Tata Elxsi Limited (500408) Earnings Call Transcript & Summary

Dear shareholders, good day, and a warm welcome to the 36th Annual General Meeting of Tata Elxsi Limited. [Operator Instructions] 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 Mr. N.G. Subramaniam, Chairman of Tata Elxsi Limited.

Thank you, Inba. Before we proceed, I would like to state that the tragic incident at Ahmedabad has been extremely painful and we are all in a state of shock and sorrow. I'm not sure whether we will ever overcome that. Time alone can be the healer. We would like to express our deepest grief and solidarity with everyone impacted. Our sincere prayers are with them during these difficult times. May I request everyone here to observe a minute of silence to pay our respects to the departed souls of this tragedy, please.

I now hand over the proceedings to Ms. Cauveri Sriram, Company Secretary of Tata Elxsi Limited.

Thanks, Inba. A very good morning, everyone. It's my pleasure to extend a warm welcome to the 36th Annual General Meeting of Tata Elxsi Limited. This meeting is being conducted through video conferencing in compliance with the circulars issued by the MCA and SEBI. The company has taken all necessary measures to ensure that shareholders are able to participate in this AGM seamlessly through a virtual platform. The proceedings are also being webcast live via the NSDL platform for your convenience. Mr. N.G. Subramaniam, Chairman of the Board of Directors, will chair this meeting. The notice convening the 36th AGM, along with the annual report for the year, has been sent to all shareholders whose e-mail IDs are available with the depositories, company and the registrar. As the AGM is being held through VC, the requirement to appoint proxies has been dispensed with. In terms of the provisions of the Companies Act of 2013 and SEBI LODR, the company has facilitated the option of voting for all businesses mentioned in the notice by way of remote e-voting, which was open from 21st of June until the 24th. Members who have not cast their votes through remote e-voting are requested to vote during the AGM or within 15 minutes thereafter by way of the e-voting facility available on the NSDL platform. There will be no proposing or seconding of the resolutions. To ensure a smooth conduct of the AGM, all participants will be on mute mode. Shareholders who have preregistered for the Q&A will be invited and the moderator will prompt each shareholder to unmute themselves after which they may express their views or post their questions. The speaker shareholders are requested to wait for a few seconds for their audio and video to be enabled. We kindly request each speaker to restrict their query to a maximum of 3 minutes. Further, representatives of our statutory auditors, BSR & Co. LLP; Messrs. Jayashree Parthasarathy, our outgoing secretarial auditor; Mr. Pradeep Kulkarni, partner from Sreedharan and Associates, the proposed secretarial auditor; Mr. Omkar Dindorkar, scrutinizer for the AGM, are also attending this meeting through videoconferencing. I would now request Mr. N.G. Subramaniam, Chairman, to conduct the proceedings of the meeting. Thank you.

Thank you, Cauveri. I'm told that the quorum is present, so I call the meeting to order. As your Chairperson, let me welcome you all to the 36th Annual General Meeting of Tata Elxsi Limited, and thank you for being here today. On behalf of the Board of Directors and everyone at Tata Elxsi, I extend my sincere gratitude for your continued trust, encouragement and support towards the company and the management team. The 36th AGM of Tata Elxsi Limited is being conducted through video conference. We have Professor Anurag Kumar, Independent Director; Mr. Soumitra Bhattacharya, Independent Director; Mrs. Ashu Suyash, Independent Director; Mr. Manoj Raghavan, MD and CEO of the company; Mr. Gaurav Bajaj, Chief Financial Officer of the company; Mrs. Cauveri Sriram, Company Secretary, are all with me in our offices in Bangalore. Mr. Ankur Verma, Non-Executive Director, has joined the meeting virtually. Let me begin by introducing the directors. May I now invite Professor Anurag Kumar to introduce himself, please.

Good morning. I am Anurag Kumar from Indian Institute of Science in Bengaluru. I'm an Independent Director of the company and the Chairman of the Risk Management Committee, the Corporate Social Responsibility Committee and a member of the Stakeholders Relationship Committee and the Audit Committee.

Thank you, Professor Kumar. Mr. Soum Bhattacharya.

Good morning. I'm Soumitra Bhattacharya, I'm the Independent Director of the company. I Chair the Audit Committee and I'm a member of the NRC, Nomination and Remuneration Committee; Corporate Social Responsibility Committee; and the Ethics Committee.

Thank you Mr. Soumitra. Mr. Ashu Suyash.

Good morning and namaste. I'm Ashu Suyash, an Independent Director on your company. I chair the Nomination and Remuneration Committee, and I am a member of the Audit Committee and the Risk Management Committee.

Thank you, Ashu. Mr. Ankur Verma.

Good morning. I am Ankur Verma joining this meeting from my office in Mumbai. I'm a Nonexecutive, Non-Independent Director of the company and also the member of Audit Committee. Thank you.

Thank you, Ankur. Mr. Manoj Raghavan.

Good morning, dear shareholders. I'm Manoj Raghavan, MD and CEO of Tata Elxsi, and it's my pleasure to welcome you to the 36th AGM of the company.

Thank you, Manoj. Mr. Gaurav Bajaj.

Dear shareholders, very good morning. I am Gaurav Bajaj, CFO of Tata Elxsi, joining this 36th Annual General Meeting of the company from our office at Bangalore.

