Voltas Limited (VOLTAS) Earnings Call Transcript & Summary

Good afternoon, shareholders. I trust you and your family are safe and healthy. I'm Varun Malhotra, Vice President, Taxation, Legal and Company Secretary of Voltas Limited. I welcome you all, to the 68th Annual General Meeting of Voltas Limited. The Ministry of Corporate Affairs has, by General Circular #21 of 2021, dated December 14, 2021, permitted companies to conduct their Annual General Meeting in 2022 through videoconferencing or other audiovisual means. Accordingly, keeping in mind the safety of the shareholders and as an abundant caution, we are holding this AGM through video conferencing. While most of the shareholders are by now familiar with the process for participating in the AGM through video conferencing, for the benefit of those shareholders who are first-time participants, I would like to briefly take you through certain procedural and technical points. All shareholders who have joined this meeting are, by default, placed on mute mode to ensure that there is no disturbance arising from background noise and to ensure smooth and seamless conduct of the meeting. The company has received requests from few shareholders to register them as speakers at the AGM. The shareholders have been registered on a first-come, first-serve basis. Once the question-and-answer session starts, the Chairman will announce the name of the shareholders who have registered themselves as speaker shareholder, one by one. When Chairman calls your name, the host will send you a request for unmute. On receipt of such request, you have to click on the unmute button on your device. Thereafter, click on video button only once and wait until video is on. If the shareholder is not able to join through video for any reason, the shareholder can speak through the audio mode. While speaking, we request the speaker shareholder to use the earphones so that he or she is clearly audible, minimize any noise in the background, ensure that WiFi is not connected to any other devices, no other background applications are running on the device and there is proper lighting to have a good video experience. If there is a connectivity issue at the speaker shareholders end, we would invite the next speaker to join. We would request the shareholders to be slow and audible, while asking their questions and limit their speech to 3 minutes. During the AGM, if a shareholder faces any technical issues, he or she may contact the helpline numbers mentioned in the notice of the AGM. I would like to take this opportunity to explain the sequence of meeting and the process of voting on the resolutions, as contained in the notice of the AGM. The Companies Act 2013 and SEBI listing regulations provide for electronic voting. Accordingly, the company had provided its shareholders the facility to cast their vote through the remote e-voting system administered by NSDL. E-voting commenced on Tuesday, 21st June 2022, from 9 a.m. and continued until Thursday, 23rd June 2022, 5 p.m. Pursuant to Section 107 of the act, there would not be any voting on the resolutions by show of hands. Facility for voting at the meeting is also provided to the shareholders who have joined this meeting through video conference and who have not yet voted. Shareholders may please go to the voting page of NSDL e-voting website and pass their vote, while, at the same time, watch the proceedings of the meeting. Since the AGM is being held through videoconference, and the resolutions mentioned in the notice convening this AGM have already been put to work through remote e-voting, there will be no proposing and seconding of resolutions. I now request the Chairman to take forward the proceedings. Thank you. Over to you, Chairman.

Thank you, Varun. Good afternoon, ladies and gentlemen. I would like to welcome all the shareholders to the 68th Annual General Meeting of the company. I have beside me Mr. Pradeep Bakshi, Managing Director and CEO of Voltas. As the requisite quorum is present, I now call the meeting to order. I request -- now request my fellow members to introduce themselves. To start with, Mr. Zubin Dubash.

Good afternoon, everyone. My name is Zubin Dubash. I'm an Independent Director in Voltas Limited, I'm also the Chairman of the Audit and Risk Management Committee, and I'm attending this AGM from Mumbai.

Thank you, Zubin. Mr. Bahram Vakil.

Good afternoon, shareholders. This is Bahram Vakil, Independent Director in your company and also the Chairman of the NRC. I'm attending this meeting from London. Thank you.

Thank you, Bahram. Mr. Vinayak Deshpande.

Good afternoon, shareholders. I am Vinayak Deshpande, Non-Executive Director, attending this Annual General Meeting from my Mumbai office. Thank you.

Thank you, Vinayak. Mr. Debendranath Sarangi.

Good afternoon, shareholders. I am Debendranath Sarangi, Independent Director, attending this AGM from Chennai. Thank you.

Thank you, Debendranath. Ms. Anjali Bansal.

[Foreign Language] Good afternoon, respected shareholders. This is Anjali Bansal. I'm the Independent Director in your company, and attending this AGM of the company from San Francisco, U.S.A. Thank you.

Thank you, Anjali. Mr. Arun Adhikari.

[Foreign Language] shareholders. I am Arun Adhikari, Independent Director, attending this AGM from London.

Thank you, Arun. Mr. Saurabh Agrawal.

Good afternoon, shareholders. My name is Saurabh Agrawal. I am a nonexecutive, non-independent director on the Board of Voltas. I'm participating in this AGM through videoconference from Mumbai. Thank you.

