Parag Milk Foods Limited (539889) Earnings Call Transcript & Summary

It is 4:30 p.m. and time to start the meeting. I welcome all of you to the 28th Annual General Meeting of our company. It's my privilege to address all of you as a Chairman of the company. In the view of the continued COVID-19 pandemic and social-distancing norms, your company has been arranged for the shareholders to join the AGM through the video conference and the other audio/visual means in the compliance. With the circular issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India, the proceedings of the -- this AGM are being webcast on NSDL e-Voting platform. So thank you for the -- joining our virtual today. The requisite quorum is present. Therefore, I call the meeting to order. Now I request to directors, my colleagues on the Board of the company to introduce themselves. Mr. Pritam Shah?

Yes. I'm Pritam Shah, joining -- Managing Director of the company, joining the meeting from my residence in Mumbai. Hello, everybody. Good evening.

Mr. B. M. Vyas?

Vyas sir, your mic is on mute.

Mr. Vyas, your mic is on mute.

Good afternoon. I'm B. M. Vyas, Non-Executive Director and Chairman of the [ cooperative milk producers committee ] and CSR committee. I am attending today from my office.

Mr. Nitin Dhavalikar?

Good afternoon, everybody. I'm Nitin Dhavalikar, Independent Director. I'm also Chairperson of Audit Committee and also Chairman of Nomination and Remuneration Committee. I'm joining this meeting from my Pune office.

Yes. Rameshji Chandak sir?

Good afternoon, members. I'm Ramesh Chandak, Independent Director of Parag Milk Foods Limited.

Hello, I'm Narendra Ambwani. I'm an Independent Director in Parag Milk Foods Limited, and I'm attending the meeting from my residence in Mumbai.

Radhika ma'am?

Good afternoon, everyone. I'm Radhika Pereira. I'm an Independent Director of the company's Board. I'm attending this meeting from home in Mumbai. Thank you.

Thank you. All of the directors of our company are present at the meeting through video conferencing. We have present Shashikant Dalmia, Chief Financial Officer.

Hello.

Ms. Rachana Sanganeria, Company Secretary and Compliance Officer. Business Head is also attending through the VC. Representatives of all statutory auditors, M/s Haribhakti & Co. LLP; secretarial auditors, N. L. Bhatia & Associates; cost auditors, Harshad Deshpande & Associates; and internal auditors, Grant Thornton, are attending this meeting. The note of 28th AGM, along with the annual report of the company for FY 2019-2020, we have already been circulated to the members via electronic means in accordance with the circulars issued by the Ministry of Corporate Affairs and the SEBI. The statutory auditor reports on the stand-alone consolidated financial statement and the secretarial auditor report of the company for the financial year-ended March 31, 2020, do not contain any qualification, observation and adverse comments. Therefore, with your permission, I shall take them as a read. Now I request to Rachana Sanganeria, Company Secretary and Compliance Officer, to take through the regulatory matters and the general instructions pertaining to the annual general meeting.

Thank you, Chairman. Good afternoon, shareholders. I welcome you all to the 28th Annual General Meeting of Parag Milk Foods Limited, held through video conferencing in compliance with the Companies Act, 2013, and circulars issued by the Ministry of Corporate Affairs and SEBI. As we all know, the beginning of 2020 has witnessed global spread of COVID-19. In this unprecedented situation of COVID-19, the company has undertaken several initiatives in the community surrounding the plant locations. A small video is being presented to you, witnessing the journey of Parag Milk Foods Limited and the activities undertaken by the company during COVID-19 outbreak to contribute towards the social well-being of people. I just request the host to please put on the video. [Presentation]

