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

Dear shareholders, good morning. I'm Neelabja Chakrabarty, Company Secretary of Tata Consumer Products Limited. It gives me great pleasure to welcome you all to the 60th Annual General Meeting of your company. Today's meeting is conducted through video conference and other audiovisual modes. Before we proceed, here are a few important points to note for your participation. Members have joined the meeting on first come, first served basis through video conference and other audio visual means. The live streaming of this meeting is being webcasted on NSDL's website. [Operator Instructions] Once the question-answer session starts, the Chairman will announce the name of the shareholders one by one. [Operator Instructions] In case of connectivity issued at the speaker shareholders end, we will proceed to the next speaker. Each speaker is requested to limit their speech to 3 minutes to allow all shareholders to express their views. In case of any technical difficulties, refer to helpline number mentioned in the notice of this meeting. Let me now explain voting process for the resolutions. The company has provided its members the option to cast their votes on resolution being considered at this meeting through the remote electronic voting system administered by NSDL. The remote e-voting period was opened from 2nd June at 9 a.m. to 5th June up to 5:00 p.m. For members attending this meeting who have not yet voted, the facility to vote during the meeting is also available, which is active now. Members can visit the voting page of the NSDL e-voting website and cast their vote while simultaneously participating in the meeting. Dr. Asim Kumar Chattopadhyay, Practicing Company Secretary, has been appointed as scrutinizer to scrutinize the votes cast at the meeting and through remote e-voting. Since the meeting is conducted through video conference and other audiovisual means and the resolutions mentioned in the notice of the meeting have already been put to vote through remote e-voting, there will be no recomment for proposing and seconding of the resolutions. Thank you. Over to you, Chairman, sir.

Thank you, Neelabja. Good morning, shareholders. I warmly welcome you all to the 60th Annual General Meeting of Tata Consumer Products Limited. I thank all of you who have joined this meeting. The Ministry of Company 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 as per 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 items being considered at this AGM. As the requisite quorum is present, I'm calling this meeting to order. Now I will request the Board members who joined this meeting through the video conference to confirm their participation and introduce themselves. I request Mr. K. P. Krishnan.

Good morning, and welcome shareholders. I am K. P. Krishnan, Independent Director and Chairperson of the Audit Committee of the Board of your company. I'm joining this meeting through video conferencing from Bangalore.

Mr. Bharat Puri?

Good morning, shareholders. I'm Bharat Puri, Independent Director and Chairman of the Risk Management Committee. I'm joining this video conference from Mumbai.

Shikha Sharma?

Good morning, shareholders. I'm Shikha Sharma, Independent Director and Chairperson of the Nomination and Remuneration Committee for the Board of this company. I'm joining this meeting through VC from Mumbai.

Mr. Siraj Chaudhury?

Good morning, shareholders. I'm Siraj Chaudhury, Independent Director of the Board of Tata Consumer Products Limited. I Chair the Stakeholder Relationship Committee and CSR and Sustainability Committee of the Board.

Mr. David Crean?

Welcome shareholders. My name is David Crean, I'm an independent director of the company. I'm joining this meeting through video conference from London.

Mr. Balaji? You're on mute.

Hope you're able to hear me. Good morning, shareholders. This is Balaji here, your Non-Executive Director of the company. I'm joining this meeting from the office in Bombay House Mumbai.

With me present here are Mr. Sunil D'Souza, CEO and MD; L. Krishna Kumar, Executive Director and Group CFO; Mr. Ajit Krishna Kumar, Chief Operating Officer; and Mr. Neelabja Chakrabarty, Company Secretary. Mr. Shiv Kumar, the Chief Financial of the company, has also joined this meeting through video conference from the corporate office in Bengaluru. The Statutory auditors, Mr. Sanjiv Pilgaonkar, and the Secretary Auditor, Dr. Asim Kumar Chattopadhyay, have joined this meeting via video conference. Additionally, the members of the senior leadership team of the company have also joined this meeting virtually from their respective locations. The company has received letters along with the Board resolutions from 27 corporate shareholders appointing and authorizing representatives under Section 113 of the Company's Act 2013. This represent [ 32,63,86,100 ] shares, which is [ 35.13% ] paid up equity capital of the company. As there is no physical attendance of members, the requirement of appointing proxies is not applicable. The registers, as mandated by the Company's Act 2013, the documents specified in the resolutions mentioned in the AGM notice are available for inspection. The integrated annual report and notice convening the meeting have already been circulated to these members. The following resolutions were proposed for the approval of the shareholders. Number one, adoption of audited standalone financial statements for FY '22-'23; number two, adoption of audited consolidated financial statements for FY '22-'23; number three, declaration of a final dividend of INR 8.45 per equity share; number four, appointment of N. Chandrasekaran as Director liable to retire by rotation; number five, ratification of cost auditors remuneration for FY '23-'24; number six, reappointment of Mr. L. Krishna Kumar as Executive Director and Group CFO of the company up to the period ending October 31, 2023, and approval of payment of remuneration. With your permission, I take the notice convening the meeting has received and read, including the text of the resolutions, and the explanatory statements. Since the statutory auditors have not made any observation qualification or comment in their report regarding the financial transactions or matters adversely affecting the functioning of the company, there is no need to read the auditor's report. Before I proceed with the rest of the meeting, I would like to make some comments. Your company, Tata Consumer Products Limited has been on a transformative journey, and it has made significant progress during the last 3 years into becoming and evolving a leading FMCG company. During this period, a number of decisive actions have been taken to become a growth-oriented company, and build a strong organizational capability. The company continues to focus on strengthening its core business and at the same time, open exciting new opportunities to expand the target addressable market. The global environment has been sort of challenging due to a volatile macroeconomic condition as well as the geopolitics. Under these circumstances, the company remains steadfast and has been focusing on executing the strategic agenda and build on a strong platform that it has. The progress is visible across multiple parameters. The company's sales and distribution network has expanded threefold from a direct outlets of 0.5 million to 1.5 million outlets. The company set up a fit for the future R&D capability that has really helped to step up the pace of innovation. Last year, the company launched twice the number of products as the year before. We have expanded the portfolio of the company to include a number of new categories. The innovation agenda of the company is driven by key consumer trends, namely wellness and health, digitization and convenience. This has helped the company to improve its innovation to sales ratio from 0.8% to 3.4% in the last 3 years. During these 3 years, the company has also delivered a strong CAGR of 17% in revenue terms, and a 13% in the EBITDA terms. The growth businesses of the company, namely the ready-to-drink beverages, ready-to-eat food, Sampann and Tata Soulfull have recorded a growth of 53%. Starbucks has stepped up the pace of opening new stores and opened the highest ever number of stores of 71 in number during the last fiscal. With this, Tata Starbucks is getting to reach close to 350 stores. In the international business, the company has recorded a decent growth in revenue terms, but in the margin has been affected by the commodity inflation as well as the currency movements. The company is focused on strengthening the portfolio for its international business in terms of growing its nonblack tea business, opening up the reach for its coffee business and also getting the ethnic ready-to-eat and ready-to-cook products in the international markets. The company continues its simplification journey. As you know, the Tata Coffee merger is on the courts and should be completed this year. In terms of operational performance for the last fiscal year, the company delivered a revenue of INR 13,783 crores, 11% growth over the previous year and INR 1,874 crores in EBITDA, which is about 7% over the last year, INR 1,320 crores in PAT, which up from the previous year. A healthy EPS growth of 28% and a dividend proposed subject to your approval today in this meeting of 40%. The company is aligned with the Tata Group's division towards sustainability, which is being driven by an overarching project, Project Aalingana, where we address all the sustainability issues and have taken audacious targets, the group itself has committed to becoming net zero by 2045. And Tata Consumer Products is committed to becoming net zero, water neutral, and promote circular economy in plastics, expand its diversity of workforce and build a strong sustainable sourcing and build a supply chain, resulting in sustainable products. At this time, I would like to take a moment to express our deep sense of loss at the passing away of Mr. R.K. Krishnakumar, RKK, as we fondly called him. Mr. RKK shaped the valuation of your company from being a simple plantations company to be a global major in the Tata Beverages segment. And Tata Tea became a household name in this country under his leadership. He also led the group's international acquisition by acquiring Tetley. And more importantly, he was the perfect leader who lived by the Tata ethos of giving back to the community and led by example, for all of us to follow. We will miss him. And with those words, I would like to take the opportunity to thank all of you for your support to Tata Consumer Products Limited and look forward to interacting with you. Before I turn to the shareholders, I would request the CEO and MD, Mr. Sunil D'Souza to make his presentation.

