Tata Consultancy Services Limited (TCS) Earnings Call Transcript & Summary

I would like to take you through certain key points regarding the participation at this meeting. The facility for joining the AGM through video conference other audiovisual means is made available for members. All members who have joined this meeting are by default placed on mute to avoid disturbance arising from any background noise and to ensure smooth and seamless conduct of the meeting. Once the question-and-answer session starts, the names of the shareholders who have registered as speaker shareholders will be announced 1 by one. Speaker shareholders will be connected in the audio/video mute mode. Once your name is announced, you will be sent a request to unmute your microphone. Kindly unmute your microphone, switch on your camera and speak. If you're not able to switch to video mode for any reason, please use the audio mode orderly. To ensure greater clarity and to minimize backward noise, background noise, we recommend that you use headphones or ear phones with the microphone. For a better video experience, please ensure proper lighting at your venue. Kindly ensure that your WiFi is not connected to any devices and no other applications are running on the device. If it is observed that there is a connectivity problem at the speaker shareholder's end, we would ask the next speaker to join. If connectivity improves, we will call those shareholders who had connectivity issues earlier to try again once the other shareholders who have registered complete their turn, kindly restrict your queries or comments to 3 minutes to allow maximum participation of the shareholders. For shareholders other than speaker shareholders, a communicate tab is available on the left corner of the screen that you're using for the AGM. You can post your comments or queries by clicking on the tab. During the AGM, if any shareholder other than speaker shareholder faces any technical issues, please contact the telephone help line number mentioned in the notice of the AGM or referred to the FAQs available on the NSDL website. If at any time during the AGM, you lose connectivity, do check your internet correction and log in once again using the same process. Thank You. I hand over to the Chairman.

Good afternoon, shareholders. I would like to welcome all of you to the 27th Annual General Meeting of the company. As the requisite quorum is present, I now call the meeting to order. Joining the meeting with me here are Rajesh Gopinathan, CEO and Managing Director; Samir Seksaria, Chief Financial Officer; and Pradeep Gaitonde, the Company Secretary. I now call all the other directors who are on the video conference to introduce themselves. Let me start with requesting Mr. O.P. Bhatt.

Thank you, Chairman. Good afternoon, everyone. I'm Omprakash Bhatt, Independent Director on this company's Board since April 2012. I also shared the Nomination and Remuneration Committee. I'm attending this Annual General Meeting by video from my residence in Mumbai. I hope you and your family members are healthy and doing well. Thank you. Take care.

Dr. Pradeep kumar Khosla.

Thank you, Chairman. Good afternoon, everybody. I'm Pradeep Kumar Khosla. I'm attending this meeting from my office in San Diego. I'm an independent director on the company's board since January 2018. I also chaired the stakeholders relationship committee. And thank you, everybody, and I hope you're all doing well. And thank you, Mr. Chair.

[indiscernible].

Good afternoon, everyone. I'm [ Hannes ] [indiscernible], and I've been an independent director on the Board of TCS since 2018. I'm joining as Annual General Meeting from my residents in Copenhagen, Denmark. And I hope that you and your families are all well and in good health. Thank you.

Mr. K.K [indiscernible]

Thank you, Chairman, and good afternoon, everyone. I am K.K [indiscernible], Independent Director on the Board of TCS since December 2018. I chaired the Audit and Risk Management Committee. I'm attending this Annual General Meeting from my office to video conference. Thank you very much.

Mr. Dan Callahan.

Thank you, Chairman, and good afternoon. I am Dan Callahan, Independent Director of the company's Board since January of 2019. I am attending this Annual General Meeting from my residents in New York City, United States. I am -- I hope you and your families are all feeling well. Take care.

Aarthi Subramanian.

Thank you, Chairman. Good afternoon, everyone. I'm Aarthi Subramanian, Director on the company's board since August 2017. I'm attending this Annual General Meeting from my office on video conference. I hope you and your families are doing well. Take care. Thank you.

[indiscernible] Subramanian

Good afternoon, everyone. I'm [indiscernible] Subramanian, Chief Operating Officer and Executive Director on our company's Board since February 2017. I'm attending this Annual General Meeting FY 2022 from my office, by video conference. I hope you and your family members are doing well. Take care. Thank you very much.

Thank you all. In addition, we also have other senior executives of the company joining this meeting through video conference from their respective locations. Now I want to thank all the members today who are joining this meeting. This Annual General Meeting is being held through video conference in accordance with the circulars issued by the Ministry of Corporate Affairs. A live streaming of this meeting is also being webcast on NSDL's website. The company has taken the requisite steps to enable members to participate and vote on the items being considered on the AGM. The registers as required under the Companies Act 2013 are open for inspection. Since the notice is already supplied duly to the members, I take the notice convening the meeting as read. Now let me share a few thoughts about the environment and the company before I take questions from the shareholders. At the start of this calendar year, the world economic situation looked rather very promising with an anticipation of a high growth, high inflation environment. The conflict and the crisis that has come out of the Russia-Ukraine situation has imported stagflationary impulse. This is going to dent the global growth and at the same time, further increase the inflation. We are also currently facing a number of supply chain shocks from higher oil prices, gas and semiconductor shortages, to name a few. As a result, many of the macroeconomic factors are rather looking a bit difficult, so we are likely to face globally a low growth, high inflation environment. The global GDP is expected to grow at a slower pace than anticipated, about 3.4% in 2022, which is almost 100 bps drop from earlier projection. Global inflation meanwhile, is expected to climb to above 7%. In this context, India becomes a very, very important market. And India will be, in all likelihood, the fastest-growing major economy at an estimated 7.8%. The last couple of years, the world has seen a number of disruptions, a global pandemic, military conflict, growing in equality, supply chain shortages and more, almost a decade worth of experience packed in a couple of years. Businesses across the board I've had to cope with this unprecedented set of event with speed, agility and resilience. While these changes have had serious impact on businesses and communities, these have also opened up new avenues of growth and created certain specific trends for the future. I would like to call out 4 specific trends. The first one being a digital transition, a world that is totally determined and accelerated by artificial intelligence, machine learning, and data analytics. Second, an energy transition, which is an irreversible move towards a Green Economy. Third, a supply chain transition where the supply chain will get rebalanced for resilience and there is an India plus opportunity that is emerging. And fourth, the talent transition coming age of the talent cloud, a diverse, inclusive, a global talent pool that can be accessed remotely by businesses around the world. All these trends have implications for all businesses. And from your company's perspective, it provides an enormous opportunity. First, let me talk a little bit about digital. Over the last decade, digital technologies have been rapidly transforming every industry. However, the pandemic has further accelerated this move and forever, it has changed the course towards the offer of technology by businesses, governments and communities. Advances in AI, cloud and data have raised forward. In future, every business will be a data and AI business, no industry will escape this revolution. Companies who leverage these technological shifts very well and position themselves for the future will distinctly differentiate themselves from the rest of the pack. With the significant organizational investments in digital that has been made over the years and the kind of talent that has been developed in the company, your company is a very crucial and valuable partner for all customers there on the globe to make this transition. Second, energy transition, as companies think about how to make the energy transition towards a more sustainable future and net-zero target, focus on new technologies and innovation will be key. Areas such as renewable energy, battery storage, carbon capture, decarbonization through other means, including hydrogen, electronic waste management, biodiversity, et cetera, are already generating numerous opportunities, and there is a role for AI and IoT to get tightly integrated in the way this transition is happening. Because most of the businesses are making this transition from a legacy investment that have been made over several decades, and your company, again, has invested a number of offerings towards sustainability and will be a valuable partner for the customer base globally in helping them achieve this transition and achieve their net 0 or a positive objective. The third is supply chain. Going forward, supply chains of all organizations and countries will have to be redesigned. In a manner of speaking, it is already happening, and our customer base is looking at alternative mechanisms to create redundancy and resilience in their supply chain, sourcing, and it is being designed again, not only for efficiency and resilience, it is also being designed with the latest technologies and leveraging IoT, AI and rest of the technologies. In addition, advanced manufacturing technologies, such as 3D printing and robotics are transforming the very nature of manufacturing. This is another area in which your company has made significant investments over the years and is positioned to be a valuable partner of choice to help the companies make this transition. And fourth, talent and transition -- talent transition, focus on talent is going to be most critical for the future. Because AI, critical thinking, agility, agile way of working, data analytics or all new edge skills and global pools of talent are becoming available for helping companies to make this transition. Your company's investment over the years, and continuous focus in building this capability across the workforce in India and abroad, is positioning as a talent partner in helping this huge transition. And the company has also developed a huge amount of domain expertise, contextual knowledge and frameworks for advisory services in making a huge amount of transformative initiatives possible in our client base. So in all the 4 dimensions which the world is going to witness a digital transition, a sustainability transition, a supply chain transition and a talent transition, your company is extremely well positioned to help the customers globally to successfully proceed towards the new economy. Now I want to share a few thoughts about the company's performance. On the business front, the company had a satisfactory year of strong and profitable growth. In rupee terms, in the financial year, 2021, '22, the company's consolidated revenue was INR 1,91,754 crores, which is a growth of 16.8% rupee terms and 15.4% in constant currency terms. In USD terms, the company crossed a milestone of $25 billion in revenues, experienced a growth of 15.9%, adding incremental revenues of $3.5 billion. This growth came with an industry-leading operating margin of 25.3% and a free cash flow of INR 36,985 crores. The earnings per share was INR 103.62, growing 16.1% over the prior year. In line with the practice of returning 80% to 100% of free cash flow to shareholders and based on company's performance, the directors have recommended a final dividend of INR 22 per equity shares, bringing the total dividend payout for the year to INR 43 per equity share, including 3 interim dividends of total [ 21 ] per equity share. Additionally, the company completed 4 successful share buyback in 5 years to the tune of INR 18,000 crores at INR 4,500 per share through the tender offer route using stock exchange mechanism, extinguishing INR 4 crores equity shares, representing 1.08% of the total paid-up equity share capital. This translates a total of INR 38,010 crores in dividend and buyback, including buyback tax of INR 4,192 crores, resulting in a payout of 102.8% of the free cash flow of the company. On the employee front, our employee strength grew to 592,195 with a record net addition of 103,546 employees, while the company continues to enjoy the best retention rates industry, the addition last year was very high by its own standards, and it is a matter of concern, which the company is trying to address by taking suitable measures. The workforce remains highly diverse with over 153 nationalities represented. The company crossed another important milestone with the number of women in the workforce crossing 2 lakh employees. The company is also making progress in improving general diversity in the senior management roles. On the community front, the company works closely with the communities to create equitable inclusive pathways for all, especially women, youth and marginalised groups. The primary focus areas are education, skilling, employment and the entrepreneurship. Additionally, the company invests in basic health and wellness, water sanitation, hygiene, conservation and disaster relief effort. The company also supported its employees and their families in dealing with the pandemic, including organizing what is perhaps one of the largest vaccination drives in corporate India. For employees, their families, and the standard ecosystem of partners and other Tata Group companies. In closing, I would like to say that as we look forward to the future, there are excellent opportunities that is ahead of us. Your company is poised well to take a leadership role in partnering with all stakeholders across multiple fronts. With customers, there is a significant potential to help them make the transition across digital, sustainability and supply chain. The company can be the talent partner of choice for all of our client base from advisory as well as transformation agendas. And the company is committed to work closely with the communities to make an impact in making a sustainable world. And finally, I remain committed personally to the employees of the company who have delivered a [ 10 other year ] and who day in and day out work towards making their customers happy. And finally, I would like to thank all of you shareholders for your unstinted support from the very beginning since we went IPO in 2004. And I would like to count on your continued support, and I remain extremely grateful for the support. Thank you very much. Now over to Rajesh Gopinathan.

