Tata Steel Limited (500470) Earnings Call Transcript & Summary

Good afternoon. A few mandatory announcements on safety for people present at the location of the AGM. This premises has been sanitized and audited for safety protocol. There are two exits in front of the dais. In case of an emergency, kindly use the exits and assemble at the assembly point at the ground floor and wait for further instructions. Please do not reenter the premises. Dear shareholders, welcome to the [ 115th ] Annual General Meeting of Tata Steel Limited. This meeting is being conducted over audiovisual means. My name is Parvatheesam Kanchinadham, and I'm the company's Secretary and Chief Legal Officer of the company. I would like to take you through certain details relating to your participation at this meeting. The facility of joining this AGM through audiovisual means is being made available for members on first come, first serve basis. All members who have joined this meeting are, by default, placed on mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once we commence the Q&A session, the Chairman will sequentially announce the names of shareholders who have conveyed their desire to speak at this meeting. Upon being called, the host will give appropriate access to the concerned shareholder to speak. Before you commence speaking, please be mindful of the following: use the earphones so that the narrative is clearly audible to all the participants, ensure that you have strong Wi-Fi connection and that the same is not connected to any other device. Ensure that no other background applications are running on the device that you are connected from. Remember to switch on the video and ensure that you have adequate background lighting at your place. If you are unable to join through video for any reason, we request you to speak through the audio means. If the speaker shareholder has a connectivity problem, we will call the next speaker to join. Once the connectivity improves, the speaker shareholder may again be called to speak after all the registered shareholders have spoken. We request the speaker shareholders to please limit their speech to 3 minutes. During the course of the AGM, shareholders facing technical difficulties may kindly contact the helpline number provided in the notice convening this meeting. Few inspections on electronic voting. As you are aware, the Companies Act of 2013 and SEBI listing regulations provide for electronic voting. Accordingly, the company has provided to its members the facility to cast their votes through the remote electronic voting system administered by NSDL. Facility for voting at this meeting is also being made available for those members who have not cast their vote through the remote electronic voting system and are participating in this meeting. The electronic voting system will be made available during this meeting once announced by the Chairman. Members who have not yet cast their vote and wish to do so may please visit NSDL's e-voting system and cast their vote while continuing to watch the proceedings of this meeting. Mr. P. N. Parikh, Practicing Company Secretary, has been appointed as the scrutinizer to scrutinize the votes cast at this meeting and through the remote electronic voting since the AGM is being conducted through the audiovisual means and resolutions forming part of this notice have already been put to vote through the remote electronic voting, the practice of proposing and seconding of resolutions is not required and will not be followed in this meeting. Thank you for your attention. Over to you, Chairman.

Thank you, PK. Good afternoon, shareholders. I hope you and your family members are safe and in good health. I welcome you all to the 115th Annual General Meeting of the company. As the requisite quorum is present, I now call the meeting to order. I would now request all the directors who have joined through the video conference to introduce themselves. Mr. [ Noel Tata ]?

Good afternoon, shareholders. My name is Noel Tata, I'm a Non-Executive Director and the Vice Chairman of the Board of Tata Steel Limited. I am participating in this AGM through videoconference from Mumbai. I'm also the Chairperson of the Safety, Health and Environment Committee of the Board. Thank you.

Mr. O. P. Bhatt.

Thank you, Chairman. Good afternoon, shareholders. My name is Om Prakash Bhatt. I'm an Independent Director on the Board of Tata Steel Limited. I am participating in this AGM from my residence in Mumbai via video conference. I am also the Chairperson of the Nomination and Remuneration Committee and a member of the Audit Committee and also a member of the Corporate Social Responsibility and Sustainability Committee to the Board. Thank you.

Mr. Deepak Kapoor.

Thank you, Chairman. Good afternoon, shareholders. My name is Deepak Kapoor. I'm an Independent Director of the Board of Tata Steel Limited. I am participating in this AGM through video conference from New Delhi. I'm also the Chairperson of the Audit Committee and the Corporate Social Responsibility and Sustainability Committee and a member of the Stakeholders Relationship Committee of the Board. Thank you.

Ms. Farida Khambata.

Good morning, shareholders. I am participating in this meeting through my place in Washington, D.C. I'm an Independent Director of your company and also I Chair the Risk and Management Committee, and I'm a member of the Audit Committee. Thank you.

Mr. David W. Crane.

Thank you, Mr. Chairman. Good afternoon, shareholders. My name is David Crane. I am an Independent Director on the Board of Tata Steel Limited. I'm participating in this AGM through video conference from Riyadh, Saudi Arabia. I am a member of the Audit Committee and the Safety, Health and Environment Committee of the Board. Thank you.

Mr. V. K. Sharma.

Thank you, sir. Good afternoon, shareholders. My name is Vijay Kumar Sharma. I'm Independent Director on the Board of Tata Steel Limited. I'm participating in this AGM through video conference from my residence in Delhi. I'm the Chairperson of the Stakeholders Relationship Committee and a member of the Nominations and Remuneration Committee and the Safety, Health and Environment Committee of the Board. Thank you.

Mr. Saurabh Agrawal.

Good afternoon, shareholders. My name is Saurabh Agrawal. I'm a nonexecutive non-independent Director on the Board of Tata Steel Limited and participating in this AGM through video conference from Mumbai. I'm a member of the Audit Committee and the Risk Management Committee of the Board. Thank you.

With me present here are T.V. Narendran, CEO and Managing Director; Koushik Chatterjee, Executive Director and CFO; and Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer. During the last year, there have been certain changes to the Board. Dr. Peter Blauwhoff and Mr. Aman Mehta, who used to be members of the Board. I thank Dr. Blauwhoff and Mr. Mehta for their contributions to the Board. I also welcome Ms. Farida Khambata, Mr. David Crane and Mr. Noel Tata on the Board of the company. Also in May 2022, Ms. Mallika Srinivasan completed her second term as Independent Director. I want to thank Mallika Srinivasan for her enormous contributions to the Board during her tenure -- long tenure on the Board. Now I would like to welcome the company's union representatives to this AGM. We value their significant contribution in maintaining industrial harmony at Tata Steel establishments and thank them for their continued support, especially during the ongoing pandemic. Today, we have with us are: Mr. Sanjeev Kumar Choudhary, President, Tata Workers Union; Mr. Kumar Jaimangal, President, Rashtriya Coal Mazdoor Sangh, an Indian National Metal Works Federation; Mr. Rakeshwar Pandey, President, Tisco Mazdoor Union; Mr. [ Purjal ] Mukerjee, President Tata Employees Union; [ Cinta Groos ], Chairperson, Tata Steel Netherlands, Central Works Council; Mr. [ Gerrick Derma ], EWC Chairperson of the employees' representatives and Vice Chair of the Central Workers' Council; Mr. Roy Rickhuss, EWC Secretary of the Employee Representatives and the General Secretary, Community Union. He's is also the chair of the UK Steel Committee; Mr. Russell Parera and Mr. Pinaki Chowdhury, representatives of the Price Waterhouse and Company, Charter Accountants LLP, statutory auditors of the company; Mr. Kunal Banerjee representing [ Showman ] Banerjee, consolidators of the company; and Mr. P. N. Parikh, representing Parikh and Associates, secretary auditors of the company, are also attending the meeting. Due to the ongoing COVID-19 pandemic, we are holding this AGM through audiovisual means. This format is in compliance with the directions of the Ministry of Corporate Affairs Government of India as well as the Securities Exchange Board of India. A live streaming of this meeting is also being made available through the website of NSDL. The company has taken the requisite steps to enable shareholders to participate and vote on items being considered at this AGM. The company has received 9 letters, along with Board resolutions, from the corporate shareholders appointing and authorizing representatives and restriction 113 of the Company's Act 2013 in respect of [ 41 crores, 31 lakh, 19,264 ] fully paid shares, representing 33.83% of the total [ voting ] capital. Since the physical agreements of the shareholders is dispensed with the requirement of appointing proxies is not applicable. The registers as required under the Company's Act 2013 and other documents as mentioned in the notice convening this meeting are open for inspection in electronic mode. Should they wish to inspect, please write to the company's secretary the e-mail address mentioned in the notice convening this meeting. Shareholders who have not cast their work earlier through the remote e-voting can do so during the course of this meeting through the remote e-voting facility. Before we proceed with the business of this meeting, I wish to share a few thoughts on the macroeconomic environment as well as the performance of your company. 2022 started on expectations of a year of high growth and low inflation. However, the Russian-Ukraine and the resulting geopolitical tensions and trade disruptions led to rising commodity and energy prices and supply shortages globally. As commodity and energy prices remain elevated, the global inflation surges beyond 7.5%, indicating a [indiscernible] headwinds which are expected to dampen global GDP this year as the inflationary pressures continue to intensify major central banks or withdrawing liquidity support on raising policy rates at a faster pace than previously anticipated. So the global growth for the current year is expected to decelerate to 2.9%. While the global growth is impacted, I must say, India is still in a strong position and will remain the fastest-growing major economy. While there are supply side and inflationary pressures, the demand levers across sectors, from our vantage point, both in the B2B and the B2C, continues to remain robust. The front-ended infrastructure spending by the government, including the national infrastructure pipeline, presents a huge opportunity for growth in the medium- and long-term. We expect that in the coming decade, India will witness significant investment-led growth, which will be still intensive and require significant capacity expansion and growth in the Indian market. The government has been taking industry-specific policy measures to tackle inflation, which we hope would be short-term in nature. The steel industry in India is globally competitive and therefore, the Indian steel companies should be able to expand capacity in value-added steel products for both make in India and also for make for the world. This is a defining moment in the history where the steel industry can leverage its competitive position and export its products globally to not only earn foreign exchange, but also provide opportunity for capital formation in India; provide employment; and more importantly, all of Indian companies to invest in sustainable technology and create value for the longer term. Touching upon the key trends being witnessed by the steel industry, I would particularly like to mention four trends which relate to: environment, digital, supply chain and product sustainability. The first trend is towards the environmental stewardship, covering aspects of air emissions, water management, circular economy, beneficial use of core products while moving towards decarbonized steel production. The second trend is towards development and the adoption of digital technologies and advanced analytics capabilities across the entire manufacturing value chain to be more competitive. The third trend is towards supply chain resilience and sustainability through accurate and precise demand planning, improved product portfolio rationalization, efficient risk management and stronger supply chain partnerships. And finally, the fourth trend is towards building innovative products and services pipeline that ensure better value outcomes while ensuring a strong environmental friendliness and performance. Now speaking on the performance of your company, the fiscal year 2022 has been one of the best years, probably the best year, in the history of your company with the efforts and commitment demonstrated by all the employees, the company during the last fiscal, overcame challenges and recorded its best financial performance and demonstrated significant progress on all strategic priorities and sustainability ambitions. During the fiscal year 2022, the company's consolidated revenues increased 56% to INR 2 lakh, 43,959 crores. On the back of a very strong operating performance of the Indian business, the company achieved its highest-ever consolidated EBITDA of INR 63,830 crores, a growth of over 107% on an annual basis, translating into an EBITDA per tonne of INR [ 21,626 rupees ]. The consolidated profit after tax also increased fivefold to INR 41,749 crores. The management of your company maintain a strong focus in generating free cash through tight working capital management and disciplined capital allocation during the year to record its highest-ever free cash flows of INR 27,185 crores. The company continued to focus on its deleveraging targets and made rigorous efforts towards repayment of debts. During the fiscal year 2022, the company's net debt reduced by 32% to INR 51,049 crores. On a stand-alone basis, the revenues of Tata Steel stood at INR 1 lakh, 29,021 crore, which is 53% higher than that of the previous year, while the EBITDA of INR [ 51,456 crores ] is 88% higher than that of the previous year. I want to thank you all shareholders for your relentless trust and support to the Board and the management of your company. I'm happy to announce that for the financial year ended March 31, 2022, the Board of Directors have recommended a dividend of INR 51 per fully paid equity share and [ INR 12.75 ] per partly paid-up equity share, translating it into the highest-ever dividend payout in the company's history for your consideration. Further, the Board of Directors have also recommended the subdivision of equity shares of the company in a [ 10:1 ] ratio. This will enhance the stock equity, the capital market and make the stock more affordable to smaller shareholders. The proposal for subdivisional equity shares of the company forms part of the business to be transacted at this meeting and has been placed for the approval of the dear shareholders. Now let me spend a few minutes on the growth plan for the company. The company continued upswing in the steel cycle. So the company scaling up its business by way of both organic capital expansion and inorganic acquisitions as well as divestments. Towards organic growth, the company continued to accelerate its capital allocation for the 6 million tonne per annum pellet plant on 2.2 million tonne per annum cold rolling mill complex as part of the 5 million tonne per annum expansion at Kalinganagar. The 6 million tonne per annum pellet plant will be commissioned. The Q3 of this current year, FY '23, followed by the cold rolling mill complex and the 5 million tonne expansion, which will drive cost savings and product mix enrichment. On the inorganic front, the company made significant acquisitions during the year in the areas of Long Products, Mining as well as advanced materials. The most notable as the acquisition of the Neelachal Ispat Nigam Limited for an aggregate consolidation of INR [ 12,000 ] crores. The acquisition will be carried out through the company's subsidiary, Tata Steel Long Products. The acquisition is particularly important considering the proximity of NINL plant to our Kalinganagar plant and its potential to become the hub for Long Products business in the near future. Post-acquisition, we will enable to ramp up the operations of NINL to its rated capacity of [ 1.1 ] million tonne per annum within the next 12 months, subject to obtaining statutory clearances. The company also acquired Rohit Ferro-Tech Limited for a total consideration of INR 617 crores through another -- one of its subsidiary, Tata Steel Mining, to meet its production targets of ferro alloys. The company also successfully saw the amalgamation of Tata Steel BSL into and with the company effective November 11, 2021, as had been originally planned. As part of the restructuring plan of its Southeast Asia business, the company divested its stake in NatSteel Singapore for a consideration of INR 1,275 crores. In Europe, the Tata Steel Europe Limited achieved a complete suppression of its 2 subsidiaries, U.K. and Netherlands, to be independent in October 2021. Under the new structure, Tata Steel U.K. as well as Tata Steel Netherlands, will operate as 2 independent subsidiaries of the parent. To be more resilient to changing market demands and to diversify its portfolio of products and tap the growth opportunity in new material, the company ventured into new materials business comprising multiple verticals of composites, graphene and advanced ceramics, including medical materials. During the year, the company, through its subsidiary, started working towards building a world-class facility to produce medical materials with a focus to serve the health care and medical equipment industry. Our growth plans continue to be governed by the demand forecast, size of business opportunity, scope for enhancements in our product portfolio and overall balance sheet impact while remaining cognizant of the changing regulatory imperative. As I have said earlier, this decade, India will see a strong growth, primarily led by the infrastructure spending, which will require a huge consumption of steel. And so we will continue to stay the course in our strong expansion plan of Tata Steel, towards fulfilling our commitment to embed sustainable business practices across our value chain, we've adopted responsible supply chain policy based on environmental, social and governance principles. Tata Steel encourages its supply chain partners to integrate these principles in their operations and conduct themselves in a manner which is consistent with this policy. To conclude, I would like to once again reiterate that your company, Tata Steel, is in a very strong position today and is in a very good position to capitalize on the improved opportunities that is presented in front of us. I would like to also thank the management and the employees for their hard work and in their uncentered focus in delivering a holistic results, financials and otherwise. And once again, I want to also thank our members of the Board who have been of great support, and thank you all, shareholders. Since the notice is already circulated to all the shareholders, I would like to take the notice convening this meeting as read. Since there is no observation, qualification, adverse remarks or comment by the statutory auditors in their report on the financial statements for the year ended March 31, 2022, or matters which have any adverse effect on the functioning of the company, the auditor's report is taken as read. Now before I call upon the shareholders who have registered to speak, it is my turn to invite Narendran, Chief Executive and MD, to make a presentation on the operational and the financial performance of the company.