Thank you, Gaurav. In terms of the MCA notifications, as the shareholders are allowed to join the Annual General Meeting 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 one by one to post their questions, queries and inputs during the question-and-answer session. The annual report for the year ended 31st March 2025, 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 and operational performance for the fiscal 2024-'25, followed by an outline of the overall business outlook. The year 2024-'25 had been a challenging year for your company and in general for the information technology industry. Most of us in the information technology industry have learned to enjoy uncertainty as we navigated economic, social and geopolitical challenges of most markets. Our clients across different verticals felt that their planning horizon was shortened to months rather than the quarters as they felt the necessity to balance their growth and risk appetite constantly. This called for extreme agility in dealing with client situations, superior project execution and overall operations. No or deferred decisions are our biggest competitors today. Against this backdrop, your company stayed closer to clients, continued to invest in strengthening our core competencies like design, electric mobility, battery management with an AI-first approach and delivered an operating revenue of INR 3,729 crores for the year ending 31st March 2025, a 5% growth over the previous financial year. This resulted in an EBITDA margin of 26.1% at INR 972.9 crores. Profit before tax stood at INR 1,028.4 crores and profit after tax at INR 784.9 crores. Your company's performance has been steady across key global markets and verticals with focus on bringing innovation and design to our offerings. There is no doubt that our design-led engineering approach has been deepened -- has deepened existing client relationships and opened new opportunities for growth. I would like to share some highlights related to key segments of your company's business. In the Transportation segment, your company recorded a revenue of INR 1,961.9 crores, growing 13.8% over the previous financial year. This was driven by demand for software-defined vehicles, in-car software and automated driving solutions. During the year, we won multiple deals from OEMs to support their next-generation vehicle and technology road maps. These deals ensure your company's long-term participation in our clients' strategic programs as they will define their future products and platforms. As the industry progresses towards software-defined vehicles, OEMs would increasingly take larger control of software development and deployment, if not development within the vehicle. In view of this gradual shift in the market, your company's partnerships with leading global OEMs have deepened. During the financial year, 69% of the revenue from the Transportation segment came from OEMs. Your company's expertise in the transportation vertical spans the entire spectrum of product development from conceptual vehicle or component design to embedded software development, testing to field deployment. To help OEMs in their product development journey, your company has developed AVENIR, a software-defined vehicle framework, which helps reduce development time by up to 40%. As more and more electric vehicles are coming on road globally, Tata Elxsi's blockchain-powered battery passport solution, MOBIUS, is helping companies with complete battery life cycle traceability from manufacturing to recycling enhancing transparency and compliance with global sustainability standards. These innovative products and platforms are a result of our collaborative research with leading institutions like National Institute of Technology Calicut and Indian Institute of Science in Bangalore. In the Media and Communications segment, your company continues to empower global media enterprises, telecom providers and pay TV operators with scalable solutions that are reshaping audience engagement and content distribution. During financial year 2024-'25, the revenue from this segment was INR 1,175.6 crores accounting for 32.5% of the company's revenue. To assist media and communication companies, your company has created NEURON and QoEtient. Together, they drive quality of experience and quality of service across 4G, 5G, edge and fixed networks and delivers real-time insights into the quality of experience for their products and services. AVENIR, NEURON and QoEtient are the results of sustained research and development efforts dedicated for advanced 5G, robotics and automations in our labs at both Bangalore and Frankfurt in Germany. Coming to the Healthcare & Life Sciences business, which recorded INR 446.6 crores of revenue in the financial year, we added 13 new clients even as we deepened our engagement with our existing client base. We believe that this is a strong base for growth in the coming financial year. Your company's system integration and support services integrates complete systems for specialized applications, including experience centers, design visualization -- and design visualization. Services also encompass DevOps, security, cloud management, migration and network operations and security. During the financial year, the System Integration business recorded a revenue of INR 111.7 crores, growing by 12.5% over the previous financial year. Overall, the Software Development & Services segment, which largely constitutes of the above 3 businesses, recorded a total revenue of INR 3,617.3 crores, growing 4.8% over the previous financial year. In terms of culture and diversity, the talented employee base we have, their passion to be creative and making a positive impact to our clients is key to your company's growth and success. We are committed to shaping a future where every election can contribute and realize their potential. Our employee value proposition, home to a billion possibilities, embodies our long-standing commitment to cultivating a secure and empowering workplace where talent is recognized and actively nurtured. Needless to state that the Tata ethos and value systems largely shape the business ethics and way of working with honesty, integrity and transparency. We are proud of our inclusive culture, which promotes listening to different views, creative and collaborative solution and promotes a sense of belonging-ness. Women constitute 34.5% of our workforce. Equally, the talent base is quite diverse from a language, national and regional cultural perspective. I would now like to share some updates on the innovation initiatives of your company. Operating at the forefront of digital engineering and design, innovation remains central to Tata Elxsi's success and long-term strategy. Knowing the market and consumer preferences and employing technology such as artificial intelligence for improving the quality of life is fundamental to our R&D efforts. Today, over 70% of our workforce is leveraging artificial intelligence in their way of working, including in our R&D projects. Our labs are equipped with all the infrastructure, tools, technology and domain expertise to address complex customer problems through cutting-edge technologies resulting in purpose-driven innovation. For our clients, this approach aids in acquiring a comprehensive understanding of end users through research, enabling the creation of products and services that resonate with consumers. As a testament to this, Tata Elxsi was honored with 2 prestigious recognitions at the iF Design Awards 2025 for outstanding user experience and innovative product design. These awards were selected from over 11,000 global entries across 72 countries, reinforcing Tata Elxsi's global leadership in design and innovation. Now I would like to talk about the key highlights of our journey towards environmental sustainability and social responsibility. The company has set a goal of becoming 100% carbon neutral by 2030 and has achieved already a 50% reduction in Scope 1 and Scope 2 emission intensity compared to the 2020-'21 baseline. In financial year 2024-'25, 51% of the company's total electricity consumption came from renewable sources, and it maintained a zero waste-to-landfill status and 100% wastewater recycling through robust waste management practices. Tata Elxsi is deeply committed to community development through its corporate social responsibility programs, which focus on 3 key areas: education, health care and the environment. Under the Shiksha initiative, the company runs programs that support underprivileged students in their educational and skill development journeys. These include scholarships and support for first-generation graduates and occasional training programs for youth, specifically from marginalized communities. The Family's First Graduate Programme benefited 100 students, while foundational literacy interventions reached to over 7,250 school students. Under the Niramay initiative, Tata Elxsi enables health care accessibility for underserved communities through mobile medical units and establishing clinics in urban slums and remote tribal areas. The company also supports village health infrastructure and trains community health workers to extend the reach of primary care. Our initiative to provide short-term access to essential medical services directly benefited over 75,000 people. Reinforcing its environmental commitment, your company launched the theme, Paryavaran, to drive focused long-term sustainability efforts. Key initiatives include rejuvenating 2 major lakes in Bengaluru, creation of an eco-campus at the CSIR facility in Thiruvananthapuram and planting over 10,000 native trees and shrubs. Additionally, a livelihood project enabled 285 tribal families across 18 villages through agro-based livelihood solutions like farm ponds, poultry, beekeeping and mushroom cultivation. In terms of business environment, let me now share an overview of where we stand today. As digital technologies continue to transform industries, we are witnessing the rapid evolution of adoption of GenAI, which is expected to make a generational shift in the way enterprises operate in a mode of perpetual transformation. We address growth, efficiency and innovation considerations in tandem. In the automotive industry, the shift towards electric vehicles, software-defined vehicles and autonomous driving is expected to gain further momentum. Connected mobility, electrification, advanced driver assistance systems, integration of telematics, cybersecurity and vehicle-to-everything communication are key opportunities for your company. Similarly, in the media and communications sector, GenAI will make tectonic shift in content delivery and viewer engagement. OTT platforms, personalized content, direct-to-mobile and AI-powered network performance are expected to further technology investments in this segment. Moving to the macroeconomic landscape. The global outlook remains uncertain shaped by persistent geopolitical tensions, inflationary pressures and evolving trade dynamics. Enterprises and our clients make these technology investments to enhance user experiences and operational agility. Your company is actively embracing AI in all dimensions of our business. Our AI efforts are driven by a common architecture and framework that enable its quick adoption and validation across verticals. For example, the algorithms and models operating for the automotive segment are adapted quickly for drones, robotics and aerospace. On behalf of the Board of Directors, I take this opportunity to extend my heartfelt appreciation to the leadership team, passionate employees and business partners for their contribution and their unwavering commitment to the company. I also thank my fellow directors for their valuable insight and guidance. On behalf of the company, I would like to register our appreciation for the contributions of Mr. Sudhakar Rao, who served as a Director of the company until September 2024. I would also like to express my sincere thanks and gratitude to our valued shareholders for your continued trust and support. Before I conclude, I would like to celebrate the life of Mr. Ratan Tata and pay my respects to him. His visionary leadership and compassionate humanism will inspire generations. His belief that innovation must serve a greater purpose to social causes and his dedication to social causes both deeply resonate with our approach at Tata Elxsi. Your company is in the pursuit to remove complexity, enhance human lives and drive sustainable progress in our products and services, what we call as designing purpose-driven experience. Thank you. I now invite Mr. Manoj Raghavan, Managing Director and CEO of the company, to share his insights on the company's performance during the financial year 2024-'25. Over to you, Manoj.