Thank you, Chairman, and good afternoon, dear shareholders. I'll take the next 15, 20 minutes to give you a quick overview of the performance of the company and drilling down a few more details into what the Chairman has shared. FY '22 has been a very satisfying year for the company. And if you look at performance across all parameters, we had revenue growth of 16.8% in rupee terms for a revenue of INR 1,91,754 crores. And we also crossed important milestone this year, crossing $25 billion in annual revenue, closing the year at $25.7 billion. It was also our highest incremental revenue growth in a year clocking a net at $3.5 billion. Importantly, this revenue growth has come while we have sustained industry-leading profitability with an operating margin of 25.3% in and a net margin of 20%. As the Chairman said, the shareholder distribution has been almost 100% of our free cash flow at 99.2% of net profit and slightly more than 100% on the free cash flow side, with a total distribution of INR 38,000 crores in dividends and buybacks during the course of the year. In terms of our workforce, we ended the year with 598,000 associates, forming one of the largest pools of engineering talent anywhere in the world. We're also happy to share that during the course of the year, your company added more than 100,000 associates into this global talent pool. From a diversity perspective also, we have now more than 200,000 women employees and have employees from across 153 nationalities with us. On climate, I shall drill down a little bit more during the course of the presentation, but we have had a 66% reduction in our Scope 1 and 2 emissions against a base year of 2016 and a 6x increase in our total use of renewable energy. And finally, in terms of giving back to society, the company's CSR programs have now impacted and benefited more than 1.7 million people globally and your company's employees have contributed more than 700,000 hours in volunteering efforts. Over the last 5 years, the revenue growth has been steady with a compounded annual growth rate of more than 10%. And with the resilient industry-leading profit with operating profits of -- between 24.8% to slightly more than 25% and an average of slightly more than 25%. Our approach towards shareholder-friendly capital allocation has resulted in as returning 90.5% of total cash generated during the course of this year. And this distribution, we have chosen multiple streams to do it, whether it be dividends, special dividends, or buybacks, as described below in this presentation. On an average, we have distributed more than 100% of net profit in these 5 years. Coming to the most important pillar on which the success of the company is built. I'm happy to share that our approach to customer centricity, which has been the beacon for the company's performance at all points in time, continues to remain strong. We had -- we have more than 1,200 customers with -- who contributed more than $1 million in revenue for us. And if you look at customer bands -- our customer numbers across different revenue bands, we have continuously added to this client franchise, which is the bedrock of our success. Today, we have more than -- we have 58 customers for whom we generate more than $100 million in annual revenue and 268 customers from home, we generate more than $20 million in annual revenue. The ability to stay relevant to our customers and continuously increase our value to them has resulted us increasing our revenue per customer from $19.6 million in FY '17 to $21.7 million in FY '22. Not just in terms of revenue, but in terms of actual value added, we continue to retain our #1 status in terms of customer satisfaction across all our markets. FY '22 also saw us enjoy very strong deal wins with total contracts signed during the year of $34.6 billion which is 1.3x of the total revenue of the year, laying a strong foundation for future growth. This demand is coming across multiple areas, like the Chairman mentioned in terms of the key drivers in the world. But on a more micro level, when we look at it -- on demand, there are three areas that we could call out: One is the growth and transformation agenda of our customers across other teams that Chairman mentioned, including areas like mergers and acquisitions, leading to business model changes, product innovations, customer experience transformation, et cetera. Cloud and the migration to cloud as a common boundaryless infrastructure layer continues to be a big driver for technology spending globally, and we are very strongly focused on it and we believe that this will continue into the near future to be a major driver of technology transformation globally. And finally, our core offering of outsourcing and both technology and business operations continues to stay relevant to our customer base as they seek both efficiency as well as to free up resources to focus on their transformation agendas and look for global scale and global talent to be able to deliver on their growth aspirations. Coming back to the growth and transformation agenda. We have been sharing with you many stories and individual examples of how this plays out in our customer universe. We have shared that across the last few years in our annual reports, including this year's. And if you look at each of these stories, you will see that there is a focus not just on what your company is doing for the customer, but also in the terms of how we are actually working together with them on their innovation and transformation agenda. This example that has highlighted here is from one of our insurance customers in Europe called [ Bourg ], where the member of the Board is commending TCS for its focus on innovation, its co-innovation framework and it's agile ways of working, which has resulted in them being able to significantly accelerate their transformation agenda. Our success is built on the bedrock of our talent. And as I shared, we are very happy that we were able to increase our total associate count by more than 100,000 this year, coming to 592,000 associates at the end of the year with a very diverse both gender and nationality mix. We are also happy that our number of women associates in senior roles has increased by 84% over the last 5 years, trending from 11.7% to 13.3%. We are investing significantly in learning and skilling and reskilling our workforce to stay relevant to both where the emerging opportunities are and as well as to power our growth and transformation agenda. Our focus on training has -- shows up in fact that more than 60 million learning hours were clocked by TCSs during the course of last year and more than 170,000 TCSs actually increase their competency level to a mid or senior level across different areas of both technology as well as business. Our focus on learning and skilling has been recognized globally with multiple awards, including LinkedIn acknowledging us as the best culture of learning to the TV awards for great employees and the Golden Bridge Awards for business and innovation. Innovation has been a key theme driving this growth agenda for your company, and we are significantly investing and continuing to invest into this. During the course of last year, we have spent INR 2,242 crores in research and innovation activities, which represents 1.2% of our annual revenue. Our team of researchers, inventors and innovators is now more than 6,500. And among them, we have totally filed more than 6,500 patents and have been granted close to 2,300 patents. Our innovation agenda cuts across multiple dimensions, whether it be in terms of what we call the TCS Pace Ports, which are co-collaboration labs that we have set up globally. We have 5 of them active in cities from -- ranging from Tokyo, Amsterdam, New York, Pittsburgh, Toronto, and we have another four in the pipeline as we seek to bring our customers and our co-innovation network closer together in being able to cultivate this spirit of innovation. We are also conducting multiple forums where more than 1,300 of our customers have joined us in what we call innovation forums, which we do across four locations globally every year. And we also conduct the world's largest student program in contest called TCS CodeVita, which has recently been granted Guinness -- that has been recognized by the Guinness book of world records as the world's largest computer programming competition for school children. In terms of our commitment to the progress towards net zero, as you are aware, your company had committed and taken a target of getting to net zero by 2030. I'm happy to report that we are well on our way and we had set our immediate near-term milestone as getting to 70% reduction in Scope 1 and 2 emissions by 2025. We have achieved 66% reduction as of this year. So we should be comfortably able to achieve that near-term milestone and actually improve it as we look forward. Overall, our focus on renewable energy has resulted in us increasing our total consumption in renewable energy by [ 66% ] and also has resulted in our current -- for the year, we did about 35% in renewable energy. And today, our run rate is at about 60% of our energy consumption comes from renewable sources. Not just are we focusing on sustainability from a TCS consumption perspective, but we are also looking at the overall opportunity that this energy transition and the global focus on sustainability affords us. We have developed a full suite of offerings across the entire spectrum of this areas of interest ranging from climate change, where our solutions, like the TCS Clever Energy, which was perfected for us for internal use, and it's an IoT-based energy management system that is currently live across all TCS locations in India and that has now been externalized and is being adopted by many customers globally. Going on to human capital workforce, circularity, where again, our solutions like TCS and we're all zoned, is being adopted by leading manufacturers, CPG firms, furniture manufacturers and multiple industries where they're using the solution to identify the instance of plastic and other hazardous materials in their supply chain and designing it to create strategies for reduction of that -- of these materials in -- across their products and their entire supply chain. Going on the supply chain similarly impact innovation and compliance reporting and governance and over 100 such offerings across the full gamut. This, as the Chairman said, represents a significant opportunity for the company to use both its knowledge of the processes and systems in place in our customer environments. And to marry that with our focus on data to be able to provide solutions that many clients are looking for. Now focus on CSR. We have multiple touch points across which we try to impact the communities that we work and live in, including adult literacy program, which has now touches more than 7,000 people. Bridge IT and a very interesting concept where we're using technology to offer livelihood to entrepreneurs across multiple states in India. Youth employment programs, our focus on Jal Jeevan Mission by the Government of India, where we are focusing on improving access to drinking water for the marginal and socially challenged parts of the country. And finally, focus on introducing computational thinking and overall awareness on digital to school children across wide spectrum through our program called [ Go IT ] and Ignite My Future in Schools. Our collective efforts are translating to a greater focus on our brand, and that is getting acknowledged across all the forums where we participate in. Our investments into sports sponsorships, where our flagship program on Marathon sponsorships covers almost all major cities in the world. And on to our increasing focus on branding our services and offerings and showcasing them has resulted in our total brand value crossing $16 billion. I'm happy to share that your company now is the second most valuable brand in technology services globally and is now routinely ranked among the top brands globally by repeated firms like Kantar BrandZ and by the brand index. During the course of this year, we unveiled yet another dimension in the way we manage our company and an operating model. We have aligned our operating model to the customer journey through TCS, focusing on the process of acquiring the customer to the early stage of incubating that relationship on towards the growth stage where we focus on gaining strategic size with the customer and onto the business transformation side, where we use our position as a trusted [indiscernible] partner to be able to drive their transformation journeys. Finally, I want to leave you with our brand anthem where we say that every business is borne out of belief. The belief that you can make an impact that you have an idea that matters. At TCS, we don't just help businesses transform through technology, we help them make a meaningful difference to connect their aspiration to reality. At TCS, we instill trust into business and hope into enterprise. We are building on belief. I'm sure this brand anthem resonates very strongly with the values of the company and many of what you hold dear. Thank you all for your continued support and encouragement, and I will hand it back to the Chairman now.

Now I request the company secretary to explain the process of e-voting on the resolutions.

Thank you, Chairman. The Companies Act 2013 and SEBI listing regulations provide for electronic voting. Accordingly, the company has provided its members the facility to cast their vote through the remote electronic voting system administered by NSDL. Facility for voting at the meeting is also provided for members present here and who have not yet voted. Members while watching the proceedings of the meeting, they cast their vote on the NSDL e-voting website by using the log-in methods detailed in Note 18A of the AGM notice at Page #53. The facility for our voting shall also be made available for 15 minutes after the conclusion of this meeting. Mr. [indiscernible], Practicing Company Secretary, has been appointed as scrutinizer to scrutinize the e-voting process in a fair and transparent manner. Since AGM is being held through video conference or other audiovisual means and the resolutions mentioned in the notice convening this AGM have already been put toward through report e-voting, there will not be any proposing or seconding of these resolutions. Thank you. I hand it all back to the Chairman, please.

Now I would like to take questions from the shareholders or any observations they want to make. I will call all the shareholders to restrict their comments to be brief and let me start with Dr. Arun Kumar [indiscernible]

[Operator Instructions] Our first speaker, Dr. Arun Kumar [indiscernible] now.

Hello. Can you see me?

Yes sir, we can see you. We can hear you loud and clear.

Yes. Good afternoon, everybody. First, thanks to Pradeep [indiscernible] for making this possible. Chairman, sir, I'm very happy with the [indiscernible] best toward on you and complements for acquiring Air India. The Maharajas' blood is not blue. He was Royal masked for 56 years, the world over, thanks to the J. R. D. Tata, it touched many lives. I wish you turn around as soon as possible. Currently, I'm flying [indiscernible] every week. I wanted to present flowers to you, Chairman, sir, but this video conference. I'm very unhappy. It is like, why this collaborating? You are from Tamil Nadu, you understand why this collaborating better? My questions. See, after 22 years, the IT Act is being replaced by Digital India Act. And in 22 years -- 22 years is like 4 to 5 centuries in the Digital and Infotech world. Your comment, sir. Can India have 50 big tech companies with a turnover of INR 5,000 corers in the next 3 to 5 years as wished by the Ministry of State and my friend, Rajiv [indiscernible] comments on that. He has set a target of achieving USD 400 billion export by March 2023. Is it achievable? What is the TCS pie. Sir, you're giving time or you want me to restrict to your 3 minutes?

Preferably 3 minutes, sir.

Be quick boss.

What are the prospects to increase jobs because there's a great reshuffle India and people are seeking better compensation and better working conditions? And how do -- how are you dealing with anxiety, imposter feeling after 2 years of remote working? People are suffering with doubts on the skills, et cetera, what is TCS action? Sir, will IT make recordings of it is [ ambition ], it can address certain issues for simpler disposal of court cases, bridge the digital divide in country for litigants and lawyers. Baby steps of IT will make justice speedy and transparent. All of us will be happy. Sir, TCS has done path [indiscernible] work and passport [ saver ] program. Can we do this in the airport security checks? Sir, the worrying thing is cyber crimes. IT has made life easy for us in many ways. I take your cyber criminals to take away all the benefits. They are faceless, anonymous, can loot from remote. They always stay ahead of investigating agencies. They are aware of weak laws for convection rate. Their products of poverty and unemployment, lack of action for quick convictions, lack of bandwidth to investigate, how can we cut down on crimes, sir? Chairman, sir, this is -- IT is like we dig gold, we find gold, we dig gold, we melt, we make ornaments, then we are afraid of thieves, and we hire security guards and we fear security guards will kill us. IT, cyber crimes are a fear for of us. Sir, in conclusion, with the war in Ukraine and the IT world making a world very small, will there be father from one country, mother from a different country, born in a different country to grow, study and live and in different countries, marry in different countries, be a global citizen will that reduce the wars? Finally, sir, in conclusion, TCS should always be right using its mind. TCS should never be dogmatic. The results will always be dramatic. TCS should aim to give piece remaining a masterpiece. I wish you all the best. I hope to see you next week when I'm back to Mumbai. I'm currently in touch [indiscernible] Bangalore stuck up here.