Thank you. Now an advisory for shareholders on certain technical and procedural aspects. The facility of joining the AGM through video conferencing is being made available to the members on a first-come-first-serve basis. All the members who have joined this meeting are by default placed on mute by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out by the Chairman, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen. And if the shareholder is not able to join the video due to any reason, the shareholder can still speak through audio. While speaking, we request the speaker to use earphones so that he or she is clearly audible. It will also minimize any noise in the background. You are also requested to ensure that WiFi is not connected to any other devices, no other background applications are running and proper light is available to have clarity in video. If there is any connectivity problem at the speaker's end, the host will mute such speaker and the next speaker will be invited to speak. We would like to request the shareholders to limit their speech to 3 minutes and to not repeat questions if already asked by the preceding speaker. Since this AGM is being held through VC, pursuant to the applicable circulars of the Ministry of Corporate Affairs and SEBI, physical attendance of the members have been dispensed with. The facility of appointment of proxy is not available for this meeting. Register of directors and key managerial personnel and their shareholdings, register of contracts, memorandum and articles of association of the company, and the certificate from statutory auditors relating to the implementation of the company's ESOP schemes as required to be kept at the annual general meeting are available for inspection electronically, and the members may send the request to inspect the same. In compliance with the relevant provisions of the Companies Act, the rules thereunder and SEBI listing regulations, the company has provided the facility to the members to exercise their voting rights on the businesses proposed to be transacted at this AGM. We have provided the facility of remote e-voting, which is available from September 26, 2020, to September 28, 2020. In order to facilitate voting to those members who have not been able to vote through remote e-voting, we have provided a similar platform provided by NSDL at this AGM. Mr. Bhaskar Upadhyay, partner of M/s N. L. Bhatia & Associates, Practicing Company Secretaries, has been appointed as a scrutinizer for remote e-voting as well as e-voting at this AGM. He will scrutinize the votes and hand over the combined report on voting within 48 hours of conclusion of this AGM. Upon receipt of the results of voting, along with scrutinizer's combined report, the same shall be uploaded on the website of the company of NSDL and should also be submitted to the stock exchanges where the equity shares of the company are listed. Thank you. Now I request the Chairman to please continue with the proceedings.