Thank you. Thank you, Chairman. Good morning, good afternoon and good evening, depending on where you're joining from, and hope you and your families are safe and wish you good health. Let me begin with the safety, health and environment. This remains our topmost priority across the Tata Steel Group, and our clear ambition is to be the benchmark for health and safety in the steel industry. The lost-time frequency rate has come down significantly over the last 1.5 decades, but we remain, and we remain steadfast in our endeavors to further improve our performance. We have trained more than 36,400 workers on various safety standards and held various campaigns related to health and well-being on a frequent basis during the year. We also remain dedicated to the cause of giving back to the society. As a responsible organization, we strive for the betterment of the communities we operate in. Our goal remains to contribute across all areas of life, including education, health, livelihood and youth empowerment. During the year, our CSR initiatives touched more than 2.87 million lives in India. We spent more than INR 400 crores in FY '22 towards achieving the same and more than INR 1,350 crores over the last 5 years. Tata Steel is committed in creating sustainable value by continuing to grow in India to occupy a leadership position in all discerning segments while consolidating our position as a global cost leader. We want to be a leader in the pursuit of technology and leveraging of digital. We are a leader on sustainability in the geographies that we operate in and want to become future-ready structurally, culturally and financially. In terms of operational and financial performance, [ '21, '22 ] was a year of record performance and strategic progress towards across geographies despite the volatile and uncertain operating environment. We generated free cash flows of more than INR 27,000 crores. And on the back of this, the Board has recommended a dividend of INR 51 per share. As mentioned earlier, there were several best of our performances across key parameters. Our crude steel production at 31 million tonnes globally was the highest ever, while our deliveries in India at 5.12 million tonnes in the fourth quarter were the best ever. Our EBITDA at INR 63,830 crores was more than double of the previous year's figure and was driven by India as well as by Europe. Our profit after tax grew more than 5x to INR 41,749 crores. There are many milestones that we achieved during the year that we are proud of, including the Jamshedpur site joining IJmuiden site and the Kalinganagar site to be recognized as a global role model for the adoption of the digital technologies. Our online sales through our Aashiyana platform more than doubled to INR 1,500 crores. We have now more than 1.6 million square feet of construction using our Nest-In solutions and developed more than 120 new products and got more than 120 new patents during the year. Looking ahead, we aim to be an industry leader in India, aided by value-accretive growth across the steel value chain. Our operating sites across flat products and Long Products provide us with the optionality in terms of planning as well as to enable the optimization of our product portfolio. In terms of projects, we would commission the 6 million tonne pellet plant at Kalinganagar in the third quarter of this financial year. And after that, we will be commissioning the cold rolling mill complex in phases. While the pellet plant drives cost savings, the commissioning of the CRM -- the cold rolling mill complex by the end of the financial year will drive product mix enrichment. And in the next financial year, the 5 million tonne expansion will be commissioned in full. The Neelachal acquisition should close soon, and it will be a strategic platform to help us contribute to the expected growth in infrastructure pan-India. And parallelly, we are also setting up our first electric car furnace base facility in North India. We are focused on retaining our leadership position in chosen industry segments like the auto industry and building a similar position in the oil and gas industry. Our brands for the B2C and SME segments account for over 1/3 of our revenues in India, and our online and physical reach continues to grow. We also continue to build our leadership position in downstream and value-added products. As we grow, we want to be a benchmark on all parameters of sustainability in each of the geographies that we operate in, in addition to the long-term net-zero goal of 2045 that we've set ourselves. We have set clear short-term and medium-term goals as shown in the slide. These goals are backed by multiple initiatives on the ground, including setting up a carbon-capture and use plant as well as developing alternate and greener options to move our cargo. Before I close, I would like to share that your company's initiatives and performance are being recognized by various imminent entities, and we have been bestowed with several prestigious awards and accolades across categories. Some of them are mentioned on this slide. International credit rating agencies have acknowledged Tata Steel's financial flexibility and resilience, which place the company on a sustainable path. S&P has an investment-grade BBB- rating on Tata Steel with a positive outlook, while Moody's have recently moved the outlook from stable to positive, while the rating has been reaffirmed at [ BA 1 ]. I thank all our employees across geographies for our performance and all the accolades. Thank you, and stay safe. Over to you, Chairman.

Now I would like to call the shareholders who have expressed an interest in speaking at this meeting. We have a very large number of shareholders who have registered to speak today. So I would request all shareholders to stick to the allotted time of maximum of 3 minutes. And anyone exceeding that, please allow me to intervene and stop you so that we can get through the list and give opportunity for all the shareholders today to express their views. Let me start by inviting Mr. Arunkumar Boppana.

Good afternoon. Can you hear me?

Yes. Good afternoon.

Good afternoon, everybody. Sir, your annual report is 540 pages, too much to read, comment and ask. But with 47 speakers, is that this is, we cut trees to make paper, to write, don't cut trees. So I will cut my speech and keep you happy because my [indiscernible] is important. Ms. Noel Tata has got a technique. Whenever he calls me, he says, Arun, good afternoon. He cuts my speech there itself. So I will try to restrict my speeches everywhere else. No problem. I am a Tata man, proud to be a Tata man, will be a Tata man. So thank you, Chairman, for allowing me to speak. JN Tata initiated Tata Steel for a purpose. It was enormous runway for Tata's in India, which did scale up was a game Tata still played well to. And I'm proud you reduced the debt, and I'm happy that you split the share too for many participants to come. Sir, expectations of the workplace have changed after COVID and working from home. Wonder how much office itself has changed after COVID. What is the attrition rate in Tata Steel? Tata Steel, I'm glad has taken over companies of foreign billionaires [indiscernible] jewels due to unsustainable debts, glad jobs have been retained. Any of our acquisitions in the -- of steel companies, I'm very proud of your NINL acquisition too. And I hope you take over more companies so that the company, [ country ] sustains. What are the new developments in smart city Jamshedpur and Kalinganagar provider infrastructure and ownership to? So what does Tata Steel plan to increase jobs to reduce poverty to strengthen social stability in the new facilities, particularly Kalinganagar? Sir, real estate will be seen as a boom in metros and 2 tier cities in future, what are Tata Steel's new products to build fast economically? What are the innovations? We need to press the pedal in innovation too. So your doors and windows must be more visible and available for use in real estate. Lastly, sir, Tata Steel found a way to celebrate the diversity, to debate the differences without [ flaxing ] the communities. God bless, Tata Steel. Thank you. I hope you're happy, sir. [indiscernible].

Thank you, [ Ron ]. Ms. Patel?

Hello?

Yes, ma'am.

Respected Chairman Emeritus R&D, I mean Mr. Ratan Tata; respected Chairman, Mr. Chandrasekaran, sir; our respected Vice Chairman, Mr. Noel Tata; the various directors on the Board; our CFO, Mr. Koushik Chatterjee; Mr. Narendran, sir, MD and CEO; and other directors. This is the 115th AGM, and this is the share price of INR 868 today and you are giving us as a dividend of INR 51. Thank you very much for the shares split also and a good dividend also. Now I begin. Congratulations, sir, Mr. Chandrasekaran, on receiving the Padma Bhushan, the highest civilian award from the President of our India. I also support all the resolutions, especially resolution #4, for the appointment of -- reappointment of Mr. Koushik Chatterjee. And for my interest, I support resolution #3 and #7, the special dividend and split shares of -- I congratulate the company for all the awards and accolades that the company has received. Congratulations to Tata Steel for becoming the first steel producer to reduce GHG emission in the ocean trade. And also I congratulate for receiving the -- for the best-ever year of financial performance of the company. Also I congratulate for the GreenPro Ecolabel Certification. Sir, I'm very much interested in your doors and windows availability. Please, if the secretary department should help me in -- I wish to buy in procuring this doors and windows, steel doors and windows, please do help us, that there are many people like me who are interested in this Tata product, steel product. Anyway, the next is it is -- I also -- I'm very proud that the company has -- under your leadership, Chandrasekaran, sir, you have reduced the net debt by INR 50,000 crores. The company's working capital has increased revenue, and PAT has also increased. This is the year, the best performance of the company has come out among all these years. This is the most successful year in the history of Tata Steel. Sir, my question goes is, what are your plans for deleveraging $1 million debt per year, besides reducing this debt of INR 50,000 crores? We are diversifying into 3 new materials...

Madam, you should now close -- you should close. Your time is up now.

Only one question, last question. We are diversifying into 3 new materials, hydroxyapatite are -- [ hydroxyapatite particular ] ceramic, are very -- we are into that raw material. How many years it will take in the market? And how much cost it will be for us? That's all. I congratulate the company and all the staff for giving us very good dividend, for working very hard, the management team and the directors, I thank you very much. All the best.

So [indiscernible].

Can you hear me, sir?

Yes, can hear you.