Thank you, Arun. Mr. [ Gautam Tiwari ].

Sir, can you listen me, sir?

Yes, I can.

And you can see me also, sir?

I can see you also.

Also nice to see. First of all, I'm really happy to see you and meet you go by virtual meeting in this connection for the first time this year. I congratulate for various awards that you've [ accomplished ], we are reading day by day the progress of your personal and professional both ways. We are extremely happy to have you here, and we are extremely proud of you being here with us. So a very, very good evening to all our eminent and very well-dignified Board of Directors including our honorable Chairman, sir, our TCS team and fellow shareholders, my name [ Gautam Tiwari ] and I'm participating at this AGM from Mumbai as usual. Sir, I would -- sir, many of my questions have been already answered. In fact, when I was listening to your introductory speech and even from Mr. Rajesh Gopinathan and I was listening it very carefully. And I'm happy for the progress and the tremendous work that TCS has done international level also and domestic level during the year under consideration. Sir, I'm very happy that our company has worked very hard in identifying the areas and projects for CSR activities and which are very [ provisional ] to the public at large in various fields, like education, skill and all the departments, many, many thanks to the concerned department for this. Sir, I would like to especially thank our MVCs and full secretary and finance team along with the entire management including all staff and employees for their classic and their outstanding performance during the year under consideration. Sir, I would also like to thank management for paying INR 22 that is 220% dividend. And sir, the company's strong position and your confidence is already expressed while doing the buyback for -- at the rate of INR 3,000 last year and this year at the rate of INR 4,500, which takes quite a long -- I mean quite a big about the volumes of growth that the company has achieved along with your -- in your leadership. Sir, I thank our secretary and finance team for drafting [indiscernible] the balance sheet and notice and describing the same well in advance also for the excellent investor care investor service. And also, I thank our NSDL and human [indiscernible] technical team for their unique corporation and individual attention to each and every shareholder speaker so as to attain this committees very much smoothly and for their excellent investors. I thank the management for choosing such diamond-like personalities. So really few queries which I got, I'll be glad if you can answer them now or even afterwards. Sir, how many shares and dividends have been transferred to [indiscernible] protection fund during the year under consideration -- unclaimed dividend I mean. Sir, how much temporary casual workers and permanent workers do you have on our board at this time? Sir, our attrition rate, I had heard -- I had read may times that it was increasing. Now is it under control? And any efforts that we have been taking to minimize the same. Sir, what is our male/female ratio of our staff employed machine at permanent level? And how many physically handicap people. I mean, employees we have got on board. Sir, what is the impact of -- very important sir, how much is the decline and the impact of Russia and Ukraine war and high chemical -- higher gas oil and the diesel oil prices on our business during the year under conation, Sir, TCS has always taken care of the small shareholders and multiplied their win year-on-year from IPO time of 2004 at INR 850 each and every year, you multiply the win of our shareholders for which we are very much grateful and thankful to you. management for diamond-like personality. So really few queries, which I bought. I'll be glad if you can answer them now or even afterwards. Sir, how many shares and dividends have been transferred to IEPF, Investor Education Protection Fund during the year under consideration? Sir, how much temporary casual workers and permanent workers do we have on our board this time? Sir, our attrition rate, I had heard -- I had read meantime that it was increasing. Now is it under control? And any efforts that we have been taking to minimize the same? Sir, what is our male/female ratio of our staff employed, specially at permanent level? And how many physically handicap people -- I mean employees we have got on board? Sir, what is the impact of -- very important, sir. How much is the decline and the impact of Russia and Ukraine war and high chemical -- higher gas oil and the diesel oil prices on our business during the year under concision? Sir, TCS has always taken care of the small shareholders and multiplier year-on-year from IPO time of 2004 at INR 850 each and every year, you have multiply the will of our shareholders for which we are very much grateful and thankful to you. Sir, we have got the independent Directors like Mr. O. P. Bhatt, Rajesh Gopinathan, CEO, CFO, K. Krithivasan and under your leadership, we are doing maximum to this year? Sir, lastly, I would -- I'm a shareholder of your company from day 1, and that is from IPO time and all your companies also will be seeing you later also. And you have a total trust -- our full family has got total trust confidence and faith in the management, and I support very strongly the appointment, the reappointments and all the resolutions for today's agenda and have already voted in favor of them all. And I wish you all a very bright future, a very long supporting state, happy prosperous life with a bright and shiny future in the days to come. Thank you very much, sir. [Foreign Language]

Thank you. Mr. [indiscernible]

I am audible?

Yes. Yes. Good afternoon.

It's a great pleasure to join you, bright and glazer. Our attendance are -- there is no afternoon. Coming to the point rather [indiscernible] Sir gentleman, our notice approval of existing material-related transaction. Will you clarify this? What type of this transaction took place in our organization with our Tata, and other companies. What type of the transaction? How much amount we are doing? Because our organization, is rich, are they're helping other organization? Will you -- what is your call? Please explain. Second thing, I heard -- I read your from balance sheet some word transfer of special economic zone to reinvestment resorts. Please explain this also. And certainly, I congratulate our 16 billion brand, there was a little room to criticize because our organization done well, very good. But one thing I want to know from you, what type of -- how many sexual harassment case reporting in our organization globally? And how you dealt with? Any case outside the -- our organization gone to the court? Lastly, just I want to conclude. Page #85, gentleman, detail remuneration for the year-end [indiscernible] You are not taking commission, but some other commissions, INR 250 lakhs, what does -- will you really explain what type of commission we give to these Directors, Keki Mistry and other, Mr. O. P. Bhatt. And I think we understand the Director attending this, can you elaborate what type of commission we give to the Director? Lastly, auditor remuneration. We -- how many -- we give the remuneration to the auditor, we passed the resolution. Resolution number [indiscernible] for the 5 years, total amount of auditor we paid regularly, yearly, quarterly? What about the internal auditors or external auditors? And globally, how we give the payment? Are -- we are outsourcing others also, or all the work is done in India? Will you elaborate this also? Thank you, and good luck ahead.

Mrs. Alka Karnani.

I'm Alka Karnani, a proud shareholder of the company and a member of Millennium Mams' Kolkata Chapter. Sir, I have 2 questions. First, with the inflation-led pricing pressures and liquidity crunch, companies are likely to delay or curtail the technology spend. How much of an impact do you see on our company? Second, the attrition rate at TCS is lowest compared to the peers, congratulations for that. Can you please share with us the reasons for the attrition? Sir, Millennium Mams' advice to Tata would be to provide more residential amenities and innovative perks to reduce attrition. Thank you.

Mr. [ Manoj Kumar Gupta ].

Sir, respected Chairman, Board of Directors, fellow shareholders, myself, Manoj Gupta, I'm equity shareholder of TCS. I have joined this meeting from Kolkata, my residence. Sir, first of all, I congratulate you on the honor by the government of India, the second highest civilian award, Padma Vibhushan. And sir, I congratulate you as a shareholder of all Tata Group companies for acquisition of Air India, which was the dream of our Chairman, Mr. Ratan Tata, to acquire after 60 years that we have succeed to acquire them. And I again congratulate you to acquire [indiscernible] under the umbrella of Tata. I thanks to MD and CEO for the excellent result of the company and company secretary team for support us to drive this meeting through we see because I find in Tata that they keep in touch with the shareholders after get mail from the stakeholders for speaker registration. So it's a good tradition, sir. And sir, I thanks to management for their successive of buyback -- a big buyback of shares of the company, and good dividends, in spite in this current situation of the economy, you have paid the INR 43 dividend per equity share. So it's a good thing -- and sir, what impact will come on the IT companies through war between Russia and Ukraine. So what impact has come and what impact you expect that how you will face that challenge? And sir, have you any plans to launch new -- new campus for the young generations in the country? In the northeast part of the country, like Assam, [indiscernible] is growing fastly after become the Indian government there. Now people of Assam and Arunachal Nagaland want to be passed IT and join some IT companies. So have you any plan to launch some new campus in that region, sir? And sir, digital motivation by the government and the private sector, so how you see the future of digitalization because our beloved Prime Minister always focus on digital. So what is your view in that regard? In your opening remarks, you have touched some views about the digitalization. And what's your future prospection around the digitalization of these things? And TCS should develop a software to help IRCTC for passenger's train ticket reservation like as passport. Government has given you passport, the chart. So you should develop another software which can help the IRCTC to help the people to get reservation at earliest. And whether you have guided to big income tax software system newly doing by [indiscernible]. And I thank for your CSR because if I will say anything on CSR, that's [Foreign Language]. Sir, last but least, how many investors recorded [indiscernible]? And sir, it's our pleasure to invite you to visit the city of joy. You should come to Kolkata. Every year, you are ensuring us in the AGM that I will come. So again, I request you, to spare some time to visit this city of joy.

Thank you, Manoj. Radha Saraf?

I'm Radha Saraf, a member of Millennium Mams' Mumbai Chapter and also a proud shareholder. Natarajan Chandrasekaran, many, many congratulations, sir. We would love to come to Bombay House and congratulate you in-person. Do consider our request. Congratulations against, sir. TCS has a problem of plenty. Instead of distributing dividend to our shareholders, it is a humble suggestion that it should be accumulated instead, and we should have money in the [indiscernible] for a takeover like Elon Musk for Twitter. Sir, my second question is, work from home is a new culture. You have mentioned 25% of employees will only work from office by 2025. Currently, employee cost is almost 56% in the P&L. So since offices are leased, will this majorly reduce the salary and admin costs? So please elaborate on this. Thank you, sir.

Thank you, ma'am. Ashok Subramanian?

Mr. Ashok Subramanian is not locked in neither is Mr. H. S. Patel. We could move on to the next speaker.

Kaushik Shahukar.

First off, I would like to thank Board of Directors for giving opportunity to -- again to speak in this forum. Many of you will remember me from the conversation we had in past. So I will skip both my ask and introduction of brief. I hope I'm audible.

You are. Yes, you are.

Yes. Myself, Kaushik Shahukar, a qualified chartered accountant from Mumbai. I have been suffering from dystonia, which has hindered 55% of my body paralysed, impacting my right hand, my right leg and speech. While I have not lead that come in my way of becoming a chartered accountant and practicing, I do request your support in helping me continue to be self-aligned. I hope I'm clearly audible till now. Hello?

Yes. Please continue.

Yes, I was optimistic, our [indiscernible] We had last year about working for our organization on certifications work, including Form 15CB. However, nothing has progressed since. While I understand things may now some progressed due to pandemic situation last year, I do hope that after our conversation today, our organization will start engaging me in this area as soon as possible once again, thank you for giving opportunity to speak today, and I hope to see a positive feedback with my [indiscernible]. I support all the resolutions. Also I request you to please provide the replay for us. Lastly, as company is experiencing a slowdown in spending from U.S.A. and other foreign companies where company operates or is likely decline in near future.

Thank you. Mr. [indiscernible]

Chairman sir, can you see me and hear me?

Yes, I can.

Sir, at the outside, I congratulate the management on excellent results, and I welcome Mr. Samir Seksaria as a new CFO; and also Mr. Pradeep Manohar Gaitonde as the new Company Secretary. I hope Mr. Gaitonde is as shareholder friendly as Mr. Rajendra Moholkar. Sir, and coming to -- why you are not holding a shareholders' meeting in physical form? So when the companies like LIC can hold the meeting, [indiscernible] physically, why not TCS? You should think over it because that will be your chance to -- for the shareholders to meet everybody. Sir, and coming to you saying, sir, why you transfer INR 1,500 crores to PM Care Fund? You -- Tata Trust would have done a better job rather than the PM Cares Fund. Sir, and do not take any contracts of government, like what Infosys burned their fingers in this Aadhaar and also in the income tax portals. Sir, revenue was almost [ INR 200,000 crore ] this year. When can we expect INR 300,000 crore? Sir, moderator should say the speaker number. Sir, in dividend, I would like you to control the dividend and instead go for some acquisitions. Sir, why Tata Group cannot have a share transfer agent? Like earlier, Indian hotels who we had -- and even Tata Central Share department was there. With so many companies, it's very difficult for the RTS to deal with the shareholders, and there is no service given by the RTS. If you see on Page 96 -- 94, INR 6.28 crore was transferred as unclaimed dividend. The RTS just in the latter and then keep on harassing the shareholders when they try to claim the dividends. So please ensure that you do the own thing. You have your own RT agent because I'm also having a similar problem when I try to claim unclaimed dividends. Sir, thank you and all the best.