Thank you, Saurabh. Other participants attending this meeting through videoconference include, Mr. Jitender Verma, the CFO of the company; Mr. Varun Malhotra, Company Secretary; and representatives of the statutory auditors and secretarial auditors. I thank all the members for joining us today, and hope that all of you are safe and in good health. Keeping in mind the safety of the shareholders, a conscious decision was taken to continue with the conduct of the AGM by videoconferencing for this year as well. This is in compliance with the directive issued by the Ministry of Corporate Affairs. The company has taken the requisite steps to enable members to participate and vote on the items being considered at this AGM. A live streaming of this meeting is also being webcast on NSDL's website. Since there is no physical attendance of shareholders, the requirement of appointing proxies is not applicable. The registers, as required under the Companies Act 2013, are available for inspection. Notice of this meeting and the link of the annual report was sent to shareholders who have registered their e-mail IDs. I'm happy to note that more than 92% of the shareholders have registered their e-mail IDs with us. I request the other shareholders to also use the digital medium and help us save paper. Our secretarial team can help you in doing so. With your permission, may I take the notice as received and read. Since there are no adverse observations, qualifications or comments by the statutory auditors and the secretarial auditors, their reports are not required to be read. Dear shareholders, I would now like to make a few observations, which are relevant to Voltas, before I take your questions. The World Bank in its report earlier this month lowered its growth forecast for India for the current financial year to 7.5% from its previous forecast of 8.7%, due to headwinds from rising inflation, supply chain disruptions and geopolitical tensions. Whilst the downward revision in the growth forecast for FY '23 is large, the growth outlook for our Indian economy remains amongst the highest of the world's leading economies. We believe that airconditioning demand in India will continue to grow, and your company as the market leader in this category will not just participate, but also drive growth. Your company has a diversified portfolio encompassing room ACs, engineering products and services and engineering projects, both domestic and international. I would now like to share the performance of these businesses during '21/'22. Just like Q1 of 2021, COVID-related lockdowns severely impacted the peak season of the Room AC business in '21/'22. In addition, we also witnessed challenges due to rising commodity prices, which impacted input costs and supply chain disruptions, which were followed by higher freight rates. Despite these challenges, our company continued to focus on operating safely and efficiently, and was able to maintain its market leadership position with a market share of 23.8% in room ACs, selling close to 1.2 million units during the year. Consequently, the room AC business reported a 13% growth in turnover. Maintaining our leadership position in room ACs continues to be our prime focus in the current year as well. With the penetration of only 7% in India, the room AC market has a huge potential to grow over the next few years, and we are well poised to take advantage of this with our reach and distribution network. With these prospects in mind, we need to substantially increase our manufacturing capabilities in order to support this growth opportunity. The last 3 years has seen the beginning of the transformation of Voltas from a manufacturing and trading company to a full-fledged integrated manufacturing and eventually a retailing company. As a result, your company is setting up an integrated manufacturing facility for room air conditioners near Chennai, with an initial capacity of 1 million units per annum. We are also setting up a rotary inverter compressor manufacturing facility in close vicinity of the RAC factory in Chennai. Accordingly, we have executed a joint venture agreement with Highly International Limited for the manufacturing of inverter compressors and motors for room air conditioners and for their associate parts, subject to necessary approvals. These investments would create a self-sufficient equity-integrated ecosystem for manufacturing. These factories would be digital 4.0-ready facilities using the latest production technology, thereby ensuring best-in-class productivity and efficiency. This project will entail an investment over time of approximately INR 1,000 crores and takes advantage of the government's production-linked incentive scheme and will substantially reduce the import component of our products and, therefore, contribute to the government's Make in India initiative. During the last year, we have also expanded our manufacturing footprint in Waghodia, Baroda, where we have an existing chiller manufacturing facility. Deductible split units capacity has now gone up from 15,000 units per annum to approximately 64,000 units per annum. And the screw and scroll chiller manufacturing capacity has been augmented from 670 units per year to approximately 1,500 units per year. Going forward, we plan to expand our footprint in Waghodia to manufacture the latest variable refrigeration flow air conditioning units as well. This will further help consolidate our position as a market leader in air conditioning in India. Given the robust growth of 46% in the commercial refrigeration business over last year, we have also expanded our existing manufacturing capacity in Pantnagar. The augmented chest freezer capacity is now 3 lakh units per year, up from 2.1 lakh units per year, and we are building a fresh greenfield facility, which will, in addition, to existing categories also cover emerging areas such as display units, regions, medical refrigeration -- and medical refrigeration. This facility will also incorporate the latest in manufacturing technology and processes on our land in Waghodia. In the air cooler category, your company sold close to 2 lakh air coolers in FY '22, with a focus on expanding our network and enhance product portfolio with new SKUs, your company has retained its #2 position within air coolers. The commercial air conditioning business provides smart and efficient air conditioning, not only for human comfort, but also for industrial applications. CAC businesses include sale of chillers, ducted units, BRF systems, light commercial units, vapor absorption machines and LTR systems, along with customer care and a retrofit business. With opening of commercial offices and focus on retrofit jobs, CAC business reported a 29% increase in turnover in FY '22 over last year. Our aim this year is to improve our customer focus and our aftersales services in order to be top of mind for our customers. The Home Appliance segment is one of the largest and fastest-growing categories in the Indian market, driven by low penetration and rising disposable incomes. This category also faced COVID-related challenges in April and May. Our joint venture with Arcelik Voltbeck has made significant progress since the commencement of its business operations, duly supported by its state-of-the-art refrigerator manufacturing facility at Sanand in Gujarat. Voltbek now has the entire product range with localization of approximately 85% of its product portfolio. In addition to manufacturing of direct cool refrigerators, Voltbeck, has during FY '22, also started in-house production of frost-free refrigerators of a capacity up to 300 liters. The Sanand factory currently has an installed capacity of 1.1 million refrigerators, and plans to increase the capacity up to 2.2 million units going forward. Voltbek has now also set up a separate assembly line for in-house manufacturing of fully automated washing machines, with an initial capacity of 1 lakh units per annum, which could eventually be increased to 5 lakh units per annum. Despite the subdued consumer sentiments due to Omicron, Voltbek has in FY '22 cross-sales of 1 million units and recorded a growth of 45% over the previous year. Voltbek has also expanded its market reach to nearly 1,400 cities and also increased the number of billing touch points to over 1,350. Despite being a new brand, Voltbek has attained market share of 3% in refrigerators and 4% in washing machines. The future of Voltbek is promising and will continue its positive momentum in FY '23. With the objective of reaching the customers directly, your company has rolled out over 200 exclusive brand shops and launched a world-class experience zone in Prabhadevi, Mumbai. During FY '22, your company has also launched an exclusive online web store, voltas.com, which provides a one-stop solution to the consumers to purchase Voltas or Voltas Beko products. We will build on these initiatives in the current year as well. Now coming to our projects business. the resumption of construction activities after easing of lockdowns, helped the domestic product business vertical in better and timely execution of ongoing projects. The government's push on infrastructure is expected to increase the spending on infra projects. This will provide opportunities to bid for metro, rural electrification and solar projects. As one of the leading providers of integrated end-to-end solutions and engineering projects, the domestic project business contributes to nation building by executing key infrastructure projects. Around INR 1,200 crores of new orders were booked by the domestic projects business in FY '22, and the carryforward order book as on the 31st March 2022, was over INR 3,600 crores. The International Projects Group has managed the pandemic challenges by adopting a prudent approach in selection of projects and tight control on costs and improvement in quality and safety. The profitability of this business also improved during the last financial year. Carryforward order book of IOBG was INR 1,722 crores, as on the 31st March 2022, mainly for projects in UAE, Qatar and Oman. As I informed you last year, with a view to focus on B2B and B2C business independently, the Board has approved the transfer of the company's domestic B2B businesses to its 100% wholly-owned subsidiary, Universal MEP Projects & Engineering Services Limited, as a slump sale through a business transfer agreement, which was executed on the 24th March 2021. The transfer of these businesses is subject to satisfaction of certain conditions precedent to the closing date. As consent for innovation for some of the contracts have been delayed, consummation of the BTA has been delayed, but is expected to be completed shortly. The company has reported a consolidated total income of INR 8,124 crores, with revenue from operations at INR 7,934 crores for the year ended 31st March 2022. Profit before tax for the company was INR 697 crores, marginally lower than last year due to the higher losses reported by some of the JVs. Based on the company's overall performance and keeping in mind the shareholders' interest, the Board of Directors have recommended a higher dividend of INR 5.50 per equity share of INR 1 each. That's 550% for the year '21/'22. The dividend, if approved by the shareholders, would result in a cash outflow of INR 182 crores, reflecting a payout of 31%, which is in line with the company's dividend policy. The dividend will be paid on or after the 29th of June 2022, subject to deduction of taxes source as applicable. On behalf of the Board and myself, I would like to take this opportunity to express our appreciation and gratitude to all the stakeholders, including the shareholders, for their trust, understanding and constant support. I would also like to convey our appreciation and thanks to the employees of the company and our JVs for their dedication and their efforts in supporting the company during these difficult times. I also want to inform you that over 98% of the company's equity share capital is held in demat mode. Further, SEBI has in January 2022, mandated that listed entities can affect issuance of duplicate share certificates, renewal, exchange, split, consolidation, transmission and transposition as may be applicable in Demat form only. Earlier, only transfer of shares in physical form was not permitted since 2019. I therefore urge the shareholders holding shares in physical form to please consider converting their holding in Demat form. Shareholders holding physical shares can therefore contact our secretarial team, or TSR Consultants Private Limited, for any assistance they require for dematerialization of their Voltas shares. I also take this opportunity to thank the shareholders who have registered their e-mail IDs with their depository, with the company's registrar and transfer agent, thereby supporting the green initiative program of the government for receiving annual reports and other documents electronically. Accordingly, soft copy of the Voltas AGM notice and the annual report was sent to around 1.80 lakh shareholders. That's 92% of the total -- of 1.95 lakh shareholders. I would now like to invite the shareholders who have registered themselves to speak and express their views or comments on the annual report notice of the AGM. We have a list of 24 speakers, and I would call upon speakers one by one. I would also request that since we have 24 speakers, for you to please abide by the 3-minute rule and stick to questions on the annual report and the accounts. Thank you very much for your cooperation. The first speaker is Mr. Arun Kumar Bopana.

Hello.

Good afternoon, Arun.

Good afternoon, sir. You can hear me?

