Tata Consumer Products Limited (TATACONSUM) Earnings Call Transcript & Summary

Dear shareholders, good morning. This is Neelabja Chakrabarty, Company Secretary. I'm very pleased to welcome you to the 59th Annual General Meeting of Tata Consumer Products Limited, held through video conference and other audiovisual means. I would like to take you through certain points regarding the participation in this meeting. The facility of joining the AGM through video conference and other audiovisual means is being made available for members on a first come, first served basis. [Operator Instructions] Once the question-answer session starts, the Chairman will announce the name of the shareholders who have registered as speaker shareholders one by one. [Operator Instructions] Thank you. Over to you, Chairman, sir.

Good morning, shareholders. I welcome you all to the 59th Annual General Meeting of Tata Consumer Products Limited. As the requisite quorum is present, I now call the meeting to order. I would now request the Board members who will join this meeting through video conference to introduce themselves. Mr. K. P. Krishnan?

Good morning, shareholders. I'm K. P. Krishnan, an Independent Director of your company. I'm also the Chairperson of the Audit Committee and a member of the Corporate Social Responsibility and Sustainability Committee. I'm joining this Annual General Meeting through videoconferencing facility from New Delhi. Thank you, sir.

Mr. Bharat Puri. Bharat, you're on mute? We'll come back to you. Mr. Siraj Chaudhury.

Good morning. Good morning, shareholders. I'm Siraj Chaudhury, an Independent Director with Tata Consumer Products Limited. I chaired the CSR, the Corporate Social Responsibility Committee and the stakeholder committee of the Board, and I'm also a member of the Risk Committee and the Audit Committee. I'm joining this meeting from my home in Lucknow.

Mr. David Crean.

Good morning, shareholders. I am David Crean, an additional Director of your company with effect from the 4th of May 2022 in the category of Independent Director. I am joining this Annual General Meeting through video conferencing from the United Kingdom. Thank you.

Mr. Balaji?

Good morning, shareholders. I am P. B. Balaji, a Non-Executive Director of your company. I'm joining this Annual General Meeting through videoconference from Mumbai.

Mr. Bharat Puri, can you try again? Sorry, your voice is not audible, but dear shareholders, Mr. Bharat Puri, is also ...

Is it audible now?

Yes, yes.

Good morning, shareholders. I'm Bharat Puri, an Independent Director of your company. Sorry for the inconvenience. I'm also Chairman of the Risk Management Committee and a member of the Audit Committee and the Nomination and Remuneration Committee. Pleasure to be here. Thank you, Chairman.

Thank you all. With me present here in Mumbai are Sunil D'Souza, the MD and CEO; Mr. L. Krishna Kumar, ED and Group CFO; Mr. Neelabja Chakrabarty, Company Secretary; and also Mr. Ajit Krishna Kumar, the Chief Operating Officer. Ms. Shikha Sharma, Independent Director and Chairperson of the Nomination Remuneration Committee is not attending this meeting today due to other commitments. The statutory auditors, Mr. Sanjiv Pilgaonkar, and the Secretary Auditor, Dr. Asim Kumar Chattopadhyay have joined this meeting through the video conference from Mumbai and Kolkata, respectively. The members of the senior leadership team of the company have also joined this meeting virtually from their reparative locations. I thank all the members who have joined this meeting and I hope all of you are safe and in good health. Due to the continued impact of the COVID-19 pandemic, the Ministry of Corporate Affairs through its general circulars has permitted the holding of the AGM through video conference and other audiovisual means. Hence, in compliance with the directions of the Ministry of Corporate Affairs and the SEBI listing regulations, this AGM is conducted through video conference and other audiovisual means. The 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 at this AGM. The company has received 31 letters, along with the Board resolutions from the corporate shareholders appointing an authorizing representatives under Section 113 of the Companies Act 2013 in respect of 32,4661,316 equity shares, representing 35.23% of the Paroc equity share capital of the company. Since there is no physical attendance of the members, the requirement of appointing proxies is not applicable. The registers, as required under the Companies Act 2013 and the documents that are required to be kept open in terms of the resolutions provided in the AGM notice are open for inspection. Members who have not voted earlier through the remote e-voting can cast their votes in the course of the meeting through the e-voting facility. The notice convening the meeting is already circulated to all the members. With your permission, I take the notice as received and read. Since there is no observation, qualification or comment by the statutory auditors in the report on the financial transactions or matters which have any adverse effect on the functioning of the company, the auditor's report does not require to be read. Before we proceed with the meeting, I would like to share a few thoughts on the company's performance. The Tata Consumer Products company was formed just about 2 years ago with the ambition of becoming an important and leading player in the FMCG industry. This was in alignment with the Tata Group's larger vision to simplify synergize and scale our businesses. The formation of the total consumer products opened up a number of new and exciting opportunities for growth. Last year has been a very eventful one. The challenges posed by the pandemic, and more recently, the geopolitical developments have resulted in a volatile macro environment with a weight ranging impact on people, economies and businesses. The challenges have also thrown up many opportunities for us to adapt to new ways of thinking, be agile and build for the future. This mindset has helped your company to deliver a strong overall performance. During the year, we made substantial progress on all the 6 strategic priorities that we have identified for the company. Significant progress has been made on expanding our distribution, accelerating the pace of innovation, redesigning our supply network, undriving digital transformation across the value chain. These are investments we are making for the long term, and I'm confident they will open up many opportunities for future growth for the company. In terms of performance, the India business grew 13% and we recorded market share gains in both our core categories of tea and salt. Currently, we reached over 201 million households in India and distribute to over 2.6 million outlets. We have expanded our portfolio into ready-to-eat category with the acquisition of Tata SmartFoodz and the business has been integrated with great speed. Our growth businesses, NourishCo, Tata Sampann, Tata Soulfull and Tata Q collectively grew 52% during the year, and we are investing in these businesses to fuel them for growth further. Despite the challenges posed via pandemic, we opened 15 new Tata Starbucks stores last year, taking the total to 268 across 26 cities, digital transformation across the organization and the value chain is a key focus area for us, and the work on this is very much underway. Our international business saw a modest growth on the back of double-digit growth last year. Our coffee business in the U.S. is seeing stable market share, and we are following a 3-brand strategy in tea for international markets with Tetley, Good Earth and Teapigs. We will continue to drive further efficiencies there and strengthen our portfolio in fruit and herbal and specialty teas to find new sources of growth. We accelerated the pace of innovation during the year across India and international markets. We have launched several new products across both the foods and the beverages portfolio, catering the consumer needs in terms of health and wellness, taste and convenience, which have also helped us expand our total addressable market. The contribution of innovation to sales has gone up 2x during the year. As part of the simplification of our company, we recently announced a reorganization plan to combine Tata Coffee's business into Tata Consumer Products. This exercise will bring similar businesses in 2 companies together, create a dedicated vertical to drive focus and result in revenue synergies and operational efficiencies. Now coming to the financial performance of the company. Consolidated revenue for the year was at INR 12,425 crores, a 9% growth on a like-to-like basis net of exits. Consolidated EBITDA for the year was INR 1,749 crores, up by 11%. The consolidated PAT for the year was INR 1,079 crores, up by 9%. On a stand-alone basis, the revenue was INR 7,932 crores, up by 11% on an annual basis, and EBITDA was INR 1,111 crores, up by 21% and PAT was INR 886 crores, up by 43% on an annual basis. The Board has recommended a dividend of INR 6.05 per equity share, a 49% increase over the last year. As you work towards achieving the long-term vision for the Tata Consumer Products, the current operating environment remains highly volatile. Geopolitical tensions, supply chain challenges and demand-supply mismatches in crude and several other commodities are driving inflation, which will likely impact demand across categories. In this uncertain environment, we'll continue to focus on strong execution, maintaining agility and nimbleness to adapt and navigate through short-term bumps and more importantly to take advantage of the opportunities that could arise during this period. In closing, I would like to thank all our employees for their commitment and contribution to the success and most importantly, I want to thank you all shareholders for your continued support and confidence in the company. Now I would request Mr. Sunil D'Souza, MD and CEO, to make his presentation.

Thank you, Chairman. So Tata Consumer Products is now an integrated food and beverage company, #2 branded tea player globally, INR 12,400 crores consolidated revenue and market cap as of end March of INR 70,000 crores. As the Chairman mentioned, we reached north of 200 million households and distributed about 2.6 million retail outlets in India. We're among the top 10 FMCG companies with a plethora of very strong brands with 3,000 employees globally. Now for key highlights and financial performance, our consolidated revenue, like the Chairman mentioned, was up 9% net of exits. Group net profit was up 9%. The India business grew 13% with beverages up by 10% and Foods up by 19%. The international business cycling a very strong year ago given the COVID and pantry loading scenarios, which happened there, was up by 1%. The consolidated EBITDA was up 11% and there was a margin expansion of 50 basis points. We had strong free cash flow conversion, FCF to EBITDA was 100% for the year. Given the good results, the proposed dividend of INR 6.05 per share is up by 49% year-on-year. During the year, we gained market share in our core categories of tea, which was 100 basis points and salt of 400 basis points. We continue to power up our brands, driving A&P up by 29% year-on-year to strengthen the brands. We continue to build -- continue to invest in building blocks for the future, S&D, digital and innovation. Most importantly, innovation was up 2x versus last year. In line with the group's focus on simplify, synergize and scale, we announced a global simplification plan to consolidate minority interest and the merger of Tata Coffee. In line with our strategic priority of exploring new opportunities, we acquired Tata SmartFoodz to foray into the value-added high-margin ready-to-eat category. As a snapshot, India Beverages revenue was up 10%, and we crossed the INR 5,000 crore mark. India Foods up 19 just shy of INR 3,000 crores. U.S. coffee led by cost-led pricing saw a slight shortfall in revenue -- on volume, but revenue was flat at about INR 1,295 crores. International Tea crossed INR 2,000 crores with a 1% growth. Tata Coffee crossed INR 1,000 crores at INR 1,070 crores with 11% growth overall, INR 12,425 crores. In summary, it was a 9% growth in revenue, 11% EBITDA, 12% PBT and 9% group net profit. INR 12,425 crores of revenue, INR 1,056 crores of net profit, margins expanded 50 basis points and EBITDA, 40 basis points and group net profit, EPS was up by 9%, and we're sitting at about INR 2,500 crores of cash. In line with our business performance, the proposed dividend of INR 6.05 per share is up by 49%, and our overall performance has also resulted in higher market capitalization for your company. As of 31st May, our share price was at INR 760 and market cap of roughly INR 70,000 crores. It's a CAGR of 38.5% and 46% if you look at either a 5-year or a 3-year period. Quickly against our strategic priorities, the 6 priorities that we have defined of strengthening, accelerating core, driving digital and innovation, unlocking synergies and focus on costs, creating future ready organizations, exploring new opportunities and embedding sustainability. Now in strengthening and accelerating core last year, we closed at 0.6 million outlets. FY '22, we closed at 1.3 million outlets directly. We are targeting to go to 1.5 million outlets. It's not that we are adding only 0.2 million, we will add much more as we focus on wholesale and indirect reach. But for this year, on an average basis, Tea grew by 18% in numeric reach and salt by 15%. Our entire distribution system is now digitized with DMS and DMS Light for rural and sub-distributors and all salesmen equipped with the SSFA. We added 25% more direct distributors and crossing the 2,000 mark and now we are focused on improving reach in what we call rest of urban and rural appointing rural and semi-urban distributors, which are up by 4x to 8,000 distributors. We are focused on growth in the channels of tomorrow with a fit-for-purpose assortment. Execution is key, modern trade crossed INR 1,000 crores, up 30% year-on-year. E-commerce share for market -- e-commerce share for tea was at 41.9% way ahead of competition. And overall, in the last 2 years, we've tripled e-commerce as a percentage of our total sales. We continue to power up our brands with high-impact communication focused on national events, product launches, big media properties and consumer trends. A&P was up by 29% and combined with distribution and execution, our market share in Tea was up by 100 basis points. Our focus in Foods has been on premiumization, expansion of solar salt in the South, new businesses like Soulfull and consumer education on lookalikes, which are nibbling at our heels in some markets. Our market share in salt was up by 400 basis points. Premiumization is a huge focus. Volumes in Sampann were up by 28%, value-added salt grew by 26%, which is 9% ahead of the base. Coffee was on a strong wicket with 45% growth, but we still got a long way to go and premiumization in tea was also part of the game with Tata Tea Gold now close to 5% of Tata Tea Gold base. And we've made progress across key metrics. Now given the ups and downs driven by COVID, including cost increases and pantry stocking, we should also look at a 2-year CAGR. India Packaged Beverages, 2-year CAGR up by 19%, India Foods revenue up by 18% and international beverages up by 6%. In overall results, Tata Consumer Products consolidated revenue up by 14%, PBT up by 18% on a 2-year CAGR and group net profit up by 49%. We've continued the momentum on innovation, whether it's in the foods portfolio, the ready-to-drink, packaged beverages or international, with innovation to sales now at close to 3%, which is double of where we exited last year. We're also focused on transformation of our supply chain to create an efficient, cost-effective and sustainable footprint. We now have 38 centers across the country catering to about 11,000 drop-off points, integrated system, which has resulted in a 25% plus reduction in secondary freight. Our digital journey is underway with integrated business planning already on its way and now the focus on inventory optimization and SOPs. Future readiness in our plants with manufacturing, we're scaling up IoT in our flagship factory at Gopalpur. Sustainability remains focused. Renewable energy now accounts for 24% of our energy needs. And we perfected a copy and paste model of rapid integration of acquired businesses, Tata SmartFoodz and Soulfull, we acquired and integrated within 3 months. The global simplification plan, which we've announced as an India leg, which involves Tata Coffee combining with TCPL and the plantations into a wholly-owned subsidiary and international leg, where purchase of the minority interest of the U.K. business from Tata enterprises overseas through preferential allotment by TCPL. This will also enable most importantly, further reorganization initiatives in our international business to continue to simplify and synergize our businesses. This will unlock synergies and value for shareholders in 4 main buckets. The first one is operational efficiencies for management, legal and administrative cost by significant reduction in the number of entities from the current 43 to about 23 to 25. We will have faster decision-making and execution with a single listed entity capturing the full value of the TCPL Group. Number 3 would be creation of focused business verticals combination of the tea and extraction businesses that we have in our portfolio and a dedicated plantation vertical. Lastly, unlocking potential synergies for material revenue, cost and other synergies over the medium to long term and a single holding company for international, which gives us cash and dividend efficiencies. Our new engines of growth are firing up ready-to-drink, Sampann, Soulfull and SmartFoodz contributed to 52% revenue growth in FY '22. We had inorganic acquisitions and glad to report that we made significant progress in delivering value out of this. In Tata Soulfull, we integrated in 100 days, rebranded Soulfull to Tata Soulfull. We have a healthy new product pipeline including collaborating with institutions like the Indian Institute of Millets Research. And now we are scaling out value. For example, the INR 10 No Maida Choco is already available in 3 lakh-plus outlets. With NourishCo, we made still more substantial progress. Himalayan broke even at EBIT level for the first time. Tata Copper Water grew by 3x. We've expanded distribution by 80%. The whole hypothesis when we acquired this company was that it's only present in 25% of the country. Now we're expanding into the east, north as well as parts of Western South. We expanded capacity by 50% and innovation in this business is north of 10%. In terms of sustainability, sourcing tea remains the focus 100% of our international and 60% of India is sustainability source. Water is focused with water, sanitation and hygiene focused around about 25,000 members in Assam and Himachal. We've reduced our greenhouse gas emissions by 26% and renewable energy has been scaled to 24%. Waste Management, we have 0 waste management, 0 waste at all beverage factories, 80% of our salt packaging is recyclable, and we have 100% extended product producer responsibility in India. In terms of community development, we are focused on sustainable livelihoods, affordable health care to about 800,000 community members across the country. Very high-level snapshots of our different businesses, India Packaged Beverages volume up 3%, revenue up 6% with a 100 basis points market share gain. Coffee grew 45%. EBIT margin was up by 400 basis points, and we continue to maintain the #1 position in e-commerce. India Foods volume up 8%, revenue up 19% and a 400 basis points market share gain. Salt grew 17% this year after growing 17% last year, so very strong double-digit growth. Sampann grew by 30% on volume. Albeit overall for the business, profitability was impacted by inflation on input costs, higher spending around A&P and investment around new businesses. NourishCo grew 83%, albeit on a small basis, reaching INR 344 crores revenue for the year. The highlight was Tata Copper Water growing 3.2x and Himalayan achieving break even on EBIT. Tata Coffee overall revenue was up 11%, plantations was down 3%. That was primarily because the growth in Robusta coffee and pepper was offset by lower revenue in tea, where realizations came off the highs of last year, and we had a 19% growth in extractions driven both by Vietnam and India. Tata Starbucks is now present in 26 cities with 268 stores, 96% of the stores are now opened. We added 50 new stores during the year and entered 8 new cities, and the highlight was 23 out of the 50 were opened in just the last quarter. The business also was EBITDA positive for the last quarter. In international, overall, U.K. revenue was down too because we were cycling a high basis of last year with COVID, but our 3 brand strategy and the focus on Herbal and Specialty is starting to pay off and Teapigs is up by 7%. We continue to maintain market share at 19.4%. In the U.S., we had flat revenue growth. Tea was negative 8 again cycling a very high base of 16% growth of the previous year, and our market share was 4.3% in coffee bags. Canada again, cycling a very high growth, 15% growth of last year. Revenue was down 7%, Specialty was down 9%, but we continue to maintain a very strong 27.8% share in Canada. In terms of award, your company had several awards. In corporate governance, we were featured in the leadership category for the second year in a row by IIAS robust to the strong governance practices of the company. We were the most chosen FMCG brand in the 2022 study by Kantar. We created value among -- we were recognized by Dun & Bradstreet as creating FMCG value. We won the best corporate website and Annual Report award. We were also -- Tata Tea was also emerged as the most purposeful brand in a study by Kantar. And we won the Masters of Risk Award for the third consecutive year in the FMCG sector, large cap at the CNBC TV18 Risk Management Awards. Thank you.

