Tata Communications Limited (TATACOMM) Earnings Call Transcript & Summary

Good morning, shareholders. It gives me great pleasure to welcome you all to the 37th Annual General Meeting of the company. This meeting has been held through video conferencing and has been convened in accordance with the relevant circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. The company has taken all necessary steps to ensure that the shareholders are provided with an opportunity to participate in this AGM through video conferencing. The proceedings of this meeting are also being webcast live on the NSDL platform. In accordance with the Articles of Association of the company, Mr. Renuka Ramnath, Chairperson of the Board of Directors, will chair this meeting. Although most of the shareholders would be well versed with the procedure to participate through video conferencing means, let me quickly take you through the steps for participation. All the shareholders have, by default, been put on mute to avoid any background nice. For the question-and-answer session, the name of the shareholders, who have registered themselves as speakers, will be announced one by one. Each speaker shareholder will then be given an option by the moderator to unmute themselves and may then express their views or ask their questions. To display their video speaker shareholders can click the video button once on their device. It will take a few seconds for the video to come on. Shareholders are requested not to repeatedly click on the video button till the video is displayed. If the shareholder cannot activate the video for any reason, he or she may continue speaking through the audio mode. Speaker shareholders are requested to use their headphones with mic, so that they are clearly audible and the background now is minimal. We also request shareholders to speak steady and loud so that we can note down the questions properly. Speaker shareholders are requested to ensure that their WiFi connections are not being used for any other purpose and that there is no other application running in the background. Please ensure proper lighting in order to have a good audio and video experience at the meeting. In case a speaker shareholder is experiencing any connectivity problem at their end, we will request the next shareholder to speak. Once connectivity problems are resolved, the shareholder will be requested to speak again after other registered shareholders have completed speaking. All shareholders are requested to limit the speaking time to 3 minutes each. For any technical issues faced by the shareholders at their end during the AGM, they may contact the helpline numbers mentioned in the notice of the AGM. If at any time during the AGM, you lose Internet connectivity, you may log in again by following the same process. We have the requisite quorum in attendance through video conferencing and with the permission of the chairperson, I call this meeting to order. I'd like to confirm that the representatives of our promoters, Tata Sons Private Limited and Panatone Finvest Limited have joined this meeting through video conferencing. We also have representatives of M/s. S.R. Batliboi and Associates LLP, our statutory auditors; Mr. Upendra Shukla, the secretarial auditor; Ms. Ketki D. Visariya, the cost auditor, attending this meeting. Representatives of M/s Parek and Associates, who have been appointed as scrutinizer for the e-voting process are also attending this meeting through video conferencing. The e-voting facility is open for the shareholders attending the meeting who have not voted earlier through remote e-voting and will remain open for 15 minutes after the conclusion of the meeting. Shareholders may cast their votes electronically on the NSDL e-voting platform during this time. There will be no proposing or seconding of the resolutions. The directors of the company are attending this meeting from our office at Bandra-Kurla Complex, Mumbai. I request each of the directors to introduce themselves. May we start with our Chairperson, Ms. Renuka Ramnath. Ms. Ramnath.

Good morning. I'm Renuka Ramnath, I'm the Chairperson of the Board and an Independent Director. I also chair the Audit Committee of the company, and I am a member of the Nominations and Remuneration Committee.

Mr. A.S. Lakshminarayanan.

Good morning, shareholders. I am A.S. Lakshminarayanan, the Managing Director and CEO of Tata Communications, a member of the Stakeholders Relationship Committee and also the Corporate Social Responsibility, Safety and Sustainability Committee.

Thank you. Mr. Krishnakumar Natarajan.

Good morning, shareholders. I'm Krishnakumar Natarajan, and I'm an Independent Director on the Board. I chair the Nominations and Remunerations Committee and the Stakeholder Relationship Committee and also a member of the Audit Committee, Risk Management Committee and Corporate Social Responsibility, Safety and Sustainability Committee.

Thank you. Mr. Ashok Sinha.

Good morning, shareholders. I'm Ashok Sinha, and I'm an Independent Director on the Board and a member of the Audit Committee, Corporate Social Responsibility, Safety and Sustainability Committee and the Risk Management Committee. Thank you.

Thank you, Mr. N.G. Subramaniam.

Good morning, shareholders. I am N. Ganapathy Subramaniam, a Non-Executive Director and the Board and a member of the Nomination and Remuneration Committee.

Mr. Ankur Verma.

Good morning, shareholders. I'm Ankur Verma, a Non-Executive Director on the Board. I'm a member of Audit Committee and Stakeholder Relationship Committee. Thank you.

Alongside the directors, we also have with us our Chief Financial Officer. Kabir?

Good morning, shareholders. My name is Kabir Ahmed Shakir, and I am the Chief Financial Officer of Tata Communications.

The notice and the assured integrated annual report, containing the directors' report, report of the statutory and secretarial auditors and financial statements of the company for the financial year ended 31st of March 2023 have been sent to the shareholders through electronic mode. The reports of the statutory auditors on the stand-alone and consolidated financial statements and the secretarial auditors do not contain any qualifications or adverse remarks. With the consent of the shareholders, I will take the reports of the statutory auditors and secretarial auditors as read. As mentioned in the AGM notice, the following resolutions are proposed for the approval of shareholders. One, adoption of audited standalone financial statements for FY 2022, '23. Two, adoption of audited consolidated financial statements for FY 2022, '23. Three, declaration of dividend of INR 21 per equity share. Four, appointment of Mr. N. G. Subramaniam, as director, liable to retire by rotation. Five, ratification of cost auditors remuneration for FY 2023, '24. Six, appointment of Mr. Ankur Verma as a Non-Executive and Non-Independent Director. Seven, approval of Tata Communications Limited Employee Stock Unit Plan 2023. This is a special resolution. Eight, approval for grant of Employee Stock Units for the employees of subsidiary companies of the company under Tata Communications Limited Employee Stock Unit Plan 2023. This is also a special resolution. With the permission of the shareholders, I take the notice of the meeting as read. The registers, as mandated by the Company's Act 2013 and the documents specified in the AGM notice, are available for inspection by the shareholders. I now request Ms. Renuka Ramnath, Chairperson of the meeting, to address the shareholders. Ms. Ramnath?