Thank you, Chairman. Dear shareholders, I'll walk you through the highlights of FY '23. Next slide, please. Next slide. Next slide. Yes. So Tata Consumer now is an integrated food and beverage company with the rich heritage of Tata aspiring as the Chairman said, for a larger share of the FMCG world. INR 13,800 crores consolidated revenue and market cap of INR 73,000 crores. Among the top 10 FMCGs, #2 branded tea player globally. We reached north of 200 million households and distribute to 3.8 million retail outlets with about 4,000 employees worldwide. Next slide. In terms of key highlights and financial performance -- next slide -- as the Chairman mentioned, consolidated revenue up 11%, in constant currency, 10%, group net profit up 30%. India business was up by 10%, beverages up by 1% and India Foods up by 26% and international business was up 8%. Consolidated EBITDA up by 7% for the year, with margin contraction of 50 bps led by a volatile commodity and currency environment. However, we continue to deliver strong free cash flow conversion. Free cash conversion to EBITDA was nearly 100%. And as the Chairman mentioned, the proposed dividend of INR 8.45 per share is up by 40% year-on-year. Next slide. In terms of highlights, in terms of the businesses, India Beverages crossed INR 5,000 crores, growing 1%. India Foods is now larger than the international business, is at close to INR 3,700 crores, up by 26%. US Coffee driven by pricing up 15%, close to INR 1,500 crores. International tea north of INR 2,100 crores, up by 3%. Tata Coffee had a good year, growing 27% to INR 1,360 crores. So overall, 11% growth at INR 13,783 crores. Next slide. In financial performance, INR 13,783 crores, up 11%, EBITDA up 7%, group net profit up 30%. We have INR 2,945 crores of cash on our books. In terms of margins, as I mentioned, EBITDA margin contracted by 50 bps, but group net profit was up 40 bps which brings the EPS up to 13.02 up by 28%. Next slide. So in terms of 3 years, overall, India revenue CAGR has grown at 17%; International at 3%; consolidated, we've grown at 13%. Consolidated EBITDA also has CAGR growth of 13%. Consolidated net group profit has grown at 42% and EPS at 38%. Next slide. We have shown consistent growth in the dividend payout. And as I mentioned, this year, the proposed dividend payout is INR 8.45, up by 40% year-on-year, and we continue to inch up on market capitalization. If you look at the -- as of 15th of May and you look at a 5-year CAGR, our market cap has grown 29%. And in terms of 3-year CAGR, we have grown at 26%. Next slide. Next slide. So we have defined 6 strategic pillars: which is strengthen and accelerating core; driving digital and innovation; unlocking synergies and costs; creating future-ready organization; exploring new opportunities, both organic and inorganic; and embedding sustainability. Next slide. As the Chairman mentioned, in terms of core, the biggest thing is our sales and distribution infrastructure. We have grown our direct reach from 0.5 million to 1.5 million. We've made a public commitment of hitting 4 million outlets in terms of numeric reach by September. We are at 3.8 in March, well in reach of the 4 million. In addition, now in this year, in FY '24, we are increasing bandwidth at the front end in all 10 lakh plus population towns by split routes, separate food and beverage routes to provide increased focus. And now going down to 50,000 and 20,000 population towns adding subdistributors and upgrading our subdistributors to increase our direct coverage. Next slide. In terms of, again, core channels of the future, we've shown good growth. Modern trade has grown 14% -- sorry, modern trade has grown 21%, now contributing to 14% of our business; and e-commerce has grown 32%, contributing 9% of our business. And both these channels are critical as we expand our portfolio. So we introduced 69 new SKUs on shelf in modern trade and new product contribution in e-commerce is now 10%. Next slide. In terms of strengthening our brands and our products in beverages, we continued our hyper local focus. Yes, we did lose a bit of share in volume and value because of softness in specific geographies and rural areas, but we are confident we'll pull it back. Next slide. In salt, it's been a good journey. We moved beyond Tata Salt to play popular, mass, premium and super premium. Our salt market share was up by 75 bps and share of value-added salts from less than 1% in FY '20 is north of 5% now. Next slide. Innovation is a big focus for us. From 0.8%, we've now moved to 3.4% and nearly doubled the number of launches, having new launches across all the categories to expand our total addressable market. Next slide. Digital is another big focus to make sure we are a digital-first organization. So far, we have now shifted completely to the cloud. We run 1 single instance of SAP globally. We've got an integrated S&D backbone with Salesforce with SSFAs and DMS linked to our SAP systems. We run a Blue Yonder integrated business planning system and now are enabling dashboards across the organization with Clearview Analytics. Going forward, we will focus on data-driven NPD, AI/ML-led procurement. We will leverage more data to step up our revenue growth management to the next level and focus on data-driven marketing and ROI-led spend allocations. Next slide. Simplify, synergize [ in line ] with the group's narrative. We are consolidating our legal structures. The target is to go from 45 to over 25 entities in the first phase. We have already in the middle of the NCLT process with Tata Coffee entering the final leg. And we've consolidated ownership in JVs to increase value in Bangladesh and as well as South Africa. Next slide. Our momentum continues in the new engines of growth. Sampann, NourishCo, Soulfull, SmartFoodz is up by 53% for the year and growth businesses now contribute to 15%, up from 6% when we started off. Next slide. And on the inorganic phases, whatever we have done, we have delivered results. NourishCo, when we acquired it, it was INR 180 crores in FY '20. It's now INR 621 crores. We've increased capacity for all the products, and now we cover 650,000 outlets, up by 70% just the last 1 year. Soulfull has grown revenue by 100% and continues to capitalize on our extensive distribution network. We're driving accessibility and affordability with INR 10 packs on No Maida Choco and expanding Soulfull's field of play. We've entered Soulfull masala Oats, which has been tracking ahead of all our internal KPIs. SmartFoodz, we rebranded TataQ to Tata Sampann, Yumside for domestic, and Tata Raasa for International. We've revamped our recipes and introduced a host of new products and SKUs to augment the existing portfolio. International, Tata Raasa has just delivered its first shipments to U.K., U.S. and Canada, and we remain quite optimistic about success out there. Next slide. Starbucks, as the Chairman mentioned, has crossed INR 1,000 crores for the year, 333 stores, opened the highest number of 71 stores for the year. More importantly, as we rapidly expand, we are enhancing relevance for more segment of consumers, especially Tier 2, Tier 3 towns. We've introduced familiar and more loud options in our beverages menu, Masala chai, filter coffee, milk shakes, introduced a new affordable smaller 6-ounce [ pico ] size. We've revamped our food menu for fresh and healthy shareable plates and refurbished our store interiors to make them more inviting. Next slide. Sustainability, we made commitments across all the different parameters, in line with Project Aalingana of the group. We have made commitments at better nutrition, better planet in terms of net zero, water neutrality, zero waste and packaging material to be 100% recyclable, compostable or reusable. We have commitments and better communication, both in terms of communities, as well as building an inclusive and diverse culture and better sourcing in terms of sustainable supply chains. Next slide. In terms of business performance -- next slide -- revenue for beverages, as I mentioned, declined 5% with a 1% volume decline, owing to weakness in some of our key markets and price corrections. However, the 3-year CAGR remains at 10%. Further, there was an improvement in Q4 FY '23 with revenue growth of 1% and 3% volume growth. Next slide. India Foods delivered good numbers, 26% volume growth, 29% growth in Sampann and 76 bps improvement in market share. Salt grew by 25% with a 3-year CAGR of 19%. Next slide. NourishCo, as I already mentioned, 80% revenue growth to INR 621 crores. Copper water -- Tata Copper+ was 2x last year. Himalayan grew 85% and was extremely profitable. Next slide. Tata Coffee grew by 25% with 17% plantations growth and 26% extractions growth. Next slide. Starbucks opened 71 stores now up to 333 stores and we are present now in 41 cities. Next slide. International operations, the U.K. revenue was flat and value market share was maintained at 19%. In addition, we merged Teapigs with our U.K. business to drive synergies, took price increases, and we have seen sequential margin improvement. And we are working to deliver the new Tetley tea both blend as well as packaging, sustainable packaging in 2023 in order to unlock brand equity and build the business. The U.S. revenue growth on coffee was 7%, tea was negative 2%. Market share was 4.2%. More importantly, again, in the U.S., we took a series of price increases to mitigate cost inflation and have seen sequential margin improvement. Teapigs is the fastest-growing brand in specialty tea growing 4x the category. In Canada, our strongest market internationally, revenue growth was up 9%, and we continued our leadership at 27.7% in the regular tea segment. Next slide. Your company won a series of awards. Next slide. On the corporate front, we won gold for best business and financial content. On packaging, we were recognized by the Indian Institute of Packaging, SIES School of Packaging, and the World Packaging Organization. On learning intervention, our Catalyst won [ 8 ] awards at the prestigious Brandon Hall Group. In terms of growth, we were recognized as the fastest growth food and beverage company at Dun and Bradstreet Corporate Awards 2022. We were recognized as India's fourth most valuable brand in the food and beverage category in Brand Finance in 2022, ranked in Kantar Brand Footprint 2022 as the fifth most chosen FMCG brand. And our corporate website won the Golden Quill Award at the International Association of Business Communications. Next slide. We won a series of awards on the sustainability front as well as all our brands, including Chakra Gold, Tata Coffee, Tetley, Premium, Soulfull, won various awards for PR and brand campaigns. That brings me to my end of my presentation. Thank you very much.

Thank you, Sunil. With that, I would like to now invite all the registered shareholders who wish to speak at this meeting to share their remarks. As the number of shareholders who have registered is large in number, I would request each of the shareholders to be brief and sharp in their remarks so that we can give the opportunity to all shareholders. Let me start with inviting Dr. Arun Kumar to share his views.

Tata Tea, with this impact, I did spend a lot of time with him during November, December 2016, may his soul rest in peace and his family take the loss and carry forward. So Chairman sir, can you hear me now? Chairman sir, [Foreign Language] Sir, you gave a lot of tension, I'm unable to speak. I'm not going to give any [Foreign Language]. In a century, the world has seen Spanish flu, global economic crisis, World Wars, Corona. We lost friend, relatives, which we were scared, but survived. We did have a lot of experimental learning. We were lucky to have found the next-gen leaders too, but the positive points, forecasted Indian GDP grew at 6% to 6.8%. GST revenues have increased -- and the biggest proof that Indian economy is doing well is that the cost of elections is rising. So definitely, there is boom in the economy. Sir, there are a lot of questions. Can you hear me properly? Because somehow there's a lot of confusion. So HR recruitment, our employees, what is average age and employed by gender and what is our HR policy to create a balanced lifestyle for its members after corona. There is a skill mismatch needing a rebooting of the system and what is [ CCP's ] is training budget. What is your cost control strategy to optimize all the procurement costs or economies and bargaining power? And will we ever enter altered and plant-based meat and eggs, et cetera, without sacrificing flavor, nutrition and quality? Are we planning for alternative proteins? And millets, sir, Government of India has taken a lot of interest in millets declaring it as the year of millets. What are TCPL's plans? Any investment in start-ups? [indiscernible], the size of the FMCG industry in the coming 5 to 7 years? Sir, in conclusion, [Foreign Language] I wish you all the best. Thank you very much. I'm not happy with the way this interaction was with this. I'm in Hyderabad right now.

Thank you, Dr. Arun Kumar. Manoj Banerjee. Sir, can you speak?

Am I audible sir?

Yes.

Executive Chief Chairman, President Board member and my fellow online shareholders. I am [ Manoj Banerjee ], an equity shareholder of Tata Consumer Products Limited. I'm joining AGM through VC from Kolkata. Thanks to our Company Secretary, Mr. Neelabja Chakrabarty and his team for giving me as an opportunity to speak. Sir, I already supported all the resolutions by voting. Sir as per my contribution, our company has been maintaining a healthy payout 845% is that 40% increase over last financial year. Congratulations to the Board for [ levelized ] dividend policy. Our company has a good cash flow management and delivered a good top line and bottom line growth. Company has strongest balance sheet with solid [indiscernible]. Congratulations to the management team for a 23% increase in CSR policy and increase allocation in R&D for the current financial year. Now I have some specific query. [indiscernible] [ 8:00 ], I would like to know the many reasons and how our company overcome this? Number second, sir, as a business [ record ] in the south of India, if you compare with other parts of India, as there have been a [indiscernible] strategy. In international market growth as well as margins down. I would like to know your [indiscernible]. Before I conclude my business, my special thanks to Mr. [indiscernible] Roy and Mr. [indiscernible], both from our registered office personnel. They're [indiscernible] cordial with the shareholders. Normal [indiscernible] government initiatives to boost rural economy, healthy economic growth, favorable demographic [indiscernible], increasing disposable income and changing customer taste will support the FMCG sector in large. Thank you for [indiscernible].