Thank you. Thank you. [ Mr. Santosh Kumar Saraf ].

[Foreign Language]

Thank you. Hema Gupta.

I'm Hema Gupta, a member of Millennium Mams' Mumbai Chapter and a proud shareholder of TCS. My question to you, sir, India is only 5% of the TCS global revenue. Keeping in mind our PM Modi Ji's vision of making India of $5 trillion economy by 2027, how is TCS changing the geographical revenue ratio more in India's favor? What, if any, are the constraints to TCS exponential growth? My another question is, Mr. Bishnu Dhanuka, our mentor, asked you whether you will be a disruptor or will be disrupted? You said both. Congratulations for continuously disruptive. Please elaborate on how TCS is doing the disruptive innovations in DNA computing and cognitive robotics?

[indiscernible]

Good afternoon, Chandrasekaran, Gopinathan, [indiscernible] and other Directors of the company. Nice to see all of you in good health and spirit. Myself [indiscernible], an equity shareholder from Kolkata. And thank you, Mr. Chairman and Mr. Gopinathan for sharing your thoughts with us. Sir, my special thanks to our company, new company secretary, Mr. Gaitonde, for sending the link for joining the meeting. All the best to him. Our old friend, Rajendra Moholkar, retired from service during 2022. So though a beach of introvert, Rajendra is one of the best company secretaries of our time. True to a spirit of the group, he had [indiscernible] for listening to shareholders for value addition, we all wish him good health and spirit in the coming years. During 2022, TCS declared excellent results, completing annual buyback of shares and also announced good dividend for its shareholders for -- under your leadership. So our heartfelt gratitude to you and your dedicated team for such all-round success during the years. I have gone through the annual report as well as reports of subsidiaries for financial year '22 and have some queries relating to its audited accounts and other matters. And like earlier, you seek your indulgence because I may not be able to complete it within 3 minutes. So sir, during the year, all our industry verticals grew in some mid- to high teens during the last quarter as well as fourth quarter, and everything -- everybody you -- Mr. Gopinathan mentioned the figures. But what it appears from the above that during the Q4 of financial '22, retail and CPG, technology and communications and media verticals fared better than full year average growth rate. For us, growth in Life Sciences & Healthcare, financial services verticals in Q4 financial '22 was much less than the yearly average. Would you please share your thoughts in this regard? How these verticals are doing during the first quarter of 2023 or financial year '23, and your expectation from them during the full year? Sir, rupee is all-time low of INR 77.74 against U.S. dollar yesterday. The reason behind the drop in the value of rupee could be blamed on the demand for riskier assets, increase in global crude oil prices and also because the foreign investors continue to dump domestic stocks. In this big scenario, do we expect to gain in dollar accounts as regards Q1 of financial '23 or financial results of our company. Would you please share your thinking on rupee-dollar per month? Sir, our operating margin and net margin for financial year '22 were 25.3% and 20%, respectively. And for Q4 of financial year '22, it were 25% and 19.6%, respectively. Taking into account annual increments, increased [indiscernible], increase the traveling expenses, do you believe that the company will be able to keep the operating margin and net margin intact like financial year '22 during financial year '23? Sir, it is nice to note that during Q4 of financial year '22, accounts receivable was 64 days at DSO, or day sales outsourcing, 3 days down from Q1 of financial year '21 on a yearly basis. And on a yearly basis, 4 days down in comparison to financial year '21. What was its financial impact on our accounts during financial year '22? Due to decrease in DSO by 4 days, what is its financial impact on our accounts during financial year '22? And what is your target in this regard for financial year '23? Sir, as per Page 325 of the integrated annual report for financial year '22, the company granted loan to a party other than subsidiaries, aggregating to INR 13,665 crores during the year and balance outstanding at 31st March 2023 -- 2022 was INR 5,386 crores. It is in the audit report, sir. It is in the audit report. Would you please share the name of the party, reason for such loan and interest rate amount charged to them during financial year '22? What is the status of the loan as of date, and whether it was given to a group company? Sir, it is nice to note that on March 21, 2022, U.S. Supreme Court denied expeditions seeking review of the order. It is mentioned in Page 305 of the annual report. What is the present status of this dispute? When do you expect completion of all formalities in this regard? Sir, during the company during financial year '21 provided INR 1,218 crores or USD 165 million against the claim and pursuant to U.S. store procedure, letter of credit was issued to Epic for [ INR 3,331 crores ], equivalent to USD 440 million as financial security in order to stay the execution of a judgment and pending post-appeal processing. What is the revenue impact in our PL account? As regards the letter of credit is concerned, issued to letter of credit, do we believe that the provision of INR 1,218 crores, we will be able to meet entire reliability when the case will be over? Sir, it is nice to note that TCF used to share audited accounts of TCS Foundation with the shareholders [indiscernible] only shared a 35-page colored booklet without any audited accounts who are [indiscernible] foundation with its shareholders. So it's a good sign. During financially year '22, our company transferred a whooping 94% of total CSR expenditure of [ INR 727 crores ] or INR 680 crores to TCS Foundation against last year's figure of INR 351 crores. So the transfer was nearly double in relation to last year. But I'm sorry to note that the foundation failed to utilize the funding profit. During financial year '22, it utilized only 48% of the total income of [ INR 730 crores ], which includes our company's petition of [ INR 680 crores ]. Against last year, utilization of 78% of total income of [ INR 440 crores ]. As a result of these less expenditures, retained earnings balance as on 31st March 2022, increased to a whooping INR 1,466 crores as on 31st March 2022, against last year's figure of [ INR 1,087 crores ]. Board of the foundation must be active in more utilization of the [indiscernible] received mainly from the parent as well as interest income. Please share your view in this regard. And sir, it is unique to know...

I think if you can bring it to a close. If you can finish your questions.

I'll take another 2 questions. I have not attended last year AGM, I thought you will allow me that also. And sir, it is unique to note that Ajoyendra Mukherjee, one of the Director of TCS Foundation, though retired from executive capacity during 2019, is still showing as Executive VP and head of HR in the [indiscernible] website. Sir, during the last 2 years, the company bought back at extinguished 9.33 crores equity shares, 4 crores during financial year '22 and 5.33 crores during financial year '21, and last bonus declared was during 2018 at 1 is to 1. Getting into account nearly INR 366 crores equity of INR 1 each has paid up capital as of 31st March 2022. Whether the management will go for further reduction of capital? Maintaining issue of bonus sales in the coming years, abandoning issue of bonus shares. Please share your thoughts in this suspect. Sir, as diligent is concerned, its profit decreased from [ 28.271 million pound to 12.61 million pound ]. What was the reason for such abnormal decrease? And whether do you expect further reduction due to change of tax from 19% to 23% with effect from 01/04/2023. And sir, lastly, I am attending meetings -- company meetings for more than 25 years. Second part in 3 years discussion all over India. With the experience gathered during the long period, I wrote a book titled, the underpowered bank, a journey into corporate account, which will be published during end July or early August. I seek yours and other's blessings in this regard. Thank you all for patience.

Thank you, [indiscernible]

Sir, let me congratulate over TCS for an excellent integrated report, which has been presented in the current year, giving an idea of all the high capitals of the company and how they have been used for creating value during the year. So this report was further supplemented by your initial remarks and also by our Managing Director's presentation, which has given us a complete picture about which we are very happy, not only as an individual company, but as one of the best companies in the world. And I'm a proud shareholder of our company right from its inception and will continue to do so. Sir, as far as our CSR activities are concerned, they are also excellent. You have given a report on a regular basis. Sir, one thing which I would like to appreciate is our contribution under CSR to Chhatrapati Shivaji Maharaj Vastu Sangrahalaya, which has completed 100 years, and we have assured them right from the designing stage to the publication of a volume on base. Sir, my congratulations. This will be one of the highest contributions to the society for many years to come. Sir, can you just share how much money we are likely to spend on this entire project? Sir, I would also like to appreciate the cooperation from the [indiscernible] department. Sir, now a few questions with a view to increase my understanding and appreciation of the working of our company. Sir, my first question is, what is the percentage of revenue from our digitalization services. Sir, second, I would like to know what is the EVA of our company and the rate at which it has been calculated -- rate of interest at which it has been calculated. Sir, the world GDP forecast has given day before yesterday by the World Bank has been reduced for the year from 4.1% to 2.8%. Sir, may I know how this fall in growth is likely to affect our industry and our company in particular? Sir, my next question is regarding ESG rating. ESG services, we are one of the best in the country. But sir, I would like to know whether we are being rated by international agencies, and what is our ESG rating? Sir, then what I notice is that in the Managing Director's report, total elimination has been made of ISO registrations. So far, we have been getting one full paragraph on the subject. Sir, I have no objection to this, but I would just like to understand whether the same thing is being covered even without mentioning our registration. And sir, my last question is that women employees in our organization is 35%. Sir, what I would like to know is that the attrition rate, almost the lowest at about 17% in the industry, may I know if the attrition rate among women employees is lower than amongst the male employees. Sir with this, I conclude my observation, and wish our organization success in all aspects, and it is the way of life as far as our company is concerned.

Thank you, sir. [indiscernible]

Can you hear me, sir?

Yes, I can hear you.

Yes. Yes. Thank you. We are missing you. Physically, we all used to meet you every year at the AGM of TCS. This to interact all of us, and we're missing all that, of course, the human touch. Now sir, I want to -- TCS has given us a lot -- a lot means a lot as investments. There's no need for me to say in what way, in buyback, in bonus, in dividends, et cetera, et cetera. Now sir, I want to ask you is, in abroad, are there any restrictions with respect to the pandemic anywhere at the moment, at present in the world? Because sometimes we read in U.K., there are restrictions. Here, there are restrictions, and there, there are restrictions. So what about China? Do we still have relations in China, business dealings? I would like to know. Sir, one thing I must congratulate you. Last year, I had complained a lot about this [indiscernible] you have gone into Zoom. This is what I appreciate. You have listened to our grievance of our shareholders. [indiscernible] there is to be so much disruption and [indiscernible] speak because of [indiscernible]. At this time, you went into Zoom, this is what we appreciate, you taking action when something is really wrong about it. I'm correcting it. Sir, I give it as we -- sir regarding this transfer agents, there are very few, and we are overloaded. Please do something about it. Please have your own transfer agent or do something. Have your own system in your office, things that can be done. There are very few, and they are not up to the mark and we all shareholders suffer a lot. Sir, do we come under Essential Services Act? I mean when doing time of pandemic again and lockdown I mean. Sir, what about the Russian and Ukraine link? I'm sure, in Russia, we have our offices. Sir, did we have in Ukraine? So have they been affected? I would like to know. And sir, congratulations for acquiring Air India. Sir, I have traveled and I'm very happy with their services. There is no problem with respect to that, I must say that. Sir, one more thing, I want to know just -- curious about the attrition rate. Sir, when the employees leave, do they join the -- our competitors? Or do they go abroad for better prospects of further education? Sir, just curious to know as you have mentioned this topic. And I close here. I'm happy to meet Mr. O. P. Bhatt, a very, very old Director and Chairman of SBI. We used to meet him every year during SBI, and it was a real pleasure talking to him, addressing him those, so [indiscernible] to remember me, I hope you remember me. I'm [indiscernible]. I think I shared my videos for you to see me. Yes. Yes. Now, sir -- yes. Oh my God, it is gone. Sir, we appreciate Mr. Chandrasekaran for whatever you're doing for our company, trying to hold it best, trying to bring it up, trying to give shareholder value. Mr. Chandrasekaran, we appreciate that. We appreciate your entire management, and we hope -- and we know we are confident you'll continue to do the same.

Thank you. Mr. [indiscernible]

I hope I'm audible and visible.

You are.

