Tata Elxsi Limited (500408) Earnings Call Transcript & Summary

Dear shareholders, good afternoon, and a warm welcome to the 33rd Annual General Meeting of Tata Elxsi Limited. As a reminder, for the smooth conduct of the meeting, the members will be in the mute mode, and audio and video will be enabled when they are called upon to speak at the atrium as per the pre-registration. Please note that as per the requirements, the proceedings of Annual General Meeting will be recorded and available on the website of the company. I now hand over the proceedings to Ms. Ms. Cauveri Sriram, Company Secretary of Tata Elxsi Limited.

Thanks, Rutuja. A very good afternoon and let me extend a warm welcome to the 33rd Annual General Meeting of Tata Elxsi. This meeting is being held through video conference in adherence the directives issued by the MCA and SEBI. The notice convenient 33rd AGM, along with the annual report of the company to send to all shareholders whose e-mails are available with the company, depositories and the registrar. As the AGM is being held through VC, the appointment of proxies has been dispensed with. In terms of the provisions of the Companies Act and [indiscernible], the company has facilitated the option of voting to all businesses, as mentioned in the notice, by way of remote e-voting, which was opened from the 19th of June until the 22nd of June. The members who have not voted through remote e-voting can cast their vote during the AGM and 15 minutes thereafter by way of e-voting available on the NSDL platform. Please note that all participants will be on mute mode only. Shareholders who have joined through the NSDL link can post their queries to the communicate option available on the screen, and these queries will be responded to. Those shareholders who have pre-registered their names for the Q&A session will be called serially and their video and audio will be unmuted. The speaker shareholders are requested to wait for at least 30 seconds for their video and audio to be enabled to have a seamless conversation. Each speaker shareholder is requested to restrict their query to a maximum of 3 minutes. I would now request Mr. N. G Subramaniam, the Chairman to conduct the proceedings of the meeting. Thank you.

Thank you, Cauveri. Good afternoon to all of you. It's my pleasure as your Chairman. We welcome you all to the company's 33rd Annual General Meeting. On behalf of the Board of Directors and everyone at Tata Elxsi Limited, I thank you for your continued trust, engagement and support to the company and its management. In adherence to the government's directives, the 33rd Annual General Meeting of Tata Elxsi Limited is being conducted through video conference. I have Mr. Manoj Raghavan, MD and CEO of your company; and Ms. Cauveri Sriram, Company Secretary, along with me in Bangalore, where we are headquartered. The other directors of the Board and the representative of BSR and company, statutory auditors and Ms. Jayashree Parthasarathy, Secretarial Auditor; and Mr. Madan V, the scrutinizer, have joined the proceedings remotely. Let me begin by introducing the directors. I now invite Mrs. Gopinath to introduce herself, please.

This is Shyamala Gopinath, joining for the 33rd AGM from California USA. I'm the Independent Director of the company. I Chair the Audit Committee and the Nomination and Remuneration Committee. I'm also a member of the CSR. Hope you and your family are well and safe.

Mr. Sudhakar Rao.

Good afternoon, everybody. I'm Sudhakar Rao, joining this meeting from my residence in Bangalore. I am chairing the committee and the stakeholders committee in the company, and also a member of the [old] committee. And I do extend a hearty welcome to all members for this meeting.

Thank you, Sir. Professor Anurag Kumar.

Good afternoon, everybody. This is Anurag Kumar, joining this meeting from my home in Bangalore. I'm an independent Director in the -- on the Board. I have been so off since the end of 2020. I'm the Chair of the Risk Management Committee, and I'm also a member of the stakeholder relationship committee. I wish you and your families to stay safe and healthy. Thank you very much.

Thank you, sir. Mr. Ankur Verma.

Hi. My name is Ankur Verma. I'm joining this meeting from my office in Mumbai. I'm part of the Audit Committee of Tata Elxsi. I welcome everybody to the 33rd Annual General Meeting of Tata Elxsi and wish everybody a very safe new year. Thank you.

Thank you, Ankur. Mr. Manoj Raghavan.

Good afternoon. This is Manoj Raghavan. I'm the MD and CEO of the company. I'm joining the AGM from our registered office in Bangalore. Thank you.

