of aluminum primary metal producers, the product is sold based on the LME market price. So the margin between the cost and LME market price is very insignificant. Whatever cost drive or optimization you make, that is your savings. '19/'20, the price of metal was -- reached rock bottom price of 1,457. USD 1,457 per tonne can never be feasible for any smelter in Asia Pacific region because as we are using the thermal power as well as the gas-based power and 40% of the metal production cost is normally the power cost. So it was a known fact that with 1,457 LME price, it will not be possible to earn profit or it will not be possible to sustain. Up to third quarter, we sustained losses. And fourth quarter, some measures were taken. And the price correction started, and it reached around 2,100 by the end of this fiscal year. So marginally 138 crores profit to your order. And in the current fiscal '20/'21, from 138 crores, it jumped to 1,300 crores. And it was a pandemic, so it was a tough challenge on the part of the management that how to ensure our profitability and how to increase our profitability. So all our efforts are made from sales strategy, from cost optimization, cost reduction and other income, which will add to the corpus, it was also explored. And the major factors, I will just brief 2, 3 major factors. Earlier, it was transported by road, and there was a demand of the local periphery people to transport by road. But the company took a strong stand to transport by rail. So the trade difference also has resulted in saving considerably. And the production, which continued in the year '19/'20 despite of lower cost of production, we were confident that this price is not feasible. And in the next fiscal, definitely, the price will move because it will not result the smelters feasible. So inventory carrying cost at present, investment in the bank or anything, hardly remunerating 4% to 5%. So the management took a strategic decision. We'll bear the inventory carrying cost and let us continue the production. And as a result of which, when the product was kept on hold and it was accumulated as a stock and it was sold in the current fiscal 2021 when the price was moving upward, that has given -- remunerated us. And by virtue of cost due to COVID pandemic, almost all cost drivers were in the decreasing trend. So our thrust watch in 2021 when the cost drivers are showing the decreasing trend, we will take utmost care for safe operational environment working, and we will continue our production. April to September, almost 65% manpower were deployed due to COVID restriction. We could be able to achieve more than 99% of our normative capacity of production in alumina refinery, and we produced metal more than the previous year productions. So this production despite of restrictive manpower deployment has also helped, and the favorable LME price has also attributed. And 2 major aspects which we had made, as I explained earlier, that we have taken steps, both financial reengineering, cost optimization, strategic sales pattern. Basically the renewable purchase obligation, which was given at 11%, we took up with the regulatory authority to finalize, and it was settled at 3%. So a considerable amount we charge a liability on the part of the company that was settled, and it has also written back, which has accounted for [ a big ] profit. So these are the various factors that we have considered from a strategic point of view, cost reduction point of view, optimization point of view, which are remunerated. Because with this type of industry in 1 quarter, hardly 300 crores to 400 crores profit is accepted if the LME is above 1,850 to 1,900 because that is the average breakeven cost of all Indian industries who are in the primary sectors. So with different thought process, and I will give credit to all my workforce who have provided their continuous support to ensure production without carrying or fearing for the COVID. And dividend bonus payment or bonus shares, it doesn't result any benefit financially because the reserve will be converted -- the revenue reserve will be converted into a capital reserve. Share base will increase. At the CPSE, we are liable to pay dividend. As for the DP guidelines, 5% of the net worth or 30% of the profit, whichever is higher, even though there is no such provision in the company. But complying with the DP guidelines, last year, when our PAT was 138 crores, still then the company paid 274 crores dividend, which is 200% of the profit earned after tax. So we appreciate your concerns because there are 2 type of investors. One is investment for capital appreciation, and one is investment for revenue income. So the shareholding investment, the investors might have mixed purpose. So we concern -- we appreciate your concern, and we look forward in future the possibility of giving higher dividend. And then alumina price not increasing with reference to the metal. If you analyze the cost of the metal, basically, if 100 is the cost of the metal, almost 2 tonnes of alumina is required for 1 tonne of metal and alumina cost constitute around 35% to 40% and power cost around 35% to 40%. Chemical, others constitute around 10% to 12%, maximum 6% to 7% margin, if it goes beyond 1,850 to 1,900. But the price under a competitive market is determined based on the supply and demand process. If the smelter's