Thank you, sir. Mr. Tamal Majumdar.

Yes, sir. Respected Chandrasekaran, Mr. D'Souza, Mr. Krishna Kumar, Mr. Balaji and other directors of the company. Myself, Tamal Kumar Majumdar, an equity shareholder from Kolkata. Thank you, Chairman, sir, Mr. D'Souza for sharing your thoughts with us. But special thanks to our beloved Company Secretary, Neelabja Chakrabarty and his dedicated team of executives. . I would like ever smiling Shib Shankar Roy, [indiscernible] and others for sending the annual report well in time and for maintaining cordial relation with us. Neelabja is always available to our phone or mail and always ready to help shareholders. We are really fortunate to get such a wonderful person as our company secretary. Sir, I also hope that Mr. David Crean is VP of Corporate RD and [indiscernible] and Chief Science Officer of USD 30 billion company Mars, Incorporated, which [indiscernible] as an independent director during the year, started enjoying working with us with our fantastic team of management. I only want to mention here that the R&D is a formidable part for the development of a company like us. In this segment, our expenditure increased from 0.24% to 0.34% during the year -- financial year '23. Its subsidiary Tata Coffees position is much [indiscernible] and they made an expenditure of 0.1% on net sales. I believe that the formidable team Vikas Gupta and others will bring variety in our business in the coming years to increase the expenditure on R&D. I want to know your view on this aspect. So sir, I have gone through the annual report on subsidiary accounts for the year financial year '23 and have some queries and as usual seek your indulgence. In addition to Chairman's letter, titled towards better future, this time, the management added another item, titled question and answer with the MD and CEO. It's a good idea to give a picture relating to performance of the company during financial year '23 and future outlook. But I must regret to say that our beloved Mr. D'Souza is interested, is putting more data to analysts than it's own family members. Like negative 1% volume growth during full year, tea volume [indiscernible] in U.S. Coffee volume was 20% negative. Bad shape in Bangladesh unit. Indian beverage volume growth was only 3%. Revenue growth was 8% in India. Food business volume growth was 2%, and revenue growth was 26%. And overall currency growth was 12% and reported, 14% during the year. So it appears that the company's growth story is mainly dependent on increase in prices and foreign currency growth during financial year '23, except salt and food business. It appears [ from his interview ] that market is recovering from the fourth quarter of financial year '23. Could you please share your thoughts in this aspect of the above matters considering current year position? [indiscernible] companies noticing any positive change due to increasing coffee price by 15% in U.K. during February '23. [indiscernible] mentioned that in February, 15% increase in coffee price took place in U.K. So what is the change you are noticing? And how Tata [ do you held ] our company's business during the financial year '23 and current year? Sir, under innovation. 34 launches took place during financial year '23. How they are doing and what are their contribution to total turnover during financial year '23? And how do you project that launches will take place during the current year? Sir, it is also noted that dividend income from subsidiaries and associates decreased from INR 143.85 crores to INR 48.85 crores only during financial year '23. Page 328 disclosed that key subsidiaries, namely, Tata Consumer Products UK Group Limited, Tata Consumer Products Capital Limited and Tata Tea Extractions, which paid dividends to our company totaling INR 97 crores last year have not paid a single [ funding ] to our company during the current year. How these units are doing during the current year? Are you happy noticing the performance of our subsidiaries and associate companies during financial year '23. We have to know whether you are happy with the [ workings ] of the subsidiaries and associates. Sir, in your letter, it is mentioned that the company committed to reach 4 million outlets within September '23 and it is on track. And [indiscernible] [ Page 23 ], Mr. D'Souza mentioned, they directly reached 1.5 million outlets and indirectly reached 2.3 million outlets, making it total 3.8 million. So company's direct reach is much lower than its indirect reach to customers through outlets. [indiscernible] to believe that company's direct reach among its customers will, [ over time ], will increase and surpass indirect reach. And whether proposed [ department ] of distributors in towns with 50,000 population and high-income towns with 30,000 populations will fill the gap, I seek your view in this regard, sir. Sir, Tata Tetley ACI (Bangladesh) is in very bad shape. It was 50-50 joint venture with Advanced Chemical Industries Limited Bangladesh. It has an accumulated loss balance and equity capital as of 30th June 2022 [indiscernible] Bangladesh Tata of INR 17.85 crores and INR 65 crores, respectively. After 100% takeover by our company with other subsidiaries, how the unit is doing? [ Does Tetley group ] injected more [ farm ] money into it and restructured it during the year? And what will be the fate of huge loss? Please share with us your view in this regard, sir. So during the last 2 years, the company incurred INR 54 crores under exceptional items for restructuring and reorganization costs and booked again a conversion of JV to subsidiary of INR 95 crores. In the consolidated exceptional income. It is in Page 395. Would you share details in this aspect and impact on this company? Sir, it is gratifying to note that salt market increased by 76 basis points during financial year '23 to 37.7%. It is also nice to note that several premium products under salt is doing well. Increase in price of Tata Salt and premium salt by 23% and 24%, respectively, [ are observed by ] the market. How it is doing during the current year, whether management is contemplating any product increase in prices during financial year '24 also? Sir, how the company took control of Tata Smartfoodz from Tata Industries [indiscernible] INR 395 crores? The said company is still in very bad shape with revenue from operations was a mere INR 15 crores, with a loss before tax of INR 45.75 crores and with accumulated loss balance of INR 279.09 crores against equity capital of INR [ 539 ] crores as of 31st March 2023, with further injection of [indiscernible] fund of INR 41.5 crores into equity during financial year '23. When do you expect it to stop bleeding and turnaround will take place? And sir, it is nice to note that by the end of financial year '23, our revenue of Starbucks, our 50-50 joint venture, Tata Starbucks Limited, crossed INR 1,000 crores with 71 new stores, making it 333. Our company made a further investment of INR 100 crores in its security during financial year '23, making total investment at INR [ 572.30 ] crores. Our company mentioned that we are EBITDA positive but PAT negative during financial year '23. When do you believe it will be able to wipe out its accumulated loss and start giving us return by way of dividend? And what is the status of [ moonshot ] pilot project as mentioned in the report? Tata Consumer Soulfull Limited nearly doubled its turnover to INR 64.30 crores, which is mainly due to overall 26% increase in prices against volume growth of only 2%. It is still losing money, and accumulated loss balance is INR 137 crores as of 31st March. What is your view about the company and entire food business? Sir, NourishCo Beverages Limited increased its turnover by a whopping 80% during financial year '23 and booked a profit of INR 31.97 crores. And like earlier years, after considering business support service income from TCPL of INR 25.8 crores, it has also an accumulated loss balance of INR [ 116 ] crores. Whether the management -- whether the momentum is still continuing in increasing the price, increasing the market share. And during financial year '23, it reached 70% of the country. When it will be available pan-India? The report said [ yet during ] '23, the company reached 70% of Indian -- overall Indian market. So when it will reach pan-India? And when do we believe it will be able to liquidate accumulated loss balance? And how Tata Sampann business is doing current -- during the current year, whether the management is bullish about becoming a profit center in the coming years? And last point, sir, it is noted from Company Secretary's letter dated 16/05/2023 that 2 stock exchanges regarding effective termination of the GDR program and subsequent delisting from London Stock Exchange and Luxembourg Stock Exchange with effect from 23rd -- June '23. What is the present status in this regard?

Thank you, Tamal. Mr. Manoj Gupta. I can't hear him. You are in mute.

There appears to be a [Audio Gap] [ Gupta's ] connectivity. We could move on to the next shareholder.

Ms. Meghna Bajoria.

Respected Chairman and members of the Board, I am Meghna Bajoria, a proud shareholder of the company and a member of Millennium Mams Kolkata chapter. The entire Kolkata is waiting for Mr. Chandrasekaran. But this year also, the AGM is being held online. Chairman, sir, kindly accept our forum's humble request to meet you at Bombay House. Sir, my question is 63% of revenue comes from Indian branded business, and India is poised to become a $5 trillion economy. Sir, what is your general view of the growth pattern India business versus international business and TCPL, whether it will be 80-20 or 70-30?

Mr. Biswendra Kundu. Sir, can you speak?

There appears to be a connectivity problem. We could move on to our next speaker.

Mr. Santosh Saraf.

Hello. [Foreign Language]

Yes.

[Foreign Language]

Thank you. Sarita Lohia.

Respected Chairman, sir, and members of the Board, I'm Sarita Lohia, a member of Millennium Mams Kolkata chapter and a hard-core Tata investor, sir. Sir, my question is that could you please share the margin levels in global business and domestic business of our company. And one more thing, sir, that as people are shifting from plastic to glass, so will this affect our [ water-based ] business?

Anuja Kumar.

Chairman, sir, and members of the Board, I'm a proud shareholder of the company and also a member of Millennium Mams from Kolkata. Chairman, sir, my question is what is the ratio of tea, coffee and others? Could you please give the projection for 2025 and also explain how this ratio will change? Also, sir, in case of tea and coffee, what is the percentage of global trade versus the domestic trade?

Subhash Kar.

Am I audible sir?

Yes.

Respected Chairman and others Board member, myself, Subhash Kar, joining from [ Kolkata ]. My special thanks to respected Company Secretary and his team for sending annual report [indiscernible] and allow to the speak at this platform. Our company is almost break free and paying healthy dividends, [ 845 ]%. Our company announced excellent result for the current financial year. Congratulation to the Board members. Now coming to my queries. Our company is healthy [ with fund in hand ]. My question is do you consider [indiscernible]? Next, of the total permanent employees, 86% are men and only 14% are women. Sir, I hope you will look into that matter. Next, at Page #238, [indiscernible], I saw in the others 50% [indiscernible] still pending. I would like to know the reason. I have already casted my e-voting in favor of the old regulation. I hope our company will do better in coming years under the leadership of our respected Chairman.

Thank you, sir. Sharadkumar Shah.

There appears to be a technical problem with Mr. Shah's connection. We could move on to our next shareholder.

Mr. Kamal Jhawar.