Thank you, Chairman. Good morning, shareholders. Thank you for joining us today at the Tata Elxsi 36th Annual General Meeting. As you are aware, we do not provide specific revenue or earnings guidance. So anything said in this meeting, which reflects our outlook for the future or which could be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. Let me now present a brief overview of the performance and key highlights for the company for the financial year 2024-'25. Your company continues to be at the forefront of innovation in our chosen industries. I'm very grateful to all our stakeholders for contributing to our continued growth in a very challenging geopolitical and macroeconomic environment. Tata Elxsi operates primarily on 3 industry verticals: transportation, media and telecom and health care. Transportation almost contributing 54% of our revenues, media and telecom contributing 33% of our revenues and health care contributing 12% of our revenues. And we operate in the major markets, Europe being the biggest at 41%, U.S. being the next biggest at 31%. India over the last few years have grown significantly for us, today contributes 20% of our revenues. And rest of the world at 8%. Today, we have an employee head count of slightly more than 12,400. Our operating revenues have grown over the last 3 years at a CAGR of almost 14.5% to INR 3,729 crores in the last financial year. And our profit before tax have grown at a CAGR of 11.5% to INR 1,028 crores in the last financial year. Our PBT margin in the last financial year stood at 26.3%, still among the leading -- from a market perspective, it's still a leading performance. ROCE at 34.3%, our EPS -- 4-year EPS CAGR at 20.8% and 4-year dividend CAGR at 11.8%. Coming to the industry segments, starting with the Transportation industry. We operate in the connected, autonomous, software-defined, electric and the design and experience segments. If you look at the connected segment, we have licensed our platform TETHER to the OEMs in the industry. One out of every 2 new cars on Indian roads in 2027 will be powered by this platform. We have been operating in the autonomous and AD/ADAS space for more than a decade now. With the OEMs, we have been engaged heavily on the sensorization and development of AD/ADAS algorithm for Level 2+ and upwards. We worked on the world's first RoboTaxi company based in the U.S. And software-defined vehicle is another area where your company has been investing heavily over the last 3 years. We have partnered with 5 global OEMs and working on the SDV programs. We have been selected by Mercedes-Benz as one of their strategic partners. The platform -- SDV platform built by Tata Elxsi, AVENIR, has been licensed to a few of these OEMs and this has been built in collaboration with Qualcomm. On the electric side, we have been heavily working on next-generation integrated EV, hybrids and alternate powertrains. We have been chosen by Nidec of Japan, Nidec, which is the world's largest motor maker. We have set up a development center for them in the last financial year. We have launched India's first battery passport platform called MOBIUS, which have -- I mean, we have been having discussions with a number of OEMs, both in India and globally to license our platform. This MOBIUS is actually a next-generation battery life cycle and traceability system that unifies monitoring, compliance and life cycle data into one intelligent platform. From an experience perspective, Tata Elxsi has been investing heavily on the design digital, specifically on the automotive space. Over 50% of the new cars in India, which comes out in 2026, will have both the cockpit and infotainment, the user experience and the HMI designed by Tata Elxsi. Coming to the next segment, Health Care. Traditionally, we do a lot of work on the product engineering side right from concept to design and to regulatory compliances, the end-to-end product life cycle. We work with leading medical devices companies, of course, in product engineering as well as India market is becoming a big market for many of our customers. So we also help our customers in localization and value engineering for the India market. Attached to the product engineering piece is a large regulatory and compliance area. We work on regulatory workflow digitalization. We also built a platform, [ Vital ], which is a GenAI-based solution, which helps product companies address materials of concern issues. And like all industry segments, Health Care is also pivoting heavily into digital and the connected space on AI, analytics, personalized care and precision medicine with AI and data. We've also heavily invested in robotics and automation. We have set up an innovation lab in Frankfurt in collaboration with our partners, DENSO and AAtek Group. Coming to the Media and Communications space. Over the last 5 to 10 years, we've always been working pretty strongly in the streaming video space. But over the last 5 years, we have heavily pivoted into the OTT space. We have our own platforms, back-end platforms, that we have licensed to customers. We also, along with our design team, have worked on the front-end applications that have gone live in multiple customers, including MBC in the Middle East in the last financial year. From the networks and communications side, again, a heavy pivot on automation and AI. We have -- we have built a platform, NEURON, which is essentially a dark network operating center, which we have licensed to telecom operators both in India as well as in Europe and in the U.S. Our network services orchestration has been deployed in the BSNL deployment in India in the last financial year. Our traditional business has been on the devices space. We provide engineering solution and help engineer devices that go both in the networks as well as the consumers' home. So in the last financial year, we won a large deal of USD 100 million with a leading U.S. operator for their entire device engineering portfolio. I'll just cover some of the large deals across segments that we have closed in the last financial year. The first one is the office development center that we have set up for Suzuki Corporation -- Suzuki Motor Corporation in Japan to accelerate the software and virtual development for next-generation connected EV and ADAS technologies. This is a pretty significant deal that we have won. And though we have started with Suzuki in Japan, eventually, this would also cover all the products that they're going to launch in India. And of course, we are having discussions with Maruti Suzuki as well. The second deal I want to report is we set up a global development center for Nidec Corporation. And as explained earlier, Nidec is the largest motor manufacturer in the world. And this development center will work on software and system development and localization of motors and electrification technologies for automotive industry. Another landmark deal that we won in the last financial year is a USD 54 million deal from a leading European automotive OEM. Again, we are establishing a global engineering center focused on software-defined vehicle platforms, electrification, body and chassis and other segments for this company. Our NEURON platform has been selected by a leading telecom operator in North America to power their next-generation network transformation and automation for the next-generation 5G networks. We've also -- in the health care space, we also won a multiyear regulatory workflow and compliance management operations, again, leveraging AI and GenAI. And from a Tata Elxsi's perspective, we've always taken shareholders -- creating shareholders' value as one of our key tenets. And I'm happy that over the last 4 years, we have kept increasing the returns to our shareholders. In the last financial year, we are proposing a dividend of INR 75 per share, INR 5 increase over the FY '24 dividend. Dividend payout ratio is at 59.5% of the profit after tax of the company. And as our Chairman has stated in his speech, the industry is pivoting heavily on AI. And we, in Tata Elxsi, are laser-sharp focused on figuring out how to use AI in everything that we do, right, including in our planning, design, implementation, testing and deployment of services -- software and services for our customers. A lot of AI technologies are used internally, right, from talent management, planning, engagement -- HR engagement, legal compliance as well as we also built a compliance tool using GenAI that we hope to license to a few of our customers. Again, from an innovation perspective, a lot of the platforms that we have built over the last few years have been heavily -- we have infused AI heavily into these platforms, including our SDV platform, AVENIR; our NOC automation platform, NEURON; and the [ Vital ] platform that we have built for the material of concern. We have also -- for some of our customers in the rail industry, we have done AI-powered -- used AI-powered drones for track inspections. And also on the media industry, recommendation engines are heavily -- I mean, are built heavily influencing by usage of AI. We have been showcasing our products and solutions to the global market. We participated in some of the leading trade shows. In January 2025, we participated in the Consumer Electronics Show at Las Vegas. In September 2024, we participated in the International Broadcasting Convention, IBC, in Amsterdam. We participated in the Aero Show in February 2025 in Bangalore. We also participated in a number of other events, including Bharat Mobility, Passenger Vehicle Forum, PFAS Roundtable for the health care business and Innorail for the rail business. We are very proud of the design capabilities that we bring to play. And iF Design Awards is a global award we have been participating every year. And over the last 5 years, we have participated -- we have won awards regularly each year. And this year also -- sorry, last year also, we won a couple of awards for our Gamesense, our digital sports companion work that we have done, as well as realistic simulation racing experience that we have done for one of our customers. So I think this is a proud moment for us, and we have been -- these 2 designs have been selected from over -- more than 11,000 participants globally. From a sustainability perspective, our goals are very clear. This is in alignment with the overall Tata Group's Aalingana goals: carbon neutral by 2030, zero waste by 2025 and net zero by 2045. We are progressing pretty well on all these goals. We have reduced our GHG emissions by 62.1%. 51% of our overall energy consumed today is renewable energy. We are already a zero waste organization, both from ensuring that there is zero waste-to-landfill. And also a lot of -- the entire wastewater that we put out is completely replenished. In recognition of that, we have been awarded a Bronze certification from EcoVadis. And also, we are certified as India's leading listed ESG entity from Dun & Bradstreet. From a social responsibility perspective, we primarily have 3 teams which is environment, which is Paryavaran; Niramay, which is health care; and Shiksha is education. And the team has done exceedingly very important work in each of these 3 domains. From an environment perspective, we have planted more than 10,000 trees across the various states that we operate in. From a health care perspective, a lot of good work for providing health care to the underserved population. We have supported more than 75,000 patients with this initiative. And from an education perspective, we have really focused on inclusive learning and -- especially for youth and the school children. We have supported more than 7,500 students. And we would definitely continue this good work. Another important thing that I would want to point out is from a volunteering perspective, a lot of these initiatives from a CSR perspective we have aligned with our volunteering courses. I'm happy to say that in FY '24, we had volunteering hours of only about 4 hours per capita. We have more than doubled it in FY '25 to 9 hours per capita, almost a 232% increase. More than 111,000 volunteering hours put in by our employees in the last financial year. And more than 90,000 lives touched. So with this, I would like to end here. I would like to thank the Chairman and the Board of Directors for their constant support, valuable guidance and inputs even as we navigate an uncertain business environment. I'm grateful for our senior management, employees, business partners and customers for their continued support. And lastly, dear shareholders, thank you for your continued trust in your company. Thank you.

