Kansai Nerolac Paints Limited (BOM:500165)

AGM 2025

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Jun 30, 2025

Summary

FY2024-25 revenue grew 1.4%, while EBITDA fell 4.8%; the Board recommended INR 3.75 per share, including a special dividend. Plans include INR 314 crore of FY2025-26 CapEx and industrial expansion amid competition and cost volatility.

Good morning, shareholders. It is 11:00 A.M. on 30th June in Mumbai, and I am happy to commence the proceedings of the annual general meeting of Kansai Nerolac Paints Limited. Shareholders, on behalf of myself and my colleagues on the board, I extend to all of you a warm welcome to this 105th annual general meeting of our company. Let me also welcome our Directors on the board. All our Directors, except Mr. H. Nishibayashi, are present at this AGM that is being conducted by video conferencing. Mr. Nishibayashi is not attending this AGM due to health reasons. Before I request the Directors to introduce themselves to the shareholders, let me make a mention of the changes that have taken place in our Board of Directors. Mr. Pradeep Shah retired upon completion of his second term of office as an Independent Director and consequently ceased to be a Director and Chairman of the company with effect from the close of business on 29th January 2025. We acknowledge the valuable contribution made by Mr. Shah during his association with the company, as well as thank him on behalf of shareholders, the Board of Directors, as well as the parent company, Kansai Paint Company Limited, Japan. On the retirement of Mr. Shah, I have been appointed as Chairman of the company with effect from 30th January 2025. Mr. Hitoshi Nishibayashi, Non-Executive Director, is liable to retire by rotation at the ensuing annual general meeting of the company. He is not seeking reappointment due to health reasons and will retire today as a Director of the company. Mr. Anuj Jain, Managing Director, took early retirement from the services of the company at the close of business hours on 31st March 2025. Mr. Praveen Chaudhary has been appointed as Managing Director of the company for a term of three years, commencing 1st April 2025, up to the ending on 31st March 2028. Mr. Hirokazu Kotera has been appointed as Whole-time Director, designated as an Executive Director of the company for a term of three years commencing 1st August 2024, ending on 31st July 2027. Mr. Uday Bhansali has been appointed as an Independent Director of the company for a term of five years, commencing 6th November 2024 and ending on 5th November 2029. Mr. Gen Yokota has been appointed as Non-Executive Director of the company with effect from 6th May 2025, subject to approval of the shareholders of the company at this annual general meeting. The board has placed on record its sincere appreciation and gratitude for the valuable contribution made by Mr. Shah, Mr. Nishibayashi, and Mr. Jain during their association with the company, and has welcomed new Directors, Mr. Kotera, Mr. Bhansali, and Mr. Yokota on our board. Now I request our Directors present at this annual general meeting today to introduce themselves one by one to the shareholders. First, I request the Directors participating in this annual general meeting from the registered office to introduce themselves. Let me begin with myself. I am Bhaskar Bhatt, the Chairman of the company. I am participating in this meeting from the registered office of our company in Mumbai. I now request my colleagues on the board to introduce themselves to our shareholders at this AGM. Ms. Sonia Singh. Good morning. I am Sonia Singh, Independent Director of your company. I am also the Chairperson of the Stakeholders Relationship Committee, the Corporate Social Responsibility Committee, and the Risk Management Committee. I am participating in this meeting from the registered office of our company at Mumbai. Mr. Uday Bhansali. Good morning. I am Uday Bhansali, Independent Director. I am also the Chairperson of the Audit Committee and the Nomination and Remuneration Committee. I am participating in this meeting from the registered office of our company at Mumbai. Mr. Praveen Chaudhary. Good morning. I am Praveen Chaudhary, Managing Director. I am participating in this meeting from registered office of our company in Mumbai. Mr. Hirokazu Kotera. Good morning. I am Hirokazu Kotera, Executive Director. I am participating in this meeting from the registered office of our company in Mumbai. I now request Mr. Tomioka and Mr. Yokota, participating from Japan, to introduce themselves. Yes. Good morning, everybody. This is Mr. T. Tomioka speaking. I am board member from Kansai Paint, Japan. I am participating in this meeting from Kansai Paint Japan headquarter. Thank you. Mr. Gen Yokota. Yes. Good morning. I am Mr. Gen Yokota, non-executive director. I am participating in this meeting from the Hiratsuka R&D Center of Kansai Paint Japan. Thank you, directors, for the introduction. Shareholders are requested to note that the chairman of the Audit Committee and Nomination and Remuneration Committee, Mr. Uday Bhansali, and the chairperson of the Stakeholders Relationship Committee, Ms. Sonia Singh, are present at the meeting. I also wish to inform our