Hello? Can you hear me? Hello? Can you hear me, sir? Sharadkumar Shah.

Yes, I can hear you, Sharadkumar Shah.

Sir, the Tata Consumer company doesn't remember you. But I remember you. Last 4 days, I'm searching for you from 2nd June. Wish you happy birthday, sir, and happy -- very, very happy birthday, sir, to you, 2nd June, last 4 days, I'm searching you. And another thing, sir, the Tata Consumer -- Tata [indiscernible] about consumers. That is why the Tata [indiscernible] Tata Consumer [ meeting ] was during this year, not Tata [indiscernible]. Another thing, sir, what I noticed is the -- our results are very good compared to previous years. But what I observed is the consolidated report is much better than the stand-alone and Tata Consumer [ specialty ] companies. And I am not understood why we paid INR 87 crores on finance costs. Another thing what I found that there are [ 41 ] subsidiaries. I heard someone say that subsidiaries are not making profit, [ but really ] we need subsidiaries. That is what I feel personally. Another thing, sir, [indiscernible] CSR much. But now the emergency comes, the CSR of all companies should be used for emergency work such -- like railway accidents and other things. Another thing, sir, I can [ upload ] Starbucks in U.S.A. but not in India. And what is my notice, I booked my -- registered my name at exactly at 9.02 seconds, but still my number is 11, which are not followed, sir.

Thank you. Mr. Kamal Jhawar?

[Foreign Language]

[Foreign Language]

Kamal Jhawar from Hyderabad, sir. [Foreign Language]

Sunil Modak. Sir, you are on mute. Sir we can't hear you.

Hello?

Yes.

Now, can you hear me, sir?

Yes.

Good morning, sir. This is Sunil Modak, a shareholder and a member of -- a member of First Kolkata Welfare Association, Calcutta, joining this meeting from Calcutta. Firstly, I convey my deep condolence over the sad demise of our most colorful person of Tata family, Padmashree R. K. Krishnakumar who passed away this year in January. And our result this year is very much good, over 70% market share, tea coffee and beverage business, et cetera. captured by our company. And our growth about it is -- it was 30%, a very good revenue from the operations even in increase this year. Group net profit INR 1,320 crores. EBITDA is very nice, [ 844% ]. Sir, tell me -- and also I congratulate management for so many awards, management and employees, so many awards and recognition of exemplary corporate performance achieved by our company, congratulations. How do you find challenges from other competitors in the beverage industry and how -- if you find any, how you manage it? I should thank my -- our [indiscernible] secreterial department for giving me the annual report when requested, very cordial, Mr. [indiscernible] Kolkata. CSR activities is good. How is our efficiency in the industry will work coming years, 5 years, if you can tell please let us know. What is your view of the company about the food business? Thank you, sir. With this -- and please keep this business meeting coming years also, if it is not a physical meeting, so that we can join from our places. Thank you very much for patient hearing.

Abhijeet Srivastava.

Thanks for providing me this opportunity to talk to you. Can you see me? Yes. Can you hear me?

I can hear you, sir. I can see you and hear you.

Okay. So just wanted to ask, can we provide services to TCS or like the tea, coffee services to TCS? And can we cross leverage them across our IT infrastructure? And also, what are the future products you are planning to bring in the market? Yes. These are 3 questions of mine.

What's your question? Can we provide tea coffee to?

TCS or any corporate like they drink tea and coffee every day in their offices. So currently, there is this one, I'm not remembering the exact name. So they have like -- there are several...

Yes, I got your question. Preeti Agarwal?

Good morning to Chairman, sir, and the members of the Board. I am Preeti Agarwal, a proud shareholder of the company and a member of Millennium mills. Sir, I take this opportunity to congratulate you and MD sir on aggressively taking the company on the path of growth. Chairman, sir, my question is, at present, we are at -- we are in 100% in the Food business. Do we see ourselves moving into other FMCG businesses to augment our earnings? Your view on this, sir? Also, you have mentioned that we would be decreasing the number of our entities. By when do we see this happening, sir.

Lekha Shah? Lekha Shah?

We could move on to our next shareholder.

Rachna Bhagat?

I am Rachna Bhagat, a proud shareholder of the company and a member of Millenium mills. Chairman, sir, Tata Salt looks like Desh Ka Namak. What is our present market share in the Salt business? It has gone up by 76 basis points, as mentioned in the annual report. What is the future in this area? Our Prime Minister has given a name to millet, Sri Anna. When will our company get Sri from this Sri Anna?

Pranab Ray? Pranab Da?

Can you hear me?

Yes, I can hear you.

Audio visual is not coming actually, visual is not coming. I don't know. Good morning to you. Yes. I have seen your smiling face also all time. And it is actually I'm getting energy. First thanks to you. We both starting as a speaker. I should thank and ventilate my feelings that our Chairman was awarded the highest range civilian award for smooth functioning of trade and industry relationship between India and France. Thanks to you for your good reward. Hats off to you. And next thing is this, I will never forget the good gesture and always helping attitude of our Neelabja Chakrabarty and his whole team members, including Calcutta also, secretarial team members. Now I'll come to the point that combined revenue lifted data grew 14 key companies, INR 10 trillion money and 50% -- 15% extra revenue, 10 year, [ 8.73 ] of the last we have achieved last year. So next revenue target, and this has also involved our Tata Consumer Products also. We say 14 -- out of 14 companies. And next revenue target this current financial year, that is a very good thing actually. Revenue good and net profit excellent, no problem is there. Now I'm coming to the point that Tata drinking water, Tata Copper. It is excellent item we are manufacturing nowadays and also producing huge number of bottles. Indian market, INR 621 crore growth. My suggestion is this, in this drinking water, we have to go for wide publicity and advertisement. So we can able to achieve our all records. Now CSR activities, Page 322, very excellent. This year, 16.59%. But this provision for the employees, page #315. That is last year, INR 198.03 crores and this year, INR 186.93 crores, about INR 12 crores brought down. I don't know. Awards and recognition, yes, we have achieved a lot of awards and recognitions. No problem is there. Now this market, survey and all these things, confidential market survey report to be required for all products. This will -- our demand and supply of our -- demands and supply of our consumer products and price to be increased or not, market survey always to be mobilized in India as well as the world market. Now new business, yes, we are manufacturing Tata Tea, coffee, packaged foods, water, Tata Smart Foods, energy drinks, et cetera. So we are producing consumer items, and this is Tata Consumer Products Limited. We may concentrate or invest or start production as follows: All stationary items, biscuits, like detergent powder, all these items. This facewash, antiseptic creams, hand wash, paper and paper boards, widely liquid blue cleaners. Appointment of more distributors, dealers and retailers for our items in Indian market as well as global markets. Again, supply chain management will look after very seriously and sincerely for current market demand, supply and price also. Advertisement and publicity. More and more advertisement will be required for our all items in daily local newspaper as well as national TV channels, because most of the people should know what is our production range, quality and price also, if necessary, the price also to be mentioned. Nowadays. You know very well nowadays this competition market, we have to stand our own feet. And naturally, we have to look after all these areas. So I hope you will able to -- I hope you will able to success all time in your life because your achievement, your energy, your smiling face, always giving us good energy and good, what I mean to say, energy and also a mindset. So thanks to you, hope we will meet next year. I am a little bit okay not 200% by the grace of almighty and your love and blessings. Thanks to you. Thank you.

Thank you, Pranab da. We look forward to seeing you. Lily Pradhan?

Am I audible?

You are audible. Yes.

Myself Lily Pradhan from Kolkata. I am very happy to know that the company's performance is developing a lot, which is sustainable growth in nowadays. I have some specific question in present situation. What is the aim and object of future development in all over world? What is the CSR activities on challenging [indiscernible]? Please analysis of CSR activities. Must be micro submit analytic audio -- audit cash flow management. Please consider plant visit. Thank you. Thank you so much. All the best. Always support women empowerment.

Jaydip Bakshi?

Jaydip Bakshi connecting from the city of Kolkata. Thanks to our company secretary, very energetic, very energetic one, Mr. Neelabja Chakrabarty for presenting a colorful and vivid annual report and also to our Kolkata office, Mr. Shivshankar Roy and [indiscernible] Chatterjee, for maintaining cordial relations and to everyone for reaching on every contact. Sir, in the initial speech, you explained our company position, thanks for the dividend of 8.45% and also our revenue per operation has grown by 11%. Thanks to all concerned, who have made this possible. Sir, in our drive towards lowering emissions, congrats for the decreasing our carbon footprint by 18% and initiative for waste and water management. Sir, once again, an initiative for increasing the use of renewable energy in Page 105, it's a good move. Sir, what are our plans for increasing the value of shareholders by using our available funds in future? Sir, we are in the 1 year in the dry fruit category. What are our plans for further scaling up? Congrats for the packaging innovation or driving packaging excellence under the beverage and food. Sir, we have made the price increase in salt and in the international business. What are our future thoughts for other products as raw materials prices are on the rise and also the inflation also? Congrats once again for the CSR activities in different fields. And lastly, sir, under your guidance and with the help of Board of Directors, our company will grow further and will be among the top 5 in the coming years with our focused execution for betterment in the future. Thank you, sir, and all stay safe.

Thank you. Ashit Pathak?

Am I audible sir?

Yes, you are audible.

Hello, am I audible, sir?

Yes.