Thank you, Manoj, for the comprehensive presentation on the operations of the company. We now move on to the question-and-answer session as well as the e-voting sessions. [Operator Instructions]

Our first speaker shareholder is Mr. Arun Kumar Boppana.

Good morning to everybody. Thanks to the CS team for arranging this VC. And tribute to Mr. Ratan Tata, a remarkable legacy. His was not a leadership in pursuit of profit, but leadership rooted in trust, service and purpose. He showed us that business could have a soul and that technology could carry empathy, believe that innovation must serve something greater than itself and the well-being of people particularly. And compliments to Tata Elxsi for the 80% of our talent base is now AI-ready with 500-plus specialists leading the charge across industries, entering bold verticals like aerospace and defense with solutions space. I think today, aerospace and defense has become very important for us considering the war and the ghastly accident Ahmedabad, very devastating accident in Ahmedabad. And health care and life sciences, this is a never-ending problem. It is going to increase and I am glad you are doing something great in health care and life sciences for a healthy India. And my question, sir, with solar and green energy expanding rapidly, what is the CapEx to accelerate renewable energy adoption within Tata Elxsi? Given strategic foray into space systems and defense technology, what is the expected CapEx outlay and return time line in these emerging verticals? What is the planned investment road map to maintain global leadership in AI automation? The strategic geographic expansion, Tata Elxsi's success in global markets is well recognized and the strategic plans to enter new geographies, particular in Asia, Africa, Latin America and Eastern Europe. Can you reveal and spell out the new regions being considered and the rationale driving those decisions? Tom Altman once said, will AI replace us And his own answer was no, AI will redefine us. Your comments on that. Will automation empower us or replace us, your comments. Can we build a future where machines accelerate and humans elevate? Can technology remove friction without eroding intimacy? And Lastly, sir, let us not build a world where humans have algorithms. Let us build a world where algorithms have humanity, where automation accelerates and authenticity anchors, where machines enhance and humans elevate. With this, I would like to conclude by saying let us continue to carry forward the legacy of Ratan Tata. The future is something we predict, is something we design with heart and soul with a purpose. I wish Tata Elxsi all the best. Sir, I think there's a marathon of speakers. You are not a marathon runner, but I wish you all the best, too, for a successful AGM. Thank you very much. Nice seeing you, and hope to see you at Tata Communications soon.

Thank you, Dr. Boppana. The next speaker is Mr. Naveen Bothra.

Yes. Good morning, N.G., sir. Very warm wishes to our MD and CEO, Mr. Manoj Raghavan, the other distinguished Board member and from the management team side, Mr. Nitin Pai, Mr. Gaurav and [indiscernible]. I'm Naveen Bothra, a pleasure attending this 36th AGM from [ Bengaluru ]. Kudos to the team on numerous awards and accolades received during the year. Thank you very much to our MD and CEO, Mr. Manoj Raghavan for detailed presentation. Thanks for giving all the information. Sir, I have the following points for your review, sir. Business model in this AI -- generative AI era, you have extensively talked about the -- in your address to the shareholders, you have talked about the impact of GenAI is creating and the narrative it has built at all the levels. We are embracing AI holistically in our -- in line with our lean forward strategy at Tata Elxsi. Sir, when we observe the results, financial results of the just concluded year, we have achieved 5% revenue growth even with less head count as compared to last year. So sir, in view of this, we would like to have your view that whether AI-led productivity is leading to changes in the business model, thereby delinking revenue growth with employee growth. And what impact this will have on our operations going ahead, sir? Sir, in this evolving AI era, generative AI era, where do we see Tata Elxsi in the next 5 years? We would like to have your view, sir, on this. And number two is regarding our entry into aerospace and defense verticals. We are expanding our vertical presence in aerospace and defense, sir. What is the opportunity size we foresee in this vertical in the coming 3 to 5 years' time? If you can give some color on this, it will be quite helpful, sir. Sir, I have already voted in favor of all the resolutions and propose a vote of thanks to the esteemed Board. And we wish all the very best to the Tata Elxsi team for continuous and sustainable value creation for all the stakeholders. A special thanks to Company Secretary, Cauveri-ji and her team in coordinating the smooth coordination onboarding in this virtual AGM. We wish her all the very best in her future professional journey. Thank you very much, sir, for providing the opportunity to express my views. Thanks, sir.

Thank you, Bothra-ji. The next speaker is Mr. Manoj Kumar Gupta.

Good morning, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I joined this meeting from my residence city of Jaolkata. I feel proud to be a shareholder of Tata Elxsi and thanks to the MD and his entire team for the excellent result of the company for the year '24-'25. And I wish to God to give him more success to take the company on new heights, that share price could be in 5 digit when we meet next time under his vision and leadership. And thanks to the company secretary and her team to help us to join this meeting through VC and good services to the small investors like me, sir. And sir, now I want to pay my tribute to Mr. Ratan Tata, who has passed away at night on October 2024. Sir, he was a visionary -- his leadership was very visionary and he has seen that dream to the Tata house should be reached at every house in the country. And his legacy was very excellent. And he has done a lot of things for the community and society. We, people of the country, being people of the country can't forget his contribution and his work in the field of social, community, industry and employment. He created the employment for the people under the umbrella of Tata. We always ask the government to give him Bharat Ratna because he deserves the Bharat Ratna. So I believe that government should consider and government should honor him with Bharat Ratna, sir. And sir, thanks to you and your team for excellent dividend of INR 75 per share. That means 750% on per equity share. Sir, what's your future plan? And how much your CapEx plan for green energy for next 2 to 3 years? And have you any plan to split the shares either 5:1 or 10:1 to increase the liquidity and the market capitalization and the value of investor share. And sir, how you will reward to the shareholders because we are expecting a reward from under your leadership, either bonus or bonus debenture in the ratio of 1:1 to increase our liquidity and the market capital and our value. And sir, under the CSR presentation by the MD, I'm very happy to see the education and health because people need education so you should consider. And in this context, there is my one suggestion. Those have lost single earning person in their family, you should come forward to help their children to get the education from middle class to higher education, sir. You should consider and you should consider to distribute some laptop to students because now that time has changed, generation has changed, system has changed. The school wants some technology education and digital education. So you are in the master so you can consider to distribute some excellent students -- or talented students to give them laptop under the CSR contribution for their good education. And sir, health care project is excellent because this is a demand for the health care in the country. So we continue to explore some new innovation and new system in the health care because this business will go ahead in the country, 140 crore people need such type of system. And people believe in the Tata because Tata has a goodwill, brand and name. And ESG rating. So how much is your ESG rating? If the rating is good, then you should consider to launch the bond of ESG. And aerospace, Dr. Boppana has already covered about the aerospace, so I will not go in detail. Life science need for the people to change the life that is in time -- demand time. So with this, I conclude my speech. Once again, thanks to you, your team and once again, thanks to the company Secretary, sir.

Thank you Sri Manoj Kumar Gupta. The next shareholder is Mrs. Bharti Saraf.

Sir, Mrs. Santosh Kumar Saraf is connecting.

[Foreign Language]

Thank you, Santosh Kumar Saraf-ji. The next speaker is Mrs. Lekha Shah.

Am I audible now?

Yes, ma'am. Please go ahead.