Thank you, fellow directors. I've confirmed that the requisite quorum is present. And with your permission, I now call the meeting to order. In terms of the MCA notifications, as the shareholders are allowed to join the AGM personally through video conference, the necessity of appointing proxies is dispensed with. I would like to mention that those shareholders who have pre-registered with the company will be called upon one by one to post their questions, queries and suggestions during the Q&A session. As is customary, let me make certain remarks on my statement regarding the performance of the company and the overall industry trends to begin with before we move to the e-voting and Q&A sessions. As your chairperson, I take pleasure to once again welcome you all to this 33rd Annual General Meeting of your company. On behalf of the Board of Directors and everyone at Tata Elxsi, I would like to thank you for the trust and confidence that you have placed and look forward to your continued support to the Board of Directors under management. I'm particularly pleased to chair this Annual General Meeting this afternoon. Financial year 2021, '22 has -- was a year marked by industry-leading top line and bottom-line growth for your company. I would like to thank my co-directors for their able guidance, CEO and MD Manoj Raghavan, their senior leadership team and the entire Tata Elxsi staff for an outstanding performance during the year under review. The integrated annual report for the year ended 31st of March 2022, along with the directors' report and audited annual accounts of the company have been shared with you and may I request that these be taken as read. I would now like to outline the salient aspects of your company's financial performance for the year 2021-'22, followed by highlights of operations, human resources, our commitment to the environment and community and an overview of overall business environment. Firstly, the financial performance. The total income during the year increased by 34.8% from INR 1,866 crores in the previous year to INR 2,515 crores. Operating revenues grew 35.3% year-on-year to INR 2,471 crores. The profit before tax increased to INR 745 crores in this year from INR 512 crores in the previous year, up 45.6% year-on-year. The profit after tax was INR 548 crores, witnessing a year-on-year growth of 50.1%, [indiscernible] the previous year's PAT of INR 365 crores. This is the first time in our company's history, the profit after tax has surpassed INR 500 crores. The top line growth as a result of your company's preparedness to address the growing demand for technology services in a world where digital adoption has become fundamental. The company's strong processes and capabilities for serving customers from offshore locations helped us tide over travel restrictions and ensure uninterrupted deliveries. Your company's investments in previous years in the areas of digital healthcare, OTT, automated driving and assisted driving and other technology areas helped in addressing connectivity, healthcare and mobility needs of the world. Let me move on to certain highlights of the operations. I would now like to share some of the highlights related to key segments of your company's business. In the Transportation segment, your company has built strong capabilities in providing solutions and services for developing next-generation mobility offerings. In the financial year, the Transportation segment grew by a healthy 29.8%. This was supported by our continued efforts to grow in adjacencies in the off-road and rail industries. Your company is actively engaged with leading core manufacturers and suppliers to design and develop software and solutions for powertrain, infotainment, autonomous driving and advanced driver assistance systems and other related areas. With the world pivoting strongly towards a sustainability and conservation of the environment, we see significant investments being made by the automotive industry in developing electric vehicles across the globe. The once in a century shift entails far more than changing powertrains from ICEs to EVs. For automakers, it will require a fundamental rethinking of their business model. Today's new age EV companies not only offer strong products but also operate under very different economics. They have simplified electrical and electronic architectures and software-driven approach significantly reduced costs while enabling them to command premium prices. Their sales and service models also take a different approach, relying on different online sales instead of traditional dealer networks. In addition to switching from ICEs to zero-emission power trains, incumbered OEMs will need to transform their approach to electrical architectures, connectivity and software and develop new ways of engaging -- engaging with and delighting customers. This far-reaching transformation will require a shift to an operating model and ways of working that are more akin to those of a consumer technology companies than automakers. Your company by virtue of its specialized capabilities in electronics and software and familiarity of software and platform approaches from other industries, including high tech and consumer electronics is placed well to address the priorities of the auto industry, both for incumbent carmakers and suppliers and new age OEMs. With connected vehicles, sensors and electronics, cars will generate data that provides opportunities for enhancing customer experience, delivering new services and creating new revenue streams. Your company has been investing in building capabilities, developing reference products and solutions and crafting global partnerships with hyperscalers and key technology suppliers that enable customers with a faster time to market and reduced risks. Its design digital proposition provides carmakers the opportunity to bring design and technology seamlessly together to reimagine the entire customer journey from sales and showrooms to ownership and [in-car] experience, essentially from discovery and evaluation to purchase and use. Your company works with leading media broadcast and communication companies across the world, helping them roll out multiplay services with optimized viewing experience and assisting with integration, process automation, and network transformation efforts. This segment witnessed an impressive growth of 32.2% year-on-year. The accelerating adoption of entertainment on the go and demand for complete viewer experience is driving growth in this key segment for your company. With increasing digitalization of healthcare segment, demand for designing next-generation products in critical care, patient monitoring and drug delivery is witnessing robust growth. Our capabilities in cloud-based platforms for remote health and telecare propositions is very strong in the healthcare segment. In the fiscal year 2021, '22, your company's healthcare and medical services business grew by 72.4%. This segment continues to be the fastest-growing segment of your company. Apart from the technology and software development, your company offers industrial design, visualization services and related adjacencies to our global customers with strong capabilities in consumer research and strategy, product design, service design and user experience design. The division helps in creating traction through design-led deals, which has a multiplayer effect for winning deals in transportation, media, broadcast and communication as well as healthcare verticals. This business grew by 36% year-on-year during the financial year. Our system integration and support services business help companies negotiate the digital pivot by providing professional services for augmented reality, virtual reality, cloud and infrastructure management. Using a unique combination of content, design and technology, it offers innovative solutions for virtual reality labs, training and safety centers and world-class experience centers. During the financial year 2021, '22, the system integration business grew by 18% year-on-year. Let me address the human resources and talent situation of your company. Your company is committed to providing a safe, healthy and learning-oriented workplace to our employees. We provide a work environment which fosters innovation and encourages our employees to think differently and bring in creativity. Recognizing the hybrid work model and need for learning in both virtual and physical classroom models, we have enabled access to some of the world's leading technology as well as management and leadership training content and courses. We've also digitized our own internal training modules for virtual and anytime access for self-paced learning and upskilling. We are also committed to ensuring employee diversity and inclusivity at workplace. 35% of our workforce are female employees, making us amongst the leaders in the technology and the engineering R&D provider space. To ensure well-being of our employees and their families, we have provided our access to a premium healthcare platform for the benefit of all our employees and their family members. This is apart from other facilities like access to unified healthcare portal and one-to-one counseling services for employees who need them. In terms of patents, being in the forefront of design and development, innovation is integral to our operations. Your company has a dedicated patents team, which supports innovators with IPR management and patent filings. Till date, your company has filed 104 patents, of which 29 patents have already been granted. In the financial year 2021, '22 itself, 10 patents were awarded to your company. Our innovation efforts are also getting recognition in the form of very prestigious awards and international acclaim that your company has won during the year. Tata Elxsi won the NASSCOM Engineering and Innovation Excellence Award in all 3 product award categories, representing our leadership in each of our chosen verticals and the ability to create products and solutions that drive value for customers while enabling differentiation and annuity revenues for your company. We were also conferred with OTT TV Technology of the Year award at the renowned Video Tech Innovation Awards 2021 in London for our product QoEtient, which is an advanced solution to enable quality of experience for OTT and streamed video. Your company was also amongst the finalist at the International Association of Broadcasting Awards for its solutions in the media and broadcasting industry. Your company has also been acknowledged as a premium and specialized engineering services provider globally and featured in the leadership zone in its key verticals in the Zinnov zones FY '21 report for engineering R&D providers globally. Let me address our commitment to the environment. One more theme enterprises across the world are advancing is Sustainability. There is a greater thrust in making business -- businesses [secular] by making products and services which are sustainable. Efforts under this include driving net zero, reducing waste, giving more water back to mother earth than what gets consumed, recycling everything and preserving nature and biodiversity. The environment and its conservation have been high priority areas for Tata Elxsi. We have been actively undertaking energy and water use efficiency measures since many years. It reaffirm -- to reaffirm our commitment to a better tomorrow, and as a part of our ESG charter, we have adopted the ambitious goal of being 100% carbon neutral by the year 2030. As a part of the journey, we would strive to have 50% less carbon footprint by the year 2025. We have been actively undertaking energy and water use efficiency measures since many years. Our ongoing initiatives include recharging groundwater using rainwater, effluent treatment, and reusing treated water. We have been replacing conventional lighting and equipment with energy-efficient lighting and equipment. We also recycle our e-waste with the help of specialized agencies. We have recently equipped our 2 main development centers in Bangalore and Trivandrum with 100-kilowatt rooftop solar panels to generate our own electricity and reduce our carbon footprint by over 240 tonnes annually, an important step in our goal of using renewable energy resources and achieving our stated 2025 and 2030 goals. In terms of contributing to the community, our CSR activities are focused on 2 of the most important needs of our society, which is education and healthcare. We run various programs under 2 flagship initiatives called Shiksha and Niramay. Shiksha is the umbrella program under which we have built several initiatives towards enabling education for the underprivileged sections of the society. To enable the right education, we are undertaking initiatives that aim to impact lives of more than 200 students. These students come from varied backgrounds and with the help of our CSR initiatives can pursue various diploma, masters and other programs. Through this program, we have sponsored a unique performance and art-based holistic development for spastic children, which benefits 45 spastic students in Chennai and Bangalore, Niramay is an umbrella program under which we provide financial help that assists in life-saving treatments primarily related to neuro, heart and cancer. The program also covers a slum and rural clinics that we run for the needy and the infrastructure we create for charitable hospitals. Through Niramay, we have touched the lives of 27,000 patients across the country in financial year 2022 alone. We've also started funding a multiyear research design and prototyping program for medical and assistive services at IIT Madras. In terms of the overall business environment, firstly, on technology. Every enterprise is becoming technology driven and more and more of their business is getting integrated into technology. Digital is becoming all pervasive, continue to push boundaries of experience and innovation. Your company is well positioned in terms of talent, competencies, solutions and IP to say -- to stay relevant to our clients as they advance their digital agenda. From an industry perspective, telecom, broadcasting and various digital media are witnessing sustained growth due to increased demand for connectivity, broadband services and home entertainment. We are witnessing a recovery in the automotive market, driven by increased demand, but limited only by the semiconductor shortage. Automakers and suppliers are investing significantly into platform, product and technology to address the connected, autonomous, assisted and electric context for the future. The healthcare industry is adopting digital technologies and leveraging data and analytics with connected devices to support better patient outcomes on newer business models. These industry trends are driving continued demand for software, electronics and digital services that your company is well positioned to meet. Moving to a macroeconomic view. The global economy witnessed recovery from the pandemic fueled disruption leading to strong albeit uneven growth during the fiscal year. At the current time, however, the world is facing economic growth uncertainties and geopolitical volatility, leading to inflationary and growth pressures across countries. The diversified presence of your company across geographies and industries does mitigate geopolitical and currency risks to some extent. Our continuous efforts to strengthen our capabilities in the verticals that we serve and expand our offerings in adjacent segments has helped us sustain our growth momentum. Our design-led engineering offerings is witnessing good traction in the market, and we remain confident of your company's performance in the future. I would like to congratulate our management team, staff and business associates for the excellent performance during the fiscal year 2021, '22 and thank them for their contribution and commitment towards Tata Elxsi. I would also like to record my appreciation for my fellow directors for their valuable guidance. On behalf of the Board of Directors and our management and staff at Tata Elxsi, I thank all of you, our valued shareholders, for your continued trust and support of the company and its management. Thank you very much. We now move to the e-voting and then followed by the Q&A session. Ladies and gentlemen, before we commence the e-voting with the consent of the shareholders, the notice convening the meeting be taken as read. In compliance with the provisions of the Companies Act 2013 and the relevant rules made there under and Regulation 44 of the SEBI listing obligations and disclosure requirements 2015, the company had provided to the members the facility to exercise their right to vote at the 33rd Annual General Meeting by electronic means. However, for the benefit of shareholders who have joined the meeting through this video conference and have not cast their votes through remote e-voting, the company has facilitated e-voting during the AGM through the NSDL portal. The icon for e-voting is available on the screen, which will redirect you on a separate window to the e-voting portal of NSDL. In case a shareholder has already cast his or her vote through the remote e-voting then such a shareholder should not cast his or her vote through e-voting now as such vote will be considered as invalid. Mr. V. Madan, Practicing Company Secretary, has been appointed as scrutinizer for scrutinizing the e-voting process in a fair transparent manner. The auditors have given an unqualified and unmodified report and the same is taken as read. Before we commence the e-voting, I would like to now call the names of the shareholders who have preregistered themselves with the company one by one to give their -- to post their questions, queries and suggestions. In case of any technical issues with any particular shareholder, the next shareholder who is in the queue will be called. The set shareholder can rejoin after the technical issue is started out. The moderator will unmute the audio and video once the shareholders' name is called out. They may kindly wait for 30 seconds for the video to activate. The shareholders who are posting their questions are requested to please indicate their names and folio number of client ID in the beginning. And I shall reply to all the questions as I have to give opportunity to other shareholders, I would honestly request each shareholders to restrict your query to 3 minutes. So we move on to the question-and-answer session. May I now invite Dr. Arun Boppana, please.