requirement is X and the supply of alumina is more than X, definitely it will pull the price down. And second reason, in the Chairman's speech also, I have hinted why the alumina price did not peak well along with the metal price because the alumina who are taking basically Middle East companies, Australian companies and some Chinese companies through some Malaysian companies, et cetera, due to this COVID, there was a congestion in the port and vessels are not available. And whatever vessels are available, they were charging high freight because of quarantine norms in different countries. So the freight increased almost double. So when the person imports alumina, they have to consider the landing price with reference to this. But in case of metal, the scenario is different. So it's a small place. Huge quantity of metal can be exported. But for alumina, it required, in comparison, a larger space. So the vessel's nonavailability, freight hike and quarantine of 14 days, and demand for alumina was a little bit lower due to some smelter due to lower price. And in the Western countries, the smelters were curtailed production when it was 1,400, 1,500, all these things, again, to start up. The ports cannot be started by switch on or switch off mode. So like we consider despite of 1,457, we'll continue the production because 1,457 is not a sustainable price. And we took a decision, we will have a stockholding so that in future, my price will be higher than my stockholding costs. So some smelter, they took a decision to curtail the productions. So the demand of alumina is subdued. That is the reason why the alumina price did not peak well in consonance with the metal price. Current cost of CP coke, CP pitch, these 2 things, let me tell. The market dynamic changes from time to time. Supply-demand forces also in a competitive market changes. The company procures all these raw material by tendering. And the price these cover varies from time to time. Seeing the price hike in the metal, the input supplier also are aware. Yes, there is a buffer for some profit available in the metal. So the industry can bear the cost. So they also try to regulate and get a share out of this. This cannot be overruled. So various factors. Apart from -- and during this COVID pandemic, labor force were demobilized. And we have contacted our [ CTP ] suppliers. And they have expressed that one of the major supplier is from the [indiscernible] district. They expressed that this administration has advised to stop their production facilities because almost 60, 70 COVID patients were identified among the workforce. Similarly, in many industries, the workforce which have gone with certainty or uncertainty whether COVID will spread. Now again, there is a [ hardware ] may come where these labor force have not come back. So the production has not picked up to its optimal capacity. So when the smelter wanted to enhance their production capacity and the raw material CP coke or CP pitch, they have not optimized the scale of the productions, then basically the supply-demand gap will be narrowed. And some price will increase, and it will finally settle when everything normalizes because competition brings the price to the lowest when the supply-demand intersect. So this temporary price of 10,000 increase, 5,000 increase, the sellers are aware it will be affordable. And the buyers are also aware with this LME, I can earn also profit. So this price, if it would have increased without LME, it would have a concern for the company. But it now has reached around 2,700, 2,800. That is also here. This favorable price cannot be sustainable for all downstream industry all times to come. So we want to maximize the production and the cost whatever market we're in. It is sometimes plus/minus around 15% to 20% cost has increased in comparison to the previous year. Again, why it appears substantially high? Because in '19/'20 and '20/'21, when we -- COVID spread, there were -- demand was less. So the price of inputs were reduced. And when we take the normalcy, that price was reduced just to continue their production to absorb the variable cost and any margin beyond that. So they know the price is not market-driven. So when that price reduced and this price increases, the gap appears to be more. But if you go back to 2 years back, in comparison to that price, the present price, the variation will be around 8% to 10%. And government of India policy for this inflation, around 4% RBI monthly policy indicate. So in 2 years, 7% to 8% growth, it does not appear to be abnormal because in between, the price reduced. So comparison to the reduced price, we feel this has increased abnormally. And coal shortage. Coal shortage occurs in every monsoon. Whether it is open cast coal mine or it is underground coal mines, in the rainy days due to the water percolation, the coal production -- the coal mines get submerged with the water and the production get affected. This year, also, it's not an exception. And when the COVID effect was there, the power plant was operating at lower plant load factors, thermal power plant. But now when the industry started to regain, the demand for power increased, so they want to operate at a higher PLF. So coal stock, normally, one does not keep for any unlimited quantity due to inherent risk involved by storage of the coal, higher accident, all these