Respected Chairman, sir, Board of Directors, and my fellow members, good morning and regards to everyone. Myself, Lekha Shah from Mumbai. First of all, I'm very much thankful for our Company Secretary, Cauveri, ma'am, for extending very good investment services and also sending the AGM notice well in time. I found the AGM notice, and I'm delighted to say, it is so beautiful, full of colors and facts and pictures in place. Thank you Chairman, sir, for explaining as well as company. Also, thank you Manoj, sir, for such an informative and wonderful presentation. Chairman, sir, your opening remarks be so insightful and comprehensive that you have already addressed everything I had in mind. Again, I thank our Company Secretary, Cauveri, ma'am, for the best performing and always standing support for all my doubts. Hence, I have no questions today, sir. Chairman, sir, I would like to thank all the person of company for receiving awards and recognition by our plan during the year '24 and '25. And also, I'm glad the company is doing very well the field of CSR activities. Chairman, sir, I agree with my previous speaker, Santosh bhai from Kolkata. I hope the company will continue video conference meeting in future. So I strongly and wholeheartedly support all the resolutions for today's meeting. Thank you, sir.

Thank you, Mrs. Shah. The next speaker is Mr. Vasudeva Ramasamy.

Mr. Manoj, Cauveriji, Mr. Gaurav Bajaj and the esteemed Board members, warm greetings to you all. Chairman, sir, and Mr. Manoj Raghavan, you have given a very insightful opening remarks, and it was -- again, like as requested by our earlier speaker shareholders, if a copy of this sent to us, it will be of great help so that we can revise from time and now on that. A lot of work has gone into it, sir. Congratulations to you, and thanks for that, sir. I got a couple of questions. Though you have given in your previous remarks, almost you have covered everything. In any case, I would like to have specifics on this point, sir. See, during this year, we have generated 54% of our revenue from auto -- Transportation vertical, sir. See, do we see this concentration as risk or opportunity? Opportunity, you have built upon it. And of course, risk specifics from you will be of great help to us, sir. Again, number two, our products and platforms. In this software-driven everything, which we call as SDx, and GenAI era, how we are planning to harness our industry-leading products and platforms going forward with our AI-first approach? And last but not the least, I thank Cauveri and Inba for their wholehearted support in this AGM. And I wish Cauveri all the best in her future endeavor, though I will miss her here. I hope I will join her in the new organization as well. Thanks a lot, Mr. Chairman. Thanks for the opportunity and all the best to the team at Tata Elxsi and best wishes to Chairman, sir. Thanks a lot again.

Thank you, Mr. Vasudeva. The next speaker is Mrs. Celestine Elizabeth Mascarenhasji.

Am I audible?

Yes, ma'am, you are audible. Please go ahead.

Respected Chairman, Mr. N. Ganapathy Subramaniam, other members of the Board, my dear fellow shareholders, I am Mrs. C. Mascarenhas. I'm speaking from Mumbai. First of all, I thank the company's Secretary, Madam Cauveri Sriram, and her team for sending me annual report and also registering me as a speaker at my request and also giving me this -- also very big thank you to Inba for making it easy to enter this virtual meet. Thank you so much. I even thank Madam Cauveri is a very good link between the shareholders and us. So many years, she is always -- because the registration date comes somewhere in the middle and with our age, we just forget. So she is very nice. She just gives a reminder. Now you have to register. Maybe she has reminded us, but I don't know now when I heard that she will be, I don't know, retiring or what, I didn't understand. Whatever it is, you retain her. I would be very happy because for oldies like us, she is a good source of help. So anyway, whatever it is, management. Now I come to the annual report. It is full of information and, what you say, pictures and figures and facts, adhering to all the norms of corporate governance. Our revenue is up. PBT is -- PBT, PAT is up in spite of '24, '25 being a very challenging year with lots of uncertainties. Even then a dividend of INR 75 per share is very good. Now congratulations for all the awards and accolades received, good CSR work. I come to the ESG. Many shareholders have spoken on the ESG. Have we rated? And what is our score? And what about having some ESG bonds, which L&T was the first one to float it up? We also can be the second. Now I come to my queries. In the R&D, average age, male-female ratio and attrition level, and how do you retain these R&D who is like I feel is the core, how you retain these employees? My next question, we have large deals with OEMs to support their EVs, [ AVENIR and AD/AD ] programs, battery recycling. Next is Media & Communication business, Healthcare & Life Services (sic) [ Healthcare & Life Sciences ] business. I would like to know in which of these we enjoy very good margin along with good growth. Next question is, how much is the spend on AI and GenAI? How are -- have we developed our own AI, GenAI? Or we are using some vendors, [ Leena ], DeepSeek, which is supposed to be the cheapest? How far it is good, we have no still idea. Are we facing challenges due to geopolitical disturbances? And how are we derisking? Last but not the least, future road map for the next 3 years, which vertical will be the growth engine along with good margins because we are forefront of innovations? With this, I support all the resolutions. I wish Tata Elxsi all the best. And especially, I wish you and the entire staff of Tata Elxsi very good health as health is wealth. Thank you so much for giving me this patient hearing.

Thank you, Mrs. Mascarenhas. The next speaker is Mr. Aloysius Peter Mascarenhas.

Respected Chairman, sir, very distinguished members of the Board and my fellow shareholders, good morning to all. My name is Aloysius Mascarenhas. At the outset, I thank the management, Company Secretary and the team for sending me the balance sheet, which I received on time. It is full of information, pictures, facts and figures, transparent and, above all, adhering to all the parameters required for a good corporate governance. Our results are excellent, so -- as shown in the figures, and a handsome dividend of INR 75 per share is most welcome. We are doing very well in all spheres of our business, be it artificial intelligence, robotics and all modern VC. Now I would like to know whether we are in semiconductors, which is there in the most-called-for industry, and now the rare earth minerals are there, which is also in demand and quite known in the world. So I would like to know whether we are going for this. And we are a giant company. So I would like to know, are we thinking of [ getting ] shares in the NASDAQ? So it would be very good. We become a global company, a listed global company. And our reserves are very much. We are due for bonus. So when was the last bonus declared? And our market capitalization is also very big. So we can look out for a split. So these are my recommendations. And this thing going forward, what is our future road map? And I have one personal question. I'm been holding these 400 shares of this company for a very long time. Because of old age, I'm 76 plus, and infirmity, I have misplaced my share certificate. As a result, 2 years down the line, I'm not getting any dividend because of KYC compliance. So please help me to do the KYC and get my replacement of the shares by filing ISR-4 form and other requirements. Rest, I am a proud shareholder of this prestigious company. So I look forward for your help and this thing, which you have always done. With this, sir, thank you very much for patient hearing. Thank you. Good luck and goodbye.

Thank you, Mr. Mascarenhas. The next speaker is Mr. Atanu Saha.

Am I audible?

Yes, sir.

I'm Atanu Saha -- is it audible properly -- proper?

Yes, we're able to hear you. Please go ahead.

Yes. I'm Atanu Saha, a shareholder of our Tata Elxsi Limited. And first of all, my Chairman, our Chairman, N.G. Subramaniamji, and our independent, nonindependent and nonexecutive and also our CFO and CS, Company Secretary, madam, and all committee members and all present in this meeting. And today, it's 25th June, 36th Annual General Meeting is going on. Sir, first of all, I adieu -- our adieu to go -- of respect to our Jamsetji Nurwanji Tata (sic) [ Jamsetji Nusserwanji Tata ] and Padma Vibhushan Ratan Tataji. Thanks to our Manojji also and also coordinator. Sir, before sir, I wish to thanks to our all shareholders that they -- from Arun Boppana to our -- till now. They have raised number of queries. So not necessarily the particular area on question. So one question is raised now. How do we utilize our Government of India scheme to fulfill our semiconductor demands? And do you have any plan -- it's already a matter of bonus or split, but do you have any plan with merge with TCS? If it is, then what is our plan? And matter of AI, it is so many queries. Sir, the matter of, sir, how do we maintain our -- the formalities for matter of ESG, sir? ESG, how do we maintain ESG formalities, sir? And sir, it's a -- and matter of, sir, unmanned aerial vehicles, what we have any tie with -- tie-up with any -- with our company, our Indian company like Tata Motors or -- sir, this is the question, sir. And keep our integrated annual reports accessible to everybody, sir, and [ review its all ] gap. Sir, in this regard, also the matter of book, I already received this book. This -- it is important also that the heart and soul of our company is creativity and innovation, sir. The Page #38, it is progressing and towards our statutory and growth. And also the Page #50, where Niramay and Shiksha, the matter of CSR, is really very good for us. As a shareholder, it's really been very good. We feel proud of it. Sir, the matter of enterprise that it is in this regard, I wish to read about our Nurwanji Tataji's (sic) [ Nusserwanji Tataji's ]. It said, a free enterprise, the community is not just another stakeholder in business, but it is this fact that it's very purpose for its existence, sir. In this regard, I wish to read -- sir, wish to read one, sir -- one Alibaba's speech said, today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine. I, Atanu Saha, I wish a good year ahead with good result and good health and good dividend. The dividend is rising. It's very good. And also good health to every employer. Thank you very much. Do I -- forwarding to our moderator. Thank you very much.

