Tata Elxsi Limited (500408) Earnings Call Transcript & Summary

Dear shareholders, good afternoon, and a warm welcome to the 34th 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 AGM as per the pre-registration. Please note that as per the requirements, the proceedings of the Annual General Meeting will be recorded and available on the website of the company. I now hand over the proceedings to Ms. Cauveri Sriram, Company Secretary of Tata Elxsi Limited. Over to you, ma'am.

Thanks, Levin. A very good afternoon, and let me extend a warm welcome to the 34th Annual General Meeting of Tata Elxsi Limited. This meeting is being held through video conference in adherence to directives and relevant circulars issued by the MCA and SEBI. The company has taken all necessary steps to ensure that shareholders are provided with an opportunity to participate in this AGM through video conferencing. The proceedings of this meeting are being webcast live on the NSDL platform. In accordance with the Articles of Association of the company, Mr. N. G. Subramaniam, Chairperson of the Board of Directors, will chair this meeting. The notice convening the 34th AGM, along with the annual report of the company we sent to all shareholders, was e-mailed -- was available with the depositories, company and the registrar. As the AGM has been held through VC, the appointment of proxies has been dispensed with. In terms of the provisions of the Companies Act and SEBI LODR, 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 30th June until 3rd July. The members who have not voted through remote e-voting can cast via vote during the AGM and 15 minutes thereafter by way of e-voting available on the NSDL platform. There will be no proposing or seconding of the resolutions. Please note that all the participants will be on mute mode only. Shareholders who have joined through the NSDL link can post your queries with the communicate option available on the screen and these queries shall be responded to. Those shareholders who have pre-registered their names for the Q&A session will be called serially, and your audio and video will be unmuted. The speaker shareholders are requested to wait for at least 30 seconds for their audio and video to be enabled for a seamless communication. Each speaker shareholder is requested to restrict your query to a maximum of 3 minutes. I would also like to inform that the shareholders, that the representatives of our promoter, Tata Sons Private Limited, have joined the meeting through videoconferencing. We also have representatives from KPMG, our statutory auditors; Mrs. Jayashree Parthsarathy, Secretarial Auditor; and Mr. Madan V. who has been appointed as a scrutinizer for the e-voting process, who have attended this meeting through videoconferencing. I would now request Mr. N. G. Subramaniam, Chairman, to conduct the proceedings of the meeting. Thank you.

Good afternoon to all of you. It's my absolute pleasure and privilege as your Chairman to welcome all of you to the company's 34th Annual General Meeting. On behalf of the Board of Directors, and everyone at Tata Elxsi Limited, I thank you for your continued trust, encouragement and support to the company and its management. In adherence to the government's directives, the 34th 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 Mrs. Cauveri Sriram, Company Secretary, along with me in Bangalore, where we are headquartered. The other directors of the Board have joined the meeting remotely. Let me begin by introducing your Board of Directors. I now invite Mrs. Gopinath to introduce herself, please.

Good afternoon to all of you. This is Shyamala Gopinath. I'm joining from my daughter's residence in California. I chair the Audit Committee and the Nomination and Remuneration Committee, and I'm also a member of the CSR Committee. Thank you. It's a privilege to be with all of you.

Thank you, ma'am. Mr. Sudhakar Rao.

Good afternoon, everyone. I am Sudhakar Rao, joining this 34th Annual General Meeting of Tata Elxsi from my residence or my place of stay in Singapore. I am a member and the Chairman of the CSR Committee of the Board and also the Stakeholders' Committee, and I'm on the Audit Committee. So welcome to you once again for this AGM. Thank you.

Thank you, Mr. Rao. Prof. Anurag Kumar.

Good afternoon. This is Prof. Anurag Kumar, logging in from my home in Bangalore. I'm an Independent Director of the company, Tata Elxsi, and I chair the Risk Management Committee, the Ethics Committee, and I'm also a member of the Stakeholder Relationship Committee and the Audit Committee. I'm happy to be here. Welcome to everyone.

Thank you, Professor Kumar. Mr. Ankur Verma.

Good afternoon, everyone. My name is Ankur Verma. I'm the Director of the company, and I'm also the member of an Audit Committee. I'm joining this meeting from Mumbai, my office today. Thank you. And it's a privilege to be part of this meeting. Thank you.

Thank you, Ankur. Mr. Manoj Raghavan.

Good afternoon. I'm Manoj Raghavan. I'm the MD and CEO of Tata Elxsi, and I'm joining the meeting from our registered office at Bangalore. Welcome once again to all the shareholders.