Yes.

Good evening, everybody. Thanks to Arun for the annual report and arranging with PC. Resilient, transformation, sustenance and progression, the theme of the balance sheet, complements for that. In the 300 villages were electrified and water plants installed in transformation to meet customer demands and needs, you did smart engineering, sustenance with local components. I'm proud we are using all Indian components now local for local. Endorsing the Made in India trust and progression from B2B to B2C. I hope you progress much more in this area. Humans evolved over several Century creating comforts and balances. In the mid-19th century, greenhouse gases went up from industrial revolution, gave rise to global temperatures, we must restrict the temperature to pre-industry levels of -- by 1.5 degrees by 2017. These world-class -- bringing any products for that. And the fourth industrial revolution in robotics, artificial intelligence, et cetera. Consumers cannot wait for our service as somebody else will take. Are we producing any sanitization equipment with all the diseases, et cetera? Because India has got a triple advantage in cost, quality and scale. [indiscernible] Now remote work has opened new opportunities for job seekers, and some people have anxieties after working in the house for 2 years, is Voltas offering any counseling service for them? And what is attrition rate and are people still preferring to work from home part time with flexible hours, what is happening in Voltas? Definitely, jobs are on the rise. But there's great reshuffle in India. It's led by jobseekers, talent is in the driver seat right now. To add talent as a [indiscernible], you must have new ideas, new ways of thinking and new way of working too. Talent that brings a lot to the table and adds value to Voltas. [indiscernible], next to our Tata Steel, you are now the Vice Chair of Tata Steel too, there is a zone called National Manufacturing Investment Zone by the Government of Odisha, Government of India, promising ease of doing business. Why are you not buying any land, just sticking to Gujarat and Chennai only. Tripathi, what is the status, sir? Is the same thing as Chennai or different? Tripathi, the land you have. Are you making a new agriculture equipment because we have to have better agricultural management systems. Food is the most fundamental material blessing for anybody. So long as you have food in your mouth, your problems are solved for the time being. And what worries me is this one, sir -- are we cooking the course with the discount? Everywhere I see they say AC is 50,000, and 40% discount, they sell it, 33,000, Amazon. So I'm not really happy, quoting to 55 and selling it 33. This is respective price war too, and communication has changed over the years now, creative advertising also has changed. Mobile phones and social media have been disrupted, backed by new technologies. Are we using mobiles and social media to get the attention and motivate buyers to buy? Lastly sir, every great opportunity has many reasons why it could fail. Trust your ability to solve the problems. People look for reasons why things won't work, struggle to take action. People look for reasons why things will work and we solve as a rise and things will -- and make things happen, too. And Voltas has been doing that for the past 3 years. I'm very proud of it. In conclusion, sir, Time is always right to do what is right, I wish you all the best. Thank you so much.

Thank you. Thank you, Arun. The next speaker is Mrs. Asha Lata Maheshwari.

[Foreign Language]

Thank you.

[Foreign Language]

The next speaker is Mr. Shashikant Dajanan Marathe.

It appears Mr. Shashikant Marathe is not able to join us today. Before moving on to the fourth speaker shareholder, I please request all the speaker shareholders to restrict their questions to 3 minutes. So we can invite the fourth speaker shareholder.

Yes. The fourth speaker is Mr. Manoj Kumar Gupta.

Hello? Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name Manoj Gupta.

Good afternoon.

Good afternoon. How are you, sir?

Very well. Thank you. I hope you're well.

I'm fine. And after seeing you, I'm very fine because I have a great respect to you, sir. And respected Chairman, Board of Directors, fellow shareholders, my name is Manoj Gupta. I've joined this meeting from Calcutta, my residence. Sir today, I'm heard your fully speech. Last year, I could not attend the meeting due to some technical mistakes. But today, I'm here -- in last 32 years, I've attended several AGM, but I've not find such type of informative speech by a Chairman. And this is very excellent. And I suggest you should load your speech on the website that we pay -- shareholders who has missed the AGM they can read that what type of speech you had given to the investors during the AGM. Because what you are giving all the information about the companies that how much sales are demat and you had requested to the shareholders to take the benefit of demat. This is such type of information. I thank to the company secretary that who has helped us to join this meeting through VC this time. And [indiscernible] is good. And I thank to you that you are fully filling the vision of our honorable Prime Minister for the Make in India, is the ambition to make in India and export products with the logo of Make in India, that we are doing by using the all Indian components in your products, sir? CSR, I will not say a single word on your CSR for the Tata because we always say in the country that there should be more than 50 group like Tatas, that they can fulfill the dream and the desire of peoples and society of the country. And peoples -- the nation can't forget Tata's contribution during the second phase of COVID during April '21 and May '22 because more than 3 million to 4 million people's lives saved by Tatas by provides oxygen gas. So we can't say a single word. So what's your future plan with CapEx? What's your future plan with CapEx and how you will face a competition from MNCs like LG, Samsung, Whirlpool? How you will face that competition? And have you any plans to launch new products, domestic products? And market share, you have already informed that 23% try to increase your market share up to 35% and a point more C&F and distributor and dealers because [Foreign Language]. So you should try to appoint some more distributor and dealers? If any shareholder is capable and they have closed the company to get distributorship to try to consider to give them distributorship or dealership to the investors. And if possible, try to give discount coupon to the investors to buy the Voltas' products on reasonable price. Why the investors will go to buy the LG and Whilrpool and Samsung. Try to give some discount coupon, that investors can buy the Voltas product because Tata brand is very popular brand. Tata brand is quality, integrity and loyalty. So peoples -- investors will attract to buy your products if they get some opportunity to get discounts and try to open Voltas store in Tier 1, 2, 3 cities. Voltas store with all products, Tier 1, 2, 3 cities.

Sorry to interrupt you, sir. I request...

I will refer within 1 minute, ma'am. And launch some schemes during the festival time, back as Durga Puja and Ganesh Puja, Diwal, Pongal, Onam, in the regional festival time like a Samsung and LG launched some reasonable -- to attract the customers. Have you any plan to new greenfield projects to get some tax benefit in Himachal and northeast part of the country like Assam, Tripura, if you will go to plants to set a new plant, so you will get several benefits. I think to say more, sir, I have a great respect and may I invite you to come to Calcutta, sir. Thank you, sir.

Thank you. Thank you, Mr. Gupta. The next speaker is Ms. H.S. Patel.

Hello?

Good afternoon.