Thank you, Sunil. Now, I proceed to invite all shareholders who have registered to speak at this meeting. I make the following request to all shareholders. A large number of shareholders have registered to speak at this meeting. Therefore, I would request each shareholder to keep his or her remarks very brief and to the point. Second, if a particular remark or comment has already been made by other shareholders earlier, I would request you to avoid making them again. Now let me start with Dr. Arun Kumar Boppana.

Good morning, sir.

Good morning.

You're very kind to me today. You've reduced to 1 minute. With 41 speakers, you have a lot of heavy lifting. Air India, will lift it, don't worry. Good morning to everybody. Thanks to Neelabja and team for arranging this. Sir, the economy has begun to show signs of recovery with demand for health and wellness for protection against disease after the corona. We have an enormous runway to scale up fast with do it yourself cooking to. The Starbucks, I expect it to cross 1,000 as early as possible. Sir, merging Tata Coffee, what is the cost timeline and what are the benefits for stakeholders? Sir, herbal neutral from plantations. We have so many plantations. We can do a lot of extractions and the great opportunities you mentioned about herbal teas, et cetera. I think I am the right correct for you to proceed on this. Sir, future will come from inorganic expansion, I'm sure. There's a lot of liquidity crunch in the market. And with the decent valuations I'm sure Tata Consumer will grow much faster. Sir, are we planning right fortification 2 billion people across the world suffer from hunger related disease. Tata Trust is doing in some part of Andhra, are we planning to do? So there is stiff competition from Unilever and Reliance, what are consumer plans and actions? Indian FMCG is the fastest growing with increased nuclear families urbanization and tech adoption. So more people are entering consumption cycle become -- can we become a plastic neutral business built by building a circular economy. In conclusion, sir, I wish TCPL all the best to meet consumer needs for health hygiene to create a future fit business. Thank you very much, sir. I'm in Bangalore, I'll come and see you as soon as possible.

Mr. Manoj Kumar Gupta.

Thank you. Good morning, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I'm equity shareholder of Tata Consumer Products Limited. Thanks to our MD for his nice presentation to the shareholders with all information, thanks to our Director of Finance -- Equity Director and Group Director of Finance, Mr. L. Krishna Kumar, for his efforts to take the company in right path. And I thanks to company secretary and his team to help us to join through -- this meeting through VC. And I thanks to your group that just now I have got a call that either have joined the meeting or not. Dividend, CSR and sir, what's your view on single-use plastic bag, which effect from first July, the government will issue a circular to ban on single-use plastics. So what's your view, sir? And I thanks to the Board for merger of Tata Coffee with Tata Consumer. It's a long demand from the shareholders that Tata Coffee should merge with the parent company so that you are going and I believe that shareholders will be benefited under your leadership by the merge and demerge of Tata Coffee. And what's your future plan with CapEx? And convey our best rises to see Shri R. K. Krishna Kumar sir, he's a real architect of this company, whatever the Tata Consumer is today, his contribution is bigger in this company to come at this stage, because I am the shareholder from 1990, and he was MD at that time of Tata Tea. After that Tata Tea has changed three times name. And sir, your brands are very popular, Tata Sampann brand of [indiscernible] spicy, ready to drink, sir, what is the impact will come through Russia and Ukraine war on our company? And overseas business is down in U.S. and Canada. So how you will face this challenge, even that market share is right in Canada, 27%, in U.S. 19%, so how you face this challenge and how you will reward to the shareholders. In Hindi, I will say one thing. In 1994, you have issued a bonus 1:2. [Foreign Language] So how many days you will send the shareholders for the [Foreign Language] to wait for the bonus here under your leadership. In TCS, you have issued the bonus and other companies. So why are you not issuing the bonus in TCPL after 28 years on the eve of 60 years because next year, we will celebrate our diamond jubilee, 60 years. So I please that you will consider the part shareholders by the way bonus. And we again request you to come to Kolkata, do not avoid Kolkata, sir, these politicians will come and go, but business will be stands and business will be there. Nothing to [indiscernible]. I pray to god for the more success in coming 10 to 15 years for you guys. Thank you, sir.

Mr. Naveen Bothra.

Hello. Yes. Naveen Bothra, pleasure attending the 59 Annual General Meeting from Delhi. Good afternoon, our Chairman Chandra sir, management team led by Sunil D' Souzaji, the other esteemed Board members and management KMP joining the made. Sir, congratulations to Tata Consumer team for the improved performance and first time achieving the EBITDA of more than INR 1,000 crores in the history. And despite unprecedented challenges of pandemic and geopolitical flareups. I highly appreciate the personal intervention of our company secretary, Neelabja Chakrabarty and his team for [indiscernible] onboarding as a speaker in this meeting. We highly appreciate this approach of our secretarial team and Neelabjaji. The colorful integrated annual report which gives a very good feeling and ensures that we are on cost, the team of the annual report is on board for better. [Foreign Language] What we can be for better? [Foreign Language] But right now, we are in the food and beverages only. In the last 2, 3 years, we have beautifully integrated all the various [indiscernible] of food and beverages in the group's various arms. And now the Tata Coffee merger is also going to happen, which will further scale and synergize our operations. So in this -- my first question is regarding that right now, we are having 2 e-commerce platforms in the shape of Bigbasket and Tata Neu. So how these both platforms are going to help our company's reach and scale it up very fast. Your views in this regard regarding Tata Neu and Bigbasket helping Tata consumer scale up its distribution further. And the second thing is regarding some portion of our FMCG, which they may in our company also how we are going to -- client is also having some products, manufacturing and distribution through Star Bazaar. So in this your views regarding any further distribution of our consumer space in the coming times. Secondly, sir, regarding the distribution regarding the non-aerated beverages, our enhanced distribution, we appreciate it very much. But in the region, I am there from 2017, I'm seeing Tata Fruski here in Delhi NCR for the last 5, 6 years on and off and the various vendors and the stakeholders are not satisfied with the supply chain dynamics of our NourishCo, Fruski, Tata [indiscernible] and Tata Gluco. Even I have to -- I might -- we ourselves have to [Foreign Language] Is regarding the -- our bread and butter is black tea business and our #1 competitor globally and India also Brooke Bond and Lipton [indiscernible] is defocusing from the black tea business globally, except in Indian subcontinent. In this scenario, what will be our strategy to further gain market share in the value-added black tea space and to be #1 globally as well as in India also. And finally, regarding our R&D expenditure budget. Page 24 of the annual report says that our R&D expenses is around INR 24 crores, which is, I think, quite low in comparison to our revenues of more than INR 12,000 crores, which timely considered. And also regarding enlighten us on the proposed R&D expenses for this financial year. I wish Tata Consumer management all the very best in times ahead. Already voted in favor of all the resolutions and propose a vote of thanks to the Board. Thank you very much for providing me the opportunity. Thank you very much.

Thank you. Ms. Patel?

Hello. Good morning, sir. Respected Chairman, Mr. Chandrasekaran, Evident Directors on the Board, Mr. Sunil D' Souza, the CEO and MD of our company and our very respected Mr. L. Krishna Kumarji, very good morning to you. This is the 59th AGM, and the company is giving us a dividend of INR 6.05. Sir, I would like to know why it is INR 6.05. On the contrary, I was -- 05 is a very -- it's very surprising. But sir, it should have been that we should have not given the dividend this year, we should have used this amount of dividend for our company's upliftment more and more. Anyway, it's a management decision and thanks for giving us the dividend. PAT is up by 13%. Net profit, EPS, book value, our revenue are all up. But sir, investment and cash equivalents has come down considerably. Inventory level has gone up to a great extent, sir. Finance and other expenses are also increasing. If care could have been taken a little. Sir, my main point is we have very good items in our Tata Consumer that is Tata Glucose Plus, copper water. Now it is going to come in the jelly variant. Sir, why these items are not sold in our Bombay market? We have this Teapigs, Good Earth, Tea, Good Energy and super multivitamin D. None of these items are in India. None of these items are in Bombay. Why don't we have it in our Bombay market? Bombay is the financial capital of India, why we cannot have this in our metros also. Then we have this our own Barista over delivering in every cup excellent, but nothing in India, nothing in Bombay, very surprising. Sir, the black tea, it is not -- it is on the declining in U.S. and Kanan Devan Plantations is also declining. So why are we not paying a little more attention to it? We have 42 subsidiaries, 3 joint ventures, 2 associates. Sir, what is this material subsidiaries -- unlisted material subsidiaries. So what is it? I would like to know that. 3 unlisted material subsidiaries, we have Eight O'Clock then the Tata consumer in U.K. and GB, if you can throw light on this, please, I request. Then there are some mixed stores. Please throw light on that also, further opening of mixed stores. We have the 1 mix store in Bombay, 1 at Amritsar and one in Guwahati. I would request management to throw some light on that, please. The joint venture has almost grown by 76% -- sorry, yes, it has grown by almost 76%, thanks to our mixed stores. Please do throw a light on this. I also thank Mr. Neelabja Chakrabarty and his team and Mr. Amit Dodani for taking great trouble in sending us the annual report. I also congratulate the company for the various awards and accolades. Indeed, the company is a very great place to work certified with high level of high trust and high performance. I wish all -- everybody in the company, all the employees all the very best for taking great trouble. The management team, the Board of Directors, good luck to you all and hope to get a dividend a little more in the next coming years. And if possible, bonus also. Thank you very much. We have faith in you, Mr. -- sir. We have faith in you Chairman, sir. And of course, you will lead the company to high levels. And thank you so much for this 59th AGM allowing me to speak.