My name is Ashish Kumar Pathak joining from Dum Dum, Kolkata. My esteemed gratitude to Mr. Neelabja Chakrabarty and secretarial department team for sending me with notice and physical annual report very well in advance and also thanks to Kolkata registered office secretary [indiscernible]. Sir, before I start my homage to respected Mr. R. K. Krishnakumar for his sudden demise, the former Chairman of TCPL and his excellent contributions since 50 years. Since my company is domestic as well as global industry. Also congratulations to the my company's management team for excellent financial performance in financial year '23. Stand-alone revenue growth 8% and members are rewarded with 845% (sic) [ INR 8.45 ] dividend. Sir, I have some [indiscernible] I would like to share. Page 144, growth reports. Reports, revenue from India average was marginally lower due to strength in rural demand. My view is that most of the states are facing weakening and domestic inflation at present is under control. So my view that strong supply chain and digital distribution model can optimize revenue in beverage sector. This is my first view. And second page 145 it's mentioned and that EBIDTA INR 1,306 crores grew by 11%, marginally led by revenue growth and higher operating profits, partly offset by lower dividend income in the current year from subsidiaries. My view that what strategies are brought by company management team taken in current financial year for higher dividend income from subsidiaries because our investment is also there? And sir, my view is that R&D [indiscernible] after this arrangement because there are a very, very domestic potential player in this market in our [indiscernible] portfolio. This is my view. And also our CapEx program in this current financial year after this arrangement if possible, throw some highlights. And sir, Page 274 throw some highlight. Financial year '23 and associated has incurred significant losses and not been able to recover increase in input cost through increase prices. Record impairment assessment carrying value INR 333.85 crores. If possible throw some highlights about this. And in this, through a Q1 my company is provided loans during financial year '23 subsidiaries, affiliated and ICRI, the present status of outstanding balance from subsidiaries, INR 25 crores, associated INR 16.25 crores and subsidiary promoted company also INR 15 crores and other is INR 385 crores. If possible throw some highlights. This is my request because we do ready CSR activities, but at present, we faced a severe railway accident at Coromandel Express. So my humbly approach to my company's management to support these deceased in our CSR activities. Sir, throw some highlights due to heat wave in current financial year, any advance -- I think my company is facing with this our product portfolios, also global business procurement due to inflation and geopolitical turbulence. Because last financial, you had mentioned foreign exchange earning INR 367.02 crores. And sir, Page 175, it's mentioned 114.9 lacs investment for energy conservation. Further, we have any investment then under water conservation and safety and ESG framework? If possible throw some highlights. And in page 22, some reserve pending, litigation pending, try to minimize this. And inventory is also INR 1,400 crores, against INR 1,271.94 crores is to be noted, sir. And finally, the reason behind The Tata Salts offloaded 0.24% of holdings. The reason behind it. Because Tata Consumer Products are very, very FMCG good company and trying to be in 1 position. So I think has to concentrate there. This is my view, which I share. Before I close my views, I pray to god, everybody sound health and safe pray to god for good health to everybody. Thanking you, Sir.

Mr. Gautam Tiwari?

Can you listen me, Sir?

Yes, yes.

And if you can see me a little bit? Can you see me? Okay, sir. Very, very good morning, our very, very popular Chairman, sir, highly esteemed and eminent Board of Directors, team Tata Consumer Products Limited. My name is Gautam Tiwari, and I'm participant at this AGM from Mumbai. Dear Sir, I would like to especially thank our CEO, MD, our CFO, our CS, Mr. Neelabja Chakrabarty, our Secretary Financial team and entire management team along with all staff and employees for delivering such an outstanding, eye catching, unmatching quality performance and very good results in such a short span of time under your excellent leadership, sir, despite many even and odd situations. Dear Sir, our company has really worked very hard in identifying the area and projects for CSR activities. And we really thank each and every member of the CSR Committee for delivering such good CSR activities. Dear, sir, balance sheet is very informative and very much transparent, very well designed and very much cordial relations have been kept by our very popular CS, Mr. Neelabja Chakrabarty. Many, many thanks to him for sending the physical balance sheet also and helping us out in everything and solving our difficulties and shareholding problems also. And to the entire team, Gayatri and all other executives in secretarial department, thank you very much. We have got a very good secretarial team and all other teams. Thank you very much. Sir, as it is, I support all the resolutions as usual, sir, and especially Number 4 and Number 6. Number 4, is your this thing reappointment, and Mr. Krishnakumar Padma Shree's reappointment. You have done very good thing, and we are very much happy about it. Sir very few small queries, which I have got. Sir, how many new products we have launched during the year and how many are in the pipeline? Sir, what is the percentage growth in revenue profits of our ready-to-eat products and food and beverage products compared to previous year? Sir, what is our road map and your planned CapEx for this year and the next? And sir, how many outlets are opened in urban, semi-urban and metro cities and when we can reach the target of 4 million as you have said that in September, virtual briefs. I'm very happy [indiscernible] Tata Coffee and Tata Starbucks contributing how many percentage of profits, I think they are doing quite well. Sir, 1 small thing. How many handicapped employees we have got in our company now? And how many subsidiaries are in profit and loss? And about loss making, if at all, there is any loss-making subsidiaries, what preventive action we are taking about them? Sir, we are very happy with the way you have turned around this FMCG business in such a short span of time. Hats off to you, sir, and salutes to you. And I'm very sure under your leadership, not only this company, but all Tata Group of companies have done miraculously well. And all the shareholders in all the Tata Group of companies more than 12 to 14 are going to reap excellent profits and excellent progress year after year for which we should thank you. Sir, I wish you -- I've voted in favor of all resolutions, and I wish you all a very safe, healthy, wealthy and happy and prosperous life for you and for the company in the future. And I'm very sure the company will still do much better, sir. Thank you very much, Sir. Thank you very much, Sir. God bless you. [indiscernible]

Hiranand Kotwani?

Hello, am I audible?

Yes, you are audible.

Respected Chairman, dignitaries on the dias, yes, yes, yes. Gentlemen, this meeting is null and void actually. There was a technical mistake from beginning. I couldn't heard your speech, and this gentleman, D'Souza speaking, very disturbing, some line was heard regarding the reduction once I heard the reduction and I thought that a company like Tata some reduction is speaking means something is wrong, how the regional mission for the next 60 years. Gentlemen, you can give the 60-year vision for the global company, FMCG, how you -- where to compete in this Nestle, Colgate [ Unilever ] at future. And our marketing is not good. I have once visited a remote area in Uttarakhand. The ready to eat product, Maggie was available. I asked regarding in the Tata. He don't know. How you are doing our marketing, because our marketing should be good. And why [indiscernible] everything should be [Foreign Language] Marketing is important for the future growth. 16 operations, only INR 14,000 crores of revenue, I fail to understand, certainly, I see in your leadership and vision mission should be long. You are rewarded well, but there's still a long way to go regarding the global market. What step you are taking to capture the global market? But the relevancy of so many subsidiaries and joint venture, 43. Apart from this, how much investment in this -- our subsidiary and R&D, our organization? What is [indiscernible] revenue annually? [indiscernible] Organization. How company will deal with the HR and particularly expansion in the innovation of the new product which is widely acceptable. Thank you and good luck.

Yes sir.

Am I audible here?

Yes.

Good morning. Respective Chairman, Board of Directors, and my online fellow shareholders. Myself, Gautam 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 especially thanks to our respected Company Secretary and Compliance Officer; Mr. Neelabja Chakrabarty, very sober, well behaved and a [indiscernible] person and his whole team, including Mr. Shivshanker Roy of your Kolkata office for rendering very good services to our minority shareholders. Sir, my earlier speakers already expressed their views regarding the accounts and performance of our company. So no repetition from my side. I find excellent performance in every segment in this year. Sir, your CSR is also very good. Sir, I'd like to know what is your road map for the next 3 to 4 years. Sir, 1 thing more, may we expect bonus share at the rate 1:1 basis in the near future? Sir, many, many thanks for your good dividend in this tough situation. Sir, I'm very proud to be a shareholder of your company, and I am very hopeful towards the prospect of our company. I have full trust with our strong management sir like you. So I wholeheartedly and strongly support your all resolutions, which I have already casted through my e-voting. Sir, nothing to say more today. Looking forward, with a positive outlook towards our company with higher profit margin, handsome dividend, one-is-to-one bonus, which is long, long outstanding. Sir, may god bless, stay safe, stay healthy. Thank you. Thank you very much from Gautam.

Mr. Bimal Agarwal?

We'll move on to our next shareholder.

Mr. Ravichandran.

Very good morning, the Chairman, other Board members and all the participants. The 60th year AGM, 60 years being a special occasion, we should have expected bonus or a special dividend. But for reasons known to the company, the company has not decided on any of these. So I would request you to consider. It's not a 1:1 bonus, at least 2:1. I am on audio because of signal issues. So I only speak from this side. The second point is, why the company is using more of equity resources than the debt. The debt level is very, very low for the company of this size. I don't know the reason, maybe the company's policy is not to leverage much. So with lots of expansions on the annual, you can look at leveraging to some extent, so that shareholders gain more. Second point is what is the risk management with regard to a selection of products. The selection of product also goes through the risk review process. And what is the objective of the company ultimately? The annual report says you're going to launch about 200 products. Are you going to launch any product that the consumer wants or you're going to select products with lots of volume, so that the margins are assured. The next point is CSR spend, the company is -- it looks like it has outsourced completely. It is just donating money to various activities. I don't know how you're ensuring that the money given is reaching the intended beneficiaries 100%? I'm sure you'll have some controls. But many of the -- most of the companies that I have seen is partly they undertake on their own, partly they donate. But in this case, in our company's case, it's 100% donation. Next point is what is the policy on absorption of other than permanent workers? Do you have some policy of giving them preference when you take permanent employees. That you can probably explain. And next is the trade payables. There's a huge trade payables. I'm not talking about what is not due, what is due and not paid. See it's -- technically, it's a contractual default. I'm really surprised, a company from a Tata Group has not made a payment to many of their vendors. I don't know how the contracts are structured. See, if you compare the trade receivables and trade payables, trade receivables are very minimal. Whereas trade payables are very high. So if trade receivables are also high and payables are also high, maybe there can be some back-to-back arrangement that we can understand. But it is totally lopsided. And MSME vendor user also there, though it is small, but still, this could have been avoided from getting reported. And this international business, only 3% CAGR. I don't know the reasons. Is it because the company is focusing only on domestic business and not focusing on international? I do not know, probably you can explain. And my last point is, any packaged commodities, research and wastage results in garbage. I'm not saying our company should take some action. As an industry as a whole, is there any initiative of reducing the garbage or some kind of disposal mechanism. Is it being discussed industry as a whole? Thank you, and wish you all the best.

Mr. Shailesh Mahadevia?

We could move on to our next shareholder.

Mr. Yusuf Rangwala?

Mr. Rangwala, could you please unmute your microphone?