Thank you, fellow directors. As the requested quorum is present, 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 videoconference, 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 1 by 1 to post their questions, queries and feedback during the question-and-answer session. Let me deliver my customary speech at this AGM. As your chairperson, I take great pleasure in once again welcoming you all to this 34th Annual General Meeting. On behalf of the Board of Directors and everyone at Tata Elxsi Limited, I would like to thank you for the trust and confidence that you have placed in us, and I look forward to your continued support. I am pleased to chair this Annual General Meeting this afternoon. In the financial year 2023, we witnessed another year of strong and sustained top-line growth while maintaining industry-leading margins. I would like to thank my co-directors for their able guidance, CEO and MD Manoj Raghavan, the 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 March 2023, along with the directors' report and audited annual accounts of the company, have been shared with you. May I request that this be taken as read. I would now share with you the key aspects of your company's financial performance for the year 2022-'23. I'll follow that by certain highlights on operations, human resources, our commitment to the community and environment and a brief overview of the overall business environment and the outlook for the coming financial year. Firstly, let me reflect on the company's financial performance for the year passed by. The total income for your company for the financial year 2022-'23 increased by 28% from INR 2,515.3 crores to INR 3,218.5 crores. The operating revenue grew by 27.3% to INR 3,144.7 crores. The profit before tax increased by 25.8% from INR 745.5 crores to INR 937.5 crores. The profit after tax for the financial year was INR 755.2 crores, growing strongly by 37.4% from INR 549.7 crores. The top-line growth was a result of strong performance by the company in all the key geographies of the United States, Europe and Asia Pacific. The company's unique design-led engineering offerings helped your company deepen its engagements with the current customers and start new client engagements. Your company's deep domain expertise in the areas of software-defined vehicles, communication technologies, including 5G and digital health care, has helped in securing business arising from impact of connectivity, software and digital technologies in the chosen industry verticals. I'll now 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 the domains of connected, autonomous and electric vehicles. In the financial year, this segment witnessed a healthy growth of 32.7%. This is the strongest growth that the Transportation segment of your company has witnessed in the last 3 years. Your company's strong capabilities in software development services and solutions for electric vehicles, powertrains, advanced driver assistance systems, autonomous vehicles, infotainment systems and related areas, coupled with long-term engagements with leading OEMs and Tier 1 suppliers, is making Tata Elxsi a leader in this particular segment. As the world is moving close to zero emission deadlines announced by the U.S. and various other countries in Europe, there is a significant push from the automotive OEMs to bring better zero emission cars to the market. This is propelling adoption of associated e-mobility technologies, along with continued adoption and evolution of features such as advanced driver assistance systems, autonomous vehicles and connected infotainment. Your company expects this trend to continue in the coming years and is committed to keep pushing the envelope of innovation in connected, autonomous and electric vehicles to build future-ready solutions in electric mobility. Your company recently signed an MOU with the Indian InsurTechnology Guwahati to jointly work on developing and commercializing state-of-the-art solutions for the electric mobility market. In the Media, Broadcast and Communications segment, your company works with leading multisystem operators, broadcasting companies and studios across the world to help them roll out multi-play services with optimized viewing experience. Your company also supports its customers in their digital transformation journey in the areas of adtech and workflow management and assists in their integration, process automation and network transmission efforts. In the current challenging environment for the global media and communications industry, this segment witnessed a growth of 18.2% over the previous financial year. The growth in Healthcare segment is being driven by digitalization of health care where devices are becoming connected and more software-driven. Digital patient engagement platforms are proliferating amongst health care services providers and are seeing higher adoption by patients. Your company has a strong portfolio of digital health platforms addressing the growing opportunities in omnichannel care, digital therapeutics and patient assistance. In the financial year, your company's health care and medical devices business grew by 37.6% year-on-year. Complementing the technology and software development services, your company offers industrial design services to our customers worldwide. It's an integral part of the design digital capabilities and includes services like consumer research and strategy, product design, service design and user experience design. This division helps in creating strong traction through design-led ideas and deals. The industrial design business grew by 24.4% year-on-year during the financial year. Your company's system integration and support services provides professional services for cloud and infrastructure management, virtual reality and augmented reality. It uniquely blends your company's capabilities in technology, design and content of turnkey development of virtual reality labs, world-class experience centers and training and safety centers. During the financial year, system integration business grew by 54.9% year-on-year. Let me now share with you the highlights of human resources and talent in your company. Your company considers its employees and their success as key success of the company. The company is committed to fostering a workplace culture that values diversity, inclusivity and collaboration. Our people-centric policies and efforts contribute to the development of our employees and significant improvement in our operational effectiveness. Your company's newly adopted employee value proposition, "Home to billion possibilities," carries an idea of Tata Elxsi being a home to our people, where they are cared for, nurtured and mentored, enabled to explore endless possibilities and pursue accelerated parts of career growth. In line with our core thought process that success means growing together, your company has introduced the performance stock option plan, which will provide opportunity for the elections to participate in long-term success of the organization. With access to some of the world's leading technology, management and leadership training courses, coupled with our own digital repository and training content, our employees have the required resources for self-paced training and upskilling. We are also committed to ensuring employee diversity and inclusivity at the workplace. 36% of our workforce are female employees, making us amongst the leaders in the technology and engineering R&D provider space. To ensure the overall well-being of our employees and their families, we are providing access to our premium health care platform to benefit all of our employees and their family members. This is apart from the other facilities like access to a unified health care portal and 1 to 1 counseling services for employees who need them. I would now share some updates on innovation initiatives of your company. For your company, which operates on the forefront of digital technologies, innovation is key to its success and essential for its operations. Tata Elxsi has a dedicated patents team which actively supports innovators within your company with intellectual property rights management and various formalities related to the patent filings. Till date, your company has filed 111 patents and has been granted 36 patents. As a testimony of your company's design-led engineering capabilities and its deep expertise in cutting-edge technologies, Tata Elxsi's futuristic connected TV solution won the prestigious Tata Innovista Award. Tata Elxsi also received the Innovative Company of the Year Award for the large enterprise services sector at the ninth annual CII Industrial Innovation Awards 2022. To further the spirit of design and innovation, your company also announced the global contest for creating a sustainable design solution on the world industrial design day. The contest received over 180 design innovation submissions from across the world, including leading design schools from the United States, United Kingdom and India. Let me now address our commitment to the environment. Your company is committed to creating a sustainable future through our targeted initiatives, collaboration, renewable energy and responsible practices that benefit both the environment and the society. The efforts under this include driving net zero, reducing waste, recharging groundwater, recycling everything and preserving nature and biodiversity. We have been replacing conventional lighting and equipment with energy-efficient lighting and equipment. More than 38% of our energy -- electricity requirement that we currently use are coming from renewable sources. Your company recycles 100% of its wastewater that it produces. We also recycle our e-waste with the help of specialized agencies. These initiatives are taking us closer to our aspiration to be 100% carbon-neutral by 2030. In terms of contributing to our community, your company's CSR initiatives are run on 3 important themes that are important to all of us: Education, health care and environment. Shiksha is an umbrella program under which we run several initiatives which support the underprivileged in their education and skill development. This includes scholarships for engineering diploma students, scholarships for students from underprivileged areas, skill development programs for transgenders and many more. Under Niramay, we strive to make health care available to the needy, often at their doorsteps. The activities under Niramay include setting up network of clinics in slums and mobile clinics in tribal villages and many more initiatives which make health care accessible to the needy. Theme Paryavaran, which was initiated in this financial year, reinforces our commitment to the environment and brings in a more focused approach towards preservation of natural resources. Under this theme, we have commenced a set of long-term programs, which includes rejuvenation and restoration of lakes in the vicinity of Tata Elxsi offices in Bangalore, creating an eco campus in the CSIR facility in Trivandrum and planting over 2,500 trees and shrubs in the campus and a project at Kodagu to improve the livelihood of 350 tribal farmers by enhancing their coffee yield significantly over the next 3 years. Let me now discuss the overall business environment. Firstly, on technology. As digital technologies are becoming all-pervasive, we are experiencing technologies like artificial intelligence, augmented reality, digital twins and 5G, take center stage and push the boundaries of experiential innovation. Talking of the automotive industry, with the advent of electric vehicles, technologies like connected cars and autonomous driving are seeing accelerated adoption. To address these market shifts, automakers and suppliers are investing in platforms, products and technologies to address future opportunities in connected, autonomous and electric cars. Connected vehicles would also be increasingly generating immense amount of data, which would open up new monetization opportunities for various players in the e-mobility ecosystem. In the Media and Communications segment, too, technologies like 5G, artificial intelligence-based personalized content delivery and enhanced viewer engagement, augmented reality, virtual reality technologies, blockchain technologies for better copyright management are seeing faster adoption. They present immense opportunities for companies like Tata Elxsi. Your company, with its competencies, strong talent base and deep domain expertise, is well positioned to address these opportunities. Moving to the macroeconomic view. The global macroeconomic outlook is likely to remain volatile in the coming quarters, with significant geopolitical risks and challenges around inflation and economic growth. Technology advancements and disruptions from artificial intelligence, machine learning are likely to be there at an accelerated pace. Your company is investing adequately in building the required capabilities in AIML, both predictive and generative, and be prepared to exploit such technologies in our products and services. Your company's diversified presence in key geographies, verticals, alliances, research and innovation, and last but not the least, an agile operating model, thus provide the necessary mitigations. We are confident of keeping our growth momentum going by leveraging our deep domain expertise and our presence in key geographies across the world. I would like to congratulate our CEO, Mr. Manoj Raghavan, entire management team, staff and business associates for their excellent performance in the financial year 2022-'23, and thank them for their commitment, passion and contribution to 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 Limited, I thank all of you, our valued shareholders, for your continued trust support to the company and its management. Thank you very much.

We now move to the e-voting and question-and-answer sessions. I would like to now call the names of the shareholders who have pre-registered themselves with the company 1 by 1 to post their questions, queries and feedback. In case of any technical issues with any particular shareholder, who is -- the next shareholder in the queue will be called. The said shareholders can rejoin after the technical issue is restored. The moderator will unmute the audio and video once the shareholder's name is called out. They may kindly wait for 30 seconds for the video to activate. To ensure that we give opportunity to all participants, I would earnestly request each one of the shareholders to restrict your queries to maximum 3 minutes. Thank you. Dr. Arunkumar Boppana, please.

[Operator Instructions]

Good afternoon, sir.

Good afternoon, Dr. Boppana.

Thank you for your speech, sir. You can smile in, with a twinkle, twinkle in your eyes. Thank you for the smile. The success of Elxsi and the CS team does have many hands with 1 mind to lead. That is the success of Tata Elxsi, sir, thanks to Mrs. Cauveri Sriram for arranging this VC. And compliments, sir. It's hard to express the sense of awe and satisfaction on the market cap after you took over as a Chairman. I hope it keeps rising northwards, because I'm not a great share market investor, but I'm proud of Tatas. Tata Elxsi is a global design and tech services company with a wide range of expertise in various industries, harnessing power of AIML to improve the business processes. And my question, sir, Tata Elxsi has lots of opportunities to assist companies in digital transformation in IoT, AI, et cetera. What are the opportunities and your comments on that, sir? Cybercrimes, what are the investments in cybersecurity to ensure our data protection for 24/7, 365 days? Because IT has given its mighty definitely. It has given so much of tenacity and it has given so much order sit to the cyber criminals who are on the rampage nowadays. Emerging technologies, uncharted territories, are we doing enough in the R&D, what is R&D budget? How does Tata Elxsi use a digital mission to create a seamless user experience, ensuring usability and accessibility in terms of media and communications industry? The millennials and the workforce, they want to have life beyond clock and work time, sir. Now they want a balanced lifestyle. What are Tata Elxsi's plans to skill this -- to match the skill mismatch currently with new-age courses like coding, air, robotics, et cetera. And what is the subsequent transition to work as a springboard with health care and life sciences, concept ideation, et cetera, where do we stand? The strong presence in the automotive domain, service-related connected cars and automatous driving, what innovation did Tata Elxsi offered to Tata Motors last year? Sir, you said we are aiming for net zero emission. Is it right, sir? Chairman, sir?