Thank you. Mr. Santosh Kumar Saraf.

[Foreign Language].

Ms. Paridhi Agarwal.

Good morning, Chairman, sir. And [indiscernible] members of the Board. I'm Paridhi Agarwal, a proud shareholder of Tata Consumer Products and a member of Millennium Mams', Kolkata. Sir, I've 2 questions. The first one is, can you tell us more about the Tata Chemical acquisition? What was the cost saving after this integration as there was a lot of synergy in this acquisition. And sir, the second question, it is about the contribution to revenue from the Water segment. Is there any plan to acquire other water companies? What other innovative ideas do you have in this area, for example, Tata Copper water, do you have any other new products in the pipeline. Thank you, sir.

Mr. Manas Banerjee.

I'm audible, sir.

Yes.

Good morning everybody, respective Chairman and my fellow shareholders. My name is Manas Banerjee, proud to be a shareholder of Tata Consumer Products Limited. My special thanks to Secretarial department for give me an opportunity to speak at the meeting. But I already casted my e-voting all in favor of the resolutions. Sir, as per my observation, our company is [indiscernible], company has been maintaining a healthy -- and operating profit margin is 14%. Now coming to my query, sir, Tata Sampann recently entered the big fruits category, I'd like to know what is the main status of this new [indiscernible]. Sir, how do you see the Russia Ukraine [indiscernible] impact Tata Consumer's overall export business. Sir, did our company carry out any [indiscernible] satisfaction trends. And do you consider expanding products portfolio of our company in the current financial. Sir, our company has healthy result fund in hand. My question is, do you consider any special dividend or issue bonus share to capitalize the result. I hope that our company will reach with a peak of prosperity with the leadership of this Board of Directors. Thus, the shareholders will also be mutually benefited. That's all, thank you, sir.

Thank you, ma'am. Ms. Nidhi Kanoi.

Good morning, sir. I'm Nidhi Kanoi. I'm a proud shareholder of our company and Millennium Mams' member from Mumbai. Sir, we at Millennium Mams' have been attending the TCPL AGM for the last 15 years. We would like to congratulate yourself for transforming a company in a big, big way. Sir, TCPL is a buyer of tea, so definitely, the commodity price that is black tea affects the profits of the company. What is the trend sir for this -- for the current year? And if it is on the rise, how do we hedge it? Is there any plan to sell the remaining gardens in South India? Since we understand that the focus of the company is to become a marketing company, sir. Thank you very much.

Mr. Abhirup Nandy?

Yes. Good morning, everyone. I'm Abhirup Nandy from Kolkata. So good morning, respected Chairman, Key Manager person and other Board members. Thanks for this opportunity to let me express my opinion on the annual report. So, it could have been framed very -- in detailed manner, and it is very hard, all the required disclosures have been pretty [indiscernible], but thanks for the presentation. In this notice, we have 9 resolutions. And I think all of them are for the betterment of the company. I've already voted for it. Congratulations on such a good result. I find this year having very good growth in revenue, growth in PAT, growth in return on capital employed, return on network has also increased. I'm also happy with the shareholder evolving policy as far as the dividend is concerned, I feel that it is not the correct time to declare bonus because CRR and securities premium is not that high. So I think we should wait for some more time to get CRR, capital redemption reserve and securities premium to increase further that the bonus ratio will improve when -- in later cases. Sir, my view is that corporate governance of this company is at the best, one of the leading companies in the best corporate governance, led by Mr. Neelabja Chakrabarty. He is one of the best compliant officer in the industry. Sir, I find working capital and distribution channel has been optimized very nicely. I'm very happy with that all the effort that the company is making. I have one query regarding that. We have preferential issue to our godown, and we have become a fully all subsidiary of Tata Consumer Products U.K. Group Limited in 2 months back after passing a special resolution. If you can tell us something more about the company because now we are the wholly owned -- it is our wholly owned subsidiary. And so that we can understand the company business of consumer product, U. K. Group Limited. I am just -- since there was a preferential issue. This may affect earnings per share and dividend payout of the company, but I'm very, very much confident that the company will create more wealth because Tata Group is the only among the few who has created long-term [indiscernible]. I have an advise that if you can provide economic value-added figure to the shareholders because it is a very important figure that shareholders must know. It is more important than [indiscernible] right now in the coming years. So if economic value-added figure is provided, it will clearly reflect I reflect the performance measurement, and this will for the economic profit also. If the EV is positive even if the EPS has gone down, if the EV positive, I feel that the company is worth investing and at present, it is my personal view is that this company is very -- positioned very well, and I'm very happy with all the efforts that our management is making. I hope everyone good health. This is Abhirup Nandy, signing off from here. Thank you.

Mr. Hiranand Kotwani?

Yes, sir. Namaste, sir, It is a great pleasure. Namaste to all. Generally, this company is doing well but as a young company 2 years old, we're [indiscernible] this company from 1988 at Tata Tea [indiscernible], Tata Tea Limited. So certainly, I looked at the marketing your marketing is not up to the expectations. Your products are good, no doubt. I used to go to the market as per your product because of the goodwill. Salt and tea is available, other products are not available. How we are going to increase the market. At various geographies your market is very low gentlemen, particularly in the Middle East, and Europe, Canada, these are the huge market, a long way to go, 52% growth, higher from Europe and [indiscernible] scale is not there. Our revenue is not there, how you are going to improve this company. It is our vision and mission and how you're advertising, marketing, digital profile investment in this advertisement and marketing. Thank you. Please state all this. Thank you, sir.

Mr. Gautam Tiwari?

Yes, sir. Can you listen me, sir?

Yes.

And probably can see me also, sir.

Yes, Gautam.

Sir, so nice to see you, first of all, because you are here. I have ready to point to attend the meeting and to greet you, sir. First of all, I must greet you for the first time that the Padma Bhushan award, which is the country's greatest award, which you have got, sir, it is a very good feather in the Tata's, and we are very much proud of as a shareholder of your company with this award with you. Sir, I also thank you for many awards and accolades, which our company as well. So now to start with a very, very good morning to our esteemed and highly respectable Chairman, sir, all eminent and very well-respected Board of Directors, very eminent highly respectable team, Tata Consumer Products Limited. Sir, I'm Gautam Tiwari as explained, and I'm participating at this AGM from Bombay. I would like to especially thank sir, our CEO and MD, Sunil D'Souza. The way he has explained this in the beginning, about the working of the company, marvelous, was listening each and every word carefully, and I was very happy after knowing this many of the questions have been already answered. Also, our CFO, Mr. Krishna Kumar, our CS Chakrabarty and full secretarial finance team, along with the entire management team with all staff end employees for delivering outstanding eye-catching, unmatching quality performance during this year, although with so many geopolitical glitches in the way and a challenging circumstances, but still given so much of the happiness. And you have paid a dividend of -- excellent dividend of [ 605% ], very generous, it is very generously given. Sir, our company has really worked hard as usual, for identifying the area and project of CSR activities, which are very much beneficial to the public at large. And thank you very much to the relevant departments and the CSR committee for this. Sir, balance sheet is quite informative transparent, as usual and it is well designed with all facts and figures in place, well received by us in due time. Also Investor Care service -- investor care of our secretarial department is very much shareholder friendly, thanks to relevant department for this excellent investor service. Also the services of our NSDL and the Webex team technical team is very, very, very good, sir. Thank you very much for selecting such nice and popular service providers for all shareholders, sir. Sir, I support all appointments and reappointments of directors on board, and I support all resolutions, which I already voted in favor of them. And a few small things, which I would like to know, sir, if you can give me the -- if you can enlighten now or afterwards also. Sir, how many new -- probably you might have enlightened but I might have noticed that, sir, how many new products launched during the year and how many are in the pipeline? Sir, what is our road map and CapEx plan for the next 2 years? Sir, our R&D spend, our R&D spend is, sir, INR 24 crores. Don't you feel it is quite low, sir, we can do much better with better R&D spend in our company. That is what we will feel, sir. Your opinion is very important for us about this, sir. And sir, how many outlets we have opened this year, especially in urban, semi-urban and metro cities. Sir, you have said in your speech sir, that we have got the target of having 1.5 million outlets. So when do we intend to achieve this target? We must have decided some time frame to achieve these targets. Sir, and Tata Coffee and Tata Starbucks are contributing to what percentage of our total profits, which is, I think, on quite good. Sir, and what is your view -- sir, single use of plastic plant circular has come from government, sir. Sir, this question has been asked. I just -- I am also equally anxious to know what is your view about this. Sir, bonus share, everybody has said, but I'm very sure, sir, you will give it at appropriate time [indiscernible]. Sir, last thing is that, sir, how many profit-making subsidiaries do we have and what are we doing about our loss-making subsidiary company's strategy. And sir, as usual, I wish you all -- wish you specifically and all of others also a very safe, healthy wealthy, happy prosperous long, long life, sir and bright future for the company in your hand, our company is very safe healthy in your hands. I thank you very much, sir, for your excellent performance every year for country also and for our organization also and for shareholders and stakeholders also. Thank you very much sir. [Foreign Language].

Ms. Lekha Shah?

Hello. Can you hear me, sir?

Yes.

Thank you, sir. Respective Chairman, Board of Directors and my fellow members, good morning to all of you. Myself, Lekha Shah from Mumbai. First of all, I'm very much thankful to our company secretary team for extending very good investor services and also sending me the AGM notice well in time, which is full of knowledge, fact and figures in place. Sir, I would thank all the personnel of company for receiving awards and recognition by the various clients during the year '21 and '22. And also I'm glad, the company is doing very well in the field of CSR activities. Sir, Tata Consumer, which are the new ready-to-eat brand introduced in the domestic market. My second question, since plastic is used for the packaging, our products were attractive you have due to government resolutions to ban plastics. My third question is how many R&D centers, these are in different states? Sir, I would like to say I strongly support all the resolutions for today's meeting and my best wishes always our company and its prosperity. Thank you, sir.

Mr. Goutam Nandy?

Yes, sir. Am I audible and visible, sir?

Yes.

Good morning, and [Foreign Language]. Respected Chairman, Board of Directors and my online fellow shareholders, myself Goutam Nandy of Kolkata, very old equity shareholder of Tata Consumer Products Limited. Sir, firstly, I'd like to give thanks to your secretarial department for sending me annual report and other necessary relevant papers through email well in advance. So specific thanks to our respected company Secretary, Mr. Neelabja Chakrabarty, very sober, well behaved and most dynamic person and his whole team for rendering very good services to our minority shareholders. Sir, you are organizing your Annual General Meeting through video conference for the third time, and I find it is a gain success. Sir, a few years back, we had faced GST and demonetization. [Foreign Language]. We have much affected, each and every company is suffering very, very much. But I am very glad to see that despite a tough pandemic and most challenging year, you were giving healthy dividend to our minority shareholders. Sir, I find from your Page #134, your CSR is very strong. Thank you, sir. Please keep it up. Sir, I also find good amount of investments done in subsidiaries, joint ventures, joint venture and associates. Sir, our TCPL is growing both organically and inorganically. Sir, very pleased to see your distribution channels optimized. One more thing, sir, your rebranding of Tata Copper Water is a very good step. Sir, congratulations for various type of our own. [Foreign Language]. Sir, your market share has also been increased [Foreign Language]. We must appreciate it. So we are very proud to see you always take care of our minority shareholders. [Foreign Language]. I must give my hearty thanks to each and every employee of your company for the good gesture, good behavior, and good hospitality sir. [Foreign Language] of your Kolkata office is very sober, well behaved and efficient person and his whole team, including Mr. [indiscernible] Chakrabarty is very cooperative. Sir, I'm very proud to be a shareholder of your company. And I am very hopeful towards the prospect of our company, sir. I have pulled just with your strong management like you, sir. And so I wholeheartedly support your all resolutions, which I have already casted through my e-voting. Sir, I'm very happy with your company. Nothing to say more, sir. Looking forward with a positive outlook towards our company with higher profit margin, handsome dividend and return. May god bless you, sir, stay safe, stay healthy, signing off.

Thank you. Next, Mr. Pranab Ray?