Dear shareholders, as the chairperson of this company and on behalf of the entire Board of Directors, who are here in front of you and the management team of Tata Communications, I'm very pleased to welcome all of you to the 37th Annual General Meeting of Tata Communications. This has been convened virtually in this era of hybrid working. I'd like to begin by expressing my deep gratitude to all of you, our shareholders, our directors on the Board, employees of the company and other stakeholders for your unwavering support throughout the year. I deeply appreciate the exemplary efforts of our management and employees under the commendable guidance of our CEO, Mr. Lakshminarayanan to achieve double-digit revenue growth and the highest ever consolidated profit in the history of Tata Communications. I now take the opportunity to welcome our newest board member, Mr. Ankur Verma. He joined the Board on 19th of April 2023. Ankur brings a tremendous knowledge of corporate finance, deep understanding of value creation and has imbibed the core values of the Tata Group. His insight and vice counsel will tremendously help your company as it furthers its stride towards even greater progress. Now coming to my speech. All of you will agree that the demand for reliable, resilient and flexible Internet continues to rise while there is a persistent need for greater computing power and cybersecurity. These needs drive innovation and new approaches to value chains and business models in every industry. Our effort has been to digitally transform enterprises across all layers with cloud, data and security being the need of the hour, the trends shaping 2023 and beyond, underline the growing complexities of the world, underpinned by hyperconnectivity of everything, be it people, machines, things or processes. Enterprises globally are making significant headway in modernizing their IT estate in preparation for the next cycle of digital innovation. Worldwide, IT spending is projected to be $4.5 trillion in 2023. And even on this large base, it is growing at the rate of 2.4% from 2022. As inflation continues to erode purchasing power, enterprises are focused on achieving operational efficiencies by using technology as a lever. Today, every business, whether it is financial services, health care, education, mobility, is embracing digital technology to attract its appropriate customers, automate and optimize processes for saving costs, cut costs across the organization and grow revenues for their customers. As the world migrates from a connected to a hyper-connected sphere, the various devices, platforms, technologies belonging to different ecosystems can literally converse, share intelligence and insights with each other and provide very high levels of experience and value to consumers and enterprises. We, at Tata Communications, empower these hyperconnected ecosystem through our portfolio of platforms, services and solutions. We believe that human to everything, connectivity is the next frontier. As more and more devices become connected to the Internet and to each other, people will be able to interact in a new and a more powerful way. Anything can be connected from, whether it is employees to the shop floor in which they work, whether it's vehicles with each other, remote sensors and more, to deliver on these emerging technology trends and to be a step ahead of the innovations that will shape the industry, your company has been playing a pivotal role in the digital revolution. From launching a dedicated Private 5G Global Center of Excellence in Pune, for accelerating Industry 4.0 applications and capabilities for enterprises or whether it is delivering smart IoT solutions for providing real-time data to enhance operational efficiency of enterprises, or whether it is creating a low maintenance of resilient systems with analytics, embedded for decision-making, we, at Tata Communications, have demonstrated resilient, adaptability and a commitment to excellence. Your organization has continued to thrive, thanks to the relentless pursuit of innovation, operational efficiency and customer centricity by every employee of TCL, under the able guidance of Lakshmi. We have been enabling digital transformation for our enterprise customers through our ever-evolving stack of platform solutions. By doing so, we have strengthened our competitive position and expanded our reach in the market. We continue to have a very strong focus on sustainability and have made several interventions in the direction of climate change, energy conservation, community development, water conservation, waste production and zero harm to our employees, society and environment. Lakshmi coined the word, Reimagine, a few years back as a strategy, which unveiled that in 2020, our focus will be more to stay relevant to our customers through the digital ecosystem, which will allow for deeper engagement and bringing together of multiple products to deliver a platform solution to meet specific customer needs, while driving financial fitness within TCL itself. Before I get to talking about the financial results for the past year, I believe it's important to articulate the challenges around growing the data business. We are acutely aware of the fact that growth is the one thing that all of you are very focused on and want to assure you that, that is a very, very important metric for all of us in TCL. Your company has gone through a significant transformation from being imagined as an infrastructure provider to becoming a network solution provider. I must highlight that the infrastructure business goes through a meaningful price erosion every year. And what you see as the final growth number in annual report is adjusted for this erosion in the infrastructure business. So what started 3 years ago under the able leadership of Lakshmi, the Reimagine Strategy, where the management invested in a shift from being a product player to a platform player, has now grown into a vision to stitch all our platforms into a digital fabric. This has been a phenomenal journey of both learning and growth and more importantly, building huge differentiation in the offerings of your company to its customers. One of the key differentiation for TCL has been that TCL is a born B2B specialist. There aren't that many players in the world who can call themselves dedicated B2B players. We know exactly what our customers, which is the enterprises, need to manage their own digital ecosystem. We care further in investing in understanding our customers' needs and stitching together a solution that works most appropriately to solve their problems. Years of investing in this strategy has helped your company build very good muscle with respect to providing appropriate enterprise solutions. At the same time, we have been investing in building breadth and depth in the portfolio of platforms and solutions, which has now allowed your company to go and have conversations with a wide variety of companies in a wide variety of sectors across the globe. Our expanded portfolio allows us to talk not just to the CIOs. This has been a very big change again that has been brought about by Lakshmi, where the amount of investment that has gone in building different solutions across different layers of the organization allows our marketing and sales team to go and have conversations with the CIOs, but more importantly with various business heads within those companies, thereby deepening our experience and expanding our customer wallet. Last but not the least, there has been humongous effort by our sales and marketing team to drive a very large funnel, and the new strategy of 1-3-30, which again, Lakshmi introduced when he took over as the CEO, has already begun to give us good payback in terms of expanded funnel and sales opportunities. Technology in the context of organization is not about throwing what we have at them, but it is one about listening very deeply to their needs and finding appropriate solutions to solve the problem. Many times, it is one of co-creating along with our customers to give the right solution to either expand their income or reduce their cost, and your company has played a very distinctive role in this -- towards the solution finding, which is what has led to the growth that we have seen in the last year and the financial results that your management has been able to deliver. I would like to say that we have decisively laid the foundation for our ambition to double our data revenue growth over the next 4 years. Our competitive edge combined with our unique digital fabric positioning has made Tata Communications a formidable CommTech player. From my very long association with TCL, I can definitely say that the journey towards the double-digit growth and very meaningful return on equity has definitely begun. Now during the year, several of you who have had opportunity to interact have also shared questions around our M&A strategy. It will be very useful to remind ourselves at this point that Tata has entered this business through acquisition of BSNL. Thereafter, there have been several acquisitions that have been done by the company over years to get to where it has gotten today. So M&A as a meaningful strategy for growth and staying relevant to customers has been the core DNA of Tata Communications, I would say, almost from inception. But where we look to do M&As and why we look to do M&A is something that has changed with time consistent with what our customers need. Initially, we looked for M&As in your company to enter new markets or to find new products to address the needs of our customers. Today, your company is looking at M&A as an important strategy to find appropriate solutions and offer a suite of solutions and deepen the depth of our company's capability to solve our customers' problems. All our M&As are driven towards building scale in our core businesses. I want to take this opportunity to assure all our shareholders both at the level of the board and equally, if not more importantly, at the level of the operating management, there is acute consciousness and responsibility towards using your capital to have an M&A-led growth. We are keenly and very critically evaluating the strategic fit of every M&A opportunity that the management team is evaluating to make sure that we pick the ones that have the maximum strategic relevance. To take an example, our media business is -- has a 25% market share in the global to global sports transmission segment. We acquired a company, the Switch, which has made us meaningful in the U.S. regional to regional space both on transmission and on production. In line with the broader strategy of increasing customer relevance, post-acquisition of The Switch, we are now able to offer more to our customers. Assets, which weave very well with our strategic imperatives, create an enormous amount of shareholder value, and it is also meaningful to all our stakeholders, most importantly, our customers. I'm happy to report that these persistent and focused efforts have yielded the right results. And we have delivered a double-digit revenue growth in FY '23 on the back of strong profitability and cash flows. From here on, we will further sharpen our focus to drive growth across all our platform solutions and achieve the ambition that the management has set out over the coming years as has been articulated already during our Institutional Investors and Analysts' Day, which concluded in June 2023. I'm confident that the acquisition of Switch and the impending acquisition of another company by name Kaleyra will reap the right mix of synergies in our digital portfolio and bring along the capabilities to help us deliver even more holistic and superior customer experience while accelerating our stated ambition of doubling our data revenues by financial year 2027. It has been possible for your company to pursue both organic investments in innovation and inorganic acquisition-led business strategy because of the tremendous focus and of the management in achieving strong balance sheet improvement with an acute focus on cash flows. If this had not happened as a precursor to our acquisition strategy, acquisitions either would not have happened or it could have come at the expense of dilution of all of you as shareholders. It is absolutely important to call out this enormous achievement by the management of your company to deliver you the current growth and the future possibility without any dilution to all of you as shareholders. Despite all the challenges in the near term of growth in various economies, supply chain issues and the great resignation period that played every industry a very uncertain macroeconomic and geopolitical scenario across the globe for a variety of reasons that you are all aware, your company continued to work on the long-term strategic objective of a profitable revenue growth coupled with superior customer experience. All these efforts are visible in our financial results. We are indeed very proud to present the gross revenue that your company achieved of INR 17,838 crores for FY 2023 and EBITDA of INR 4,318 crores. Our data business grew at 10.3% year-on-year, witnessing a healthy growth across all lines of business. Free cash flow generation remained strong at INR 2,539 crores with a net debt brought down by INR 1,011 crores during the year. What all of this means is that our net debt to EBITDA is at a very comfortable level of 1.3x, giving us sufficient headroom to invest in your future growth without further dilution. Our key focus continues to be our customers as we've continued to build stronger and deeper relations with them and become an end-to-end enabler of their own digital transformation journey by delivering digital platform and solutions that drive both business outcomes in terms of revenue growth and cost reduction for our customers. Your company is committed towards delivering a holistic growth in the long term, in line with our commitment to a sustainable dividend policy. For the financial year ended 31st March 2023, your board has approved to pay a dividend equivalent to 33% of our consolidated profit, which translates to a dividend per share of INR 21. This reinforces our commitment to having a huge focus on your expectation as a shareholder not only making appropriate return on equity, but also sharing that by way of appropriate dividend per share with all of you. I'm sure you'll be pleased with this decision of the board. I would like to take this opportunity to hugely compliment our CEO, Mr. Lakshminarayanan, who is appropriately and fondly called Lakshmi. I'm sure all of you will completely agree with the name that has been given to him as Lakshmi from everything that we have seen in this company for the tremendous turnaround of your company, leading from the front, a very, very capable team, transforming the company in every important aspect of business, whether it is investing in technology, taking the company right up the curve on the -- creating the future of technology for its customers, very high customer satisfaction and customer relevance, appropriate focus on balance sheet management and cash flow management, appropriate focus on M&A strategy to fill in for the product gaps that we may have so that we are more meaningful to our customers while continuing to build a very, very strong team to lead this company in the future for higher growth and to be even more meaningful in the context of the digitization of this entire universe. So it is only fair that we recognize the humongous work done by both Lakshmi and his entire team, which he has beautifully created and nurtured. I'd like to take this opportunity to -- on behalf of all my colleagues on the board, the management, employees and all our shareholders to express my deep gratitude to one of our directors, Mr. Srinath Narasimhan, who after a very long innings, probably more than 2 decades, has stepped down from the Board. Srinath used to be the CEO of this company, if my memory serves me right, he was the first CEO when Tata's acquired a meaningful stake in BSNL. Thereafter, he has played a very crucial role in some of the key strategic acquisitions your company made in its early years and subsequently was a very important, very highly engaged board member who worked closely with the senior management of the company in driving its strategy and growth. So to Srinath, we owe a big thanks and a deep sense of gratitude and we also take this opportunity to wish him very well as he makes this progress both with his personal and professional life. In closing, I'd like to express my deep gratitude to the Tata Group for their collaboration and invaluable counsel that they provide from time to time throughout the year. I'd like to thank the Department of Telecom, Ministry of Information and Broadcasting for their cooperation, our valued customers, our excellent employees, management team, partners and business associates for their valuable support and backing. I'm also deeply grateful to all of you, shareholders, whose continued trust and cooperation in our company's strategy and operations is what has allowed us to perform effectively as a board and management to deliver these results. I'm confident that with your continued support and coupled with the unrelenting efforts of our management team and employees, we will be able to see Tata Communications, reach even greater height as a leading -- as a world-leading CommTech player. I hope that you and your families stay safe and healthy, and I will now request Lakshmi to make his presentation to all of you. Thank you.