Now I'd like to brief the members on the operational and financial performance of the company. The annual report and the audited accounts of the company for the financial year-ended March 31, 2020, have been with you for some time, and I hope that you have gone through the same. I thank you for taking out of your valuable time to be here today and for being part of our journey so far. I will start now with my formal address for the members. Dear valuable shareholders and stakeholders, very good [ afternoon ] to each and every one of you. It gives me immense pleasure to welcome you all at the 28th Annual General Meeting of our company. I would like to take the opportunity to thank all our stakeholders of their continued support. Indeed, because of their active association with us and unwavering commitment to us that the company has achieved the statutory (sic) [ status ] that it enjoys today. The financial year 2019-2020 has been an eventful year with numerous challenges faced by the Indian economy. From the shaky macroeconomical environment to the outbreak of the COVID-19 pandemic towards the end of the financial year, this is one of the most challenging times the world has witnessed through our lifetime. Countries across the globe are struggling to cope with the impact of the pandemic, which has led to rising human loss, amongst others. The government along with our health care warriors are doing their best to safeguard lives with the livelihood through isolation, widespread closure and other extraordinary measures to slow the spread of the virus. The ongoing health crisis has impacted the economy, actively helped survive, which is [indiscernible] continue to pass out to several across the sector in FY '21. Our company believes that through the scenario of the FMCG and the dairy industry, our whole model would face severe headwinds compared to the other sectors, ongoing essential nature of the products. However, due to the fear and uncertainty surrounding the market and with the continued lockdown in certain regions, logistics and availability of the labor as well as the other material has been challenging. However, I would like to emphasize that throughout the lockdown period, all our manufacturing units were working at 100% capacity with all necessary safety precautions such as the use of the PPE, sanitizers, measures and social-distancing norms in place. While your company faced entire operational challenges at supply level, especially over the second half of the March '20 and early April, mainly due to the unavailability of the manpower, transport services and the challenges of the sourcing of the packaging material, our company was quick in adapting the new scenario and the developed alternative strategies to cope up with the situation at hand. We ensured that most of our depots remained operational throughout the lockdown period except the red containment zones while adhering to all our safety protocols. The sales generated during the period saw some interesting trends with the increase of home consumption of daily consumed products such as ghee, cheese, paneer, amongst others. Due to the lockdown, however, footfalls on the street have been less. This had a direct bearing on the out-of-home consumption, particularly in foods categories, such as [indiscernible] that is smaller shops and kiosks [indiscernible]. These have started opening as the lockdown being lifted gradually. Most [indiscernible] And the HoReCa outlets are now starting to open with increase in delivery and takeaway and street food making a comeback. We expect a recovery of demand in the coming months. Even during the lockdown, we continued investing in our brands. We did a number of marketing campaigns and consumer engagement initiatives. For example, for the Go cheese, we have done a digital campaign, #PakNahiKuchPaka, through which we got overall reach of around 4.5 lakh people and over 60 lakh impressions. For Avvatar, we had fitness battle with about 600 with daily tasks and the goals. We have generated over 18 lakhs impressions for the same. There have been multiple TVC campaigns launched across the last 6 months, the most popular one of them being Gowardhan, raho sehatmand, focusing on the importance of the maintenance of one's health during the pandemic. We have launched new products during the lockdown, mainly in the cheese category. We've launched mozzarella plus cheddar cheese in dice format as well as the Go processed angles, Go Jalapeno slice. We expanded our range of products under the Pride of Cows brand-widening process, the Pride of Cows curd, the Pride of Cows ghee to cater to our consumers who believe leading healthy is lifetime through the consumption of our natural and pure products. Over the years, our company has established itself as one of the leading players in the FMCG and the dairy industry, where our stakeholders really want us in a way shoulder the responsibility of the catering to the needs of the public at large. For dairy farmers, whose core products, milk is an essential commodity, the ongoing pandemic posed a threat to their survival. We have always been very supportive of the farmers, and this is an unprecedented situation. We've tried to always ease their worries by offering them logistics, infrastructure support and ensured that supply chain was not hampered. During the lockdown, farmers were also under several stresses because of the closure of the unorganized market of milk and milk products. We have always stood by the farmers and channel distributors as well. We sourced extra milk from the farmers allaying their problems. While FY '20 started ultimately, we shortly faced average due to the [indiscernible] and delay of the monsoon as well, continuing rains for the long period and flooding in several states. Due to this, witnessed limited availability of the milk and increase in the raw milk prices during the year. Unfortunately, there was a continuous increase in the milk prices till February '20, which we were partly able to pass on to our consumers. We stuck up to our brands despite the price rise. With back-to-back good monsoons and for the water availability and bumper agricultural production, going forward, we expect milk availability and the prices to remain favorable over the near term. An improvement -- change in the consumer preference due to COVID-19 pandemic has been increased health concept and their shift towards the consumption of healthy and the nutritious food. While consumers are bounded within their home and are survived, the goodness of the homemade food, there has been a change in their buying patterns, as they are increasingly becoming more incited to spend on quality products while also being open to exploring new products that boost their immunity and to keep them healthy. This trend is here to stay, and it means more milk for the industry, running towards the change in the consumer buying patterns and increased penetration levels of branded products [indiscernible]. Focusing our attention for the financial performance of our company, we were growing to a healthy range until the last few days, which impacted our yearly run rate. Consolidated revenue for the year was INR 24,379 million, 2% growth compared to last year. Our gross profit for the year was INR 6,232 million compared to INR 7,383 million during the last year. EBITDA from the [indiscernible] came in at INR 2,111 million, which was a slight reduction compared to last year of EBITDA of INR 2,235 million. EBITDA margin of 8.7% was achieved on the account of the prudent spending on the increased efficiency. PAT of FY '20 was INR 937 million compared with INR 1,207 million of FY 2019. Finally, while during the lockdown imposed by the government to restrict the spread of COVID-19 had a drastic impact on supply chain throughout the country, our company, being a part of the essential goods segment of the industry, managed to successfully operate during this -- in the lockdown. Our focus was to give maximum support to the farmers who are dependent on us and ensured there is uninterrupted supply of the milk to the consumer. Our long-established relationship with the farmer community helped us to overcome this difficulty and was committed to source 100% of the milk products, further strengthening our brand. With the farmer community, we had overcome logistically difficulties posed by the lockdown to source and to transport the milk to our facilities to ensure that operations were carried to our efficiency while improving the mechanism and automization in the process. Our employees, channel distributors and everyone else involved with the supply chain ensured that necessary -- were received permissions for inter-state transport. We provide extended credit periods with the regional contracts with our channel partners to help ease the cash flow concerns as a company, Parag have always been associated with the highest quality control, and we ensured that even during such challenging times, our strict quality testing norms were met to all necessary products and employees' safety was at par. We have been able to optimize our value chain and are looking to strengthen our procurement network, which will help us to cope up with such volatilities in supply in the future. Favorable monsoon in the current fiscal will further help in achieving our desired results. We are carrying out the efforts to increase our presence through the marketing and promotions of our brands and the products. The shift in the consumer preference towards the healthy, nutritious products is a huge positive for us. We expect a premium to be attached to such products on the account of their health benefits. All in all, I have great trust in our organization's ability to realize our goals with our strong commitment, sustainable efforts and perseverance. I would like to take this opportunity to thank to all our farmers, employees, channel partners and all other stakeholders whose contribution ensured that continuation to our operations even in these difficult times. I would also like to thank to all our shareholders who have been part of this great journey of the company. My sincere thanks to all board members who have been guiding to the company, especially their level of commitment towards the company is remarkable. My sincere thanks to the entire team at Parag whose best efforts have resulted in making this company a great workplace. Together, I'm sure, we will continue to achieve one milestone after another in the years to come. Thank you to all. And now we open the floor for the question-and-answer session.