Yes. Good morning, 1 minute. Good morning, sir. Yes. I'm very happy to see you smiling face again. And I want to see my life long, your smiling face and your dynamic personality, which we have actually very much in our heart -- touching our heart always. First thing, you have actually given me an opportunity to tell something around the 59 AGM of our group companies like TCPL. And also congratulating you for Padma Bhushan Award for tea and industry on 26th January from our Government of India. We are proud of you, sir. We are always proud of you. Now I should say, if I maybe fail my duty regarding Neelabja Chakrabarty and his team members like [indiscernible] from Kolkata and the whole his team members. Yes, they are giving me chance to connect the BC and not only there, this have just now Madam, [ Marvin de Mello ], she has also given me a chance to connect with you. Sir, the TCPL is integrating its distribution and supply chain network to drive efficiency in the current market condition and increased more and more distributors, dealers, retailers for all the times. But I'm extremely sorry to tell you that our dealers and distributors network and also retailers network are very poor in India. So somehow we have to develop. So new business for FMCG in TCPL, the growth ambitions of our company is evident with the recent acquisition made in the food and ready-to-eat categories as well as the scheme of arrangements with Tata Coffee to build a larger and more focused FMCG company is moving the right direction, on right way. Sir, my appeal to you, kindly think about the diversify the business a little bit, say, 50% diversification to be required from non-beverages and nonfood segments over a period of time, which will help turning our company more profitable industry in India as well as abroad, and also into the full-period FMCG company. So my suggestion is this, beauty and wellness products, healthcare products that some shampoos, soaps, all these things, floor cleaner, biscuit also, paper and pulp including hardboard, cut boards industry, vegetables, oil, coconut oil and vanaspati, instant noodles, Pasta, potato chips, nowadays actually this is what we have in India, and dairy products also like ghee, makhan and all these things. And moreover, lasting and lower monitored [ goofs ]. My suggestion is this. When we are discussing with this being about this AGM, so kindly discuss with the Tata Chemicals also, if we are unable to do it, basically, we can marketing the system through our channels. Sir, another appeal to you. This is the Tata tea and coffee business, we should be minimized about chemical fertilizers, mixing chemicals to use in our gardens that will be hamper for export purposes. The foreign countries may be rejected to take our products, kindly minimize this thing. Now I come to the point, that is Page #32 measuring our focus financial. Return on capital employed FY '21-'22, INR 32.8 crores and FY '20-'21, actually INR 34.7 crores, so reduced some crores of rupees. Page #33, that is a social learning hours, in the year FY '20-'21, 33,511 hours streamed. But unfortunately, FY '21-'22, 23,360 hours, that is also reduced. Now I'm coming to the provisions. Page #313, Item #70. The noncurrent employee benefit that is 2021 INR 192 crores and 2022 INR 175 crores. That is also reduced. Current employee benefits, INR 40.93 crores this 2022 and 2021, INR 45.32 crores. Other provisions INR 32.28 crores and 2021 INR 56 crores. So almost total provisions, INR 248.80 crores in '22 and 2021, INR 294 crores. So almost INR 45 crores that is reduced. I don't know what it does. These are surplus. That is -- that is a major part in any organization who stand up his own feet. So we have to accommodate somehow to increase the reserve and surplus. That is only INR 538 crores difference between March '21 to March '22. Now on coming the online business, used to be developed, more and more adoption, digital tools, so we can able to capture more and more market in India as well as abroad. This is that my small suggestions to you, sir, why we not introduce the CRPS incentive or the performance bonus to our senior employees of TCPL. First thing, they will bring stronger performance of new culture in the company to be adopted. And they will be more responsible to achieve our target of profit of the company. So I kindly think about it also because this is my small suggestions to you. This is not actually compulsory, but think about this also. Now a days coming [ ourselves ], I'm telling you this thing, reduce price of drinking water, coffee and other items. Perhaps you know, we have certain capacity in the market to occupy the market percentage also in this regard. Now a days challenge is everywhere so we have to accept the challenge. And all that challenge, we have to minimize our cost price, cost saving price, kindly try to think about it also. Now this is not last -- this is my last point to you. We need more strong financial position in the company and market share to be improved day by day or that we have to work to fulfill our ambitions. And next year, definitely, I will expect that you are making always a double profit in our Tata systems -- Tata all organizations and that's up to you for your silently working for the people of Tata Steel as well as the country. Hats off to you for your patience, very calm and quite you are taking the decision. We know our Chairman, Mr. Ratan Tata, these performance, all these things, but you are also taking the same for our dividend share. Hats off to you and Royal salute to you, sir, please sir, bear it the Tata company and always thinking the global profit or market sharing to be high for the future generations. God bless you. [Foreign Language] God Bless you.

Thank you. Shashi Kumar Pathak?

Very good morning, respected Chairman, Mr. N Chandrasekaran. Respected MD and CEO, Mr. Sunil D'Souza, Board of Directors, Company Secretary, fellow members joining at 59 AGM of Tata Consumer Products Limited. My name is Shashi Kumar Pathak, joining from Dum Dum, Kolkata. My esteem credits to company secretary, Mr. Neelabja Chakrabarty and secretarial team for sending me the Notice of AGM and hard copy of annual report very well in advance by courier and allow me to speak, and they also nicely conducted the site verification, thanks to Mr. [indiscernible] and also Kolkata registered office secretarial team is excellent incorporation to us, leading by Mr. Shiv Shankar Rai, Mr. Arjun Chatterjee and excellent delivery from respected Chairman and respected MD and CEO. I also noticed most of the valuable points about company's present financial performance, activities, product portfolios, business strategies, and domestic and overseas business developments and future strategies and road map. Sir, I have successfully casted the all 9 resolutions mentioned in the notice. Most welcome Mr. David Crean has joined as nonexecutive independent director to my company, on 4 May 2022. I think my company will perform excellent in Europe and other international markets by his leadership as well as in domestic market with strengthening in innovation and food quality and safety and also research and development. Also thanks to Mr. K. P. Krishnan joining as the Independent Director for my company. Sir, I have brief views which I'd like to share. Firstly, I congratulate my company's management team for excellent financial performance, financial year '22 where 11% growth in standalone revenue and also 31% growth in PVIT and PAT INR 886 crores against INR 620 crores previous year. Sir, also members are getting dividends, 6.05 per share and which is 63% on the standalone net profit. Sir, regarding consolidated revenue for operation, it mentioned, INR 12,425 crores against INR 11,602 crores previous year, 7% growth. But sir, it mentioned 9% growth in top line mentioned. And net of existed business, so please throw some highlights about the existing business you mentioned. Sir, also, our capital employed, return on capital employed also decreased. Also, we have investment in -- we have also talked to -- 1 minute. We have also 32 foreign subsidiaries and 3 joint venture. And also Page 235 mentioned investment in associates and JV, INR 2,835.36 crores against INR 2,308.50 crores previous year. But also, the international business net exists but marginally lower compared to previous year. That is mentioned 5% lower international beverage business, 5% decreased business, INR 3,336 crores against INR 3,500 crores previous year. So what state -- what strategies and road map my company taken for enhancing international business, where Canada contributed 3.3%, U.S. 13.2%, UK and Europe only 11.6%, and Middle East very low, 0.3%, but Middle East has heavy demand in black tea also. Also in respect to Tata Starbucks, what our planning? Because we have investment, INR 472.30 crores and mentioned net 268 stores across 26 cities in India. So what strategies and road map my company taken to make it profitable? This is my view I'd like to share. Sir, we have also -- at present plans and present capacity of utilizations and present at present rate, if possible, throw some highlights. Financial year '23 is very more and more challenging, where inflation, WPI inflation 15.9 as on May 22. And also repo rate hiking by Reserve Bank of India, and that will be more because to fight against inflation, also the raw material prices is very volatile. So strategies and road map about in domestic business, if possible, throw some highlights. And about cost optimization, what my company taken? Because I hear, in Page 251, mentioned manufacturing contract, packaging expenses, which is very higher than previous year, freight also, which is very higher than previous years. Sir Tea Board of India has mandated 5% of single or combined natural flavors can be added with tea leaves sold as a flavor of tea. Also said, addition of flavor beyond 5% shall be considered for the issuance of manufacturing registration certificates, where various flavoring agents like in tea include essential oils crude filter, water extracts of spices and aromatic products, Tea Board advises to manufacturer to minimize flavored substances to retain original quality. Aroma of tea leaves were found using less than 51% tea leaves and excessive amount of artificial care. So we are maintaining all the specification strategies by the guidelines of Tea Board. This is my view. I'd like to share here. Also in respect of food business, a domestic FMCG company is doing all the cooperation with farmers for obtaining good quality of fruit and food grains. So our company management team also following these strategies, this is my view, which I'd like to share here. Page 212, my company provides loan during financial year 2021, '22. In the independent auditor report Annexure B, subsidiaries INR 49 crores; other ICD INR 1,234.75 crores, mentioned balance outstanding as on balance sheet in respect to brief cases, please possible throw some highlight the present status of this outstanding amount. Also, Mr. Sarath mentioned about pending dispute. This is my view. I do not repeat here because we are giving the legal fees, which is INR 1,104.12 crores against INR 95.15 crore previous year. And in Page 206, this is my last question, impairment of investment in an associated independent auditor reporting mentioned, during financial year '21-'22 an associated has incurred significant losses, and this have not been able to recover increase in input costs through increased prices, and that has triggered an impairment of INR 288 crores in the associate in stand-alone financial statements of the company. And the company also engaged a valuation expert to evaluate this recoverable value of that entering 2 sales assets. So present status, if possible, for some highlights about these disputes. Also nothing to say more because I think my company is doing after the business of Tata Coffee for the enhanced performance and business strategies. I think my company will be more benefited with these strategies. And I pray to God everybody associated to Tata Consumer Products Limited with good health and mind. Thanking you, sir.

Thank you. Pooja Agarwal?

Good morning, sir. Good morning. I am Pooja Agarwal, a proud member of Millennium Mams' from Kolkata. Sir, I have 2 questions today. So the coffee business is merged with our company and the prices of coffee is very high globally. So what will be its impact on the profitability of our company? Also, sir, is the Tata Neu at helping our company to grow further? Since digitization is the next big thing, how do you see our company use...

Kamal Kumar Majumdar?

Mr. D'Souza, Mr. Balaji and other directors of the company, myself, Kamal Kumar Majumdar, an Equity shareholder, from Kolkata. My special thanks to our beloved Company Secretary Neelabja and his dedicated team of executives, like ever smiling Shiv Shankar Rai -- ever smiling Shiv Shankar Rai and Arjun Chatterjee and others for sending annual report well in time and maintaining good relations with shareholders. We also welcome the David Crean, VP of Corporate R&D and Chief Science Officer of USD 40 billion company, Mars, Incorporated as an independent director of our company. This expertise will help us in our food and other business immensely. And I believe that the formidable team of him and Vikas Gupta, our R&D head, Vikas Gupta and others will bring variety in our business in the coming years without increased -- with increase dependence on R&D, which is a major 0.24% due to net sales during the current year. I hope arrival of Mr. Crean will increase the R&D expenses of our company. The company will go up with focused vision. Do you believe that the growth momentum in Indian branded business and international business will continue in the current year and it will start up consolidated revenue improvement of 9% and in Indian business of 13%, whether it will surpass the last year's figure. And sir, after exit of global foodservice business, how the global business is faring during the financial year '21 -- '23, sorry. Sir, it is nice to note that by the end of financial year '22, operations are 50-50 joint venture, Tata Starbucks normalized. Our company made a further investment of INR 86 crores in each, making the total investment at INR 472.30 crores. It is in Page 238. How do you believe it will be able to wipe out its commodity losses and start giving us return by way of dividend within which period. I said the company has 268 outlets and how many outlets they want to open during the financial year '23 and how its home delivery business is doing, which they started during the lockdown period, how it is doing? Sir, during the year, company took control of Tata Smart Food Limited from Tata Industries at a consideration of INR 395 crores and invested INR 35.58 crores in its equity. The said company is in a very bad shape, with revenue from operation for the mere INR 11.87 crores, with a loss before tax of INR 82.87 crores. Its employee cost was nearly double than the revenue during the year. Sir, against an enhanced equity base of INR 498 crores, it has an accumulated loss balance of INR 233.3 crores. In addition to that, it fell to fulfill the export obligation after enjoying less duty on imports on ECGC scheme, whether the company applied for its sections on the annual debt? And would you please share your thoughts on its turnaround? And the Tata Consumer Products Limited, which was taken over by the company during financial year '21 paying INR 155.8 crores is also losing money, and it has an accommodated loss balance of INR 110 crores. It has launched new products, which is available through Amazon also. What is your thinking in respect of this segment companies turn around? Is there any possibility of its merger with Tata Smart Food in the near future or both will act as a separate profit center? Whether it will be marked or it will remain as a separate profit center? NourishCo Limited started declaring better results after snapping up its ties with PepsiCo. It booked a PBT of INR 21.15 crores during financial year '22 after considering business support service income from TCPL of INR 25 crores for specific ready-to-drink products. So without this TCPL help, it again incurred losses. It has also an accumulated loss balance of INR 149 crores. How the packaged water business did during financial year '22. Mr. D'Souza said that it breakeven. I want to know your position in this respect as regards what the business is concerned. And how much of the estimated current packaged water market of [ INR 18,000 crores ] contributed by the company in the next 5 years. And do we believe it will be able to liquidate accumulated loss balance within a short period of time? Sir, on 15th October 2015, Tata Chemicals announced launch of Tata Sampann Masala. Particularly, it was transferred to our company through a scheme of arrangement. But nearly after 7 years from its launch, it has not become a format good player despite Tata tagging it. Mr. D'Souza in his presentation said, increase during the year as it as masala 28% in the less than last year. So after its transfer to our company, it started growing. And what is your viewpoint in respect of this vertical? And how we may expect it as a profit center of our company. Sir, it is noted from Page 117 that the company invested in an SPV, special part of vehicle with Tata Realty Infrastructure Limited, named 3 Construction Limited with the whole object of real estate development of a land parcel in Bengaluru. What is the current status of the same real estate development, whether the land parcel owned by our company or by any other subsidiaries and what is it's status? And sir, it is noted from Page 212 that the company provided INR 1,234 crores as inter corporate deposits to others, which has an outstanding balance of INR 541 crores as on 31 March 2022. What was the contribution of interest in other income in respect of the sales ICD, said inter corporate deposits during financial year '22. And what is the status of outstanding now as on date? And sir, how Tata Neu is helping on our company's business due with the current year. Because our digital business, as mentioned during last year, was 7.3%, whether the introduction of Tata Neu as well as Big Basket will help us to increase it in a big way, it will reach double digits in the current year. It was 7.3% during the current year. Sir, during your Chairman -- during your tenure as the Chairman, you took several strategic decisions like transfer of salt and spices business from Tata Chemicals to our company, with a fantastic scheme beneficial to its shareholders, transfer a food business into our company, proposed merger of Tata Coffee with other company, marked mundra unit of Tata Power into it for tax benefits and better results. Turn around Tata Communications appointing a taskmaster CEO. Sold MoneyGuard mobile business, created all new Tata Motors, demerging Tata passenger vehicle business into a separate unit and consolidated defense business under one umbrella and also launched all in 1 super app Tata Neu 07/04/2022. These developments had a positive impact on our group and took our group in a better position with more visibility as well as increase in profitability with clear direction also in the better market cap. Mr. Sanjiv Mehta recently acquired a new word. Sanjiv Mehta, Chairman, I am the CEO of Hindustan Unilever appointed new one. Ambition, humility with ambition, which I think is applicable to you, sir. Sir, You have chosen a fantastic CEO, Mr. D'Souza, who is taking our company into better heights, which is hands-on approach, and do it a clear vision and hope. And I hope that jugalbandi between you and the CEO will continue, and we'll take our company into better heights in the coming years. Thank you all for patient hearing.