shareholders that the representatives of the statutory auditor, SRBC & Co., LLP Chartered Accountants, and the secretarial auditor, JHR & Associates, company secretaries are attending this 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 2024-2025, along with the notice of the AGM, has been sent on June 6, 2025, by electronic mode to those shareholders whose email addresses are registered with the company or depository participants. While physical copy of the annual report has been sent to shareholders on request. Further, physical communication containing the web link where the annual report 2024-2025 is available was also sent to shareholders who have not registered their email IDs. The annual report, including the notice of the AGM given on page numbers 134 to 147 of the annual report, is available on the website of the company and has also been forwarded to BSE and NSE. With the permission of the shareholders, I take the notice of the 105th AGM as read. As the auditor's report neither contains any qualifications, observations, or comments on the financial transactions, nor highlights any matter which would have had 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 this AGM. Shareholders are requested to note that the board of directors of Kansai Paint Company Limited, 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, i.e., Mr. T. Tomioka, to act on its behalf at the AGM of the company, copy of which resolution is available with the company and is submitted with the scrutinizer for the meeting. 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 as well in terms of the circulars issued by the Ministry of Corporate Affairs. I would now make a brief comment about the year under review, financial year 2024-2025. The paint industry is currently navigating a complex landscape influenced by various economic and geopolitical factors. It witnessed the entry of new players which significantly increased the competitive intensity, leading to a strong push for innovation and the development of value-added products and services. The government's continued focus on infrastructure development and the creation of smart cities bodes well for sustained industry growth. Simultaneously, as one of the largest automotive markets globally, the country is witnessing rapid growth in the sector, fueled by rising domestic demand for passenger vehicles and a surge in vehicle exports to international markets. Our company, with a legacy of over a century, takes pride in offering a diverse portfolio of products that cater to a wide spectrum of segments across the decorative and industrial coating sector. It has leveraged its experience in developing innovative painting solutions and has consistently pursued excellence, broadened its product offerings, and proactively explored new avenues for success. Guided by a culture of customer focus, integrity, and respect for all stakeholders, our company innovates with purpose and executes with passion. Our painting solutions are built on the core philosophy of beauty and protection, enriching everyday life by enhancing not only homes, but also automobiles, consumer durables, personal accessories, transportation infrastructure, and emerging new age applications. This comprehensive reach underscores our belief that there is a little bit of Nerolac in everyone's life. The company's decorative business witnessed muted demand during the year, while new businesses such as wood coating and construction chemicals showcased strong growth. The project business also witnessed robust growth trajectory, supported by expansion into new towns and geographies. The strategic initiatives, including paint as a service and deeper engagement with painters, architects, and interior designers, scaled new heights, driving higher efficiency and greater market penetration during the year. The industrial business registered good demand growth led by automotive and performance coating businesses. In the automotive business, growth was primarily driven by the performance of passenger vehicle segment. In the performance coatings business, infrastructure-led momentum, including the development of roads, bridges, and railway networks, served as key growth drivers. The high-performance coatings business delivered excellent growth momentum while the powder coating business registered marginal gains. In the auto refinish category, the company witnessed good growth in premium products. To enhance profitability, the company undertook a series of targeted measures, including disciplined cost management, collaborative initiatives with value chain partners, and a sustained focus on increasing the share of premium offerings within the portfolio. For the year ended March 31, 2025, the company's top line registered a growth of 1.4%, while EBITDA declined by 4.8%. Profit before tax, before exceptional items decreased by 1.8%. The board has recommended a dividend of 375% or INR 3.75 per share, including a special dividend of 125% or INR 1.25 per share. The company's international subsidiaries in Bangladesh and Sri Lanka faced multiple challenges due to adverse macroeconomic conditions prevailing in those countries. Revenue and profitability of these subsidiaries was significantly impacted