Yes, yes, sir.

I want to add one thing, sir. Electric cars have become so silent. The buses are not. There is scope on a lot of accidents. The accidents can be violent. Too much silence may lead to accidents, violence, so we have to take care of it. And lastly, sir, in conclusion, the potential is vast. We are merely scratching the surface. The future must be crafted, and Tata Elxsi has a great future. I wish you all the best, and thank you, Chairman, sir, for giving us the opportunity. It's a wonderful always interacting with you. Thank you very much.

Thank you, Dr. Boppana. Mr. Anandaroop Sagar Datta, please.

[Operator Instructions]

Hello.

Yes please, go on. We are able to hear you.

I would like to express my thanks and gratitude to the Tata Elxsi management for giving me the opportunity to speak in this 34th AGM of Tata Elxsi, which also happens to be my very first AGM speech in my life as a common shareholder. I have been a Tata Elxsi shareholder since 2019. I would want to express my support to the Tata Elxsi management. The way they have conducted themselves so far in remaining committed towards highest pedigree of engineering design net services. Robust design is very essential in today's world when we have the very recent Titan disaster to take cue for. The OceanGate Titan disaster happened in deep sea exploration due to its flawed designs. Now that Tata Elxsi has partnered with ISRO for Gaganyaan, all the more power to the management and all the more support to them for remaining laser-focused. Our world is a world of billion possibilities. I would like to offer a few suggestions to the management in this regard. Please, if possible, partner with Titan company to see if Tata Elxsi can design more innovative touchscreen smartwatches which can compete with Apple products. Please see if there is any possibility to design Oculus devices the way Meta company is designing for virtual reality headsets. Tata Elxsi is way ahead of its Indian competitors, and we have the potential to become the Tesla of India in matters of driving innovation. Please see that the engineering of driverless electric cars in India research that these cars don't catch fire easily as Tesla cars are catching fires when coming in contact with electrolytic salt flood waters in U.S.A. Lastly, I have come in contact with many control reviews and comments asking for bonus or splits to the Tata Elxsi management. I urge the management not to shift their focus from the amazing work that they have been doing for the past few years and keep up that same laser-focused attitude. We look forward that Tata Elxsi be the brand for futuristic novel engineering designs from our country. Thank you, everyone.

Thank you, Mr. Datta. Mr. Manoj Kumar Gupta, please.

[Operator Instructions]

Hello.

Yes, Mr. Gupta.

Yes. Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta, I have joined this meeting from Calcutta. So first of all, thanks to you and your team for the excellent result of the company. And I thanks to MD and his team for the good achievement of the company for the year '22-'23. And I thanks to the company's secretary and her team for their excellent support to the small investors to join this meeting through VC. And I thanks to the company's secretary, she is always ready to help the small investors. Whenever we call her, she always take the call and see -- try to solve the issues. And sir, we always want to see your smiling face, because we, as your small investors, whenever we see your face -- smiling face, we think that we will get good return in future also, because Chairman's smiling face is a good indication to the small investors that company is in a good safe and good condition. So sir, we expect that you will give a reward to the investors. That's a long due -- to try to consider the reward to the investors and sir, try to split the stock because now in 10 is to 1 or 5 is to 1, sir. Think about our request from last 5 years, we are requesting you to think about the split the shares that your market liquidity will increase, market capitalization will increase and the invest -- and more people will get a chance to -- getting the opportunity to be a part of Tata Elxsi. And thanks for your good dividend of INR 60 per share. And I will not say that because I know your Tata's culture, they discussed the dividend soon after the AGM. And sir, what's your future plan for the company for next 2 to 3 years? And sir, unclaimed dividends before sent that dividend to the central government, I request you through -- I requested the company secretary from this platform send a notice to the shareholders with this year dividend warrant, that they can claim their dividends from the company or put their name on your website. When they were lucky, they open your website, if they find their name in the unclaimed dividend for front, so they can claim their dividends from the company. And thanks for your CSR. I will not say a single word on the CSR because it's like a [Foreign Language] sir, we know Tata's culture about the CSR. You have done a lot of wonderful novel job in the second phase of corona. We have saved -- Tata group has saved more than 3.5 million lives to provide the oxygen to rail and transportation, to provide the oxygen. So I will not say anything. And sir, try to take action to develop the skill develop system in the country -- in the talent system because we have the talent, foreign has the money. They use our talent on their cost. So you think about inspire the young talents in that country, sir. And sir, what's your view about the ISRO Gaganyaan? I wish the company that their ambition should success and our beloved Prime Minister ambition should success, that Tata Elxsi will be part of ISRO this time, to help the ISRO to get -- achieve of Gaganyaan. And last but not least, I thank to you and your team for excellent result of the company and best of luck for the next year. And we believe that next year, our price will be in 5 digits, and we will get a split. Thank you, sir.

Thank you Mr. Gupta. Mrs. Bharati Saraf, please.

[Operator Instructions]

Mr. Saraf?

Yes. Yes. One minute. [Foreign language] shareholder [Foreign Language] video conference [Foreign Language] present [Foreign Language] Bharati Saraf is my granddaughter, Santosh Kumar Saraf [Foreign Language], Director [Foreign Language]. Sir, [Foreign Language] management team [Foreign Language] highest dividend [Foreign Language] 606% dividend [Foreign Language], last year [Foreign Language] 30%, 40% increase [Foreign Language] increase [Foreign Language] dividend [Foreign Language] management [Foreign Language] team [Foreign Language]. [Foreign Language] medical sector [Foreign Language] women employee 36% [Foreign Language]. Tata Elxsi women empowerment [Foreign Language] Modiji [Foreign Language] women [Foreign Language] empowerment [Foreign Language] Chairman [Foreign Language] 36% women [Foreign Language]. Sir, [Foreign Language] space industry [Foreign Language] electric motor industry [Foreign Language] hydrogen [Foreign Language] technology [Foreign Language] demand [Foreign Language]. [Foreign Language] awards, rewards. [Foreign Language] awards, rewards [Foreign Language]. Otherwise [Foreign Language] rewards, awards. Sir, [Foreign Language] stock bonus or split [Foreign Language] favor [Foreign Language]. MRF is INR 1 Lakh per share [Foreign Language] shareholder [Foreign Language] split. [Foreign Language] shareholder. [Foreign Language] VC meeting [Foreign Language] Singapore, [Foreign Language] VC [Foreign Language]. Secretary and her team [Foreign Language]. Manojji [Foreign Language]. [Foreign Language] shareholder [Foreign Language]. VC meeting [Foreign Language].

Thank you, Mr. Saraf. Mrs. Lekha Satish Shah please.

[Operator Instructions]

Hello? Can you hear me, sir?

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

Thank you, sir. 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, very thankful to our Company Secretary Cauveri, ma'am, for sending me the AGM notice well in time, which is full of knowledge, fact and [indiscernible] in place. And also, Company Secretary Cauveri, ma'am, always answered all my calls and helped me clear all my doubts. Once again, thank you so much, Cauveri, ma'am. Thank you Chairman, sir, for explaining us well about company. Congratulations for explain work, sir. That I pray to God that he always shower his blessings upon you. Thanks for the wonderful dividends, sir. I am proud to be a shareholder of this company. I congratulate your management and his team for receiving the 9th Annual CII Award Initiative (sic) [ Innovative ] Company of the year. And also, I'm happy the company is doing very well in the field of CSR activities. Our company had postal ballot based dated 25 January for implementation of Tata Elxsi performance stock option plan 2023. How many employees have been benefited and PSOP granted to employees? How many R&D centers in India are in the global market? Chairman, sir, I hope the company will continue videoconference meeting in future. So I strongly support all the resolutions for today's meeting and my best wishes always for our company and its prosperity. Thank you, sir.

