AGM 2024

Jun 28, 2024

Summary

FY2023–24 top line rose 4.4%, EBITDA 28.8% and PBT before exceptional items 42%; a 375% dividend included a special payout. Capex of INR 486 crore is planned for the coming year, amid competition and overseas subsidiary pressures.

Dear shareholders, on behalf of myself and my colleagues on the board, I extend to all of you a warm welcome to this 104th annual general meeting of our company. Let me also welcome all the Directors on the board. All our Directors are present at this annual general meeting that is being conducted by video conferencing. Now I request our Directors to introduce themselves one by one to the shareholders. Let me begin with myself. I am Pradip P. Shah, the Chairman of the company and also the Chairman of the Audit Committee and the Risk Management Committee. I am participating in this meeting from the Hilton Hotel Conference Center in the city of Dalian in China. I now request my colleagues on the board to introduce themselves to our shareholders at this AGM. Anuj? Good morning, shareholders. Namaskar to all of you. I am Anuj Jain, Managing Director of your company, and I am participating in this meeting from our registered office in Mumbai. Mr. Nishibayashi-san? Good morning. I am Hitoshi Nishibayashi, Non-Executive Director on the board. I am participating in this meeting from Tokyo office of Kansai Paint. Thank you. Sonia? Good morning. I am Sonia Singh, independent director in your company. I am also the Chairperson of the Stakeholders Relationship Committee and the Corporate Social Responsibility Committee. I am participating from Mumbai. Thank you. Tomioka-san? Good morning. I am Takas Tomioka, Non-Executive Director. I am participating in this meeting from the Osaka office of Kansai Paint Japan. Thank you. Thank you. Bhaskar Bhat? Good morning, shareholders. I am Bhaskar Bhat, participating in this annual general meeting from my office in Bangalore. I am an independent director and I am the Chairman of the Nomination and Remuneration Committee. Thank you. Praveen? Pravin Digambar Chaudhari. Yeah, good morning. I am Pravin Digambar Chaudhari, non-executive director. I am participating in this meeting from Osaka office of Kansai Paint Japan. Thank you. Shareholders may note that the Chairman of the Audit Committee, that is I myself, the Chairman of the Nomination and Remuneration Committee, that is Mr. Bhaskar Bhat, and the Chairperson of the Stakeholder Relationship Committee, Ms. Sonia Singh, are present at this meeting. I also wish to inform our shareholders that the representatives of the statutory auditor, S R B C & Co LLP Chartered Accountants, and the secretarial auditor, JHR & Associates Company Secretaries, are attending the meeting. I would also like to inform our shareholders that the quorum for the meeting is present at the meeting. In compliance with the circulars issued by the Ministry of Corporate Affairs and SEBI on holding annual general meeting by video conferencing or other audio visual means without the physical presence of the shareholders at a common venue, this AGM is being held accordingly. In accordance with these circulars, the annual report for the financial year 2023-2024, along with the notice of the AGM, has been sent on June 6, 2024, by electronic mode to those shareholders whose email addresses are registered with the company or the depository participants. While physical copy of the annual report has been sent to the shareholders on request. The annual report, including the notice of the AGM given on pages 124 to 135 of the annual report, is available on the website of the company and has also been forwarded to the Bombay Stock Exchange and the National Stock Exchange. With the permission of the shareholders, I take the notice of the 104th AGM as read. As the auditor's report neither contains any qualifications, observations, or comments on financial transactions, nor highlights any matter which would have any adverse effect on the functioning of the company, the same need not be read at the AGM as provided in Section 145 of the Companies Act 2013. Also, as there are no adverse comments in the report of the secretarial auditor, the same need not be read at the AGM. Shareholders are requested to note that the board of directors of Kansai Paint Co., Ltd., Japan, which is our parent company and holds 60 crore, 62 lakh, 3,847 equity shares of the company, has passed the necessary resolution under Section 113 of the Companies Act 2013, authorizing its representative, Mr. H. Nishibayashi, to act on its behalf at the AGM of the company, and a copy of this resolution is available with the company and is submitted to the scrutinizer for the meeting. The inspection documents, including the documents mentioned in the annual report and notice of the AGM, are available with the company for inspection through electronic mode in terms of the circulars issued by the Ministry of Corporate Affairs. I would now make a few brief comments for the year under review. That is 2023-2024. In recent years, the paint industry has been shaped by several key macro trends such as infrastructure growth, a surge in personal mobility, a shift towards premium offerings, a growing demand for services, an increasing focus on sustainable and low emission products, and the widespread adoption of digital technologies. We have also seen new entrants into the paint industry. The Indian government has, through various initiatives and policies, facilitated the growth, which can be characterized by a rapid increase in infrastructure investment, a boom in the automotive industry, increased consumption and production of electronic goods, the need for varied consumer durables, and India's emergence as a manufacturing hub. The increased infrastructure spending is evident from the government's emphasis on projects like expressways, bridges, railways, and housing. Further, the Automotive Mission Plan 2026 has provided a boost to the Indian automotive sector and aims to make the Indian automotive industry the driving factor of the Make in India initiative. The company, with a rich legacy spanning more than 100 years, has a diverse portfolio of products catering to a wide range of segments within both decorative and industrial coatings. Through its paints solutions, the company provides beauty and protection to everything that a household uses on a daily basis, be it paints for homes, automobiles, consumer durables, namely fans, microwaves, refrigerators, washing machines, personal use articles like hair clips, artificial jewelry, and transportation infrastructure in form of bridges, metro rail, et cetera. This is why we say there is a little bit of Nerolac in everybody's life. During 2023-2024, the decorative business witnessed a decent volume growth, while new businesses such as wood finish and construction chemicals showcased robust performance surpassing the market trend. The project business also grew strongly with expansion in new towns. The company's new initiatives of paint as a service, deeper connect with painters, architects, and interior designers, reached a new scale and higher efficiencies. The industrial business witnessed good demand growth during the year, which was led by automotive and performance coating businesses. In the automotive business, the growth drivers were four-wheelers and electric wheelers, while the two-wheeler demand picked up in the second half of the year. The performance coating business, driven by infrastructure growth leading to the development of roads, bridges, and railways, saw marginal growth, but showcased a strong growth in the premium segment. The auto refinish business saw good growth in premium products, leading to higher saliency than the previous year. The company has implemented a series of measures aimed at enhancing profitability, which included judicious cost control efforts, collaborative initiatives with value chain partners, and a sustained focus on increasing the saliency of premium products. We also got help from lower raw material prices. As a result, the top line was up by 4.4%, EBITDA was up by 28.8%, and profit before tax, before exceptional items was up by 42%. Reflecting the strong financial position, the board has recommended a dividend of 375%, that is INR 3.75 per share, including a special dividend of 125% or INR 1.25 per share. However, during 2023-2024, the company's subsidiaries in Sri Lanka, Bangladesh, and Nepal faced challenges mainly due to the economic conditions in their respective countries on account of liquidity and foreign exchange crises, along with restrictions in ports. Profitability of our subsidiaries was therefore affected during the year. In the decorative business, the company focuses on providing low VOC, heavy metal free, and sustainable products to its customers. One of the key elements of our strategy is Paint Plus, which revolves around creating unique products with differentiated features for the customers. Second element was moving to services by offering paint as a service through our NXTGEN Services, thereby leveraging the increasing orientation of our customers towards services. The third element of our strategy was to focus on secondary sales through engagement with influencers. The company also introduces new products continuously to address the diverse requirements. Apart from this, we have expanded our product portfolio to include a wide range of products to cater to segments such as construction chemicals, wood finish, and adhesives. The company provides its customers with an engaging and effective retail experience through its NXTGEN Shop and shop-in-shop retail outlets. It has invested in digital infrastructure to provide seamless and hassle-free painting services to customers. Additionally, digital tools like Paint Budget Calculator, color picker, and Colour Visualizer are employed, which use the latest trends, colors, and aesthetics to help customers select paints and colors effectively. The company has expanded its business with the launch of more than 15, 1-5, new products, alongside four differentiated products under the brand Paint Plus. At the same time, the company has reinforced its core by sustaining growth in the economy and popular segments. In the Paint Plus category, emphasis is on providing unique and democratized product offerings to the customers. During the year, the company has added new products such as Nerolac Perma Crystal Seal, an innovative product that resists dampness and efflorescence by crystal-forming technology, and two new variants, high sheen and matte to Impressions Kashmir, a high-end interior emulsion paint with a new unique no-smell feature and luxury finish. The company has also introduced Beauty Little Master Sheen, which exhibits silky smooth sheen and solidified its position as a provider of diverse, high-quality offerings. As a result of these unique and democratized product offerings, we were able to increase the saliency of our Paint Plus portfolio. In the industrial business, the company provides its customers with unique and customized solutions using high-end technologies. It embraces environmentally friendly, resource-efficient technologies such as low-bake, high solids, low VOC, mono coats, and direct-to-metal applications. These technologies effectively improve productivity, reduce emissions, and promote energy efficiency at our customers' ends. The company has commissioned several lines for electrodeposition for multiple OEM manufacturers, demonstrating its capabilities to meet the customers' stringent service and quality standards. In the passenger vehicle segment, the company introduced products with high functional and aesthetic appearance. It launched tin-free cathodic electrodeposition suitable for nano pretreatment, which is high solids, devoid of heavy metals and hazardous air pollutants, and has low VOC emissions. This reduces dry film thickness, resource consumption, and energy usage during baking. The introduction of tin-free cathodic electrodeposition demonstrates the company's commitment to delivering high-quality products that meet the evolving needs of the market. Additionally, the company has launched high-performance acid etch clear for the alloy wheel segment, a proof of its dedication to technological innovation and efficiency, setting new benchmarks in the passenger vehicle segment. Electric vehicles are steadily making their mark in India's growing passenger vehicle market. The company's leadership position in the EV segment is a result of its continuous proactive endeavors in market penetration and portfolio expansion. One way this has been done is through the introduction of vibrant colors aimed at staying ahead of color trends. The company has aligned itself with the evolving customer preferences in the electric passenger vehicle and two-wheeler segments. It has successfully solidified its presence across major OEMs and has achieved noteworthy advancements in market share. The product innovations and launches