Yes, yes, yes. Sir, it's such a pleasure to meet you virtually, though not physically as we usually used to meet in the AGMs. Sir, I just want to say that it really -- we heard your presentation and also the MD's presentation. It meets a person of super natural courage and wisdom to manage a company like Tata Steel. And you all have succeeded. This is the best year. It is good news. We have got many shares of Tata Steel. We had applied for lots of rights. So we are very happy about the same. And today, the prices is rising. [indiscernible] is risen 1.38%. So very good. We thank the management, the Chairman, the MD and everybody connected with the company. Now I want to just ask a few questions, general questions. So that means imports from chief imports, imports from China are a thing of the past. And so what are your dealings still with China? And do you still deal with China, in what way? And so what about Russia and Ukraine? Now regarding the supply chain, sir, what challenges you faced during the recent lockdown, supply chain challenges. And sir, what about the raw materials, parts? So do you make them yourselves? Or do you import or do you get supplied locally? Or do you import from somewhere else? We just like to know. We were interested in knowing about that, how you manage all this thing. Sir, another thing is that -- sir, regarding the present COVID, of course, though we all say it is mild, we have seen it is mild, not so dangerous like the last time. Sir, are the employees, all of them working, are our factories, they're running to full capacity? Of course, though we know, we are taking the best of precautions, sir. And we thank company secretary, your entire secretary team, just like in Tata investment, how they followed up, how the brokers and the speakers foretell? Sir, we must appreciate all their efforts in bringing us into the speakers portal, and I wish our company all the best. I wish you also very good health because you are managing the company. That's all I have to say. Thank you very much, sir.

Thank you, ma'am. Celestine Mascarenhas and Aloysius Mascarenhas.

Hello?

Yes, ma'am.

Hello, can you hear me?

Yes. Yes, I can.

And you can see me also, sir?

Yes.

Respected Chairman, Mr. N. Chandrasekaran; Vice Chairman, Mr. Noel Tata, Noel Naval Tata; MD and CEO, T.V. Narendran; [ EV ], Koushik Chatterjee; all the other members of the Board who are in the virtual meeting, my fellow shareholders, I am speaking -- just 1 minute, sir. My husband will speak because that Britannia is calling.

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 [indiscernible], simple, illustrative, transparent and informative and adhering to all the parameters required for a good corporate governance. Our results are very good as shown in facts and figures and charts and diagrams and pictures in the balance sheet. Very good, sir. I'm happy to note that [ 62 ] new products have been introduced in this year. I would like to know how may new products are going to be launched in the coming year. So I will -- hello? Hello? Sir, I would like to know what is -- where do we stand in the steel industry, run to fight? What is our market share, both nationally and internationally? And since we are an export-oriented company, what is the rupee versus dollar fluctuation affecting us? Because day by day, the rupee is depreciating versus the dollar appreciating. So being an exported oriented company, we should be benefited. So what is the benefit we get? And are we importing any raw material from China? I would like to know. And the Ukraine, Russian war, how it has affected us, that I would like to know. And then now only one personal question, sir, as I informed earlier in the AGMs, that we, senior shareholders, are having a lot of problem in the [indiscernible], but I'm happy that our Tata Steel is giving me good cooperation. Now the -- another SEBI rule has come that apart from the dividend, which is not encashed in 7 years, which goes to the investor protection fund.

Sir, you have to close quickly.

Yes. Now even the shares will be taken out and transferred to the investor protection fund. So we don't want this to happen. You, being the guardian of investors, help us out. With this, sir, I don't want to ask any more questions. I would stop here and wishing you personally, all the Board members and all the employees all the very best in the days and years to come. With this, sir, thank you very much for patient hearing. Thank you.

Mr. [ Sarjal ] Irani?

We seemed to be missing, Mr. Irani. Dear Chairman, you may wish to invite the next speaker, please.

Mr. Manoj Kumar Gupta?

Hello? Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Gupta. I'm Equity shareholder of Tata Steel. I've joined this meeting from my residence, Kolkata. Sir, I have some -- few questions. I also want to bring a smile on your face because I will also fulfill your day. First of all, thanks to you, and I congratulate you by honor of Second Highest Civilian Award by the Government of Padma Bhushan. And I warm welcome Mr. Noel Tata as Vice Chairman on our Board. And I believe that you will consider to take in another listed companies like Tata Motors, Tata Chemical, but -- because he has vast experience in the marketing and retail business. And I thanks to MD for his -- showing the good result, and I thanks to the group CFO and company Secretary and his team who has inspired us to join this meeting through VC. And sir, excellent dividend -- highest dividend in the Tata Steel history of INR 51. And thanks that we are fulfilling our long demand that is split of shares to increase the market liquidity and market capitalization. And I thanks to you for -- congratulate you, your team to acquire then the Neelachal Ispat and Rohit. But if you don't mind, I will tell you one something, sir, that this smart shareholder of Rohit Ferro has lost entire money. So how you will reward us to fulfill our loss in Rohit Ferro? And sir, what's your view on Agnipath and Agniveer? Will you offer some job to young generation, those will come out from the schemes of the government? Convey our best wishes to our Chairman Emeritus, sri Ratan Tata. And sir, last but least, what impact will come on our company through Russia and in Ukraine war? Thank you, sir. I think that I've covered within 3 minutes, sir.

Thank you. Thank you, Manoj. [indiscernible].

Chairman, sir. Can you see me and hear me?

Yes. Yes, I can.

Sir, congrats on achieving higher PBT this year. Sir, annual PBT have increased by 35%. And quarter 4 year-on-year PBT has reduced slightly. How do you see current year? How do you see current year? Can I expect annual trend of quarterly trend to continue? That means will the profit increase or reduce? Sir, we have negative cash flow for consolidated accounts for current year and previous year. I feel the company should restrict the dividend and reduce the borrowings. If you feel you've surplus cash, you can do a buyback, which is tax efficient. Sir, we have taken 10 years to reach sales of INR 1,700 crores from INR 1,000 crores. You should aim to double sales in 4, 5 years. Sir, there is shortage of chips in the world. Our company could have gone into producing semiconductor chips, which nobody is producing so far in India. Sir, thank you and all the best for the future.

Thank you. [ Skipti ] Shah?

We seem to be missing Mr. Shah. Dear Chairman, you may wish to invite the next speaker, please.

[ Shivam ] Bajaj. Mr. Hiranand Kotwani?

Sir, am I audible?

Yes.

Good afternoon. [Foreign Language] gentlemen, you and your team are -- congratulation to you and your team for this stellar performance. This is a blessing in disguise, highly realized price, thanks to inflation thank to war also. Because development destruction are coexistence. Certainly, I don't want to waste time, but certainly the debt repaid is INR 15,000 crores. Do you see the next 3 years debt should be reduced some contiguous fund causes the cyclic major price up [indiscernible]. It can fall after some time. There's [indiscernible]. So how you cope of that? How we are [ doing ] contiguous fund and continues crop up this? Still you are [indiscernible] we are going to taking. Certainly, I congratulate your capital utilization and the buying spree. You bought so many small and other steel, and particularly our congratulate Neelachal, how you are going to increase the capacity utilization at Neelachal? And what about the mining, our Tata Steel mining? If you comment, how many mining company we own in India and outside the India, our investment in mining? How we are going to increase investment and yield from the mining? Capacity utilization, particularly Kalinganagar, [indiscernible]. So throw some light on these particular plants, how you are going to increase the capacity. Thank you once again, save the time. It's a good luck to all. particularly, again congratulate you and your team, thank you.

Thank you. Ashita Parikh?

Hello, sir.

Hello.

A very good afternoon, respected Chairman, sir; and the Board of Directors. I am Ashita Parikh, proud shareholder of the company and member of Millennium Mams Mumbai Chapter. My question to you, sir, is you are now in the consumer segment of the steel business. What is the mega plan to expand this business? And sir, how are the changes in export and import duty affecting our company? How do you see this impacting the industry in the long-term? Thank you so much.

[ Vaishali Saraiya ].

Good afternoon, sir. Congratulations on yet another remarkable results. Sir, I would like to know what is the consumer scenario of coking coal price? And what is your view about this? As a student, I want to ask what is the cost percentage of coking coal in steel production. And do you have your own captive coal mines? Or are you buying from Coal India or importing? Please explain the entire game of coking coal. I also would like to ask, although debt level has gone down to INR 50,000 crores, it is still high. Sir, when can we see Tata Steel as a debt-free company, as debt-free is your favorite. Thank you.

[ Nidhi Kanoi? ]

Good afternoon, sir. I'm a proud member of Millennium Mams Mumbai Chapter and also a shareholder of our company. Sir, we would like to congratulate you, Mr. Narendran, as well as yourself for the extraordinary results shown this year. Sir, everyone is talking about sustainability. What is Tata Steel doing to show the world that they are moving towards green? And what will be the modus operandi? Tata Steel will move into DRI-based steel manufacturing using gas and hydrogen eventually in Europe by 2030. And another article recently mentioned that Tata Steel will be transitioning into low-carbon technologies in U.K. and Netherlands. Could you share some more details? And when can we expect this shift in India? Also, sir, is there a plan to produce more steel from scrap than is currently being done? Please, could you elaborate? Thank you very much.

Gautam Tiwari.

Yes, sir. Can you see me, sir?

Yes, I can.

Sir, very, very good afternoon, sir, and good evening to our Emeritus Chairman, sir Ratan Tata ji; our Chairman, Sir Chandrasekaran ji; Mr. O. P. Bhatt; Noel Tata, our Vice Chairman, welcome strongly and your appearance in our Board, I'm sure it will be very much useful to us; highly [ dignified ] directors; team Tata Steel, I'm Gautam Tiwari from Mumbai. Sir, dear sir, your smiling colored photograph on Page #24, speaks the growth and progress about the -- growth and progress in the volumes about company's progress and growth, and we are a lot of greetings and congratulations to you, sir for achieving this highest-ever growth in the history of Tata Steel, which is very much near the heart of our -- our heartthrob Ratan Tata ji. A growth of 170% is translating into the EBITDA of INR 21,620 crores and with a healthy EBITDA margin of 26%. Sir, we are highly appreciated all profit end of this year you had transferred to the reserves. Sir, dear sir, all the shareholders are very much delighted, sir, when you have declared the highest-ever dividend of INR 51. We never expected that, and we were really -- and the market also very much happy and moreover stock split from [ rupees 10:1 ] share, so that everyone can gain about it, all small shareholders. Sir, I would like to especially thank our Mr. T.V. Narendran and Koushik Chatterjee and Mr. Parvatheesam [indiscernible] explanation was very good, sir. We came to know a lot of things how the company is working. And Mr. Parvatheesam and also sir, services are very good, secretary services. And we are very happy about the investor services, sir, always and all the time. Sir, I will -- sir, I support strongly all the regulations and all the appointments and reappointments of directors on board. And I have already voted in favor of them. Two questions, sir. Sir, what is the capacity utilization of our plants in India and abroad roughly? Sir, what is our debt equity ratio now as stands during this year, sir? Sir, what is the attrition rate now? And sir, what is our debt-to-equity ratio? As you reduced the debt to a greater extent, now what is the debt-to-equity ratio? And how much dividend shares were transferred to [ IE ] at this time? Sir, our permanent and casual workers ratio this time? And is there a handicapped employee? Or how many handicap employees we have got in this -- our company? And sir, what is -- how do you visualize the steel industry's progress in the next 2 to 3 years, especially for our company's benefits? And a decline in business due to the supply chain constraints and COVID, sir? That's all and [ concluding ], sir. We thank you very much, sir, for all the things that you have done and [Foreign Language], sir. Good evening, sir.

Thank you. Thank you. [ Asit ] Kumar Pathak?

Am I audible, sir?

Yes, you are.

A very good afternoon, respected Chairman; Mr. N. Chandrasekaran; respected Vice Chairman, Mr. Noel Naval Tata; and CEO MD, Mr. T.V. Narendran; and Executive Director and CFO, Mr. Koushik Chatterjee. My name is Asit Kumar Pathak from Dum Dum Kolkata. Most welcome Mr. Noel Tata to joining as the Vice Chairman to my company, also Ms. Farida Khambata, an Independent Director; and also most welcome, David W. Crane. Sir, the financial performance is very nice, stand-alone 53% and member of getting INR 51 for fully paid-up ordinary shares, also [ INR 12.75 ] for partly paid-up ordinary equity share. Also, member and the shares will be subdivided. Very, very, very nice step. A minority shareholder can be purchased our company share. Sir, Mr. Manoj Gupta, also mentioned that Tata Steel Mining acquired Rohit Ferro-Tech with NCLT, INR 780 crores resolution plan. As per resolution, INR 515 crores will be offered to Rohit Ferro-Tech financial creditors. And INR 164 crores will be infused equity capital in the company. And INR 100 crores will be provided to trade a creditor implies. Sir, in the future Rohit Ferro shareholders get any benefit after this resolution plan? Because I am also a member of Rohit Ferro. In respect to [ NINL ] acquisition, 93.71 stake, INR 12,100 crores.