Thank you, ma'am. Mr. Shailesh Mahadevia, please.

[Operator Instructions] Dear shareholders, we will wait for a moment for the connection from Mr. Shailesh. There seems to be a connection issue from Mr. Shailesh. Please proceed.

I'll come back to him later.

No, no. Now I'm getting the whole thing.

Yes, Mr. Mahadevia, we are able to hear you. Please go ahead. Sir, please go ahead.

[Operator Instructions]

Yes, yes. I'm getting there. I have unmuted -- as far as my audio is concerned, I would like to unmute my video, but where is the icon for video opening?

Sir, you may have received a prompt, sir, on your screen to start your video.

Now, now we just start my video. I believe now you can see me as well as -- we are good.

Yes, sir. We are able to see you and able to hear you.

Respected Chairman, distinguished directors, members of the management team and all the members present for this meeting. Sir, firstly, let me congratulate you for achieving excellent results during the year under consideration, which is not only excellent, it is exceptional. And the way in which you have projected, it appears that this trend will continue for quite some time to come. So our working has been well presented in our integrated report, which is full of knowledge and information. Sir, before I proceed further, I would also like to appreciate the cooperation and services of Ms. Cauveri and her team, which has enabled me to join this meeting, which is -- and sir, let me make a refresh, one more. Please continue to do -- VC meetings only so that a person like me at the age of 84-plus can participate in such meetings. Well, anyway sir, I would now like to put some questions. It's a view to increase my understanding and appreciation of the working of the company and the work done by directors. Sir, my first question is regarding the patents. The question is, that what is the validity of these patents, whether it will be from the filing date or it will be from the day on which it is granted? Sir, number 2, related to the same thing, what is the filing of granting per year? Because that is a long pending. We have released so many patents. We have been granted a very small number. So can you, sir, tell us from which day we can start getting benefit of patents, whether it will be from the date of registration or from the date on which it is granted. Sir, my next question is that we are now only not national, but international operations. And we have very well projected our expansion program, particularly in Germany and in many other parts of India also. Sir, therefore, what I would like to know is that who are our competitors nationally and internationally, and what is our market share? Sir, my third question is regarding the CSR work which is being done by the company, and we have spent about INR 10 crores. So here, I find that our main expense are in the field of education and health care. Sir, my extreme suggestion is that these institutions through which we are giving this service to the society, they should give emphasis to millets, which is -- this is the year of millets, and the education as well as health care, including millets, will have 4 advantages. It will give you full security, it will protect environment, it will give employment and it will also improve the health from wherever they may be. Sir, my next question is regarding the economic value added of our company. Sir, we are doing such wonderful job. A mere addition of 1 figure can give us an idea what is the addition in the wealth of the company during the year. And you may also view the rate of interest that which EBIT has been calculated. Sir, TCS had 34,000 crores of EBIT calculated, taking into account 12% rate of interest. Sir, my next question is regarding the acquisition of Tata Sons, also the promoters of our company of Tejas. sir, may I know that this investment of INR 15,000, the company on which you are the Chairman, how Tata Elxsi and Tejas will have interaction with each other? Sir, may I also request you to send me a copy of Tejas, as I have not received it so far because I tend to know about it only on the day of the AGM. Sir, that is my request. Sir, my further question, the last one is regarding the world GDP, which is likely to remain under 3% in the next year also. The Western world is suffering considerably. Sir, what I would like to know -- of course, we have enough orders, we have enough business, we have expanded in all the 3 verticals in which we are working. But sir, is it likely that this may slow down or we are not getting the orders at a speed at which we would have got if the international situation would have been better? And sir -- well sir, I think it includes all my questions for you, and I will be very happy if you send -- give reply to this in the question-and-answer session.

I will do, sir. I will do so, sir. Thank you so much.

I wish you all the best.

Thank you, sir. Mr. Vasudev Ramasamy.

[Operator Instructions]

[Foreign Language] G. S. sir.

[Foreign Language] sir, How are you?

How are you sir? Great. Good to see you again, sir. Mr. Manoj Raghavan, the Board of Directors and the management team. See, I congratulate the Elxsians, led by Mr. Manoj Raghavan and the INR 30 billion revenue, sir. It was achieved in a very increased pace, as you tell. And all Elxsians, deep our community engagement and continuing to the government book and create positive changes. Congratulations to the secretary team and the design team for the nicely prepared integrated annual report, which contains lot of good contents. Sir, I have got a couple of questions to you, sir. See, what is our share in the increased AI market. See, I was going through an article by Mr. Aswath Damodaran, which was centered around that NVIDIA valuation. It was talking about that the AI chip market will increase exponentially in the days to come, though NVIDIA will lose only 10% alter market share, which is still in it many billions. We, Tata Elxsi are one of the very few companies having a very rich intellectual capital. We disembed software capabilities. With the likely explosion in the inverter industry, the embedded software are still with the right set of patent is going to be much in demand. In this background, sir, as to how we are planning to harness this heightened opportunity surrounding this game-changing generative AI space and encash our chosen verticals. Sir, do we have plans to go in for any inorganic acquisitions in this space to -- so that it gets us to our need? Sir, my next question is about the reinvestment opportunities. Sir, we are generating a good amount of operating cash flows during the period in the review and in the past several years as well. We have given good dividends also, thanks to the management partner, sir. Our cash users have increased very in the substantial. Kindly share your views as to what are the reinvestment opportunities we are looking to maintain the accelerated growth path so that we achieve the $1 billion company in the targeted time. That's all from myself. Thanks for the opportunity, we wish you all the best to come, sir. Thank you very much.

Thank you Ramasamy. Mr. Naveen Bothra, please.

[Operator Instructions]