made by the company have been detailed in our annual report, which has been available with you, our shareholders. Our company's growth strategy is focused on building organizational capabilities and delivering sustainable value to stakeholders. Driven by purpose, our company aligns its growth strategies with environmental stewardship, social responsibility, and robust governance practices. The company benefits from its strong in-house R&D expertise and support from Kansai Paint Japan and its group companies, giving us a competitive edge refined over our century-long history. The company collaborates with the KPJ group of companies across the globe to provide Indian customers with differentiated technologies across a spectrum of end-user industries. We recognize the importance of adapting to newer solutions to meet the unique demands of the industry, ensuring optimal performance and customer satisfaction. The company is also expanding its manufacturing capabilities to meet market demand through capacity growth, product innovation, operational excellence, quality assurance, sustainability initiatives, and capability development. The company has completed capacity enhancements at our Hosur plant and boosted its resin and emulsion capacities at Jainpur plant to achieve full integration. To meet the future demand, it has planned for capacity expansion through investments in greenfield facility in Visakhapatnam and brownfield expansion in existing plants in coming years. As a responsible organization, the company constantly works towards decarbonization and has committed as well as validated its near-term emission reduction targets with the Science-Based Targets initiative to align with the 1.5 degrees centigrade trajectory, becoming the first Indian paint company to do so. The company has also become a water positive organization, and it aims to sustain this in the coming future. The company's strategic focus is on creating long-term value for all stakeholders while fostering a culture of innovation, collaboration, and empowerment within our organization. It is driven by a relentless pursuit of innovation, constantly seeking new solutions and pushing boundaries. Collaboration is the cornerstone of our success as we recognize the value of teamwork and leveraging collective experience. Empowerment is crucial, and we strive to empower every individual in the company to take ownership, make decisions, and contribute meaningfully. The company also understands the essential role that its suppliers play, and hence actively engages and collaborates with its suppliers in discussions on value creation and sustainability. By working together on various joint projects, the company leverages the expertise and resources of its partners to implement impactful solutions that benefit both parties and contribute to a sustainable future. The company's core ethos revolves around nurturing and empowering employees. We value a thriving work environment where employee wellbeing takes precedence, recognizing that a healthy body and mind are essential for achieving outstanding results. The company's commitment to corporate social responsibility extends beyond the confines of its operation, radiating outwards to benefit the society. The company strives to contribute meaningfully to the betterment of humanity. Its initiatives have been designed to benefit the underprivileged sections of society and enhance its reputation as a responsible corporate citizen. Through its actions, the company also aims to encourage individual employees to embrace their societal duty, developing a sense of compassion and awareness towards those in need. The company's CSR initiatives are varied and multifaceted, encompassing from rural community development to promoting education, ensuring environmental sustainability, and providing preventive healthcare and sanitation. I am also happy to inform you that the company is in full compliance with all the requirements of the Companies Act 2013 and the rules thereunder, and also with the requirements to be fulfilled and disclosures to be made in terms of the relevant SEBI regulations. The Indian paint business is dynamic, offering a wide range of products to meet varied customer needs. With the government's focus on infrastructure, affordable housing, and smart cities, the demand for paint in India is projected to rise. The industry holds immense growth potential, both in the near term and long term, especially with the entry of new players fostering market expansion and innovation. Consumer preferences are evolving rapidly, favoring sustainable products and embracing digital and social media platforms. This trend is expected to continue, paving the way for further product innovation and sustainability initiatives. This evolving landscape presents new opportunities for product development and sustainability initiatives. We are committed to creating value for our stakeholders in the medium to long term, while strengthening the culture of innovation, collaboration, and empowerment. I am also confident that the management will give a good account of itself. My best wishes are to all at the helm of affairs. I would like to express my heartfelt gratitude to our dedicated employees, as their relentless efforts have been instrumental in driving our success. Additionally, I sincerely appreciate our shareholders, whose trust and unwavering support have been invaluable to us. We take this opportunity to thank our parent company, Kansai Paint Co., Ltd., Japan, and our other technical collaborators, including Oshima Kogyo Company Limited, Japan, Cashew Co. Ltd., Japan, Protech Chemicals Limited, Canada, and Kluthe, Germany. A special thanks to Mr. K. Mori, the president of Kansai Paint Japan, for the continuing consistency, quality, and cordiality of assistance that we have received from Kansai Paint and for their valuable services to our company. Let me also place on record my sincere appreciation of the active interest, guidance, and support that my fellow members on the board of directors have shown during the deliberations of the board. We would like to acknowledge the cooperation and support given by the employees in all our operating units and our subsidiaries within and outside India, and also the help and support of our customers, suppliers, and communities that we have worked with over the years. I would now like to inform the shareholders that as the company had provided the facility of remote e-voting to its shareholders to enable them to cast their votes on all the resolutions proposed to be passed at the AGM, the e-voting facility will be extended to the shareholders who have not cast their vote by remote e-voting prior to the AGM, so that they can vote through the e-voting system during this AGM. The procedure for e-voting at the AGM is same as the instructions for remote e-voting provided in the notice of the AGM. The company has taken all efforts feasible under the circumstances to enable the members to participate and vote on the resolutions being considered in the meeting. Mr. J.H. Ranade, partner of JHR & Associates, company secretaries in practice, will be the scrutinizer to scrutinize the remote e-voting and e-voting at the AGM. I am now requesting the Managing Director, Mr. Anuj Jain, to invite the speaker shareholders one by one and answer them. Other shareholders may pose questions concurrently through the facility provided on the e-voting website of National Securities Depository Limited, through which they are viewing the live streaming of this AGM. After the shareholders have spoken and the questions raised by the shareholders have been answered by the Managing Director, I am also requesting him to, A, move the resolutions proposed to be passed at this AGM. B, propose e-voting facility for shareholders who have not yet voted on the resolutions. C, to inform the shareholders as to when the results of e-voting shall be declared. And D, to call the meeting to conclusion after the e-voting is completed. The Company Secretary will take necessary actions with respect to declaration of results of the e-voting process. Best wishes to all of you. Thank you very much for your interest in the company. Thank you, Chairman. As Chairman asked, I will move forward. Dear shareholders, I now invite the speaker shareholders as per the list which has been provided to me to ask any questions and clarifications that the shareholders might seek. I will call out the name of the speaker. When I call out the name of the speaker shareholder, moderator for this meeting, Miss Mahima Chopra will facilitate the speaker to come and ask the questions by video conferencing. Each speaker will have three minutes allotted for speaking. When the shareholder comes to speak, he/she is requested to unmute the audio and start the video as well so that the speaker can be seen. After the speaker has finished his speech or her speech, he or she is requested to mute the audio and stop the video. I invite the speaker number one, Mr. Yusuf Rangwala. Sir, very good morning, Chairman sir. [Foreign language] हाँ जी। Sir, Chairman sir, आपको देख के sir बहुत खुशी, after a long time I am seeing your face. Sir, आपका face ऐसा है कि हमें बहुत खुशी होता है, Chairman sir. और sir आपका- Thank you. 371 page का company secretary G. T. Govindarajan. Sir, जो अपने hardworking company secretary उनकी team, specially Sheetal madam जो इतनी hardworking उनकी team में है. और sir मुझे मालूम पड़ा, sir मैंने annual copy में देखा, अपना number इतना ही नहीं है, car paint में especially Maruti जो अपना main business है, 95% अपना business car paint में we are a leader. Nobody can beat the good luck Nerolac sir. और हमारे Japanese और Tokyo के लोग, sir उनको मेरा नमस्ते बोलना और उनका होना ही अपने company में काफी है। 16 page, 17 page, 18 page पे अपना जो manual products, sir इतना हमें देख के खुशी होता है। और अपना brand ambassador जो अपने Ranveer Singh साहब है, उनका होना ही काफी है sir। जहां वो होते हैं, वहां company का share चला जाता है। आज आपने अच्छा dividend भी दिया और अपनी अच्छी working है। Sir, मुझे कुछ नहीं कहना, अपना इतना अच्छा plant है। Sir, Wankhede Stadium, Lucknow Stadium and Delhi Railway as you mentioned in the annual report. ये sir सब अपना project है, and ये सब देख के मुझे बहुत खुशी होती है। Sir, फूलों की खुशबू, कलियों के बाहर, और अपना साथ हमेशा रहे sir। जय हिंद, जय महाराष्ट्र, one day matter I wish our company good luck and I support all the resolution, full support for the today resolution. Thank you very much, sir। जय हिंद, sir. Thank you. Thank you, Mr. Yusuf Rangwala. Now I call upon Mrs. Smita Bharat Shah. Hello. Yes. Hello sir, आवाज़ आ रही है मेरी? हाँ जी। Thank you, sir. प्रदीप भाई। हाँ जी। Hello। प्रदीप भाई, तुम केम छै, मजा मा छै? हाँ जी, thank you. हमें खुशी है। Thank you. और हमारो spirit तुम्हें बहुत बढ़ा दी दी है तुम हमारो। Thank you. बहुत-बहुत तुम्हारा आभार मानिए छे। Many thanks. Sir, प्रथम तो मैं हमारे Company Secretary श्री G. T. Govindarajan जी, Sheetal जी की मैं good investor service की सराहना करती हूँ। बहुत ही helpful team है। सभी shareholders को जुड़ने के लिए कोई भी query हो या help चाहिए, तो हमें बहुत अच्छे से help करते हैं। और हमें hard copy भी भेजी। बहुत बढ़िया और excellent, colorful report बनाई है। Very excellent report और very good work, good nature and very hard work, mentally लगनशील Company Secretary श्री G. T. Govindarajan जी, Sheetal जी की मैं दिल से उनके work की प्रशंसा करती हुई good investor service के लिए मैं बहुत-बहुत धन्यवाद करती हूँ और अभिनंदन के साथ शुभकामनाएं भी देती हूँ। और Chairman साहब, आज हमारी 104th AGM की बहुत-बहुत बधाई आपको भी मैं देना चाहूँगी और अभिनंदन भी देना चाहूँगी। सालों पुरानी company आज भी हमारी company better performance के साथ आगे बढ़ रही है और प्रदीप भाई आपकी leadership बहुत लाजवाब है और साथ में हमारे MD साहब श्री अनुज जैन जी का भी hard work, सभी पूरी board team का सहयोग, साथ में हमारे सभी employees का भी सहयोग आज company में रंग लाई है। हमारी company है ही colorful तो रंग लाने वाली है और company है colorful तो company को आप सबने बनाया है cheerful. Sir, आपके competitor कौन है? Sir, जरा बताने की कोशिश करें। हमें तो पता ही है आपसे कौन competitor है। लेकिन sir आपको तो उनके साथ मच-मच करके आगे बढ़ना ही है। क्योंकि आज भी कोई ऐसा नहीं है जिनकी ताकत बने आपको पीछे रखने की। आप बहुत ही strong हो और बहुत आत्मविश्वास से भरपूर हो। आपके अंदर का जो आत्मविश्वास है, तो हमारा आप पर पूरा विश्वास है। आपकी कभी पीछे मुड़ नहीं होनी है। Shareholders की भी always सही रीति से आपने ख्याल रखकर हमेशा dividend देते आ रहे हो। इस time भी आपने जो dividend 3.75 include 1.25 जो दिया है, तो बहुत-बहुत धन्यवाद करती हूँ। प्रदीप भाई, मैं पूछना चाहूँगी कि अभी last bonus आपने कब दिया था? और आज हमारी 104th AGM है, तो क्या हम आगे आपके पास bonus की उम्मीद रख सकते हैं? तो जरा बताने की कृपा करें कि आप अभी bonus कब देने वाले हो। बाकी तो मेरी always मंगल शुभकामनाएं आपके साथ हैं। ईश्वर आपकी health, wealth बढ़िया बनाए रखे और आने वाले futures में company हजारों गुनी तरक्की के साथ आगे बढ़े और अपना Nerolac का नाम हमेशा market में अव्वल रखे, यही मेरी मंगल शुभकामनाएं आपके साथ हैं। Sir, हमारा