during the year. In Nepal, despite the subdued demand environment, the subsidiary achieved revenue growth and sustained profitability. The company's domestic subsidiary, Nerofix, faced a challenging market landscape and focused efforts are underway to address these headwinds and strengthen performance. In the decorative business, the company's emphasis lies on providing low VOC, heavy metal free and sustainable products. The cornerstone of our strategy is the Paint Plus initiative, which focuses on creating unique products with differentiated features tailored to customer needs. The company continuously introduces new products to address evolving market demand and expand its offerings to include construction chemicals and wood coatings. Among others, its marketing campaigns have further solidified brand recognition, while its value-added services have enhanced the customer experience, providing a unique retail environment. In our commitment to preserving significant cultural heritage for future generations, the company contributed to the transformation of the National Railway Museum in Delhi by curating a series of wall artwork that illustrate the historical journey of Indian Railways. During the year, the company successfully increased its network of dealers and distributors, strengthening last-mile connectivity and enhancing market presence in both rural and high-growth urban areas. In the current fiscal year, the company has successfully introduced 10 new products within the Paint Plus category, contributing to a total of 28 offerings. The company introduced WOW Whites range, which is whitest of white, across both interior and exterior emulsions that provides best-in-class whiteness along with 15% more coverage. As a part of its efforts to strengthen the exterior product portfolio, the company launched Excel No Dust, an acrylic emulsion paint designed to deliver superior performance. It further expanded its range with the introduction of Nerolac Excel Mica Marble Stretch, and Sheen NXT, a highly durable, water-based, high-performance exterior paint. In the interior category, the company launched the Nerolac Beauty Gold Washable NXT, an Impressions Sheen emulsion. It provides a radiant sheen and smooth finish. The other new products in the interior range are Kansai Select, Shikisai, and Neu Latex Interior White. These product introductions not only strengthen the company portfolio, but also reaffirm its commitment to delivering high-quality, differentiated solutions that align with evolving customer expectations. In the industrial segment, building on an already substantial presence in the automotive segment, the company successfully gained additional market share and maintained its position as the leader in this category during the year. Our strategy focused on the development of technologically advanced products and the introduction of sustainable technologies, which align with our customers' evolving requirements. The company actively adopts environment-friendly and resource-efficient innovations such as low bake, high solids, low VOC, mono coats, and direct to metal applications. These technologies significantly enhance productivity, reduce emissions, and promote energy efficiency for our customers. In addition, the company concentrated its efforts on new segments, including seam sealer, underbody coatings, and alloy wheels. The company has made significant strides in the passenger vehicle segment with the launch of innovative low flash-off, compact 3C1B system for roof painting. This solution offers a range of sustainability benefits, including the elimination of one baking cycle, resulting in energy conservation and a low film build that enables reduced paint consumption. The company also introduced Everlast Matt clear coat, which offers superior workability and enhances functional performance. The company also introduced new products in coil coating application, performance coatings and automotive refinish segment. The product innovations and launches made by the company have been detailed in our annual report available with you, our shareholders. The company leverages its in-house research and development, R&D capabilities, supported by Kansai Paint Company Limited Japan and its group companies to gain a competitive edge that has been honed even more through a century of global expertise. Our company collaborates with KPJ group companies across the globe to provide Indian customers with differentiated technologies across a spectrum of end user industries. We are committed to building a future of sustainable growth and operational excellence through strategic investments in our manufacturing capabilities. The company has continued to implement its holistic emission reduction strategy. By embracing cutting edge digitalization and automation, our company has enhanced its manufacturing capabilities to drive efficiency and innovation. As a responsible organization, our company is unwavering in its commitment to driving positive change through a holistic approach that prioritizes environmental stewardship, social responsibility and exemplary governance practices. The company's environmental, social, and governance, ESG strategy has five key materialities, decarbonization, resource