Thank you, Renuka. I think the chairperson has very eloquently given you the overall view of the macro and the challenges and how we have to perform, and how we are performing. I would like to just give a little bit more color through this presentation on the strategy how we have performed and looking ahead what we intend to do. Firstly, the Reimagine Strategy, which was launched in 2020, it's delivering. I think the financial turnaround is there for all of us to see. On the data revenue, which is our focus last year -- last 3 quarters in a row as well as for the full year last year, we did double-digit growth. FY '23 came in at 10.3% growth, while the CAGR for the last 3 years from '20 to '23 has been a little less than 6%. On the other parameters of EBITDA, we have seen substantial increase in EBITDA, close to about 10% of CAGR growth. The margin expansion from 19.3% to currently at 24.2% and PAT similarly has grown tremendously to now INR 1,796 crores at the end of FY '23. ROCE, again, which was at 11%, has now grown to 28.3%. The Reimagine Strategy was also about the customer shifts going deeper with fewer. We have reorganized ourselves with ensuring that we can stay engaged with our customers, broadening our portfolio. But what this has helped us in terms of the number of million-dollar customers has grown steadily over the last few years, now standing at $233 million customers that we have. And similarly, the $5 million customers also have steadily increased over the last years. Our focus on customers and customer satisfaction even as we expand other portfolio to be able to deliver what we promised to customers and ensure a very high degree of satisfaction is really the hallmark of the company. And that needed a significant shift in investing in capabilities of our teams across the board, be it in product or service delivery or the data operations of service assurance. And all of this has helped us to stay in a very high NPS score, remains the top quartile of NPS score, and we are very pleased and proud about that. Part of our strategy that we launched was also our commitments to sustainability, our commitments to AI and innovation. From an ESG commitment part of, we have a 3-pronged approach of people, planet and community. The people part fostering right winning mix, we are working on the diversity and infusion, which stands today at 21.8%. We have had a number of recognitions not just in India, but across the globe for the workplace strategy, the workplace execution and the people engagement. And we have invested in learning academies to shift the overall capabilities of the organization. So a number of capable -- learning academies have been launched. And our people are making use of these learning academies to reskill in a lot of digital portfolios and broadly, the capabilities that we require in order to deliver the newly envisaged platforms to our customers. On the planet side, we have developed a long-term sustainability goals. We have said that we want to be carbon neutral by FY '30 and Net Zero by FY '35, our customer GHG emission. So that is, if we emit X, we are going to save 20x, enable our customers to save 20x FY '27. Today, it stands at 6x. That is we emit X, we are helping our customers to save 6x through our products and platforms. We've become water neutral and zero waste to landfill by 2027. On the community side, this is an area that all our people are extremely passionate about, very high degree of volunteering, not just our own employees, but we also include a lot of the Tata Group companies' employees into our volunteering effort. And there has been a tremendous progress that has been made in these areas. Just a couple of examples that I want to highlight is the project of the School of Hope and Empowerment. This, in 2021, touched 1 million lives of women aged between 18 and 35 to become more sustainable, earn their livelihood, focused on a few states, the Bihar and Odisha. And that's generated tremendous and positive impact to the society, and we are scaling this program to be able to move from 1 million to 3 million women to be impacted positively by in FY '24 by December 2024. So this is a big scale. And there are many such projects that we are indeed very proud to be associated with. The other project is Project Nanneer. This is in Pothur village in Chennai in collaboration with the Pitchandikulam Forest NGO. And here, we have taken up a lake restoration, which has tremendously benefited in terms of raising the water level and becoming very sustainable. We are working with the community so that the community can take this project forward on their own, and there are many, many other things that are happening around those communities. So these are a couple of examples of how we are actively working with the community. And as you can see, the entire ESG is a people, planet and community, all coming together, and we now have a unified strategy for ESG. And there are many recognitions, rewards that the company has won. We're very pleased about the entire team stepping up to the plate in terms of delivering a very superior performance. Besides recognitions for the company's performance in the last 3 years, we've also been recognized by analysts such as Gartner, who have ranked us in 10 consecutive years in the top of the Magic Quadrant. And we are successfully moving -- even within the top quadrant, we are creeping up to the top in that quadrant itself. And similarly, other awards for excellence in corporate social responsibility, people awards, the recent ones are in Hong Kong and Australia for the Best Workplace. So we are extremely pleased about all these recognitions that the company has received. Now looking forward, what is that we are going to do? Firstly, the opportunities out there are still tremendous. The chairperson talked about the environment of digital, where the focus on Internet, the focus on cloud and cloud security is growing for the enterprises. The cloud adoption is increasing. And with that, the need for connecting all the clouds and the data center to data center connectivity, how enterprise needs to think about their network, and the architecture of the network is itself changing with Internet and cloud, seamless integration across multiple clouds with new types of solutions, which are software-defined, multi-cloud connectivity that are emerging and cloud-native applications with specific security requirements. Similarly, if you look at network and security, increasing Internet adoption is throwing up challenges of security and the right architecture to be had for right performance. And in India, there is a continuing effort by enterprises to expand into Tier 3 and Tier 4 towns and that presents an opportunity for us to expand our portfolio and be more meaningful to the enterprises here. In the Collaboration and the Connected Solutions, the key growth drivers are obviously the growing IoT devices, the newer technologies that are enabling a variety of like 5G, the LoRaWAN and even the other forms of communications that are enabling Connected Solutions for OEMs. In the areas of Collaboration, there's a big transformation to use voice and video more effectively. And the whole customer interactions of how it happens today by enterprises when they reach out to the consumers to make the brand more effective, it's not just about sending SMS, but it's about how they interact continuously and create that brand loyalty and trust so that this interaction is more secure, and it's compliant across the world. So these are the areas which are driving the growth, and these are all closely linked to our product portfolios and the platform portfolios. Now as we had articulated, our journey in the last 3 years had been to move from product to platform, bring -- and building vertically the capabilities on each of the areas to make it a platform. And going forward, we'll be stitching all the platforms together. And our vision is to become the digital fabric one that is end-to-end visible and manageable for enterprises and one that brings intelligence into the fabric itself. And all of these are easily consumed through APIs by customers' applications. So that's our vision for the fabric, and this fabric will consist of our existing portfolio of connected experiences, connected solutions and the connected and intelligent infrastructure. And on top of these, we will integrate these to make it and to bring intelligence to this fabric. So this is the reason that we are going to be working towards the next 3, 4 years. Now not only are we investing in these platforms organically, we also are investing inorganically, the recently announced Kaleyra deal. And similarly, in the area of customer interactions, in the area of CPaaS, which coupled with our portfolio of DIGO as well as our CCaaS portfolio will power the customer interaction category to a leading position. The Switch, the Chairperson, talked about it, we signed the deal in December last year. And in May, we closed the deal, and this integration is in progress, and it's very good signs of delivering all the synergy benefits that we anticipate. The third one I want to highlight is Oasis. We had taken a stake earlier in this company, and now we are buying out the balance stake, which we announced recently. And this company is invested in cloud SIM, which is a very innovative product in the world of E-SIMs. Now our strength, just to summarize, across the network areas. We take pride in saying that our network foundation is very strong. 1/3 of the internet routes are published on our network has extensive coverage across the world, and we're connected to all the major hyperscalers in the world. That's the core network strength on which we build our platforms. Our increasing customer relevance, we are a B2B specialist in the communication space, many of the players that we see around the world are largely B2C players with a business segment focusing on enterprises. We are a B2B specialist. And that is what is helping us to a much superior NPS in the industry. And with our unparalleled breadth and the depth of products and platforms, we can become even more relevant to our customers, which is acknowledged by all the major analysts who are scoring us as either challengers or leaders in the respective areas. And the financial fitness that we have been able to achieve and other investments in people are the enablers for our growth to help us to position truly as a CommTech organization going forward, and our focus on internally to further simplify ourselves and bring agility to our operations will be crucial as we move forward. So these are the strengths that we have and essentially stitching all of these capabilities of product to platform shift, evolution of these platforms to a fabric increasing focus on customers to become even more relevant to them, and these will play a huge part in helping us to deliver the accelerated growth, an ambition that we have stated to double our data revenues in the next 4 years during the recently concluded Investors Day. Thank you.