Yes, sir.

Good afternoon, sir.

Good afternoon. Can you hear me sir?

Yes sir.

Thank you. Good afternoon to everybody. Thanks to Cauveri and Rujita for arranging the VC, and welcome to Cauveri as the company Secretary. And I'm proud you have taken over as Chairman of Tejas Network of which I'm a proud shareholder too sir. I will see you there, too. So the world is not the same today as it was yesterday, and it will be different still tomorrow, more so in tech world with Tata Elxsi. Compliments to you and your team and congratulations for all the good work and the market cap as of today. My questions, with share price hovering over INR 8,000. What are the plans for split and bonus? So now related party transactions have become a new thing from the ROC. Actually, it's a nightmare for Cauveri to handle it. Does Tata Elxsi have any related party transactions? With the endemic, there is shortage of skilled people, you said you have no problem with staff, but people are jumping the jobs in Bangalore particularly with 30- 40% increase. What is the attrition rate of Elxsi now? How are you going to beat it now so electric cars will become mainstream by 2030? What are innovations coming up there? What is the budget for R&D in this segment? But still, sir, about 45 crore people are still uncorrected and deprived of digital services. The Tata Elxsi plans to fill the gaps, what are innovations and emerging technologies and AI, blockchain and cybersecurity? So cybersecurity fears are real, experts might have had good intentions, but looks like the road to hell is paved regardless. Your comments, sir? Cyber thieves are large part of our lives today. They're since we'll be known when they're caught, but they can make us bankrupt and reduce it to dust, your comments? With tech that growing with tech and terrorism has growing gun culture too from a son born from the womb of a woman who is sharing history with us, not an outsider. This is the risk of technology. Do I say we cut trees to make paper to write don't cut trees, is technology going that way? Sir with tech, economically we are gaining, ecological we are losing. We have lost a rhythm with earth and connectivity to Reality too because start-ups have scripted history, but there is overuse and abuse of technology. Is it like putting points in pockets with polls? In conclusion, sir, I admire and appreciate tech innovations and culture, but my vote is for agriculture, sir. Food is our most fundamental blessing, with food to eat most problems and questions are solved. I wish Tata Elxsi all the best and success in the long-rated pursuit of excellence and creating next-gen products and leaders. Thank you very much and wish you all the best sir, Namaste.

May I invite Mr. Yusuf Yunus Rangwala, please.

Yusuf Yunus Rangwala is not connected for today, sir.

Can we move on to Bharati Saraf, please.

[Foreign Language]

[Foreign Language] Thank you. May I inivite Mr. Naveen Bothra, please.