First of all, congratulations, sir, on awarding Padma Vibhushan, and I would like to congratulate each and every stakeholder of TCS and on getting a commendable result and getting industry-leading performance in this particular financial year. I highly appreciate not only the financial performance of my company, but also its holistic performance, starting from second most valuable brand in IT services globally by brand finance, ranked #1 in customer satisfaction of European business by Whitelane Research. The remedial initiative, which was particularly launched for women, which has come very much applaudable. Making a Guinness Word Record by conducting TCS CodeVita, very big government contracts, investing immense intellectual capital and patent et cetera. It's a big thing, which I highly appreciate. Now certain questions which I would like you to oblige me by answering them. So what and how our company's innovating in the field of metaverse as according to the Bloomberg Intelligence, it is going to have a market of almost around USD 800 billion by 2024. Second, with such a vibrant cash in hand, our company can acquire or if not full, in some part, companies like Gather, which is a platform for video conferencing. Unity Software, a company which is behind 70% of top 1,000 games all over the world. Is there any on our company's list, which you would like to share upon? Third, assessing the recent scenario of turbulence in inflation, recession in U.S., Latin America and Europe, which of our industry segment do you think would be having the highest hit? And what is our strategy to protect the earnings from the particular sector? Fourth, which of the segmented revenue do you think would be growing the most in the next financial year in reference to Indian market? Last one, just what factors you would think is challenging us the most and maintaining the top position in IT company -- as an IT company in the world and what esoteric features of our companies do you think will help us give tailwinds in becoming and remaining the top jewell of Tata ground in the years to come. And this question is particularly for you, Chairman, sir. I'm happy to see you, Gopinathan sir, Keki Mistry sir and thank you for giving me this opportunity.

[indiscernible] Okay. We lost her. [indiscernible], can you connect again or I'll come back to you. [indiscernible]

Mr. [indiscernible] has not logged in neither has [ Nirupama Shah ]

Prakash [indiscernible].

Hello. Hello. Can you hear me, sir?

Yes, I can.

Sir, I'm Prakash [indiscernible] from Bombay. Respected Honorable Chairman, other dignitaries on the Board and my fellow shareholders, good evening to all of you. I received the annual report well in time, which is colorful, informative and contains all the informations as per the corporate governance. I thank the company Secretary and his team for the same. Sir, we are living in the days where everything is unpredictable like including our life. In such circumstances, planning a company like us is a great thing. I appreciate Chairman, sir. I'm thankful to the Board for granting -- hello, can you hear me, sir?

Yes, ma'am. Please continue, ma'am.

Yes. Yes. Sir, I wanted to ask many questions, but most of them are covered by my predecessors, so I don't want to repeat. I have just one question. What is the effect of COVID? What was the effect of COVID-19 on our company? And what are its challenges? Then we come under the purview of GST, EPS, what are the rate? Sir, is there any change on our company after the inception of new budget in the Parliament during February? I wish the company good luck for a bright future and pray God that the profit of the company shall reach the beacon due course. Sir, I support all the resolutions put forth in today's meeting.

Thank you, ma'am. [indiscernible]

We seem to have a connectivity issue here with Mr. [indiscernible] audio connection. Perhaps, you could move on to our next speaker. [indiscernible] is also not present, so we could try Mrs. [indiscernible]

Can you hear me? Am I audible?

Yes, ma'am.

Respected Chairman, Mr. Chandrasekaran, Mr. Rajesh Gopinathan, other members of the Board, my fellow shareholders, I am Mrs. [indiscernible], speaking from Mumbai. First of all, I will thank the company's Secretary and his team for sending me e-annual report and also registering me as a speaker on my request in a very good platform where we can see you and you can see us and audible also, very good than last year. Thank you so much. Thank you to whole team. Our annual report is very informative and very self-explanatory, and the way it is laid down, very easy to read. Thank you so much. Thanks the whole secretarial team, good working in spite of very difficult economic conditions in India and all over the world with COVID and now geopolitical. We are very happy. Good dividend, good buyback. Only thing -- only very few shares were accepted. We wanted more to be accepted because we were getting 4,500 in these difficult days was daily appreciated, but whatever, something better than nothing. And also, you have rewarded us with a good bonus. Thank you so much. Thanks the whole TCS team. Now congratulations for all the awards received and also very good CSR and also very good working on ESG. I would like to know, even my previous [indiscernible] has also asked that whether rating is done and if a rating is done, ESG, what is our rating? Now my queries -- of course, as many questions are already asked by my predecessors, I don't have much just basics I will ask. Now as COVID is in the form of Omicron and vaccination is taken by most of the people, how much of the percentage is -- of the staff is working in the office? Did we have any job or stroke seater in Ukraine and Russia? And if so, are they still working or closed? Number 3, sir, I'm very happy with your leadership. Your leadership is very good. And by taking Air India, which Air India has come back to us, which was supposed to be ours, and I know you will not leave any stone untouched by making -- with your leadership, making Air India very, very profitable at the earliest with good as you did in passport issuance. Now TCS gives such a very good service in the issue of the passport. I myself went for renewal, and I had no problem. Within one hour, the passport was issued. Thank you very much. Your work is very good. Now I feel, you should do also in Tata registry work in-house as the TCS management is very good. untouched by making with your leadership, making Air India very, very profitable at the earliest with good as you did in passport issuance. Now TCS gives such a very good service in the issue of the passport. I myself went for renewal, and I had no problem. Within 1 hour, the passport was issued. Thank you very much. Your work is very good. Now I feel you should do also in Tata registry work in-house as the TCS management is very good. Earlier also, better consultancy was doing the registry work, and it was housed in Lotus house at Metro, and we were having no hassles in transferring. Now we have got in a lot of hassles in demanding our shares. What happened, sir, we're so attached with Tata Group, I was not feeling like DEMAT. But now that without DEMAT, our share certificate is just a piece of paper, no valuation. So now we are going for DEMATING and we are getting lots of hassle, sir. You try do -- you come with the registry, if you can change that Air India within 1, 2 years, I think registry work also, you will go in a very beautiful manner because whatever registers, they have too much work, and they -- I don't find them that we can manage that way. And we need now DEMATING very important because we have already crossed 70 and we need the funds very badly for a medical treatment, and we don't get the shares. It takes 6 months to DEMAT. Sir, so please try to do something about it. Rest, I'm very happy. I support all the resolutions. I pray for your good health and the health of our full team, our full TCS team. With this, I thank you very much. And now Mr. Mascarenhas, he is also registered. He will, yes, continue because we are on 1 device. Thank you so much.

Respected Chairman, sir, very distinguished members of the Board and my fellow shareholders. Good evening to you, all. My name is [indiscernible] Mascarenhas. At the outset, I thank the management, our company [indiscernible] and his team for sending me the e-balance sheet, which I received on time. It is informative, transparent and adhering to all the parameters required for a good corporate governance. Our results are very good, as shown facts and figures in print, and they are really good compared to the economic situation, which we are facing now and in the past. In spite of that, you have given some dividend. We most welcome it. Now sir, I would like to know the geopolitical scenario, which has hampered the world around, how it has hampered our activity in and around the world. Another important question I would like to ask you, are we listed in the NASDAQ. I would like to address the information. And rupee dollar is very dicey, how profitable it is because if we are paid by the foreigners in dollars, we stand today. So what is our income in this regard? And most important, we are suffering from this DEMATING. Sir, now the 7 years lockdown -- looking at this period, if we don't surrender -- the claim the dividend, it goes to the investor front. Not only that surprisingly, I have got 1 share where I've forgotten to encash it 2015, 7 years have passed. My dividend has gone, okay, forget it. But they are taking over my shares. How can they take their shares dividend? You can -- it's pardonable. But the shares, If they are gone, we are finished. So kindly look on these aspects, sir. We are senior citizens, I am 73 years old. I'm facing a lot of problems in this regard. Sir, you are a person with midas touch, whatever you touch turns into gold. Air India is a good investment. And I would like as a shareholder of Tata's and Air India, which is our in a group senior citizen discounts will be most appreciated. With this, sir, I thank you, thank the management and everybody employees all the very best in the days and years to come. With this thank you very much for patience here.

Mr. Dinesh Kotecha.

My video is not working today. I don't know, some problem is happened. Sir, thanks for the integrated annual report, physical copy received by me. Sir, today, one of the Tata companies had a physical AGM in Pune. But we at TCS are holding this VC meeting and not holding a physical meeting. So I was just wondering why we could also not have held a physical meeting. A disciplined physical orderly physical meeting could have been held in Bombay. Because, sir, what has happened is that you were the sponsors of IPL 2022. You have lacks of spectators at the stadium without masks. You yourself are also seen in Wankhede stadium, I mean, one of the matches without Mask. Then why now no physical meeting is held. I'm just wondering, just following the law as per saving prescription is not going to, I mean, take us further. We should have kept the physical meeting in spite of the law. That would have been appreciated by me, sir. Secondly, sir, everything is in a disciplined orderly about TCS, everything is a landmark. You are a trendsetter. The management results, payouts, annual report, business impact, everything is worth evaluating. It is extraordinarily above par. Sir, Page #29, do we need to have 856 investors needs. Have you analyzed as to the investment made in each -- in our company from -- from or by the attendee companies or institutions in our company? Those who attended those meetings, how much investments have they made, how much have we spent on such meeting, sir, I would like to know. Sir Chandrasekaran, you are the third or the fourth Chairman of TCS from 1975 the first campus interview of IIT Bangalore with 15 students who became the first TCS employees to enter a formal graduate training program. Under F.C.KOHLI, who was our Chairman for 26 years, then Mr. S. [indiscernible] for 12 years, then Mr. Pallonji, less than 2 years. And now you are there as a Chairman from 2009, For the last 13 years. So everything has grown multi-fold with TCS being the best corporate citizens on all criteria. Sir, we have taken over Tejas networks. I mean I would like to know what is the rationale? And how it will be integrated in TCS in our group? Sir, dividends, I appreciate INR 43, 21 plus 22 as against last year's 38 total. Buyback INR 4,500, appreciate, payout 96%, appreciate. Sir, Mr. Rajesh Gopinathan explained everything to us about the best part of the company. Page 189. Employee turnover in '19/'20 was 13.3%. In the pandemic period had gone down to 7.5% and now it is up to 17.5%. Somebody said that is the best compared to other companies. But compared to our own internal assessment, it is the highest in the last 3 years, sir. Sir, what are the steps taken to reduce it? Sir, Page 199. Fraud by employees or fraud bribery, corruption cases, there were 3 in the last year and current year and 2 in the last year, what is the extent of damage due to this particular fraud bribery and corruption, I would like to know the amount? Sir, is the revenue increase on a constant currency basis. On a comparative basis, I would like to know. There was nowhere in the balance sheet. This is written that is on a constant currency basis. Sir, I'm now particularly interested in Page #326 and #327, that disputed cases under various laws. Sir, across 77 assessment years, a total amount of INR 5,266 is out-payed in dispute. What is paid in protest is INR 769 crores and the total amount gross is INR 6,035 crores. Now this is 16.49x of our equity capital. How do you deal with this? I would like to know this. How many are in dispute outside India, first of all? But the outside India cases are not mentioned there by the auditor. Secondly, the legal expenses incurred to fight or defend these cases, I would like to know, during the year. In the profit and loss account on Page 333, last year, we had 1 amount of exceptional items to the extent of INR 1,281 crores as provision towards legal claim as a loss. This year, it is nil. So how do you see the situation in the current year? in the first 3 months, what has happened? Can you tell me something about it? Sir, what feedback and feedforward have you received during the year and the previous year, which are being implemented for still better results? My last 2 questions are, how do you visualize the company to be -- could be after the next -- after 5 years or 10 years from today, with you or without you being at the [indiscernible] of the company? Lastly, sir, somebody said that India -- in India, we are having only 5% of the turnover of TCS. Now what are your plans to improve the turnover in India? Or do you want to see opportunities in India for more than 5% or 6%? Thank you, sir, very much, and I wish you all the best. I hope that I get answered for all my questions. Thank you very much.

[Foreign Language]

[indiscernible] Congratulate, Chairman, sir, for [indiscernible] I have 2 queries. First is TCS spending only INR 2,242 crores, that is 1.2% of current total revenue on research and development. If possible, company can increase this amount then it will be benefit for the future of the company because research and development is a most important thing in current scenario. And second question, as everyone's told that current attrition rate at 17.4%. It is higher than quarter 3 attrition rate, that is 15.3%. What measures TCS have taken to contain this. These are my 2 queries.

Sheetal Shankar Bansel.

Respected chairman and board of directors, First of all, thank you for buy back of shares. What is FX for next 5 years? And thanks for buy back of shares.