भी always support आपके साथ रहे। जब हाथों में हाथ हो, हम सबका साथ हो, तभी company का विकास हो। तो always हमारा भी साथ-सखर आपके साथ है। आज के सभी resolution में as usual मेरा fully support मैं करती हूँ। और sir One World Four के अवसर पर, sir अभी यह जो VC माध्यम से कर रहे हो तो कोई बात नहीं लेकिन एक छोटा get together जरूर रखने की कृपा करें ताकि हम आप सभी को face to face मिल सकें, sir. बाकी तो sir आप सभी स्वस्थ रहें, व्यस्त रहें, सदा मुस्कुराते रहें और सदा हर्षित मुख के साथ हिम्मत से, लगन से आगे बढ़ते रहें। यही शुभ भावना के साथ support करते हुए धन्यवाद sir। Sir चालू रखिए, भरत साहब बात करते हैं। Thank you, स्मिताबेन। माननीय श्री प्रदीप भाई और अन्य माननीय Director, Sir, ज्यादा time नहीं लूंगा। एक डेढ़ minute लूंगा, Sir. माननीय Chairman श्री प्रदीप भाई और माननीय MD अनूप भाई और अन्य माननीय Director, Sir, मेरा नाम भरत शाह है। Sir, मेरी कोई query नहीं है क्योंकि mutually आप जो company चला रहे हो, वह हमेशा shareholder का ही ख्याल रखा है। Shareholder को बढ़िया dividend दिए से और अच्छा return दिया है। तो मैं इसके लिए पूरे board of director, company के छोटे-मोटे, उन सभी का बहुत-बहुत आभार और धन्यवाद मानता हूं, Sir. Dividend भी 6% अपने अच्छे दिए हैं और आगे dividend और भी बढ़ेगा, मुझे विश्वास है, Sir. तो Sir, मैंने पहले बोला जैसे आने वाले अपने last business के भी bonus के लिए मैं request करता हूं, आगे वाले दो-तीन साल में bonus जरूर दीजिए। Five years के future program जरूर बताना, Sir. Sir, announcement के लिए भी बहुत धन्यवाद। अभिनंदन sir. CSR activity अच्छी चल रही है, एक मानव तात under बहुत धन्यवाद। अभिनंदन sir. और company secretary अपने गोविंद राजन जी, उनकी team के शीतल जी और पूरी CS team को मैं बहुत-बहुत धन्यवाद, अभिनंदन देता हूं। बहुत ही hard working CS team है। हमेशा shareholder को respect देते हैं। Shareholder की कोई query होती है वह solve करते हैं, best interest shareholder के। तो मैं गोविंद राजन sir की पूरी team को मैं बहुत-बहुत धन्यवाद, अभिनंदन देता हूं sir. और sir अपन चार-पांच साल हुए face to face नहीं मिले तो next time जरूर face to face meeting रखना तो अपन एक आत्मीयता का बढ़ा-चढ़ा मिलेंगे। नहीं तो hybrid meeting रखना sir जरूर। और एक get together रखिए तो हम लोग आपसे मिल सकें sir. बाकी आने वाले Ganesh Utsav, नवरात्रि, दीपावली, चौदह साथी announcement में शुभकामनाएं देता हूं। आपकी health always अच्छी रहे। अपनी company दिन दुगनी रात चौगुनी आगे बढ़े। भगवान ईश्वर को मेरी हृदयपूर्वक प्रार्थनाएं। Sir हम सदा आपके साथी हैं। सारे resolution में मेरा पूरा support है sir. Thank you very much sir। Jai Hind sir। Jai Hind. Thank you. Thank you भरत जी. Thank you स्मिता जी. This was speaker number three. Now I call upon the speaker number four, Miss हुमायून बेरूज बोरदेई. Miss हुमायून. Can you hear me, sir? Yes. Can you hear me? Yes, we can. Yeah. Hello. Yes, go on. Yes, sir. I heard your Chairman's speech. My God, you all have progressed and grown so much. Congratulations! Sir, your research department must be really fantastic. So are your scientists, I must say. I just have a. Sir, do you still continue to have waterproofing materials? Because that I did not hear the Chairman say. Waterproofing materials. Because sir, it's raining here in Bombay, so we always think of waterproofing. I just have a few questions, sir. Does your supply meet demands? Because your demands must be so much. What about your raw materials, sir? Where do they come from? I would like to know. Regarding, of course, the annual report is very exhaustive. Everything is mentioned in it. As the Chairman said, there is little bit of Nerolac in everybody's life. So I'll tell you my own personal experience. I took your paint just a few years ago, put in my flat in Andheri, and it is still so good. You should be given awards. Topmost award. I can say with this much. Sir, I want to know, have it changed like you give only to the wholesalers, like builders, who do constructive activity, or you also sell in retail? Because those days I did not get your products. They were not easily available in retail like an Asian Paints. Sir, it's okay. You just go ahead and do according to what is best for your marketing. That is nothing like that. Sir, one more thing. It is your construction, usually you give to a builder. Sir, regarding your Company Secretary. Sir, we must say, we know him since years and years and years. So it is just like, what do I say? A friend, a family member. So your company also is like a family member. We wish your company all the very best. Sir last, sir, do you get enough laborers? Do you need laborers? You directly supply to the company, so you don't have the headache of the laborers. Sir, these are just. I hope I finished in 3 minutes. I would like also my video to be seen. I did not allow my video to be seen because it may get disconnected. That is why. Sir now it's okay. I don't know how to make my video be seen. Yeah, we can see you. Yeah. Thank you very much. Wish you all the best, everybody. Thank you. And yeah. Bye. Bye-bye. All the best. Thank you, Miss हुमायून। Now I call upon Mr. राजेश केवलराम चैनानी। Hello. Hello, am I audible, sir? Yes, you are. Dear respected Chairman, Mr. Pradip Shah, MD Mr. Anuj Jain and a very highly distinguished eminent board of directors. Mr. Takashi and Mr. Hitoshi Nishibayashi, konnichiwa to you. Sir, I thank our Company Secretary, Mr. Govind Rajan for sending me the physical copy of the annual report very well on time, sir, which is full of facts and figures in place. Sir, I just want to know why there is not a single color photo in the annual report, Pradip bhai. At least you, Anuj Jain, and the board of directors should have a colorful photo, and even our brand ambassador Mr. Ranveer Singh. It is totally black and white, sir. Well, this is just my observation. I really thank the secretary department, sir. They have done a very good job, sir, even Miss Sheetal Joshi. Yes, please continue. Secretarial department is the link between the shareholders and the board. They have done really a very good job. There is a MD message on page number 4, 5. I have gone through the message also. It's fantastic, sir. You have given a total picture of the company. Sir, the price of the share was 251 low, went up to high 357 when there was a land deal, sir. We have sold some land in Lower Parel, office space. Now it is trading at 271. I hope, sir, under your leadership, we will touch much better position, sir. Our share should be at least at ₹500 per thing, sir. Rest sir, everything is perfectly. Sir, EPS is 14.53. You have given the dividend of ₹3.75, so I really thank you for that. I hope that next year you please increase the dividend, sir. That's my only suggestion. [Foreign language] Pradip Shah. I have known you from years sir, from the days of Pfizer, Cornant and Ubec Cornant. You have turned around many, many companies, sir. You and Rajendra Ambalal Shah are the best pair, sir. Mr. Anuj Jain is doing fantastic, sir. His presentation is very good. I hope under his guidance also we will touch the sky, sir. [Foreign language] And since our company is into colors and festivals. फूलों की खुशबू, कलियों की बहार, चाँद की चांदनी, अपनों का प्यार। मुबारक हो Chairman Sir आपको, MD, सारे Board of Directors और shareholders भाइयों को आने वाले त्यौहार। With this, I support- Thank you. All the resolutions. Thank you very much, sir, for giving me the opportunity. Thank you. And there is a saying, "मोदी है तो मुमकिन है।" I say, "प्रदीप शाह है तो नामुमकिन भी मुमकिन है", sir. Thank you, sir. Thank you. Okay. Thank you very much. Thank you, Rajesh Ji. Next speaker number six, Mrs. Lekha Satish Shah. Hello, am I audible, sir? Yes, you are. Thank you, sir. Respected chairman, sir. Board of directors and my fellow members. Good morning to all of you. Myself Lekha Shah from Mumbai. First of all, I am very much thankful to our Company Secretary Govind Rajan Ji, Sitelma for sending the AGM notice well in time, which is full of knowledge, fact, and figures in place. Again, I thank our Company Secretary Govind Rajan Ji, for their best performance and always outstanding support for all my doubts. I found the AGM notice. It is really useful with lot of information. Thank you, chairman sir, for explaining as well about the company. Congratulations for excellent work, sir. Sir, I pray to God that He always shower His blessing upon you. Sir, I would like ask only few questions. My first question is, what is our CapEx and expansion in our manufacturing unit? My second question is, how many full-time employees and contract workers employed? I strongly and wholeheartedly support all the resolutions for today's meeting. Thank you so much, sir. Thank you. Yes, thank you, Mrs. Lekha Shah. Next speaker number 7 is Mr. Dinesh Gopaldas Bhatia. कहाँ से कहाँ शुरू हुई, कहाँ तक- मेरा आवाज़ आ रहा है, sir? हाँ जी। Video भी दिखाई दे रहा है क्या? Picture नहीं दिख रहा है। Today's हमें बताता है- Video नहीं आया। अभी आया, sir. पूरी सब information हमें मिल चुकी है। मैं दिनेश भटिया, Mumbai से बोलता हूँ। First तो हमारा Chairman श्री प्रदीप जी, आपने बहुत अच्छा शुरुआत में हमें जानकारी दे दी और हम देखते हैं कि आपका secretarial department ने बहुत बढ़िया report बनाया है। तो काफी माहिती उसमें है। Dinesh Bhatia sir, sorry to interrupt, but could you please mute your webcast, please? We will be able to hear you clearly. उनके साथ Rohan जी, आनंद जी का भी hard work की मैं सराहना करती हूँ। और अजय जी को- अभी आवाज़ आता है बराबर? Hello. उनके साथ always रहा है। मेरा आवाज़ सुनाई देता है ना, sir? Chairman श्री, first तो मैं आपको और आपकी entire team को धन्यवाद, congratulations कहूंगा। आप लोग बहुत बढ़िया काम कर रहे हैं। बहुत अच्छा company को आगे बढ़ाने के लिए मेहनत अच्छी कर रहे हैं। आप तो कर रहे हैं, आपके secretarial department में भी आपके माफी की है। बहुत बढ़िया है। जो हमें बहुत अच्छी तरह से treatment देते हैं। आज सुबह भी हमें refresh किया कि आप जरूर आना तो हमें अच्छा लगता है। अभी की तारीख में अभी 11:00 बजे तीन meeting है, एक साथ में तीन-तीन meeting है, बराबर 11:00 बजे की। हम आपकी meeting में हाजिर हुए क्योंकि आपके secretary ने हमें जो response दिया, हमें बहुत खुशी होती है कि बहुत सारे department तो अच्छे ही हैं, लेकिन secretarial department super है, बहुत अच्छा है। बाकी मैं देखता हूँ कि आप लोगों की मेहनत के हिसाब से ही जो हमारा stock exchange में भाव है, आज हमारे ₹1 का share जो है, ₹1 share in BSE and NSE ₹270 है। ये जो आपकी मेहनत दिखा रही है और हमारी company के लिए confidence दिखा रही है। Share बाजार जो है वो mirror है। कोई भी company की प्रगति करती है तो उसका भाव अच्छा ही रहता है। ₹1 का share ₹270 is very good. आप लोगों की अच्छी मेहनत दिखा रही है। बाकी आप जो changes कर रहे हैं Lower Parel से वो भी हमें मालूम है कि हम company की प्रगति के लिए, आगे बढ़ाने के लिए कर रहे हैं। बहुत अच्छी बात है। मेरा एक suggestion था कि जो हो सके तो attendant member जो आपके हैं, जो speaker हैं, उनको तो चौंकस करें factory visit का। तो हमें जरा आपको, आपके secretary department, सबको मिलने का भी एक खुशी और आनंद मिलेगा और बाकी हमें factory भी देखने को मिलेगी। ऐसी कुछ सुविधा कीजिए। बाकी मैं हर एक resolution में support देता हूँ। company आगे बढ़े। All the best sir. Thank you very much. Thank you, Mr. Dinesh Bhatia. I now call upon speaker number 8, Mr. प्रफुल्ल चावला. Hello. Yeah. Sir, मेरी आवाज आ रही है sir? हाँ जी, आ रही है। Thank you chairman sir, board of directors, [Foreign language]. 