things. So there is a maximum limit. So when they scaled up their production, the consumption -- per day consumption increased. So they had a shortage of power. And power being essential requirement for all industries, including health sector, service sector, day-to-day [indiscernible]. So decision was taken by the Power Ministry and government that priority should be given to the power sectors. In this rainy season, this coal crisis is unavoidable, which has been experienced. If you analyze the past history of the company, every year, more or less, some power procurement had been made during the monsoon periods. This year is not exception. But we visualize this very well that now when the COVID vaccination program has been intensified, industries start to resume, definitely, demand of coal will increase. So management took a conscious decision considering the projected LME to import power. And we are purchasing power at a very competitive price of INR 3.93, which is in comparison to the trading power in the exchange, much cheaper. And that has remunerated. And during this crisis period, coal supply has not been met. Because of our purchaser power, we could be able to achieve our continuous production in the current fiscal of '21/'22, and we are confident current year production will be much more. And it will again create a history. It will surpass all past year productions. So purchaser power, purchase of raw material is basically a management perspective taking a decision how much cost I can afford and how much selling price opportunity I have and revenue potential. And then Utkal D and E. I'm not hiding my [indiscernible] anything. Always, there is a trust to do the project, operationalizing of the mining at the earliest possible. Sometimes, many factors are there, which is beyond the control of the company. Execution of [ beat ], R&R settlement. R&R settlement state government is putting their sincere effort to make a unified R&R policy for all the coal mines in this Talcher area so that there will not be any discontentment among the project affected people or displacement people and the project proponent will also not feel it in the bottom and many hassles can be removed. We are also trying -- pending finalizing of these R&R policy -- unified R&R policy to make a provisional settlement of R&R. So sometime -- in Indian scenario, if you will see many industry when it started, protest resistance has become indispensable and unavoidable. Whether it is for betterment of not, past resistance because resistance to any change is flowing in the blood of the people at present. So strategic action, we need slow and steady to win the race, fighting against those people. And moreover, we have full supply agreement. Even it is delayed for a year, there is no loss to the company because mines is a vesting asset. If I extract today, I will consume. The asset will be depleted. It is not that. It has not been extracted so that tomorrow I cannot extract. It is a deferment. The benefit, what I would have got today, I will be getting tomorrow. And the price, what is prevailing, if I continue with my production, I can maximize my profit. So efforts are being back to operationalize Utkal D. Earlier, it was thought upon to make Utkal D and E combined operational. But Utkal E clearances are not yet over -- not yet available. Then management decided we should do independent mining of Utkal D and E. When Utkal D, all clearances are there, we should not make a combined. We should take independent at Utkal D. Then in that process, Utkal E, clearances will be obtained. By the time Utkal D is operational, Utkal E can further be developed. So these strategic decisions are taken always with a dream to maximize shareholders' wealth and to maximize shareholders' return. And one of the stakeholders is also interested to know the EPS. EPS is the outcome yield depending upon several forces. Once we make the fifth stream expansion, 1 million tonne will produce more. The history of the company indicates since from the day of refinery started till today, sell up alumina has not resulted any cash loss. But at what price? EPS depend upon what income I am earning. Income prediction cannot be made accurately. But we are quite hopeful the metal price will grow with increasing inflation and cost indices. So by the time it is commissioned, we are quite hopeful that the alumina price will be ranging between 360 to 400 as a long-term sustaining. And it will give a good margin, and the profit will increase substantially. Outlook of aluminum, outlook of aluminum, whether globally or in domestic market. In domestic market, as such, the country has 40 lakhs tonnes of capacity production, but actual production ranging between 36 lakhs to 37 lakhs. So our installed capacity in the country is higher than our production -- than our consumption requirement. Almost 50% to 55% of our consumption is imported by ways of scrap. And it is a repetitive recycling material, power conservation, and it does not lose the character. So almost out of 36 lakhs, 37 lakhs production in the country, the primary metal, almost 50% is exported. So far the consumption is concerned in the country, the production is synchronized. And various expansion plans are under process by your company as well as other key players in the market in the country. If you see the globally, the aluminum