Thank you, Mr. Atanu Sahaji. The next speaker is Sameer Sah.

Sir, Mr. Sameer Sah has not connected. May we move to the next shareholder?

Okay. Mr. Anil Mehta?

This is Anil Mehta. I attend this meeting from my residence, Kandivali, Mumbai. Sir, I have only one question, sir, that what is the present this -- looking at the trade war and present situation with our neighbor country and also the present repo rate, how much growth can we expect in the current FY? With this, we are supporting all the resolution and thanks to the secretary department for their cooperation and support. Thank you. All the best.

Thank you, Mr. Mehta. The next shareholder is Rajesh K Chainani.

Am I audible, sir?

Yes, please go ahead.

Yes. Respected Chairman and a very highly eminent Board of Directors, fellow shareholders, I am Rajesh Chainani, and I'm speaking from my residence in Vile Parle, Mumbai. First of all, thanks to the secretary department, Cauveriji and her team, for sending me the physical copy of the annual report very well on time, which is full of facts and figures in place. Sir, I've gone through your speech, and I just saw the presentation also. So there is nothing much to ask. A lot of questions has been asked by my previous shareholders. And sir, I thank you for the dividend. Please continue maintaining the dividend and increasing it every year, sir. Now that the banks have also reduced the interest rate also, so we look upon you, so at least we get some good income, not at least from the interest income from the bank, but from the company, sir. And sir, I just wanted to know whether -- are there any plans on the stock split, sir? Now the shares are trading at INR 6,400, INR 6,500. It touched the high of INR 9,700. So if you can throw the light on that, not a bonus, but the stock split of something into the face value of 2, if possible. So I'm thanking you for all the things, sir, and I wish my company all the very best, sir, for the coming year, sir.

Thank you, Mr. Rajesh Chainani. The next speaker is Mr. Yusuf Yunus Rangwala.

[Foreign Language] I'm speaking -- Rangwala from Mumbai. Sir, first, I'm thankful to our excellent Company Secretary, Cauveri, madam, for giving us -- sending us [Foreign Language]. And we are very lucky to have just like your Company Secretary madam, and she is getting a retire. So I'm very [Foreign Language]. Sir, why not splitting the share in INR 1 to INR 1, sir? Sir, this is what happen if you split in INR 1, so rate will become -- small people can also join because today the rate is very high. And for example, Motilal Oswal, Sirca, and there are so many other brokers are telling to buy. Sir, this show how our company growth is going on, sir. And I'm very happy with the [Foreign Language]. Can you arrange a factory from Bombay so that we can come and meet you, sir? [Foreign Language] When was the last bonus given, sir? What are the total number of staff at present? [Foreign Language] Madam, wish you a happy retirement, and once more, I thank you for my side. And we will miss you, Madam Cauveri, madam. Thank you very much, madam. [Foreign Language]

Thank you, Mr. Rangwala. The next speaker is O.P. Kejriwal.

Am I audible, sir?

Yes, sir. Please go ahead.

Good morning, sirji, and good morning, everybody attending this AGM. Myself, Om Prakash Kejriwal, an equity shareholder from Kolkata. Thank you, sirji., for providing me the platform to speak something before you. Thanks to our secretary department for helping me in registration as a speaker shareholder. Especially thanks to our Secretary, Cauveri madam for reminding me. But I got the news that you are leaving us from 4th July. It is not a good decision. Madamji, I request you to reconsider the decision. And I also request to the Chairman, please do not let her go. Please promote her. Give her a higher post like president accounts or director accounts sector, sir. Sirji, she has done a good lot of work for the company, and we should not forget in her time, the share price of the company touched INR 10,000. So please think over it, sir. Madamji, my good wishes will remain with you always, and I pray for a grand success in your new venture. Sirji, this is my fourth AGM only due to virtual though I'm your very old shareholder. If possible, please follow this virtual AGM in next year also so that more and more investors could join our AGM from different parts of the world, and the company could take benefit from their views. Sirji, now I want to give thanks to you people for 2 things: first, for increasing the dividend from INR 70 to INR 75 in spite of a difficult business environment; and second, for finalizing the accounts within 17 days, that is on 17th April '25, and also accepting my request in the last AGM for early AGM. Thank you, sirji. You are almost 15 days ahead. Please follow this trend also, sir. Sirji, there is no growth in our workings. EPS is almost same as INR 126. Previously, it was INR 127 on face value of INR 10. Sirji, what is your expectation for future growth? Please share your view, sir. Split of shares. Sirji, please split our shares in the ratio of 10:1 ratio to increase liquidity in the market and then more small investor could enter our company. And more investor means more big company, more famous company. [Foreign Language]. And sirji, I have few suggestions for CSR committee. Please use some of CSR fund to provide drinking water nearby your business points and nearby your offices. And second request for CSR committee, please use some of CSR fund for betterment of cancer patients because we know after corona disease, 1 or 2 members of each family is affected by the cancer disease. Sirji, I have few requests also. First request, please do not use Zoom and Webex platform for virtual AGM. Sirji, you are a tech company. Why not you develop your own platform to conduct VC meetings. It can be used in all the Tata Group companies, and also, it can also be marketed like Zoom or Webex. Sirji, please think over it. Second request, sir. Sirji, please do remember the speaker shareholder in the same manner as you remember your friends and relatives at the time of festivals. And last, sirji, please maintain your smile and be cheerful. We are always with you as a longtime wisher. Thank you. Thank you, sirji.

Thank you, Mr. Kejriwal. With this, I think we have come to the conclusion of all the speaker shareholders. I just would like to check once again whether Mr. Sameer Sah, who registered to speak, is still there.

No, sir. He's not connected.