104 annual report. [Foreign language]. Sir, already [Foreign language]. Dividend, sorry, share [Foreign language]. Sir, एक बात मैं जानना चाहता हूँ कि अपनी company का कौन-सी four wheeler company color products use करती है। Two wheeler, four wheeler या truck में। Truck की भी बहुत सी company हैं। तो जैसा Mahindra है। तो कौन-सी company अपना direct products use करती है। इस तरह अभी parliament भी बन गया। इतना सारा color लगा होगा। राम मंदिर बने, ऐसे बहुत से मंदिर बनते हैं तो हजारों ton color चाहिए। तो इसमें जहां-जहां अपना product use हो रहा है, तो आप publicity करें कि अपना product यह जगह पर use हुआ है ताकि हमको भी पता चले कि हमारी company का product राम मंदिर में use हुआ या parliament में use हुआ। इसके बारे में बताएंगे। इसके अलावा Sir, railway department से भी अपने कुछ order आता है क्या या नहीं आता है, इसके बारे में बताएंगे। और अपने जो colors बनाते हैं वो क्या-क्या चीज हैं। जैसे कि plane में भी use आता है। क्या plane में भी color होता है? या factory में, जो industry में मशीनों पर जो color लगाया जाता है, जो hit होता है, पर कुछ नहीं होता है। तो ऐसी कौन-सी position में, कौन-सी जगह पर अपना product use होता है, इसके बारे में जानकारी देंगे। और CSR अच्छा काम हो रहा है। CSR committee बहुत अच्छा काम करती है। इसके लिए मैं धन्यवाद देता हूँ। और sir, आप जो donation देते हो तो खासतौर पर क्या अभी मंदिरों में भी अच्छा develop हो रहा है पूरे India में, तो मंदिरों में भी अपना कुछ donation जाता है, तो इसके बारे में बताएंगे। और मेरे साथी shareholder ने unit visit के बारे में कुछ बताया, तो इसमें भी कुछ unit visit कराएं तो मुझे याद कीजिए। धन्यवाद sir. Thank you. Thank you, प्रफुल्ल जी। Now I will call upon speaker number nine, Mr. अभिषेक कालरा। Mr. अभिषेक कालरा। Hello. Can you hear me sir, am I audible? Yes, you are. Sir, my name is Abhishek, shareholder of the company. My DP ID IN301637, client ID is 41359155. Sir, first of all, I congratulate the management on the eve of annual general body meeting. Sir, trust all is well with you and your family. In this challenging situation, our company deserves much more respect than the current market cap. After completing more than a decade of successful operations, profitability, dividend history and becoming one of the strongest brands in the respective segment. Sir, as of now, how many employees are there in the company? I would like to know, sir. What are the steps being taken by the management to reduce the other expenses, legal professional charges and the audit fee. Myself and my team are running a legal firm in the name and style of Government Associate in Chennai. I would request your goodness to kindly intro the firm in the empowerment of the company and we will be glad to extend our services, sir. Nothing much to ask, sir. Most of the questions I have already sent via email also and my prior shareholders have also asked certain questions so I do not want to repeat the same. The company secretary, company has a very good corporate governance. The Company Secretary is always reachable. We really appreciate the management efforts and having a very good corporate governance practice. Our company is a market leader now and I do have that hope that you will reach the Indian market and you will also penetrate the U.S. market also in the coming years to come. Definitely our company will exceed Asian Paints, the top leading company in India and reward the minority shareholders in large numbers. Nothing much to ask, sir. I wish the company and the Board of Directors a great success and prosperity in the coming future and thank you for giving the opportunity, sir. One more shareholder P Jaitern will join from the same device, sir. Just a second. Good morning, respected Chairman, Board of Directors, Secretary and his team, and my fellow shareholders. Sir, first of all, I thank the management for giving me the opportunity on this AGM. The management is doing wonderful job. The performance of the company is great. The only grievance of the shareholders is they expect a better dividend and appreciation of the share price. I also request the management not to take the major portion of the profit into reserves. Also, please consider the plight of shareholders who have been with thick and thin. I and my family are proud shareholders of the company. I hope the company will not let down the shareholders. I request the management to reduce the expenditure as far as possible. I wish our company better prosperity and the company will touch sky heights. I request the management to kindly consider the hospitality of the shareholders, especially for the speaker shareholders. Sir, can you please arrange the plant visit, sir? How are we going to withstand the tough competition, sir? What are the future development and expansion plans? Please kindly elaborate, sir. It is right time to reward the shareholders with bonus issue and rights issue, sir. I again thank the management for giving me the opportunity. Thank you, sir. Thank you. Thank you. We now move to speaker number 10, Mr. Bharat Raj. Hello. Very good afternoon, sir. I am Bharat Raj, attending from Hyderabad. Due to technical reason, I cannot open the video, sir. It will be disconnected. First of all, wonderful chairmanship. Every information is given. Thanks for wonderful CSR program and dividend, sir. Sir, one question I want to raise, sir. Today, a lot of newcomers are coming, and big players are coming, sir. How you are facing the challenge? JSW, Birla, they are coming into this industry. So how we face the challenge, sir? And I thank my secretary department. The Company Secretary is always accessible, and assistant also. In time, they send me annual report and link also, sir. Thanks for secretary service, sir. And one more request for the Chairman is, please arrange the plant visit, sir. Last year also I requested. Only for speaker shareholders, please do that useful for shareholders. Thank you very much for giving this opportunity. God bless you all. Once again, take care, sir. Thank you. Thank you, Mr. Bharat Raj. Next speaker number 11, Mr. Manoj Kumar Gupta. Hello. Good morning, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I have joined this meeting from my residence, Kolkata. I feel proud to be a part of Kansai Nerolac Paints Limited. First of all, I thank you and your team for the excellent result for the year 2022, 2023. And I thank the Company Secretary and his team to help us to join this meeting through VC. And I am very happy to see that Mr. Bhaskar Bhat is in our board. He is a pioneer of marketing, and he is a very expert man in the marketing, because he led the Tata Group of Titan and the Trent to lead the company in the country. Such type of person if in our board, the company will get more benefit through their vast experience. Sir, I am a shareholder of all listed paint companies. From eastern region is Berger. In west is Asian Paints. In eastern region, now the office has shifted to Gurgaon. AkzoNobel, earlier ICI. AkzoNobel and Shalimar Paints. There is four listed, and now big giants has also entered, like JSW and Aditya Vikram Birla Group has also entered in the paint business, and they are investing. How you face such type of competition in this market? Asian Paints INR 1 share is running approximately INR 3,000. Berger Paints INR 1 share is running. I thanks to you, MD and his team, that you are running the company, running that company which is serving the nation for more than 100 years. In the paint industry, there is two company, three company in the country that they are running for more than 100 years. First is Shalimar Paints. Second is, 100 year will complete this year, Berger Paints. Third is Kansai Nerolac is more than 100 years. [Foreign language] Sir, have you any plan to take over any company in near future? Have you any plan to take over, because you are the cash rich company, you have a cash fund. Have you any plan for takeover or any greenfield project in coming years? Kansai Paint, Japan is our very faithful and very trusted country because our countries very good relation with Japan. Our beloved Prime Minister has always trust, Sri Narendra Modi always believe on Japan in always. Japan is very faithful and very confidential and very loyal partner with India in every aspect. [Foreign language] So we are very thankful to that country and that parent company that they are our partner and they support us in every aspect to run the company smoothly in India. They support always Indian management to run the company in every aspect to return to the employees and the investor. Sir, how you will revert to the investors in future? By the way of right or by the way of bonus. Sir, now government is open for every company. Have you any plan to bid for the government tenders? Now the government is bringing Vande Bharat and Amrit Bharat train for the train paints. Vande Bharat, Amrit Bharat, Rajdhani, and several new trains are coming with good colorful trains, bogies. Why are you not bidding for the railway tenders? You should try. Sir, try to promote the regional festivals. Like Asian Paints. I went to Ganesh Utsav in Maharashtra last year. The Asian Paints have given a big advertisement throughout the Maharashtra. In Kolkata Durga Puja festival, Asian Paints spent several crore rupees on advertisement. You should also spend some money on advertisement during the regional festival. Thanks for your CSR, but spend some CSR for the education and health. Education and health require more focus. Sir, with this, I thanks to you and your team, and once again, thanks to the Company Secretary, and give a colorfully smiling photo of all Board of Directors in the balance sheet. Take an opinion from Mr. Bhaskar Bhat, because in Tata's, they give all directors photo in a smiling face. Chairman is smiling, that we can say, consider that next year we will get a photo of all directors in a smiling face, sir. Thank you, sir. Thank you. Thank you. Thank you. Bye-bye. Bye-bye. Thank you, Mr. Manoj Kumar Gupta. Next speaker number 12, Mr. Vinay Vishnu Bidde. Mr. Vinay Vishnu. Hello, are you able to hear me? Yes, we can. Fine. Thank you. Good morning to all of you. Chairman, Mr. Pradip P. Shah, Managing Director, Mr. Anuj Jain, other directors present at today's AGM, company executives, fellow shareholders. I am really very glad to participate in this AGM, because we are meeting in much more happier times as compared to the earlier years. I will join all other shareholders in the joy that the company has given regular dividends this year. We have topped it up with a special dividend, and not only that, you have also given the shareholders bonus shares. So thank you for the excellent performance and the rewards to the stakeholders. That being said, I have listed out just a few questions, sir, with your permission, and these are principally for understanding the present and the future of our company better. They are little searching questions. I will say at the outset that if you give me answers right away, I will be glad. But even if you are not able to answer little detailed questions, you can always respond later on mail. The questions are as follows, sir. The first question is on advertising and sales promotion expenses. The question is, advertising and sales promotion expenses as a percentage of revenue from operations have gone up from 4.97% to 5.44%. Question here is, please explain the reasons and the benefits accrued/expected to accrue. That was the first of the questions. The second question is again a broader question. It is on the discounts and rebates. The question is, the discounts and rebates as a percentage of sales has gone down from 10.38% to 10.11%. That is a welcome development. As you know, the economy is growing and the whole sector is also expected to do better, not only in the coming years, but a few years now. The question here is that, can we expect these percentages, that is, discounts and rebates as a percentage of sales, to go progressively down below 10% in the current year as well as the coming years? The second of the question, and the third again is a broader question. The expenses that we had made on information technology CapEx and OpEx in the past two accounting years. These are the broad three areas which I thought I would ask some questions to understand the business better. Otherwise, I think you have made an excellent presentation in the annual report. Thank you so much, that it is a wonderful effort. Thank you, Chairman Sir, for outlining all the details at the outset of the AGM. I thank you for that. I must, without fail, mention the excellent efforts taken by Mr. Govindraj and his team, Sheetal and others, who ensure that our participation here is not only timely and smooth. I will close with support for all the resolutions, and best wishes to the directors and the other employees. Thank you for giving me your time to speak, sir. Jai Hind, sir. Thank you. Thank you. Thank you, Mr. Vinay. Next speaker number 13, Mr. Om Prakash Kejriwal. Hello, sir. I am audible, sir? Yes, you are audible. Thank you. Good afternoon, sirji. Good afternoon, everybody attending this AGM. Myself Om Prakash Kejriwal, your equity shareholder from Kolkata. Thank you, sirji, for providing me a platform to speak something before you. Thanks to our secretarial team for helping me in registration as a speaker shareholder. Especially thanks to Sheetal madam for calling me and taking my knowhow. Sirji, this is my first AGM, only due to virtual. Please follow this virtual AGM next year also, so that more and more investors could join our AGM from different parts of the world and express their views. Sirji, wow, what a performance. What results, sirji. [Foreign language] Sir, our country is growing, so our company is also growing year by year. Our profit rising year by year. Sir, our auto sector is rising, our real estate sector is rising. What is your expectation for future growth? So many new companies including Birla Group are entering in this business. Then how you face the competition from new players? Sir, what is your CapEx plan for next 2-3 years? Sir, please organize a factory visit so that we can see our factory, how it is running. Sir, I have requested for an annual report, hard copy of annual report. If possible please send me a copy of annual report. At last sir, please maintain your smile and be cheerful. We are always with you. I am a long-term investor. Thank you, sir. Thank you very much. Thank you, Mr. Om Prakash Kejriwal. Next speaker number 14, Mr. Gautam Tiwari. Yes, sir. I hope you can listen me, sir. Yes, we can. You can see my video, sir. Yes, we can. You can see my video, sir. Yes, we can see you. Okay, sir. Thank you very much. Sir, first of all, I am very happy to see Mr. Pradip P. Shah here. You know, sir, we have been meeting physically since years, we have seen decades together when you were also very young and I was also very young. In so many companies, I have been seeing you