Yes. Naveen Bothra, attending the 34th AGM from Delhi. Sir, coincidentally, this is my ninth continuous Tata Elxsi AGM since 2015. And it's ninth for you as well carrying the Tata Elxsi. So it's been a double pleasure attending the 34th AGM and again, connecting with you and the management team. Good afternoon, respected Chairman, N. G. S., sir, our MD and CEO, Mr. Manoj Raghavan and the other distinguished board members, the management team from the management team, Mr. Nitin Pai, Mr. Gaurav and our secretarial -- Company Secretary Cauveriji. Congratulations to the team, under your able guidelines as Chairman and the leadership of Mr. Manoj Raghavan for crossing the revenue milestone of INR 30 billion during this year and once again achieving highest ever industry-leading operating growth metrics. So we took the well over 27 years to achieve our first INR 10 billion revenues in the year 2016. And the second 1 of INR 10 billion took 6 years. And from there on, it took just a little bit more than 1 year to achieve the third 10 billion revenues. It's quite remarkable, sir. [Foreign Language] Our company has won the prestigious award -- during the last financial year, we have won many prestigious awards, including Tata Innovista, CIA Innovative Company of the Year Award and Golden Peacock Award. Big round of applause for all the achievements. Congratulations to all. The integrated annual report of the company details the seven capitals of the company, and the information provided in a very precise manner. the hard work of finance and secretary team as well as the design team in preparing this annual report is highly commendable. It's very informative, and I can say that one of the best annual reports in our company's annual report presentation. As regard accolades for wealth creation, a long way to go. The growth journey of our company after your assuming the chairmanship 9 years ago has been tremendous. Credit also goes to the foundations led by management team. Further, the revenues of our company on TTM basis in the last 3.5 years has doubled to 3,000 more than -- INR 3,200 crores from INR 1,600 crores. And PAT has even -- accelerated even more -- tripled -- more than tripled from INR 236 crores to INR 755 crores this year. And this has eventually resulted in huge wealth creation for all the shareholders. And as a result, our market cap in the last 3.5 years has gone up by 11x from INR 4,000 crores to INR 46,000 crores, INR 47,000 crores as of now kudos to the proud elections led by Mr. Manoj Raghavan. Sir, I have some points for your [indiscernible] view. #1 is design digital innovating for the future. Our theme of this year's integrated annual report is design digital innovating for the future. The front page depiction of a play button on the chip, which is also appearing in this background in the plant of our AGM also, depiction of a play button on the tip wages my curiosity. Does this indicate that we are planning for something bigger in semiconductor space in designing? To better understand about our strategy on this space, your views will be helpful, Chairman, sir. #2 is $1 billion and way forward in this coming decade. As mentioned earlier, we took just 1 year more than -- a little bit more than 1 year to achieve the third INR 10 billion turnover. We are confident that this accelerated growth journey, as you have already talked about in your Chairman's speech, and the investments we are making to maintain the momentum of this growth and light our future growth. So we will be most likely achieving our $1 billion revenue company by 2026, '27 in the state of home for million possibilities. In our shareholders' letter, you have also alluded about bringing design digital with innovation to the forefront to write our future growth journey. So in view of the humongous opportunities presented by the digital revolution, we seek your wisdom on our journey beyond $1 billion revenue and the way ahead in the coming decade. Number 3 is share-based incentives that I highly appreciate and thanks to the Board for considering my suggestion in the earlier interactions and granting share-based incentives to Elxsians. Congratulations to all Tata Elxsians. To conclude, a small suggestion from my side, the scale and scope of -- scale and speed obtained in technology these days has increased manifold. The R&D expenses in absolute terms has increased from INR 39 crores to INR 53 crores in the last 2 years. But as a percentage of revenue, it has decreased from 2.2% to 1.7%. 1.7%. I would suggest to suitably further increase the R&D innovation budget as a percentage of revenue as a percentage of revenue in the coming 2 to 3 years, so that we remain ahead of the curve in this hugely disruptive and technologically advancement time and invest in the future technologies like generative AI, metaverse and quantum computing, et cetera. My readings and thoughts with various people suggest that to gain geopolitical advantage, geopolitical advantage after generative AI, the quantum computing may -- the quantum computing, all the developments will fasten further. So it will help us -- the R&D expenses will help us in future opportunities also. So all the very best to Elxsians in times ahead. I already voted in favor of all the digitalization. I propose a vote of thanks to the Board and a special thanks to our Company Secretary, Cauveri ji and his Secretarial team and the event team [indiscernible], who are handling quite coordinating a smooth onboarding in this AGM. Thank you very much, sir. Thank you.

Thank you, Mr. Bothra. Mr. Ravi kumar Naredi.

[Operator Instructions] you may proceed with your question.

Respected Chairman, Mr. N.G. Subramaniam ji, MD Mr. Manoj Raghavan, and Honorable Board of Directors and fellow shareholders. Sir, I'm luckily a shareholder of Tata Elxsi since 11 years, and I made a very good wealth in the company. Thank you very much for your support and everything. Sir, we are having INR 1,200 crores cash available with us and INR 200 crores every year we are generating. So what is the plan to deploy this fund for better utilization and better return to shareholders and a better return of ROC? Secondly, as we crossed 3 months of current year, what might you make up for growth, new hiring in current year and financial year '25? These are my only 2 questions. And thank you very much for all you are doing.

Thank you, Mr. Naredi. Mr. Aspi Bhesania.

[Operator Instructions] and you may proceed with your question.

We're able to hear you, sir. I think we'll see. We are about to see you also now. Thank you.

Sir, I am Aspi from Bombay. And I hope next year also when the physical meetings start, you continue with the hybrid meetings. So at the outside, I congratulate the management on excellent results, so we have crossed INR 3,000 crore revenue during the current year. When do you expect to cross INR 5,000 crores? I hope in the year ending March '25, we should be able to cross INR 5,000 crores. Sir, but our trade receivables have increased from INR 553 crore to INR 856 crores. Is it that companies are not paying us on time? Sir, around 1/3 of our income comes from auto, media broadcast and communication and healthcare. So how do you see this ratio going forward, say, after 2, 3 years? Sir, why dividend of 606%, why not 600%. Sir, how much percentage of our income comes from Tata Motors and its subsidiaries like JLR. Sir, if Toyota or Suzuki want some job to be done, will our company bid, TCS will bid or Tata technology will bid? And will you be submitting competitive or complementary bids? The resolution 4 for related party transactions with JLR for INR 600 crores. Why JLR comes to us? Is Tata Technology not capable of doing the job? The promoter holding is only 43.92%. Why so low? In spite of such a low holding, Tata investment has sold 1 lakh shares. Had I known about this, I would have told them in the AGM of Tata investment. Sir, we have so much cash on the balance sheet. Many other shareholders have also said that, what are our plans for using the same? I would recommend that like Colgate, you pay off INR 9 per share as capital reduction and make the share capital 10% of existing capital. Thereafter, you can give one-for-one bonus. Our share price is undervalued. Sir, I hope you follow Colgate. Sir, make our Tata Elxsi site more user-friendly, I try to check if any unclaimed dividend is there of mine. And when I put my client ID, the remark came, please enter valid client ID. So please make it more user friendly. Thank you very much, and all the best for the future.

Thank you, Mr. Aspi Bhesania. Let me move on to Mrs. Prakashini Shenoy, please.

[Operator Instructions] you may proceed with your question.

Can you hear me, sir?

Yes, madam. Please go ahead.

Yes. I'm Prakashini Ganesha Shenoy from Bombay. Respected Honorable Chairman, Shri Subramaniam ji, other dignitaries on the Board and my fellow shareholders, good afternoon to all of you. I'm first of all thankful to Cauveri for a wonderful Tata Elxsi report, which has been brought up in this year. I received the annual report well in time, which is transparent, informative, knowledgeable, and contains all the informations as for the corporate governance. I thank the company's secretary, once again, Ms. Cauveri, for her work and for the same. The Chairman has given a beautiful picture regarding the company in all parameters. Thank you, Chairman, sir. I'm glad that the company is doing robust performance during the year in all parameters when compared to the last year. Once again, congratulations, Chairman, sir. I'm thankful to the Board for recommending dividend for the financial year '22, '23. At the outset, I congratulate one and all staff for getting various awards during the year. This shows the sincerity and hard work of one and all. I congratulate the management for doing outstanding work in the field of CSR activities. Sir, I have a few questions. My question number one. Can you hear me, sir?

Yes, madam. Please go ahead.

Yes. Question number one, on the sustainability front, how does the company plan to invest? Question number two, how do we...

Madam, we are not able to hear you. Chairman, sir, we request you to move to the next speaker shareholder.

Mrs. Celestine Mascarenhas, please.

[Operator Instructions] you may proceed with your question.

Ms. Mascarenhas, are you there?