Thank you, Mr. Lakshminarayanan. We shall now take questions from those shareholders who have registered themselves as speakers.

[Operator Instructions]

Our first speaker for the day is Dr. Arun Kumar Boppana.

Can you see me? Can you hear me?

Yes, we can.

Good to see a smiling Chairman and CEO after a long time. Compliments for this present screen setup. This is the best VC that I'm saying in this season. And thanks to Zubin and Ridhi for arranging this VC and giving the link, et cetera. During Corona, we saw a lot of acceleration in the transformation of the communication industry with mind blowing innovation. AI and machine learning is a fast emerging new world order. But will technology be a bridge or a divider because a lot of geopolitical issues are there. And my question, you said technology are as important for administration nowadays as law and order, and what is the opportunities for TCL in that? Any collaboration with Tata Elxsi or Tejas Networks for increasing telecommunication demand for content management, video streaming, optical network focused products. What are strategic plans for cost effective networking solutions without compromising on quality and performance? What are R&D investment budget for cutting-edge technologies to stay competitive to explore unchartered territories? See the cybersecurity, Chris Krebs believes that information security will get worse before it gets better. Why is it so bad right now? In today's world of scams and cyber-crimes, we can be reduced to dust if cyber-crimes are wars. Telecom indeed is mighty. Telecom has so much tenacity, but telecom gave cyber criminals all the audacity. The criminals are ruthless, faceless, the ordinary men are helpless, the police many times remain clueless and your comments on this, please. Tech has scripted history, but now using, overuse or abuse, it's like putting coins in pockets with holes. What is TCL's protection mechanism? The terrorists attacks were never heard of earlier, but now we are scared about them, what are the precautions observed by TCL? Sir, people are leaving jobs for better compensation, flexible working hours and lack of connectedness. Lakshmi, you also spoke in your letter about connectedness. Madam Renuka, sticking to connectedness, the hyper-connectedness, as I was driving from airport yesterday in Bangalore to office, I saw the opposition conclave meet, saying United We Stand. In a lighter moment before I close, I would like to say, today, in a modern world, husband and wife staying together is called joint family. In a declining joint family today, where is the connectedness? And lastly, the digital environment around has changed dramatically in the last 25 years, but the government has not kept the pace. I'm glad Tata is investing in emerging technologies for robust digital infrastructure across the country. In conclusion, I wish TCL -- TCS a tremendous opportunity to capture in future with their goal, mission and vision. I wish you all the best. I am back in Bombay next week, hope to see you soon. Thank you.