The company has provided the facility to members to register themselves in advance, sending requests from their registered e-mail to express their views and ask the questions during the year. I now request to [ Shashikant Marathe ], the first speaker, to put on this video to express his views and ask the questions.

Hello. Am I audible, sir?

Yes, sir, you're audible.

Yes. Chairman sir and all those who are here for virtual AGM, a very happy and [indiscernible] from me, Shashikant Marathe, of Pune. Sir -- Chairman sir, allow me to express my views freely. I'm surprised that with no industrial family background, you developed a quest for rearing cows and doing something different in dairy segment. Your quest has been fully accomplished in the last 3 decades, and Parag is now known all over. It has 4 production centers, pan-India distribution chain of over 3,000 distributors and 800 sales staff manning 28 depots. You skillfully manage this vast complex. Through CSR, you help farmers and society run our plants, distributed in March free food and kits to needy and extended help to flood-affected citizens, an exceptional service in this difficult COVID pandemic environment. Under the lockdown period, everyone stopped business activity, and as you have shown in your video, everything was stopped, but you continued Parag operations by getting all permissions, collected milk from our dairy farmers running in thousands, and perishable milk was put to a productive use, getting consumers who raised their demand for Parag products, you ensured speedy supply. No wonder, due to this unique strategy, your suppliers were helped to earn a livelihood that most of the farmers trust a lot. The top line grew, while in most of the industries, it took a dip. It appears that you might have raised -- you have raised -- in your Chairman's speech today, you raised the prices and spent for safety of employees, which might have reflected in reduced profit before tax and profit after tax as well as EPS. A word of caution for you, sir. The management must be controlled -- must control the closing cash. It rose by 314% year-on-year. Control trade receivables. Similarly, have a thirst on exports [indiscernible] INR 419.79 million per year. Our balance sheet size also rose, it's a good sign, when others' balance sheet size has reduced. You followed ethics, and it is a very rare opportunity for you, sir, because all the industries tried to give the dividend in '19-'20 financial year itself, though the government had allowed no DDT from 2021 financial year. You did a good thing and stood very firmly and now you are giving INR 0.50 dividend. We are quite happy. Our subsidiary is unique, having 2,300 cows. And in addition, it is spending on R&D for milk development. There was a news 2 days back in [ Sikar ] encourage a farmer from Manchar, who sold a cow, giving milk over 27 liters a day for over INR 1 lakh, after getting it for INR 80,000 and rearing it. If you recognize this, this may encourage all our farmers who rear more such cows and increase the milk production. Central government has announced various financial packages to benefit farmers, agro industries, dairy, et cetera. You must explore this further and help our dairy partners to get more funds for expansion of their dairy activities, encourage them by supplying premix products at competitive rates, help them in producing higher quality and higher quantity of milk; establish new unit, additional unit in South as well as in East India. We are spending a lot on power, and there are many players who will invest their capital and supply you electricity at much less rates than electricity board. Our plants are having a large area to be tapped for solar. We must try hard to supply our products at competitive rates to weed out unorganized players having a [ cake ] size of 70%. I thought due to GST, this 70% share is bound to be reduced. Our confidence in you, sir, has boosted as you are promoters have raised your share in the company by 0.24% in the year '19-'20. Sir, your brand is Go. You are all set to go fast and win the race very good with good colors. Thank you very much. Thank you, sir, for allowing me to speak for a few minutes. Thank you.

Thank you, Mr. Maratheji. Now our next shareholders, Mr. [ Vinod Agarwal ] and Mrs. [ Veena Agarwal ]. Mr. Vinod Agarwal, are you there on call? Moving to next shareholder, Mr. [ Anil Parekh ]. Moving to next shareholder Mrs. [ H. S. Patel ].

Yes. Sorry to interrupt. Vinod Agarwal is already present in the attendee list. I request moderator to take him up.