[indiscernible]

Hello? Can you hear me, sir?

I can hear you, ma'am.

Myself was [indiscernible]. I would like to congress our company secretary for saving me the soft copy of the report, [indiscernible] clear and transparent. Most of the question was asked my previous shareholders. I will not take you're time. With these I support all the resolutions.

[indiscernible]

Ms. [indiscernible] hasn't locked in, either as the next 3 speakers. We could move on to #34, Mr. Bharat M. Shah.

Bharat Shah.

Mr. Bharat Shah seems to be experiencing some technical connectivity problems. Ms. Bharti Saraf is not available.

Am I audible, sir?

Yes, you are.

[Foreign Language]

Pritam [indiscernible]

Pritam [indiscernible] has not locked in. We could move on to our next speaker.

Ashmit Singh.

While you may have got tired by now, listening to us shareholders, so I will keep very precise, and I request for your little more attention while I read my note. I will request the company secretary to provide me the video copy of my interaction, including the answers given by the Chairman on my concern. Now to begin with, I'm very happy to note down yet another year of all-round growth that has increased in top line revenue, bottom line profits, margins, dividend payouts. All credit to our leadership team for working untiringly and building value for our nation and everyone associated with the company. I'm immensely happy to read a note printed in the economic time in April this year that TCS would become the largest IT company in the world. This note was echoed by our CEO, Shri Rajesh Gopinathan. And by God grace, I would like to see this day in my life. Now everything is going well, except that I'm paying by one forced decision upon us shareholders year-on-year. Here, I'm referring to the buyback offers, which are against the interest of the significant part of our shareholders, almost more than 20 lack shareholders. After more buybacks in FY '18, '19, '21, '22, the company has tolled out close to INR 75,000 crores of profits. If you are not aware that who has benefited to get these buyback bounty then note that it is not the genuine long-time shareholders who value the company and remain shareholders since 2004, and in fact, added the shares buying out from the market. So who are the beneficiaries. They are those extra smart next generation fly by night small shareholders who swiftly buy shares upon your announcement of buyback and surrender their holdings in the buyback offers made full profits and then perhaps they rebuy the shares. And who are the losers genuine long-time shareholders like me and my family members, lacks of others, also the companies such as Tata Sons, Tata Motors to name a few. Even Mr. Ratan Tata, all new directors, all the employees having ESOPs, having approximately 1,300 shares. Personally, If I have lost INR 2.5 lakh by way of not participating in the buyback. I have worked this figure on the basis of INR 75,000 crores bounty distributed over INR 375 crore capital, working out to INR 200 dividend. Imagine the impact of dividend loss to the shareholders who have more than shares than me. Sir, I am unsure if Mr. Rata Tata has been apprised that the company is offering a loot by way of buyback and not by pay off dividends, which would have gone to the genuine shareholders. So whosoever has taken a decision or a call in the company to offer this buyback. I will call and request him to pay me INR 2.5 lakhs. Further, I want to propose a resolution to never offer a buyback of shares in future. In any case, our company equity shares is too small at INR 366 crores, and there is, in fact, scope of multifold increase in our equity capital all our peer group companies like Infosys, Wipro, HCL, even overseas tech companies like Microsoft have 10 to 100x of our equity size. Further, I don't have -- I don't see how much 3 CR or 4 CR equity reduction by way of buyback and simultaneously increase in equity by way of eSOL will go together. And more so, if we become the largest IT company, then this phoney capital is not enough. I finished my concern here and request your honor replying on this.

We move on to our next speaker.

[Foreign Language]

Thank you. [indiscernible]

I'm Ashiq [indiscernible] from [indiscernible] Company Secretary by profession. My DPI as IN-30302-I. Congratulations to the Chairman for [indiscernible] and team TCS for extraordinary performance. And you have distributed INR 38,000 crores fees to the shareholders through buyback and dividend. My question is, what are the plans to handle [indiscernible] in TCS due to increasing same compared to previous year?

[indiscernible] speak. We can see you. You're not audible. Can you check your...

[Foreign Language]

Mr. Nirav [indiscernible] Thanks for giving me the opportunity, I hope I am audible.

Yes, you are.

I'm Neerav [indiscernible] I'm joining this AGM from my hometown Surat in Gujrat. And I would like to first congratulate our Chairman and Chandrasherkran for receiving the third time year civilian award in India, Padma Bhushan, I would also like to congratulate our CEO and Managing Director, Rajesh Gopinathan for achieving USD 25 billion revenue in FY '22. And I would also like to congratulate the entire Board for doing a buyback of INR 18,000 crores, and also giving a generous dividend of INR 43 per share. Now I'm actually ex-employ of TCS, and I started my professional journey in TCS in 1999. And I would say that I'm a proud ex-employee of TCS. And I also started my investment journey in 2007 by buying the TCS share, and I'm still a shareholder of TCS after 15 years. And I'm very proud shareholder of TCS as well. Now with the compliments out of the way, I would like to raise 3 important points. My first point is my concern on the ESG. So basically, just give me a moment. Let me read it from my note. So I'd like to raise the concern on the governance deficit based on my horrible experience with ECS corporate support retirement, retirement settlement team. I transferred my PA from TCS to another company on 7th November 2016, while my EPF was transferred successfully. But unfortunately, my BPS was not transferred. Ideally, it should have been transferred together. So when I wanted the access to the fund during COVID-19, I discovered this issue and I immediately raised it to TCS retiral team on the aluminee portal on 20th November 2020, but which is still pending even after whopping 558 days or 1.5 years. So actually, I believe that TCS is a best-in-class IT services company and a trusted adviser for a lot of times for enriching customer and employee experience. So this level of service from TCS is totally unexpected. Actually, after I raised this question when I registered for this AGM, I would like to say that TCS support team has reached out to me and I feel that this issue should be resolved quickly. But what I would like to highlight to the management is that employee or aluminee should not face this kind of issue and we should have well-defined service level agreement, just like what we have for the client projects, same should be applicable for employees.

I have -- Mr. Nirav, I have the issue on hand. I will explain to you when I give the answer on what is being done on this. We can take that up in the answer. Do you have any other issues you want to highlight?

Yes, I'll move on to -- 2 other questions. My second question is on margin for the Other segment. So if I see your annual report, the other segment, which includes Energy Resources and utility, public sector and product and platform areas has a margin of just 20.6%. This is on Page #119 in the annual report. And this is much lower compared to the margin of rest of the operating segment where BFSI's margin is at 26.9%. CMP's margins is at 29.9%, retail at 27.8%. Manufacturing is at 30.1% and LSTs at 30%. So what -- this lower margin in the other segment basically is driving down our overall margin of the company, which was at 25.3% in FY '22. So what I would like to know from the management is how management is planning to improve the margin in this other segment, particularly in products and platform area, which should ideally have substantially higher margin due to its nonlinear revenue model. And this will also help the company to achieve its aspirational margin band of 26% to 28%. Moving on to my next question, that is about strengthening the footprint of TCS in APAC and Middle East region. So as for the data provided in the notes forming the part of consolidated financial statements on Page #304 in the annual report, TCS basically has established a very strong footprint in North America with a revenue contribution of 50.5%, U.K. with a revenue contribution of 15.85% and Continental Europe with a revenue contribution of 16.03%. But if -- there is a lot of headroom for growth in the geographical area like Latin America, which is just contributing 1.67% of revenue, Middle East and Africa, which is contributing just 99% of revenue and India, which is contributing a 11% of revenue. So in the annual report, I saw that TCS aspire to achieve $50 billion revenue in next few years. So I would like to know from the management what is the strategy for establishing a very strong footprint in Middle East and Asia Pacific region as well as India region because these are the growth engines of the world. And if we can actually establish our strong footprint in this region, just like what we have done in U.S., U.K. and Continental Europe, then I think it would be easier for us to achieve our revenue target in the next few years. Thanks a lot for giving me the opportunity to ask questions, and I support all the resolutions in this AGM and I wish the management all the best for the future.

Thank you. Puja Agarwal.

Sir, I'm a proud shareholder of my company and also a member of Millennium-man. Sir, I would like to know one thing. Our company has everything. It has a brand value. It has an amazing management, it is cash rich. So how do I see my company now with India plus opportunity change its place in the world by 2025? May I say in other ways that is it okay to say that I can see my company at the top in the world by 2025.

Suresh Chan Jain.

[indiscernible] Gupta.

[indiscernible] Gupta.

0 No, [indiscernible] Gupta has not logged in either.

So I understand there are a couple of more shareholders.

We do have 2 speaker shareholders who experienced some connectivity issues with your permission, Mr. Chairman. Could we invite them once again to speak? [indiscernible].

I am Atanu from Kolkata. Sir, a small minor shareholders. And respective Chairman and Company Secretary and CFO and Board of Directors and all shareholders and to all personalities who are directly and indirectly helping these organizations the VC mode. Sir, it is a warm attitude to our secretary that his last day over on June 22, but it's warm still today and his future, every day and every time. Sir, it's a beautiful pleasing nature. We are the TCS and building on belief and sir, every business borne out from belief. Anyhow, my first question is that you have any plan to speak the speed of our company share price for minority shareholders? My second question is, do you emphasize the VC mode and physical meeting simultaneously. And this alarming COVID is still alarming. How our beloved personalities maintain their precautionary scheme? And how our beloved company maintain it to do so?

Our second speaker shareholder, who had technical problems was Mr. Bharat M. Shah.

[Foreign Language]

Sir, we do have one more speaker who's logged in now, Mrs. H. S. Patel, serial #8. Mrs. Patel.

Our respected Chairman, Our eminent Board of Directors. I'm Mrs. Patel over here. Thank you very much for giving me an opportunity to speak. I thought because my connection was not possible. So I've been thrown out or what. And -- but luckily, I have given a chance, I thank you. First, I would like to thank our Mr. Gaitonde, sir, and Mr. [indiscernible], sir, for sending me the annual report. But I have been sent in abridged report, I do not know why I have been set in abridged report, even almost 5, 6 days in advance I have sent -- they have sent me the report, but it said abridged report. Why Mr. Gaitonde -- you are a new company secretary, but we are -- I'm right from the inception of the TCS shares. So -- and I expected to have the whole report. Please don't treat us like that Mr. Gaitonde. Anyway, I cannot speak much because it is not possible to go through that report. I have full fit our in Mr. Gopinathan, who has sailed of this company to a very, very powerful extent. It's one of the best companies on the or the best companies in the Tata Group under your leadership, Mr. Chandrasekaran under the hard work and intelligence of Mr. Gopinathan. And all other untold and unclaimed hard-working people of TCS. We are receiving very good value for our shares or you have given us a dividend. You have given us buyback of shares at a very good amount. You have given us good bonus. What more we can expect from you Mr. Chandrasekaran and under your leadership we are very happy. The way you leave and continue with the company for a very long time, and may we shareholders prosper. I have only a few things to say. Just a humble request, that is a very high and multiple increase in our equity capital. management for diamond-like personality. So really few queries, which I bought. I'll be glad if you can answer them now or even afterwards. Sir, how many shares and dividends have been transferred to IEPF, Investor Education Protection Fund during the year under consideration? Sir, how much temporary casual workers and permanent workers do we have on our board this time? Sir, our attrition rate, I had heard -- I had read meantime that it was increasing. Now is it under control? And any efforts that we have been taking to minimize the same? Sir, what is our male/female ratio of our staff employed, specially at permanent level? And how many physically handicap people -- I mean employees we have got on board? Sir, what is the impact of -- very important, sir. How much is the decline and the impact of Russia and Ukraine war and high chemical -- higher gas oil and the diesel oil prices on our business during the year under concision? Sir, TCS has always taken care of the small shareholders and multiplier year-on-year from IPO time of 2004 at INR 850 each and every year, you have multiply the will of our shareholders for which we are very much grateful and thankful to you. Sir, we have got the independent Directors like Mr. O. P. Bhatt, Rajesh Gopinathan, CEO, CFO, K. Krithivasan and under your leadership, we are doing maximum to this year? Sir, lastly, I would -- I'm a shareholder of your company from day 1, and that is from IPO time and all your companies also will be seeing you later also. And you have a total trust -- our full family has got total trust confidence and faith in the management, and I support very strongly the appointment, the reappointments and all the resolutions for today's agenda and have already voted in favor of them all. And I wish you all a very bright future, a very long supporting state, happy prosperous life with a bright and shiny future in the days to come. Thank you very much, sir. [Foreign Language]

Thank you. Mr. [indiscernible]

I am audible?