as a Director. आपने कमाल कर दिया। हर एक company में जहां-जहां पर आप रहे, मैंने तो देख-देख कर हमारी family में, मेरी Mrs. बोलती रही, "अरे जहां पर प्रदीप साहब हैं ना शादी, वह share जरूर ले लो। चाहे जितने भी हो उसमें पैसे डालो।" और मैं सारे share लेता गया, जहां-जहां पर भी आप मौजूद रहे। और एक भी company में मुझे दुख नहीं उठाना पड़ा। आपने हर एक company में इतना अच्छा reward किया है shareholders को, वह अपने आप में लाजवाब है। Sir, this is something which is out of the way. But this is the truth which I have to mention sir, here. That is the truth, sir. I am happy with you along with so many other shareholders [Foreign language]. Specially, the shareholders [Foreign language] company [Foreign language] [Foreign language] [Foreign language] Along with those [Foreign language] shareholder stock market [Foreign language]. For this, we are very much-- We cannot express in words our gratitude and our respect. The way you have been working, your expertise, your liaison, your experience, सबका निचोड़ बनाकर आपने जो हर एक company में रखा है और company को अच्छी तरीके से उज्जवल किया है और company के भविष्य को आगे बढ़ाया और चलाया है, वह अपने आप में लाजवाब है। Dear sir, good morning और प्रदीप शाह जी, Mr. Anuj Jain अपने MD, CFO इन लोगों ने भी आपके साथ में रहकर जो कमाल करके दिखाया है, very nicely they have been working and they have done the best. And उनका भी expertise बहुत काम में आया है आपके साथ में। और as a team पूरे board of management ने जो काम किया उसके लिए हम आपको बहुत-बहुत दुआ देते हैं और बहुत-बहुत congratulate करते हैं। Sir, आपके पास दो diamond हैं। एक Mr. G. T. Govindarajan और उनके assistant Sheetal. ये दोनों इतने लाजवाब हैं, इतने अच्छे investor service से years together हैं अपने आप में। और कभी भी किसी भी परेशानी के साथ में जाओ, आप किसी भी उदास चेहरे से जाओ, लेकिन आप वापस आओगे बिल्कुल satisfaction के हिसाब से। सबसे पहले वह आपको comfort करवाएंगे। उसके बाद में आपकी बात सुनेंगे। उसके बाद में आपको आश्वस्त करेंगे कि आप फिक्र मत कीजिए, जो कुछ होता है हम सब कुछ करेंगे। और सिर्फ आश्वस्त करके नहीं रहेंगे, वह करके दिखाएंगे और उसको करने के बाद में कहेंगे, "अब are you satisfied?" और उसके बाद जब shareholder बोलेगा कि "हाँ, I am satisfied" then it will be closed the topic. So this is the way we have been seeing since decades together for which we are very much sir 104th अपनी AGM है, so we are very happy to have these two diamonds which you have already selected. मुझे तो बहुत ज्यादा-- आज तीन company की meeting है sir, सारी की सारी 11 बजे हैं। सारी दुनिया को छोड़कर हम आपके साथ में इकट्ठे हैं because we have got the-- आप इतने popular और आप ऐसे हैं कि जिनको हम छोड़ ही नहीं सकते थे किसी भी कीमत पर। Sir, अभी paints industry में sir दो बड़े-बड़े giant लोगों ने enter किया है। आपको भी पता है दो बड़े giant. नाम नहीं लेंगे तो भी सारी दुनिया को पता है। लेकिन I am very sure sir कि आप इन giants का भी मुकाबला, क्योंकि हमारे पास में already infrastructure है। हमारे पास में already expertise है। हमारे पास में talent है। हमारे पास में strength of men है, skilled है। हमारे पास में knowledge है, R&D center है। सब कुछ हमारे पास में पहले से मौजूद है। तो उसका पूरा-पूरा उपयोग करके specially हम लोग sir auto sector में और industrial paints में लाजवाब हैं। तो इसके अंदर में हमारा R&D division क्या काम कर रहा है आगे I am very sure इसको आप और भी उज्जवल करेंगे। Auto sector में भी हम लोगों ने लाजवाब उत्साह से काम किया हुआ है और बहुत अच्छा progress किया हुआ है। तो इसमें भी हमारी क्या बढ़त होगी? और industrial paints में भी आपके expertise, experience और liaison से और artist strength से, वह please अगर हो सके तो वो भी बताइएगा sir. We are very sure in your hands our investment and our company is very safe and we are going to rise step by step. सिर्फ sky को छूना बाकी है, बाकी सब कुछ छू लिया है sir. We are comfortable with you, sir. I am very sure you are able enough to face all the challenges that we have got in front of you. Please let us know if you have got some strategy in your mind to face these challenges ahead with your tricks. Thanks for 375% dividend. आपको जितनी बधाई दें, sir, वह उतनी कम है। Sir, I support appointments and reappointments of all directors as usual because right from day one I was supporting. We have our lifetime support. Not only mine, our full family, friends and everybody those who are connected, lifetime support is assured. आपके अलावा दूसरा कोई चाहिए ही नहीं, ऐसी बात है। इसके लिए we are here. Once again, we wish you all the best, a very long, happy, safe, joyous life ahead and company bright future. Thank you very much, sir. Thank you. Thank you, Gautam Tiwari जी। Bye. Thank you, Gautam Tiwari. Next speaker number 15, Mr. Kamal Kishore Jawar. Hello, मेरा आवाज़ आ रहा है, sir? हाँ जी। Hello. Okay, thank you, sir. हाँ, सुन सकते हैं। हमारे Chairman Sir, President साहब, all directors को मेरा नमस्कार। Kamal Kishore Jawar from Hyderabad. सर, आज मैं login कर रहा हूँ। बात करने का मौका नहीं मिला। आज मौका मिला बहुत खुशी के साथ, जिस तरह same time, same day आज meeting attend कर रहा हूँ। और आप Chairman को भी नमस्कार। Kamal साहब। Hello? Yes, sir. We are unable to hear you. Sir, मैं ज़्यादा कुछ बोलना नहीं चाहता हूँ। इसी तरह video call maintain रखिए, sir. Hello? हाँ, सुनाई दे सकता है। Hello? हाँ, सुनिए। बोलिए। इसी तरह video call maintain करके और secretary department का response बहुत अच्छा है साहब, तारीफ करना। Phone करते हैं, आपका speaker number इतना है, balance भी time पर मिल गया। Sheetal madam और हमारे Govind साहब बहुत अच्छे हैं साहब। कभी एक दिन ऐसा मौका नहीं दिया कि हम second time phone करने का chance मिला। Same day और खुद का भी secretary department से हमको phone आता है, आपका login करें, आपका number यह है। बहुत अच्छा service है। इसी तरह मैं बोलता हूँ साहब video call maintain करके। अब मैं ज़्यादा बोलना नहीं चाहता हूँ। अपना Kansai, Shilpa जी अच्छा है, Dheeraj भी अच्छा है। और मैं चाहता हूँ साहब अपना जो color है, colors में अपना marketing है। जैसे festival आता है, दशहरा, दीपावली, कुछ discount coupon का भी इसका रहे तो, आपका एक company का नाम होता है, भाई Kansai का ना discount coupon है बोल के। तो इसका भी आपका turnover बढ़ता है। और जैसे बड़े-बड़े industrial area में जहाँ color ज़्यादा लगता है, उनका भी अपना permanent Kansai Nerolac company का paint लेना। तो permanent उसे लेने से अपना company का और target revenue बढ़ जाएगा। उसमें बहुत benefit मिलेगा। सबसे पहले transporting. Transporting में सबसे ज़्यादा color लगता है। तो इसके बाद से अगर कोई बड़े-बड़े transporter, बड़े-बड़े जैसे Ashok Leyland है, Hinduja Group है, बहुत से हैं, HR Motor है, तो उनका competition में आपका ही quotation जाना और आपका ही paint supply होना। तो उसमें बहुत अच्छा growth मिलेगा। और मैं ज़्यादा कुछ बोलना नहीं चाहता हूँ साहब। सब कुछ अच्छा है। इसी तरह video call maintain करके। और आते हैं sir जो भी festival आएंगे, दशहरा, दीपावली। सबको नमस्कार, सबको धन्यवाद। Thank you sir. Thank you very much. Thank you, Kamal. Speaker number 16, Mr. Manjit Singh. Mr. Manjit Singh. Board of director, chairperson, secretary department और my co-shareholder, सभी का मैं स्वागत करता हूँ। और जिस तरह की growth हमारी company दिखाती आई है, board में जिस तरह के director हमारे रहे हैं, वह एक guarantee card रहा है कि इस share ने movement देनी ही देनी है। और guarantee है इस तरह की कि जो हम investment कर रहे हैं, आप लोग जो बैठे हैं director, अगर किसी company में हैं तो एक guarantee card है कि वह company हमेशा अग्रसर होगी, result अच्छे दिखाएगी। Sir, अभी नई सरकार का गठन हुआ है और कुछ petroleum पदार्थों को GST के अंदर लाने की योजनाएँ हो रही हैं। तो अगर ऐसा कुछ GST के अंदर हमारे crude oil या petroleum product आते हैं, तो उसका हमारी company पर कितना impact पड़ेगा? थोड़ी इस बारे में अगर आप बताएंगे तो अच्छा रहेगा। 100 साल हमारी company paint निर्माण क्षेत्र के अंदर अग्रणी है। आजकल paint निर्माण के साथ-साथ उसका business sell करने में भी अग्रणी होना जरूरी है। मैं दिल्ली का बसिंदा। हमारे यहां कुछ जैसे mall होते हैं, इसी तरह से कुछ construction के लिए भी mall खुलने लगे हैं। हमारे नारायणा और नोएडा के अंदर HippoStores खुल रहे हैं, जहाँ एक ही छत के नीचे building material से लेकर wooden तक और paint सभी एक जगह, एक छत के नीचे मिलने लगे हैं। तो क्या इस तरह के जो store खुल रहे हैं, उसके अंदर हमारी paint की availability किस तरह की है? और और city और शहरों के अंदर भी इस तरह के store खुल रहे हैं या हम इस क्षेत्र में आगे आकर अपना योगदान करेंगे? और जो mall की योजना होती है, यह construction work के mall की भी जो एक छत के नीचे customer को हर सामान मिल जाता है। तो आपके आने वाले time में इसके ऊपर focus क्या है? थोड़ा आप बताएंगे। आगे festival season के लिए हमारे paint के अंदर क्या तैयारी है? एक छोटी सी paint की चीज़ होती है। आभूषण की दुकानों या cosmetic की दुकानों पर company अपनी सुरखी बिंदी बेचने के लिए भी अपने salesman भेजते हैं। तो क्या यह एक या दो महीने का जो Diwali season रहता है, जिसके अंदर रंग रोगन ज़्यादा बिकता है, तो ये paint store हैं, जिस तरह के किसी area के अंदर एक क्षेत्र में आप कुछ ऐसी योजना कर सकते हैं कि हमारी company के representative वहां उपलब्ध रहें और अपने paint को customer को बता सकें। अगर आप इस तरह की कोई योजना करेंगे तो मेरे हिसाब से हमारी sale पर काफी अच्छा असर आएगा और हमारी growth अच्छी आएगी। और sir, हमारे जो total income है, उसमें हम research and development पर कितना खर्चा करते हैं? और यह एक बड़ी आशा की किरण दिख रही है, जो rural growth आ रही है। Rural growth से आने वाले time में हमें और क्या उम्मीद है? और secretarial department का तो मैं यह कहना चाहूंगा कि corporate governance भी आपका अच्छा है और secretarial department में मेरा करीब-करीब 16 नंबर आया है। इसमें से कोई भी duck नहीं आई जी। कोई भी player आपका zero पर out नहीं हुआ। मेरे ख्याल से सारे ही बोले हैं। तो यह secretarial department की पीठ थपथपाने वाला काम है कि जिस तरह से उन्होंने speaker को आपके साथ जोड़ा है। करीब जो 15-16 speaker हुए हैं, उनमें से कोई भी duck पर out नहीं हुआ। और जिस तरह से हम आपकी company पर भरोसा करते हैं, आपका BSE code है 500165 और symbol है आपका KANSAINER. इस तरह हम भरोसा करते हैं और आप उस भरोसे को कायम रखते हैं और investment हमारी अच्छी safe हाथों में है। हम उम्मीद करते हैं कि आप इसी तरह हंसते खेलते company को चलाते रहें और वह कहावत है ना जी, दिन दूनी रात चौगुनी तरक्की करें आप। Secretarial department का भी धन्यवाद करते हैं हम। Management team को भी बहुत-बहुत धन्यवाद और हम यही चाहेंगे कि आगे company तरक्की करे। 2024-25 का जो साल है वह हमारे लिए अच्छा रहे। Thank you for the management team, thank you for the secretarial team. Thank you very much. Thank you, मनजीत जी। Speaker number 17 now, Mr. संतोष कुमार सराफ। Hello. हाँ जी। माननीय सभापति जी, उपस्थित निदेशक मंडल के सदस्यगण, अधिकारीगण और कर्मचारीगण, मैं संतोष कुमार सराफ कोलकाता से आप सभी को राम-राम कहता हूँ। आशा करता हूँ, आप इस समय से स्वस्थ होंगे sir। मैं उन 9,900 कर्मचारियों और worker का भी आभार प्रकट करता हूँ, जिनकी कड़ी मेहनत का फल है कि आज हमारी company इतना अच्छा perform कर रही है। उनसे मेरी प्रार्थना है कि आप इसी तरह मेहनत करिए और हमारी company आगे बढ़ेगी, और आगे बढ़ने से हमें भी अच्छा result मिलेगा और आपको भी अच्छा reward मिलेगा sir. Sir, लोगों ने बहुत कुछ प्रश्न पूछे, काफी time लिए। मेरे एक-दो प्रश्न हैं sir. एक तो sir, अपने यहां women employment सिर्फ 4.5% है sir. यह 4.5% जो female employee है, इसकी संख्या बढ़ाने के लिए क्या कदम उठा रहे हैं sir? अभी हमारी country चाहती है कि हमारी women को ज़्यादा employment दिया जाए। जैसा आपको मालूम है, आज की fighter plane भी औरतें उड़ाती हैं और military में भी दौड़ती हैं और navy में काम करती हैं sir, उनको मौका दीजिए और आपकी तो finance minister ही अभी woman है। उसे भी विचार करें कि उनको कैसे आगे बढ़ाया जाए sir. एक sir, हमारे employee हैं, male और female employee हैं। इसमें male employee को आपने paternity benefit नहीं provide की, एक भी employee को। क्या कारण है sir? आपने female को की है, male को क्यों नहीं की sir? क्या आपकी company की कोई policy नहीं है कि male employee को paternity benefit provide किया जाए? यह शायद उचित नहीं है क्योंकि उनका अधिकार है और यह labor ministry का law है, इसे हमें मानना चाहिए sir. और sir, मैं आपकी company secretary और उसकी team में जो शीतल जी हैं, उनका बहुत आभारी हूँ। वह continuously हमारे touch में रहती हैं और उन्होंने सब कुछ बताया कि आपका कितना speaker नंबर है और कैसे क्या है। उनके लिए भी धन्यवाद। एक sir, और request आपसे कि 10 year के highlight दीजिए sir. होता क्या है कि इस साल की तो highlight की किताब से मिल जाती है। Last year कैसी थी, उसके पहले कैसी थी, उसको reading नहीं होती। तो better होगा एक page 10 year highlight के हिसाब से दीजिए, जिसमें पूरी अपनी previous detail आ जाए। और मैं ज़्यादा समय नहीं लूंगा। Mr. शाह जी और अन्य जितने भी director हैं, उनका आभार प्रकट करता हूँ। मैं वहां से प्रार्थना करता हूँ, financial year 2024-25 हमारे जितने भी director हैं, including their परिवार, क्योंकि बिना परिवार के हमारे director भी अच्छा काम नहीं कर सकते। अगर उन्हें backup मिलता तो अच्छा काम करते। उनके परिवार का भी आभार प्रकट करता हूँ। आशा करता हूँ financial year 2024-25 सभी के लिए wealthy, healthy और prosperous, safety के साथ बीतेगा sir. और एक request है कि VC meeting continue रखिए। देखिये, कोलकाता से, दिल्ली से, मुंबई से सब लोग अपने मन की भावना अपने कर्मचारी के प्रति जो अच्छा काम कर रहे हैं, वह प्रकट कर सकें और मैं letter में जैसे VC meeting के लिए कहा है, तो मैं उसका support करता हूँ और आपसे request है कि आप VC meeting continue रखिए। जय हिंद, जय भारत, राम-राम। Thank you, sir. Next speaker number 18, Mr. Aspi Bisania. Sir, can you see me and hear me? Yes, we can. Sir, I