Hello. Respected Chairman, Devendraji; M.D., Mr. Pritam Shahji, my name is Vinod Agarwal. I'm speaking from Mumbai. I have some questions on the balance sheet -- can you hear me sir? Hello?

Yes.

Can you hear me?

Yes.

Yes. A very good afternoon to all. Sir, I've been using the company's products, Go Cheese and Gowardhan Dahi and everything, much before the IPO of the company. The products of the company are very good. I have noted from the balance sheet that the revenues last year were a little less due to less procurement of milk, and the PAT also was less due to higher prices of milk compared to -- in the previous year. I have noted that you've got 4 plants, 19 distributors (sic) [ depots ], 140 super stockists, 800 field staff, which is very good. We are a nice FMCG in the milk product category. We do a lot of value additions in the milk product category, making cheese, dahi out of milk. We've got the Bhagyalaxmi Dairy Farm, where we care for 2,300 Holstein Friesian cows. We make paneer with 75-day shelf life. We make Avvatar sports nutrition, which is whey protein, which is highly value-added product. Our CSR spend last year was INR 1.08 crore, which is very good. I have also noted that the promoters have released the pledge which they had taken on the shares. Like, it is a very good sign that now the company and the management is pledge-free. It's a very good sign. ROCE was 13%. The only minus thing is that our EPS was plus INR 10, and the dividend has been given is only INR 0.50. Now if in good times you don't give good dividends, then when will you give dividends, sir? It should have been INR 1, minimum INR 1, 10% of the face value of the share. I wish the company all the best for the future and let the company make a lot of progress and give much more dividends and much more bonuses in the times to come. I wish the company all the best. I'm signing off, Vinod Agarwal.

Thank you, Mr. Agarwal. Now we are moving to next shareholder, Mrs. H. S. Patel.

Hello? Am I audible?

Yes, ma'am, your voice is good and audible.

I hope there are no other people speaking in between.

No, madam. Please continue.

No, madam. Please continue.

Respected Chairman, Mr. Devendra Shah; Mr. Pritam Shah; Director, Mr. Vyas; our CFO, Mr. Dalmia, and our most favorite madam Rachana. She's our very favorite. She is a very hard worker, who has helped us to connect us as a speaker for this program. There are many voices coming in between.

Please continue, Mrs. Patel?

Yes. IT people, please remove other voices. Mr. Devendra Shah, you are the new-age milkman of our country, and I'm very proud to be a shareholder of your company with various products. Your products are just fabulous, and my whole family enjoys all your products. Indeed, it is very nice that -- and I wish that you overcome all the milk producers in -- not only in Bombay, but in our country, especially in our Bombay, where there are -- innumerable milk producers are there because the quality of your milk, the quality of your various products, cheese and all is just marvelous. Sir, I would like to stress here about your whey milk and other products of protein. The whey milk, that is Avvatar, milk-rich protein product, supremo, these products are not available in Bombay city. Why, sir? And if it is available, where should I approach for its availability? Please let me know. Because our family is sports people, and we are very much interested in your -- this whey products. They are very good products, and I wish to avail them regularly. All the products are nutritious, healthy and enjoyable. Sir, there are many programs that you are arranging. Allow the shareholders also to participate in this program. Last year also -- 2 years, I'm coming to Pune. This year, because of COVID, it was not possible. And I've been telling -- I'm requesting even your secretarial department that make the shareholders participate in your program. Is only -- some favoritism is there? Or because we are Bombay shareholders, that's why I'm not able to participate in your program? Please, Mr. Devendra Shah [Foreign Language]. Sir, you can also join -- I find that there is -- you can prevent your loss of your customers and your revenue. There is a negative impact of your operating margin. Is it because of lack of e-commerce activities or supply management requires -- supply management requires very special attention of both of you Shahs. Please give special attention to this e-commerce and supply management. In Bombay, the products are -- can very easily have good sale if you pay special attention to the commerce side. The net people are very helpful in selling this e-commerce type. Your Gowardhan milk was available even in COVID times. And I was -- I tried to ring up Rachana and thank her very much for that. None of the milk were available, but your Gowardhan milk was available even in COVID times. I'm very much thankful, and I'm very proud that the company is doing very good CSR activities. Your CSR department is doing a very good job in this. Sir, your cash and cash balance is more than what it was last year. Your trade receivables is also up, but your borrowings and inventory level should be controlled. Your inventory level and borrowing level is quite high. Your revenue and PAT is also good, but try to control your indebtedness. Your indebtedness has touched from INR 2,366 million to INR 3,964 million. Sir, your Bhagyalaxmi Dairy Farm, which 2 years, 3 years back, I was lucky to see that. I'm very much thankful to all the Board of Directors, the management team and the secretariat, especially to our Rachana, except I also request that Rachana should get one helping hand so that when she is busy in AGM, there must be somebody whom we can talk to, whom we can get in touch with. We -- I found a little difficulty in this. So if there is a helping hand given to Rachana during the time of AGM, it would be much better. Sir, now my husband is also a shareholder, and he would like to speak some 2 words about you.