Yes. Yes. Good afternoon.

It's a great pleasure to join you, bright and glazer. Our attendance are -- there is no afternoon. Coming to the point rather [indiscernible] Sir gentleman, our notice approval of existing material-related transaction. Will you clarify this? What type of this transaction took place in our organization with our Tata, and other companies. What type of the transaction? How much amount we are doing? Because our organization, is rich, are they're helping other organization? Will you -- what is your call? Please explain. Second thing, I heard -- I read your from balance sheet some word transfer of special economic zone to reinvestment resorts. Please explain this also. And certainly, I congratulate our 16 billion brand, there was a little room to criticize because our organization done well, very good. But one thing I want to know from you, what type of -- how many sexual harassment case reporting in our organization globally? And how you dealt with? Any case outside the -- our organization gone to the court? Lastly, just I want to conclude. Page #85, gentleman, detail remuneration for the year-end [indiscernible] You are not taking commission, but some other commissions, INR 250 lakhs, what does -- will you really explain what type of commission we give to these Directors, Keki Mistry and other, Mr. O. P. Bhatt. And I think we understand the Director attending this, can you elaborate what type of commission we give to the Director? Lastly, auditor remuneration. We -- how many -- we give the remuneration to the auditor, we passed the resolution. Resolution number [indiscernible] for the 5 years, total amount of auditor we paid regularly, yearly, quarterly? What about the internal auditors or external auditors? And globally, how we give the payment? Are -- we are outsourcing others also, or all the work is done in India? Will you elaborate this also? Thank you, and good luck ahead.

Mrs. Alka Karnani.

I'm Alka Karnani, a proud shareholder of the company and a member of Millennium Mams' Kolkata Chapter. Sir, I have 2 questions. First, with the inflation-led pricing pressures and liquidity crunch, companies are likely to delay or curtail the technology spend. How much of an impact do you see on our company? Second, the attrition rate at TCS is lowest compared to the peers, congratulations for that. Can you please share with us the reasons for the attrition? Sir, Millennium Mams' advice to Tata would be to provide more residential amenities and innovative perks to reduce attrition. Thank you.

Mr. [ Manoj Kumar Gupta ].

Sir, respected Chairman, Board of Directors, fellow shareholders, myself, Manoj Gupta, I'm equity shareholder of TCS. I have joined this meeting from Kolkata, my residence. Sir, first of all, I congratulate you on the honor by the government of India, the second highest civilian award, Padma Vibhushan. And sir, I congratulate you as a shareholder of all Tata Group companies for acquisition of Air India, which was the dream of our Chairman, Mr. Ratan Tata, to acquire after 60 years that we have succeed to acquire them. And I again congratulate you to acquire [indiscernible] under the umbrella of Tata. I thanks to MD and CEO for the excellent result of the company and company secretary team for support us to drive this meeting through we see because I find in Tata that they keep in touch with the shareholders after get mail from the stakeholders for speaker registration. So it's a good tradition, sir. And sir, I thanks to management for their successive of buyback -- a big buyback of shares of the company, and good dividends, in spite in this current situation of the economy, you have paid the INR 43 dividend per equity share. So it's a good thing -- and sir, what impact will come on the IT companies through war between Russia and Ukraine. So what impact has come and what impact you expect that how you will face that challenge? And sir, have you any plans to launch new -- new campus for the young generations in the country? In the northeast part of the country, like Assam, [indiscernible] is growing fastly after become the Indian government there. Now people of Assam and Arunachal Nagaland want to be passed IT and join some IT companies. So have you any plan to launch some new campus in that region, sir? And sir, digital motivation by the government and the private sector, so how you see the future of digitalization because our beloved Prime Minister always focus on digital. So what is your view in that regard? In your opening remarks, you have touched some views about the digitalization. And what's your future prospection around the digitalization of these things? And TCS should develop a software to help IRCTC for passenger's train ticket reservation like as passport. Government has given you passport, the chart. So you should develop another software which can help the IRCTC to help the people to get reservation at earliest. And whether you have guided to big income tax software system newly doing by [indiscernible]. And I thank for your CSR because if I will say anything on CSR, that's [Foreign Language]. Sir, last but least, how many investors recorded [indiscernible]? And sir, it's our pleasure to invite you to visit the city of joy. You should come to Kolkata. Every year, you are ensuring us in the AGM that I will come. So again, I request you, to spare some time to visit this city of joy.

Thank you, Manoj. Radha Saraf?

I'm Radha Saraf, a member of Millennium Mams' Mumbai Chapter and also a proud shareholder. Natarajan Chandrasekaran, many, many congratulations, sir. We would love to come to Bombay House and congratulate you in-person. Do consider our request. Congratulations against, sir. TCS has a problem of plenty. Instead of distributing dividend to our shareholders, it is a humble suggestion that it should be accumulated instead, and we should have money in the [indiscernible] for a takeover like Elon Musk for Twitter. Sir, my second question is, work from home is a new culture. You have mentioned 25% of employees will only work from office by 2025. Currently, employee cost is almost 56% in the P&L. So since offices are leased, will this majorly reduce the salary and admin costs? So please elaborate on this. Thank you, sir.

Thank you, ma'am. Ashok Subramanian?

Mr. Ashok Subramanian is not locked in neither is Mr. H. S. Patel. We could move on to the next speaker.

Kaushik Shahukar.

First off, I would like to thank Board of Directors for giving opportunity to -- again to speak in this forum. Many of you will remember me from the conversation we had in past. So I will skip both my ask and introduction of brief. I hope I'm audible.

You are. Yes, you are.

Yes. Myself, Kaushik Shahukar, a qualified chartered accountant from Mumbai. I have been suffering from dystonia, which has hindered 55% of my body paralysed, impacting my right hand, my right leg and speech. While I have not lead that come in my way of becoming a chartered accountant and practicing, I do request your support in helping me continue to be self-aligned. I hope I'm clearly audible till now. Hello?

Yes. Please continue.

Yes, I was optimistic, our [indiscernible] We had last year about working for our organization on certifications work, including Form 15CB. However, nothing has progressed since. While I understand things may now some progressed due to pandemic situation last year, I do hope that after our conversation today, our organization will start engaging me in this area as soon as possible once again, thank you for giving opportunity to speak today, and I hope to see a positive feedback with my [indiscernible]. I support all the resolutions. Also I request you to please provide the replay for us. Lastly, as company is experiencing a slowdown in spending from U.S.A. and other foreign companies where company operates or is likely decline in near future.

Thank you. Mr. [indiscernible]

Chairman sir, can you see me and hear me?

Yes, I can.

Sir, at the outside, I congratulate the management on excellent results, and I welcome Mr. Samir Seksaria as a new CFO; and also Mr. Pradeep Manohar Gaitonde as the new Company Secretary. I hope Mr. Gaitonde is as shareholder friendly as Mr. Rajendra Moholkar. Sir, and coming to -- why you are not holding a shareholders' meeting in physical form? So when the companies like LIC can hold the meeting, [indiscernible] physically, why not TCS? You should think over it because that will be your chance to -- for the shareholders to meet everybody. Sir, and coming to you saying, sir, why you transfer INR 1,500 crores to PM Care Fund? You -- Tata Trust would have done a better job rather than the PM Cares Fund. Sir, and do not take any contracts of government, like what Infosys burned their fingers in this Aadhaar and also in the income tax portals. Sir, revenue was almost [ INR 200,000 crore ] this year. When can we expect INR 300,000 crore? Sir, moderator should say the speaker number. Sir, in dividend, I would like you to control the dividend and instead go for some acquisitions. Sir, why Tata Group cannot have a share transfer agent? Like earlier, Indian hotels who we had -- and even Tata Central Share department was there. With so many companies, it's very difficult for the RTS to deal with the shareholders, and there is no service given by the RTS. If you see on Page 96 -- 94, INR 6.28 crore was transferred as unclaimed dividend. The RTS just in the latter and then keep on harassing the shareholders when they try to claim the dividends. So please ensure that you do the own thing. You have your own RT agent because I'm also having a similar problem when I try to claim unclaimed dividends. Sir, thank you and all the best.

Thank you. Thank you. [ Mr. Santosh Kumar Saraf ].

[Foreign Language]

Thank you. Hema Gupta.

I'm Hema Gupta, a member of Millennium Mams' Mumbai Chapter and a proud shareholder of TCS. My question to you, sir, India is only 5% of the TCS global revenue. Keeping in mind our PM Modi Ji's vision of making India of $5 trillion economy by 2027, how is TCS changing the geographical revenue ratio more in India's favor? What, if any, are the constraints to TCS exponential growth? My another question is, Mr. Bishnu Dhanuka, our mentor, asked you whether you will be a disruptor or will be disrupted? You said both. Congratulations for continuously disruptive. Please elaborate on how TCS is doing the disruptive innovations in DNA computing and cognitive robotics?

[indiscernible]

Good afternoon, Chandrasekaran, Gopinathan, [indiscernible] and other Directors of the company. Nice to see all of you in good health and spirit. Myself [indiscernible], an equity shareholder from Kolkata. And thank you, Mr. Chairman and Mr. Gopinathan for sharing your thoughts with us. Sir, my special thanks to our company, new company secretary, Mr. Gaitonde, for sending the link for joining the meeting. All the best to him. Our old friend, Rajendra Moholkar, retired from service during 2022. So though a beach of introvert, Rajendra is one of the best company secretaries of our time. True to a spirit of the group, he had [indiscernible] for listening to shareholders for value addition, we all wish him good health and spirit in the coming years. During 2022, TCS declared excellent results, completing annual buyback of shares and also announced good dividend for its shareholders for -- under your leadership. So our heartfelt gratitude to you and your dedicated team for such all-round success during the years. I have gone through the annual report as well as reports of subsidiaries for financial year '22 and have some queries relating to its audited accounts and other matters. And like earlier, you seek your indulgence because I may not be able to complete it within 3 minutes. So sir, during the year, all our industry verticals grew in some mid- to high teens during the last quarter as well as fourth quarter, and everything -- everybody you -- Mr. Gopinathan mentioned the figures. But what it appears from the above that during the Q4 of financial '22, retail and CPG, technology and communications and media verticals fared better than full year average growth rate. For us, growth in Life Sciences & Healthcare, financial services verticals in Q4 financial '22 was much less than the yearly average. Would you please share your thoughts in this regard? How these verticals are doing during the first quarter of 2023 or financial year '23, and your expectation from them during the full year? Sir, rupee is all-time low of INR 77.74 against U.S. dollar yesterday. The reason behind the drop in the value of rupee could be blamed on the demand for riskier assets, increase in global crude oil prices and also because the foreign investors continue to dump domestic stocks. In this big scenario, do we expect to gain in dollar accounts as regards Q1 of financial '23 or financial results of our company. Would you please share your thinking on rupee-dollar per month? Sir, our operating margin and net margin for financial year '22 were 25.3% and 20%, respectively. And for Q4 of financial year '22, it were 25% and 19.6%, respectively. Taking into account annual increments, increased [indiscernible], increase the traveling expenses, do you believe that the company will be able to keep the operating margin and net margin intact like financial year '22 during financial year '23? Sir, it is nice to note that during Q4 of financial year '22, accounts receivable was 64 days at DSO, or day sales outsourcing, 3 days down from Q1 of financial year '21 on a yearly basis. And on a yearly basis, 4 days down in comparison to financial year '21. What was its financial impact on our accounts during financial year '22? Due to decrease in DSO by 4 days, what is its financial impact on our accounts during financial year '22? And what is your target in this regard for financial year '23? Sir, as per Page 325 of the integrated annual report for financial year '22, the company granted loan to a party other than subsidiaries, aggregating to INR 13,665 crores during the year and balance outstanding at 31st March 2023 -- 2022 was INR 5,386 crores. It is in the audit report, sir. It is in the audit report. Would you please share the name of the party, reason for such loan and interest rate amount charged to them during financial year '22? What is the status of the loan as of date, and whether it was given to a group company? Sir, it is nice to note that on March 21, 2022, U.S. Supreme Court denied expeditions seeking review of the order. It is mentioned in Page 305 of the annual report. What is the present status of this dispute? When do you expect completion of all formalities in this regard? Sir, during the company during financial year '21 provided INR 1,218 crores or USD 165 million against the claim and pursuant to U.S. store procedure, letter of credit was issued to Epic for [ INR 3,331 crores ], equivalent to USD 440 million as financial security in order to stay the execution of a judgment and pending post-appeal processing. What is the revenue impact in our PL account? As regards the letter of credit is concerned, issued to letter of credit, do we believe that the provision of INR 1,218 crores, we will be able to meet entire reliability when the case will be over? Sir, it is nice to note that TCF used to share audited accounts of TCS Foundation with the shareholders [indiscernible] only shared a 35-page colored booklet without any audited accounts who are [indiscernible] foundation with its shareholders. So it's a good sign. During financially year '22, our company transferred a whooping 94% of total CSR expenditure of [ INR 727 crores ] or INR 680 crores to TCS Foundation against last year's figure of INR 351 crores. So the transfer was nearly double in relation to last year. But I'm sorry to note that the foundation failed to utilize the funding profit. During financial year '22, it utilized only 48% of the total income of [ INR 730 crores ], which includes our company's petition of [ INR 680 crores ]. Against last year, utilization of 78% of total income of [ INR 440 crores ]. As a result of these less expenditures, retained earnings balance as on 31st March 2022, increased to a whooping INR 1,466 crores as on 31st March 2022, against last year's figure of [ INR 1,087 crores ]. Board of the foundation must be active in more utilization of the [indiscernible] received mainly from the parent as well as interest income. Please share your view in this regard. And sir, it is unique to know...