Thank you. Mr. Bimal Agarwal?

Good afternoon to everyone. First of all, I thank the company secretary and his team for an excellent work. Now I'll come to the -- as everyone has asked that -- my question was already asked by some of the shareholder. I've got nothing to say and only one thing, I have to say like, you all have a gift card now. It should be valid in all the Tata stores. Why only like coupon validated and Croma coupon is valid in Croma. It should be valid in all the stores. That's my question. And thank you for -- last year I spoken regarding that signature, at least you have simplified by the protect you have to only take that signature from the bank verification. That's all from me. Thank you very much.

Thank you. Vasudeva Ramaswamy.

I'm Ramaswamy speaking from Delhi. Good afternoon to you, Mr. Sunil D'Souza. So congratulations to the team under your leadership. We are the staff in FMCG company. So what's our plan to at least the government the top 5 unto the top 1. Next point, talking about the portfolio expansion and SmartFoodz acquisition. We have got around INR 2,500 crores cash with us. So keeping this in view, what is your allocation for the CapEx for this financial year? And our project was organic and inorganic in this financial year and look way ahead. And sir, we are #2 in tea brand for quite long number of years. When are we going to be #1? And then our market share is 22.3%. And if we can see the commercial et cetera, they are going good. And if we give you a more more push, it could be #1 very soon. All the very best to the team, and thanks to Mr. Neelabja for this smooth meeting and also the very effective communication. Thank you very much, sir. All the very best for the future endeavor and congratulations to you all.

Thank you. Mr. Vishvendra Kundu.

Respected chairman, Mr. Chandrasekaran, Members of the Board, fellow online shareholder and friends, I am V N Kundu. At the outset, I would like to thank the management for steady progress of the company year after year. According to soft copy, the report presented to us has been very nicely prepared with exhaustive details and nothing further to say our need. We, the shareholders, are very happy to see that you have a very good dividend that is INR 6.05 per share, it means that you have increased 200% dividend this year. I have seen your balance sheet very minutely that our TCPL is performing very well in all sectors. I salute your marketing team, they are very serious platform. Of course its the team work, but I should mention 1 person name that is Mr. Ankit Gupta, Senior Brand Manager packaged beverage in Indian market. I have 1 specific question, what is your roadmap next 3 to 4 years? Sir, everybody asks regarding bonus. Yes, sir, this is my humble request to you, don't declare any bonus because bonus itself a liability. Sir, I myself and my wife holding 1,200 share. I will benefit it, but this is my humble request to you, don't declare any bonus share. Bonus itself liability, you have to maintain dividend, you have to maintain the price. Before I close, I convey my sincere thanks to the entire secretarial team, particularly Mr. Komal Mohapatra, legal and Mr. Neelabja Chakrabarty. With this observation, I'm closing here with thanks to all.

Thank you. Mr. Amit Kumar Banerjee.

Respected Chairman of the meeting, board members, myself, Amit Kumar Banerjee, from City of Kolkata. Thank you for giving me an opportunity to speak such awaited occasion 59th data consumer products elevated. First of all, I thank to the team members for presenting us such a wonderful meeting, wonderful balance sheet during the year ending 31st March 2022. As regards the performance is concerned, yes, it is very nice, good growth, strong financial performance, reflecting total revenue growth, about 11% profit after tax with a tune around INR 886 crores, about 43% higher than previous year in stand alone. Book value is also very good INR 127.39 crores from INR 121.56 crores. Market price is also very good, INR 733.70 crore. Dividend is also very good, 6.05% at the rate of INR 1 past sales. CSL activities is also very nice, about INR 13.54 crore spend during this year. I hope our company will perform much better profitability into near future and will expand into a new high. Sustainability of the operating performance and will able to maintain relevant technology, quality of products and definitely will expand our company into a new high, keeping in mind the benefit of minority shareholders. Sir, what is your key challenges about merger with the Tata Coffee. Kindly share your views about capital expenditure plan for the next 2 years. Sadly, situation permits try to organize AGM meeting by both physical and VC simultaneously, as recently done by Kesoram Industries, it is much -- it's a great success, much appreciable to the shareholders also. Yes, being shareholders, kindly consider bonus issues. Last, I thank also to our Company Secretary, Mr. Neelabja Chakrabarty, who is well experienced maintaining good cordial relationship and secretarial team also at Kolkata Mr. Shiv Shankar Rai, Arjun Chatterjee, also our very cordial, try to resolve the issues as and when required. And also, I thank to other team members conducting such a beautiful smooth meeting through VC today. Thank you, Mr. Chairman. I am Amit Kumar Banerjee. Over to you, sir, for further proceedings.

Thank you. Mr. Amit Gouda?

Sir, Mr. Gouda hasn't logged in, sir. We could move on to the next speaker.

Mr. Alok Pal?

So there appears to be a technical -- connected issue.

Myself A.K. Pal from Kolkata. First, I express my sincere gratitude to our company secretary, Mr. N. Chakrabarty. Also, I express gratitude our sectorial member of Kolkata, Mr. Shiv Shankar Rai for his remarkable investor service throughout the year. I also thank to our board of directors for stellar performance, higher dividend. Hope this will continue next year also. Now I have some specific questions. First, do you think the company's capital efficient? Second, how would you define the future that Tata Consumer Product [ voice ]? Third, what is the strategic steps to actually be targeted growth. Fourth, how important is your human capital in your aspiration to take the company to get our heights? Fifth, what is the next phase of organizational development for our company? Sixth, how are you reducing your environmental footprint? Seventh, what is your CapEx plan for modernization expense and diversification plan? Eighth, are you got all type ISO certification for running the business? Also, sir, I'd like to know what is the fee of cost audit? What is the secretarial audit fee? What is the expense of AGM and AGM related? And what is the fee of register and transfer agent? Thank you, sir, giving me a pleasant day.

Mr. [ S.P. Visenya ].

Sir, I congratulate the management on quite good results in spite of all the hurdles coming in our way. So earlier Tata Global Beverages used to make Himalayan natural mineral water. So what happened to that? Now that's not visible anywhere. Whether now the company silent as to how much unpaid dividend has been transferred to IEPS. Infosys transfers every year INR 2 crore to IEPS, INR 2 crores of shareholders' money transfer to IEPS, which is just too much. In future in annual reports of our company, I would like you to mention year wise how much is unpaid dividend. Example, dividend for March '16, how much was unpaid in March '17, March '18, March '19, March '20 and so on. So that everybody including the Chairman of the Audit Committee can question the company secretary and the registrar as to what is being done to pay the shareholders. This will reveal the efficiency not only of the share department, but also of the RTS. Now there is oligopoly in RTS. So the company doesn't have more options, but to go only for -- between the 2 of them. The company has to go either to A or to B. Our preferred Tata Group has its own share department like earlier, we had Tata share department at Army & Navy building. I'm sure they will give better service to the shareholders. At present, the RTS and reminder the latest to the shareholders about unpaid dividend and thinks our job is over. When the shareholder tries to change the unpaid dividend, he is harassed, bring this, bring that. I'm talking from our own experience of trying to claim unpaid dividends. I stop even trying to claim unpaid dividends due to harassment. So please ensure that the unpaid dividend is taken care of every year. And what is the road map for the next 2, 3 years, if you can highlight that also. Sir, thank you very much and all the best for the future.

Sarath Kumar Shah.

Okay. Now I already sent an e-mail, but I just read all the points. Sir, I'm very happy with the company because it is a well creative company for all shareholders. From 1996 to 2022, in 26 years, it is appreciated by 170x and it is more or less like an Asian Paint, but only thing is this that in balance sheet, equity history is missing. So if you can include this, that will be much better. And next thing is that company secretary. Her service is excellent, which is a Kolkata company. I never talked with this company, but she has sent me hard copy. She has arranged speaker registration, site verification and what I expect, I expect these service already there in from TCS and Tata Steel, but not from all other balanced companies and which is missing, they should look into this fact that regular speakers at least they should give a good service. And now I refer Page 7, and I'm happy to note that the Page #7 says that we have got 8 lakhs employees worldwide. It means this figure is bigger than TCS, and it is -- it shows me that the company is not only well creator, but employment creator also. Sir, attrition rate is not appear interim balance sheet, if you can guide on that issue. And Page #32 say, our revenue is 12% -- basically, you are talking about you want to make company FMCG. I'm not keen on making it FMCG, but what I'm looking here is that my revenue is INR 12,422 crores and food and refreshment business of IHEL is [ INR 14,425 crores ]. So we are very close to FMCG food business -- so IHEL business. So try to see that how we can cross at least food business of IHEL. And what I feel personally that we can get a lot of people from IHEL who has got expertise in this. And at least cross food business and then they will start thinking of FMCG. Then sir, I look Page #63, we have got 10,000 distributors. And when a company has got such a good marketing deal, why not to use all this team for marketing of all companies products, information, anything worldwide for Tata Group, and that will be very easy for us. And then what I look here, the Page #183, sir, our peer ratio is 80. And if you just see share price, this financial year, it is totally stagnant. And because -- see, because it is earning per share is stain and the prices are around INR 7.25, INR 7.50 or so. So my suggestion is that how we can overcome this? It is only to make more profit, to make more EPS so that we can cross HEL revenue in food products. And otherwise, also, we can go for buyback. And once the buyback is over, then we can have IG2 also. And once I look into Page #281, it is a consolidated profit and loss share page. The employment cost in consolidated is INR 1,048 crores. And if I see stand-alone price, profit and loss, the employment cost is only INR 348 crores. Somehow, how it is consolidated, it is increased by INR 700 crores. And my fact is INR 1,015 crores in consolidated. So what it gives me figure that we run a company for employment and not for profit. This figure, say, this conclusion or impressions, for TCS it is okay, that the cost of employment is higher than the profit because the raw material is employed. But that is not the case with Tata Consumer. So definitely, if you look into this stand-alone, which is 348 and consolidated is 348 and which is close to the back of the company, definitely it is something wrong with the company. So please look into it. Sir, another thing, what I see that among the Tata group companies, the company which would give best return is Tata Steel, which is priced INR 8.60 -- INR 8.51. And our consumer company INR 7.26 today -- only INR 6.00. And the best company is only Tata Steel. And my last point is the only thing that I will visit Tata Starbucks, our first store in the world in Seattle in July. Thank you very much for giving the opportunity for speaking. Thank you very much.

Mr. Anil Kumar Parikh.

Chairman, sir, Board of Directors and fellow shareholders. Sir, I'm Anil Parikh here from Bombay. And first of all, good afternoon to you all and hope that everybody is safe and sound at respective end. Chairman, sir, I would like to thank our Company Secretary, Mr. Neelabja Chakrabarty and his entire team for extending very good investor service. And I'm really satisfied with their cooperation wherever needed. Chairman, sir, everybody has said a lot about company financial performance, these, that, I will not take your much of time, but some of the questions I would like to ask you. But before that, Chairman, sir, excellent performance as every time you are performing. And after you have taken charge as a Chairman, company is flourishing. So Chairman, sir, you are more congratulated. Chairman, sir, my question is -- sir, we have made investment in preconstruction. Sir, I would like -- and we have extended our stake from 48% to 80%. I would like to have your views that what this company will do in this pre-construction? It is mentioned that [indiscernible] in Bangalore. So what is the activity we would like to do there. Sir, also, company has 3 unlisted but trial subsidiaries that is Tata Consumer Products GB, Tata Consumer Products U.K. and Eight O'Clock Coffee Company Limited. Sir, I would like to have your views on that company's what are their activities and how it will contribute to the balance sheet? Sir, many congratulations for turning Tata Starbucks from huge losses to 76% declined losses significantly this year. Sir, you are -- hats off to you and your team. Sir, I don't have much questions to ask. These are the questions. So -- and thank you for patient hearing. Once again, thanks for CS team. Thank you, sir.

Thank you. Ms. Akanksha Gupta.

So I'm Akanksha Gupta from Kolkata. I'm a Millennium Mams' member and a proud share owner. So I would like to ask you, what will be the growth model for our company. We would like to understand the vision and visibility, both. Do you plan any takeover, which Mr. D'Souza had mentioned it. Now it is not easy to make takeovers in an FMCG industry. And also, how do you plan to make the company more visible like in IPL or in another sport event? Thank you, sir.

Thank you. Mr. Mahesh Kumar Bubna.