use, quality of life, diversity, and governance, which collectively shape its vision, embedding sustainability into core operations and enabling long-term impact. In FY 2024-25, our company was rated in the top eighth percentile within the chemical industry group of S&P Global LargeMidCap ESG Index. Our company received a bronze medal from EcoVadis in FY 2024-25 assessment and also ranked in the top 12th percentile globally within the construction and materials sector by FTSE. Company consistently prioritizes social responsibility in its operations, striving to effect positive change through its corporate responsibility, CSR initiatives. The company's commitment to CSR excellence was honored with the prestigious Golden Peacock Award for corporate social responsibility in 2024, an affirmation that our efforts are making meaningful impact and progressing in the right direction. This accolade reflects not only the scope of our initiatives, but also the tangible impact they have had on underprivileged communities. The company encourages its employees to contribute their time and expertise through volunteering, reinforcing commitment to fostering sustainable development and enhancing the wellbeing of the communities. The company continues its impactful CSR initiatives, positively transforming lives through programs focused on livelihood and skill enhancement, preventive healthcare and sanitation, promoting education, environmental sustainability, and rural and community development. The company fosters a performance-driven environment where its employees are supported with the right tools, resources, and opportunities to thrive. It fosters ownership and accountability while nurturing their professional growth through opportunities to lead and contribute at higher levels. By cultivating a culture that values innovation, collaboration, and empowerment, the company encourages its employees to challenge limits, take initiative, and continuously strive for excellence. We place paramount importance on the implementation of ethical practices throughout our supply chain. The company is committed to fostering responsible behavior, promoting ethical interactions, and upholding social and environmental accountability across its supply chain. In an environment where the Indian paint industry is going through a transformative phase, marked by opportunities for growth, increasing diversification, changing consumer preferences, and entry of new players, strategic foresight and operational agility will be critical in ensuring business continuity and building long-term resilience. Companies that embrace innovation and sustainability at the core of their strategy will be best positioned to lead and grow in this dynamic market environment as it continues to evolve. I trust that the management will navigate this transformative phase with clarity and purpose, and we extend our best wishes to all at the helm of affairs. I would now like to express my heartfelt gratitude to our dedicated employees as their relentless efforts have been instrumental in driving our success. I would also like to express our heartfelt thanks to Mr. Anuj Jain for his long and dedicated service of over 35 years as an employee of the company, including his stint as managing director of the company. 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 Company Limited Japan, and our other technical collaborators including Oshima Kogyo Company Limited Japan, Kashiwo Company Limited Japan, Protech Chemicals Limited Canada, and Kluthe Germany. Our 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, Japan for their valuable services to our company. Let me 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 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 their work over the years. I would now like to inform shareholders that the company has provided the facility of remote e-voting to 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 e-voting systems during this AGM. The procedure for e-voting at this AGM is the 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 of the AGM. I now request the Managing Director, Mr. Praveen Chaudhary, to invite speaker shareholders one by one and answer their queries. Other shareholders may pose questions concurrently through the facility provided on the e-voting website of the National Securities Depository Limited, through which they are viewing the live streaming of this AGM. I request shareholders to be brief in their questions and would like you to take 3 minutes in interest of all shareholders being heard and answered. I now hand over to Mr. Praveen Chaudhary. I now invite the speaker shareholders to ask any questions or clarifications the shareholders might seek. I will call out the name of the speaker. When I call out the name of the speaker shareholder, our moderator of this meeting, Ms. Mahima Chopra, will facilitate the speaker to come and ask the question by video conferencing. As Chairman requested, please keep your question to brief of 3 minutes. When shareholder comes to speak, he or she is requested to unmute the audio and start the video as well so that speaker can be seen. After the speaker has finished his speech, he is requested to mute