am Aspi from Bombay. I thank the Company Secretary for giving me a chance to speak in the meeting. Sir, you have done very well last year, for which I congratulate the management. However, two questions are there. Sir, Q4, the profit and top line are less compared to Q3, so what is the reason for that? Secondly, everybody is going into the paint business, so how do you see competition heating up in future? Sir, thank you very much, and all the best for the future. Thank you, Mr. Aspi. Speaker number 19 now, Ms. Vasudha Dakwe. Hello, can you hear me, sir? Yes. Good afternoon. Yes, yes. Respected Chairman, sir, Board of Directors, and my fellow shareholders. Myself Vasudha from Thane. I would like to congratulate our Company Secretary team for sending me the soft copy of the report well in advance, which itself is clear and transparent. The offerings page given by the Chairperson is also very informative. Most of the question was asked by previous shareholder, I will not repeat it again. Only one question I would like to ask: What is our attrition rate? With this, I support all the resolution. Thank you very much, and wish the company all the best for coming financial year. Thank you, sir. Thank you. Thank you, Ms. Vasudha Dakwe. Speaker number 20 now, Mr. A.V. Mani Sundaram. Sir, are you audible, sir? Yes, you are. Very good morning for everybody. I am joining this meeting by means of video conference. My 104th year. It is a third generation paint industry. We are serving the nation and the people, and our shareholders are very happy to attend this meeting. Also our Company Secretary and CFO, Managing Director, Chairmans, and all the Directors and fellow shareholders welcome this 104th Nerolac Paints by means of video conference, sir. It is very transparent, and also there is very good in process of product and also marketing. What is the future, any expansion plan to develop with our company, sir? Also very happy, and make arrangement for plant visit, sir. Near from, very happy to attend this meeting. Thank you. Thanks a lot. Please consider our hospitality who are attend the meeting by means of video conference, sir. Thank you. Thanks a lot, sir. Thank you. Mani Sundaram. Speaker number 21 now, Ms. Shruti Somaiya. Yes. Am I audible, sir? Yes, you are. Namaste. Wishing you a very good morning to the board of directors and to my fellow shareholders. I am a litigation consumer advocate, and I am delighted to participate in this meeting as a speaker shareholder. I would like to ask two, three questions. My first question is since, by the way, first of all, congratulations on your last year's performance. I got the soft copy of the annual report. It is quite impressive. Coming back to the questions, does the company have a plan to enter into other segments like its competitors, Asian Paints, Berger Paints, have entered into fabrics and wallpapers. What are the marketing tactics if the company is planning to do that? Because, since India is growing, as my fellow shareholders have said, many different segments are coming up where actually paints are required. What is the company's future plan for that? Could you please highlight the ESG initiatives undertaken by the company for the sustainable future? Because sustainability right now is the need of the hour. Since many big shareholder companies are focusing on sustainability, is Nerolac focusing on that segment? Thirdly, what are the major CSR initiatives undertaken by the company? Thank you so much, sir. Thank you. Thank you, Ms. Shruti. I think this was the last speaker number 22. All the speakers have spoken, so on behalf of Chairman, I will try to answer each speaker one by one, and I also have some concurrent questions. I will try to address all these questions. Starting from Mr. Yusuf Rangwala. Thanks, Mr. Yusuf, for your appreciation. You were happy to see Mr. Pradip Shah. Thanks for that. In fact, a lot of people have appreciated the services of our CS department, specifically Govind Rajan and Sheetal. I think most of you have mentioned that. Thanks for those compliments. Obviously, these appreciations really motivate the team to continue to serve you in a far, far better manner. Thanks for recognizing their efforts. Car paints, we are leader, and you know that. Very happy to know that you are aware of all the details about the company. You are also happy to see all our Japanese directors here. Ranveer Singh brand, you are very appreciative. Yes, Ranveer Singh has been our brand ambassador for the last few years. He has been helping us to increase our brand recall. Thanks for appreciating good dividend and some of the details which you have seen in the annual report related to our painting of Wankhede Stadium in Lucknow. There are many of these kind of marquee projects, and I am happy to know that you go through the annual statement in so details, and you are able to read these details. Thank you, Mr. Yusuf. Next speaker was Mrs. Smita Bharat Shah. [Foreign language] thanks. Report आपको अच्छी लगी। सुनके अच्छा लगता है हमें because हम लोग better से better report बनाने की कोशिश करते हैं। जितने भी आपने शुभकामनाएं और अभिनंदन हमारे directors को, सबको दिया उसके लिए भी आपका बहुत-बहुत धन्यवाद। Specially आपने employees के लिए अपनी जो दुआएं, wishes दी हैं, बहुत अच्छा है। जरूर हम लोग अपने employees को convey करेंगे कि कैसे shareholders उनके efforts को, उनके hard work को recognize करते हैं। Colorful, cheerful आपने word use किए। हम भी चाहते हैं because हमारी काम ही paint industry में ऐसा है कि हम color add करें जिससे लोगों की life cheerful रहे और हमारी बहुत-बहुत शुभकामनाएं आपको कि आप भी colorful रहें और आपका परिवार, आपके आसपास जितने लोग हैं सब cheerful रहें। Who are our competitors, आपका एक question था। कुछ listed companies जो बड़े competitor हैं Asian Paints है, Berger है, AkzoNobel है। कुछ नई companies market में आ रही हैं and काफी small scale और medium scale में भी companies market के अंदर हैं। आपने जो trust company के ऊपर दिखाया you know, we feel good about it. Dividend आपको अच्छा लगा। हमारी हमेशा कोशिश रहती है कि अच्छी performance आए और जो भी best हम लोग shareholder के लिए कर सकते हैं वह करें। Last bonus आपने पूछा। Last year हमने bonus दिया था। आपके जितने भी good wishes थे उनके लिए thanks. आपने specially जो line use की है कि "हाथ में हाथ, आपका साथ, विश्वास", I think यह बहुत important lines हैं because business हो या personal life हो, लोग मिलकर काम करते हैं, एक दूसरे का support करते हैं। तो बहुत अच्छी lines आपने उसके बारे में बोलीं, उसके लिए मैं आपका धन्यवाद करता हूं। आपने question पूछा कि total हमारे employees कितने हैं? Approximately 3,784 last year हमारे permanent employees थे और अगर outsource देखें तो 6,118 employees. Next speaker was along with Smita Shah was Bharat Shah and I think questions [Foreign language] which I have just answered. Those answers are for Smita ji and Bharat ji both. One additional question which you said hybrid AGM or meeting through AGM, I think some other shareholders have also raised questions. In fact, as government's facility is available today and different people have different views, we keep this in mind. We understand that on one hand, virtual meeting has the benefit that many shareholders from different cities can participate. But we respect your emotions also and will keep in mind that whenever possible, we will go for a hybrid meeting. Next speaker was Miss Humayun Behrouz Poradhi and thanks for appreciating the speech of our Chairman. Thanks for appreciating the R&D efforts. You were asking about waterproofing product. Yes, we make waterproofing product and if I remember it correctly, we still make waterproofing product because you have been our customer too. I think you have used our products. I remember last year also we commented that you have used our waterproofing products also and you are pretty happy with the performance of our paint product and the waterproofing product. Thanks for those compliments. You were asking about raw materials, where it comes from. It comes from different countries like China, Japan, Europe. 30% of our raw materials are imported. You were asking about how are we selling. We are selling through dealers. In Mumbai also, now we have more than 400 dealers. Last two years, we have increased our number of dealers. We also have our services, where customer can contact the company directly and our staff can reach out in terms of providing the services. Thanks for appreciating Company Secretary Govind Rajan. You specifically mentioned about friend and family. You were very emotional in saying that you get a family treatment from our Govind Rajan, and we do accept that you are also a part of our family because for many years, you have been participating. I still remember your husband, who used to participate till 2020, and we really appreciate your continuous participation in our annual general meetings. You specifically asked that do we get enough laborers to do the painting? Yes, there are enough laborers available in the country and paint industry is becoming exciting. Every year we are seeing that lot of new people are coming and they are learning the applications of the paint and becoming the paint applicators. Next speaker, number 5, Mr. Rajesh Chainani Ji. It was delightful to see that you did a greeting in Japanese. You understand little bit of Japanese. It was nice to see that. When you said colorful photo, in fact, this hard copy which is sent to you is a printout. Our main report, which is available online, that's a colorful report. If you go through that, you will see a smiling, good color pictures there. Thanks for reading the complete message, which I had also put in annual report and which you have read in details. Thanks for that. Thanks for your wishes. You are saying that our share price is low and it is 500. Thanks for that wishes. From our side, what is important is that we continuously work to see that good product, good services are made available to the consumers and market reward those companies who continuously and consistently work in the right direction to delight their customers, and we'll continue to move in that direction. Thanks for your appreciation about dividend, and you are saying that we should increase. We always try to see that what best is possible, keeping in mind the requirement of the company and the shareholders. It is always our endeavor to see that how much we can reward our shareholders. आपने बहुत अच्छी line बाद में appropriate जो आज का मौसम है, बारिश के बारे में बोली. आपने festival के लिए जो wishes दी हमारे Board of Directors को, हमारे Directors को उसके लिए मैं आपका शुक्रिया करता हूँ. आपकी lines मेरे को बहुत अच्छी लगी जो बाद में आपने बोला, अपनों का प्यार और आने वाले त्योहार की जो आपने शुभकामनाएं दी हैं, हमारी पूरी Nerolac family की तरफ से भी आप सबको, आपके परिवार को आने वाले festivals के लिए बहुत-बहुत शुभकामनाएं. Next speaker was number six, Mrs. Lekha Satish Shah. Again, you complimented our company secretary team. Thanks for that. Thanks for passing on your blessings to us for the good work. You were asking about the CapEx plan. Our plan for the coming year is about INR 486 crores, which include the normal capital expenditure, which include brownfield expansion, which also includes how many employees you had asked. I already answered that we have permanent 3784 and outsource 6118. Next speaker number seven, Mr. Dinesh Gopaldas Bhatia. जो treatment आपने बताया कि आपको हमारे Company Secretary तरफ से मिलता है। आज market में multiple AGMs हैं, फिर भी आपने हमारी meeting attend की। हम तहे दिल से उसका आपका शुक्रिया करते हैं। You are happy कि जो हमारा ₹1 का share है, उसका जो price चल रहा है, thanks for that. Factory visit का आपने question raise किया जो काफी कुछ और shareholders ने भी raise किया है। यह क्योंकि chemical plant है तो कुछ हमारी limitations रहती हैं, safety को mind में रखते हुए, और इसलिए हम लोग यह factory visit को plan नहीं कर पाते हैं। हमारी इच्छा यह रहती है कि हम video के through AGM शुरू होने से पहले जो operations possible हैं, आपको दिखाएं। हम इसको mind में जरूर रखेंगे। लेकिन आज की date में हमारी यह दुविधा है। इसलिए हम यह नहीं कर पाते हैं। हम लोग appreciate करते हैं आपके interest के लिए कि आप उसमें participate करना चाहते हैं। Next speaker was speaker number eight, प्रफुल्ल चावला। Thanks। आप जानना चाहते थे four-wheeler और two-wheeler में कौन सी company को हम product देते हैं। आपको जानकर खुशी होगी कि यह question ऐसे भी आ सकता है कि कौन सी company को हम नहीं देते हैं। तो ज्यादातर जो companies हैं four-wheeler में, two-wheeler में सभी के ऊपर आपको Nerolac का paint देखने को मिलेगा। हम लोग एक pride feel करते हैं कहने में कि market में 10 में से सात car, 10 में से छह scooter, सात scooter, white goods Nerolac से paint हुए हुए हैं। तो almost काफी companies को हम लोग supply करते हैं। आपने जो पूछा कि जो बड़े-बड़े projects होते हैं, मंदिर, मस्जिद, गुरुद्वारे में हमारा paint जाता है, बिल्कुल जाता है। Recently जो अयोध्या धाम के अंदर भी हमने paint को supply किया है। सोमनाथ मंदिर, गुजरात में हमने paint supply किया है, और काफी ऐसे projects हैं जिनके अंदर हम paints को supply करते