I think if you can bring it to a close. If you can finish your questions.

I'll take another 2 questions. I have not attended last year AGM, I thought you will allow me that also. And sir, it is unique to note that Ajoyendra Mukherjee, one of the Director of TCS Foundation, though retired from executive capacity during 2019, is still showing as Executive VP and head of HR in the [indiscernible] website. Sir, during the last 2 years, the company bought back at extinguished 9.33 crores equity shares, 4 crores during financial year '22 and 5.33 crores during financial year '21, and last bonus declared was during 2018 at 1 is to 1. Getting into account nearly INR 366 crores equity of INR 1 each has paid up capital as of 31st March 2022. Whether the management will go for further reduction of capital? Maintaining issue of bonus sales in the coming years, abandoning issue of bonus shares. Please share your thoughts in this suspect. Sir, as diligent is concerned, its profit decreased from [ 28.271 million pound to 12.61 million pound ]. What was the reason for such abnormal decrease? And whether do you expect further reduction due to change of tax from 19% to 23% with effect from 01/04/2023. And sir, lastly, I am attending meetings -- company meetings for more than 25 years. Second part in 3 years discussion all over India. With the experience gathered during the long period, I wrote a book titled, the underpowered bank, a journey into corporate account, which will be published during end July or early August. I seek yours and other's blessings in this regard. Thank you all for patience.

Thank you, [indiscernible]

Sir, let me congratulate over TCS for an excellent integrated report, which has been presented in the current year, giving an idea of all the high capitals of the company and how they have been used for creating value during the year. So this report was further supplemented by your initial remarks and also by our Managing Director's presentation, which has given us a complete picture about which we are very happy, not only as an individual company, but as one of the best companies in the world. And I'm a proud shareholder of our company right from its inception and will continue to do so. Sir, as far as our CSR activities are concerned, they are also excellent. You have given a report on a regular basis. Sir, one thing which I would like to appreciate is our contribution under CSR to Chhatrapati Shivaji Maharaj Vastu Sangrahalaya, which has completed 100 years, and we have assured them right from the designing stage to the publication of a volume on base. Sir, my congratulations. This will be one of the highest contributions to the society for many years to come. Sir, can you just share how much money we are likely to spend on this entire project? Sir, I would also like to appreciate the cooperation from the [indiscernible] department. Sir, now a few questions with a view to increase my understanding and appreciation of the working of our company. Sir, my first question is, what is the percentage of revenue from our digitalization services. Sir, second, I would like to know what is the EVA of our company and the rate at which it has been calculated -- rate of interest at which it has been calculated. Sir, the world GDP forecast has given day before yesterday by the World Bank has been reduced for the year from 4.1% to 2.8%. Sir, may I know how this fall in growth is likely to affect our industry and our company in particular? Sir, my next question is regarding ESG rating. ESG services, we are one of the best in the country. But sir, I would like to know whether we are being rated by international agencies, and what is our ESG rating? Sir, then what I notice is that in the Managing Director's report, total elimination has been made of ISO registrations. So far, we have been getting one full paragraph on the subject. Sir, I have no objection to this, but I would just like to understand whether the same thing is being covered even without mentioning our registration. And sir, my last question is that women employees in our organization is 35%. Sir, what I would like to know is that the attrition rate, almost the lowest at about 17% in the industry, may I know if the attrition rate among women employees is lower than amongst the male employees. Sir with this, I conclude my observation, and wish our organization success in all aspects, and it is the way of life as far as our company is concerned.

Thank you, sir. [indiscernible]

Can you hear me, sir?

Yes, I can hear you.

Yes. Yes. Thank you. We are missing you. Physically, we all used to meet you every year at the AGM of TCS. This to interact all of us, and we're missing all that, of course, the human touch. Now sir, I want to -- TCS has given us a lot -- a lot means a lot as investments. There's no need for me to say in what way, in buyback, in bonus, in dividends, et cetera, et cetera. Now sir, I want to ask you is, in abroad, are there any restrictions with respect to the pandemic anywhere at the moment, at present in the world? Because sometimes we read in U.K., there are restrictions. Here, there are restrictions, and there, there are restrictions. So what about China? Do we still have relations in China, business dealings? I would like to know. Sir, one thing I must congratulate you. Last year, I had complained a lot about this [indiscernible] you have gone into Zoom. This is what I appreciate. You have listened to our grievance of our shareholders. [indiscernible] there is to be so much disruption and [indiscernible] speak because of [indiscernible]. At this time, you went into Zoom, this is what we appreciate, you taking action when something is really wrong about it. I'm correcting it. Sir, I give it as we -- sir regarding this transfer agents, there are very few, and we are overloaded. Please do something about it. Please have your own transfer agent or do something. Have your own system in your office, things that can be done. There are very few, and they are not up to the mark and we all shareholders suffer a lot. Sir, do we come under Essential Services Act? I mean when doing time of pandemic again and lockdown I mean. Sir, what about the Russian and Ukraine link? I'm sure, in Russia, we have our offices. Sir, did we have in Ukraine? So have they been affected? I would like to know. And sir, congratulations for acquiring Air India. Sir, I have traveled and I'm very happy with their services. There is no problem with respect to that, I must say that. Sir, one more thing, I want to know just -- curious about the attrition rate. Sir, when the employees leave, do they join the -- our competitors? Or do they go abroad for better prospects of further education? Sir, just curious to know as you have mentioned this topic. And I close here. I'm happy to meet Mr. O. P. Bhatt, a very, very old Director and Chairman of SBI. We used to meet him every year during SBI, and it was a real pleasure talking to him, addressing him those, so [indiscernible] to remember me, I hope you remember me. I'm [indiscernible]. I think I shared my videos for you to see me. Yes. Yes. Now, sir -- yes. Oh my God, it is gone. Sir, we appreciate Mr. Chandrasekaran for whatever you're doing for our company, trying to hold it best, trying to bring it up, trying to give shareholder value. Mr. Chandrasekaran, we appreciate that. We appreciate your entire management, and we hope -- and we know we are confident you'll continue to do the same.

Thank you. Mr. [indiscernible]

I hope I'm audible and visible.

You are.

First of all, congratulations, sir, on awarding Padma Vibhushan, and I would like to congratulate each and every stakeholder of TCS and on getting a commendable result and getting industry-leading performance in this particular financial year. I highly appreciate not only the financial performance of my company, but also its holistic performance, starting from second most valuable brand in IT services globally by brand finance, ranked #1 in customer satisfaction of European business by Whitelane Research. The remedial initiative, which was particularly launched for women, which has come very much applaudable. Making a Guinness Word Record by conducting TCS CodeVita, very big government contracts, investing immense intellectual capital and patent et cetera. It's a big thing, which I highly appreciate. Now certain questions which I would like you to oblige me by answering them. So what and how our company's innovating in the field of metaverse as according to the Bloomberg Intelligence, it is going to have a market of almost around USD 800 billion by 2024. Second, with such a vibrant cash in hand, our company can acquire or if not full, in some part, companies like Gather, which is a platform for video conferencing. Unity Software, a company which is behind 70% of top 1,000 games all over the world. Is there any on our company's list, which you would like to share upon? Third, assessing the recent scenario of turbulence in inflation, recession in U.S., Latin America and Europe, which of our industry segment do you think would be having the highest hit? And what is our strategy to protect the earnings from the particular sector? Fourth, which of the segmented revenue do you think would be growing the most in the next financial year in reference to Indian market? Last one, just what factors you would think is challenging us the most and maintaining the top position in IT company -- as an IT company in the world and what esoteric features of our companies do you think will help us give tailwinds in becoming and remaining the top jewell of Tata ground in the years to come. And this question is particularly for you, Chairman, sir. I'm happy to see you, Gopinathan sir, Keki Mistry sir and thank you for giving me this opportunity.

[indiscernible] Okay. We lost her. [indiscernible], can you connect again or I'll come back to you. [indiscernible]

Mr. [indiscernible] has not logged in neither has [ Nirupama Shah ]

Prakash [indiscernible].

Hello. Hello. Can you hear me, sir?

Yes, I can.

Sir, I'm Prakash [indiscernible] from Bombay. Respected Honorable Chairman, other dignitaries on the Board and my fellow shareholders, good evening to all of you. I received the annual report well in time, which is colorful, informative and contains all the informations as per the corporate governance. I thank the company Secretary and his team for the same. Sir, we are living in the days where everything is unpredictable like including our life. In such circumstances, planning a company like us is a great thing. I appreciate Chairman, sir. I'm thankful to the Board for granting -- hello, can you hear me, sir?

Yes, ma'am. Please continue, ma'am.

Yes. Yes. Sir, I wanted to ask many questions, but most of them are covered by my predecessors, so I don't want to repeat. I have just one question. What is the effect of COVID? What was the effect of COVID-19 on our company? And what are its challenges? Then we come under the purview of GST, EPS, what are the rate? Sir, is there any change on our company after the inception of new budget in the Parliament during February? I wish the company good luck for a bright future and pray God that the profit of the company shall reach the beacon due course. Sir, I support all the resolutions put forth in today's meeting.

Thank you, ma'am. [indiscernible]

We seem to have a connectivity issue here with Mr. [indiscernible] audio connection. Perhaps, you could move on to our next speaker. [indiscernible] is also not present, so we could try Mrs. [indiscernible]

Can you hear me? Am I audible?

Yes, ma'am.

Respected Chairman, Mr. Chandrasekaran, Mr. Rajesh Gopinathan, other members of the Board, my fellow shareholders, I am Mrs. [indiscernible], speaking from Mumbai. First of all, I will thank the company's Secretary and his team for sending me e-annual report and also registering me as a speaker on my request in a very good platform where we can see you and you can see us and audible also, very good than last year. Thank you so much. Thank you to whole team. Our annual report is very informative and very self-explanatory, and the way it is laid down, very easy to read. Thank you so much. Thanks the whole secretarial team, good working in spite of very difficult economic conditions in India and all over the world with COVID and now geopolitical. We are very happy. Good dividend, good buyback. Only thing -- only very few shares were accepted. We wanted more to be accepted because we were getting 4,500 in these difficult days was daily appreciated, but whatever, something better than nothing. And also, you have rewarded us with a good bonus. Thank you so much. Thanks the whole TCS team. Now congratulations for all the awards received and also very good CSR and also very good working on ESG. I would like to know, even my previous [indiscernible] has also asked that whether rating is done and if a rating is done, ESG, what is our rating? Now my queries -- of course, as many questions are already asked by my predecessors, I don't have much just basics I will ask. Now as COVID is in the form of Omicron and vaccination is taken by most of the people, how much of the percentage is -- of the staff is working in the office? Did we have any job or stroke seater in Ukraine and Russia? And if so, are they still working or closed? Number 3, sir, I'm very happy with your leadership. Your leadership is very good. And by taking Air India, which Air India has come back to us, which was supposed to be ours, and I know you will not leave any stone untouched by making -- with your leadership, making Air India very, very profitable at the earliest with good as you did in passport issuance. Now TCS gives such a very good service in the issue of the passport. I myself went for renewal, and I had no problem. Within one hour, the passport was issued. Thank you very much. Your work is very good. Now I feel, you should do also in Tata registry work in-house as the TCS management is very good.