Sir, first of all, congratulations to the Chairman, Board of Directors, Company Secretary, CFO, other dignitaries on the dais as well as my colleague shareholder who has paid their valuable time to join this AGM. Sir, this is the 59th Annual General Meeting of the company. This Tata Consumer Product Limited is started with the name of Tata Finlay. And I joined the Tata Finlay AGM, I remember in '82 when Darbari Seth was the Chairman of the company. And while speech was also in '82 in the AGM Tata Finlay. I am not a new shareholder, I am a very oldest shareholder in this company. Sir, you had enhanced the -- our product range by adding a lot of -- transferring the -- our product from the Tata Chemicals and joint venture with foreign partners, et cetera. But one thing I want to tell you that what is the benefit we are achieving from all these capital expenditure. It must be properly scrutinized, access and it must be to the benefit of the shareholders. Sir, one thing I would suggest that another shareholders also suggested you that it is FMCG company. We are saying that it is an FMCG company. But in FMCG company, entire range -- and one shareholder also clarified that so many FMCG products are not happy. So only we have been only the food and beverage division of the FMCG. So why will not change the name of this company to Tata Foods and Beverage Limited. So the name of the company will reflect itself that what nature of business we are doing. Sir, one suggestion to you that in your Chairman statement and MD statement, there was no date mentioned, no year, no date was mentioned. So it must have a date so that people can understand that you had given the statement for the peak debt on -- for this year. This is my suggestion to you. Sir, one thing -- I will not take much more time because I discussed with our Company Secretary, Neelabja Chakrabarty, he is interactive with me. He's a very nice fellow, young, energetic. I know him for long back. So when Mr. Madan was the Company Secretary, he was assistant to him. Now he is the Company Secretary. Your earnings per share is at INR 9.61. And from the standalone this financial highlight you have given from there, I'm telling you, and dividends are going to pay for INR 4.05. And this year, dividend is also taxable in the hands of the shareholder. So if you left the dividend, then it will come less than the INR 4.05. And last year the dividend payout was INR 2.70. It has managed. But 1 thing I am very much remarking about the FMCG other companies. Hindustan Unilever, this year, 3 days back, their AGM held. They had paid, out of INR 37.53 earnings per year INR 34 per share, they are divided to the shareholder annual dividend. So much higher. So their capital is INR 256 crores only. So when we can able to compete with Hindustan Unilever in FMCG companies. So we must have to compete with the other FMCG company. Sir, 1 thing that we had paid a lot of money to tackle for our joint venture. But till date we had not received any benefit from the Tetley. Again, we are going to make the joint venture, which is also in loss. I know very much personally that these American 2 companies, Starbucks in 3 quarter April, we are startups with their own showrooms. So they never give you the benefit worldwide. These are the American company never try to give benefit to the other companies. So you must be aware that our money should be safe. One thing I want to tell you, I will not take much more time. But my 2, 3 questions you have to listen. On Page # 186, you have given the distribution of shareholding pattern. So our promoter holding is 34.68% and individually 21.63% and foreign portfolio investor is 25.34%. So why you are not increasing the public shareholding as per the ministry guideline that minimum 25% shareholding in the public category. So you have to enhance and my suggestion that promoter shareholding also must be in enhance to 51%, so that the promoter should not be lose any day in future for this advantage. Sir one thing because the plan portfolio already achieved 25%. Regarding the -- you had given the corporate governance report where you had given the data stock market of our company's stocks, where you had given only the BSE and NSE data and while we are having 4 exchanges letting Luxembourg and London stock exchange. So why we are not giving the data on these 2 exchanges so that we Indian people can also can able to access these data and we can be able to see that how the international stock exchange is creating to our strict, so both exchanges data should also be given in the corporate governance report. And we're having so many committee meetings, Audit Committees, remuneration committee cetera, et cetera. When these shareholders committee, why the committee members are not coming directly throughout the year to interact with the shareholders by providing their direct mobile numbers, so that even our MD is also the committee member of the Shareholder Committee. And I tried a lot of time to your Bombay office to -- I want to speak to our MD since last year -- before the last AGM, [indiscernible] assured me that we will inform to MD, but till date I did not interact with the MD, only in the AGM, Chairman is coming. While they are the KMP of the company under Section 203 of the companies 2013, they are totally -- MD is also -- now the responsible for the company instead of the Chairman because Chairman is independent director and MD is responsible. So he must come to interact with the shareholder, whenever shareholders are approaching to him. So this is my humble request to tell the board that shareholders are all the believable part of our industry, and we must have to interact with them throughout the year when they want to speak to us. And MD is also the shareholder committee meeting. So he is also responsible to speak to the shareholders. It is not only the decoration that we will have to decorate the annual report and to just give the data this meeting has held...

Point is, point is noted, sir.

This is very enlarged annual report you have given -- because due to my ill health, I would not able to go through 374 pages, this director report, management report, so many you have given the photograph very nice. But one thing I'm telling you to cut in the cost so that we can also have to save because I've seen that a lot of products have been repeatedly given over there. So what is the necessity to give the, like Hindustan Unilever, they have given 2 pages, all the products category wise, they are displayed over there in the annual report, saved lot of money for this cost of the annual report. I will not take much more time. I'm thanking you for having a good relationship with the shareholders by our company separately. Thank you. Thank you for presenting.

Mr. Anindya Sundar Roy.

Respected Chairman of the meeting, Board of Directors employees of the company -- I don't say employees of the company, the mercenaries of the company and all my fellow shareholders and our Company Secretary, Mr. Neelabja Chakrabarty and [indiscernible] under the supervision of [ Ms. Merlyn Pamela ] and Trevor Fernandes for -- without their effort, I could not be able to speak to this AGM. Sir, I am 2 of our -- I mean, merchandise at the [indiscernible] Mr. SS Roi and Mr. Arjun Chatterjee. Without them, I couldn't make it to this AGM. So I have only 1 request since [ Neu app] it is, when I speak the name, then all that good face come in my body, into my CK, in my psychology. So this is my oil that this brand is not affordable for the consumer like me. Sir, would it be possible to make it affordable for within some pouch recycle 500 or 1000 ml pouch package in local markets. So that that way, it could be more helpful to consume 1 more thing of Tata Consumer Products as a consumer. When I speak at this AGM, then the references of other companies or the Tata Group of companies come into action. And why I say this, just allow me 10 seconds to sing a song. Why I sing a song, you just all know after, it is a very renowned song sang by standby Elvis Presley and then after Andy Williams and Andrea Bocelli. The song is... "Wise men say. Only fools rush in. But I can't help falling in love with you." Why I sing this song? Just because once loved, created, it went and just create and went out of the hands of feel. And after the endurance patience, I mean when white stands advance that the same team came back to this Tata group of companies and by the, I mean, suitable successor as our Ratan Ji. This is a, yes, India, i.e., with the nation rejoices as well as every Indian rejoices once those parents were -- once knew about the love and the creation of JRD. Somebody said to me that when you are talking to Tata Consumer Product Limited, why you just give reference of other units of the company? I said I just look at its face, and I said to him, I ask him, can you just give a speech or talk to somebody just moving it with all in leads and without moving your figures, body or hands or giving any gesture, is that possible? It just get him a bad look to me. I said the other group of companies is a low -- like a human body or human value. We would like to talk to some other companies and references of other companies come automatically, and this is in form of some moving of your fingers, of your gestures, of your hands like that, a heads like that. Sir, I did the last week, I read in a local newspaper, some foreign national just leave a message and complimented that if Tata, Ratan ji cannot revive Air India, nobody has, it is in good hands. But to his complement, I would add a few words more. It is not only in good hand, it is in the best hand. And, sir, I just compliment and all because Tata Group of Company, Ratan ji doesn't leave any chance to anybody to ask any, I mean question about their efforts in online or offline -- for the online production or offline production of any product. So they only deserve the compliments. I compliment everybody, and I say wholeheartedly, you all welcome one. And just, I just mentioned also Mr. S.S. Roi, who just injected into this because it was not possible for me to attend this meeting without his help. He and his colleague, Mr. Arjun Chatterjee, they are most decent, most good person. I wish them and you all the big salute and all good for the coming years and prosper I would be able to speak something more in this next year at the AGM. Stay alive, still well with your family and rejoice in this company as a member.

Thank you. Mr. Shailesh Mahadevia.

Respected Chairman, distinguished directors and all the members of the company. Sir, congratulations to the company for excellent integrated report with your assurance statement as a Chairman of our FMCG company, which is coming up for the last 2 years. The question-and-answer session given by MD and wealth of information throughout the report and your particular emphasis throughout on the principles of sustainability and the wellness of the society. And I appreciate the assistance of the secretarial department. Sir, having said all this, I wish to put some questions with a view to increase my understanding and appreciation of the good work being done by the company. Sir, my first question is that we are producing 5 varieties of salts, one is for general use, one is for people suffering from low blood pressure. Sir, may I know what are the specific uses for the remaining 3 varieties of salts? Sir, my second question is regarding the staple food of India. We are trying to emphasize all the push through our Sampann organization. Sir, the real food of India is ragi and not wheat or rice. Sir, I would like to know whether we are giving sufficient information or sufficient emphasis in our business to bring in ragi as the main staple food of the people in India. Sir, we have done some research work on the subject. I will subject my papers to our office in Bombay for whatever use they may make of it. Sir, my third question is regarding our tea business. Sir, many years ago, maybe even now also, we had an excellent tea center in London. And it was a place of attraction for London [ resort ] all the time. Sir, in India, just as we have Starbucks stalls at various places, I would request that at least we should have tea center in principal towns of India, like Mumbai, we have 1 tea center at Church gate run by [indiscernible] actually, it has been given out to some private company for running it as a business. Sir, we should make an effort to across the tea board and talk -- take the license for running a tea center in Mumbai with immediate effect. Sir, that will give us benefit of enjoying different varieties of teas, which are being made by our company. And sorry, in particular, I would like to know is whether we are making white tea, which is being used by queen of England and the queen of Japan to say the most eminent people. Sir, my next question is regarding Starbucks coffee. Sir, one information, which has gone viral on the social media that you buy Starbucks of any quantity, small cup, medial cup or large cup, the quantity of coffee used remains the same, although, we are given it as in 3 different sizes. Sir, I was surprised to know this, but I realized a comparative example of [ Kino ] fish or [ Kiya ] fish of Japan, which makes it where for the size of the fish, according to the space available. If the fish is put in a small place, that will be the size of the fish. If the container is larger, the size of the fish will increase. And accordingly, so are we -- is our coffee something on those lines? Sir, then my next question is regarding the -- all Tata company offices, and all our official centers should offer only the Himalayan Water. Sir, even the glass, which we see in front of us, which you are using and the bottle, which you have, I wonder whether you are sipping Himalayan Water. Sir, if not, each and every person of Tata Group, as a rule and compulsion, should use and offer only the Himalayan Water. Sir, then my next question is regarding the EVA of our company. Sir, I'm sure our EVA must be positive. And if you can share that information and the rate of interest at which it has been asserting. And sir, my last question, this is of universal importance and certainly on the principle of sustainability, that the earth itself has become weak or earth itself requires richness. The richness of the earth, if it is increased, only by addition of fertilizers like NPK, et cetera. It is not going to give us real richness of the earth. We may get larger production but not the real vitamins, which the people deserve and should have. So sir, what is required is to introduce live microbes in the world. This will be a long-term project, but it is in the interest of the society at large and for national as well as of international importance. And Sadhguru of Coimbatore, Jaggi Vasudev has been working on this project for the last several days, and he has visited many countries of Europe with the same message. Sir, are we also thinking on these lines? Sir, with this, I wish our organization all success, which is our way of life in any case. Thank you very much for giving me the opportunity to speak.

Thank you. Ms. Prakashini Shenoy.

Hello?

Yes.

Can you hear me, sir? I am Prakashini Ganesh Shenoy from Bombay. Chandrasekaran, sir, [Foreign Language].

I can hear you. I can hear you.

Respected honorable, Chairman, Sri N. Chandrasekaran Ji, other dignitaries from the Board and my fellow shareholders, good afternoon to all of you. I received the annual report well in time, which is colorful, transparent, informative and contains all the informations as per the corporate governance. I thank the company secretary and his team for the same. I should not forget to thank once again [ Ms. Gayatri ], for giving me the link and just on calling me and telling me that my turn has come for the next. I once again thank [ Ms. Gayatri ] for your good deeds to me. I'm glad that the Chairman has given an excellent explanation regarding all the aspects of the company. Sir, I'm thankful to the Board for recommending dividends at the rate 605% for the financial year '21-'22. I'm very proud that the company has done excellent work in respect of CSR activities. I thank one and all staff for getting a number of awards for the financial year '21-'22. They show their hard work and sincerity. Sir, I have 2 questions. What is your road map for the next 5 years? What is the market cap? Since the plastic used for packaging our products, what alternative have we due to the government regulations to ban [Audio Gap]

Yes, ma'am?

If yeas, what is the rate? This is not the last but the least. We should not forget that our -- future of the company since we have a person, intelligent, all rounder transferring, none other than N. Chandrasekaran, Chairman of the company, I wish the company good luck for a bright future and pray God that the profit of the company shall reach it in due course. Sir, I strongly and wholeheartedly support all the resolutions put forth in today's meeting.

Thank you. Mr. Nalin Shah.

Am I audible, sir?

Yes, you are.