हैं। Railway department पहले एक traditional department था। अभी जो railway के अंदर Vande Bharat और नए projects आ रहे हैं, वहां पर भी हम लोग participate कर रहे हैं। Vande Bharat में भी हमारा paint supply हो रहा है। तो हम railway department को paint supply करते हैं। Factory industrial department जो आप बात कर रहे हैं, उसमें भी हमारा auto के अलावा जो non-auto, general industrial, high performance coating business के अंदर भी हम लोग strong हैं, और काफी factories को हम paint supply करते हैं। CSR committee के लिए जो आपने specifically comments दिए हैं, thanks for that। मुझे याद है कि last year भी आपने CSR में काफी suggestions दिए थे। हमने उसका note रखा हुआ है। काफी अच्छे आपके विचार हैं CSR को लेकर, उसको हम appreciate करते हैं और factory visit मैंने explain किया कि हम लोग क्यों नहीं कर पाते हैं। Next speaker number nine was Mr. अभिषेक कालरा। Thanks for your appreciation on the company results. How many employees you had asked, which again, I answered that about 3,000 employees permanent and 6,000 employees on the outsource basis. Best to your business. You are running a legal firm. Our best wishes to you for the success of that. You also spoke about the U.S. market. So, through our Kansai Paint Japan, our parent company, they are already participating in the U.S. market. Better dividend. It is always our endeavor whenever the opportunity is there. This year also, when the opportunity was there, we had given a special dividend. Reduce expenditure. This is always our endeavor. In fact, if you compare our expenditure with the peers, we always try to keep our expenditures on the lower side. Plant visit, I have already answered. To withstand the competition is always good for any industry because when the competition comes in, I think it is good for the consumers. You see more innovations, you see more growth in the market, and on the same side, it helps us to become more and more innovative. So I think that's what about the competition is. Next speaker number 10, Mr. Bharat Raj. You appreciated the speech of Chairman. Thank you. We acknowledge your appreciation on the Chairman's speech. You also spoke about the new competition, specifically taking names like JSW, Birla, and how the company is planning to respond to this competition. So as I said that market is quite big, paint market is quite big, and the per capita consumption of paint is also as of now it is small, and that is why the paint industry has been growing in double digit for many, many years. So I think market has a lot of scope, and market has a scope to absorb the new players. On our part, in fact, this only helps us in terms of becoming more focused on the consumers that how do we give better product, the better services, how do we create new innovations, that is what we are working upon. Your company has been there in existence for 104 years, and there are a lot of strength which have been established, and there are a lot of things which are there in pipeline. So I can only assure you that your company is completely gear up to respond appropriately to this new competition. Speaker number 11, Mr. Manoj Kumar Gupta. Thanks for your specific comment on Mr. Bhaskar Bhat. You mentioned about his marketing expertise. I definitely endorse what you said, and that's why as a company, we always want the best of the names in our board. And obviously, Mr. Bhaskar Bhat is helping us to see what future initiative the company can take in the area of marketing. I am very happy to know that you like paint industry so much that you are a shareholder of all paint companies. So I can tell you that you have taken a very good decision because paint company probably is. There are many less industries who are more than 100 years old and growing faster in the double digit and has been producing good results. So paint is a very exciting work, and my congratulations to you to be a part of this industry. You wanted to know about new competition, JSW. I already spoke about it, as I responded to Mr. Bharat Raj. Thanks for your understanding that 100-year continuous. In fact, this itself is a big strength. Today, the world has become very volatile, and in many countries, many players has a very lesser life. The fact that your company is in existence for 104 years, it still speaks about the adaptability, how we are able to adapt to the changes in the market. You wanted to know any merger and acquisition plan. So in the yesteryears, we had gone for some merger and acquisitions. We are always open because we always keep evaluating the business opportunities. As and when the right opportunity is there, we will appropriately evaluate. You specifically complimented Kansai Paint in Japan. And also you mentioned some of the important things, what you know about country, that the people of Japan are very faithful, and there are many projects which are coming from Japan. Yes, I agree with you. The bullet train project, which you mentioned about. So I can tell you that for all these new projects, Japanese project, our Kansai in Japan is very strong company in technology, and we get their help in terms of implementing the technology. Even for the project like bullet train, there are products which is available with our Japanese company, with our parent company, and we do take their help to implement these products in India. You spoke about railway, which I answered that we do participate in railway business. Even Vande Bharat, we are participating. You mentioned about promoting regional festivals. Partly we do it, but we make a note of your point, and we will see how we can increase our participation in the regional festivals. On the CSR, you said that more focus of the company should be on the education. Your point is noted. Education is a very important part of our CSR initiatives, but we will see how we can further enhance it. Thanks for your comment about picture of all directors. Definitely, we are making a note of it, and I think we should incorporate Govind Rajan in the next year report. Next speaker, number 12, Mr. Vinay Vishnu Bidde. Thanks for acknowledging that the bonus what we had given last year, and thanks for appreciating the good dividend which we are continuously giving. You had asked that why our advertising expenditure has gone up. You are aware of the figure, which mean that you have read the annual report quite deeply. For our decorative business, it is very important to get into certain initiatives. It was also a part of our preparation for this new competition which is emerging. We have started some initiatives in decorative, which is around influencer management, the services, the contact with the architect interior decorators, the digital platform, the business models. In those areas, the advertising expenditure has gone up. You also mentioned about discount and rebate, and your question was that whether it will continue to go down further. Discount and rebates are ultimately the part of the competitive scenario in the marketplace, and we always want to remain reasonably healthy competition. I think depending on the competition, we have to take a right decision to see how much, whether to increase or whether to reduce. So, that's the answer to your question. You also wanted to know our expenses on IT, CapEx, OpEx related. So, the IT CapEx is about INR 16 crores and INR 35 crores is the OpEx, is the breakup. Thanks for, again, appreciating the efforts of Govind Rajan and Sheetal. Next speaker, number 13, was Mr. Om Prakash Kejriwal. Thanks for entire appreciation for our CS team. I was very happy to note that this is your first annual general meeting, and just because today we are conducting on the virtual platform. So that's what our endeavor is, that when we conduct through virtual, more and more shareholders can participate. So welcome to you for this first AGM. Thanks for acknowledging that. Expectations of future growth. Industry has been growing fast. If you see the country, India itself is growing good rate. The GDP growth is good. There is a good focus in terms of infrastructure growth, the housing, the smart cities, the sustainability. All factors, if you really look at, it indicates that the long-term business growth prospects of India is good. New player competition, I spoke about it when I was answering to some of the earlier speakers. The CapEx plan, INR 486 crores for next year. Factory visit, I already answered. The hard copy you want for the annual report, I request, yeah, so this will be sent to you. Thanks for giving us assurance and using words like that you are with us. So thanks for your faith and support in your company. Next speaker number 14, Mr. Gautam Tiwari. I could see your emotions from your eyes and face when you were talking about Mr. Pradip Shah. You mentioned that you have been seeing Pradip Shah, meeting Pradip Shah for many many years when you were young. So I thought even on video, I felt you are still looking very young. Maintain that cheerfulness and maintain your youngness. जो आपने हमारी company के सभी employees के लिए, results के लिए, जो दुआएं दी, उनका मैं तहे दिल से शुक्रिया अदा करता हूँ। Statement आपने कुछ दिया कि दो diamond हमारे पास हैं। Because आप हमारे दो diamonds को आपने interact किया है, Govind Rajan और Sheetal। मैं आपको assure कर सकता हूँ कि हमारे पास और भी बहुत सारे diamond हैं। इसीलिए जो आपने बोला कि उदास चेहरा लेकर आप आते हैं और हमारा department उनको सुनता है और आपको assurance देता है और आप हँसता हुआ चेहरा लेकर वापस जाते हैं, तो हमें बड़ा अच्छा लगा सुन कर because as a company हम लोग एक inclusive work करते हैं और हमें बहुत अच्छा लगता है कि जब हम किसी उदास चेहरे को एक मुस्कुराते हुए चेहरे में बदल पाते हैं। Thanks for again attending our meeting today because you said that there were three meetings and you decided to choose our meeting. Thanks for giving this importance to your company. You spoke about two new giant players and I explained that you have also said that you have full knowledge. You know that we are there for more than 100 years. So I think we will definitely, [Foreign language] R&D work, आप जानना चाहते थे कि auto में new work क्या हो रहा है। In automotive, there are a lot of new technologies which are coming up. We are working on sustainability related product. जो low VOC products हैं, उसके ऊपर हम काफी काम कर रहे हैं। काफी हम काम कर रहे हैं कि कैसे emissions को reduce किया जा सकता है। तो हमारे product जो car पर जाते हैं, उनको bake करना पड़ता है। तो कैसे baking temperature को down किया जाए so that emissions reduce हो सकते हैं, energy consumption reduce हो सकता है और customer के part पर productivity भी बढ़ सकती है। Thanks again for your complete faith in your company and thanks for spelling it out in very clear words. The next speaker was number 15, Mr. Kamal Kishore Jawar. Thank you आपके comments के लिए। आपने जो suggestion दिया कि video से हम continue करें ताकि ज्यादा से ज्यादा लोग इसमें participate कर सकते हैं। Thanks for that feedback and festival greetings हमारी तरफ से आपको भी बहुत festival greetings. And industry transportation जो आपने बताया कि उसमें whether we are supplying. Yes, we are one of the main lead supplier on the industry and transportation. Next speaker was number 16, Mr. Manjit Singh. आपने जो एक बोला कि board को देख के आप समझ जाते हैं कि guarantee card है, तो definitely हमारा paint जो product है, वह भी हम ऐसी performance देने की कोशिश करते हैं जिसमें हम बोलते हैं कि performance की guarantee है। तो उस तरह के product हम बनाते हैं। New government आपने बोला जो form हुई है और जो आजकल एक news आती है कि petrol और diesel GST में आ सकते हैं, क्या उसका कुछ impact company पर होगा। हम लोग direct इसका consume नहीं करते हैं but जो crude oil के derivatives होते हैं, उनको हम consume करते हैं and काफी वो items already GST के अंदर हैं। तो as of now हमें इसका कोई ऐसा impact नहीं होगा। आपने बहुत अच्छा word use किया, दिल्ली के बाशिंदे। मैं भी दिल्ली से belong करता हूँ तो मुझे वह दिल्ली के बाशिंदे word काफी याद आ गया। Narayana में आपने specifically, शायद आप Narayana side में रहते हैं दिल्ली में। तो जो आपने बोला HippoStores, जो big boxes हैं, जो आए हैं। HippoStores में हमारे paint की भी availability है अगर आप देखेंगे। आज की date में paint industry में different तरह के stores आ रहे हैं। छोटी shops भी हैं, बड़ी shops भी हैं, services भी आ रही हैं and ये big boxes भी कुछ आ रहे हैं and सब तरह का distribution emerge हो रहा है and हम लोग सब तरह के distribution में participate करते हैं। कौन सा distribution कितना successful होगा, वह time बताएगा but हमारी नजर सब तरह के distribution पर रहती है। Festival में किस तरह की preparation है Diwali sale पर। Diwali एक बहुत important period होता है paint industry के अंदर। हालांकि अच्छी बात paint industry में यह है कि continuously sale अभी चलती है but still Diwali के लिए हमारी काफी activities हैं, काफी तैयारी है और जैसे Diwali पास आएगी, हम अपने वो नए product और नई activities market में introduce करेंगे। आपने एक अच्छा suggestion दिया कि क्या company के representative, product के बारे में customers को बता सकते हैं। तो हम लोगों ने एक service initiative, NXTGEN Service, जो chairman के speech में था, वह start किया