the audio and stop the video. Now I will call upon speaker number one, Ms. Vasudha Dakwe. Can you hear me, sir? Yes. Very good. Thank you, sir. Very good morning, respected chairman, sir, board of directors, and my fellow shareholders. Myself, Vasudha Dakwe from Thane. I would like to congrats our company secretary and his team for sending me the soft copy of the report as well as the hard copy of the report well in advance, and also giving us good investor service. I will also thankful to Ms. Sheetal, ma'am, also. The opening speech given by the chairperson is very informative and excellent. I would like to ask, what is our next two to three years CapEx plan? Further, I would like to ask how many retail shops you are opening during these financial years in rural as well as urban also. With this, I support all the resolution. Thank you very much, and wish the company all the best for coming financial years, and my best wishes for coming all the festivals during the month of Shravan and Bhadrapada. Thank you very much, sir. Thank you. Thank you very much. Now I invite speaker number 2, Mr. Yusuf Yunus Rangwala. Mr. Yusuf Rangwala, are you there? The speaker shareholder is not connected, sir. Okay, fair enough. So we move on to next speaker, Mr. Lalit Mehra. Good morning to all the directors and shareholder. My name is Lalit Mehra. Firstly, I would like to thanks the secretarial department team for giving me opportunity to speak as a speaker shareholder in this Annual General Meeting of Kansai Nerolac. My questions to the board of directors are, first one, given the volatility in the crude oil prices, its impact on the raw material cost, how is company planning to manage the input cost pressure? How is company planning to make more profit or margin cost from the crude oil? The second question, do we have any plan to expand export market or leverage Kansai global presence for the cross-border synergies in a different field, such as technology and brand building, marketing? The third question that I have is with respect to the revenue. The company's top line from the last three financial year are in the flat zone, if you consider top line. Even the bottom line in a degrowthing zone from the last three financial year. Despite the question that I have, this question is because the company has recently sold two lands worth INR 1,300 crores in the last two financial years. Despite we are not seeing any growth, do companies going to continue with the same organic growth or we are also taking the opportunity of inorganic growth and we are going to see any expansion or any acquisitions in the near future by the Kansai Nerolac? The last question that I have is with respect to the underperforming of subsidiaries. What are the corrective action the company is taking to fix the performance of the subsidiaries, both India as well as overseas subsidiaries, because especially Nerofix. Nerofix is not able to survive or not able to cope up with the performance since its incorporation from last five to six years. So we will definitely see what company is doing with respect to Nerofix and the overseas subsidiaries. With this, I support all the resolutions and my best wishes to the company. Thank you. Thank you, Mr. Mehra. Now I invite speaker number four, Mr. K. Bharat Raj. Hello. Welcome. Yeah, very good morning, Mr. Chairman, entire board of directors and KMPs of my company. I am Bharat Raj Atene from Hyderabad. First of all, I congratulate for the happy retirement of Mr. Jain, who has supported and make my company into the right direction, and I hope his retirement life will be more peaceful in the coming days with good health. Mr. Bhatt, you have given a wonderful speech and you have already informed every information. I support all the resolutions. Mr. Chairman, our secretary Mr. Govind Rajan and Ms. Sheetal are always accessible. Internally, they are never upon at the link. Chairman sir, in your chairman speech, you told us that EBITDA has come down by 4%. Can we expect the same thing or can we bounce back again in this financial year? Please let me know. What is your plans to bounce back the EBITDA? Please let me know. In present Indian market, a lot of companies are entered into our India. New players have came. Recently, JSW has acquired Dulux company. Sir, may I know what are the future of my company, sir? In India, the acquisitions and expansion of the company is very important. What is your plans for the next five years to expand that company? You are planning to come into the right issues. Please let me know our QIPs for the expansion of our company. Expansion is very important, sir, in the Indian market. Otherwise, somebody will take over our company. Chairman sir, once again, my best wishes to you. All the best for coming years. Once again, I hope my company will go, coming years will be more brightful and will capture more market share in the coming years. My best wishes to you, Mr. Bhatt and our MD, Chaturvadi Choudhary, and entire team. All the best for coming years. Be safe, be healthy. I am Bharat Raj signing off from Hyderabad. Thank you. Thank you, Mr. Bharat Raj. I will call upon Mr. Yusuf Rangawala. Sir, आपका आवाज़ आ रहा है। Very good morning, sir. आपका आवाज़ आ रहा