Mr. Pathak, this question has already been raised, so I'll be answering it. So do you have any other questions?

No, no. Because I am just calling because the -- in NINL plant [ start ] March 2020, and negative network. And so they had accumulated losses, [indiscernible] crores. So why this acquisition? Because this is very dead-leading company and network decreased by [ 168.15 14% ]. Please throw some highlights about this. And because export duty on iron road has been increased to 50% across all grades from 30%. And also, overall domestic steel company will have to bear 15% export duty, which is mostly fixed. So throw some highlights. And a road map in domestic business proportion performance also export. This is my second view, which I'd like to share. Page 261, that associates the company here at loan giving INR 100 cores, fully impaired, financially at 22. Please show some about this. And Page 285, my company during financial year made investments, 7 companies and 22 mutual fund scheme, we granted unsecured loans to 8 companies and 70 employees. Please show some highlights about this. And loan outstanding, [indiscernible] Limited, INR 81.30 crores, [indiscernible], which mentioned on 31st March 2022. And that company of CI RP process only. And Tata Steel KGN Pty. Ltd, INR [indiscernible] overdue 31 -- as on 31st March 2022. Please throw some highlights about this. And inventory was also INR 19,942.94 crores against INR [ 12,850.51 ] crores, and by my great resolution policy. And Reliance also mentioned debt-free in 2025. So what's my company management taken decision to be a debt-free company? Nothing to say more, expected financial '23 will be very, very in financial good performance and good health to everybody. Thanking you, sir.

Mr. Bharat Shah?

Hello. [Foreign Language].

[Foreign Language].

[Foreign Language]. Sir, thank you. [Foreign Language]. [ Smita Shah ]. [Foreign Language]. Hello?

[ Smita Shah ].

[Foreign Language].

[Foreign Language].

Thank you. Thank you, sir. [Foreign Language].

Thank you. Thank you. Thank you, Smita Ji. [ Pranab Da ]?

Yes. [Foreign Language].

[Foreign Language].

And I'm very fortunate that still I'm living in this world by the grace of Almighty and our Tata Medical Department Kolkata and Dr. [indiscernible], mention his name. And [ Parash ], I'm very happy that I'm sitting under the late Chairman J. R. D. Tata's photograph. And I'm getting his blessings also. And last year, I've seen our [indiscernible] Chairman, Mr. Ratan Tata was present, but this time, I have not seen. So I'm very much grateful to all my Board of Directors, CFO and CEO, and my fellow shareholders colleagues. I will tell something because you know I'm a cardiac patient, I cannot go faster now it is. I have 2x attack actually. And by the grace of this Tata Steel, Tata Group, I'm living in this world. I am telling in front of you as well as all the Board of Directors, hats off to my company, royal salute. This year, yes, I should say if ever the history made by the company, our -- all the base efforts, all the excellent turnover, excellent profit and also our revenue that is -- I should say this is exceptional. And history made by the group of companies. Whoever here, and Mr. Narendran also, CFO also there, we are not worried next year, we'll see the [ double profit ] in our organization. I'll be the most happiest person in the world. So now I'm coming 2, 3 points, 4 points. As usual, you know I'm telling you regarding the safety matters, this is very vital because I know Mr. Narendran and you also, you never compromise on the safety. Recently, in our Tata Steel [indiscernible] plant, that was fire somehow and all -- half of the world, they've got the idea that, yes, we are not maintaining the safety properly. And recently also, one of our [ mines ] said that is -- he was expired due to some toxic, all these things. My earnest appeal to you because of safety of our manpower as well as our assets, we should special attention to the subject, to save our [indiscernible]. My small suggestion, quick response team should be introduced at all the places of our workplaces and yes. That is -- we will train up our own people and own people, they will take the necessary action in case of danger time. Now I'm coming at one point that you know very well, we'll change over. We switch over to that 40 million tonnes very recently. And moreover, [ NINL ] also, we have taken over. And very recently also, we'll start production within 12 months, maybe 1 million or 0.5 million tonnes. So my assumption is this. In spite of this, we should take up very seriously with these dealers and our customers and retailers because distributors [indiscernible] is not so easy to do it. But the ground-level people, like dealers and retailers and customers, we have to look up that they are in better interest. And also we'll take when necessary visit to their premises for how to cope up the market because you know this part capita steel consumption will be increased at 38 kgs during 2030 onwards. So we are Tatas -- Group always [indiscernible] that we are always thinking betterment, and we are always thinking up about coming 50 years what to be achieved. And I hope, definitely, we'll do something for our own partners. It is absolutely good news for us that our company will produce medical treatment 100 tonnes per month and in future, try to increase the production in our plant. This is alloy steel I know, and through that new division we can actually achieve and also improve the at least 50%, 60% the market consumption. Another thing also, this is a Tata Solar Power. Dealers, they are not actually formulated like this. This is must actually, we should -- dealers line of action, we should take immediately. I am very much happy that we have a lot of associated companies and our sister [ concerned ] also, but how to develop this -- our sister [ concern ]. If my family members, my third brother is weak to enter, family will be more [indiscernible]. So we have to cover up...

Thank you. Your time is finished. Your time's up...

Yes, yes. Within a very short time, I am finished. I want to see you smiling face all the time till my last breath of my life. And Mr. Narendran, I don't know whether he's laughing or not, I love it. So this type of actually visiting the customer places in spite of that, we have to visit the actual companies all the time because there are merits and demerits we should know. Otherwise, we cannot cover up. And I am telling you, sir, in Tata Groups, we have actually such a big organization and big setup, in a year, our -- all CEO and CFO, they meet with us twice or thrice in a year to interact each and other problems and solve the problems immediately. And any demand also there we'll take up. Before starting this AGM, I have seen the advertisement relating to CSR activities to be shown in broadcasting or print media. But it is not showing at all. It is not showing at all. If you want to swing in the broad searching all these channels...

We'll look into that. We'll look into that. We really have to conclude now.

Please. Please. Okay. Okay. I want to conclude.

I'd be happy to talk to you offline, okay?

Yes. Yes. Yes. You see Page #346, the borrowings. The item #...

Can you quote these comments offline? Can we talk to you offline...

Yes. Yes, why not. I'll be most happiest person, and when I'll send any letters or all these things, and I'm expecting that you will reply...

I always reply. So you send it to me and I will reply.

Yes. 1 minute, sir. 1 minute, I'll tell you. If I not tell my duty, everybody, they are [indiscernible]. Even PO, CEO, CFO, I'm really grateful to them that they want to live in this world that he is good [ Pranab da ]. Thank you. God bless you. And next year, we'll see the double profit.

Keep good health. Keep good health, [ Pranab da ]. Thank you. [ Karishma Bijam Shah ].

Can you hear me?

Yes, ma'am.

Yes. I think -- can you see me? I have to start the meeting.

Yes, please start.

Yes, sir. Hi. Good afternoon, esteemed Chairman, sir and Board members. I'm a proud shareholder of Tata Steel. My name is [ Karishma Shah ], and I'm a member of Millennium Mams', the Mumbai chapter. Sir, I have 2 questions. Mr. Narendran has mentioned in the Economic Conclave, steel is on an upswing in this decade. Please can you elaborate what is the basis of this opinion? And what will be the growth plan for Tata Steel, both organically and inorganically? Sir, my second question is, given the current situation in Russia, how is India taking advantage of this? And how is our company doing the same? Thank you, sir.

[ Shailesh Mahadevia ]?

We seem to be missing Mr. [ Mahadevia ]. Dear Chairman, you may wish to invite the next speaker, please.

Himanshu Dutta?

Hello. Yes. Am I audible?

Yes.

Thank you, sir. Good afternoon to you all. Please accept my heartiest congratulations, and a big thank you for the excellent all-around performance of my company, Tata Steel. Sir, after having an association of almost 42 years with this company, I personally feel so proud of such performance of this company. But at the same time, I strongly feel that we cannot take things to be granted and feel complacent assuming that everything is going in the right direction. We must be quite vigilant. Actually, I find there could still exist some voids and some slips in the process and attitude leading to violation of Tata business ethics and code of conduct. Actually, in the recent past, sometime in January, February, I have come to know of some practices, which I felt that it was quite abnormal and not exactly matching to Tata Steel's principle. In my opinion, those practices are causing gross violation of Tata business ethics and Tata code of conduct. I tried to discuss on these issues with certain senior executives, but I could not find them. So to draw the attention of Mr. Narendran, Mr. Narendran, now I'm just addressing -- I'm addressing to you that I have sent a mail to you on 28th April, requesting for an appointment with you. Maybe due to your busy schedule, I know you are very busy and keep traveling, you apparently forwarded my mail to another senior executive to talk with me. And actually, we talked. We talked on 10th May, following which I also sent to you another mail thanking you so much for taking such an initiative at the earliest. But after that, subsequent to that discussion on 10, I haven't received any update. And I have sent another mail, the last mail I sent on 1st June, requesting for an update on this matter. I even do not know that whether you accept it as a violation of this thing, Tata business ethics or code of conduct. Are you doing something else? Or you doing some investigation on these? I do not know. So today also, I earnestly request you and if allowed, I insist you to give me an appointment with you for about half an hour, giving me an opportunity to explain to you in person. And I'm sure that after my briefing, we'll have a new insight in it. And while I'm talking about half an hour, maybe that you might be more interested to stretch it to beyond that half an hour also. And in case that you are -- because I'm finding it that you are so busy and you're remotely available in Jamshedpur, so if it is convenient to allow such an appointment in Mumbai, I'll be happy to travel all the way to Mumbai to meet you.

[ Mr. Dutta ]?

Yes?

I have been briefed that your matter is being written to by audit. So soon, somebody will get back to you, and if we required, a meeting will be arranged.

Oh, thank you so much. I only wanted this much of feedback.

Thank you.

Thanks a lot.

Mr. [ Sarath Shah ]?

So can you hear me, sir?

Yes.

Can you see me?

Yes. If you speak, I will -- we'll be able to see you.

Yes. Can you see me now, sir?

Yes. Please speak, sir.

Yes, yes. Okay. Okay. Sir, the balance sheet is -- our first speaker says the balance sheet is very big, 571 or 541 pages. But he has forgotten, the -- out of these all pages, there is only one page, which is important. That is Page #3, sir. And you are seen with President of India, who is going to retire now, and you've got the opportunity to have a photograph with him. So this is very important, and you have been awarded, sir. Noel Tata, I'm very happy because I see him in [ trade meeting ]. But Noel, sir, I congratulate you for your appointment as the Vice Chairman in the company. But only thing I want to send you one message that you tell your emissary that [ Sarath Kumar Shah ] is not happy with him. Sir, now the record year in 1, [ 1-5 years ], our PAT and earnings per share is the highest in any individual company of Tata Group. And what is my message is this type of PAT, our earning per share is there since I feel personally that a company, like Tata Steel, did not worry about the debit. It may take debit and acquire so many companies, but the condition is that they have to make profit, see that PAT and earnings per share is highest. So -- and when I refer, sir, Page #271, 270, earning per share is INR 332.35. It's the highest, no doubt about it, but the dividend ratio is only 15%, and which was last year, in your case, it was 37%. And if I look into this year's, the dividend payout ratio is 43%. Why not to have a record dividend payout ratio to the shareholders and make shareholders also to be -- have a name in the record book? And that is why I oppose the sent resolution #3 for the dividend, sir. And now if I refer Page #20, #54 and [ #56 ], the blockchain technology you have started using even if it is late, doesn't matter. But whether it will affect our [indiscernible], that is only my question, sir. And Page #110 and #121...

[ Sarath ], sir, You have to conclude...

I have to conclude. Yes, I don't have much points, sir. Your automotive solutions are there so that the Tata Motors also will become a record profit, record [indiscernible] make record. And Page #86, 854 tonnes production per employees there, so what I would like to know, what is the net profit per tonne so that we can work out the net profit per employee. And the Page #247, [ PK ], his salary is INR [ 3.084 ] crores, Why not to have his salary -- record salary because [indiscernible] -- company secretary salary is INR 8 crores, I personally feel that our company size is very big. So we must have a record salary for our company secretary. And mostly, my last point is sir that Page #231, the share price is given and annual -- but what is this annual report is that the market that is totally missing in the balance sheet because it may be very low compared to our other companies, but does not mean market [indiscernible]. And we -- I saw that, and [indiscernible] resolution #7 of splitting share to 10 numbers. And because the share price will be the lowest record price, sir. And another thing, last point, last point, sir, is that I'm very happy with PK because in income tax return in 26 AS and AIS, Tata Steel details are always available. But what is wrong with the TCS details are never available in 26 AS and AIS. So please take care that all Tata group companies, details are those who give dividend should appear in the income tax forms. Thank you very much, sir, for giving the opportunity and speaking. And when you say, sir, when you control Bombay shareholders, you should control the Calcutta shareholder also. Thank you very much, sir.