Thank you very much, sir. A very good afternoon to all the directors on the board. Respected Chairman, your speech was fabulous. Very nice. Every point you have very well laid out, and it was very informative. This is our 68th AGM, and you have given us a dividend of 5.5, with which INR 182 crores of cash outflow will be done because of this dividend payment. I am very much thankful to Mr. Verma, the CFO; and Mr. Varun Malhotra, our Company Secretary, for giving us a very good annual report. Just a humble request, Mr. Malhotra, sir -- Varun, sir. The annual report is, of course, very informative, very nice, well laid out, only the pages which are numbered wherein your index column -- index page, please making that also a little darker, it's very, very light. We are senior citizens, unable to read. Just a humble request, please. For your next annual report, we see that the alphabets and the numeric are in dark colors, please, if possible. Thank you, Mr. Varun, sir. I also humbly request you, please, if possible, I wish used to be on the Board of Tata Elxsi. If possible, please do that. We want you to be on that Board also. One Tata member should be there on the Board of Tata Elxsi also, just a humble request, if possible. In your balance sheet, it is quite nice. Though not much of a difference between that of last year, but it is not bad also. The inventory level, if it is a little -- some attention is paid to it and it is brought under control, it would be much better. Inventories are a little on the higher side. A little control on that is essential. But it is good to note that you have transferred INR 200 crores to general reserves. Sir, one another important point I would like to bring to your notice is your AC, air conditioning. I have 2 in my house. I wanted to have 1 more because one was not working, and I had to discard it. So I had to buy 1 more. But when I went in your shop, I could find only 1 or 1.5 ton. It was with great difficulty -- many -- in corona I'm talking about. I wasted many months, almost 2, 3 months, to get a 2-ton AC with 5-star inverter and split, but it was absolutely impossible to get 2 ton. Why, in the Croma shops, 2-ton ACs are not available. Please, I request you draw your attention to this. Also copper coil for the condensed condenser, if it is possible. And then all other facilities are available, see, if we go for Hitachi or Daikin or LG, which are supposed to be the competitor of us, they have 2, 2.5 ton ACs, with 5-star inverter split and with copper coil condenser, with antibacterial and dust filter also and with a warranty of 2 years. They give us an extended warranty of 2 -- another years, besides original warranty of the AC with an extended warranty and plus another extended warranty of 2 years. If this facility, if we provide for our Croma customers also or I had to go for AC after that. I wanted a Voltas AC. Anyway -- and they have less noise, less energy consumption and low electricity consumption. If I really humbly request you to -- and I want your attention on this, on your sales side, on your marketing sides for this. The 2-tons AC, 2.5 tons AC, many people are wanting, but are not getting. Another request I have is I had requested for an appointment with you. Since 2 years, I'm -- the tied on a string and floating in air to have an appointment with you.

Ma'am, I request you to wrap your questions.

Yes, I'm wrapping it up. Thank you very much. I wish all the employees who have worked hard in the COVID times. Wish them good luck, work hard in the COVID times. No, it is not easy to be get job in the COVID times. So only your hard work will improve the profitability of the company. I wish the Board of Directors, the management team and all the employees all the very best. I wish you a very long, healthy, happy lives. Do your greetings for the proceeding New Year coming.

The next speaker is Mr. Yusuf Rangwala.

[Technical Difficulty]

[Operator Instructions].

[Technical Difficulty]

Can we move to the next person, please. And in the meantime, try and solve the problem with Mr. [indiscernible] phone. The next shareholder is Mr. [ Celestine ] Mascarenas; and Mr. Alois, Peter Mascarenas.

Yes. Can you hear me, sir?

Yes, we can hear you.

I'm audible. Okay. I'll not start my video and still network problem. Respective Chairman; Mr. Noel Tata, MD and CEO, Pradeep Bakshi, other honorable directors attending this virtual meet, my fellow shareholders. I am Mrs. C. Mascarenas, attending from Mumbai. First of all, I thank our company's Secretary, Mr. VP Malhotra and his team for sending me an e-notice and also registering me as a speaker at my request. Now the annual report is very informative, self-explanatory, editing to all the norms of corporate governance and done with such a nice that we can understand everything manufacturing the textile and whatnot. We are having lots of things on our plate. Now working is very good in spite of all difficult conditions and dividend, 550% is excellent, keep it up. And what more is good market capitalization. Now I congratulate you for all the awards and accolades received. And also, I appreciate very much the CSR work done, which is well documented in the annual report. Also, we have written a lot on the ESG. Sir, we're coming to ESG. I would like to know, have you done any rating of ESG? If so, what is our rating and the name of the rating agency? Now my query, sir. My query is we have order book of INR 5,360 crores. How long it will take to complete this order, how many orders we have got -- we have added in the last 3 months? Number two, which is our most popular product as it is, we are having 23% market share. I would like to know in which of the white goods, we are having this highest like AC, microwave, dishwasher, washing machine, et cetera, et cetera? Number three, do we still face the supply chain bottlenecks, especially shortage of chips, semiconductors? Have we any plan to manufacture chips, semi-conductor as we can avail the PLI benefits and Tata can always do the most difficult process and the work. I look out for something on semiconductors. Number four, CapEx for the next 3 years for organic and inorganic growth with the geopolitical unrest and inflation at the background. I support all the resolutions. I wish my company all the best, may it grow strength to strength, and I wish you and your entire team, very good health so that we can create a lot of wealth to the minority shareholders. Now I hand over the mic to Mr. Mascarenas. He will say some few words. Thank you.

Can I speak, sir?

Yes, please go ahead.

Respected Chairman sir, very distinguished members of the Board and my fellow shareholders. Good evening to you all. My name is [indiscernible] Marcarenas. At the outset, our tanker management, our company secretary and the register for sending me the key balance sheet, which I received on time. It is exotic, simple and adhering to all the parameters required for a good corporate governance. Our results are very good, as shown by facts and figures and more importantly, by our handsome dividend of 550%, most welcome, sir. Now my queries, what is our future plan? And we are in the exports. So rupee dollar, there is immense fluctuation, depreciating of rupee every day and appreciation of dollar -- so this -- what impact it has got on our profitability because an export, we will get -- we'll gain more by rupee devaluation and appreciation of dollar. So what is our gain in this and more of our RB trading with China, are we trading in the sense, export and import we are doing to China? And the geopolitical effect of Ukraine and Russia war on our company. And more importantly, our economic condition now, it is improving so I wish our company very good. And most importantly, one personal question I wanted to ask was that we have physical shares. So they have a lot of problem in [ dematting ] -- so I would like our company to buy back the shares, physical shares so that we get -- so our holding becomes good. I mean, we get liquidity, and it will help a good way by not uniting and getting the limit all the hassles are taken care by the company. With this many questions have been asked by my fellow shareholders, preceding to me. So I would end my speech, wishing you personally, all the Board members and more importantly, all the employees in the days and years to come. With this, sir, thank you very much for patient hearing. Thank you.

Thank you, Mr. Mascarenas. The next speaker is Mr. Anil Parik.

Hello. Am I able to -- sir, are you able to hear me, sir?

Yes, we can hear you, Mr. Parik. Please go ahead.

Good afternoon, sir, to every board members and my fellow shareholders. Sir, good afternoon to you all. And I would like to thank our secretarial team, aided by Mr. Varun Malhotra, excellent investor services they are providing. And they are particularly, Varun is a great asset to the company. Sir, I have gone through the balance sheet, excellent all-around performance. I'm not going deeply into the financials everything explained very well in the annual report -- so I'm excluding that, but hats off to you for excellent all-around performance, plus 550% dividend for the minority shareholders. Sir, you have done a very good decision for giving a dividend of 550% Sir, now I will start with my questions. Sir, on Page -- Page 109, inventories in our air cooler is going up. So what will be the scenario? I would like to understand from you whether we are discontinuing with air coolers or what? Sir, secondly, our company has launched extensive COVID-19 vaccination drive for all the -- our employees, both the doses and company and vaccines for primarily members of its employees. Sir, you have done excellent work as far as all the employees are concerned. And now our organization is very safe against the COVID vaccine -- COVID-19. Sir, Page #111. What is our installed capacity and capacity utilization at our Sanand plant. About our white goods manufacturing unit, VoltBek -- and where these all products available in below 1 shelter, I would like to know, if it is not available, then can we have that kind of what we call storeroom very all the products of Voltas, that means white goods product available in Mumbai, I don't see that. So if you can have that kind of facility, everybody will be benefited. Sir, I would like to know our expenditure on IT and application and digital technology. Also, sir, on Page #115, we have in community development, we have started museum of art and photography in Bangalore. It is 5-story building. Sir, why we can't have that kind of facility in Bombay also. So everybody will be benefited for that? And sir, also your views on -- just now on PM Modi has started a drive of Agnipath.

Sorry, sir, this is just to inform you or 3 minutes are up, so you'll have to wrap up.