Thank you, sir. Naveen Bothra, attending the AGM from Delhi. It's great pleasure to again connect with you. We look forward to in-person meeting from next year, if possible, which will be quite helpful to have some personal interactions with all of you. Good afternoon, Chairman, and yes sir. [To] Manoj Raghavan, other Board members who are attending the AGM from various locations and home management team, Mr. Nitin Pai, Mr. Gaurav, our CFO and Ms. Cauveri, welcome new secretary who is joining, and CS for the first [indiscernible] professional career successful career. Congratulation to the management team and the entire Tata Elxsi team for the robust performance even in the face of the continuing challenges of pandemic as well as some geopolitical turbulence and achieving the highest ever profit in the company's history with the strongest growth. We congratulate the management once again. A big round of applause for the management team for the various international awards in the [auditory] segment as well as all the 3 awards in the NASSCOM event -- engineering event for which our team gives management team [indiscernible] very much. Our company is scaling new heights of progress [indiscernible] -- our company is scaling new heights under the guidance of our [leader] Chairman, N. G. S sir, other board members and the young and energetic management team led by Mr. Manoj Raghavan. We wish all the very best in the future also. [indiscernible] the Board's valuable and regular guidance with the active and amazing participation and execution by our management team and hard work put in by the team has resulted in huge wealth creation for all the shareholders. We, as shareholders express our gratitude, sir. I would like to highly appreciate the swift action and coordination by Cauveri Je for onboarding and the smooth interaction in this [regime]. Sir, I have some following points for [indiscernible] view, which I have already said with the secretary [indiscernible] briefly I would like to see. Number one, sir, I would like to know the management's medium term management plan. Chairman sir, it's quite helpful -- it will be quite helpful if we can have your [indiscernible] views about our -- in this accelerated phase of growth, if we can get the next 3 to 5 years' vision, say in the year -- vision 2026 or something like that or express our [1 billion] level target. What steps and the way ahead we are considering and also considering the [prevalent] geopolitical challenges and pandemic challenges, and also [climate] change is coming as a business opportunity also. So we would like to have your views about the medium term management plan, which [upscales our operation further]. Number two is, sir, regarding the semiconductor communication and 5G space, considering how rich know-how in the semiconductor space right from the company's inception. Chairman sir, kindly enlighten us on the synergy possibilities and scaling up possibilities with the newest Tata Group companies in this semiconductor and communication space such as Tejas, Saankhya and Tata Electronics. In Tejas you have comment Chairman which we are quite happy about and would be interacting there also. So in this, we would like to have your views for the Tata Elxsi, role will be played in the semiconductor and communication industries and as well the 5G, how we are going to capture the coming opportunities and also the various [indiscernible] schemes of [indiscernible] How it is going to affect our company. Product regarding number three and regarding product and platform, licensing opportunities, our annual report in the -- integrated annual report Page 22 and 23. We have [exhaustively] given the information about our leading platforms, which now are quite branded also getting recommendations from international agency as well as our software association NASSCOM also. So in this situation, next level of growth through nonlinearity licensing revenue just like SaaS model of licensing the platforms, which we have one or two platforms already then. We would like to know your views about the nonlinear growth possibility in the coming 3 to 5 years and how much these things can these [indiscernible] of these platforms, if you tell. It will be quite helpful for all these orders. Our team furnished annual report [indiscernible] the next item. So the coming technologies of the coming buzzwords in these days are Qantum Computing as well as Metaverse. So in this -- in these technologies like metaverse and quantum computing, your views on the evolution of these technologies, which is in their potential opportunities for Tata Elxsi and also metaverse and all the [indiscernible] things will be becoming on the web3 all these things. Blockchain is also quite mature technology nowadays. So what are the possibilities considering all these new technologies and the scope of investment in these filed from Tata Elxsi point of view. Sir, to conclude, I have a couple of suggestions. And I remember two or three years ago in the AGM, I have -- regarding the point of mutual find and insurance companies, we are quite happy that our shareholding has broadened and mutual funding insurance companies -- percentage of shareholding has gone up in the last 2 years. And in the last 3 years, the investor interaction and outreach of the management has greatly increased and which we greatly appreciate, wherein all even small shareholders can interact interactively with the management actively with the management and get their views which is quite appreciate. So the [indiscernible] calls and otherwise management team is continuously [impacting] investment and all these things. Sir, considering the long term nature of mutual fund investments like capital providers or insurance companies to further broaden our shareholding pace and provide the stability we may consider because even after [indiscernible] it is around less than 5% also, the participation of mutual funds and insurance companies. So we may think about it so that the shareholder [indiscernible] and capital flows are stable for a long period of time. Second one, small services regarding the share-based incentives for the talent attraction and retention. Sir, in the last 3 years, complete market cap has multiplied manyfold around 10x, from INR 5,000, INR 1,000 crores to INR 50,000 crores, INR 45,000, INR 50,000 crores, which is [indiscernible] which is quite appreciable. So I would like to suggest that if any scheme can be devised to [indiscernible] incentive scheme and will be [wise] for the benefit of all the employees. So in turn which aligns the employee interest also in this accelerated [pace] of company's growth and also help internal further talent attraction and retention. To conclude, I wish the management team all the very best in the times ahead. And I already voted in [indiscernible] and also proposed a lot of things. Thank you very much sir for providing me the opportunity.

Thank you very much. May I now invite Mr. Vasudeva Ramasamy, please.

Participants are requested to please restrict your queries to 3 minutes. I would now request Mr. Vasudeva Ramasamy to please proceed ahead with your question.

Mr. N. G Subramaniam, how are you sir?

Thank you.

So Mr. Manoj Raghavan, the other Board of Directors, our friend, again, Gaurav Bajaj, Cauveri, Sudhakar very good afternoon to all. So the company has achieved good numbers in all the parameters sir, big congratulations. So again big round of applause to the team for migrating from small cap category to mid cap and it is almost on edge of computing, I will say not edge of progressing, edge of computing to largood evening cap club in market cap also, sir. So again, we have pre-pulled to the AGM. Sir, it is a very good for all of us so that we can complete the task [indiscernible] complete data. Again, sir, the integrated annual report needs a special mention. Like we got a very good fell of it, and we could understand everything very clearly, sir. Again, congratulations to Cauveri and the team for preparing and the company is in a very good manner, sir. So again, capital allocation policies, sir, we have done it every disciplined manner and we have given dividends also to the shareholders. On this sir, even after paying dividend, even after allocating that capital in every disciplined manner, we have around INR 1,000 crores with us sir, almost, not fully. Again, what are our plans to utilize the results? Are we going for any organic investment further? And what is the CapEx for '22, '23, sir. Further sir, do we have any plan for inorganic acquisitions so that we can broaden our geographical region customer base, sir? Again Sir, I would like to say that we are designing the nest. We are creating creative engineering. So this should be visible to the investors, and if you organize an investor meet at Bangalore so that everyone has a feel it and understand further, and again, we will be reaching more heights in the market cap et cetera. And again, like my friend Naveen suggested mutual funds where people can come to us and we can have more sort of participation in that, sir. So again, to conclude sir, all the very best to you, sir. And take care of your health, sir. And congratulations again to you on becoming Chairman of Tejas also. We hope to see you also there, sir. All the very best, sir. Thanks a lot for opportunity, sir. Thank you very much.

Thank you, sir. May I now invite Mrs. Elizabeth Mascarenhas please.

Can you hear me?

Yes, maam. We can hear you.

Very nice. You can see me also? Respected Chairman, Mr. M. Ganapathy Subramaniam, members of the Board attending from everywhere, including California, U.S. It may be night, Madam is there. And my fellow shareholders attending this virtual, I am speaking from Mumbai Mrs. C. E Mascarenhas. First of all, I thank the company Secretary Cauveri Sriram and her team for sending me e-annual report and also registering me as a speaker at my request. Thank you Cauveri and her team for doing and giving me this platform to speak. Thanks once again. Now the annual report is very informative and self-explanatory adhering to all the norms of corporate governance. The layout of the annual report is very good. Now I come to the working, working par excellence, revenue up, PAT up, EPS per share has gone to and 88.26 and a wonderful dividend of 42.5, which is great. And what is more greater is our market capitalization, keep it up. Market is giving lots of thumbs up. Now I pray to you that you must consider split because make the share affordable to everybody even a small person can be part of this big growth story, can be -- of this big growth story. So -- and now I come to the appreciation. Especially, I congratulate you for all the awards and accolades received especially OTT TV Technology of the Year award and many, many more already given in the annual report. Also I appreciate the CSR work done by our company and staff and keep it up. Our company is also giving very much importance in ESG. I would like to know, have you got this rating? What is If it is, what is our rating? Now my queries, sir. We are in designing of automotive products and media, consumer health, off-highway equipment, rail, semiconductors, telecom. Sir, I would like to know in which is our core competence, where we are having a very good cutting edge? We have shortage and where our margin is good and which there is demand will grow for the future? My second question is, we are in semiconductors. We have shortage in semiconductors. And if fully, we go for it, we can avail them or we must have availed also, we can go or we can avail benefit of PLI scheme of the government of India? Next, the third one is what is the attrition percentage, especially our company is also giving to the staff, very good training. And if attrition is high, how do we retain the skilled, trained staff? Number four, our company has filed a total 104 patents. Out of that, 27 patents are already granted. Out of that balance, how many more we have got as of today? Five, our company is on designing on driverless cars. Sir, I would like to know what is the progress made? And is it done on behalf of some company or it is for Tata Motors? And if Tata Motors, when this car will be launched? Number six, road map for the next 3 years, especially from the CapEx, for organic and inorganic growth with geopolitical issues in mind? I support all the resolutions. I pray that our company grows more and more, strength to strength. And I can see per share more than INR 10,000. And the remaining, my husband, Mr. A.P. Mascarenhas will speak. Just allow him.