Mr. [ Yusuf Rangwala ].

[Technical Difficulty]. Hello. My name is [ Yusuf Rangwala ], speaking from Mumbai. Sir, [Foreign Language]. INR 52 dividend. How is your health, sir? I'm seeing your face, sir. I'm very happy, sir. I pray the God every day for your good health. Sir, [Foreign Language]. Thank you.

Thank you.

I have one more thing, sir. [Technical Difficulty]. Yes, sir, we are expecting INR 1, sir. I'm supporting [indiscernible]. [Foreign Language]. Thank you. [Foreign Language]. Have a good day, sir. And also thankful to [indiscernible] and Tata. How is our Ratan Tata, sir? Give my regards, and asked [indiscernible] from my [ Yusuf Rangwala ], sir. Thank you very much. [Foreign Language]. I salute you, sir. My full salute you, sir. Thank you very much. [Foreign Language].

Thank you. Mr. [ Kamal Majumdar ], next. [ Kamal Kumar Majumdar ], next?

Yes, sir?

You have to be very brief today. Probably you don't have much to complain today.

No. No, but as you get [ Sarath Kumar ] and [ Mr. Rai ] is concerned, they took more than 7 minutes, sir.

Yes, it's okay.

No, no, sorry. I'm not going to take that. I'm not going to take that. And sir, as there is no indulgence, so I am going to the point first. Firstly, in regards the company, our European business, which was on the brink of collapse 2 years ago, booked their highest-ever EBITDA since its acquisition of 12,164. And sir, I want to know whether absence of Russia and Ukraine for the -- from the European market, clears tightening of steel price and ultimately increasing the sale price in Europe and U.K. And whether it is impacted in the direction [indiscernible] our company is concerned. [indiscernible] is working. It is not working. And what is your viewpoint on Q1 and Q -- financial year '23 and remaining part of the year for European and Indian operation? Sir, global coal prices are cause of concern. India produces 20% -- 20% to 25% of the total requirement of Indian companies. So what is your thinking in respect of the pricing in Q1 of financial year '23 as well as its impact on results of our company? Do you believe that the price will stabilize during the current year? And sir, it is nice to note that the company is able to achieve its European operation to divide into 2 independent units. One is U.K., and another is Netherlands. Both countries are very strict on carbon emission. What are your -- what are carbon policy for Netherlands and U.K.? Whether stopping of gas supply from Russia to Netherlands has any impact on the government policy in Netherlands? And whether our company expects financial support in this regard from both the countries? Please share your thoughts in this regard. And sir, our EBITDA margin in Q3 was 13% and in Q4 was 16% as mentioned to the analysts. Further, the dream run is continuing in Q1 of financial year '23 and expectation for the remaining part of the year. Sir, whether our company managed to receive soft support from U.K. and Netherlands, including cash flow deferrals and payables during financial year '22 due to COVID problem faced by them? And sir, our company on a consolidated basis made an expenditure of INR 10,552 crores on capital projects in India and Europe. During financial year '23, in the book, the CFO and CEO mentioned, they are focusing on the completion of [ Kalinganagar ] project, and there will be a takeover of Neelachal Steel also. So what will be the capital outlay for the year 2023? And what is our rate of interest our company is paying on its debts during financial year '22 and during the current year? And do we expect increase in the interest rates due to recent steps taken by the RBI? And whether the company will go for refinancing of high-cost borrowings during financial year '23? Sir, Bloomberg news story on 2 -- 2nd February mentioned that Tata Steel will face a criminal probe in Netherlands after the Dutch public health agency found concentration of metals and carcinogens around its [indiscernible] factory of the company's own figures. It is also mentioned that the company is helping the regulatory authority in this regard. What is the present status in this regard? And sir, our company's e-platform booked their -- e-platform Aashiyana booked their sale of INR 1,500 crores in this regard. Taking into 5-year period, what is your expectation for this unit? And sir, Page 359, the company booked a profit of INR 334 crores on account of sale of noncurrent investment to 3 subsidiaries and 3 joint ventures to a wholly owned subsidiary. And during financial year, the figure was INR 1,085 crores. This type of profit or paper profit, should be avoided. It's a paper profit because we are transferring from one unit to another unit. It's a paper profit. This should be avoided for a financial strong company like Tata Steel. I want to know your view in this regard. And sir, please have a look at Page 367 to 372. Please have a look at Page 368 to 372 of the annual report. There are so many cases. Claims of the company for thousands of crores, which remain undecided for a long time. I believe that the management must remove those huge claims. Regularly take appropriate action for early hearing of those cases. Otherwise, it will create a huge problem for us in the coming years. We should not be treated as a chronic litigant in order to avoid paying dues. We have a long history of positive attitude in this regard. I still vividly remember that after Mr. Ajit [ Kerkar's ] departure from the Indian hotels, the Tata -- the company wrote to the RBI regarding some old foreign exchange violations, which was detected by the company. An RBI was also a bit surprised. And as far as I know, still they have not raised any claim on the company. So it's Tata Groups, so they should not be treated as a litigant. And sir, we are in the material business. It crossed INR 500 crores, and company said it will cross INR 1,000 crores very shortly. Whether it will be a profit center in the coming year -- upcoming years. And sir, lastly, my special thanks to Parvatheesam, PK sir and his team for giving good shareholder service. Thank you all for patiently hearing. I think I took less time than [ Sarath Kumar ] and [indiscernible].

Thank you, [ Kamal ], sir. Thank you. [ Yashpal Chopra ]. [ Yashpal Chopra ]?

Am I audible?

Yes, please.

Okay, sir. Sir, I'm grateful to you that you have just listened to my suggestion given to you yesterday. And the other thing is that I must congratulate you for getting the best award from the Government of India. You are well deserved for the award. Sir, that is a matter of pride for -- not only for you, for the entire Tata Group because that has been recognized as what you call the foundation, the foundation of our economy in our country. Sir, I must congratulate the management not only for the acquisitions they are making year after year, but at the same time, the highest ever performance the company has shown this year. So there is all around growth in PBT, in revenue, PBT, PAT, EPS, the EBITDA. And as regards dividend, special figure of INR 51 that is a very, very welcome because -- and the other sign of industrial friendlies that you are submitting the share to INR 1. I remember that in 1980, I had bought 20 shares at the rate of 1 per share, with the face value of INR 100 at that time. And thereafter, there was a rain of [indiscernible] and is fully convertible and all that thing. And now in my family, I'm holding 1,500 shares by the grace of your goodness. Now I will be holding -- that holding will definitely become bigger. So sir, I'm grateful to you and your team. And I have only one query. And of that so much a big revenue we are having in this year, what is the percentage of the foreign exchange in that? So that is the only query. And sir, as regard the fear you have said that the current year may not be as solid as the last year because of the Russian and Ukrainian war. But I tell you, sir, we have to hope for the positivity. When we the war ends, the Ukrainian has to build up their own country. So by building their own country, they need Tata's iron, they need Tata Steel. And then the Tata Steel will recoup all that and that they will -- we will help Ukraine to build a new Ukraine. And sir, before I close, I must thank the corporate governance under Mr. PK. He has given a very beautiful balance sheet containing all details with the tables and charts and all that. Sir, I have not seen any such bigger balance sheet like that, that is bigger than even our Geeta. And as for getting us a chance to speak, courtesy Mr. PK and [indiscernible] and the team, they have just given me a chance to speak. That is -- I'm very grateful to them for that thing. So before I close, I pray God to show positivity on all, to our Vice Chairman, Mr. Noel Tata and our MD, Mr. Narendran, and to all that eminent professionals we are having, let God bless everybody from the top to the bottom because that the positive energy in our company is the positive energy to my investment. The best of luck to you. Thank you, sir.

Thank you. Mr. [ Nalin Shah ]?

Am I audible?

Yes, you are.

Good evening, all. At the outset, I would like to congratulate the team for achieving such a stellar performance. Sir, my first question would be that you produced 31 million tonnes last year on a capacity of 34 million tonnes. I would like to know what is your current target? My second question would be, we are ranking best on all parameters when compared to our peers. Will we perform this year? And how has quarter 1 been so far? Considering 3 months will end in the next 2 days, can you put some light on the expected revenue and profits? How have the steel prices moved since March or April levels? And what will it be at these levels? Do you perceive some cooling off of the prices? Or do you expect the prices to further escalate? And sir, my last question is what are the new material businesses that have been mentioned in the annual report that we have made progress in? Thank you, sir.

Mr. [ Bimal Bhatt ]?

Honorable, Chairman, am I audible, sir?

Yes, you are.

Okay. Honorable Chairman, respected Board members, key managerial persons and my dear colleagues, good afternoon. Hearty congratulations for excellent results and performance. However, same may not be achieved in financial year 2023 due to multiple of reasons. Integrated report is excellent. Hearty congratulations to PK and the entire team for one of the best educative document. I'm also extremely happy to see our company in top 20 on the leadership score under corporate governance scorecard. It is highly appreciable that out of 20 companies, 5 companies are from Tata Group. It's a great achievement for all of us. Also achieving strong position in recent CRISIL Sustainability Yearbook 2002 (sic) [ 2022 ], which was released in last month only. I hope next year, we will reach to the leadership position. I have only 3 observations, sir. Looking to the future requirement, is our board [indiscernible] to be expanded, say, by inducting an independent director from FMGC Industry? Maybe an agreement? Second, is Tata Steel brand valued? If no, is it a necessity or a luxury? And lastly, any specific target for reducing the number of subsidiaries associated and joint ventures? My best wishes to the Tata Steel family. Thank you very much as I'm calling from Vadodara, Gujarat. [Foreign Language]. And being an Ex-Public Interest Director, I must say that our annual integrated report is one of the finest I have come across. Every year I read on an average 50 annual report as a part of my research and being a part of the corporate governance. Thank you very much, sir.

Mr. [ Anil Parekh ].

Hello, Chairman, sir. Am I audible?

Yes.

And am I visible, sir?

Yes, once you speak, you'll be visible. Please speaking.

Chairman, sir, Board of Directors and fellow shareholders, my name is [ Anil Parekh ] from Bombay. Chairman, sir, ever since you have entered into Tata Group, our -- all the companies are flourishing. So hats off to you. With your good luck and charming personality, we all are having this good days. Sir, due to COVID-19, since last 2, 3 meetings, we are unable to meeting -- meet each other. Otherwise, physical meeting is far better than this digital meeting. So kindly incorporate next time physical meeting if everything feels good. Sir, before me, many speakers have said many things about financials, observations and everything. So I would -- I don't want to take your much of time. I would like to ask a few questions, 2, 3 questions. Sir, our acquisition of preference shares of Angul Sukinda Railway Limited and acquisition of stake in Ceramat Private Limited to produce medical materials. I would like to have your views on that, why this acquisition is made. And what is -- what are the business strategy you're looking at? And third, acquisition of entire stake held by Steel Authority of India Limited in S&T Mining Company Limited. So your views on that also is appreciated. I'm thankful to our secretarial team, headed by Parvatheesam, Mr. Parvatheesam and his entire team for excellent investor services and excellent annual report. Thank you for pleasant hearing and support all the resolutions. Thank you.

Thank you. [ Vinod Agarwal ]?

Can you hear me, sir?

Yes, please.