Okay. So thank you, shareholders, for coming here and expressing your thoughts, views and questions. Let me try and answer all the questions and clarifications that have been sought by various shareholders. Dr. Boppana, I think -- thank you, and it's nice seeing you again. You have been very regular in our shareholders' meeting. And thank you for your wholehearted support and all the questions that you have asked. Renewables, I think you wanted to know about CapEx. Our total energy requirement is something that we keep monitoring. Close to about 51% of it right now comes from renewable energy and consists of a mix of power purchase agreement, green tariff as well as our own rooftop solar plants that we do. Overall, we continue to look into this. We are looking at a proposal for additional 120-kilowatt capacity of the captive rooftop solar plant as we speak in our Hoodi, Bangalore campus. We're also actively exploring expansion and implementation of solar plant units. So far, our -- about INR 40 lakhs is the CapEx and -- for our rooftop plant that we have installed so far in our Bangalore campus, and then about INR 46 lakhs is the CapEx expenditure that we have spent on our Pune campus. CapEx on aerospace and defense, I think it's a new vertical that we are venturing into. And essentially, at this point in time, we are exploring opportunities in aerospace and defense based on the knowledge that we have gained and the success that we have gained working with HAL and ISRO in India. And we are building the talent and a pool of expertise that is required, specifically in terms of structures, propulsion sensors, navigation as well as design aspects of aerospace and defense sector companies. It's also important that when we work in aerospace and different sectors, we need to have the necessary certification and on the various standards that they employ. And there is a lot of focus right now in building that talent, capability, certification and understanding this segment in building prototypes, frameworks so that we are able to consolidate our knowledge base and express ourselves better in front of these customers. In terms of the CapEx requirements and what we are spending on AI and GenAI and next-generation technologies, I think we are effectively transitioning ourselves into a model where we spend more and more on OpEx basis rather than on CapEx basis. And I think AI, GenAI is also no exceptions. And majority of the infrastructure that we create and the licenses of the software that we use, the testing tools that we have, models that we license, all of them, we tend to go and secure an OpEx-based expenditure rather than investing heavily on CapEx. You also asked a question on entering new geographies. I think we are present right now in both established markets as well as emerging markets. In Asian -- Southeast Asia, I think we are present in Vietnam and a few other geographies. But at this point in time, I think we are very focused on our established markets like U.S., U.K., Europe, Japan, rather than going into additional markets at this juncture. But we are constantly looking at opportunities. Where our customers really want us to service them, we will go and service them. And AI is presenting an opportunity in terms of working with the new-age companies. And we see that in India, Singapore, Malaysia, Vietnam, Thailand, these are areas where we see a lot of start-up communities and new-age manufacturing companies are coming. We are closely watching those space and decide whether we would like to get into those opportunities in these countries. And the views on AI, I think a lot of people have spoken about it. There is enough thing out there in the market in terms of whether AI is going to be replacing people, AI is going to be empowering people and how do we make sure that the AI and algorithms are more responsible. I think in your concluding remarks, you very aptly put in, Dr. Boppana, that let's build algorithms that will empower the humans as opposed to the other way around. So again, thank you for your inputs and suggestions. Shri Naveen Bothraji, I think you have been, again, a great supporter of the company. You have been there almost in every AGM, and thank you for your support. Your question on business model due to AI or GenAI is extremely appropriate, and it's very quite thought-provoking. And internally, at Tata Elxsi, we have been discussing this holistically. Our focus is firstly to see how we can embrace AI internally in everything that we do at Tata Elxsi. Having said that, I think generative AI and AI is a very, very fast-changing space. Every week, there are new developments. There are new products that are coming in. You thought that you licensed to something which is really modern only last week, only to determine that in this week, you have got something better and that has come into this marketplace. So I think the objective should be to protecting investments that we are making and by adopting kind of an OpEx model as opposed to a heavily CapEx model, which I talked about it earlier. As you deal with technologies which are rapidly evolving and fast changing, it's important to get the architecture right. I think we -- at Tata Elxsi, we are really ensuring and we want to define the right architecture, and we want to make sure that the architecture is something in which we are developing AI-based solutions and integrating AI-based products. We should ensure that there is a degree of technology independence that if tomorrow, something new comes in, I should be able to change that third-party product that I'm -- or a model that I'm using with a new one without too much of a headache or too much of a problem. And I think how do we -- as we generate this -- as we embrace artificial intelligence internally, in everything that we do, I think Manoj in his presentation presented a view of what are the 3 dimensional aspects that -- in which we are embracing. What we see as we embrace this AI and working with the different type of models is that there's a unique opportunity to create differentiation using AI for our customers and for ourselves and how do we really create that differentiation for our customers and also ensure that their competitive advantage that they enjoy today is enhanced. I think that's the first focus point that we do. The second thing is, in my opinion, and one of the things that we are seriously looking at Tata Elxsi is that AI is really an enabler for us to get into new verticals, new areas of business very, very quickly. We don't have to traditionally go through the route of investing in people, investing in technology, talent, frameworks, prototypes, et cetera. GenAI really puts us in a space and enables us to really get into a new vertical, which -- on which we have no clue and get that dimensional -- and that particular dimension of domain as well as technology very quickly. So our focus on AI, our business model on AI is really to get the architecture right, ensure that we provide a degree of technology independence in our solutions on what we deliver to our customers. And third is how do we create the differentiation and protect the competitive advantage our customers have using GenAI and AI. And lastly, how do we leverage GenAI to get into new areas for your company. I think that's the way that we are looking at our overall business model. And it's very -- you asked the question on what Tata Elxsi will be in the next 5 years. Predicting the future is very difficult. And one of the things that I would like to see Tata Elxsi as an AI company and known for design, continue to be known for its design and engineering skills, plus we put AI at the center of everything that we do. Aerospace and defense verticals, I think I already talked about it. We are investing in that vertical, primarily because that we have a huge expertise on the Transportation vertical. Some of the expertise that we have and the solutions that we have developed, we are trying to see how we can lift them into, say, applicability of drones and UAVs and especially in anything that is moving and mobile, right? So again, I want to thank you for your support. And overall, it's been great interacting with you every time. Mr. Manoj Kumar Gupta, I think you wanted to know about future plans and CapEx. I think we have -- I have already spelled it out in our -- in my opening remarks and as well as what I answered in the previous 2 questions. Many people have talked about split, bonus and other corporate actions. I think something that we take your inputs. We -- as a Board, we will consider it and then see and take a call on the corporate action that is most appropriate and value creating for the shareholders. And then, I think you also mentioned about education. Your inputs on considering helping students, helping children with no earning members in the family. I think we have a scheme in which really the first-generation graduate scheme of our CSR thing is most appropriate. We take that input as well as considering distribution of laptops, et cetera, as a part of our CSR discussions as appropriate, right? I think the ESG bonds is something that -- there are a lot of things or questions that came about in the ESG. We have obtained a lot of certifications. EcoVadis reassessed the Tata Elxsi as bronze category based on the 2024 methodology. And the overall category scores remains unchanged as compared to 2023. Our ESG performance is rated in the 35 percentile -- in the top 35 percentile of EcoVadis. And Dun & Bradstreet has also listed Tata Elxsi as one among the India's leading ESG entities. And then carbon neutral by 2030 and then 50% carbon foot reduction to the 2020, '21 baseline, wastewater recycling, Scope 1, Scope 2 emissions per employee, all of that are appropriate. And as far as the ESG bonds are concerned, we will look at it. But at this point in time, our focus is to really become sustainable and get into the carbon neutral goal of 2030 and then align ourselves to the group Aalingana program goals. At an appropriate point in time, if it makes sense, we will discuss it in the Board and take appropriate actions regarding ESG ratings. And then Mr. Santosh Kumar Sarafji, I think, thank you for all your blessings, your inputs. In terms of new schemes of technology that we introduced during the year, I think Mr. Manoj explained this in his presentation. There are a number of platforms that we have developed and worked during the year, and we have made all of them as AI enabled and see how we can integrate AI into these technologies like TETHER, AVENIR, MOBIUS, NEURON, QoEtient. And many of these products and platforms are quite modern in its architecture and quite appreciated by our customers. I think our focus is going to be to create further differentiation using AI and digital technologies and truly take it to market and scale the revenue that comes from these products and platforms. I think in terms of the -- the other question that you asked is in terms of what steps have we taken to new-age technologies, I think I have already answered that question. Do you have any plans to acquire companies, small companies? And suggestions on M&As keep coming to us. We will actively -- we are looking at it. We will actively consider it, and you will come to know about it as and when the Board of Directors consider it appropriate. Then I already answered your ESG question. And then the CSR activities, I think, have been adequately covered and explained. And then geopolitical situation is a very important question that