consumption and production almost matches. Sometimes production exceeds consumption. Sometimes consumption exceeds productions. In my speech, I have made it clear the 2% to 3% variation occurs. So depending upon supply and demand, this price difference will always move. And the metal industries, they see cyclic trade. And the cycle, the metal price is going up. Again, it remains flat for some time. Again, the demand reduces and it comes down. Again, it increases and it remains. This cyclic will move, and now the market fundamentals appears to be strong. Recent news, China has curtailed its production of aluminum, textile and some other material due to the power cut. In the winter seasons, basically, power production reduces and the power consumption for heating and other purposes increases. So they're not in a position to provide the required power for the power-intensive projects. So the Chinese production has been curtailed. China, across the globe, is a major player, 55% almost contributed by China. If their production is curtailed and the demand -- their consumption continues because always, there is a task by any entrepreneur to continue production and earn profit. Despite of their curtailed production, the downstream industry, the China continues, then the demand will be more and the price will be favorable. So this is a primary indication. Russia intend to impose import duty. U.S. tried to restrict import of alumina from certain countries. I'm not naming, not desirable. So various external forces will play a vital role to settle -- to decide the price. But the present indicators are predicted by different financial analysis and export indicates 2,400 to 2,500 will be the pricing range. The long-term metal price will prevail. So I believe your company will have good days ahead to earn better margin. And we also appreciate the concerns of the shareholder for higher dividend. We assure NALCO will -- NALCO starts with NA, but always do, yes. So we appreciate your concern, and higher dividend also will be actively considered. Current cost of production. Let me tell you honestly. Since it's a listed company, cost of production, profit prediction, expression is not permitted. So cost being a price-sensitive information, profit prediction being a price-sensitive information. Only indication have been given. Good days are ahead. And suggestion for conference call. Let me say the company is duty bound to consider the need, necessity of these stakeholders because their money is invested in the company. We are running the company, their investment or maximizing their wealth. Con call, conference call. Last time we committed, we will be doing -- it is for kind information that in last 2, 3 months, we have made 3, 4 phone conference with different stakeholders and investors. And due to COVID, various restrictions, other things, the number of phone conference call could not be increased. Already as I committed earlier, we have adapted that practice, and I assure in days to come the number of conference call will be intensified. And Mr. -- another stakeholder who has raised various issues, he's concerns, more or less, I have addressed and certain things, AatmNirbhar Bharat. Let me tell the mineral deposit, the refinery production depend upon the ATH content, aluminum trihydrate, content in the feed bauxite. You go to the -- any mining, the ATH content will never be uniform for the entire extractable region. It reduces as you go further from the mines. And it is the motto of every company, whether the mining lease will be valid or not, the best grade available I'll mine out. So during these last 30 years, with that philosophy, I'm not blaming any management. It is a natural policy. I am born and brought up in a mineral sector, my career. I have seen in all mining sectors when the best grade is available, that should be grabbed immediately because there was no certainty whether this mining lease will be valid till the entire extractable reserve is available. So now the grade of bauxite which is available in the mines from the [ Madhya ], the ATH content is reducing. So we have dedicated that our 21 lakhs nameplate capacity production should not be lower than that. Whatever steps required to handle higher volume, we are doing it. Against 68 lakhs, the design requirement of bauxite for 21 lakhs based on 3.25 [ PSU ], which is envisioned in the original at the time of the project conceived. Now we are taking around 73 lakhs. It should be appreciated that this is also a step when the input bauxite content reduces, still then we are producing more than 100%. This also facilitate AatmNirbhar Bharat that if my production would have been curtailed, people would have imported or anything, I'm still continuing, putting my effort that I will not reduce production. And we are also encouraging through Angul Aluminium Park that various industries should come and have them set up, and molten metal will be provided at their doorstep. There will be a market that will also encourage AatmNirbhar Bharat instead of importing the finished downstream product, they can produce here. So that import also can be reduced and India can be self-reliant. That is also our effort. And the joint venture company, MIDHANI, for producing 60,000 tonnes of high-end aluminum alloy, which is now at present mostly imported. And manufacturing facility