Thank you, maam.

Can I speak?

Yes, sir. Yes, sir. Please go ahead.

Yes. Respected Chairman, sir, very distinguished members of the Board and my fellow shareholders, good evening to you all My name is [indiscernible] Mascarenhas. At the outset, I thank the management of our company secretary and the team for sending me the e-balance sheet, which I received on time. It is self-explanatory, [indiscernible] and adhering to all the parameters required for a good corporate governance. Our results are very good, so also our product line. We are -- I believe in drones and many sophisticated equipment. Our market cap is very good, and you have given a handsome dividend. Now going forward, what is our future plans? How many plans for acquisition of smaller companies? Here I would like to ask who are our main competitors in our market share, both nationally and internationally? That's most of the -- one more question is my personal question, sir. I'm holding a good quantity of Tata Elxsi sales. I would like the Company Secretary department who help me in [demating] because I'm facing lot of hurdles in [demating] my shares. So I would like your cooperation in this regard because I'm 73 plus. So I would like the help from our company secretary department. With this, sir, many questions have been asked by my predecessor shareholders. I don't want to repeat. I wish you personally all the Board members and more importantly, all the employees, all the very best in the days and years to come. With this, sir, thank you very much for patiently hearing. Thank you.

Thank you, sir. Thank you very much. Can I now invite Mr. Shailesh Mahadevia, please?

Yes. Sir, am I already visible and audible?

Yes, sir. We are able to see you. We are able to hear you very well. Please go ahead.

Very good, sir. Respected Chairman, the Board of Directors and all the members of the company, sir, congratulations for achieving excellent results, which I believe has become our way of life over last many years. I have presence of all the directors, including our directors from California where it must be very early in the morning. Sir, also I appreciate the assistance we have received from our company secretary Cauveri who has now been promoted as a company secretary. She's not only a company secretary, but she's also looking after [indiscernible] environments of the company. And her third main job is that she's also a member of key management personnel. Sir, congratulations to the company for creating a person from the organization to reach at such a high level and also congrats to her. So now I also appreciate that our profit, net profit has increased by more than INR 500 crore for the first [indiscernible] you will continue this performance in the years to come and will multiplies further. Now I wish to for some of the questions with you to increase my understanding and appreciation of the work which is being done by the management. Sir, my first question is that on Page 72, you have stated where India excels in developing various fields in engineering and design area, you have specified 5 particular items major. Sir, out of those 5, we are concentrating on 3 or 4 of them, healthcare or automobile, et cetera. Sir, what you have not included as a vertical as a major development is the semiconductor. Sir, semiconductor, as we have been talking, is the urgent requirement of the country. The Chairman of our Tata Group has also made a commitment that we are on the lookout for developing in this particular field. And I'm sure in that particular development, Tata Elxsi must be playing a very important role. Sir, if you can make some comment today regarding the present status? Sir, then I would like to refer to my next question is regarding the economic value added of our country -- of our company. Sir, I'm sure we must have generated a large amount of economic value added. And after taking into account the opportunity cost on our capital and reserve, Sir, if you can share this information, it will be of great interest to us. In a very short amount we'll come to know everything on the subject. Sir, I also appreciate that your company has been accepted in United States MSCI considerations. So we are now included in the list of MSCI. Sir then I want to refer to [Technical Difficulty] of all our employees. I am aware that all of them are engaged very favorably, very wisely, exhaustively. But very often, the nature of business may be such that our engagement of our employees may not be maximum, but it may be optimum. So if you can make some observation and particularly, this is because of rapid technological changes and even our trained workers have to jump from one application to the other. So that is regarding that particular problem. So now I would like to refer to the estimate of world economic development or world growth in the current year of current calendar year. It was originally estimated that the average growth in the world will be 4.2%, but it has been recently reduced to 2.8% for the current year. Sir, may I know how it is likely to affect our business, our profitability because most of our clients who are there in the meantime, the Western world, we may all have been influenced as a result of this estimated fall in the gross return, which is likely to come? Sir, then I would like to refer to the social impact. We are doing an excellent social work. We are getting good results, and I'm sure it must be having a multiplier effect compared with what we spend, the benefit that the society gets is much larger. Sir, now social impact studies are being carried out. Sir, may I know if our company has carried out such calculation? If not, I think if we can do that next year, it will throw a better light about our contribution to the societies. Sir, then I would like to come to the next important question regarding our association with China. So in our last report last year, we gave great emphasis to our association with China. Particularly, we had our offices over there also. We are trying to help there -- I think the Great Wall automobile company of China. Surprisingly, sir, in the current year and in the current report, there is no mention whatsoever about this particular market works. Sir, may I know what is the position as far as our business association with China is concerned? Sir, I would now like to make only one request. In the report, you have mentioned that we are taking part in many webinars. We may also be holding webinars at our request. Sir, is it possible, can a shareholder like me may also be invited in some of the important webinars? It will greatly help us and keep us up-to-date on that particular subject of our company's development. Sir, the last one is regarding the development of 5G, it is likely to be introduced very shortly. And what has been told to us is that the speed at which 5G will operate will be about 10x more than 4GB -- 4G in which the nation is operating. Sir, and this will, of course, mean that there will be a lot of collection of data reprocessing, et cetera, et cetera. But sir, if you can tell us how this introduction of 5G will have an impact on our business in all their aspects? Sir, with this, I thank you for giving me the opportunity. You have made it possible that I'm not only heard, but I'm also visible. Last year, we had missed that opportunity because of the service provider, some problem. But this -- I'm enjoying this year, the progress, the improvement which we have made in our network and in our [indiscernible]. Thank you very much, sir. With all my best wishes.

Thank you, Mr. Mahadevia for your insights. May I now invite Mrs. Lekha Satish Shah, please?

Can you hear me, sir?

Yes, ma'am. We are able to hear you.

Respected Chairman Sir, Board of Directors and my fellow members, good afternoon to all of you, myself Lekha Shah from Mumbai. First of all, I'm very much thankful to our company secretary, Ms. Cauveri Sriram and his team for extending very good investor services and also sending me the AGM notice billing time, which is full of knowledge, fact and tickets in place. Thank you, Chairman, sir, for explaining us below the company. Congratulations for excellent work, sir. Sir, I pray to God that he always showers his blessings upon you. I've had many questions to ask you, but they are all covered with the previous page, but here are only 2 questions. Has there been any impact of COVID second wave on the company operations? My second question is, what is the roadmap for the next 2 weeks? So I would like to say, I strongly support all the resolutions for today's meeting and my best wishes for our company and its prosperity. Thank you, sir.

Thank you, ma'am. May I now invite Mr. Om Prakash Kejriwal, please?

Thank you, Sir. Do you hear me?

Yes, Mr. Kejriwal.