Yes. Respected Chairman, Chandrasekaran Ji; our MD Narendran Ji; CFO, Koushik Chatterjee; and our CS, Parvatheesam Kanchinadham Ji. Sir good evening to all. By now, it is afternoon, evening, and regards to everyone sir. I have gone through the annual report the way I could. Sir, it's a very voluminous annual report. I congratulate the management for the excellent performance, which they have done at unprecedented levels of deliveries. They made the production of 31 million tonnes out of 34 million tonne capacity. And we are likely to add capacity in Kalinga about 8 million -- to 8 million tonnes. We had 3 million tonnes. We'll be adding 5 million tonnes more and 1.1 million tonnes in the other NINL. So our capacity should go to 40 million, and our Indian capacity should go up to 25 million tonnes, I assume so with these new capacities coming up. Sir, my 1 or 2 queries. You've got recycling or plant for steel, the scrappage plant at Rohtak for 112 kilotons we have done. And are we likely to tie up with more vehicle scrappage people to have more scrap is turning of steel as it has a lower carbon print on the carbon footprint of making of steel? And sir reports were there of a blast in a certain plant in Jamshedpur about 2 or 3 months ago. Has that been streamlined, and has it been operational? Or what was the loss on account of the blast? The media report, they were showing on TV, the blast was shown on TV also at the Jamshedpur in the Tata Steel plant. And has that plant been -- what was the loss on account of the blast?. And coking coal shortage, we've got 2 plants and 2 mines for coking coal, one in Jharia and the other in Bokaro. Sir, is this -- are the 2 mines able to meet our full capacity of coking coal? Or are we still relying on coking coal from outside sources also? There were reports that we are buying Russian coal also after denying a certain time that we are not buying. But after the war, we are buying coal from Russia also. The new plant, the new graphene capacity, 100 tonnes per annual plant, and you got a revenue of INR 100 crores in the graphene thing. What will be the scale-up of this graphene plant? And at the moment, it is 100 tonne per annum capacity, and you've got 100 tonnes per crore revenue. How much are we likely to scale up? And the INR 100 crore revenues come from what percent of the utilization of the plant, sir? And composition Tejas and Vande [ Bharat ] that was very good, sir. I wish the company all the best, sir. And your debt equity has come down to only 0.3 upbeat. Earlier, you reduced [indiscernible]. You plowed back into purchases, acquisitions and Kalinga and NINL. It's a very good sign. We are expanding the future profitability of the company. I'm signing off, [ Vinod Agarwal ]. I wish the company all the best, and you personally, sir, for receiving the highest award from the President of India, sir. Thank you. Signing off, [ Vinod Agarwal ].

[ Swarnalatha ].

Hello. Am I audible?

Yes, you are, ma'am.

Good afternoon, Chairman, sir and everyone present in the meeting. Sir, I have full faith in the management, and it's working as it has the name of Tata. But I have a question. In Page #138 of annual report in the financial result of -- during the financial year 2020 to '21, there was a loss in other comprehensive income. And during financial year '21 to '22, it is very much positive. So I would like to know the reason of losses and the reason of increased income within a year. And thank you to the management for organizing the meeting that has enabled me to join from faraway place and for giving me the opportunity to ask my questions. Thank you.

[ Ashok Kumar Jain ].

Hello? I'm audible?

Yes.

Okay, sir. I, [ Ashok Kumar Jain ], joined AGM from Delhi. I always feel proud that I am the shareholder of Tata Group. Firstly, I would like to thank to the Company Secretary and the entire Secretary Department to allow me to speak in the AGM through video conferencing. Video conferencing is a very good channel to attend the AGM from faraway distances. Sir, my point is already raised by the other speaker shareholders. So this time, I have no query. I thanks to the management to take a good decision to [ split ] our shares from INR 10 to INR 1. Thank you to Management and thanks to -- again thanks to the Secretary Department to join me the AGM through VC. Thank you, sir.

Thank you. Mr. [ Murlidhar Choudhary ]?

Hello?

Yes.

Are you hearing, sir?

Yes, we are hearing. Can you speak?

Hello?

Yes. You can speak, sir.

Hello?

We can hear you. Can you speak, sir?

Yes. Yes, sir. Yes, sir. I'm your regular shareholder. Hello? Are you...

Sir, we are able to hear you. Can you please speak?

Yes. Yes. Thank you. I thank you the entire Board of Directors for the presenting of this [Technical Difficulty] balance sheet and our best ever year's. I am very much proud. This is my grandfather's [indiscernible] company, 115th year AGM. Sir, my question is, the market is very much volatile, and Tata Steel is outperforming since last August. Are you any planning to increase to the shareholders? There is so many premium reserve, 3x of the capital, share premium reserve with 3x of the capital. Can you dilute and give the bonus shares? And also there is a planning for buyback, like the TCS, where you regularly buyback from time to time because now you are generating the case sufficiently. [Foreign Language] Our best ever year is thus only a beginning, even after so many years. [Foreign Language]. I am very much proud of the shareholder of this company. Thank you, sir.

Mr. [ Narender Singh Chauhan ].

Hello? Hello? Am I audible?

Yes, you are.

Okay. Thank you so much, sir. Good afternoon, sir. It's [ Narender Singh Chauhan ] this side. And respected Chairman, sir, Board of Directors and my fellow shareholders, I would like to thank you for connecting me in [indiscernible]. Sir, I don't have any other issues, and I just wanted to say that -- to thank you to the Secretary Department and the Board of Directors because of the all of our queries of any type immediately as soon as possible and replies timely and for taking care of their shareholders. Thank you so much for that. And sir, I believe that our share price will go up very soon. Thank you so much.

Thank you. Mr. [ Bimal Kumar Agarwal ].

Hello? Can you hear me?

Yes, we can hear you, sir.

Good evening to everyone. First of all, I thank the Company Secretary and his team. And always, you'll keep the meeting online. And before speakers have spoken regarding the [ IPF ]. Please look into that matter. And this is 115 years old company, what is our land bank and what is the valuation? And I'll come to another component. The company has reported strong revenue and profit growth during the last year. Now that interest rates have started rising, and it is affecting the metal sector. Also, there is inflation in energy prices. Crude is taking around $100. Consider this background, please explain the company's strategy to achieve the growth. And please next time, sir, if you can speak a number so and so, that will be better for next speaker that this number is coming. Thank you very much. That's all from me.

Thank you. Mr. [ Kaushik Sahukar ]?

Hello?

Sir.

Am I audible, sir?

Yes, you are, sir.

Yes. Good afternoon, everyone. Sir, I have 2 points. In spite of certain support from Tata Sons, I think it is still on ground. So I request to you to kindly intervene and help me to [indiscernible]. Once again, thank you for giving me opportunity to speak today, and I hope to see a positive moment forward. I support all the resolutions. Also I request to please provide reply immediately. Secondly, how will Metaverse unfold and transfer enterprise? Does the Board plan for future need working capital? How will it raise it? Thank you so much.

Mr. [ Parthiv Deepak Sharma ]? [ Parthiv Deepak Jonsa ].

Hello, sir. Can -- am I audible? Hello? Am I audible?

Yes, please.

Okay. First, sir, I would like to congratulate every single person from the team for achieving the best ever year. It is the effort of the entire team who has created such a huge organization. And thank you so much to every single person out there. Thank you for the excellent dividend. Now coming straight to the point, sir, recently as per some news article, you had -- you were supposed to incur about 1 lakh crores of CapEx over next decade, especially in the Indian operations to ramp it up to 40 million tonnes. What will be the exact timelines like year-wise if possible is pending breakup is available? And what are kind of products will be added to the kitty from these expansion? As and how we expand into different geographies, today, we have a complete linkage of iron ore and almost 20%, 22% linkage of coal. So tomorrow, when we grow to 40 million tonnes, what kind of reserves or mines do we already have in the kitty, not just India, but across the globe? We have substantially reduced our debt. But considering the current scenario, just wanted to understand when you -- Tata Steel will be completely net debt free, if not debt free, but at least net debt free? And what can be the timeline for the same? And sir, my last question is the [ Thyssenkrupp ] deal is now off, so what is the strategy in European market? And how we are going to progress? Thank you so much. Best of luck, sir, and thank you for the opportunity.

[ Jyoti Chada ].

Hello?

Yes?

Can you hear me?

Yes.

Thank you, sir. Thank you for giving me the opportunity to join during this quarter. Myself only, everybody congratulate to you, and I have some queries. Someone asked so many questions. From my side also, I have not repeated another questions. I have only one query, sir. Sir, [Foreign Language] Thank you, sir. Thank you so much.

Mr. [ Hasmukhlal Vora ]?

Can you hear me?

Yes, please.

Mr. Chairman, the Directors and my fellow shareholders, I'm [ Hasmukh Vora ] from Mumbai. I very much thank the Secretary Department, especially [indiscernible] and others for giving me the -- all the help in joining this meeting. Now coming to the balance sheet. I've got 1 or 2 queries. One is that our borrowings are very high. So whether we are -- what steps we are taking to bring down the borrowings. Then profit and loss, we have got excellent profit, which is all-time high during the year. So what is the trend we expect for the coming year and the subsequent year? Then lastly, I mean, not lastly, sorry. I mean, I hearty congratulations for Chairman, Mr. Chandrasekaran, for the excellent Padma Bhushan Award he received. Thank you, and all the best.

Thank you, sir. Mr. [ Bhupinder Singh Reen ].

We seem to be missing Mr. [ Reen ]. Dear Chairman, you may wish to invite the next speaker, please.

[ Ekakshara ].

Hello? Can you hear me, sir?

Yes, ma'am.

Thank you, sir. Respected Chairman, sir, Board of Directors and my fellow members, good evening to all of you. Myself, [ Ekakshara ] from Mumbai. Sir, we had superior performance despite the ongoing pandemic and also the company rewarding its shareholders with dividend and sub-division of shares. How much revenue we received from European operation? Any expansion plans in the current year and CapEx program for the next 3 years? Do we importing raw material for our steel manufacturing facility, which country supply? So I would like to say I strongly support all the resolutions for today's meeting. And my best wishes always to our company and its prosperity. Thank you, sir.

[ Vasudha Dakwe ]?

We seem to be missing Ms. [ Dakwe ]. Dear Chairman, you may wish to invite the next speaker, please.

[ Jaideep Bakshi ].

Good evening, sir. Good evening, Chairman, MD, CFO, and Board of Directors. Myself, [ Jaideep Bakshi ] connecting from the city of Kolkata. Thanks for our -- to our energetic Company Secretary, PK sir, for giving me an opportunity and presenting a voluminous annual report and to the entire Secretary Department for the conducting this video conference in both manner. Sir, proud to be a part of an integrated valuable steel company from mining to manufacturing and marketing of finished products. Sir, thanks for the [Technical Difficulty]. Sir, [indiscernible] business we are into expected [indiscernible] business. Sir, congrats for the decarbonization project of [Technical Difficulty] electric vehicles in our transport fleet. Sir, [indiscernible] outside country, what is it? Can we come to know? Sir, regarding source of coal from Russia for production, are we affected by because of this global turmoil? Sir, regarding the mine exploration joint venture with [ Thiess ], can we have some details? Sir, I have full faith in our [Technical Difficulty] remaining then and is consistent with [Technical Difficulty]. Sir, I take this opportunity in congratulating you, sir, for being conferred as the Padma Bhushan. Thank you, sir, and all stay safe.

Thank you. [ Amit Kumar Banerjee ].

We seem to be missing Mr. [ Banerjee ]. Dear Chairman, you may wish to invite the next speaker, please.

[ Narendra Jhaveri ].

Thanks for giving [ Narendra Jhaveri ] -- can I carry on?

Yes, please.

Yes, sir. This is certainly your jubilee dividend without being a jubilee. I congratulate for excellent performance and dividend under [indiscernible]. Sir, virtual meeting has now [indiscernible]. This virtual meeting has benefited only the management and not the shareholder. If everything goes on while authority at the [indiscernible] with the painful memory of the COVID forever. Schools, colleges everything is running smoothly. Trains are running. Judiciary is working fully. Even judiciaries are first to discard their virtual hearing. Why is this is stepmotherly treatment is getting accorded to the shareholder. So the expert committee formed by the government to consider whether the physical meeting to be permitted or not, that decision is not correct. We would like to know the KYC of the expert committee meeting. Sir, if you are holding a physical meeting, will that lead punishment that we would like to know. Secondly, sir, about dividend, you have earned INR 270 per -- earnings per share, we congratulate you for that. It comes to less than 20%, sir. Sir, in the past, you were distributing more than 1/3rd percent of the available net profit with the shareholders. So we would like to know, in the future, will you continue with the past practice of distributing at least 1/3rd of the net profit to the shareholder? 50% anyway happily with good performance, we appreciate that, sir. Sir, this virtual meeting, you can't change the relation of the shareholder. The physical -- the virtual meeting suffer from various [indiscernible] . So we would request you as far as possible to continue with that physical meeting. Sir, otherwise, you must have combined that physical meeting...

Sir, you made your point on that. Do you have any other comments?

Sir, any other comment means...

I've got your comment on the physical meeting. You emphasized it multiple times. I understand it.