Yes, sir. A lot of my points have been covered, so I won't take more than the requisite time. Sir, just to straightaway come to the point, when I compare Tata Consumer with likes of other FMCG companies Dabur, ITC and so and so forth. So when I just compare on the face of it, I find that our -- a lot of pieces, we are very high in the expenses, go to the P&L front. And that is the prime reason our profitability is only made at -- a bit less than 9% as against anything in the range of 11% to 20%, 25% kind of a rate of the other FMCG companies. So can you just help us out where in the future we'll be able to contain the expenses and we'll be able to at least [indiscernible] on the margins? Second thing, when we go through our latest presentation, we find out that over last 2 to 3 years, though our CAGR is really decent enough for FMCG companies, but we have degrown on -- practically all the fronts in the current financial year. Whereas the current -- sorry, in the FY '22. But FY '22 was basically the turnaround year for a lot of companies, where they have posted really good numbers. So just want to understand how we'll perform in the current financial year. That is FY 2023. And what is the management strategy to go forward in 2023, '24, '25 and so and so forth? Sir, we are shareholders in the company. We support you on all the facts. But just these margin points are creating a bit of a hindrance as an investor. I won't take much of your time. Just one request, sir. Tomorrow, we have Tata Steel AGM also. Just try to keep it very concise in the time line to 2 to 3 minutes per participant, so everyone can ask the questions and everyone can cover it. That's it all from my side. Best of luck, sir, and hope to see you soon in person next year. And again, thank you so much for the opportunity, sir. Thank you so much. Have a good day.

Thank you. Ms. Vasudha Dakwe.

Hello? Can you hear me, sir?

Yes.

Very good afternoon. Very good afternoon, respected Chairman, sir, Board of Directors and my fellow shareholders. My [indiscernible] I would like to congrats our company secretary for sending me the soft copy of the report well in advance. It is certainly clear. And most of the question was asked by my previous shareholders. I don't want to take your much time. Only one suggestion. Please look into the matter of shareholders' unclaimed dividends, which is going to IEPF fund, which is the hard-earned fast money of the minority shareholders. With this, I support all the resolutions. Thank you very much and wish the company all the best for coming financial years.

Mr. Mascarenhas.

Can you hear me?

Yes I can.

Mr. Mascarenhas will talk first.

Can talk, sir?

Yes, please.

Am I audible?

You are. You are.

Yes. Respected Chairman, sir, very distinguished members of the Board and my fellow shareholders, good afternoon to you all. My name is Aloysius Mascarenhas. At the outset, I thank the management, our company secretary and his team and the registrar for sending me the balance sheet, which I received on time. It is full of acknowledge, simple, exhaustive, informative, transparent and overall adhering to all the parameters required for a good corporate governance. Our results are excellent, as shown on facts and figures, and a handsome dividend of 605%. Very good. Keep it up, sir. You have explicitly explained in a nutshell in Page #112 the 10-year financial highlights. The financial progress of our company. Our PBT, PAT, EPS, book value and earning per share, ROIC everything is shown on Page #112, which gives us a glimpse of the financial progress of our company. On the annual report, you have shown as the pictures of our products. Really good, sir. How many products have been launched this year? And how much any new products are going to be launched in the next year? I would like to know, sir. And more importantly, what is our market share in the products, both nationally and internationally percentage-wise? Sir, we are in the midst of war, Ukraine war and Russia. So I would like to know how it has impacted. Our is an export-oriented company. Sir, the dollar and rupee, where the dollar is getting stronger day by day and the rupee is becoming weaker day by day, so what is the impact of this rupee-dollar fluctuation on our profitability? Sir, many questions have been asked. I would not like to ask further questions. My wife is there -- next to me. She will ask further questions. With this, I thank you very much for patient hearing. Thank you. Good luck.

Respected Chairman, Mr. N. Chandrasekaran, MD and CEO, Sunil D'Souza, other Board members and my fellow shareholders in this VC, I am speaking from Mumbai, Mrs. C. Mascarenhas. First of all, I thank the company secretary and her team for sending me e-notice, an annual report and registering me as a speaker at my request. Thank you very much. About the report my husband has said, I find very good awards and applauds, which are given from -- documented from 18 to -- 18 and 19 pages. Also, good CSR work all documented in our report. I would like to know here that ESG, any rating is done and if so, by which agency and what is the rating. Now my queries, I straight come to the queries. In which product or products we enjoy the highest margin, market share? And which of the products our future demand will rise? Number two, do we face logistic bottlenecks, supply chain disturbances and the rising crude oil prices on our products? Number three, what is the percentage of the total sales in online? Four, how many total Starbucks outlets we have? How many are owned and how many are leased? We have any more acquisition like Cafe Coffee Day outlets for inorganic growth? Can you just throw some highlight on that? Number three, what is the -- five, what is the CapEx for the next 3 years for funding organic and inorganic growth? But of course, we are sitting with a very good cash. Sir, we are not in biscuits at all. Could you just throw some light on that? I'm very much interest with the Tata Copper Water. Of course, I've not gone to Star, and I don't know what it is priced. Have you valued the Tata Tea brand? And what is the valuation? I support all the resolutions. I am very happy -- one more unclaimed dividend, please, you help us to get it and plus that we don't lose our share. Now the new thing, sir, you are at the helm of -- see, at least, we should not lose our hard-earned shares, which there is -- everything is there, that they will take our shares or also to the investor fund. And then we have to go apply and all that, a lot of hassles. Please, at this age, it is too much. We are 70 plus, sir, so you must take care of these small shareholders. Lastly, I support all the resolutions. I know Tata Consumer is committed to deliver and delight. With this, thank you. Wishing you all the good health, all the full team, and may God bless our company and bless the Tata Consumer team.

Mr. Atanu Saha.

I am audible, sir?

Yes, yes. Yes, you are.

I am Atanu Saha, a small shareholder of Tata Consumer Global Limited. My respected Chairman, the Chandrasekaran Ji and CEO and Board of Directors and company secretary and CFO, and all respected shareholders present in this meeting, sir. And a special thanks to our Secretarial Department that they connected before meeting [indiscernible]. Thank you there. And also, our thanks to our [indiscernible] who awarded the most influential Chief Marketing Officer 2022 by Forbes. Sir, my first question is already so many [ person ] informed. But sir, how are the [ standing ] production capacity, sir, the percentage of renewable energy used? And the shares, how many shares and unpaid dividends, sir, this return back from the investment [ production, content ] this year? And sir, currency is fluctuating. And the U.S. dollar, say, isn't it tempering our profit margin, sir? And sir, we believe that the VC mood and physical mood both boosting our Board with share and connection, sir. In this regard, I will wish to start quoting our father of industry, Jamsetji Tata's speech, "In a free enterprise, the community is not just another stakeholder in business but is, in fact, the very purpose of its existence." Sir, do we see the highlights from our -- the subsidiary companies and their performance and research and development, R&D? And sir, what is our [ awards ] industry policy, sir? And do we expect a bonus issue near future, sir? And sir, humble request [indiscernible] company meeting upload to YouTube. Everybody will be benefited, sir, if possible. And thanks to a good year ahead with good health and good to everybody, sir. Have a good day.

Mr. Yashpal Chopra.

Am I audible?

Yes, you are.

Am I visible?

No.

Anyway, I'm speaking, sir. I'm Yashpal Chopra, calling from Delhi. I'm a shareholder of the company, holding around 2,733 shares in 3 folios. And I'm holding shares in almost all the Tata companies since 1980. So I have got a great, great regard for Jamsetji, Ratan Ji, and now you are our hero. And if you remember, the last year in the AGM of Tata Steel, I had said that the government must award [indiscernible], late Jamsetji and Ratan Ji and all those people who have built the -- what you call pillars of the economy of our country. So this year, you have been awarded that honor. I'm very, very happy; and I congratulate you, sir. You -- this is a very deserved award you have got, and I'm proud of that. I'm proud of Mr. Sunil D'Souza Ji also because he has given an exhaustive speed because -- and he has left nothing to -- nothing to ask for that because he had just given a detailed presentation. And I'm very, very happy with the team that -- even for the -- our -- performance of our Director of Finance, Mr. Krishna Kumar Ji. And you see the performance of the company is around best because there is all-around growth in revenue, total income, PBT, PAT, EPS and dividend. Sir, your company is investor friendly, and we are very, very much proud of that, sir. But sir, my query over here is that out of the total earning, just 25% is in the foreign exchange. And of the 25%, more than 24% is from U.S.A. and U.K. and Europe. And the other countries in which we have just taken entry, in Australia, Middle East and Africa, why should not we now concentrate on those -- in those cities? Why should not we hire the celebrities of those cities and then explode our products? And because the earning in foreign exchange, that is far more valuable than the earnings in our local exchange, local currency. So I would like -- because that is another indirect effect. The indirect effect is that when those foreigners consume our products, they know the name of Tata. They know the name of India. So they know the name of JAMODI. So that is a very, very big service that you are doing it by entering into the foreign market, sir. Sir, I must congratulate our corporate governance. That is just of a high caliber because that I got registered on 23rd. On 24th, I asked for the a balance sheet, and on 25th morning, I got it. So I must compliment our company secretary that she has done a fantastic job. And I must thank Madam [ Gayatri ], who has been just helping me out in contacting this meeting because I'm over here. I'm more than around 3 hours, since 10 a.m., and my number was 37. So this is where my patience has been tested. And that is with the cooperation of that lady that I have been over there, sir. Sir, under corporate governance, I embark 1 or 2 queries. The first query is that regarding that unclaimed dividend, whatever has been spoken by my earlier person, please just look into that matter because that is our money. And that -- our money should not go to the government fund unnecessarily. If there's anything in line in the name of any shareholder, that should be communicated. So that is one of my plea. And the second thing that is that, sir, I am a shareholder with a [ big or small ] portfolio, and I'm calling from Delhi. But just telling you, confessing the truth that so far I have not tested any product of my own company, whereas I say that I'm a co-partner of the company. So I would like to make a request that the company must send a small hamper of all the products -- those sample products because at least I must know the taste of our company as to what products we are marketing and to others and all that because being a shareholder and being a co-partner of the company, we must also have a taste about that. And the third thing I would like to say that as over here [indiscernible] because I'm from Kolkata, and of that, my person has just taken more than 1 hour. If there's a limit of 3 minutes, please mark those persons and in your next coming meeting, let those persons, say, should we either put it at the end of the show or they should be asked to -- or ask their queries in writing by mail because they cannot afford to take our precious time because our meeting started at 10, and now it is more than 1. And still it has to go, and then you have to get a reply. So please just look into that matter. And before I close, I must wish you good luck. Best of luck to all from the top to the bottom. And particularly, I must thank the corporate governance and our moderator for getting me a chance to express myself. Thank you, sir. Best of luck.

[Foreign Language]

Mr. [ Dipankar ]

Yes. Can you hear me?

Yes.

Okay. My first question is on this synergies with the BigBasket. Your company has a unique advantage in that you have online grocer as a sister concern. But I find that many of your products are simply not available on BigBasket. Not a single product under the Tata Gluco Plus portfolio is available in BigBasket, not a single product under the Tata Soulfull portfolio is available in BigBasket, not a single product under the Tata Q portfolio is available in BigBasket. This is a unique advantage, which you have vis-a-vis competitors like Unilever, Nestle or Dabur, who don't have an online grocer as a sister concerned. So please leverage this to the fullest opportunity. My second issue is this key audit matter number one of your stand-alone financial statements, which has stated that an associate has incurred significant losses as it has not been able to recover increase in output costs to increase prices, which has triggered an impaired assessment -- impairment assessment in the carrying value of our investment, which is INR 288 crores. So three questions on this point. What is the name of this associate company? What is the eventual impairment if it has been finalized by now? And what are the reasons why this company was not able to recover the input costs? Third point I would like to make is that in the scheme of arrangement, which we have made with Tata Coffee, the plantation business of Tata Coffee is going to be held as a subsidiary, as a separate vertical, while the extraction and all other residual businesses of Tata Coffee is going to be merged with the main company with Tata Consumer Products. The way I see it is that this will facilitate the disposal of the plantation business at a later time. We are the only beverage company in the world, I think with having a plantation business, which has low margins, low return ratios, which drags the overall return ratios of the company down and is labor-intensive and it doesn't fit well with a modern marketing beverage company. So will the company consider disposal of this business and also exit the stakes in the various associate companies, which are involved with tea plantation. And if not, could you just state what is the economic rationale for continuing with this business? Or are there any other legal or sociopolitical reasons for holding on to this business? A couple of years back, we had read in the press that you were actively scouting for buyers for these businesses, but you were not getting remunerative prices. I would respectfully suggest that this business, the prices will go on decreasing and the longer you take time to exit the ultimate loser will be the company. The other point I would like to make. My final point is that some shareholders have already referred to economic value analysis being done for the company. I had also made the suggestion last year. I would strongly recommend that you do this and you don't do this for the company as a whole only. You do it for all material subsidiaries. It will be very interesting to see if this analysis is rigorously done, how many of our international material subsidiaries would pass this test. That's all that I have to say. Thank you for the time and good day.

Mr. [ Naredi ] Mr. [ Ravi Kumar Naredi ]

Am I audible, sir?

Yes, you are.

Good afternoon, Sir, I have some questions. First, what growth will you expect from U.S. coffee business and international tea business in the next 3 to 5 years? As per the previous 3- to 5-year data growth was negligible. And second question, currently, we have 23% of share from food business, which is growing 19% growth in previous year? So in next 2 to 3 years, what is your -- what is our -- what is you expect in Food segment growth? And last one, currently, we have 2,000-plus distributor and 8,000-plus in semi urban and rural distributor. So what is expansion plan in 2 to 3 years?

Mr. [ Jaideep Bakshi ]

Good afternoon, Chairman.

Good afternoon.