Thank you, Dr. Boppana. Our second speaker shareholder is Mr. Asok Subrahmanyam.

Am I audible?

Yes, you are.

Video is also on, right? Yes. Respected Renuka Ramnath, the Chairperson, A.S. Lakshminarayanan, MD and CEO, the CFO, and the independent directors and the employees of TCL as well the individual shareholders. So first of all, I will start, in the opening address by Ms. Renuka Ramnath, she talked about the complement of Lakshmi in the part of MD and CEO, but she missed out on the part of Narayanan. So it's a deadly combination of Lakshmi and Narayanan. Okay. So I think she should take a note of this. I'll start with my point on -- I'll start with CSR and end with CSR. That's the way I have listed down my point. So I appreciate the CSR activities of Nanneer in Chennai, that is a lake restoration in Chennai and as well as the butterfly habitat what as I could see from this. Now I'll come to regarding the CSR part and the last point, what I said about CSR. Now I compliment the entire team for the investors meet presentation, what has come, which I could lay hand on and go through it. It was an excellent presentation. The quality of the presentation as well as the quality of presentation by Lakshminarayanan today was -- calls worth for it. And when I go through the audit report, this is the first time I'm attending this annual meet of TCL, though I'm your shareholder for the last 11 years or so. And I'm very pleased to see that the stock has appreciated by almost 6x over the period of 11 years. So translating into a good return. Now coming to overall the annual report, I think the font size in the annual report should be a little better because otherwise, when we read in laptop or an iPad and all, all the 3 contents, 3 sides, it's difficult to come in one page. And also, you -- there are a lot of abbreviations are used, like API and NPS, so that we being the working people in many industries, there are cross references of these abbreviations. For example, NPS can be stated as National Pension Scheme also, so maybe somewhere we have to give some abbreviation. And if you look at API, it can be called as American Petroleum Institute. So these are some of the jargons some industry people may be aware about it. So some abbreviations can be given in the beginning of the annual report or somewhere in the things. That's my humble submission. Then referring to the -- I had a good opportunity to spend 3, 4 hours on the annual report and as well as the investor presentation. That gave me some in-depth exposure to the whole concept of the digitalization and everything, which, though it's not my cup of tea as of date, and so I would request that some of the points, which I have touched upon, like Reimage Strategy and all those things, some elaborations can be given on the annual report. So any shareholders who are not into this field can have some idea about it. And so that is what I was looking about it. And now the -- as far as Reimagine Strategy is concerned, what is the delivering, what is -- how it is measured, and what is that object and when? This is one small submission I have in mind. Then the role in cybersecurity is -- has been touched upon by my previous speaker. And I said -- also say that considering the recent Colonial Pipeline attacks and all those things, what our company can do in terms of that as can also be looked at it. Now -- next, my point is the customer interaction platform, DIGO, I could go through it. And a little elaboration on that could have been better, like where all it is connected and who are the Indian customers for it. And it talks about new and next-gen digital services for car users. And whether it is implemented in Tata Motors cars or so, all those things can be a little covered. So this cross-reference of companies of Tata groups can be addressed in that about the products that you are putting in. So the data revenue target of INR 28,000 crores from the current level of INR 14,000 crore is a very good ambitious plan, my hearty best wishes for the same. I'm sure the -- our company will be able to achieve that. And the next point I would like to say is that I have gone -- see the target of Net Zero by 2035, carbon neutrality by 2030, ZW by 2027 are at good target. I'm also a person individually and as well as at corporate level working on these aspects. So maybe down the line, a year after that, I don't mind getting associated within these things. Now in that aspect, I see ZWLE was one of the low-hanging fruits. So that a target of 2027, maybe we can advance it for our roll of products or services, whatever it is. That's my personal viewpoint. Now coming to the last point of me is that the -- 1 more thing is that incubating new solutions, 1/3/30 strategy. So there's no great elaboration of that. What is the strategy like. So maybe you can look at it. Now coming to the -- and then coming to that as every shareholder, individual shareholder cherishes by using the company's own products in their day-to-day life. In that way, how the individual shareholders can use -- get to use of Tata -- TCL products. So maybe you can look at that hyperconnected solution to Indian homes can be one solution for that. So that's what I think. Then the last, but the least, the point is that -- the biggest brand ambassadors of the -- any organization, especially the Tata Group are their loyal individual shareholders. So I think probably the group should look at utilizing them for your CSR implementation. So with this, I thank the -- 1 and all for giving me an opportunity and wish you all the best.

Thank you, Mr. Subramaniam. Our third speaker for the day is Mr. Tamal Kumar Mazumdar.

Mr. Mazumdar, could you kindly unmute your microphone and go ahead and speak.