Yes, yes, I am very much there. Thank you. I think you can see me also. I feel so delighted to see and even your brother, Chandrasekhar, doing so well for our company. Anyway, I go to the formal part. Respected Chairman, Mr. N. Ganapathy Subramaniam, members of the Board, my fellow shareholders attending this team meeting and I am Mrs. C. Mascarenhas. I am speaking from Mumbai. First of all, I thank the company's separator, Madam Cauveri Sriram and our team who send me an e-annual report and also registered me as a speaker at my request, and also saw that I'm comfortable with my device and with this platform. Thank you so much, madam. And any query also I ask her, she attends all these years. Then I go to the annual report, very good, self-explanatory, adhering to all the norms of corporate governance. Good working dividend of INR 6.60 per share is very good in spite of difficult days but I hope we can get that much next year. We don't know, we may perform still better, that only leave it to God, but I would definitely say, I would like to have a split of the shares like the other Tata Group because all our -- all INR 10 came to INR 1, and it becomes like a nice mini bonus to us and also those who want to small people like they just started working, they can afford, they can afford like now 7,800 and all, it is not that easy. So it will be affordable instead of you give once like Colgate, they gave INR 9 out and then it remained, and there's no any year. My share lot will become more. I mean, that's leaving -- I leave it to the Board to decide. Now I would -- this congrats for all the awards and applauds which are there. I don't want to elaborate it. Also, CSR is very good [indiscernible]. Now I come to the ESG, my question. Have you applied for the rating of the ESG? If it is so, who is the rating agency? And what is our ratings for any plan to list on some ESG platform? My second question is we are in 3 verticals: Automotive; media, broadcast, communications; and healthcare. I would like to know, which is our strong vertical which gives us good revenue and which will be the future. And can I just understand now Tejas network, is it like helping us in our vertical of communication broadcast and all? So could you just throw some light? Third is, we have filed 111 patients, our Mahadevia also touched this point, and 36 only was granted. I would like to know what is the position now? My question is, and how many we have got and how many further we have applied? Next question is workforce is 11,000 and out of that 4,000 is women, that's a great plus point I find. But I would like to know whether all are working from home or 2, 3 days in the office, what is the attrition level? If how do we try to retain specially talented designing innovation or AI stuff, how do we retain such staff because they are highly innovative. The next is we have a new office in Frankfurt collaborated closely with the OEM tier 1 suppliers. How much we are enjoying as margin there? Or is it profitable? Or still we have [indiscernible] problems? Sir, last but not the least, future road map for the next 5 years. CapEx for the next 5 years, especially for AI or machine learning or any acquisition by inorganic growth, especially from the front of AI, blockchains and other ultra modern, what is happening, which we find it quite difficult to understand also. So with this, I support all the resolutions. I wish my company all the best and thank you once again for giving me this opportunity to speak. See you until the next AGM.

Thank you, ma'am.

Now Mr. Mascarenhas will speak. He is registered.

Yes, Mr. Mascarenhas. 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 Aloysius Mascarenhas. At the outset, I thank the management, company secretary and his team for sending me the balance sheet, which I received on time. It is voluminous, informative, transparent and adhering to all the parameters required for a good corporate governance. Our results is excellent as shown in facts and figures. The PBT and PAT has gone up and so also our dividend from 425% to present 606%, very good sir, keep it up. We expect such bonuses year after year. Very good CSR initiative by the company. Now my questions are as follows. First and foremost, who are our peers and competitors? And what is our market share both in the domestic market and international? If -- I believe strongly that we are an export oriented company. Why I'm asking this question is with the rising dollar and the falling rupee, how much revenue are we generating? And if so, please let us know which countries do we have maximum export. Then are we giving our know-how to any of the defense companies, if so, let us know. I join hands with my predecessor shareholders, especially my wife. I'm over 30 years in this company. And our shares have gone up phenomenally. So a split is a very good instead of bonus, we don't ask bonus. This itself will be a mini bonus. So with this, sir, I thank you for giving me a patient hearing. I thank 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. Once again, thank you, God bless you and our company. Thanks.

Thank you, sir. Thank you for joining. Mr. Om Prakash Kejriwal?

[Operator Instructions] you may proceed with your question.

Am I audible, sir?

Yes sir. You are audible. Please go ahead.

My video is not working, one minute, sir. Okay. Good afternoon, sir ji, and good afternoon, everybody, attending this AGM. Myself Om Prakash Kejriwal, your equity shareholder from Kolkata. Thank you, sir ji, for providing me the platform to speak something before you. Thanks to our secretarial department for helping me in registration as a speaker shareholders, especially thanks to our Cauveri Madam for calling me and taking by know-how. Sir ji, this is my second AGM only due to virtual, though I am your very old shareholder. It is as an opportunity for me to join this virtually AGM sitting in Kolkata. We are here from California and abroad directors are joining due to virtual AGM. So if possible, please follow this virtual AGM in next year also. Sir ji, wow, what a result, sir ji. Mindblowing performance. [Foreign Language] On equity of INR 62 crores, our total income is INR 3,218 crores and our net profit is INR 755 crores. It means our EPS is INR 121 on face value of INR 10 and dividend is INR 60.60 means 50% distribution of net profit. Good distribution. [Foreign Language] because your sister company, TCS, in which you are also a director has distributed almost 100% of net profit. Sir ji, our company was founded in 1989. And our company issued bonus share only once in a whole journey of 34 years. So please consider to issue bonus share. Our book value also support the same, split of shares. Many of our shareholders also requested, every company in Tata Group is of face value of INR 1 except Tata Elxsi. So please split our shares in 10/1 ratio. Our sister company TCS is also of a face value of INR 1. So please consider split of shares. Sir ji, you hired a record number of employees, as you said in your message, what is this number? And what is this number in India and abroad? And what is our attritional rate, employee attritional rate at current times and how many new clients we added in current year? From special business Item #4, Page #58, it seems that JLR is our one of the biggest client, which is expected to give a revenue of INR 600 crores in current year. Sir ji, how many more clients we have of such volume? And what will be our total revenue expected in current year? Sir ji, we -- from Page 10, we are using design thinking and digital technology such as IoT, cloud, mobility, virtual reality and artificial intelligence, AI. How much revenue will be generated by using AI in current year. How much this AI will affect in employee -- employment generations? Sir ji, is it dangerous for human beings as well as nature because sometimes back, I was reading a news article in which the inventor of this AI was regretting for his invention and later on, he left the job. Every invention should be used for betterment of human beings, as I think, please share your views. At last, sir ji, please maintain your smile and be cheerful. We are always with you as a long time investor. Thank you. Thank you sir ji.

Mr. Yusuf Rangwala. Yes, sir. We are able to hear you.

Yes. Good afternoon, respected Chairman, I will -- first, I will say [Foreign Language] sir. You are from south, I am also from south sir. So I will say [Foreign Language] sir. Now I will start my speech. So you have given the INR 60.60 dividend, that is a very fantastic. That is very good sir. [Foreign Language] INR 7,500. As you mentioned, we're having 11,000 employees, as you mentioned in the annual report. [Foreign Language] this shows how our company -- our company started in 1989, and now it is 2023, this means this year, 34-year-old company sir. I am joining all the previous speakers [indiscernible] onetime bonus. So I request -- humble request for a bonus issue sir. And also split the stock and I'm so thankful to our Cauveri madam and his team and also [indiscernible] this shows how our company is growing and also a TCS [indiscernible] this shows how they are caring for shareholders. We are very lucky.

Sir, you've gone on mute, sir. If -- we can't hear you. Yes, you can proceed.

I wish you a very happy Diwali, happy Dusshera festival sir. [Foreign Language]

Mr. Gaurav Liladhar Rozatkar.

[Operator Instructions] you may proceed with your question.

Am I audible?

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

[Foreign Language] to one and all present sir. I'm joining this Annual General Meet today from Berlin, Germany. I wish Chairman, MD and CEO, Board members, all my fellow shareholders, good health. So coming to my questions, my question for today's Annual General Meet are that, what is the company's strategy for growth and expansion for upcoming years? Second will be that the company's sustainability initiative towards the environment and social responsibility shall not be tasked with the respect of the safety. As for my point of view, research and development shall be given the topmost priority. Can company share any thoughts about the same for future? And last but not least, even if the Annual General Meet start getting physically in future, I request to keep it hybrid so that people from all around the world can join from their comfort zone as well. And lastly, I wish all the very best to company and all the Board members. Thank you so much.

Thank you, Mr. Gaurav.

We now have speaker #11, Prakashini G. Shenoy. Chairman sir, with your permission, can we allow them to ask their question?

Yes, please.

Yes, ma'am, you may unmute your audio and proceed with your question.

Yes, sir. Sir, can you hear me?

Yes, madam. We are able to hear you. I think...

Shall I continue? Or shall I start from the beginning, sir?

No, please continue. I think you asked the first question on sustainability and how are we investing? And then you can ask your second question.

Yes, sir. My second question is, first of all, I want to thank the Chairman for giving me the second chance for speaking. Thank you, Chairman sir, once again. My second question is how do we adopt digital technologies to increase productivity? My third question is how are we planning to increase the revenue in future? My fourth question is, what percentage of total strength is women workforce and how does the company invest in learning and development? My last question is, when was the last bonus paid? Last but not the least, as my -- many earlier predecessors have requested for VC, I once again request the Chairman, please continue with VC meeting in future so that the people all around shall get an opportunity to give their views and thoughts. I wish the company good luck for a bright future and pray God that the profit of the company shall reach the peak in due course. So I strongly and wholeheartedly support all the resolutions put forth in today's meeting. Thank you, Chairman, sir.