Good afternoon, Chairman, Managing Director, CFO and Group Director. [indiscernible]. Sir, how much has been the percentage of attrition in the tier 2 and 3 cities? Sir, [indiscernible] to indicate the input cost inflation as affecting the fixed economy. So are we thinking [indiscernible] tax from that sir, the growth in revenue and dividend passed on and the permanent share units employees will surely motivate them and also for obtaining the certificate for great Place to Work, a positive culture. It's a great initiative for digitalizing distribution chain, enable supply chain to be smooth. Sir, I have 1 suggestion regarding Tata Q, our ready-to-eat category. This expansion can be done by tie-up with offices and education institutions as an easy alternative for street food and brand value will added an advantage. Also same goes for Tata Glucose Plus, a choice of the young generation. Sir, a new digital campaign has been launched for Eight O'Clock coffee can be pursued for the other brands. So what are the steps are we taking for data protection? And regarding our thought process for the single-use plastics packaging, are we going for paper straws for the tetra packs. Sir, lastly, request, if we can focus more on water management and not just on emissions. Sir, I'd like to end with a thanks to our energetic Company Secretary, Mr. Neelabja for presenting a colorful and vivid annual report, and also to Mr. Shiv Shankar Rai and Mr. [ Chatterjee ] from Kolkata office for maintaining a relation with the shareholders and entire secretarial team for conducting this video conference in a smooth manner. I have full faith in management, and I hope under your leadership and entire management become a leading FMCG player and create a lasting value and future ready organization, as mentioned in Page 82 of annual report. Thank you and all stay safe. Thank you, sir.

Thank you. With that, we have come to the end of shareholder speeches. So let me give a quick response to all the shareholder observations. First, Dr. Arun Kumar, thank you for your overall comments. Tata Coffee integration, you asked, it will take about 9 to 12 months to complete the whole NCLT and other processes. We expect the synergy to be in the upper single digit in terms of PAT. We have fortification plans for all our products. We already do Tata Salt immune with zinc. And then we have a Gold Care and then [indiscernible] Care. And there are a number of such initiatives for each category. And you asked about inorganic expansion. Yes, inorganic expansion is one of the key strategies for the company. The cash in the company will be used definitely for the right inorganic growth opportunities. You asked about the plastics. India, we are part of the India plastics Pact as well as the U.K. Plastics Pact. 80% of the Tata Salt packaging today is recyclable, and we are working on a fully sustainable packaging initiative overall. So this question was raised by many people. So I will not repeat this answer. But basically, we are working on fully sustainable packaging initiative. And Mr. Manoj Kumar Gupta, you asked about CapEx. Last year, our CapEx spend was INR 250 crores. For FY '23, it's going to be INR 361 crores of which the projects work will be about INR 161 crores. Many other people also asked the same question. Russia and Ukraine, we do not see much impact on the Tata Consumer company. Mr. [ Naveen Bothra ], you asked about what we can be. And you asked about a new and our R&D budget, et cetera, many people have similar comments. So the company has a very aspirational growth plan. And if you really see what steps you have taken in the last 2 to 3 years, it has been, first of all, in consolidating the company, the portfolio within the company as well as across the group. We have launched both the beverages and foods as 2 different verticals. And we are scaling up our distribution. We have also met acquisitions, whether it is Soulfull or the Ready-To-Eat acquisition. So we will continue to do 2 or 3 things, a, increase our distribution footprint. We increased our portfolio so that we can successfully -- the distribution we have in terms of the number of products that we have. We also have focus on water. And somebody asked whether there is going to be acquisition on water. Yes, we will continue to look for any expensive opportunities, both on the water side and also on the food and beverage side, and into completely new categories, which will also may come through acquisitions. And our R&D budget was INR 24 crores last year to INR 30 crores in FY '23. Yes, there will be a substantial increase in the R&D budget as we go into the future. And you asked about why NourishCo is not available in the North, primarily because there is new manufacturing facility, and we are addressing that. But overall, the comment that has been mentioned by many other shareholders about our products not being available. We are addressing it. It's been improving the last 2 years. We have a long way to grow. We definitely want to make sure that our products are already available across the nation. And Mr. Patel, you asked about [ 6.05 ] it is -- because it is [ 60% ] is the payout ratio on the consolidated profits. That's why that number 6.05. And you asked about cash going down, inventory gone up and et cetera, but they're all very marginal changes. But overall, the company is focused on return ratios. You are seeing a substantial improvement in return on capital deployed over the last 2 to 3 years. We will focus on ROE, ROCE and free cash flow generation, all will continue to improve as we go into the future. And you asked about the unlisted material subsidiaries, the Eight O'Clock Coffee and the Tata Consumer Products, U.K. Limited. Mr. [ Santosh Kumar ] you asked about are we going to enter into atta and rice? The answer is no. And the Tata Coffee merger, you already mentioned -- I already answered the question. For booster dose, the company is facilitating vaccination for all the employees and their families. And people asked about the share of digital income through Tata New and BigBasket. Tata Consumer Products is present in Tata [ Neo ] through BigBasket channel, and it is about 2% of the overall sales, and we want to definitely see significant increase in this going forward. Ms. [ Paridhi Agarwal ] You asked about the synergies for -- due to Tata Chemicals acquisition. Already, we have seen a synergy of more than INR 100 crores on the cost base on a sustainable basis. [ Vanraj Banerjee ] Thank you for your comments. On the product portfolio, we'll continue to expand into the product portfolio. Last year, we launched 40 new products, and we will continue to continue to expand. [ Nidhi ] Yes, the commodity prices, we will continue to watch and I can't give you a definitive answer at this point in time. And you asked about are we going to sell the plantation later on some other shareholder also asked, and we have no plans to sell the plantation business. All we are trying to do is to consolidate so that we can get the synergies and also ensure that the like businesses are together, and we can drive both growth and also optimize costs. You asked about [ Nandi ] you asked about the TCPL U.K. It will help to simplify the business further. The number of subs will come down from 43% to 23%. The comments on EVA is noted. I will pass on to the management to focus on the EVA calculation. Mr. [ Hiranand Kotwani ] thank you for your comments, especially on improving the marketing as well as in terms of looking at expanding the persons in multiple markets. Mr. [ Gautam Tiwari ] asked about the percentage of revenue from new products. It is about 3%. 40 new products were launched last year. R&D spend already answered. And you asked about what are all the R&D locations we have. We have 4 centers. Our R&D for beverages is in Bangalore, R&D for food and salt is in Pune, and Ready-To-Eat is in Mumbai and CCT. [ Lekha Shah ] thank you for your comments. And we will be expanding the Ready-To-Eat business. We are getting into new categories around gravy. [ Gautam Nandi ] Thank you for all your comments. Mr. [ Pranab ], thank you for all your comments. You definitely specified about the improvement that is required in the distribution and the retailer network as we are working on it. And in terms of your other comments, in terms of [ ROC ] or social learning, or employee benefit provisions. The employee benefit provision at is as per what is required by the calculation and whatever is required, we provide for. Otherwise, there is strong focus on improving ROC as well as in learning. Mr. [ Ashit Kumar Pathak ]. The businesses that we exited, you asked about it, there is a business in Australia, which is the Map business that we exited and also the empirical business in United States that we exited in India, we are not going ahead with the Tata Cha. So these are the 3 businesses that we exited. So the comparison is excluding this -- and the Starbucks, you asked about when we will become profitable. already, the business is EBITDA positive this year, and we have a very promising outlook on the business, so we'll continue to expand strongly. And you asked about this impairment of this associate company. Later on some other shareholders also asked, it is the associated plantations. And the current value that is carried in the books is justified and auditors have done the analysis, and they are satisfied the current value that is carried in the books. You asked about the loan. Actually, the loan that is referred -- later on [ Tamal Kumar Majumdar ] also asked, this actually refers to the intercorporate deposits that the company is carrying with forms like the HDFC Bank and others. [ Urja Agarwal ] I already answered that the online sales for big basket is about 2%. And we will continue to hope to increase this and leverage their digital channels. [ Tamal Majumdar ] we made a number of points. Thank you for those points. You asked about Tata Smart Foods. We think Tata Smart Foods has a very good opportunity. We will -- we are already taken actions to rightsize the fixed costs of that unit, since we have taken over. And now we will use the distribution channels we have to increase sales. The [ TRIL ] project, that particular project is under construction. There's a land, land that's owned by Tata Consumer Products. So we are building the headquarters or some development that we are doing with the TRIL. Mr. Vimal Agarwal, your suggestion to meet the gift card available across the Tata companies is noted. Mr. [ Vasudeva Ramaswamy ], you asked about what is our plan to be the top 5, top 1, et cetera. I think the company is on a growth path. It's better for the company to focus on leveraging the product portfolio and expanding the distribution and continue to innovate in its product portfolio and enter new categories. We will support both organic and inorganic growth opportunities. Mr. [ Biswendra ] I already have told you about the expansion plans. I cannot give a specific target for the road map for 3 to 4 years, except to say, the company is focused on expanding the distribution, expanding the product portfolio, entering into new categories and a lot of focus in the domestic market. International market focus will be in U.S., Canada and U.K. And we have rationalized our presence in all the other markets and focused -- company has a lot of opportunity to increase the return ratios. Our margins will continue to improve as we see higher growth. Amit Kumar Banerjee. I have already answered all your questions and take a note of your suggestion to do the AGM in the physical and virtual medium. Mr. Alok Kumar Pal. I already answered the capital expenditure, about INR 361 crores. And your suggestions to focus on next phase of organization is noted. And you asked about the secretarial cost, it's about 5 lakh. You asked about the registrar and transfer costs that's INR 1.5 crores, and the AGM cost is approximately INR 15 lakhs. Mr. [indiscernible], Himalayan, yes, we will continue to focus on increasing the brand for Himalayan, a lot of suggestions were made on the Himalayan water, I will take it up with the management. And also, I'm drinking only the Himalayan water. Someone asked that question. The question on unpaid dividend was asked by many shareholders. I want to tell you that the 100% of the dividend has been paid to the shareholders. There is no unpaid dividend that is being transferred. And any time such a situation arises in the future years, the company will engage with the shareholders and send them multiple remainders. To this, we also take it very seriously and we'll make every effort to ensure that the money goes to the shareholders. Mr. [ Sharath Shah ] you asked about attrition, it is about 13%. You mentioned about 8 lakh employees. The 8 lakh employees is for the entire group. Your other points are noted. Mr. [ Anil Kumar Parekh ] I already answered the question on TRIL construction. And your comments on the land parcel is noted. Ms. [ Akansha Gupta ] the growth model, I already answered, it will be both inorganic and organic, and increase of our products by higher end of the distribution and also by increasing products through innovation. Mr. [ Mahesh Kumar Bubna ] the company has the aspiration to expand into other categories apart from beverages and foods. And the promoters have increased their shareholding in the company substantially over the last 2 years, whenever there is an opportunity, we will look at that for further expansion. And MD will be reachable. In case if you want to speak to the MD, you can reach him through the Company Secretary. And if there is any material issues you have, and he'll be very happy to address. And also the fact that last 2, 3 years have been pandemic, it has not been easy for anyone to engage directly with the shareholders. Ms. [indiscernible], your comments on Himalayan is noted. Mr. [Shailesh Mahadevia ] you asked about the 5 different brands of Tata Salt. Tata Salt has the regular salt, and then the Tata Salt light, which is the low sodium salt and then there is a immuno -- Tata Salt Immuno, which has high zinc content to promote immunity. And then we have a rock salt, which is a natural salt. And then Shuddh salt, which is the solar salt. And [ Rajiv ] we are focusing on that. Soulfull is based on Millets led by Ragi. But definitely, that's an area we are focusing. Your point on the tea center is noted. We will see what we can do. And your point about the soil is noted, and we will see how we can engage better in that initiative. So Prakash [indiscernible], I already answered your question on plastics as well as the road map. Ms. Nalini Shah. Your points -- Ms. Nalini Shah, your points have noted, and I've already addressed them. Ms. [ Vasudha ] the unclaimed dividend already answered, Mr. [indiscernible]. Your question is answered with regard to online sales. And your comments based on biscuits and other categories is noted, the company will look at food and other categories as we move forward. Mrs. Ms. [indiscernible] your comments are also already answered. Mr. [indiscernible], you asked about renewable energy, 25% of the energy is renewable energy, and it will continue to improve. Mr. Chopra, thank you for your comments, and you asked -- you talked about our international business contributing 25%. The company's focus will continue to expand growth in the domestic market. And your comments about keeping all shareholders to 3 minutes. We will try to enforce. We continue to request shareholders to be brief in all meetings. Mr. [ Kamal Kishore ] your comments on the land in Hyderabad is noted. We will see what we can do. Mr. [ Dipankar ] we have already answered most of your questions. EVA will take note and the company will work on the EVA and publish that number or share that number at least. And we will improve the synergy with BigBasket by making the products available online. And the associate company is associated plantation, I already mentioned about that. Mr. Ravi kumar Naredi. I answered your answer to your questions already Mr. Jaideep Bakshi, your comments are also answered already. Thank you all shareholders for participating and sharing your thoughts with us. Now I would like to authorize Mr. Neelabja Chakrabarty, the Company Secretary, to conduct the voting procedure and conclude the meeting. The e-voting facility will remain open for the next 15 minutes to enable the members to cast their vote. Dr. Asim Kumar Chattopadhyay, practicing Company Secretary, has been appointed as scrutinizer for this meeting. I also authorize the Company Secretary to accept, acknowledge and countersign the scrutinizer's report and declare the consolidated voting results on receipt of the scrutinizers report. The results will be announced within 2 working days of the conclusion of this meeting and the same would be intimated to the stock exchanges and displayed on the website of the company and NSDL as well as on the Notice Board of the registered office of the company. I once again take the opportunity to thank all shareholders for participating in the meeting and for your continued support. I also thank the directors for joining the meeting today through audiovisual means. With your consent, all the board members, the management team and I would like to leave the meeting now. I wish all shareholders as safe and healthy year ahead.