Hello. Can you hear me? Shailesh Mahadeviya here. You have unmuted me after a long time. I am visible already. I don't know what the organizers are doing about this, which is happening right from the beginning today. Well, anyway, Chairman, sir, let me start my speech. Firstly, my congratulations to the Chairman, Board of Directors and the entire management team for excellent working during the year. It has been well reported in our integrated report, which also includes BR and SR report. So you have rewarded with a good dividend and I would also like to congratulate the secretarial department for all their assistance. I wish to put only 2 or 3 questions, which are not properly covered in the presentation so far. Sir, my first observation is with regard to millets. 2023 has been declared as the year of millets nationally and internationally. Sir, however, our various companies are offering different millet products. For example, Tata Soulfull is offering millet products, but it's maximum percentage is only 25%. Sir, Tata Sampann they are offering 1 or 2 products on the subject. Sir further Big Basket is marketing positive millets, which are the real millets. Sir, similarly some of our other companies are products offered. What I -- my suggestion is, we should have 1 particular individual company, which should offer all the millets and millet related activities, including structured water, including pickles, traditional pickles. They form part of the new lifestyle based on millets. In the next 5 years, it is estimated that the consumption of millets will increase by at least 3 to 4 fold. Sir, in this field, ITC has done considerable work and they are offering their products through 1 window, and they continuously go on improving their products. Sir, my next question is related to our CSR work. We are doing excellent CSR work, Sir what I would like to know is whether we have made any impact study? Because impact in the society is by a very large multiplier effect and that should be presented in our report also. Sir, my last question is related to acquisitions, which we have planned in the year '23, '24 and which is likely to give us better and better results. And, sir, before I end, I would also like to mention that all millet products are environment friendly. They generate employment, and they give perfect products at a reasonable price. Thank you very much for giving me the opportunity to present what I have to say. Unfortunately, the people controlling this system, they are not behaving properly. They are not unmuting in time. So I can open myself and show my picture. Well, anyway, this is to be examined and it marks the value of our AGM. Thank you very much, sir, and I wish you all the best in the years to come.

Thank you, Mr. Mahadeviya. We'll look into that. Thank you. Mr. Yusuf Rangwala?

[Foreign Language]

[Foreign Language]

Can you hear my voice?

Yes.

[Foreign Language] I'm very happy with our company share department. I'm also facing same problem. I'm also joining Mahadevia sir. [Foreign Language] This network is proper [Foreign Language] Sir further I'll come directly on point. 454 pages, balance sheet, I'm thankful to our company secretary for giving me excellent balance sheet. Sir -- And winning many awards, sir, as [indiscernible] Tata Tea, Tata Consumer, there are so many products in one branches. So it is like a small umbrella. In one umbrella, there are so many branches. Sir, I'm requesting you to give a discount coupon sir. So that, we can purchase 30% or 40% that is my humble request. Chairman sir, you are dynamic personality. [Foreign Language] Sir why not declare a bonus sir. If I request -- This is my humble request. Sir for the bonus issue. [Foreign Language] Happy all festivals sir. Thank you sir. Jai Hind. I end my speech only, sir. Thank you very much. Nothing more to add sir.

Mr. Vinod Agarwal?

Can you hear me? Vinod Agarwal speaking. Sir, I have sent an e-mail already to the company. And my queries are there in it. I hope the company will reply back to me, and I don't want to take up a lot of our company time. A lot of time is left of the Board, which is sitting out there. I am brief, and I expect the reply to come by the mail. Thank you, sir.

We will do that. Aspi Bhesania.

Sir, can see me and hear me?

Yes, I can hear you, yes, I can see you also, Aspi.

I'm Aspi from Bombay. Sir I congratulate the management on good results considering the adverse circumstances. Sir two suggestions. Tata Group is big and there are lakhs of shareholders. Earlier, we had Tata share registry. For reasons best known to Tata Group, it was sold to [indiscernible]. Now there are only 2 [indiscernible] and Karvy and they know that the company has no option but to go to either of the two. Their services are deteriorating. I would suggest that you again have a share department dedicated to only Tata Group. Please do cost benefit analysis. In benefit, you also consider benefit to shareholders by way of good service. The 40 lakh shares that have been transferred to IEP of our company. I think the major reason can be inefficiency of [indiscernible]. On Page 227 of the report, unclaimed dividend was given. I would like the company to give how much was total dividend and how much is unclaimed so far? The second suggestion. Nowhere is it mentioned as to how many shares are in physical. I would suggest that the company should buy back all physical shares and send the amount to the shareholders. [indiscernible] have almost made it impossible to [indiscernible] their shares and also to claim unpaid dividends. If a person like me cannot claim unpaid dividend, I can imagine what harassment a layman must be facing. Sir, why AGM is not physical. That's because MCI has given an option. All companies are going for virtual. You can move to hybrid meeting, so shareholders from other places can also participate. When I tried to enter the meeting today at 10:30, I received a remark. You can join the meeting after the host lets you in. I do it for almost 6 minutes before host let me in. Thereafter at the time of your speech, I couldn't hear. So 3 to 4 times I got out and rejoined the meeting thinking that my Internet is a problem. Thereafter I got out permanently since I couldn't hear. Sir, I want all Mumbai based meetings of Tata Group to be physical only or maximum hybrid. I'm getting at least 10 e-mails daily from Tata 1mg labs for full-body health package. Please ask them to remove my e-mail. It is irritating to get so many e-mails every day. Sir, Mr. Ajit Krishna Kumar is our COO. Is he related to Mr. Krishnakumar, who is our Director or to Mr. Krishnakumar, who was in Indian Hotel. This is only for my information. So on 5th, 6th and 8th June, management is meeting 5 investors, why so many meetings? Is it not waste of time? You should meet only once to all investors together. Earlier also, management met 4 investors on 13 May and 1 June. Before that again on 22nd and 24th May to 2 investors. I think management doesn't have any work. So they are just meeting investors so many times. You should meet once. Thank you very much, and all the best for the future.

Mr. Abhirup Nandy?

Good afternoon, everyone. I am Abhirup Nandy. I am from Kolkata. Good afternoon, [Foreign Language] Chairman sir, MD sir, members on Board and our company secretary. I'm -- I have logged in from Kolkata. I'm a very proud shareholder of the company since the company has -- once the company has been reorganized, it has been doing very well in respect of growth and financial performance. All the regulatory compliances have been in order. The corporate governance has been very strong for the company. The company has been a total value creator. So that is why I have been very positive with the -- I have a very positive outlook towards the company personally. The company is optimally using its funds, whether it is a loan fund or it's equity fund, it is optimally its fund with a great dividend payout ratio. So overall, I'm very happy with whatever the efforts that the company is putting towards the shareholder. I have received a hard copy because I had requested it on e-mail, and I have received it on time. I've gone through the annual report. It absolutely reflects all the positive efforts that the management is making, whether through its business and through the CSR activities, it is doing. This is -- my speech is generally as to -- I have no questions further because everything is reflected in the annual report. So I'm just here to acknowledge the efforts the management and the entire team of Tata Consumer Products Limited is making towards the creation of value towards the shareholder. Thank you for conducting this AGM very smoothly. I am -- I have supported for the resolutions as it is betterment for the company. This is Abhirup Nandy signing off. Thank you.

Mr. Narendra Jhaveri? Mr. Jhaveri?

Mr. Jhaveri, could you please unmute your microphone? We can go to our next shareholder.

Mr. Naveen Bothra.

It was a pleasure to attend the 60th AGM from Delhi, Naveen Bothra, shareholder from Delhi. This is my sixth AGM. First of all, I would like big round of applause to [indiscernible] Chandra sir on being conferred the highest civilian award of France for his contribution to extend the trade relationship between India and France, congratulations sir. At the outset, congratulations to the team, TCPL on the occasion of diamond jubilee AGM. Accolades to the team led by Sunil D'Souza sir on well-rounded performance with double-digit revenue and EPS growth. In lighter vein, [Foreign Language] I would like to mention that in the last 6 years, since your chairmanship, you assumed the Chairmanship, the dividend has almost become 4x to current of INR 8.45. It speaks a lot about the progress of company and our chairman. The theme of this year, annual report is focused execution for better. We are sure it will be better than the past as the focus is on execution, and which is quite much -- very much visible in the operating numbers and at the ground level also sir. I would like to request Chairman, Chandra sir to [indiscernible] on the following 4 or 5 points. We -- for the last 3 years, [indiscernible] taking out the MD and in the AGMs and the con call investor presentation, we are talking about our ambition, our aspiration to be a leading FMCG player. Right now, we are in the 2 segments of beverages of 10, 14 non-aerated beverages as well as in the food segment. FMCG consist of lot of other things. So I would like to have your views journey from top 10 to being in top 3 in FMCG and in which new segment, we are likely to enter in this year or the next year. Kindly share your view. Secondly, it's the road map of the focused execution of our 3 main growth businesses in the coming 3 to 5 years because these are growing around 40% to 50% year-on-year on a very low base. Number 1 is the NourishCo. Under NourishCo, non-aerated beverages how we want to scale it up in the next 3 to 5 years considering that this Bisleri acquisition could not happen. So what will be our strategy organic or inorganic to scale up the NourishCo beverages [indiscernible]? And in the ready-to-eat snack business and the Tata Soulfull, what is our strategy in the year of millet. This is international year of millets. And as also in the ready-to-eat segment and all these things, how we want to be a meaningful player in the coming 5 years sir? And as regards to Tata Starbucks it is scaling up quite fast and in the last 3 years, I think, around 240 to 250 new stores have been opened, despite COVID and all these things. So if you can say the journey ahead in coming 5 years where we are likely to be under Tata Starbucks and the number of stores. And if you can tell us in the last 3 years, whatever we have opened are these profitable at the stores level? Kindly share your view, Sir. And number three, digital transformation. Chandra sir, in the phase of technology, I would like your views about the current level of around generative AI, artificial intelligence. Would like to have your views on the businesses of our company in general and especially in the supply chain management, how we are leveraging the generative AI space or AI [indiscernible]? And next is, regarding industry [indiscernible] in the operations of TCPL, our [indiscernible] efficiencies and lead time to come to leverage the cost efficiencies and all these things. Leveraging the usage of 5G private networks. Are we planning to have 5G private network if the government regulations permit for Tata Consumer level, because we are a many geographical [indiscernible] all over India. Number 4 is regarding the merger of Tata Coffee if you can say how much overall efficiency gains, we are looking for in the coming 3 years' time from Tata Coffee merger with that TCPL? In financial terms, how much we are expecting sir? And dividend, I have already [indiscernible] that in your term and in the last 6 years, it has already 4x, which is very good. Thank you very much. [indiscernible]

Thank you. Mr. Tanu Sahaa.

Mr. Tanu Sahaa has not joined the meeting.

Mr. Amit Belwal?

Sir, am I audible?

Yes, you are.

Very good afternoon, sir. Thank you so much for the team for this -- organizing this. [Foreign Language]

Amit Banarjee.