Allow me 1 minute more, please. And we have support for Agnipath or any contribution which we are making in this Agnipath drive. Sir, I am not taking your much of time -- thank you for patient hearing, and I'm supporting the resolutions, wholeheartedly. Thank you very much.

Thank you. Thank you, Mr. Parik. The next speakers, Mr. Vinod Agarwal.

Hello, can you hear me?

Yes, we can hear you.

You can see me also sir, I think. Respected Chairman, Mr. Noel Tata; our MD, Pradeep Bakshi; and our CFO, Jitender Verma, our [ CS ], Varun Malhotra. Good afternoon to everyone, and congrats to everyone, sir. I was -- Mr. Varun Malhotra and from his team, [indiscernible] was very helpful in helping me join this AGM. I give my regards to them. Sir, I got 2 or 3 queries from in -- mentioned about INR 1,000 crores of CapEx being made in Chennai to Waghodia and Sanand, when will the plants come up. These are the factory, industry 4-level factories that you are putting up, they will give us better margins, I'm sure because they'll take up a lesser amount of energies and better material utilization. So we'll have better margins. By when will these be commencing production, I would like to know. And sir, our order book is very good certain of INR 5,300 crores. Automation, the INR 2,000 crores are good. But in this year and INR 800 crores in the IOBG business side got I'm sure with this order book, the turnover will keep on increasing. And sir, one thing I want to point out is that in the printing. The printing has been done in grayish ink. It is not in a deep black. So it gives a strain on the eye. In the next annual report, if it is ever printed, tell the printer -- printed people black with a better contrast. So it's not a strain on the eye. And sir, third, and we have opened a Voltas Lounge e-commerce platform during the second quarter of our -- in FY '22. So now what were the sales through e-commerce platform that we had through this platform? And sir, RM costs had increased last year substantially, they are softening now after a long. But how long does it take for us to pass on the raw material increase cost on to the market, we'll have to hike up our prices, we say by 5%, 10% of the raw material cost go up so how long does the lag time for passing on the increased cost on to the market. And another point which I can make if you don't take exception to it, that in our company, we've got the mining and construction equipment business. This aligns more with the Tata Motors business than our company business, I assume so, sir. This could be transferred to Tata Motors, it will be more, and we get the cash transfer on for that business, sir. It's a suggestion to you, sir, take a look at it. I'm signing off, Vinod Agarwal from Mumbai. Thank you, sir.

Thank you. Thank you, Mr. Agarwal. The next speaker is Mrs. Basudha Vikas Dakwe.

Hello. Can you hear me, sir?

Yes, we can hear you.

Very good evening, respected Chairman, sir, Board of Directors and my fellow shareholders, myself Basudha from [ Thane ]. I would like to congress our company secretary for sending with a soft copy of the report, well in advance, which we can still see in a transcript. I would like to ask when was the last bonus given? Secondly, I would like to suggest please look in the matter of interim dividend amount, which is transferred after 7 years to IEPF fund. I would like to suggest -- please take more efforts to avoid such amount from going to IEPF fund. Please, I support all the resolutions. Thank you very much and all the best for coming financial year.

Thank you, Mr. [indiscernible]. The next speaker is Mr. Gautam Tiwari.

Can you listen me, sir?

Yes, we can hear you. Please go ahead.

Sir, good afternoon. Good afternoon, sir. Sir, I would like to see your smiling face sir. You had done very good, and we are really happy about it. In fact, all shareholders are really happy about whatever Voltas has done. So a very good afternoon to my honorable Chairman, sir. Noel Tata and Industrialist in with par excellence and all eminent and respective dignified Board of Directors, our team Voltas, my name is Gautam Tiwari, and I'm attending this meeting AGM from Mumbai. Sir, I complement the secretarial IR and this finance departments for informatory transparent and well-designed actual report annual report rather and the balance sheet and notice. So also for outstanding investment care into services provided by these secretarial departments year-on-year and under the leadership of Mr. Varun Malhotra, who is one of the top company secretaries, considering his services and his associates also, very good service. And so also, thanks for best ever industrial services provided by NCL and [indiscernible] technical team also. Sir, I also thank specially to our CEO, MD, Mr. Pradeep Bakshi and CFO, Jitender Verma; Company Secretary and entire Board of Management, including all staff and executives for their loyal committed dedicated services and for giving excellent performance year-on-year and especially for this year. Sir, I would like to thank you for paying a very generous and handsome dividend of 550%, with [ 550 ] per share of face value of [ rupee ] one, which is very great and it [indiscernible]. Sir, our product business is giving us the profit of INR [ 530 ] crores, yielding 11% profits, whereas our project business is giving INR 126 crores, yielding 5% profit. And our commission only by commission earnings, we have got our Engineering Services business, which is generating INR 158 crores profit, which is 32%. Sir, this indicates that despite severe competition and despite more than 40% players in the market and steep increase in the commodity prices and plenty of supply chain disruptions and interventions. Still, our company is generating very good profits, it's very complementary to you sir and very much appreciable. Sir, Voltas stands #1 in the room AC business, congratulations for this. And it is a complement to our management team also. And in air cooler business also, we stand in #2. Sir, who is #1 in air cooler business we would like to know? Sir, our CSR spend is INR 13 crore and R&D expenditure is INR 14 crores, which is a very good sign, and we are working very good upon it. Sir, our total turnover is INR 7,800 crore. And out of which, we are -- our turnover in the product business is INR 4,900 crores, which is 62% of the total turnover. Sir, I would like to know, sir, our product business is the main business, which is giving us 62% of the total turnover. So what is company's strategy to improve upon this in the days to come. Sir, we are proud -- very much proud sir. Our family and many shareholders, sir. We are all -- in fact, all shareholders are very proud of being the shareholders of Voltas. We are your shareholders from day 1. In [indiscernible] also, you had done the best of the profit, best of the appreciation in the proper and he also have shown the same thing under your tenure sir. Sir, congratulations for receiving various awards and accolades. Sir, I've got a few questions, a few questions in order to improve my understanding for the -- from our Voltas working. Sir, what are the major orders in project business that we have got now? Sir, our -- when our COVID is over, it is a suggestion, please arrange some factory visit, it's pretty long time since we have visited our factory. I wish you had a lot of changes have taken place, and we'll be happy to see it. Sir, it is very appreciable when we saw the all directors photo smiling and in a very good state of mind and management's photo also on Page#74 and page 76. Our operation plants at Pantnagar, Uttarakhand...

[Operator Instructions]

Just 1 minute, madam. Just 1 minute, please. Just 1 minute. Waghodia and Sanand, Gujarat, and it is operating to what capacity. Sir, what is the percentage of profit on the Indian business of ACs, air coolers? Sir, our market share is 20%, what is the strategy of our company to increase its market share? And sir, our -- and best wishes for forthcoming Parsi New Year, sir. And wishing you sir, is a very safe, healthy and prosperous, healthy wealthy and long life and a bright future for the company.

Thank you, very much, Mr. Tiwari. Thank you. Thank you. The next speaker is Ms. Lekha Shah.

Hello, sir.

Yes, we can hear you.

Thank you, sir. Respected Chairman, sir Board of Director, [indiscernible], good afternoon to all of you, myself, Lekha Shah from Mumbai. First of all, I'm very much thankful to our Company Secretary, Mr. Varun ji, especially Vishal ji and Arun ji for extending very good investor services and also telling me the AGM [indiscernible] in time. It is full packages in place. Thank you Chairman sir for explaining [indiscernible] company. Congratulations for excellent work, sir. Sir, I pray to God that he always shower his blessings up on you. I would like thank to all the personal of company for receiving awards and recognition by the various plans during the year '21 and '22. And also as happy the company is doing very well in the field of CSR activities. Thank you for the dividend, sir. My question to the management is that we have witnessed lockdown due to COVID-19, what is the company performance in the current year, and your views for 2021 to '22, what is our market share in the air conditioner business and our next competitor? Do we have plans to open our own store to sell out product? our ROC as is deepen process due to pandemic, how do you see in the current year. So I would like to say I totally support all the decisions for today's meeting and my best wishes, always our company and its prosperity.