is very restrictive in the country. Again, that is also one step for AatmNirbhar Bharat. And we have rainwater harvesting. And you will appreciate that we are collecting the water from all sources. And the delivered water is also treated in our treatment plant, and it is reused for other purposes to reduce the consumption of water and to make it water consumption. Conservation is also a savings, so we are also taking all steps for saving the water, saving the energy. Aluminum smelter being power intensive, it required a farm power of consistent voltage. So wind, air or solar, those power projects, power generated cannot be utilized as the industry input. So we have taken measures. We are operating 198 megawatt of wind power project at different locations across the country, [ expanding ] the presence of your company. And we are also -- another 25-megawatt wind power project is under construction. The bidder has become financially a little bit under crisis situation. So that also we are expediting to complete it. And we are also exploring to do solar energy. But the truth prevailing in the country, solar and wind power project, whenever capital investment is made, it is made considering a trade-in tariff based on the time of investment. When subsequent discovery made by the SECI, Solar Energy Corporation of India, the price when the scale of production increases for photovoltaic solar -- solar instruments and the wind power when the scale of production increases gradually reducing but the earlier who have made capital investment, again, the power producers are insisting to reduce the tariff. So in such a way, the investment made may or may not remunerate, but company is always putting focused trust for encouraging renewable energy. And the female employees. Last 1 year, we have made recruitment of very few executives in finance, and female employees have also been considered based on the performance. While selecting the executive, we give utmost trust on the qualitative input induction of manpower. But efforts are also made to encourage women employees. Join-wise, gender-wise, age-wise distribution of casual and contractual employees. Let me tell the company is having 6,000 employees. The refinery is having around 2,000, refinery and mines. And 4,000 employees are working in smelter and captive power plant. And executive is almost 1/3 and nonexecutive is almost 2/3. Various key areas where -- nonkey areas have been outsourced as awards contract, and we do not make any direct contractual employment of the contract labor. So through awards contract, we engage around 11,000 workers working on the different awards contract. I -- lastly, I will say that no stone is left unturned to achieve the sole motto of the company, maximize the stakeholders' investment, maximize stakeholders' wealth. We assure, I on behalf of NALCOnians, I on behalf of my team member, director, colleague directors, I assure esteemed stakeholders that we want to see you happy, we care you, we share via a greater dividend, and good days ahead. Thank you.

Thank you, sir. Now I request Mr. B.K. Das, Director, Production and Director, Commercial, Additional Charge to propose a fourth thanks.

Respected CMD, my colleague directors, Company Secretary; [indiscernible] of the President of India, shareholders, statutory auditors, cost auditors, [indiscernible] auditors and scrutineer, a very good afternoon to you all. It gives me immense pleasure to propose a fourth thanks on this special occasion. On behalf of the company, I thank government of India, particularly Ministry of Mines, Department of Public Enterprises, other ministries, Departments of Government of India, Comptroller and Auditor General of India, various ministries, departments of government [indiscernible], various public sector undertakings, in company's value-added chain, all stakeholders and investors, and look forward for maintaining such a mutually supportive business relationship in the coming years, too. I also thank the registers and share transfer agent of the company, that is KFin Technologies Private Limited [indiscernible] for providing the platform for facilitating this 40th Annual General Meeting of the company held in virtual mode as well as facilitating the platforms of both Remote E-voting and E-votings. I also take this opportunity to convey my thanks to the esteemed speakers who have shown keen interest and have given many incisive inputs to the company. My sincere thanks also goes to various departments of the company who have put their untiring efforts to make all arrangements for this grand 40th AGM of the company successful. I also take the opportunity to thank all the employees, contractors and contract workers, trade unions, officers and associates to keep the plant units operational during the extremely prime times of COVID-19 pandemic situation. The company's consistent growth was made possible due to belongingness, solidarity, cooperation and teamwork and also the support received from all fronts. I once again thank you all for the confidence you posed in the company and making this 40th AGM being held in a virtual mode a grand success. Thank you all again.

E-voting platform in [indiscernible] will be kept open for another 15 minutes for voting by members who have not cast their vote until now. And thereafter, the meeting will come to an end. Thank you.