Hello. Good afternoon to everyone. Respected Chairman of the meeting, myself, Amit Kumar Banerjee from the city of Kolkata. Thank you for giving me an opportunity to speak, such a nice meeting organized by the company. It is our 60th Annual General Meeting of the company, Tata Consumer Products Limited. Yes. Much speakers have already raised their views, still being a shareholder, I have a feeling to say something on the wonderful occasions today. As the performance is concerned, yes, it is a very steady growth, good performance during the year as visible on the balance sheet. Total revenue achieved around INR 8,698 crores in comparison with the last year INR 8,171 crores. It is an increased result. Profit after tax also gone up about INR 950 crores. Last year, it was INR 886 crores. EPA has also gone up 10.27 in comparison last year, 9.61. Yes, dividend is also there, 845%. Sales activity is also very good, INR 16.59 crores. It is very good for measures. Market price of the share is stable. During this financial year, month April 2022, it was around 824. So of course, the ending of the financial year, March '23, 710, now today's price quoting 792.90. Sir, I would like to say something, sir, what is the key challenges that present, risk, management, vision, kindly share your views? Any plan to enter into product manufactured by competitors like Dabur, Patanjali, honey, Chyawanprash, isabgol. Now the Patanjali is growing -- is only 20 years, maybe Patanjali is growing up very good, but our company is 60 years. So what's your views? Any plan to tie up with Shakti Bhog Ata. Shakti Bhog Ata, which is under insolvency proceedings. Any plan to enter product like flour manufacturing business or acquiring such companies? What is your target plan, sir, to achieve revenue turnover by next 4 years, financial year ending 2027? Please focus branding of products. What is our research and development expenditure to make the actively, beautifully, artistically design. I hope our company will perform with better profitability with expand with a new high near future, keeping in mind definitely the benefit of minority shareholders and with expecting bonus issues soon. I thank our company secretary also Mr. Neelabja J. Chakrabarty, and our Kolkata team member, Mr. Shiv Shankar Rai for good services. I also thank to all team members for conducting that your wonderful, smooth conducting video conference meeting today. Thank you, Mr. Chairman. I'm Amit Kumar Banarjee. Over to you for further proceedings. Thank you, sir.

Thank you. So Bharat Raj. Mr. Bharat Raj.

Thank you.

Mr. Bharat Raj, there's a problem we can't hear you. Mr. Sanjay Banik?

Hello. Am I audible?

Yes.

Okay, sir. Sir, I'm Sanjay from Kolkata. I feel excited to speak in front of a renowned management team of TCPL. Sir, I will be very brief. And the first question is that -- my first suggestion is that you should post most of the brands of TCPL in online channel via BigBasket. The products it offers should be displayed in the homepage of the BigBasket. Common products like salt, tea, Tata samples are being frequently shown. But brands like Tata Soulfull, dry fruits, Himalayan Honey, Tata Lasa, Simply Better should also be displayed in the homepage of the BigBasket so that everyone can see it and buy according to their decisions after listed Tata's own online platform. Now the offline, most of the small groceries and kiranas like products of ITC, products are available. But we can't find any products of TCPL in the small kiranas and groceries. Why? So distribution reach should be also more better. So a lot of work in distribution channel can be done by TCPL. So you should look into this matter and in this segment. Next question is, sir, you should depict some figures like EBITDA margin, PAT margin on the segment-wise, like tea, liquid beverages, et cetera. So our perception of the companies according to the margin will be better. That's all, sir. Thank you.

[indiscernible].

Hello, am I audible?

Yes, you are.

I'm visible also? Okay. I start. Respective Chairman, Mr. Chandrasekaran, members of the Board, especially my very great admiration from Mr. Sunil D'Souza who is doing a very good job and my other fellow shareholders who are attending this virtual meet. I am [indiscernible] Mascarenas I'm attending from Mumbai. First of all, I thank the company's Secretary and their team for sending me an annual report and also giving me the speaker link at my request. Thank you so much. Now the annual report is very much self-explanatory, all the figures and all the photos and all other at the same time, adhering to the requirements of the corporate governance. . Working is excellent, good working, good dividend. And also market cap is slowly, slowly steadily is going up, but we are waiting when it will be 4 digit and it will be like crown of the Tatas because this is FMCG company. Now congratulations for all the awards that received as is documented in the annual report, also a very good CSR work. Also, I would like to know whether we have done ESG rating. And if it is done, on which exchanges we are on -- and what is our score? Number two, how many products are added in the last quarter? And how much margin we enjoy in these products? A general, I don't want any specific. And I understand, I read some reports that the international business, especially the exports, our margins have reduced by 1%. So what is the Board's view? Should we concentrate more on the local business? Or should we go because of inflation an all we are getting lesser margin. So you could just throw some light on this. But anyway, domestic demand is very good because now people want all readymade packets and all, even as make it still small packets, which is affordable to the rural people. So just like HUL, our business will increase like anything. So I would like to know what is the road map, especially for CapEx for the next 3 years, especially from the side of acquiring -- for getting the inorganic growth. So sir, this year is 60th year, that is diamond jubilee. Sir, any reward, especially who are participating in this AGM? Now I endorse the views of Mr. [indiscernible], a chartered accountant, especially about the physical share. And I would also go with these views that better buyback instead of all reasons we are paying no transfer, what if you could make some company and take like that, it would be a great help to us, especially the senior citizens who are above 70. We have made these investments when we were 30, 35, and today, we are all With this, I wish you all the best. I wish you, especially you, very good health and our whole team there, including our employees and may our company grow in strength to strength. And now Mr. [indiscernible] will speak. Just hold on.

Hello, sir, I'm the next speaker in the line. So can I proceed?

Yes, please?

Sir, I need your permission to proceed. In the cycle, after my wife speaker after my wife. Can I proceed?

Yes.

Respective Chairman sir, very distinguished members of the Board and my fellow shareholders, good afternoon to you all. My name is I am a regular speaker for all our Tata companies and I have got great regard to our company and our Chairman and the management. Our results are very good, as shown in facts and figures in our report. I'm very happy about it. And going forward, I would like to know in these days of acquisitions, many acquisitions have been made, so any more in the pipeline? And this consumer products is doing very well. I have a small suggestion, there is some coffee -- tea with 15 herbs. So I would like to you -- of Dabur, so I would like this to be introduced. Rest all my wife has talked at length, I would endorse her views and I'm getting good cooperation from Mr. Fernandez in dematting my shares. With this, I thank you very much. Looking forward for better days ahead under your management. Thank you. Thank you once again for a patient hearing. Thank you. God bless you and our company.