Thank you, sir. Thank you. Thank you, Miss Shah. The next speaker is Ms. Nisha Ganesha Shenoy.

It appears we are experiencing some technical issues with Ms. Shenoy. So I think we can move on to the next speaker shareholder.

Okay. The next speaker is Mr. Manjeet Singh.

Hello. Am I audible, sir?

Yes, you are.

Good evening, sir. Chairman, Director, my co-shareholder, [indiscernible] employee [Foreign Language].

Thank you, Mr. Singh. The next speaker is Mr. Sarvjit Singh.

Hello. Sir, can you hear my voice?

Yes, I can hear you.

Chairman, sir, first of all, good afternoon to you, all the Board of Directors and all the staff of Voltas Limited and my co-fellow shareholders. Chairman sir, [Foreign Language] Thank you, sir.

Thank you. Thank you, Mr. Sen. The next speaker is Mr. Aspi [indiscernible].

Sir, can you see me and hear me?

Yes, we can see you. Good afternoon.

How are you it's good to see you after 1 year. Sir, Investment Electromechanical Projects segment, the top line has reduced during the year but the profit has increased. What is the reason for that? Sir, what is our market share in unitary cooling products? Sir, what is the life of our air conditioners and refrigerators? Because I got an AC general, which is 15 years old and still it's doing very well. Sir, I wanted to know what is the life of Voltas' ACs? And also refrigerators. I got a [indiscernible] refrigerator, which is more than 50 years old. And still it's working without any trouble. Sir, thank you very much and all the best for the future.

Thank you. Thank you, Aspi. The next speaker is Mr. Bharat Shah.

Hello? [Foreign Language]

Who's speaking?

I'm [indiscernible], Bharat Shah's wife, sir. [Foreign Language]

Thank you. The next speaker is Mr. Mahesh Kumar Bubna.

It appears we have some technical difficulty connecting to Mr. Bubna. So I think we can move on to the -- it seems Mr. Bubna has just joined.

Okay. Mr. Bubna, good afternoon.

Hello, am I audible?

Good afternoon.

Am I audible?

Yes.

Hello, sir. Okay. There was some technical problem because they have shown that it was locked. So I started. First of all, I thank you the Chairman, Board of Directors, company secretary, CFO; the dignities on the dice. This company management is working very hard, very good results. This 354 pages annual report, very huge annual report with all analysis. Even [ 105 ] pages explained in the director report management discussion, et cetera, et cetera, A lot of -- you had given the photograph of our works and our products and et cetera, et cetera, which is a very nice voucher for the company's completed products. I'm very much happy that we're having a lot of different type of work culture in the company to give the service to the -- our customers. From AC to the dish washer to freezer to water filter to lot of -- we are also doing the industrial jobs and commercial jobs for office cooling, et cetera, even at cooling on through -- so it is a very, very great job for the company. This is not a new company. It is a 69 years old company and having a good reputation. But one thing, there is a lot of competitors in the market. When I enter in any retail shop in the market for purchasing any fridge or AC, there are 30, 40 competitors there. And we are also well reputed like Blue Star, LG, Samsung, [ and ] so many competitors has come -- so there is also a lot of discount they are giving. So one thing I want to tell you that you have to increase the share capital. I've seen that in your last year's share capital at INR 34 crores, then it is INR 33 crores, which happened in '94, '95, 28 years back, still our share capital is INR 33 crores. So the capital base is very low because our nature of business is a capital product in nature. So it is not an FMC business or any other product. So it is a capital nature business. So our product price are also very heavy like an AC or in fridge, it is about INR 30,000, INR 40,000, more than that. So we have to enhance our capability in this production base, increase our capital with the optimum production to fight with other competitor with a price reduction, so that we can be able to get the microeconomic savings in our costing and we can able to compete the market, and we can able to capture more and more market share in the company. I think that during this 28 years of we have not received any bonus here as it was indicated in the highlights on Page #106. Another thing is that our total capital employed, other capital and surplus totaled to INR 5,500 crores. And our turnover is INR 7,841 crore. So you have to enhance. If you go to the balance sheet and the profit loss account, I see that our stand-alone there is only a very minor amount of this borrowing INR 126 crores, and there is a finance cost also why we will not repay we're having a lot of surplus fund, having a very good cash reserve and bank balance, et cetera, and a lot of other data also there. So investment also here. So we can wipe out this borrowing, and we can map it debt-free company. So the debt-free company, status is different than the debt company. One thing stand-alone balance sheet has given in the last -- I'm finding that where is the balance sheet. First, I've seen the stand-alone balance sheet. So I conclude get that after I see that rate was given on the last slide. Our inventory is also very high.

I'm sorry to interrupt your [indiscernible]

For 350, 360 pages annual report, how much time it will take to read out, tell me first in. 1 year, what is your designation, why are you interrupting me? Why you're interrupting me. Don't interrupt. You are changing the sentiment of the shareholders. So important in discussing and you are interrupting without any cut. Sir, on the shareholder distributing list, Page #154, you have given 3 segments. One is for the shareholding of the category wise. So the Tata Group company, shareholding category sales, it is 13.30%. Mutual fund and UTI is 17.50, and foreign portfolio investment is 26.19%. Our Indian portfolio, public -- Indian public, 11.89, it is only at about 12%. The Indian public participate only 10%. Besides the promoter holding, these 2 categories, foreign portfolio and mutual fund, it is -- if you combine, it will be more than the promoter holding. So this combination is not proper for the benefit of the promoter as well as the public shareholder. We, Indian people, we believe that our industry should give the chance to more participation in the capital, and we will have to be benefited. This is not a foreign company. It is totally Indian company, and it is our Indian right to make more and more participation in the company. If some other people will take over this holding from the foreign investment or mutual funds, then there is a problem for the promoter also that the management can be changed. So take a note of it. It is a very, very important. We noted at would have to their own capital also up to 51%.

And we've noted your point. Please go to the next point, please.

Yes, I am coming. You see your stand-alone balance sheet, having the earnings per se is INR 17.63. And if you go to the consolidated balance sheet, it will come down to INR 16.23. It means the subsidiary company are not -- some subsidiary companies are not giving any profit. Maybe it will be loss making. You having 9 subsidiaries, out of 7 is in the abroad, 2 in the Indian operation. I did not find any detail of the operation and profitability of the subsidiary companies here in detail. Maybe any subsidiary companies, which are not performing well, we can have of that subsidy and we can able to rectify this loss to the main company. With this, I will not go to take your much more time. But I'm absolutely well, I have not gone through entire this annual report thoroughly. But now I mean it earlier, I have seen all these highlights. If I will go to the entire annual report, I am able to say for 7 days with all these legal and accounts things. With this remark, I thank you all for presentation.

Thank you. Thank you, Mr. Bubna. Mr. Kirti Shah is the next shareholder.

Hello. Good afternoon.

Good afternoon. Good afternoon.

[Foreign Language]

Mr. Shah still there or is he over -- is he finished?

Sir, I think we can invite Mr. Shah once again. We can move on to the next speaker shareholder.

The next speaker is Ms. Humayun Behroz [Putdehe].

Can you hear me, sir?

Yes, we can. Please go ahead.