Okay, sir. Then about dividend sir, dividend advice. We are not receiving dividend advice for many years and not for during the last 2 years. Sir, dividend advice constitutes a basic documentary proof that I had a share in the company. Now because of the SEBI guidelines, sales transfer agent and registrar agent, they are insisting the proof. Now in each and everything they are asking for the proof. Now shareholders have no proof at all in their hand for their shareholding in the Tata Steel. So in all the Tata Group of the company, dividend advice will be sent. What [indiscernible] is that, sir? We have given you handsome premium to you. So there is no wrong in having dividend advice with colour code, so we can distribute it. Further, if the agreement of the authority or the company management is there, the amount is [indiscernible] in the bank passbook. That is not correct. People have been similar amounts, how we can differentiate the -- between the 2 amount and [indiscernible] party. So how we can appreciate that the INR 100 is only from the Tata's team. So you should discontinue this practice and send us a dividend advice my humble request is that. In this context, sir, I'd like to bring it to the attention of our MD who is the chairman of the ethical committee, he should look into this aspect and send the dividend warrant, thank you sir. And wish you COVID-free life in the future and having the AGM in the physical form sir. Thank you.

[Vinayak Bapat] .

Am I audible?

Yes, you are Vinayak.

Chairman, sir, and members of the Board, Tata Steel at its 115th meeting, you have inherited a very, very proud legacy. We would also like to personally thank our Chairman Emeritus for entrusting the entire group in your hands. Over the past 5 years, we have seen the leadership that we all required at the Tata Group. Moreover, you were also bestowed by Government of India with one of the most prestigious awards for leading business and industry, the Padma Bhushan. And as they say, the reward for good work is more work. You got Air India and now you have to become busy working on the turnaround. We also are very happy to see Noel Tata join the Board because the Tata name on our prestigious company will also help enhance the prestige of the company further. And, we would also welcome all our other independent Directors who will bring fresh insights into the Board room and share with you all their strategic inputs. Sir, many congratulations to the executive team as well as your -- who under your leadership ensured that we had a nil settled case in COVID. Fantastic. I don't think there's any organization with such a large employee base in India and overseas who have had this envious record of zero COVID fatalities. However, I also have noted the extraordinary efforts taken by the company in COVID management. We would like the management to tell us what are the additional costs that were incurred for COVID over the past 2 years. Sir, as a precursor to the virtual meeting, we received soft copies of the annual report. There is a small request. The annual report has to be read top-down, column by column. If we can through the printing links organize it like reading a novel across, it might help in expeditiously leading the large annual report across like reading in any novel. So as usual, there have been some inconsistencies, which I do bring to your attention. A couple of them are a little significant, and hence I would like to just share with you. The others, I will take offline. In fact, the productivity on Page 133, we have said that Tata Steel India, we had 854 tonnes per employee per annum. And if you multiply that with our 35,000 strong head count, the crude steel production comes to 30 million tonnes, whereas our actual crude steel production was of the order of 18.4 million tonnes. So we need to be careful there. And maybe if I'm wrong in working it out, I would stand corrected. Similarly, sir, Southeast Asia operational EBITDA reported on Page 505, which is the segment results, shows at INR 1,255 crores EBITDA. And the same reported on Page 176 shows INR 1,101 crores, INR 1,101 crores. So we need to make sure that in this era of Kaizen and Six Sigma, our attention to detail is a little more pronounced. Tata Steel stand-alone had a fantastic year. India's GDP was 8.7%. Tata Steel sales increased by 5.76%. We underperformed the economy. However, a little bit -- our average realization was up 45%. The EBITDA was up 78 and the PAT was up 93 and, hence we got dividend, a 104% increase. The highest dividend per share in our history, congratulations to the executive management. Now coming to areas of concern. Our operating cash flow increased by only 13.5% when our EBITDA increased by 78%. We could not sell 100% of whatever we produced. And as a result, we will have to go for lower realizations. Our gross debt reduction -- our gross debt reduction was a miniscule INR 540 crores only, which is 1.46% of the previous outstanding gross debt. Only when we reduce our gross debt will we have effective reduction in finance costs and interest costs. I think keeping net debt reduction as a key measurement metric may need revisiting. Tata Steel foreign exchange net earnings was INR 12,000 crores minus, a deficit, vis-a-vis last year when we were kind of breakeven. I'm sure management will take efforts to ensure and also help the India's balance sheet. Sir, similarly, on the consolidated numbers, outstanding on revenue, EBITDA. However, the operating cash flows have been virtually zero. There is no increase in the operating cash flow on the consolidated numbers, it is only 0.12%, and that is a little concerning. Sir, we all know that on our consolidated balance sheet, our overseas subsidiaries have been a drag. We are very happy to see that National Steel has at last been being divested, though in the process after 17 years and INR 1.1 trillion in sales, we have lost on net basis 1,000 -- sorry, INR 2,655 crores. We invested INR 3,600 odd crores -- INR 3,930 crores in FY '06, and we realized INR 1,275 crores this year. Now sir, coming to the larger issue, the elephant in the room, Tata Steel Europe. Today, after 15 or 17 years, we have invested INR 1,017 billion, that is INR 10.17 trillion. And the cumulative revenue was INR 11 trillion. The cumulative EBITDA is INR 0.59 trillion, and the average EBITDA is only 5.4. Now this compared to Tata Steel's performance of having 23% EBITDA is something we have to look at. I would like the Board to look at this and put some thresholds for capital investments. Current year, we again invested INR 21,000 crores extra in Tata Steel Europe. I think we need to look at it. Chairman, sir.

[Mr. Bapat] I'll return to you and also write to you on this, okay? Some of your -- I respect your knowledge and respect all the comments you make. Some of it is wrong data that you're reading from. But I'll respond to you, otherwise Koushik will write to you in detail. [Mr. Mahesh Kumar Bubna].

Okay. Yes, sir, coming, just a minute. Am I audible?

Yes, you are.

Okay. Sir, First of all, I'll congratulate to the Chairman of this company, Board of Directors, CFO, Company Secretary, other dignitaries and our stock members who are assisting to the AGM as well as all on staff members and workmen in this organization, they are working very hard. This is a very old company, 115 AGM we are conducting, 116th year of this company. I am a shareholder of Tata Steel continuously for more than 45 years. I know about the company's all activity, affairs, et cetera. During a few years, the company has tried to reorganize the structure of the company. So there are a lot of activity going on to have enhanced our production as well as the profitability. You had acquired Rohit Ferro Tech , et cetera, a lot of companies you have, one government company also you had acquired. So there is a lot of activity going on to enhance our products and enhance our larger industry base, larger profitability. I thank the management for their such activity and it will continue for the future for the betterment of the company. First of all, I want to some highlights on the balance sheet and profit and loss account. You are paying dividend of INR 51 out of this year's profitability of INR 270.33 from the standalone -- I'm talking about the standalone balance sheet profit and loss accounts. One thing I find here that our borrowing, it is very high, INR 20,000 -- more than INR 20,000 crores. So last year, it was INR 31,000 crores. But you had to reduce borrowing. And our -- due to this -- all this borrowing, et cetera, our finance cost is also very high, INR 2,800 crores. If you reduce this finance cost and borrowing, then we can able to have -- adding our earning per share INR 270 to maybe INR 400 without any extra effort. If you see the capital employed is very low, INR 1,222 crores. And our reserve fund is [indiscernible] . Will I ask one question? During the period of [116 years] of the life of this Tata Steel, how many times company has given the bonus here to the shareholders? Your last bonus was given in 2004. At that time, near by that time, you had issued rights share also. Again, you come with the right issue in 2019, [Audio Gap] infusing the money of the shareholders in the company for the last 116 years, and I think is not much more -- 10x you had given the bonus here or maybe less. So better, you have to think properly for the investors. And my father was also the shareholders in my childhood, I know. But since my maturity, for the last 45 years, I'm also the shareholder of this company, continuously. That time, INR 100 share value in the market, it will be INR 90, under valuation of the market. That time, Tata promoter equity was 4%. Thereafter slowly, slowly it was enhanced. So you have to have patience -- keep more patience with the investors. I've seen in the April's speech that you had very [indiscernible] things you have done. You had told to all the shareholders that after 3 minutes, I will cut off the video, which is totally [indiscernible] . You are one of the respected person in India, President awarded. And you are illegal things telling on the AGM, it is not worthwhile -- it is not worthwhile. On behalf of all other shareholders, this is my humble request to the Chairman of the company to take back this wording. Suppose it is a physical meeting. I'm on the dais. I'm telling -- will you push me to out from meeting hall? Have you any rights? So don't do all these illegal words with the shareholder. We are -- I am the shareholder of all the Tata companies, and I am losing my money. In your LinkedIn profile, you had posted one post in the electric motor vehicle there you are standing nearby the vehicle. I commented that my money in the DV that Tata DV has acquired . For the last 35 years, there is loan taken out of the company, [indiscernible] shares of INR 10 value is still quite heavy. In fact from lot of from your department even from the Tata Sons also, so nobody can able to say. There are a lot of other companies having lot of problem, I have written to your LinkedIn comment box. No reply I have received. So don't try to teach shareholders. Listen from the shareholder because AGM after shareholders, this is celebration. They will ask the question because one shareholder also told you a lot of things about this that don't do this 550 pages annual report. How much time it will take to read that? Tell me. Who is genius to read out all this annual report. For last 45 to 50 years, I am holding all the AGM. In Kolkata, I am holding 1,000 AGM every year. So don't try to teach me. One thing I want to know you that our investment having INR 14,234 crores. So better you -- in case the investment and pay off these borrowings, then we can able to save a lot of money on the finance cost.

Sir, you've made the point you. Noted. So do you have any other points?

I will not take much more time. I will not take much more time. You see, if you see other companies' annual report, FMCG company Hindustan Lever, out of INR 37, they are paying INR 34 dividend. They are so friendly with the investors. So after this long process of this, we are waiting for the company's management that they will pay us a very good handsome dividend and handsome bonus. But what this, at the time of juncture of this good profitability, you have just paid INR 51 -- this is not good value. If you see the current ratio on Page 384, it arrived to 0.62, that is not a 50-50, even. It is much more than our equity this 50-50 ratio.. It should be 30 or 40, 0.40. So it is 60 to 80 is very high. It's still it is very high. One thing I want to know about this sales flow, just previously speaker also told about the negative consolidated cash flow. I see in your cash flow statement that you're just investing this cash flow is negative. Better, you have to restructure this balance sheet and to think about this cash flow investing activities, INR 34,167 in negative. So for the betterment of the shareholders' benefit, you are one of the trustee of the shareholders. Chairman is the trustee of the shareholders, who is only speaking with the shareholders in the AGM. No any direct conversation with the shareholders. So better, you have to keep in mind that you are the trustee of the shareholders. You are not only the Chairman of the Tata Group. You are the Chairman of all the shareholders. Maybe not [indiscernible], as a Chairman in the Board.

Fine, sir. You made your point. I respect your comments. I have taken note of your comments.

But never threat to any shareholders, like you had given. Otherwise, I will go against the management.

You made your point. Your 3 minutes is taken.

It is the constitution of India. It is the constitution of the [indiscernible] law, you are not above the law.

Thank you. Thank you.

This is my humble request to you, Mr. Chandrasekaran as a chairman of the Tata Steel.

Yes sir, I'll take a note of your time. Thank you. [Mr. Adil Irani] are you back? I am told you are back.

We seem to be missing Mr. Irani.