Respected Madam Ramnath. Mr. Lakshminarayanan, our CEO; Mr. Subramaniam, Mr. Verma and other Directors of the company. Myself, Tamal Kumar Mazumdar, an equity shareholder from Kolkata. I'm joining the meeting after a long time. My -- thank you, madam, Chairman, Chairperson and the CEO for sharing your thoughts with us. My special thanks to our company secretary, Zubin Adil Patel and his team for keeping cordial relation with shareholders. He sent me a hard copy of the annual report and also a link for the meeting, both well in advance so that I may do my homework and attend the meeting. Thank you, madam, for keeping such a wonderful person as our company Secretary. And my special thanks to our CFO, Mr. Kabir Ahmed Shakir for sharing so much information with shareholders, Kabir, Zubin and team prepared such a wonderful annual report with so many disclosures. Sir -- madam, I have gone through the annual report, our subsidiaries accounts and I have some queries and as usual seek your indulgence. Because I have objection to the 3 minutes limit because madam, I attended your meeting before the -- COVID also, you will never disturb any shareholders. In also -- in Tata Groups also, I'm sharing one information with you, in Tata meeting -- Tata Steel meeting, there were 60 shareholders. And Chairman sat there and allowed every shareholder to share their thoughts and then replied. It was nearly 4 hours meeting. I am not saying I'm going to take 0.5 an hour or like that. But please allow me to share mine because I have gone through the entire annual report, page by page, 450 pages and the subsidiaries. So I hope there will be no disturbance from the operator in this regard. On stand-alone basis, though revenue from operations during financial year '23 increased in relation to previous year, yet profit before tax decreased substantially due to increase in loss from voice solutions from INR 190 crores to INR 218 crores, decreased in profit from 2 other segments in relation to the previous year. And a provision of INR 323 crores for diminution in the value of investments relating to its subsidiary, Tata Communications Payment Solutions Limited. It is in Page 229. But on consolidated basis, the company, in addition to increasing its revenue and profit before tax for financial year '23 in relation to financial '22. As per consolidated segment account, in case of Voice Solutions, profit before interest and depreciation on other un-allocable increase from INR 120 crores to INR 301 crores during financial year '23, but profit from data managed services decreased in relation to last year. While Voice Solutions segment increased its losses during financial year '23 on stand-alone basis and whereas it's increased abnormally on consolidated basis. What is the result for decrease in profit from DMS segment during financial year '23 and whether the trend is continuing in the first quarter of financial year '24 and your expectation for remaining part of the year. Please share your thoughts in this regard. And what is the trend of revenue from India, America, Europe and MENA countries during Q1 of financial year '24? Because Madam, you mentioned in your speech, your takeover of Switch will increase our visibility in the U.S.A. In the slide, I want to know what is the current position? In Page 100 the company -- Page 116, mentioned that telecom market faces a threat of hyperscalers. Hyperscalers whose presence and interest in telecom market is growing. Whether it is impacting our business model? Please share your thoughts. Madam, Tata Communications Payment Solutions Limited is in very bad shape. You may remember, I -- again, I am talking in this regard for a long time regarding Tata Payment Solutions Limited. It's accumulated gross. As of 31st March 2023, after consolidating a loss of INR 64.17 crores during financial year '23, is opening INR 1,622 crores against a security base of INR 1,217 crores. And after infusing of INR 50 crores during the current year, and share premium balance of INR 450.90 crores. Infusion of fund in security every year is not at all a solution, Mr. Lakshminarayanan also. It is not at all a solution. Every year, you are infusing fund in order to make it as -- liabilities are not more than assets. This is not at all a solution. What I'm noticing this trend for the last couple of years and after impairment of INR 323 crores against its investment, our company's tool is showing the value of investment in Tata Payment Solutions Limited --Tata Communications Payment Solutions Limited at INR 760 crores. After provision of INR 320 crores -- INR 323 crores, you are showing the asset value -- a share value of INR 760 crores, which, in my opinion, is grossly exacerbated. A company which has an accumulated loss of INR 1,622 crores, the depreciation should be more and the company management would have to decide where they will continue in this prospecting unit or takes some drastic steps in this regard. Shortly, please share your thoughts giving details of management thinking in respect of the -- in this respect and whether it is still losing money during Q1 of financial year '24? And what is the present status of proposed renewal of license, which actually expired on 30th June 2023 with Reserve Bank of India. What is the current status? And whether the company received INR 6.75 crores as per settlement agreement dated 30th March 2023? Our company completed an acquisition of 100% stake in The Switch Enterprises LLC through our subsidiary, Tata Communications (Netherlands) B.V. on 1/5/2023 -- 31st March 2023, sorry. What is the total cost of this said acquisition of Switch? What is the total cost of acquisition? And again, on 26 -- 28/6/2023, the company announced acquisition of platform, Kaleyra, with net debt of USD 150 million as on 31st March 2023 for USD 100 million. The company also disclosed that short-term dilution in its EBITDA. In its press release, they disclosed that there will be short-term dilution in its EBITDA due to this acquisition. Whether the amount paid was from internal accruals or loans or from both? And company is also taking over 49% of Oasis also. What is the total fund required for all these 3 companies and whether it is from the general accruals or from loans or from both? And sir, continuous acquisition without proper due diligence, it brings bizarre to company in the long run. And I'm sharing with you 1 software -- software company which major -- software major top 5 companies, which provided more than INR 250 crores against their takeovers made earlier during financial year '23 and our company is aware of it. What do the company management mean by short-term dilution in EBITDA? Do you believe that it will increase our profitability in the coming years? Please share your thoughts in this respect. Madam, our company further invested INR 100 crores in equity of STT Global Centres India Limited in order to keep its stake to 26%. Madam, our company appointed 2 directors on the Board of STT Global in terms of the agreement with them as the debt? How that company is doing during the current year? And the statutory auditor mentioned emphasis of matter as regards our license fee is concerned. It is in Page 183 and 298. Whether they made any general provision in respect of contingent liability, shown as INR 5,009 crores. Present status is to be disclosed in this regard also. And whether note number 42, under trade receivable, it is in Page 338. It relates to Vodafone India Limited -- Vodafone Idea Limited because you have not mentioned the name of the company. It appears to me that it relates to Vodafone because government took stake in it. Name of the subsidiaries to be disclosed from whom the company has significant operations and that said company as per the note made all obligations. Then why our company provided amount against their dues in the earlier years? When they are making all their commitments correctly, then what is the reason for providing amount against them? I think it should be revoked. It should be revoked in the coming months. And please confirm your position in this respect disclosing the current status of payment of dues. Sir, whether The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) allowed reassessment of bill of entry under its CESTAT suggested category till date? It is in Page 228, 229. And is there any dispute in this regard? Sir, it is noted on Page 100 that our foreign exchange outgo was more at INR 938 crores against inflow of INR 796 crores during financial year '23. Our outflow was more at INR 938 crores than inflow of INR 796 crores. Is there any possibility of inflow overtaking outflow in the coming months? Madam, our company made an 100% provision against United Telecom, in which it had 26.6% stake during earlier years, but not considering its share of loss in the balance sheet, which, in my opinion, is -- which invite you is not a good type of accounting. And it is still an associate to our company. Either you sell the unit or take that loss in 2-year consolidation. I want to know your view in this regard. I have 2 questions regarding...

If I -- I'm sorry to interrupt Mr. Mazumdar. Sorry to interrupt. I think there is a lot of detailed questions. Perhaps if you send it by e-mail, I'll have Zubin answer you in the interest of time. So I...

No, no, no, I will do that. I have two questions on it. I want to complete that. Madam, as per Page 188, the company provided guarantees to the tune of INR 12,454 crores as on 31st March 2023. At least one good company within the Tata Group collects 1% of the guarantee as income in their books. Whether our company has any such proposal? And whether any -- whether company expects any liability against that huge amount? And lastly, I am sorry to note that no hearing before the division bench of Bombay High Court took place during the last 3 years in respect of our claim for premature termination by the Government of India, company's exclusivity in the international long-distance call 2 years ahead of schedule. It is on Page 127. It shows company management's total apathy during -- towards the claim. The company management, for the last 13 years, is following the pattern-base policy of putting the same note in the accounts of the [ current year ]. Same note for the last 13 years, it is coming, same note. Why no hearing took place during the last 13 years. What steps they have taken till date in this regard? I want a straight reply from your end. And thank you, Madam Chairperson for allowing me to complete my questionnaire and also for patient hearing. Thank you, all.

Thank you, Mr. Mazumdar. Our fourth speaker for the day is Mr. Gautam Tiwari.

Mr. Tiwari, if you could kindly switch your camera on, turn your microphone on as well, and speak.