Just want to say that we are missing our physical AGMs where every year without steel game my husband Behroz would attend the Voltas AGM. Sir, I have a few questions. Before that, sir, I want to say that my husband Behroz has to always say wherever Mr. Noel Tata is, there is complete transparency. We are proud of you. Sir, are very happy by the Chairman of Voltas. So now I have just a few questions. Is, sir, do we have any relation with China regarding parts, [indiscernible] whatever? So did we have any problems, challenges with respect to the supply chain? See, you might have had -- Can you just throw certain light? We can have an idea on what were the problems you all face with respect to the supply chain. And one of the issue -- what are the new products, have we introduced any new products in the market? If you have you can throw light, you would be happy to know. So I think you sell products through Amazon also. Sir, in that case, do you have to get a discount? I want to know -- I would like to know that. Sir, and now, all our factories running to full capacity. So we remember those days when you use to take us for the plant visits. Are they running now to full capacity? Sir, do we have any COVID problems? Sir, actually, so many of our friends have got COVID once again. So then we are [mild]. We are not in so dangerous as we were in the past. Even my family member suffered. Now sir, and of course, it's a great delight to meet Dr. [Berger Antia] throughout in the video. Since the case we have been seeing in our AGMs, and we want him to continue to be the Director of Voltas, wish him long and healthy life. Sir, I'm closing here. I wish you all the best and looking forward to better days. Thank you very much.

Thank you very much. The next speaker is Mr. Prasad Velankar.

Can you hear me, sir?

Yes.

Mr. Chairman, sir, Board of Directors, [AGM] members and my dear fellow mates [indiscernible] So which is video conference in AGM [indiscernible] with you or here to appreciate the best work done by the company. This is my first online with you. From [indiscernible] from indiscernible]company Secretary Mr. V.P. Malhotra, sir. For each and every presentation of the report differs and place here in advance on company website. Let me take an opportunity to thank and congratulate Board of Directors for recommending dividend of INR 5.5 per equity share. This year, which is 550%. Total revenue generated during the year comes to INR 8,124 crores compared to last year [indiscernible]. Profit after tax comes to INR 506 crores compared to INR 529 crores last year. Congratulations to Board of Directors, all Volta sales and everyone who involved in the their extend hard work in company growth, and I am confident that we will continue. Revenue generated by all segment is appreciable mainly [indiscernible] unitary cooling products, reaching to INR 4882 crores. Revenue generated by UPBG, 62%; project engineering, 32%; engineering projects and services, 6%. While reconsidering our business company has backed many more prestigious award of the air conditioning business as a mark of trust and appreciation creativity overall. Regarding some new [clients] in the report, I must congratulate and urge management for its implementation. Company is in process of developing localized eco-systems with an aim to reduce dependency on import and goods. Company is in process of setting manufacturing facility for room air conditioner in our existing plant. Our new plant proposed by -- proposed in South India. Now coming to employee well-being relationships, [indiscernible] and harassment-free workplace. It is stated that Voltas work relentlessly towards its commitment for providing safe and harassment-free working environment. It's so it is well and good, and everyone will appreciate it. But it with very much pain in my heart, I want to bring it to your notice Chairman, sir, that one of our [indiscernible] employee is [indiscernible] in 1st March '19 and still the matter is kept pending and [settle for] purposes. Without taking much more time of the house, It's more my humble request for you, Chairman, sir, for [to look into it] and intervene to settle that matter amicably so that we can bring happiness and smile on him and his family and we all. As our investors he said we will be fair, honest, transparent [indiscernible] for conduct everything. We must stand that [test of] public scrutiny and build caring the collaborating relationships based on trust and mutual respects, taking courage from our MD, sir. [indiscernible] message. I wish all the best of everyone, Voltas side, new member, Board of Directors and you, Chairman, sir, in the progress of the company. Once again, thank you all.

Thank you, Mr. Velankar. The next speaker is Mr. Dinesh Bhatia.

[Foreign Language]

Thank you, Mr. Bhatia. The final speaker is Mr. Bimal Kumar Agarwal.

Sir, it appears, Mr. Agarwal has not been able to join us today. But before we conclude the question session.

Yes?

We have been able to resolve the issue of one such speaker shareholder. So I would like to invite Speaker #13, Ms. Nisha Ganesh Shenoy.

Okay. Thank you. Ms. Shenoy, please? I think we're having problems again, moderator, with Ms. Shenoy.

Yes, sir. So I think that appears to be the case. I think we can conclude the session.