Thank you. With that, we have come to the end of all the shareholder comments. So now let me try to quickly respond to the various questions that we have put forth. First, Mr. Arun Kumar Boparna you talked about HR policy. This company is very purpose-driven and people is the core strength of the company. So all our policies are very supportive to encourage and empower people and also create a safe and equitable workspace. of an average employee age is 42 years. You asked about training. We spent about 15,703 hours in training. Our talent retention rate is 95%. You asked about returns. We continue to focus on ROE as well as ROCE. We will have to drive that through significant growth as well as margin and also manage costs. Then you talked about skills. So the company has a special program on talent management and to develop the required skills. You and many others asked about millet. See, our millet business is through Tata Soulfull. It has grown almost threefold in the last 2 years since we acquired the company. Though the size is small, it's been growing at a very high rate. And Tata Soulfull is focused on capitalizing on this opportunity. Later on, there were also a lot of comments from people like Shailesh Mahadevia, we will take all those comments into account, but definitely, millet is a big focus area for us. And you asked about investment in startups. I mean we keep looking, but there is no specific investment now. But when there is a right opportunity, we will definitely consider that. Mr. Manas you asked about Eight O'Clock Coffee performance. It was impacted by the certain increase in the coffee prices and the overall inflation. We have taken price increase. So that did contribute to the growth in revenue, but still the EBIT was lower than last year, primarily because of the significant increase in price. You asked about our focus in South India. It's a very important market. So we are trying to now do a number of things in South India. A, we are improving the distribution; B, we are trying to change our advertisement strategy to be completely local, and you must have seen some of these new advertisements. And then products like Sampann and other products are being totally customized to the southern tastes. So it is a market that we definitely are focused on, and we'll address that. Mr. Tamal Kumar Mazumdar, you asked a large number of questions and made comments. I'll try and answer them. You said only focus on pricing growth, that is not true. The company is focused on pricing as well as volume growth, but this year was particularly difficult for tea, and we will continue to deliver growth both on volume and on price. Bangladesh market, we are in the process of fixing it. That's why we acquired the 100% stake. We are revamping the distribution and also concentrating on one of the portfolios that we can grow in the market. You asked about R&D. R&D is, as you rightly said, R&D and innovation most important for this business. We're increasing our spend. Last year, the R&D spend increased by almost 70% than the previous year, but we will continue to significantly improve the spending on R&D as well as in innovation. You talked about the Moonshot project. I think the team can give you a lot more details if you are interested. But definitely, the focus is on increasing the beverage options from tea to filter coffee to milkshakes and areas like first sandwiches. Many, many suggestions that have come, and we are looking at that. You asked about the exceptional items. The gain on the conversion of JVs into subsidiaries is the primary reason for the increase because our ownership stake increases above 15%. That is the reason. This is both in South Africa and in Bangladesh. You asked about GDR delisting. We have terminated the engagement for GDR with effect from June 2023. The GDR holders will have a time limit until June 24, 2024, to the shares. That's approximately a year from now. And then you asked about decreasing in the dividends from subsidiaries. It's primarily because of the Tata Coffee. Now currently, we are going through the merger process. So you will see that being addressed in the next fiscal year. Increasing the price of salt because of the huge increase in price as well as the inflation, we took price increase, but currently, we see a very stable environment. And you asked about when will the direct reach of 1.3 -- 1.5 million consumers when will it cross the indirect reach. But actually, we have a portfolio which are very different from our suitable for direct, some are indirect, some we will -- some areas, we will depend on wholesalers because we are operating in multiple places across the nation. So in towns where there are more than 50,000 people, we will go more direct, in some other places, we'll have to go more indirect in towns which have a lesser population will go more direct, and rural areas, we'll have to depend on wholesalers. So it will always be a combination. It is not a question of one being superior to the other. [indiscernible] has done well. Later on, somebody also asked what is the focus of growth in this entity. We have grown 80% to INR 621 crores. And the growth plan is quite strong even for FY '24, where we hope to cross INR 1,000 crores. And as we grow in this business, this year, we reported a profit of INR 33 crores. So you'll see more profits in the coming years. And in the next few years, we will put all the accumulated losses. Starbucks profitability. Starbucks is both EBITDA positive and EBIT positive. And the cash flow is negative primarily because we are reinvesting in the growth of the business. Those were the comments from you, Mr. [indiscernible]. Manoj Gupta, thank you for your comments. Meghna Bajaria, you asked about the India versus international business. See, currently, certain businesses like tea are very heavy in India. It's a 63% market in India. The coffee is significantly international. So I can't give you a number whether we will overall go towards 80-20 or 85-15, but suffice to say that the significant focus is in India. So our growth in India will always be much higher as a result -- as a percentage of revenue to the overall size, India business will keep increasing. Mr. Santosh Saraf, so you asked about the availability of the NourishCo in Northeast. They're expanding both the portfolio and the geographic footprint. We are just about opening it up in East and Northeast. So you should expect that towards the end of FY '24, we should have the product available. You also asked about millets, which I already answered. Tata Soulfull has started with ragi, And it already has some breakfast cereals like masala oats, museli, et cetera, but we'll continue to expand into all other millets like jawar, bajra and have a holistic portfolio. And you asked about the expansion again between -- thank you. Sarita Lohia, you asked about margin levels of the international business. See, actually, different businesses have a different margin profile. The India business has a higher margin especially the branded business is around 14%. International business is around 11%. All the growth businesses are in single-digit at this point. As the growth businesses gain scale, you will see them crossing to double digit. See, when we are in a growth business, you will always have variation between businesses that have scaled as well as businesses in which we are investing. Anuja Kumar, you asked about ratio of tea versus coffee versus others, the branded tea contributes approximately 47% of our overall turnover, while the branded coffee contributes around 11%. And with all the balance coming from food portfolio and nonbranded businesses. Mr. Subhash you asked about the grievances in Page 238 of the annual report. There were 4 complaints that were received through the core platform in the last quarter of 2023, and these were responded before the March 31, but by the time it had to be looked into by SEBI and closed the year-end past. So it has been closed now as of May '23. Sharat Kumar Shah, you asked -- Mr. Kari also asked about the diversity, 86% of the employees are women. We have a clear target to go to 50% women by 2030. And in terms of the next -- Sharath Kumar Shah you asked about subsidiaries. You have said that we will go from 45 to 25 entities. I mean, this process is very much on. We are addressing it as we speak, but then it takes time because of all the regulatory compliances that we have to go through. It is to also streamline the markets in which we operate. We are getting out of markets which are very small and where we don't have a growth focus and also loss-making. So that's how it is being. For example, Australia, Bangladesh, Czech Republic, these are markets we are addressing. Kamal, asked about the registration sequence. We have registered all the shareholders strictly in the order in which we have received the request in e-mail. Mr. Abhijit you asked about can we provide Tata Coffee services to corporates? Certainly, we are -- looking at that, the company is looking at a business model for that. The company is also looking at vending machines, et cetera. These are very much in the thinking of the company. You asked about the number of new products launched, 34 new products were launched during the last fiscal year. Preeti Agarwal, you asked about new FMCG capacity, the company is definitely transforming itself to be a full-fledged FMCG company. But it can't be done overnight. It's a process that we have to go through. Currently, we are expanding both the beverages and food business. So there's a lot of focus. In these businesses, we have got to scale them and also they're investing in R&D and innovation. But while we are doing that, we are looking at new categories and looking at acquisition opportunities for those categories so that we can kickstart and accelerate our journey towards becoming a full-fledged FMCG company. Rachana, you asked about the Tata Salt market share. We are about little over 37%. And I think it has got a huge potential. The company is also doing a lot of innovation in that area. So you can see that they have launched new products, and millets, I already answered the question. [indiscernible], thank you for your comments and sorry that -- it is difficult for you to join. The suggestions you made with regard to advertising and communication is completely well taken on board. Lilly Pradhan you made number of comments regarding CSR. The group -- the Tata Group has a huge focus on CSR towards challenged persons. And we are doing that in multiple companies. In fact, in some of those specified teams, we are also partnering across companies. The overall CSR spend last year was around -- roughly around 16 -- a little over INR 16 crores, but the company also spends additional welfare spends of INR 16 crores in other areas where it is operating. And we'll certainly support women employment. It is an area we are totally committed to. Mr. [indiscernible] Baksi, thank you for your comments regarding the sustainability initiatives and the renewable initiatives. The dry fruits business is pretty in business, and you will hear from it more as we go into the future. Mr. Pathak, so your comments about ESG. You see we have a very strong goal in this company, and there is a big milestone to be achieved by 2030. Company is committed to becoming water neutral across all operations by 2030. It's also committed to have 0 waste to landfill by 2030. 100% of the packaging will be recyclable, composable or reusable by 2030. And you asked about the beverage business. While the first 3 quarters were quite difficult in the last quarter, we have seen a volume growth of 3%. And we want to increase the reach by systematically increasing the distribution. You asked about impairment. The impairment test was done for the plantation business. And despite the losses, which triggered the assessment, the auditors have concluded that the value of the asset supports the carrying value of the investments made. Mr. Gautam Tiwari asked about the CapEx. CapEx is about INR 400 crores. Subsidiaries under loss, you asked about, see the new businesses like the SmartFoodz are being addressed. So as we start all these new businesses, we need to give it a few years before they become profitable and attain scale. Mr. Kotwani, your comment on the marketing is taken a note of. Gautam Nandi, thank you for all your comments. And you asked about the road map for next 4 to 5 years. I mean, we can't give you specific targets because we don't give futuristic projections. But having said that, the company is an aggressive growth path. It will become more and more a stronger FMCG company. Is focused on increasing the distribution reach of its products. And the international markets, there are certain products like ready to eat, ready to cook products, have more attractive market in the international space than in India. So we will focus the international market with such products. And international products -- international markets will provide steady cash flows going forward. And there will be a lot of focus on our Indian innovation so that our sales innovation ratio will continue to increase. So those are the broad qualitative comments I can give you. Mr. Ravi Chandran, you gave a number of comments. So you asked about the CSR. The company has a mechanism to monitor how the money is spent, including physical as well as representation on committees. You talked about trade payables, in this business both the trade payables and the inventories have to be looked at the same time. And the company does not owe money to supply other than the contractual terms. And we have done an impact assessment of all our CSR work, and a detailed report is available on Page 166 of the annual report. And you asked about packaging, I already answered that, we have made a commitment that 100% of the packaging materials will be reusable, recyclable or compostable by 2030. And the company is a member of the India Plastic and U.K. Plastics Pack. Our focus here is to promote circular economy. Certain markets like the U.S., U.K., Canada are very divert markets, the growth rates are low. So we will focus in some of these markets for more cash flows. But at the same time, we will also look at specific products which have higher opportunity for growth in those markets. You asked about leveraging. I think the company generates enough cash and also a lot of cash in the balance sheet. We will think about leveraging whenever there is a huge acquisition or anything like that. Otherwise, for normal growth, the company has enough cash. Mr. Shailesh Mahadevia again, I'm sorry that you have difficulty in joining and the company will look at it. And your comments on millets, I already answered, and we will definitely look at expanding the entire portfolio, including your comments on [indiscernible] et cetera. CSR impact study has been done. And the company worked closely with BigBasket. But definitely, we look into your comments. Mr. Yusuf you asked about the number of people in the company, approximately 3,000 people. Mr. Vinod Agarwal we'll respond to your questions in e-mail. We have take a note of your comments on this registry, but I don't think that is something that can be done. In terms of unclaimed dividends, it's roughly around INR 3 crores. Mr. Ajit Krishnakumar is the son of Mr. R.K. Krishnakumar. I've been on Nandi, thank you for your comments. Navin Batra, I think most of your comments have already answered. I'll reanswer about NourishCo from the current INR 645 crores next year, it targets INR 1,000 crores plus. Starbucks is aggressive growth plan. We opened 71 stores. The expansion will focus on growth across multiple cities. Currently, we are present in 41 cities. is a totally new area. I think it will evolve. The Tata Group companies all are working together to look at predictive AI, generative AI and what are the innovations that we can do, but this space will evolve, a lot of work to be done, 5G private network it's not available now. As and when it becomes available, we will create use cases, customer experience cases to successfully leverage the 5G network. Tata Coffee, definitely after the acquisition in the next couple of years, you will see a significant synergies. The company expects at least to 5 upper single-digit improvement in the margins of the Tata Coffee business. Thank you. Amit, thank you for your comments on the packaging, small package and comments on how the company should be leveraging BigBasket, all these things, the company has taken note of and we will see what can be done. Mr. Amit Banarjee So I think the company is focused on introducing new products, not necessarily looking at what the competition is offering. Yes, across the FMCG space, there are significant opportunities. We have a filter. The company has a filter. While it has a pipeline, not everything that is in the pipeline can hit the market based on what is attractive? What is the growth opportunity? What is the scale? What is the margin profile? And what is the special place we can create in a particular product. All those things are taken into account. And your comments, like others, on the branding of products is taken note of. We will definitely address that. Mr. Sanjay, your comments are already addressed. And especially the segment-wise you asked for, I think we will definitely consider publishing that. Mrs. Mascarenas, thank you for your comments. As I said, 34 products were launched last year. International business, there are certain products which are attractive, especially ready-to-eat, ready-to-cook products. Otherwise, in mature products, we will focus on cash flows. CapEx is INR 400 crores, and acquisition is something we will continue to look at. I've also answered the question by Mr. Mascarenas. Thank you all for joining us today and for your valuable feedback. The e-voting process during the meeting has already commenced. I encourage members who have not yet voted to do so. E-voting will remain open for the next 15 minutes to allow members to cast their votes. I hereby authorize the company's secretary to accept, acknowledge and countersign the scrutineers report and declare the consolidated voting results upon receiving the scrutineers report. The voting results will be announced within 2 working days after the conclusion of the meeting. The results will be communicated to the stock exchanges and displayed on the company's website, NSDL's website on the notice board of the registered office of the company. Once again, I convey my gratitude to all of you shareholders for your participation and continued support to the company. We also take this opportunity to thank the directors and independent directors for their presence today and also for their active engagement in the progress of this company. Thank you. With that, I would like to bring the meeting to a closure, and I request your permission to leave the meeting, along with the management team. Thank you. wish you all a safe and good health.

The e-voting process, which began at the start of the meeting is now closed. I'm pleased to confirm that the required quorum was present throughout the meeting. The company will announce the result of the Annual General Meeting within 2 working days. With that, I officially declare the meeting concluded. Thank you all for attending the meeting.