A special good morning to our honorable Chairperson, a highly dignified Board of Directors, our Chairperson, Renuka Ramnath; our CEO, MD, which Mr. Lakshminarayanan, who has given the real shape to our company and where our highly dignified and renowned directors, my fellow shareholders, team Tata Communications Limited, myself Gautam Tiwari and I'm participating at this meeting -- at this AGM from Mumbai. Dear sir, investor care and investor service. First of all, I would like to thank our management for paying INR 21. That is 33% of the PAT as dividend to shareholders and stakeholders. Investor care and investor service of our secretarial department is really exceptionally outstanding. Our company secretary, Mr. Zubin Patel and his associates, Ridhi, and all others are providing very good investor service through all these years and with this company right from day 1, and I have been observing that the investor service and security service to the shareholders is very, very good. Sir, even CSR activities are also quite excellent, and we are proud of being such CSR activities from our company. Also, the services of our RTA, NSDL team and the WebEx team, technical team is also very good, all very cooperative. Sir, I really -- and this dynamic and energetic, our Zubin Patel, is really very good at everything that is required to be done for shareholders and for the company. This is what we have been observing. Sir, we are very much thankful to you for providing some noble, committed -- I mean noble service providers to shareholders with good commitment and good understanding all the time and all these years. Sir, the achievements which you have done, I'm very much thankful to the company. First is launched Tata Communication DIGO platform for converged and contextual conversation. Secondly, announcement of 3C sustainability, strategy and the commitment to net zero by 2035. Sir, we are going to become carbon neutral in 2030 and net zero in 2035. So what is our status in carbon neutrality as it stands now? Sir, acquired the Switch Enterprises to complement the EMEA's business. Sir, we achieved double-digit data revenue group in such a short time, launched Jamvee as an integrated cloud-based calling solution for global enterprises. Sir, we have announced complete acquisition of Oasis, announcement of acquisition of Kaleyra -- as you say it, Kaleyra Incorporated, a leading CPaaS [ SBA ] player. Sir, we appreciate Srinath's contribution and wish him safe, long, happy post-retired life. We compliment very heartily Mr. Lakshminarayanan who has given proper shape and who has really been able to put this company, our Tata Communication to the path of total Lakshmi, it is full of overwhelming with all Lakshmis. We are thankful to the parents, especially of Lakshminarayanan for giving such a good person for our Tata Communication, who has sprayed all the Lakshmis in our Tata Communication platform through and through all these years. Then, we are complimenting the company for winning various awards and accolades and recognitions all over. I have got few queries. Madam and sir, Lakshminarayanan, I have got few queries in my mind, which if I can get clarification with, I'll be very much glad to. Firstly, what is the rationale for acquiring the Switch? What is -- secondly, what is Tata Communications DIGO? Thirdly, what are the benefits due to acquisition of Kaleyra? Fourthly, how will Tata Communication achieve its sustainability initiative to achieve net carbon zero -- to net carbon zero by 2035? What are the expected benefits by acquiring the Switch? What is the expected cost of acquisition of Kaleyra? What is our current U.S. budget for R&D and CSR activities? Sir, in cloud and security, what are the new products and solutions launched by us -- by our company? What is the capacity utilization of our seabed cables? And when will you reward -- most importantly, sir, when will you reward the shareholders with bonus or stock split because giving the dividend only doesn't help to that extent because most of the shareholders, they have to pay more than 30% as income tax. So please come out when we are -- just we people have been there from day 1 with this company, and we have been observed, we have got great patience. We are after the company to acquire a real estate which has happened and person like Lakshminarayanan, our MD, CEO has given all the Lakshmi to this, so please distribute it by way of stock split or bonus in some near future. And how many key customers we have got right now, how many key customers or how many customers have left this year and how many customers have joined? We would like to know. Sir, I support all appointments and reappointments of all our directors on board and also heartily support all resolutions for which I have already voted in favor of them all. Sir, and honorable madam -- dear sir, Lakshminarayanan, honorable madam, all eminent Board of Directors and all those who are connected with us, executive officers, technicians, employees, staff, I wish you all the best of luck along with long happy, healthy, wealthy and safe life and bright future for the organization in the coming years. And under the supreme leadership of our Lakshminarayanan and Madam Chairperson and all other -- and you will -- and I assure you our lifetime support as it is right from day one to you and unconditional support to the management and with a total integrity and total honest and sincerity. I once again wish you all the best to all our persons who are connected with us, to all executives, directors, to our shareholders, to all stakeholders and come out with the best of the things and a bright future, and please reward the shareholders in near future with some stock split and bonus in the years to come. Thank you very much for patient listening. Jai Hind. Jai Bharat. Jai Maharashtra. Thank you very much.

Thank you, Mr. Tiwari. Our fifth and sixth shareholders are Mr. Bharat Shah and Ms. Smita Shah.

Sir, could you kindly switch your camera on, unmute your microphone? Yes, ma'am, we can hear you.

Okay. Okay. [Foreign Language] Chairperson, Madam, Ms. Renuka; MD, CEO, Lakshminarayanan; CFO, Kabir; [Foreign Language].

[Foreign Language].

We appear to have lost connectivity there. So we can move on to our next speaker shareholder.

Thank you Mr. and Ms. Shah. Our seventh speaker for the day is Mrs. Celestine Mascarenhas.

Ms. Mascarenhas, could you kindly switch your camera on, unmute your microphone, and speak?

Hello. Am I audible?

Yes, ma'am and visible too.

Respected Chairperson, Renuka Ramnath; Chair -- MD and CEO, A. S. Lakshminarayanan; other members of the Board; my fellow shareholders, I am Mrs. C. E. Mascarenhas, speaking from Mumbai. First of all, I thank the company's secretary, Mr. Zubin Adil Patel and his team for sending me an annual balance sheet and also registering me as a speaker at my request and also giving me this platform to speak, which is more friendly in coming to the platform. Thank you so much. Now, annual report is giving a lot of information, at the same time self-explanatory adhering to all the norms of corporate governance. Our working -- after so many years, I find the working is too good and that speaks -- the dividend speaks, INR 21. It is too good. And also our market cap is excellent. Against EPS of INR 63, getting dividend of INR 21 really speaks very much of this company. Next, I go to congratulating you all for the awards and accolades received during the year. All are documented on Page 9. Also good CSR work. Keep it up. So a lot is done from the ESG. I would like to know how much of carbon footprints are already reduced in the last 2 years because you have given about the next 25 or something, how much it will come down. I would also like to know whether we have gone for ESG rating? And if so, what is our score and if the score is very good, have we gone for listing on some ESG platforms to unwind more value for our company? Total employees is 13,426. I would like to know what is the average age and the attrition level? And how many, I mean, in percentage, are handicapped employees. How many new clients were added in the last 3 months from domestic or international levels? How much of revenue we have invested in AI, ML, blockchains? And how much is spent on R&D and innovations? And the number of staff in the R&D and what is the attrition level there? And how you retain these high innovative people in the company? What is the CapEx for the next 3 years or especially organic also and inorganic growth and any more acquisition in the piping? Already 1 is done. With this, I support all the resolutions. I wish my company all the best, may grow from strength to strength and after all, not the least, I wish you and the entire team, very good health, because health is wealth. With this, thank you so much. May God bless us all.

Thank you, Mrs. Mascarenhas. Our eighth speaker for the day is Mr. Shailesh Mahadevia.

Mr. Mahadevia, you could kindly unmute your microphone and speak. We can see you.