Thank you very much. Sorry to -- for those speakers who couldn't -- who had connectivity issues. I'm sure Mr. Malhotra and the Managing Director will be available to answer your questions. So now I'm going to attempt to answer everybody's questions. And if by chance I've missed something, please feel free to contact the Managing Director for a reply. The first speaker was Mr. Arun Kumar Bopana. You asked about Voltas making products for global warming and to keep the green -- to make sure that the environment is protected. So Voltas has replaced the R22 gas in its -- as a refrigerant with the R32 gas, which is in its energy efficient. And it also has energy-efficient ACs and it was the first company to come out with those ACs. You asked about the attrition rate. It's around 14%. You asked whether Voltas has got any -- making any sanitizing equipment. The answer is no. You spoke about counseling being done to people due to COVID. Certainly, a lot of that is done. And we also debate in the company the issue of working from home and working from office. And we are [confident] that discussion continues as and when COVID levels go up and up and down. You spoke about the Chennai land. Yes, we have been -- we have purchased 150 acres of land North of Chennai. We did make an investment in Tirupati but unfortunately -- land around Tirupati. But unfortunately, we were not able to progress with that land, and we had to move to this Chennai property. And I believe construction will start very soon indeed on this, and I hope it will. Somebody asked how long I hope within 12 to 24 months, the entire factory will be up and we should be in production latest within 24 months. You spoke about a disruptive price war. Indeed, this sector has got a lot of competition in this last year. We have new brands that have come in, wanting to take a share of this competition. And we are addressing this competitive environment as best we can. Do we use mobile technology and social media? Of course, we do as part of our marketing campaigns. The second speaker, Asha Lata Maheshwari. Thank you for your good wishes. You didn't have any questions. Mr. Marathi was not able to connect. The fourth speaker was Mr. Manoj Kumar Gupta. You asked that we put our speech -- the Chairman's speech on the net. We will consider that. You spoke about Make in India. Indeed, the new factories that we are setting up, the investment of INR 1,000 crores, which is your question you asked about our future plan on CapEx, it's approximately INR 1,000 crores at the moment. And this is for import substitution and to make more of the product in India. So we'll be manufacturing hopefully compressors and the entire air conditioner in India, and that will reduce the imports that we currently make. You suggested we have point more C&F agents and distributors and give investors discount coupons. I'm sure the Managing Director will look into those suggestions. As far as Voltas schemes and festival periods, indeed, we -- I'm sure we have several schemes running during these periods. The next speaker was Ms. H. S Patel. Your suggestion of the difficulty in reading the annual report is noted. You would like darker colors, I'm sure Varun will attend to that next year round. You spoke of the inventory level. Several people have spoken about the inventory level. And I just want to tell shareholders as the last 2 years have been rather difficult in maintaining inventory. You could be caught off guard if your inventory was too low because of the supply chain issues that we've had. There's no cause for concern on the inventory levels that we have. Nevertheless, it's better to be prudent to have the stock. We've seen that post-pandemic demand has suddenly picked up, and those who don't have stock will not be able to supply. So nothing to worry about our inventory levels. Transfer of general reserve, I think was INR 20 crores, if I'm not mistaken, and not INR 200 crores that you mentioned. We take a note that you've had trouble in getting 2-ton ACs, which are not available. May I suggest that the next time around, Ms. Patel, you look at voltas.com, and go on our site where we have the largest range of ACs available. There are times when retailers select only certain models, we are unable to have all our models present in all the retail shops. So for that reason, we have our own e-commerce site, voltas.com. And there, you will be able to see all the models. Mr. Rangwala, we had a bad connection with Mr. Rangwala, so we couldn't hear the questions. Ms. [Mascarenhas], you mentioned 5,360 crores of orders. It's 2 to 3 years' worth of orders. You said -- spoke about 23% market share, and that is in room air conditioners. Bottleneck -- you spoke about bottlenecks with regard to chips. I don't think it's been a major issue for us. But whatever problems we had, we managed to tide over those problems in a reasonable manner. You spoke about CapEx for the next 3 years, and I think it's for the next 2 years, at least, we're looking at INR 1,000 crores, mainly into the new factories that we proposed to put up. Mr. Mascarenhas, you asked whether we were trading with China. Indeed, we do trade with China. However, over the last year, this -- the level of purchases have come down because of the supply chain issues that we've had, and we are purchasing more in the domestic market and are creating our own supply chains. The Ukraine has not had an effect on us per se, but it certainly has -- contributed to inflation, contributed to increasing in prices, in freight rates. And obviously, that is going to have an effect on the cost of the company. You spoke about the problems you had in dematting your shares, please do speak to Varun. And please contact Varun after this meeting, and I'm sure our team will be more than willing to help you demat your shares. The next speaker is Mr. Anil Parik. You asked on Page 109 about air cooler inventory. It is approximately 2 months' worth of inventory. And no, we are not discontinuing coolers. We are the #2 brand in air coolers. Somebody asked who the #1 brand is, and that's Symphony. You spoke about on Page 111 installed capacity and utilization. We are nearly at full capacity in all our factories, and that's why we are looking at the expansions that we are doing. We're proposing over the next 2 years. You spoke about where products are available. Again, I would suggest, please go and look at voltas.com. And you will see the entire range of products, including the Voltas Beko products, all available on voltas.com. You spoke on Page 150 about a museum of art in Bangalore. We will put that suggestion to our CSR [team], and I think our group Chairman has already spoken on the issue of agri path, and I think that's self-explanatory. The ninth speaker, Mr. Vinod Agarwal. You asked when will the plants come up. It will be, I think, physically up in 12 months. And within the following 12 months, the plants should be running. The equipment has already been ordered and some of it is already on its way to India. You spoke about the print on the -- also to be done in deep Black. We note your comments. You asked about how long raw material prices take to be passed on to consumers. Mr. Agarwal, we tried to maintain our final prices as close as possible to what they were last year. We've had to pass on some price increases to the consumer, but we recognize the pain that consumers have been facing during these inflationary trends. And our aim is to try and keep those price increases to the minimum. And typically, it takes about 6 months for us to transfer prices to consumers if we need to do so. Ms. [indiscernible] you asked about the last bonus. I think one of the shareholders did mention it was 20-odd years ago. Unclaimed dividend, I'll get you the figure. The unclaimed dividend is 72 lakhs for the year '21, '22. Mr. Gautam Tiwari, you asked who is #1 in air coolers, and I already mentioned that is Symphony. You asked about product strategy in the days to come. We are in an extremely -- as I mentioned already, we are in an extremely competitive environment in room ACs. We have all the large -- the major brands of the world in India with strong positions, LG, Samsung, Hitachi, Daikin and so far, we have managed to maintain our leadership in the market, and we intend to try and remain that way. The Sanand and Pantnagar, you asked our capacity in Sanand, in Pantnagar, it's 1.25 million ACs. And in Sanand, it's 1.2 million refrigerators. And I believe we've already reached a capacity of 1 million refrigerators in Sanand. You asked about an increase in market share. We would certainly love to have an increase in market share, and we'll do our best to do it. Ms. Lekha Shah, you asked about plans to open our own stores. We have opened an experience center in Prabhadevi. I would urge you since you live in Bombay, to please go and have a look at that and tell us what you think of it. Varun can give you the address. We have opened 200 stores, which are primarily sell only our own product. And we will do much, much more in this area. Mr. Shenoy, we were unable to speak to you. Mr. Manjit Singh, you spoke about climate change. Indeed, it is getting hotter. You spoke about chances of a buyback. Given the investment that we have to do in new production units, et cetera, this may be difficult in the near future. You spoke about a demerger. And indeed, if you look at our annual report, you will see that we are in the process of demerging our domestic projects business. This has been delayed due to renovations, but we hope that, that will happen very soon indeed, it will happen in the next couple of weeks, I hope. Mr. Sarvjeet Singh, there were no questions, but thank you for your good wishes. Mr. [S. P Besania] you asked about why the turnover was lower in the electromechanic segment. I think it's more because many, many companies held back CapEx spends over the last 2 years due to the uncertainties of the COVID situation. You asked about our about unitary cooling prospects and market share, which is about 23.5%. And you asked about the life of Voltas ACs and refrigerators. And I believe that this is around 10 years. And this is corroborated by the Government of India, E-Waste rules. The next speaker is Mr. Bharat Shah, and Mrs. Shah -- Mrs. Susmita Shah, thank you for your good wishes and compliments to the secretarial department. We indeed hope that we can do a face-to-face, and we will plan for a face-to-face meeting next year. Obviously, that depends on what happens with COVID, which has disrupted it over the last 2 years. Mr. Mahesh Kumar Bopana, you spoke about competition. Indeed, I've already answered this question. It is indeed very strong. You spoke about an increase in share capital. And certainly, we will do that when required. And obviously, pass on your message to Tata Sons, the promoters. There is a borrowing of INR 126 crores. Our finance department will look at your proposal how to reduce this. Indeed, you spoke about subsidiary company losses. Indeed, Voltas Beko has been the principal loss-making subsidiary accounting for most of the losses in the consolidated accounts. I'd like to say that this is really in a start-up phase. It's only the second year of -- full second year of operations. We're ramping up production. We're trying to get market share. And the losses are not unexpected in this ramp-up situation, which we need to do in order to get to a level of market share that we are proud of. Mr. [Kirti Shah] indeed, you talk about the price having fallen and indeed from many, many shares at the moment the price has fallen. This is the stock market, and this is the situation currently in the stock market. Ms. Behroz [indiscernible] you asked about our relationship with China. Yes, we have had supply chain problems, and we have reduced our purchases from China and moved to more purchases from India. You asked about new products. Again, I would request you to please go to voltas.com, where you'll see the entire range of products that we do, both Voltas as well as Voltas Beko. Finally, Mr. Prasad Velankar. It was very, very difficult to hear you, Mr. Velankar. You spoke about a problem of a colleague. I would request you after the meeting or next week to please contact the Managing Director who will look into it. I think with that, I have answered all the questions. In case your questions have remained unanswered, as I said, you can please request the Company Secretary or the secretarial team, and they will respond at the earliest. I now authorize the company's Secretary to conduct the voting procedure and conclude the meeting. That says Anil Bhatia and Associates Practicing Company Secretaries have been appointed as scrutinizer for this meeting. I also authorized the company secretary to accept acknowledge and countersign the scrutinizer's report and declare the consolidated voting results on receipt of the scrutinizer's report. The e-voting facility will remain open for the next 15 minutes to enable shareholders to cast their votes. The results will be announced within 2 working days of the conclusion of this meeting and the same would be intimated to the stock exchanges thereafter. I would like to thank all the shareholders for attending this meeting and for their continued support to the company. With your consent, I and the other Board members would now like to leave the meeting. Thank you very much. Have a good evening.