Thank you, madam.

This was the last question. I now hand over the meeting to Chairman, sir, to address the shareholders' queries. Over to you, sir.

Thank you. My dear shareholders, thank you for attending today's AGM and providing your queries and feedback. Let me try and answer all the questions as much as possible. In case if I'm not able to answer some of this if you need more information, please feel free to send an e-mail or contact our company, and we'll be really pleased to give more recent responses. Dr. Bopanna, I think you have asked a lot of questions. I think what opportunities that Tata Elxsi have in the future specifically as we embrace digital technologies more and IoT and so on. We work with companies and really in these 3 important segments that we have, I think we work with some of the world-class corporations. And they actually adopt many of these technologies already, and we have built tremendous capabilities in each one of these areas, whether it is IoT, or computing on the edge, AI, machine learning and so on. So I think these are changing by the week, if I can say it that way. I think our newer methods of working are emerging, newer tools are coming in. So the company continuously looks at all these opportunities and then stay relevant to our customers. And at the same time, encouraging our employees to upskill themselves in these critical technologies for the future. And I do believe that in each one of these segments that we operate, whether it is automotive, media, broadcasting or healthcare, including system integration businesses, I think IoT, blockchain, 5G, these are technologies that will come in so handy, and we are quite equipped to harness these opportunities. The investments that we are doing to protect ourselves and in the cyber area, I think there are -- we are -- one is that we are adequately protecting ourselves by having a very good cybersecurity initiative within the company to protect our own networks, our customers' networks by embracing a number of tools that are there in the market. And we also constantly look at making sure that whatever we develop for our customers, whether it is software or products in the area of embedded development and as we expose many of the micro services or APIs, make sure that the code that we develop are free from vulnerabilities and clearly the focus is on securing ourselves, securing our customers, the products that we develop and ensure that it complies with many laws of the land including the data protection laws and privacy laws that we have. There are many people who asked about questions on -- about our R&D and investments that we are making in R&D. And some pointed out that in percentage terms that actually it has come down from 2.2% to 1.7%, while it has increased to INR 53 crores in the last financial year. We -- I think the company employs a certain amount of frugal engineering methods to ensure that whatever investments that we make in R&D is very agile and continue to keep the focus on outcome of the R&D and how R&D is aligned to our customer needs and the industry needs that we are working on. Point is taken. I think there are many such areas in which we are investing and as someone -- one of the shareholders pointed out that the importance of investing in AI, ML is clearly not to be undermined. And we will ensure that we make adequate investments in R&D. And I want to assure all of you that we are not compromising on R&D and our future by no means underinvesting in it, right. How does Tata Elxsi use digital mission is the other question from Dr. Bopanna. I think we are working on supporting the intent of various aspects of this digital mission in various industries as it is applicable. There are aspects, which are clearly mentioned on national urban digital mission inclusivity and then the unified digital interface platforms. Many of these developments is something that we are tracking. We are aligned to deliver whatever solutions that products and services that we are delivering is clearly meeting some of those expectations of, as I mentioned, ease of use as well as secured aspects of it. Social media, cell phones and plants with skills match with the new age courses like coding, AI, robotics, et cetera. As I said, we have one of the finest digital platforms. The resources that are available for our people to get trained and continuously upskill themselves is world-class and secondary to none, and we continue to invest and collaborate with leading academic institutions in piloting and jointly co-creating next-generation technologies as we apply some of these newer ones into relevant fields like digital healthcare. Automotive vertical, what innovations we offer to TML, Tata Motors and Jaguar Land Rover last year. In both the companies, I think we are working on some of their future areas, including electric, autonomous, connected and infotainment areas. And we have licensed some of our products like Tether, our connected vehicle platform is something that we have licensed to them. And we also won some of the recognitions and awards for -- from Tata Motors for the design of HMI and UX specifically on the Nexon platform that they have. And there are more things that if you are interested and I think the company can provide more information in terms of what exactly we are doing for them. I think I have answered many questions, I think you are also talking about too much silence in electric vehicles that could be a cause for accidents. But then along with the electric vehicles, the autonomous or automation that comes in will also sense such dangers and then alert the driver as well as sometimes automatic intervention on the vehicles itself to stop the car rather than going ahead with the accident. I mean some of those advancements is there. So I think responsibly, we should use those technologies to ensure that it is meaningful and providing the necessary safety features. I think the second shareholder Anandroop Datta. First AGM, so I wish you many more AGMs sir and you are most welcome to participate in it in whatever form that we organize the next AGMs. And thank you for your kind inputs. I think a robust design and the engineering certainty that you articulated in the products that we are doing and suggestions are related to partnering with Titan and other Oculus devices, virtual reality headsets, all that is taken, and we will surely consider it, and I'm requesting the management team to take some of these inputs into their next strategic planning sessions. Then many people asked about bonus split, and I think we'll take those inputs. We will place it in front of the Board of Directors, and we will take appropriate decisions taking into account the company's strategic plans for the future. Mr. Manoj Kumar Gupta, I think again, you asked about rewards split. I think we have answered that question already. Future plans wise, I think a lot of -- a lot of people were asking this, but I think the company has very clear rolling 3-year strategic plan. And every year, they come up with a 3-year rolling plan, outlining the investments that are needed, the emerging technologies in which they should participate in it. What are the 3 verticals that we have right now and how do we penetrate those services with services and products in those 3 verticals? Any new geographies that we need to highlight, I mean to enter or newer verticals that we need to enter, any alliance partnerships that could be helpful. There are a variety of topics that people consider, deliberate as a management team and then they come up with really very focused plan for a plan of action for the current year and then a rolling plan for the next 3 years. So that's something that people continue to do that also addresses CapEx investments, that also addresses hiring plans, retention plans and all of that. So we have a very comprehensive process of strategic plan that really push the company in the growth path, and I think they are yielding good results. And I would encourage the management team to continue the journey for the future. Your suggestions on website and ease of it as well as putting information related to unclaimed dividend, et cetera, we will certainly consider and then we'll put this across. Mr. Bharati Saraf, you asked about our role in -- are we working in hydrogen, et cetera. This is an area of focus for us. And I think our customers are also looking at hydrogen technologies. So we are doing a certain amount of research and collaborating with some of the institutions towards its applicability and so on and so on. And Mrs. Lekha Shah, thank you for your blessings, madam. And I think the number of employees who are benefited by the ESOP plan is about 2,424 employees. And the second thing is how many R&D centers we have. We have 6 cities in India, in which we have R&D centers. In overseas, we have about 4 centers. But then they are all complementing with each other and then collaborating with each other to deliver the right value proposition to your customers' problem all the time, right? And Mr. Shailesh Mahadevia, I think thank you so much, sir, for your presence and for your suggestions. Patents, I think what is the validity of the patents. You talked about filing date and then when it is granted and so on and so on. I think filing itself gives certain protection for us. But of course, it needs to be granted for it to be really secured. From the -- we leverage the patents right from the time of filing. The minute we see that, look, that is original thinking or an innovation or conceptually, it is differentiated, then we do go ahead and file the patent and then use those patents to build our products, our solutions and services. And we don't have to wait for the things to be granted to be effective. But generally, if it is granted, it has a much more potential to -- of implementing it and then or unlocking the potential of the patent fully when it is granted it has much more value. Then international operations, and then you talked about who are our competitors. I think many of the India-based software companies who are having an engineering services as one of the domains, it's certainly, we compete with them in this particular domain. But then Tata Elxsi is very much differentiated by the fact that it's not just an embedded software development, but it is led by design and embracing a number of digital technologies into this, design digital is a very unique, comprehensive bundled set of products and services, which differentiates the company. And then in the 3 segments that we are operating, namely the automotive segment, the media broadcast segment as well as the healthcare segment. I think in