है, जहाँ पर आप contact कर सकते हैं and वहाँ पर हमारी team आपको product के बारे में, जो Paint Plus के product हम बता रहे हैं या कैसे paint के अंदर अच्छे features हैं, कैसे paint के अंदर अच्छे benefit आपको मिल सकते हैं, वो सारी आपको advice वहाँ पर हमारे paint advisor हैं जो आपको service पर दे सकते हैं। आप R&D expense के बारे में जानना चाहते हैं तो as a percentage to sale 0.6% last year हमने R&D पर spend किया। In terms of profit after tax, it was around 3.8% and R&D में यह हम local spend करते हैं plus हमें काफी support Kansai Japan से मिलती है। Kansai Japan भी R&D के अंदर उनका बहुत अच्छा structure है and काफी उसके ऊपर उनकी seriousness रहती है। Rural growth का outlook आप जानना चाहते थे। Last दो-तीन साल से rural growth थोड़ी सी depress रही है। Rural growth कम रही है and अभी two wheelers में थोड़ा हमें देखने को मिला है कि rural में growth pickup हो रही है and ये अच्छे monsoon अगर जाते हैं जिसका benefit definitely rural को मिलेगा, तो हमें ऐसा संभावना है कि आने वाले time में rural की growth बढ़ेगी। आपने एक बड़ा अच्छा note किया कि सारे speakers को बोलने का मौका मिला और कोई duck नहीं हुआ। तो यह हमारा जो department है CS department definitely ensure करता है। हमारा भी endeavor यही रहता है कि हम ज्यादा से ज्यादा shareholders को बोलने का मौका दे सकें because हम भी उनको सुनना चाहते हैं। और मैं समझता हूं कि क्योंकि साल में एक बार AGM होती है, तो हमारे काफी shareholder इस तरह के forum में participate करना चाहते हैं। दिन दुगनी रात चौगुनी तरक्की के लिए जो आपने हमारी company को wishes दी है, उसको हम acknowledge करते हैं और आपको reciprocate करते हैं कि आपके और आपके परिवार की भी दिन दुगनी रात चौगुनी तरक्की हो। Next speaker number 17, संतोष सराफ जी। Thanks specifically जो आपने more than 9,000 employees को अपने दिल से दुआएं दी, appreciate किया उसके लिए आपका बहुत-बहुत धन्यवाद। आपने एक बहुत important मुद्दा यहां पर उठाया कि जो हमारे women employees हैं 4.5% हैं और बड़ा अच्छा लगा सुनकर कि आप समझते हैं कि country की requirement आज क्या है, किस तरह से women employee participation ऊपर जाना चाहिए। हमने दो-तीन साल में कोशिश की है। Numbers हमारे पिछले तीन साल में double हुए हैं। But I still understand कि 4.5% is a lower number। मैं आपको सिर्फ इतना assure कर सकता हूं कि as a company हम लोग इसको पूरी तरह से समझते हैं और discuss कर रहे हैं कि कैसे हम इसको आने वाले समय में increase करें। Paternity benefit आपने एक point raise किया। We make a note of that point. Highlights of previous year जो आप बोल रहे हैं कि annual report में cover होना चाहिए। Actually हम लोग अपनी annual report में, अगर आप last page देखेंगे तो उसमें 15 years के highlight हम provide करते हैं। Those are more financial highlights। Maybe शायद आप यह कहना चाह रहे हैं कि qualitative highlights भी दी जाएं तो वह हम लोग note करेंगे और देखेंगे कि अगर हम उस पर कर सकते हैं क्या। आपने हमें अपने परिवार का part समझा और उसके लिए आपने आभार प्रकट किया। हम भी उसका reciprocate करते हैं। आप हमारे परिवार के member हैं, आप हमारे shareholder हैं, continuous participate करते हैं और हमारा भी आभार आपको। Thanks for appreciating these kind of video meetings। Next speaker was number 18, Mr. Aspi Bisania. Thanks for complimenting the results of the company. आपने एक specific question raise किया that why company Q4 the top line and the bottom line was different from the Q3. As you are aware of that we are a very diversified company. We are into decorative and industrial business and quarter on quarter the top line and the bottom line depends on the business mix. So every quarter it is different. Fourth quarter business mix is different and that's why you will find that quarter on quarter basis our EBITDA margins are different. But what is more important is to look at the annual level. Quarter level, it keeps changing. You spoke about the competition is heating up. As I mentioned earlier that we are prepared for it, that we have taken the initiative and we are prepared for it. Next speaker was speaker number 19, Ms. Vasudha Dakwe जी। Thanks for your participation. You wanted to know the attrition rate. It is greater than 20%. So at the department level, the attrition rates are different. At the permanent level or the outsourced level, the attrition rates are different. As a company, we keep taking a lot of initiative to see that how do we increase our retention rate. Next speaker was number 20, Mr. A.V. Mani Sundaram. You spoke about third generation serving the country. These were very pleasing words. Thanks for these kind words, mentioning that because we are more than 100 years old company and third generation which is serving the country. It was good words from you. Thanks for your compliments on our 104th AGM. You were talking about the future expansion and the competition. As I said, the growth prospects of the country is good. Government is doing good work. India is a growth story. I think the paint is going to be a part of everything because as Chairman said that there is a little bit of Nerolac in everybody's lives. Anything which is there in your house, if you try to have a look at it, you will find paint in there, everything. Therefore, we are into multiple segments and we see a good future. You also spoke about plant visit, which I already answered. Next speaker was number 21. This was the last speaker, Ms. Shruti Somaiya. Thanks for giving compliments on our performance. You specifically asked what is your plan to enter other segments and what are the marketing tactics to do that. As we find opportunity, in fact, in the recent past also, we have entered construction chemical, wood finishes, premium adhesive businesses. In the high performance coating, many new segments we participate like railway segment, and we keep evaluating these kinds of segments. As of now, we want to remain in the adjacencies which are more synergetic to our company. We keep evaluating within that framework the companies and we will keep participating into it. You wanted to ask about ESG initiatives. We are very conscious and we take a lot of initiatives in ESG. We have been continuously working to reduce the emissions and our base year is 2018-2019. On the base year, we have reduced the emissions on Scope 1 and Scope 2 by 13%. We work on reducing the energy emissions, which are through product, through consumption of electricity. Our renewable energy overall, which include electricity and fuel, has touched about 48% last year, 48%-49%. Only electricity we see it is about 38%. In 2022-2023, it was 30% and 2023-2024 it has become 38%. Every year we are increasing the use of renewable energy and renewable fuel. We also take a lot of initiatives in terms of, because water is an important resource, to reduce the consumption of water in our paint production. We take initiatives of that. We see how much water we can use through recycling and rain harvesting. As of now, 26% we are using through rain harvesting and recycled water. We also do our water replenishment projects we work upon. I feel happy to share with you that, and Chairman also has mentioned, that last year we have become a water positive company. We will continue to work in these areas to see that we remain water positive. We do take a lot of initiatives through our CSR activities for the upskilling, for the education, for the healthcare, for the water. Our governance systems are of definitely a very high standard. These are some of our initiatives for ESG. Your other question was major CSR initiative. I already mentioned about it, upskilling and seeing how do we build the better life of the community. Those are some of the initiatives we take. With this, I covered all the questions of the speaker shareholders. I have some concurrent questions with me. The question is from Vaman Oak, "How does the company ensure diversity in its board and amongst its employees? When does the company plan to commission its plant in Visakhapatnam?" We ensure diversity in our board as per the requirement, as per the standard. Amongst employees, I spoke about when I was answering to Santoshji, because he also asked the same question. That question I have answered. Visakhapatnam plant, the work is on track, the progress we have made, and very soon we are going to commission the plant. There is a question from Sara Lakdawala, "Large companies like Aditya Birla getting into paint business, and how does the company plan to survive and keep growing in this business?" I spoke about some of the things, and also, in addition, I can tell you that we are one of the most diversified companies. Almost 50% of our business is coming from industrial, and we do have a lot of initiatives in industrial where that new competition is not so much. We are taking initiative in that area also. The other question was from Mr. Lalit Mehra, "How does the company plan to utilize funds generated from sale of land parcels? A new product segment that the company plans to introduce in the coming year." This sale of land parcels, we do intend, it is our endeavor to support the growth initiatives of the company. That is what is there in our mind. The new product in the segment which the company is planning to introduce. We have introduced a lot of products in decoratives, which are in the area of whether aesthetics or performance, and a lot of new products which we have introduced, and we are definitely planning to come out with some more new products. We are now launching WOW Whites. These are whites which are far better in quality. White absorb more light, so basically, it also help in terms of heat reduction, temperature reduction. In industrial, there are a lot of shades and a lot of products, as I said, that in the area of high solids to reduce the level of VOC, and how do we reduce the baking period. Those are some of the products which we have a plan to introduce. There is another question from Miss Mahima Chopra, "Considering the rising temperature and frequent heat waves in our country, does the company have a plan to introduce any heat reflective, heat resistant paint? Are the company's product available in the Northeast region?" Yes, your point is correct that this is a trend, the rising temperature, the climatic uncertainty. There are products. We have one product which we have introduced this there in the market, which if it is applied on the vertical walls or on the horizontal, it reduce the temperature by about more than 10 degrees surface temperature, and inside the house also reduce the temperature by one or two degrees. We are working on some more products because this heat reduction is definitely one big trend which is going to happen in future, whether in the industrial coatings or the decorative coatings. It is a part of our plan. Northeast region, we are a strong player in Northeast. We have office in Guwahati, Tezpur, Lakhimpur. We have our offices and we do have the warehouses, and Northeast is a good market for us. There is one more concurrent question from Venkateshwara Samachi, "What is our market share in powder coating?" Powder coating is a very diverse market. There is organized sector and the unorganized sector. A lot of unorganized sector in powder coating also. Within the organized sector, our market share is more than 40%. Even if you look at the total market, our market share will be higher than 20%. With this, I have covered all the questions, and I tried my best to see that I don't miss out any of the question. Now the question and answer session stands completed, and I'll proceed to move, as chairman asked me, towards the resolution proposed to be passed at the AGM. As you know, there are five ordinary resolutions in total that form part of the notice of the AGM. The resolutions to be passed at the AGM are available on NSDL's e-voting portal. The remote e-voting portal had been kept open for voting by the shareholders from 9:00 A.M. on 25th June 2024 to 5:00 P.M. on 27th June 2024. Those shareholders who have not yet cast their vote can vote through the e-voting portal, which shall be kept open for further 15 minutes from now. After 15 minutes allowed for e-voting, the meeting shall be considered as concluded. The combined results of the entire e-voting process will be announced along with the report of the scrutinizer in terms of the provisions of applicable laws at the registered office and the corporate office of the company by end of today. The same shall be placed on the website of the company and would also be informed to the BSE, NSE, and NSDL. The timer for the e-voting will now start, and the e-voting portal will be closed after 15 minutes. With this, with the permission of the chairman, I would like to conclude this meeting. Thanks for all the shareholders for participation. Thanks to all the directors for participation, and I request Mr. Pradip P. Shah for one concluding remark. No, thank you very much. Anuj, you and your team have done a great job, and I'm delighted to see the shareholder appreciation of it. Also, I'm delighted to see so much shareholder interest in it, so we have to live up to their expectations going forward. All the best. Thank you very much. See you soon. Bye-bye. Thank you