Thank you. Good evening, sir for inviting me, AGM 33rd Annual General Meeting, especially thanks to Mr. Cauveri madam for inviting. [Foreign Language] Thank you, sir.

Thank you, sir. May I now invite Mr. Manoj Kumar Gupta please?

We don't have Mr. Manoj Kumar Gupta connected. We have the last question from Mr. Yusuf Yunus Rangwala, who is connected via audio.

[Foreign Language] Speaking from Mumbai, city of Mumbai. Sir, my name is Yusuf Yunus Rangwala. Sir respected Chairman and respected Chairman, Mr. [ M.G. Chandarshekar ] my fellow shareholder, sir, [Foreign Language]. Thank you so very much.

Thank you so much, Mr. Rangwala.

Over to you, Chairman.

Thank you, [ Iltija ] and let me try and address questions and queries that have come from many shareholders. And I want to thank all of them for taking their time and joining the Annual General Meeting of Tata Elxsi. Firstly, I think Dr. Arun Bopanda, I think you have raised some phenomenal number of questions. And I think the first one is with respect to the share price. Many people have asked this question about should we not consider the bonus and split. And one is the share price and then we have enough reserves even after giving a handsome dividend, thank you for all those observations. We take your inputs. As a Board, we consider all the possibilities and the business growth ambitions that the company has as well as the market environment, the macroeconomic conditions. And where are the new opportunities that are coming because if you really look at it, some of the technology areas, the way in which digital technologies are changing, the opportunities and how quickly they mature means that we need to be acting very quickly and investing in building the capabilities in those technologies and so on and so on. So we take a very calibrated discussion and very calibrated view on such a corporate action related decision. So we will take all these inputs that you all have given and at an appropriate point in time, when we feel that this is something that we can consider, we will certainly consider. And we have been rewarding the shareholders handsomely. Our policy of rewarding the shareholders both in terms of dividends, special dividends, bonus have been quite measured taking into account the company's cash position, company's reserves and the future plans. Tata Elxsi's views on related party transactions and new rules. I think we would like to certainly assure all the shareholders that all the applicable rules have been taken into account. The company is in compliance with the latest amendments therein Jaguar Land Rover is a material related party and approved limits for FY '22, '23 is INR 450 crores, which has been sought as a provision right now, right? And then you have also asked about the talent situation and people jumping jobs so frequently and how are we planning to address our attrition. I think attrition is something that the technology side has got well known and people do switch jobs. And we all have our own ways of managing the talent and retaining the talent. Tata Elxsi, we provide an environment which nurtures creativity, innovation and an environment where people can work without tension about -- and we do engage with the employees, we do invest in the employees, and we provide them with the best of hardware technologies, best of opportunities, the futuristic digital opportunities in which people can work in the field of automotive, transport, medical devices, healthcare and so on and so on. So I think one is the salary aspects, which is -- we believe that we are competitive. We -- every year, we benchmark our compensation data with the market. And then we adequately reward the employees, both in terms of fixed price salaries as well as the variable base and certain incentives and awards based on people's original work and innovation and contribution. So we do believe that we are taking enormous amount of employee engagement related work to ensure that we retain the talent that we need. And -- but I must admit that the opportunities outside are also equally -- people want such trained people, especially people with the knowledge of Tata Elxsi. So we do sometimes go out of our normal processes to retain people in a way. But we do believe that many companies, what happened was they -- during the COVID time, they stopped hiring for 1 cycle, at least 1 year, they did not hire. And whereas Tata Elxsi hired during the COVID period, and then we kept going. We honored every offer that we made during the COVID period. With the result what happens is people did not hire, who did not hire, suddenly, they had to catch up with the demand and technology. So with everybody starting to do that, there has been this aberration, which we believe that it will stabilize in the next 1 or 2 quarters is what we believe so and we hope so. And then electric costs, I think you asked a question, a number of our current client engagements are for development of electric vehicles. And I think many people also asked about driverless cars et cetera and I also want to add that while autonomous cars and driverless cars became a norm, and there are a lot of investments going on. And considering the maturity time that it is required for doing the technology and the ecosystem that need to develop alongside, people have kind of given a low priority to this in many of them. And then in the current environment, with sustainability being a bigger agenda, there is a lot of focus on electric vehicles. So in line with the demand, while we continue to operate on building technologies for the driverless cars and autonomous vehicles or assisted driver technologies, as we call it. But the efforts on electric vehicles have really taken a front seat, I should say. Our company is investing in a number of areas, including EV simulation, testing and calibration solutions. We are building partnerships with leading technology providers so we can enhance our overall proposition, combining our intellectual properties, product services, along with theirs in being relevant to them. This is giving us a competitive advantage in winning new deals. We have multiyear, multimillion U.S. dollar deals that we have won for EV system development over the last few quarters. We also talked about 45 crore people still being unconnected. And I think we see -- I think the technologies are improving and with 5G coming in, and that is also a theme of broadcast and broadband being converged. And when broadcast and broadband convergence takes place, there's going to be sure answers for such unconnected areas to being connected. Innovations in emerging technologies, AI, blockchain, cybersecurity, I think a number of areas we have addressed, and I think all aspects of digital, including AI and cybersecurity are something that will be everywhere. In every solution that we develop and deliver, the artificial intelligence and automation computing on the Edge Cloud, this becomes hygiene nowadays. And security being at the center of everything that we code, and we develop is equally important. I think the preventive proactive measures, I think you've talked a lot about cybersecurity and its threats. We are with you. We hear you. And we are doing our bit. How do we -- when we develop software and solutions and when we deliver that to our clients, how do we make sure that they are free from vulnerabilities? There are specific technologies that we use to ensure that the code that we develop and deliver and embed into some of the products and devices, they are free from vulnerabilities is something a bigger focus for us as a company. And with reference to our own network and the connectivity that we use to connect with our customers' network, we monitor our network. That is a network operating center that we have. We have also put in a complete security -- cybersecurity action force, our team, which monitors and prevents all unsolicited attacks that comes towards your company, right? I think I couldn't agree with you more in terms of agriculture being a bigger focus for us. With the advent of sensor technologies and related aspects, I think the opportunity is there for us to improve the yield in agriculture and make the right level of intervention and give enough information to the farmers. This is an area that, especially with respect to IoT and sensors, the team is looking at it. And hopefully, in the next meeting of the shareholders, we may be able to give you some positive news on this, okay? So that was Mr. Arun Kumar Bhopana and then we had Mr. Saraf -- Santosh Kumar Saraf, you asked, I think you've talked about -- well, I talked about water et cetera, you mentioned about plastics and reduction of plastics is a big effort. I think -- sorry that we didn't mention it. Our company has taken very positive steps to avoid usage of plastics. And there is a considerable reduction that we've always -- we already achieved, both direct and indirect consumption of plastics, which we will continue to do so. And maybe in the next report onwards, we will also cover that as an integral part of it. We have taken your suggestions with respect to improving our diversity quotient further. And I think we -- it's a very focused area for us, which we will continue to work on. Physical meeting, hybrid meeting. I think we hope that we will be able to conduct physical Annual General Meeting next year based on the inputs from the regulators and the possibilities that the regulators provide for, we will be compliant with it. And let's hope that in addition to the physical meeting, the hybrid meeting is also possible, right? That's something that we look forward to as well, right? Then Mr. Naveen Bothra, again, thank you for all your insights, support, guidance. And I think you had asked for many questions, many suggestions you have given for the company and very valuable. I want to