Respected Chairperson, Renuka Ramnath; our Managing Director and CEO, Mr. Lakshminarayanan and all other distinguished Board of Directors and management team. Sir -- firstly, madam, let me congratulate the company for achieving excellent result under critical conditions. I endorse all the claims made by you in your speech in various achievements. I also endorse everything that has been said by our Managing Director in his speech today. And having accepted all this, I will -- I would like to put some questions with a view to understand and appreciate the work done by the company from a shareholder's point of view, that what I would like to have from the company. Firstly -- my first suggestion is that we should have abbreviations and glossary in each and every report. This helps us in understanding the report. It was given 2 years ago, but subsequently, removed. My next question is that some of the data given in the reports are based on stand-alone and some data on consolidated. I'm referring to BSR -- BR and SR where the export of the company is given on the basis of standalone, which is only 8%. However, if we go through the balance sheet, it doesn't give the correct idea of total exports out of our total business on a consolidated basis. As far as our balance sheet is concerned, I would like to read out 3 or 4 critical data. A detailed explanation from the management would help considerably. For example, our equity is INR 285 crores. Our additional reserves in stand-alone is INR 9,576 crores. However, if you look at the consolidated figure, it is only INR 1,233 crores. Secondly, if you look at the profit of standalone, it is INR 666 crores, and for consolidated, it is INR 1,766 crores. And similarly, a number of [indiscernible] data regarding earnings per share on stand-alone and consolidated somewhere it gives conflicting results. In the previous year, it was more, now it is less, et cetera. So my request is that kindly elaborately explain such part of the balance sheets in your annual report, which will considerably help us, particularly the Board's report. Then I would like to refer to a number of legal cases, which are pending. These cases are going on for several years. And very often, we feel that this is likely to turn table of our company's working and the results and look at them, you have been hiking for these cases, as you rightly said right from the inception, and on all 4 counts of such cases, we are defending ourselves. Some of that we are getting good results. Some are kept pending by the government departments, perhaps cost does not matter to them, but it does matter to us. But anyway, my congratulations for patience and perseverance in retaining our rights. And particularly, I would like to ask 2 questions in this connection. Reliance Jio was to pay us INR 73 crores and our continuation of our service was based on that. Have we received this payment from Reliance? And similarly, I would like to know who are the 2 main legal experts who are presenting our case in various courts, Supreme Court, various regulatory authorities. I'm sure we must be engaging services of a number of them. But can you tell us 2 of the most prominent who are trying to work for us in this field. And are we likely to take advantage of the election, which is coming up? Government will be in the mood of settlement of various pending disputes. Sir, my next question is regarding the asset utilization. You have given an excellent idea about employee utilization figure, which is one of the highest in the industry. So what I would like to know, what is the asset utilization? And on the same subject, our attrition rate has gone down from about 24% to 22%. However, what efforts are we making in getting these rates reduced as far as possible? My next question is regarding , what we learned as ordinary citizen or investor, that government has announced various schemes on digitalization, on benefits to the society at large, benefits for women, all based on digitalization or based on our telecommunication businesses? So I would like to know in which way we are playing the role either directly or through various agencies to get maximum advantage of these government approach. And in particular, are we enjoying directly or indirectly benefit under PLI scheme, which is also announced for this same purpose in a very big way. Sir, my next question is regarding acquisitions and mergers, which we are doing on a regular basis. Sir, what I would like to know that synergies we may be obtaining almost immediately. However, complete integration may take some time. So sir, may I know whether this integration of recent acquisitions have taken place already or not? And today, it was disclosed or at least I came to know about the Kaleyra. May I know whether this is a listed company? And similarly, any of the listed companies we have acquired or we are likely to acquire in the times to come? Sir, my next question is regarding the related party transactions. Sir, our Managing Director given an excellent presentation about how we are working with our clients, with our various technologies, et cetera, et cetera. However, we would like to know, in particular, how we are taking advantage of all our related companies engaged in telecommunication like Nelco, Tata Elxsi, Tejas, Tata Tele Maharashtra Limited. All this put together, what result it is likely to give in the times to come? Maybe in the next 2 years or 3 years. I'm sure they are all connected and likely to give us excellent results. And before I end, I must appreciate the cooperation of our secretarial department, which is a good link between the shareholders on the one side and the management on the other. With all this, I wish our organization all the best, which is our way of life. And I'm sure the vision and the goals which you have set, you will definitely achieve at an accelerated pace. With all this, [Foreign Language] to all of you.

Thank you, Mr. Mahadevia. Our ninth speaker for the day is Mr. Naveen Bothra.

Mr. Bothra could you kindly unmute your microphone and speak?

Yes. Naveen Bothra, pleasure attending the 37th AGM of Tata Communication from Delhi. First of all, a very warm greetings to our Chairperson, Madam Renuka Ramnath; MD, Lakshmi sir; NGS sir; the other distinguished board members and the management team. I would like to congratulate the team, Tata Communication, for various awards and recognitions during the year as well as for achieving the highest ever profits in company's history. Congratulations Lakshmi sir for outstanding transformation of our company, Tata Communication in the last 4 years, complete transformation through the image and strategy you talked about in your presentation. We highly appreciate all the transformations taking place at Tata Communication Limited. The integrated annual report gives a detailed outline of our 6 capitals of the company. Kudos to the secretarial team and finance teams for such a nicely prepared annual report. Madam, I have the following points for your consideration. I would like to skip my first question regarding the double-digit revenue growth because it has been talked about by yourself as well as Lakshmi sir, so I wouldn't speak that one. Second one is regarding our acquisition of Kaleyra. The theme of our -- this year's annual report is empowering hyperconnected ecosystem through a digital fabric. So my query regarding this is if you can share your insights as to how our recent acquisition of this Kaleyra will fit into this hyperconnected ecosystem theme and how we are going to scale up this business not only in India, but also internationally, at an accelerated speed. And second one is regarding the 5G opportunity -- 5G network opportunity. Lakshmi sir, in his message to shareholders, has already said that recognizing the image potential of 5G, we are making strategic investments in this area and also have recently launched private 5G Global Center of Excellence in Pune also. So my query in this regard is to know how we are exploring the opportunities? What -- what we are exploring the opportunities of shaping of 5G networks for other customers also as well as our company, making any partnerships with any other Tata Group companies to fully harness these humongous potential opportunities in the 5G arena? Your views will be highly appreciated, Madam. And regarding -- my third query is regarding usage of generative AI. Madam Chairperson, generative AI is gaining traction at an accelerated speed. Your thoughts on how we, at Tata Communications, are planning to harness this disruptive technology for our company's benefit and have the opportunities to grow our various businesses in the CPaaS as well as the network solution provider? And to conclude, in Lakshmi sir's message to shareholders, we have said that we have set up -- regarding cybersecurity, we have set up a dedicated cloud associate in UAE. So kindly enlighten us on the possible -- possibilities and opportunities in this cybersecurity space in India as well as in other geographies for Tata Communication. To conclude, I wish the management team led by Lakshmi sir and all the very best in the accelerated growth journey, which we have talked about that we will be achieving. We will be trying very hard to achieve the data revenue doubling in next 4 years. So I wish all the very best. And I appreciate the efforts of our secretarial team, Zubin and his colleagues for coordinating flawless participation in this virtual meeting. And I propose a vote of thanks to the Board. Thank you very much.

Thank you, Mr. Bothra. Tenth speaker for the day is Mr. George John and Mr. Purunjeevally from EQ India Fund.

A very good afternoon to the respected members of the Board and fellow shareholders, I'm George John. I represent EQ India Fund of Equity Intelligence and our [ BMS ] clients and we have been invested in your company for quite some time now. We believe the reimagined strategy will pay off in a big way in the years to come. The guidance of doubling the data revenue the next 4 years is an exciting prospect indeed. The annual report has provided great detail with respect to the use cases of the incubation portfolio, especially the connected solutions. Now in light of the recent acquisitions in the data segment, what is your vision for the incubation portfolio in the next 4 years? Would the growth in the incubation segment be through M&As or organically? And what percentage of data revenue is it likely to contribute and the possible sustainable margins in that segment once it matures probably in the next 4 years? So these are my questions. I wish you all the best. Thank you.