Okay. With that, we have come to the end of all the shareholder speeches. Now, I'll quickly respond to all the comments that have been made. Mr. Arun Kumar Bubna, you asked about the attrition. Attrition of the company is 2%. You asked about any future acquisitions, many people also asked. We'll come to that. I'll answer that. On the Smart City Jamshedpur, the utility company, Jusco, which continues to invest in development of the city. And definitely, there is a lot of technology deployment that is happening in the city. Quite happy to give you an update offline. Ms. Patel, you asked about doors and windows. Definitely can reach out to the company Secretary. They'll be happy to assist you. See, many people have made this comment about what is the plan for taking Tata Steel to be a zero-debt company. Are you going to play a $1 billion debt repayment every year? The last couple of years, our debt repayment has been much higher than $1 billion. A significant amount of debt has been repaid. The company's that at one point in time about 4 years ago was about INR 120,000 crores. Now we are about INR 51,000 crores, and then we have slightly increased it due to the Neelachal acquisition. See, the main thing is we have to have the right capital structure. The idea is to -- is not to blindly go to a zero debt situation. Currently, whether you look at the debt-to-equity ratio or the debt-to-EBITDA ratio, both are less than 1. The company has a capital structure which is very, very strong, and taking to zero debt can make the company's capital structure inefficient also. So we will continue to reduce the debt because we know that the EBITDA level may not be at this level always. But still, with the capacity expansion that we are currently planning, the company is comfortable to create a good level of EBITDA. So we will continue to reduce the debt, but the intent is not to take it to zero debt. And will we reduce it by additional $1 billion certainly? Certainly and probably more. So we have a target towards which we are going, but we'll calibrate that target as we continue to expand. There is one related question, which is repeated many times, what is the company's expansion plan. The company clearly today of the 30 million, 31 million tonnes capacity that it has between India and Europe and U.K. The Europe and U.K. will be capped. We have no additional plans of expansion in those markets. Our planned expansion is in India. We have said from 20 million tonnes, we will go to 30 million and 40 million tonnes. The current commitment that we have in Kalinganagar expansion and Angul expansion will already take it to 25 million tonnes. And then we have significant organic expansion plans in NINL also. So we want to have at least 10 million tonnes plus capacity in long products. that investment will continue to happen. Our capital expenditure plan per year is a minimum of INR 10,000 crores. INR 10,000 crores to INR 12,000 crores is the number that currently we are looking at, primarily because it's difficult to execute and build more capacity in a year. That's what our experience shows. But otherwise, we definitely want to expand faster and reach our targets of 30 million and 40 million tonnes. So we are not slowing down on our expansion plans, but we think we have adequate cash flows to be able to support that. And somebody asked about what is sustainability plan. See, the company has the overall target of going to be net zero by 2045. And our plans for sustainability will involve both electric arc furnace and DRI. And on the electric arc furnace, we will do multiple projects. Yes, we have done one project in -- doing one project in Haryana, which is of the order of 1 million tonnes capacity when we were fully completed. But we certainly want to create hubs of such 1 million tonnes in different regions in India. So if I can give you an approximate view, we will at least have 4 to 5 such plants of 1 million tonnes each in the electrical arc furnace over the course of next 5, 6, 7 years, at least this decade. While, in parallel, we will be sharpening our technology in terms of DRI. So you will see a significant portion of the sustainability conversion to DRI happen beyond 2030 in India. So towards 2030, there will be expansion in the electric arc furnace and also on coal-based blast furnace-based power plant -- steel plant expansion. So that is the overall view on expansion. Somebody asked about the retail business. The retail business currently is about INR 1,500 crores, is about 20% of revenue. And we think that it has a significant opportunity for expansion. It is more or less doubling every other year. So we expect that to significantly increase. Materials business, the profitability of the retail business is more or less the same as the company average. Whereas the materials business currently, I think [Tamal Majumder] I think asked that question, is currently at about INR 500 crores. It's still not EBITDA positive, but it will become EBITDA positive in the next year or 2 as we scale up that business. So that's broadly the plan for the company. Now next is [Humayun Purdehi] . You asked about imports from China. See, I think, overall, the steel market is having a demand internationally very strong. Because the demand from -- the imports from China is not happening, as well as Russia and Ukraine exports have stopped given that there is a demand. But currently, we have a headwind because of the export duty. But overall, when you look at the future, I think India will be a net exporter of steel after substantially meeting the domestic demand. So we believe that our expansion of flat steel long products, but special steels and other long steel products as well as some of the other things we are doing in the retail in terms of those vendor, we'll diversify all those in addition to creating a business around materials. That should probably answer all the questions in regard to our expansion. Mascarenhas, thank you for your comments. The dollar fluctuation you asked about, I think 80% to 90% of our steel is domestic. So revenue-wise our impact on the dollar is only for about 10%, 15% maximum. And the too now, it is more domestic. Then in terms of imports, iron ore, we don't import at all. Fully, we are self-sufficient . And we import coking coal. Coking coal is about 40% cost of our total production of raw materials, of which this 20% of the total requirement of coking coal is coming from captive mines. Remaining 80%, we import. So that has a foreign exchange fluctuation, but the company has a very judicious hedging policy, which takes care of ensuring that we don't get affected significantly due to the foreign exchange fluctuations. So Manoj Kumar Gupta, you asked about the ROI. For Rohit Ferro, I think it's an acquisition that has been done as per the NCLT norms. So I won't be able to comment further on that. On the Agneepath, we have already welcomed Agneepath as a scheme. We believe that it will have a steady flow of very disciplined workforce. And we will definitely welcome that opportunity to engage with Agniveers. [Mr. SP Bisaniah], you asked about current year -- lot of people asked about the current year cash flows, current year steel price, et cetera. So I think we don't want to give very forward-looking statements. But broadly, I want to say that there has been a correction on the steel price in the recent month to the extent of about 12% to 15%, 15% correction downwards in the steel price in the domestic market, but also there has been a correction of the coking coal import price to the extent of 35% to 40%. So I think on the margin side, I think that is -- there is a canceling out factor that will play out. [Mr. Kirti Shah] thank you for your comments. [Mr. Hiranand Kukwani] , I already talked about deck. [Ms. Ashita Parikh], I already answered your question on consumer business and the export import duty impact, I've already told you. [Vaishali Saraya] coking coal price, I have probably given you the details that you wanted to know. And I also explained to you why we will not be targeting a zero-debt company. We will be a capital-efficient company for a company which is having a lot of cash flows and the capital expenditure. We just want to make sure that the right capital sector is required to also maintain an investment grade. [Nidhi Konai ], I already explained your questions on scrap and DRI and sustainability. Gautam Tiwari, debt equity ratio and debt to EBITDA ratio, I've told you. And you asked about IEPL. We have transferred about INR 8.12 crores this year. And we have employees. We have 51 handicapped employees in the company, and this is something that we will continue to increase. And future outlook, as I said, we believe Tata Steel has a very strong future outlook, not only for the company but for the steel industry and both for the Indian market and for the Indian market to expand. [Mr. Ashish Kumar Pathak], NINL, we will in the next 12 months, we'll definitely meet the -- our target is to definitely operate the current capacity of 1.1 million tonnes. But in the future, we will expand our long products to go past 10 million tonnes. Bharat Shah, Smita Shah thank you for your comments and requests for face-to-face meeting. We will take a call next year. [Pranab Dha], I think your comments on safety is well taken. The coke owned plant incident, we did not have any loss of life or did not have any loss of production, very fortunate. But we will look at your suggestions on quick response team and other aspects. This is an item which is actively debated in the Board. We want to ensure that we have the best safety process standards and culture in the company. And your comments about visiting the associate company is absolutely well taken, and we will continue to make sure that we visit all our operating companies, subsidiaries and have the employee connect and also pass on the message of safety. [Krishna Bijen Shah], see, the Russia, you asked about what is the impact. Actually, there was a newspaper article somebody referred to us also, but I can confirm that Tata Steel post that statement has been -- has not been importing coal from Russia. It's only importing from Australia at this point in time. I can confirm that. Himanshu Dutta, you made a comment about your complaint. And as I already told you, that's being looked into, and somebody will get back to you. If there is a meeting required, we will definitely -- the MD will facilitate that. Sarath Shah, thank you for your comments. Yusuf Rangwala, thank you for your comments. Tamal Majumder, the Russian-Ukraine situation, yes, definitely has increased -- tightened the market, and the steel price in Europe is quite strong. And for that reason, actually, the new contracts that the U.K. entity and Europe entity have entered into are quite attractive, and the EBITDA and cash level performance of the -- both Europe entity and U.K. entity is expected to be stronger this year than all the previous years. Coking coal price is about $300 now, it was at $500 some time ago. So that's a 40% softness there. We think the price will stabilize somewhere here at the current levels. We don't have a direct impact due to the gas supply issues from Russia. Kalinganagar will continue to be expanded. Debt reduction will continue. And I take your points on the comments you made about the litigations that are existing between 368 to 372. It has been a concerted effort in all companies to proactively take up this and then close these issues. So there is an attempt that is being made across the group, and we will take this on board. Yashpal Chopra, I already addressed about your question on Forex revenues. Nalin Shah, I think this year will be more or less the similar level of production. Last year was 31 million tonnes because we need to see the expansions come through as was articulated in Narendran's presentation and my opening comments. So some things will come alive in Q3, and then slowly the expansion will happen over the next year or 2. So until then, I think it's more a capacity issue. I gave enough indications on the FY '23 outlook. Bimal Bhatt your comments on the additional directors, taken. I think the Tata Group brand valuation is being done. We are not looking at doing the valuation of individual companies. There has been a substantial reduction of subsidiaries. Over the last 3, 4 years, we have reduced more than 100 subsidiaries. And last year alone, about 20 subsidiaries have been reduced. So this has been, again, a simplification initiative that we are pursuing. Anil Parekh, thank you for your comments. You asked about why are we acquiring stake in those 3 companies. The acquisition for stake in this ceramic company is primarily because of the know-how, that we need not to develop that, business to support the medical equipment manufacturers, and the S&T mining is more for simplification, want to have a simple structure. The other acquisition on the Angul is primarily for logistic support. Vinod Agarwal, I already answer your question on electric arc furnace. Graphene scale will take time. But definitely, we are focused on that. And [ Swaran Latha], see, the other comprehensive income question you asked is primarily because of the mark-to-market calculation of the pension liabilities in the U.K. There is no other comments there. And Mr. Ashok Kumar Jain, thank you for your comments. Muralidhar Choudhary, many other people made comments regarding bonus shares, buyback, et cetera, all those things, we've taken note, and the Board will deliberate. Company has an aggressive expansion plan. So the capital expenditure will have to be funded also. So -- but the focus has been to reward shareholders. We are committed to reward shareholders. So we will do what is the right thing for the shareholders. Ms. Narendra Singh Chauhan, thank you for the comments. And Bimal Kumar Agarwal, we have not done in any valuation of any land bank. And the note about the speaker number is taken, and I will try to try to mention the speaker number going forward. [Kaushik Chowker] thank you for your comments. Parthiv Deepak Sharma, you asked about what is the time line for the CapEx. As I said, we are able to spend around INR 10,000 crores to INR 12,000 crores per year. But when there is an opportunity to be able to inorganically acquire, we will look at that. And sometimes, if you're able to accelerate the project expansion, we will do that. So I can't give you exact time line, but broadly, we have said what our capacity ambitions are. Mr. Jyoti Chadda, you asked about the equity increase that will happen because of the split. Because of the split, there is no equity increase because it's a INR 10 share being split in INR 1 share. Hasmukh Lal Vora, I already answered your questions on borrowing. Lekha Shah, CapEx for the 3, years you can calculate. Jaideep Bakshi, I already answered your question on Russia and Ukraine. Mr. [ Marin ], I already answered your questions. Mr. Vinayak Bapat thank you for your comments except that I want to correct you saying that it is not a zero death due to COVID. So very sadly, company also lost employees due to COVID. Company did its best to support the vaccination. Did its best to support employees and their families with enough medical help. But we did have unfortunate loss of our associates, some of their families. I think the productivity question you asked about is your -- the 35,000 number also includes mining employees. We roughly have around close to 10,000 mining employees. So if you remove that and calculate, then the numbers will tally. And if you want a specific number, I am sure Koushik or the company secretary can help you. I think your point about gross cash flow is taken into account from the interest point of view, but currently, we are not looking at that. Our focus is on net cash flow because we are also trying to maintain the right capital structure. Currently, the capital structure is what we are looking at, and we will definitely bring down the gross debt also, but you also have to see it in conjunction with the capacity expansion plans the company has. Definitely, our focus is on OCF. Tata Steel Europe is in a good position now. What we will do in the future, we will look at it. We have multiple options in front of us. We are thinking that through. But in any case, either if we have to take a take some kind of decision or we will go towards transition to sustainability with the help of the local governments there. So there are multiple discussions happening, and I will leave it there. Mahesh Kumar Bubna, I take note of all your comments, but I definitely want to say that the comment made was say that there will be a 3-minute limit at that time I will remain. No point in time was said that your video will be shut off or anything like that. But it didn't mean to be disrespectful to you at all. Respect all shareholders and I particularly respect you. So thank you for what our comments you made, and I will take it in the right spirit. Thank you so much. With those comments, we come to the end of the speaker shareholder sessions. I thank all the shareholders for participating and expressing their views. Now authorize Mr. Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer, to conduct the working procedure and conclude the meeting. The remote e-voting facility will remain open for the next 15 minutes to enable shareholders to cast their vote. The results will be announced within 48 hours from the conclusion of this meeting, and the same will be intimated to the BSE Limited and National Stock Exchange of India Limited and also uploaded on the website of the company and that of NSDL. I once again thank all the shareholders for attending the meeting and for your continued support. I want to thank all the directors who have joined today from India and from outside. With your consent, the Board of management, myself and the Board members would like to leave this meeting now and request all of you to stay safe and stay healthy. See you next year.

The electronic voting was kept open for 15 minutes, as was announced by the Chairman. We now close the electronic voting process. I confirm that the requisite quorum was present throughout the meeting. The results of the Annual General Meeting will be announced on or before June 30, 2022. With this, I declare the meeting as closed. Thank you.