thank you for that. With respect to medium-term management plan, I think there are -- the company is focused on the core segments that it operates, right? I think one of the things that we had over the last 3 years was that, look, how do we ensure that we become a very strong company, very strong force in the areas that we are operating, namely automotive, healthcare and so on, or transport and so on. So I think that -- I think we have largely achieved, and we are -- we have the momentum on our side. Our focus at this point in time is to ensure that this momentum is sustained and become a leader in these particular areas that we have started to focus on. Moving from there, I think we will certainly look at adjacencies and the competencies that we have already built, right? Like, for example, IoT is a space where we have built a lot of competencies, which we would like to see, right? How do we leverage IoT as a bigger technologies as horizontal for many areas of our business, right? That's one thing that we are looking at. AI, data and computing on the edge, that becomes, again, a very focused area. And within these 3 segments that we are operating, even there, there is enough opportunities to look at and which is what we are hoping for. Then Quantum is an area where there's a lot of work that is being happening outside and -- but it has to come to mainstream. But as a company, we have started to train people. We have started to work on certain areas like quantum, cryptography, content security. And these are areas that we need to know, and we need to proactively build competencies and capabilities. 5G is another area where I think there is a lot of effort and the private networks. With the advent of private networks and 5G, we should be able to do more in the telecom segment as well. So we are looking at it at this point in time, many similar and adjacent opportunities without compromising on the momentum that we have for these 3 verticals, right? And then you also asked about semiconductor and semiconductor is a shortage. I think a lot of people spoke about it as well. Within the semiconductor area, the shortage is likely to continue for, if not for a foreseeable future, at least for about 3, 4 quarters, I don't see any reason why the shortage would ease, right? So within that realm, then we'll have to see how our customers are dealing with it. And accordingly, we will have to align in optimizing the usage of semiconductors, optimizing the usage of processors to better and efficiently manage the resources that are available to deliver the maximum throughput on -- by the solution, the solutions that we are delivering to our customers. Companies' capable of, let's say, designing chips, while we are not yet -- we have not built on that capability, and we are doing it in a limited manner. Maybe that's based on your suggestions, we have to look into it and probably partnering with some of the other group companies and efforts. At this stage, we are working with companies like Tata Electronics in enabling, let's say, industry 4.0 kind of solutions, smart factory solutions and so on and so on, right? So we have the competencies and capabilities, but semiconductor design, chip design is a very long haul, very involved and investment that is required. So our view is that we will have synergies with the group companies and pull all the group competencies together to see if we can make an impact on the semiconductor arena. Products and platforms monetization, I think there are several platforms that we have built, and some of them have been proven, some of them are still in the labs, digital health platform for omni care -- omnichannel care and then Tata Elxsi Play, the OTT, PBT platform, the IoT platform, Tether. They're all already helping us in terms of winning large customer deals and the -- and creating differentiation in the verticals that we operate in. And some of these licensing is also sometimes it's a onetime license fee. Sometimes, more and more customers are asking on a pay-per-use basis or on a cloud-based to SaaS-based pricing models. So we are putting together the strategy to keep improving the market share in these platforms, number one. Secondly is that, look, our own revenue profile, how do we bring in that nonlinearity and how do we keep improving, increasing the share of nonlinearity revenue, if I can call it that way into the play. I think quantum computing has already been answered. Metaverse, I think, is again something that you have pointed out, we are exploring it. And we have the -- with our visual computing experience and the design capability that we have, the competencies exist, and we are piloting some projects right now. I think it's an opportunity that we will play it big, and we will take it in the front foot. On the many suggestions that you have pointed out, I think we'll continue to reach out to the investor and then the outreach investor. Outreach has increased, as you rightly pointed out. And I think I want to thank the management team and the Investor Relations team. And then we will continue to improve upon that and then see that the value proposition of the company is well understood by both institutional and retail investors at large. Thank you, Mr. Bothra, for all this. And Mr. Ram Vasudeva Ramasamy, again, thank you for your suggestions. And again, I think I will respect your question on bonus and split, I think I have already answered. Interactive investors meet is, again, a good proposition. And I think the COVID has kind of prevented us from doing some of these things physically, but we will keep improving that, and we will consider holding an interactive investors meet as time permits, as the situation permits, hopefully this year. Then Mr -- Mrs. Elizabeth Mascarenhas, thank you, ma'am, for joining us and for your suggestions today. With respect to your suggestion on considering the split, our bonus I've already answered. Our ESG rating is -- we have started to apply this. We've undertaken an ESG assessment by EcoVadis, internationally reputed agency. First time, we have been recognized with the bronze medal in the latest assessment undertaken last quarter, and we will have the opportunities to improve, and we hope to improve from there. And then which is our core competence, where our businesses are, as I said, that, look, I think our focus is very clear. Those design-led engineering is really our core competency and that is what our company is known for. That is what our clients respect as far. And many competencies in that area, patents, et cetera, we have created in that in design-led engineering. And in that sense that we will continue to enhance our capabilities and provide the best-in-class experience for the customers and customers' customers as we design products, specifically in automotive and other transport segments, healthcare, medical devices segment and so on, right? So I think that is going to be our core competence. And in almost just you have -- as I outlined in my opening speech about the company's performance, almost all the verticals are growing in higher double digits and above 25%. Every industry has grown by 25% or more. And we have also grown each of the markets, whether it is United States or Europe, U.K. or Asia, in each of these markets, we are competing. So I think these 3 segments will continue to remain our core areas of focus, while we will start to look at some of the adjacencies in these 3 segments. And one of the things that company is considering is to see how we can leverage 5G and telecom as telecom is likely to become a horizontal for all the other verticals in the future. How can we provide leverage on some of the experiences that we have in the 5G area for better utilization? That's what I think. Semiconductor, I've already answered. Attrition percentage, we are about 20% in the last quarter figure, which is about the last 12-month basis. We run at about 20%, which is somewhere in the middle compared to all the other companies and -- so we are not leading there but we are not trailing there as well, but the opportunities to -- there to retain people and there. But this is a very hard technology area in which we are operating, and we are doing our best to retain people. I think patents, I have mentioned that we have 109 patents, right, I think -- 104 patents. I think we have put in that. And driverless cars, and we work with Tata Motors, we work with other automotive companies as well. But then as I said that the focus is not so much on driver focus, driverless cost, but it's more on assisted technologies at this moment, with lot more focus on EV, electric vehicles. Okay. That's the way that I put it. And then Mr. Muscarin, again, thanking you for joining us today. There are opportunities that the company is considering in terms of inorganic growth. And as and when it happens, then we will let you know. But there are -- clearly, we don't want to buy a company for just acquiring resources. We want to buy a company which will give us more market presence or come back to us -- come to us with the intellectual property, or assets or some clear differentiation in a particular vertical or fast track or presence in a particular vertical. So there are things that the company is evaluating and then for the right value, if you are able to get it, then we'll certainly consider. And you also asked who are our competitors and who are -- what is our market share. I think our competitors are mostly every engineering services company, which is there. And then in the marketplace as we compete -- we compete with Accenture, Wipro, LNT and then Capgemini, KPIT. It depends on the segment, depends on the market, and many of these companies are competing with us. And we have grown last year, competing with all these firms, and we are happy that we are able to win the deals that we want to