our design-led engineering services are quite unique and differentiating and our customers really like our offering and then continue to do more with us. And in terms of our market share, it's very difficult to quantify. But then at this point in time, there is enough headroom for us to grow. So they're really not looking at market share, but continue to grow our company's revenue because our market share is one thing. But then as long as there is so much headroom to grow, we made the right investments, right innovations and work with our customers to harness all the opportunities that they are able to offer, I think we are on the right track. Then your suggestion on spreading the millets team is taken, and we will see how we can embed the team of millets in our CSR initiatives. Economic value add, we don't really systematically do the EVA, but then our Chief Financial Officer, tells me that it's about INR 485 crores is the EVA at 12% WACC, right, is there, as you asked for it. And then Tejas, I think it's a company belonging to the Tata Group. And then between Tata Elxsi and Tejas, there is no direct relationship or direct correlation. However, as Tejas designs new radios, the opportunity is there for Tata Elxsi to go and pitch in their design services into Tejas that for both the companies to discuss and then see if it makes sense for them to work with each other. And then you wanted a copy of the Tejas annual report to be sent to you, Mr. Mahadevia. I will request the Tejas secretarial team to do this. And then I think you rightfully mentioned about the GDP rate and business slowdown, et cetera. It is true, and many corporations are taking a view of conserving cash in the short term. But at the same time, they also recognize the fact that, look, there are certain technologies in which to work has to start and they are investing in it as well. Their budgets itself have not come down, while they are conserving it at this point in time. I think we have to wait and see the next 1 or 2 quarters before we can take a call on where the market is going to go. Mr. Ramasamy. I think you called out many things. I think I've answered most of it, except that whether we are looking for inorganic growth, inorganic opportunities and what are the reinvestment opportunities that we are thinking given the cash positions that we have. I think someone else also asked that question. There are -- the company is looking and exploring some of these options. But then there is enough opportunity for organic growth and the company is really focused on organic growth. In the area of edge computing, in the area of semiconductors, is there an opportunity is something that we are exploring. Primarily providing design capabilities into other, let's say, semiconductor players rather than we ourselves doing many of these stuff. But then they are all very much work in progress and then probably you will hear from the company as they announce the next quarterly results or the next AGM as well, right? Then we have Mr. Naveen Bothra ji. I think rightfully reminded that it is my ninth year as well. Thank you, sir. And thank you for your patronage and support. And whenever you are in Bangalore, you try to reach the company reach -- to reach me, certainly a source of inspiration and motivation for all of us. And then I think the accelerated growth journey momentum that you asked, whether we will continue, what are our plans, et cetera. As I mentioned, the company is having those 3-year plans. Very focused on these 3 verticals, very niche company, providing certain -- very unique services and products in those 3 segments. Naturally, the opportunity is there to get into adjacent micro segments, adjacent verticals, which the company will continue to do this. You talked about when will we reach. And as you know that we don't give any forward-looking statements or guidance. But you talked about 2026 and '27, may that become true sir. Thank you very much. And I think we'll continue to work on these other areas like quantum computing, metaverse, 5G and all that. All -- they are all relevant areas, and I think we will certainly need to prepare ourselves to do some of these things. Mr. Ravi Kumar Naredi, I think I also talked about it. I think you rightfully raised certain queries on INR 1,200 crores of cash that we have, and then we are able to generate about INR 200 crore cash per year and what are our plans, et cetera. I think I answered it, and then we will consider your suggestions as well. Mr. Aspi Bhesania. I think thank you for joining the meeting and for your comments. I think I've answered most of your questions on the receivables. We used to be -- it has gone up slightly from, I think, 65 days to -- 60 days to 85 days primarily because we shifted to a new enterprise system in the last quarter which has led to us validating everything correctly once more and then took some time to generate the invoices and now that's fully under control. So you'll see that receivables will come back to where we wanted to be in the quarters ahead. Roughly, transportation, media and broadcasting as well as healthcare, if you really look at healthcare, it's a new segment that we have got into. I think transportation is our main segment and probably media and entertainment is coming second. Between these 2, I think we are about 80%, 85% of our revenue distribution. The other healthcare is nicely growing. And I think the company publishes during the quarterly results that Chair of top customer revenue, top 5 customers revenue, et cetera, et cetera. I think we'll continue to do so. And why JLR come to us and why not with other, their own Tata technologies, et cetera. I think they work with many companies, and they have enough work to do. And at the same time, Tata Elxsi is something that, as we said, the differentiated services that we have, some of the products that we have like Tether and others are extremely meaningful and the company has built a very strong value proposition and skill sets, specifically in the electric vehicles area which I think augurs well for our own future growth, and that's one of the reasons why not only JLR, but other OEMs and other Tier 1 players come and talk to us. Then Mr. Kejriwal, I think you also talked about bonus split, et cetera, which I have answered. Attrition, I think we are at 30% -- sorry, the women employees is at 36%. As far as attrition is concerned, it's about 17%, 17.5% in the current year, 17%. Women employees attrition is 17.1% and men employees at 17.5%. Both have come down significantly from FY '22 numbers, right. How much of revenue we will make in AI ML? It's very -- we are not tracking it to the extent that we should probably track. But then in every one of the services that we do, part of AI ML is there, so it's very difficult to split that moving forward. Maybe I think we will take this question as an input for us, input to us and then see whether we want to distinctly track the revenues only on AI ML moving forward, right that we will do. Mr. Yusuf Rangwala, thank you for your suggestion on bonus split and others, and I think I've answered your question. Mrs. and Mr. Mascarenhas, I think both of you, thank you for your time. Your ESG ratings is -- we have gone with a company called EcoVadis and they have given a silver rating this year. Last year, they rated us as bronze and we have no plans to list our this thing per se. But I think we need to advance our sustainability journey as we move to the next 2, 3 years and really achieve our own goal of not just carbon neutral but net zero in the soonest possible time frame. Our initial focus is really to -- I think, and as I mentioned in my opening speech, renewable energy usage and then as well as our own optimizing our own electricity usage, water conservation, lake rejuvenation, many of these things that we are doing are all linked to the sustainability initiatives. Auto is our strongest vertical, very closely followed by media broadcast and communications. I answered the question on Tejas already. The correct level of patents is what we have already stated as of 31st of March, and in the coming quarter results, we will publish the actual position as of that quarter -- end of that quarter. Attrition levels and retention, I think we are taking many steps, including all employee engagement. I think the ESOP scheme that we are putting together will also further help. New office in Frankfurt, I think you rightfully observed. And then future road map, I think I talked about the 3-year plan. Then defense companies, we don't directly -- we don't work too much at this point in time. For the -- we have done some work in the past for some of the different departments in India, but that's something that we'll have to see how it evolves and as we move forward. But clearly, we are working with some of the cutting-edge things like our association with ISRO is very good, and we are also talking to on opportunities with DRDO and so on and so on, right? Mrs. Prakashini Shenoy. I think I have answered most of your questions on sustainability and Increase in revenue in the future, percentage of women workforce, I think 36%, R&D investment, I already commented on. And last bonus was issued by the company in the year 2017, right? Then Mr. Gaurav Liladhar. Thank you for joining us from Berlin. I think your R&D, your comments on sustainability and R&D is well taken, and we will take those things into consideration as we define our future plans, okay? So I think with that, I have answered all the questions. And as I mentioned, if anything, on which any of the shareholders want more information, please do write to us. It will be a pleasure to respond to you the same, okay. Okay. So I think with that, I think I would like to move on to my closing remarks. In case there are -- as I said, in case there are any more queries, please do write to us and may also request all shareholders who have not exercised the remote voting to cast their voting 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 another 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 on the website of the company and filed with the stock exchanges within 48 hours of the conclusion of the AGM. So with that, once again, I want to thank all of you for joining this AGM and also thank all the -- my fellow directors for being there today. With this, I would like to conclude the proceedings of this AGM, and I wish you all well and very healthy year ahead. Thank you so much.

Dear members, as instructed by the scrutinizers, request all the members participating in the AGM and who have not casted their vote yet to cast their vote in the remaining period of 15 minutes. Thank you.