All your products are very healthy, nutritious and safe. Our whole family consumes only Gowardhan product. Your milk, dahi, cheese and all. And why can't you all make it available in Mumbai market, like D-Mart, Big Bazaar and all small kirana shops? I wish all your employees, management team and Board of Directors all the best and my special thanks to Rachana. All the best. Thank you.

Thank you, Mr. Parekh and Mrs. Patel. We are moving to next shareholder, Ms. [ Lekha Sadh ].

Hello?

Yes, ma'am. Your voice is audible.

Respected Chairman sir, Board of Directors and my fellow members. Good afternoon to all of you. Lekha Sadh from Mumbai. I'm very much thankful to the Company Secretary, Ms. Rachanaji and his (sic) [ her ] team for attending (sic) [ providing ] very good investor services and also sending me the annual report by e-mail well in time in such a difficult situation, which is full of knowledge [indiscernible] in place. Due to pandemic, COVID-19, we all are facing crisis and have to stay home. Thank you, Chairman sir, for explaining us well about the company. Congratulations to all for excellent work, sir. Devendra bhai, I pray to God that he always showers with blessings upon you. Sir, this is the first time we are joining the video conference for giving speech. Before one week and today also, our Company Secretary, Ms. Rachanaji, has given telephone guidance and properly intimating for attending video conferencing. I'm very, very grateful to our Company Secretary, Ms. Rachanaji. Sir, I would like to ask a few questions. How is the company preparing itself in a post-COVID world? My second question is, what are the learnings from the lockdown and how is the company implementing those planning? My third question is, how are we engaging our employees? My fourth question is, what is the road map for the next few years? Sir, I would like to say that I support all the resolutions, and I wish good luck for the bright future. Thank you, sir.

Thank you. So we are resolving the query of the shareholders. I'm starting with Mr. Vinod Agarwal. His concern was for the dividend. He is suggesting for more dividend. We would like to inform you, in FY '19, we had a net profit of [ INR 120 crores ]; it has declined to INR 90 crores in FY '20. In FY '19, we had given a dividend of 10%. For this year, based on the futuristic requirement of the CapEx and [indiscernible] expense scenario, Board of Directors approved 5% dividend. We are taking note of your suggestions. Now I'm moving to Mrs. Patel. Her concern was inventory and the borrowing. For the inventory level, I would like to inform, our inventory level has increased. There's this whole pay. One is milk prices. Milk prices have increased by 30% [indiscernible] as compared to FY '19. So we are paying 30% additional for the same quantity of milk that has led to increase in inventory level and the sales impact of the lockdown, whereas in the initial stage of the lockdown, there is impact on the sales [indiscernible]. That has also led to increased inventory level. And for the borrowing, there's -- main reason of the increase in the borrowing is increase in the milk prices, which is roughly 30% in FY '20. So there is additional working capital required for the daily operation, the impact increase our working capital. And there is other concern for the availability of our product. We would like to inform her that our product is available in Mumbai in -- through general trade, A-class store and different modern traders. And we also forwarding these complaints to our sales team who will take care in their executive [indiscernible].

Mr. Chairman?

Thank you for all shareholders. I will take care of all your valuable comments. And now we are concluding. Now the members who have not voted through the remote e-voting maybe cast their votes during the next 15 minutes. Now I authorize the Company Secretary to receive the combined voting results from the conductor and submit the same to the stock exchange. Thank you. Thank you very much.

Thank you, shareholders. Those shareholders who have not voted, please, please, in the next 15 minutes, please cast your votes. We are giving you 15 minutes time. Please go to the NSDL platform and cast your vote. [Voting]

Thank you, shareholders, for attending this 28th AGM. Meeting is concluded. Thank you.