you have asked and how do you protect the company's interest. I think we are waiting and we are watching and working very closely in every market that is important to us. We are very closely working with our customers, listening to our customers and pretty much be agile in terms of what they want from us, right? Whether it is -- sometimes, they want us to reduce cost. Sometimes, they want us to deliver faster. Sometimes, they want us to very quickly come up with a new approach to executing programs or designing their products, many things. So by working closely and listening to their customers, we want to be very, very responsive to customers, and getting and protecting what we have with them and enhancing our value proposition to them is one single dimension in which we are trying to derisk our geopolitical risks. Second thing is that we have a fairly diversified portfolio and markets, which we should continuously increase. As I mentioned, GenAI provides an opportunity to enter new verticals and new markets at a pace that is -- we could -- if we decide to go, we should be able to get into a market in the next 30 days, for example, because GenAI is able to help you with all the start-up kit that you want to have when you want to get into a new market. I mean that's the kind of power that the technology is offering that we would like to leverage that as we move forward. Then you also asked about empowering women employees. And then I think there are several initiatives the company has. And we have -- our women employee percentage is close to about 34.5% and continues to increase. And there are specific programs that we have -- initiatives that we have within the company, whether it is enabling a hybrid working policy or initiatives such as, She Matters or Punarjani program. All this is to attract and retain the women talent as well as ensuring that we have a fairly diversified workforce in terms of gender, nationality, regional and cross-cultural situations. Mrs. Lekha Shah, thank you for your presence and blessings, and I appreciate your inputs. And Mr. Vasudeva, appreciate your presence, your questions. I think many of you have asked for the copy of the presentations that Manoj had made. I'm sure that we will make it available in our company's website. And if any of you wants to have a physical copy, please do reach out to us. The business mix of Transportation vertical, I think you asked, is it a risk? Or is it an opportunity? I think we are one of the very strong players in the Transportation segment. I think it's -- we will continue to consolidate our expertise and the market and all the OEMs with whom we work and others, and they recognize the competence the company has built. And I think Manoj also mentioned that close to 50% of all cars that will come out in the year 2027 in Indian roads, all new cars are expected to use Tata Technologies technology and in terms of products and services, which is a very bold statement, and that is based on the product that has been already been licensed to the current OEMs that are there in the Indian market, right? So we will continue to expand in the Transportation segment and continue to consolidate our knowledge and experience and leverage generative AI and other digital technologies holistically and fully to protect our market share in the Transportation segment. Having said that, we will keep looking at diversification. We'll keep looking at whether it is client diversification. Reliance on one particular segment and one particular customer is always a risk, and we are extremely conscious of this. The management team is continuously working, and that's one of the topics that we at the Board also discuss in very -- in the strategic meeting that we continue to keep having. Products and platforms, I think we talked about it, and I also explained the various products that the company has developed. In the last 12 to 18 months, significant amount of R&D expenditure has gone in -- towards these products in enhancing them to modern technologies and bringing all of them to a common architecture, common AI adoption and providing the necessary hooks so that the customers can build on top of it. And we would really like to see these products scale our profile and also penetrate the market more. Mrs. Mascarenhas, I think, thank you again for your blessings and well wishes. ESG, I have already covered. In terms of the average age, male-female ratio and all of that, I think average age in the R&D segment, we continue to be less than 30. Between 28 to 30 is our average age. And it's not -- you're not able to hear? Okay. And then the attrition is one of the best in the industry. We have about 13.3% is our attrition. We have several methods and means by -- for retention of employees. I think the best thing is to create an environment and work culture which is very compelling for the employees to be part of. And then there is a safe culture. There is a culture which -- in which people can freely express themselves and work without tension. And then the opportunities that we offer in terms of working with international customers as well as existing Indian domestic customers, cutting-edge technologies that are being used, I think these are all the reasons why people choose Tata Elxsi and continue to stay with Tata Elxsi. In terms of GenAI, we are not developing our own models, but we are trying out with the different models that are coming in the industry, including some open-source models. But then we put all our knowledge base and the industry knowledge base into these models and then use them in our internal as well as external adoption for both cogeneration or design, development and across the value chain in which we provide our services. Geopolitical derisking, you asked, and then I already answered this. Which vertical will grow, I think we would like -- in the next 2, 3 years, we would like to see all the 3 verticals that we have should grow. And Transportation is something that's growing reasonably well for us, and we will continue to focus on that. The other 2, media as well as telecommunication, media, telecommunication and life sciences and health care, we have made some good investments. We have made some good deals this year, and we would like to see them turn around well in the marketplace and then grow in these 2 verticals as well. Defense and aerospace is -- again, we are working with our group companies as well as in ISRO and others. Broadcast and broadband convergence is an important element. And hopefully, we will get to do this. My own personal wish is that company gets into a completely new vertical, leveraging the GenAI opportunity and then make it a very strong vertical for us over the next 2 to 3 years and wish us well. Mr. Mascarenhas, again, semiconductor, we are not directly into the semiconductor business. But then from a design and support perspective, we are working with our group companies, and then we are providing our products and services to them, and we will continue to support them. NASDAQ listing, I think, thank you for bringing this topic. We will look into it and then as appropriate. Bonus, split, I've already answered. And then with respect to your personal situation in terms of losing your share certificate, I'll request our Investor Relations department to contact you and see what can be done meaningfully by us, right? And Mr. Atanu Saha, thank you for your presence and your inputs. Government of India schemes are all something that whether it is PLI and all the others, we take a very close look at it. And we leverage some of them as we appropriately consider it. But more often than not, I think we work with other system integrators, and then we may not directly participate in schemes like PLI, but innovation fund and technology, TTDF kind of opportunities. We have -- we keep submitting proposals, and we qualify ourselves for this as appropriate. So far, we have not got any government funding for our own internal research or innovation per se. Split and bonus, I've already answered. And then integrated -- I think AI, I think I've already answered, our business model and strategy, et cetera, for the question that was asked by Mr. Naveen Bothra. So I hope that satisfies it. ESG that I've already answered it. Mr. Anil Mehta, I think how much growth in FY '26 is your question. We would like to see the company grow at least at the same level as this year. As we spoke about, the market situation is quite volatile, and the macroeconomic situation as well as geopolitical tensions continue to pose challenges for your company. We hope to navigate this with the guidance of all our Board of Directors and customers and continue to grow this company and then also take some strategic steps as we feel appropriate to create better shareholder value. Mr. Chainani, thank you for your presence and your contributions. I think most of your questions have been answered already in the earlier sessions. And then Mr. Rangwala, again, thank you very much for your inputs. I think you asked a question, when was the last bonus was -- the last bonus was declared in the year 2017 in terms of 1:1. And the question of split, bonus, all that, I think the aspect of providing better liquidity, more shareholder participation, et cetera, is very well understood. We will consider all of this in the Board and come back to you as we feel appropriate. I think with this, I have answered most of the questions. If there are any questions that I have not answered or if you have any more clarifications that are required, I request you to do -- please send an e-mail or get in touch with the Company Secretary, and they will be promptly answered. I think many of you have talked about Cauveri, and I also completely echo your sentiments and your best wishes to her. And she is not retired. She is young, energetic as always, and she is looking for another opportunity outside of Tata Elxsi. As you can imagine that we, as a management team, and we all talk to her. And then -- but then finally, she has decided to pursue a different path in her career and for a different opportunity. And I think on behalf of all of you and the Board of Directors, I also wish her well in her endeavors. I think with this, we've come to the conclusion of the question-and-answer session. The resolutions, as mentioned in the Annual General Meeting notice, are proposed for the approval of shareholders. May I request all shareholders who have not exercised their votes to cast these votes through e-voting. Please note that e-voting will be kept open for another 15 minutes. The scrutinizer shall count the number of votes cast for and against the resolutions and will then submit his report, which will be made available on the website of the company and also filed with the stock exchanges within 48 years -- 48 hours of the conclusion of this Annual General Meeting. The resolutions as set forth in the notice shall be deemed to be passed today, subject to receipt of the requisite number of votes. Further, I hereby authorize the Company Secretary to declare the results of the voting and make the necessary disclosures in this regard. Thank you all for joining this Annual General Meeting. I would, once again, like to thank all the directors, company executives and the shareholders for joining this meeting, and I look forward to your continued support and guidance. With this, we would like to leave, and I declare the 36th Annual General Meeting as closed. Thank you all very much.

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