win. And our market share, specifically with respect to this engineering services and embedded segment, it's about between 4% to 5% at this stage, depending upon what to include, what you don't include. So there is enough headroom for us to grow this business even in the chosen segment that we currently operate. So -- and then you are asked for some DMAT help. I think I will request our team to get in touch with you to see what help that we can provide that is possible, right? So, thank you very much. And then Mr. Mahadevia. I think, again, thank you so much for joining us today and providing your insights. As I -- I think your first question was with respect to concentration on only 3 of the areas, but other areas we have not presence. So what is in the India context that I think you had mentioned. As I said that, look, we have to choose to focus, and we have chosen those 3, and we will look at those adjacencies. EVA of our company is something that -- so it's about INR 414 crores at this point in time. And then with about 10% as the VAC and capital is the contribution, okay. So maybe we are not really focused on EVA per se being where we are right now, but I think that's something that we compute, and we internally monitor a little bit. But maybe we will have to look at it more closely if it is meaningful to us. So I think I request Gaurav to consider this and maybe also take it as a KPI, if it is meaningful to be reported, yes. And then engagement of employees, I think I covered it as a part of the attrition. I think you had a question on, are we optimum? Are we getting the optimum out of the employees? Are we getting the maximum amount of employees? I think we don't want to focus on individuals, but we have a culture in Elxsi, which is a team-based culture. We win or lose as a team. And are we getting the right velocity and throughput and the productivity that is expected by the project by that team is what is our measure at this point in time. We don't really monitor each individual's contribution in per se when it comes to the question of this. But however, there is a system to measure their intellect, measure their technology prowess as we do their performance assessment. But your suggestions are valid and employee engagement is something that we have taken it very seriously. And during the last 2 years, phenomenal amount of channels have been employed by our HR, in reaching out to people and making sure they are part of Elxsi and part of Elxsi's way of working, culture, tradition and all of that. I think your observation on the growth in the world economy is reduced from 4.2% to 2.8% is known and is noted. And we don't see -- see, basically, all these things in the current environment, whether it is geopolitical risks or otherwise, technology is becoming the solution for everything, whether it is you want to grow, you need technology, whether you want to be efficient, you need technology. You want to be innovative, you need technology. So in that sense that, look, we don't see this will adversely impact the investments in technology. I think some of our client interactions that we have had, they have not talked to us so far about reduction in technology or any defocus in the technology. So in that context, I think I would say that there is no impact that we see at this moment. However, as a management team, we are focused in terms of monitoring the situation and tracking it. And if you have to make any course corrective measures, we will make it quickly. Then social impact studies are being conducted. Yes, and we are -- we have to conduct that study as well. We will initiate. Thank you for the interaction. We will initiate that study, and we will share a more recent impact rather than merely saying that it benefited 27,000 employees. What exactly is the impact we have created is something that we'll be able to share it hopefully in the coming year. Our association in China, as you know, China is one of the most affected or most impacted countries due to COVID and I think, in that context that our ability to execute projects in China and our ability to send people in China or work locally in China, everything is impacted. And in that context, our work that we did with the Great Wall automobile company is also progressed very slowly. And so there is clearly a reduction in our focus and efforts in China because of all these constraints. So when the post-pandemic world in China opens up, I do believe that there will be opportunities for us to reengage and in that time, we'll keep you informed of that. The next question you asked Mr. Mahadevia was on webinars. It's a good idea that you have given us to see whether any of the shareholders can connect and join our webinars, we will keep that in mind and keep you posted. And 5G, again, I think I talked about it. There is a lot of opportunity. We have the ability to contribute. And at this point in time, we are working with some of the group companies. One of the intellectual property that the company has, which we call it as the cloud orchestration software, which is essential for virtualization of the telecom networks is something that Elxsi has contributed in the overall efforts of building an atmanirbhar technology, both for 5G and 4G and 5G beyond. Then moving on to Mrs. [ Leka Shah ], has there been any impact of COVID? We have been able to successfully transition into a remote working model. And we continued. I think we spoke about it last year. We continued that and with that happens, I think -- but it's not optimal that we have managed to grow the company, and that's not significantly impacted during the second wave as well because of the resilience that we could bring in to our operations and our clients' operations. You also asked about the plan for the next 2, 3 years. I think I have shared with it earlier. Mr. Kejriwal, I think you had a lot of suggestions and bonus split and rights et cetera, I think I've already answered; driverless car, I have already answered; semiconductor, I've already answered. Physical shareholders, I think, you've given some suggestions. And then as far as the group level initiative is concerned, we'll certainly consider it. We'll certainly discuss it at a group level to see whether such an opportunity exists. But be that as it may, I want to assure you that our Company Secretary and under team reaches out to every physical shareholder in encouraging them to convert it into DMAT. And also even before we move things to IETF, there is a last bit effort to then to reach that shareholder to ensure that shareholders' interests are always protected. We'll continue to do so, but you have given us some ideas, we will take that forward as we move more things. I think with that, that comes to the end of the question-and-answer session, and I've answered most of the questions to the best of our abilities. And if you still have any questions, please do mail us, reach out to the company secretary, and we'll be happy to connect back with you and shareholders and address those concerns or questions. With that, I think the question-and-answer session is coming to an end, then we move on to -- so let me make my closing remarks of this meeting. Now that we have addressed the queries from shareholders, we would like to table the following resolutions to vote at the 33rd Annual General Meeting. Ordinary business, resolution #1, to consider and adopt the audited financial statements of the company for the year ended March 31, 2022, together with the reports of the Board of Directors and the auditors thereon. Resolution #2, to declare a dividend of INR 42.50 per equity share of INR 10 each for the financial year 2022, '23 -- 2021, '22. Resolution #3, to appoint a director in place of Mr. Ankur Verma, who retires the rotation and being eligible offers himself for reappointment. Resolution #4, to reappoint Mr. BSR and Company LLP, chartered accountants as statutory auditors of the company for a period of 5 years from the conclusion of this Annual General Meeting up to the conclusion of the 38th Annual General Meeting to be held in the year 2027. As a special business, Resolution #5, reappointment of Mr. Manoj Raghavan as the Chief Executive Officer and Managing Director of the company. With this, we are coming to the end of this meeting. In case, there are any more queries that have not been addressed, may please send it -- send an e-mail to the company secretary as I had earlier requested. May I request all shareholders who have not exercised the remote e-voting to cast their vote through e-voting? I hereby authorize the Company Secretary to carry out the voting process. Please note that the e-voting will be kept open for 15 minutes. The scrutinizer shall count the number of votes for and against the resolutions after downloading the same from the e-voting system of NSDL. The scrutinizer will then submit his report to the Chairman, which will be put up in the website -- on the website of the company and filed with the stock exchange within 48 hours of the conclusion of this Annual General Meeting. Thank you all again for joining this Annual General Meeting. I would like to thank all the directors, company executives, senior leadership and the shareholders for joining this meeting remotely. Stay safe and stay healthy. Thank you very much.

Dear members, as instructed by the scrutinizers, request all the members participating in the AGM and who have not casted the vote yet to cast their vote in the remaining period of 15 minutes. Thank you. Dear members, as advised by the scrutinizers, the time for voting has elapsed and they are of the view that all members who are participating in the Annual General Meeting have been given adequate time and opportunity to vote at the AGM, and this concludes the proceedings of AGM. Thank you all for participating in the Tata Elxsi AGM and e-voting.