है? हाँ जी। आ रहा है साहब, आवाज़ आ रहा है? आ रहा है। Sir, पहले तो आपको annual copy जो आपने print किया है। Sir, we are the number 3 world leader में, sir. At present, paint industry में अपना number 3 है, sir. Sir, मैं जानना चाहता हूँ अपना number 2, number 1 पे कब आएँगे, sir? और अपना Company Secretary जिनका नाम G.T. Govind और अपना Sheetal madam जो अपना company share department handle करती है, अपने staff. Sir, I also welcome our Japanese people today they are sitting, sir. Very good morning, sir, all the Japanese people who are the partner of our company, sir. Sir, मैं आपका घर में आपका pen use करता हूँ, sir. Page number 15. Page number 16 to 21, we have printed all the products, sir. Seeing all these five pages, all the different type of pens. Sir, I am very happy. Sir, my direct question, this is the excellence, इसमें कौन सा pen का demand है, sir? Which other pen demand car में है? इस car में अपना कौन सा pen ज्यादा use होता है, sir, मैं जानना चाहता हूँ। We are having a factory at Hosur and at Jainpur. Sir, these are two factories. Sir, can you arrange a factory visit, sir? Not arranged sir till now, sir. Project India. Project International connected, Delhi में एक project है। एक Bombay में sir दो project चल रहा है। आपने annual copy में print किया है, sir. ये दिखाया था कि अपना कितना और 350 pages से 400 pages का अपना Company Secretary ने print किया है, sir. Chairman sir, अभी बीच में sir analyst meet हुई थी, sir, about one month back. Sir, ऐसे analyst meet में आप हमें बुलाइए sir. क्योंकि analyst meet में आपसे मिलने के लिए एक मौका होता है sir. मेरा humble request है, अभी next year कभी भी ऐसा कुछ analyst meet का होगा छह महीने के बाद, तो आप हमें please बुलाना sir. क्योंकि आपसे मिलना चाहते हैं, sir. Chairman sir, how is your health, sir? Today you are looking आप, आपके लिए express करना चाहता हूँ। फूलों की खुशबू, कलियों के बाहर और Goodlass Nerolac का साथ और also Japanese people का साथ। They are a good technology sir. उनकी guide और उनके working इस company का sir. आज अपना market और आपने INR 75 का dividend दिया। Sir, अच्छी dividend list और for example Motilal Oswal, Sharekhan. These people are saying to buy to share because why? Because shares are going up. Sir, what is your view regarding a bonus sir? Many years have passed, sir, not declare a bonus. Sir, आपके bonus क्या है sir? छोटा सा एक share पे sir, मुझको तो lift करा दे, एक पे एक bonus दिला दे. Sir, nothing more to add. Wishing you a happy Ganesh Chaturthi. Wishing you a happy Dussehra. Happy this Raksha Bandhan and all the festival from my side. I will end my here only, sir. Jai Hind. भारत माता की जय। Jai Hind, sir. Factory visit कराना sir. Thank you, sir. Jai Hind, sir. धन्यवाद Yusuf bhai. Next speaker is Ms. Sara Lakdawala. Hello, am I audible? Yes, you are. Good morning to all the board of directors and all the fellow shareholders. My name is Sara Lakdawala. I would like to thank the secretary team at Nerolac for registering me as a speaker shareholder. My questions to the board of directors are as under. First, what are the company's growth plans for the next four to five years, and during this period, are we planning to expand into new geographies or new markets? Second, what are the company's roadmap for expanding into the industrial and coating segments, given the challenges of new entrants into the market, both from the organized and the unorganized sector? My third and the last question is: How is the company using artificial intelligence in the new operations and consumer reach and product developments? With this, I support all the resolutions and wish the company all the best for the future endeavors. Thank you. Thank you. Thank you. Next speaker, Mr. Santosh Kumar Saraf. Yes. Hello. Yeah. Yes. Respected chairperson, present directors, board members, officials, and employees, I, Santosh Kumar Saraf, greet you all. I hope you all are in good health, sir. I also thank all the employee brothers and sisters whose hard work has resulted in such good results for our company, sir. Along with them, I also thank their families who always stand by their side as the backbone, so that they can give their full potential to our company, sir. Along with this, I also thank the secretary and his team, who always keep in touch with us. I especially thank Sheetal, who has connected with us 10 times just for this meeting. She just connected 2 minutes ago. I pray to God for a long life for her and may she always stay connected with us, sir. Sir, I would like to know what is our next CapEx plan? If you have introduced any new technology or new product this year, please tell us about it, sir. Second, sir, now is the era of artificial intelligence. Please tell us about how we are using it in which fields, sir. One sir, what is our company's ESG rating? If the ESG rating number is good, then by taking advantage of this ESG rating, can we raise money by issuing a green bond or ESG bond and then get it listed in NSE or BSE? Please tell us about this, sir. How much percentage of renewable energy are we using now? In our factories where we have installed solar panels, please tell us about it. What target have we set to use 100% renewable energy? Please tell us this, sir. Sir, right now the geopolitical situation is very bad. What steps have we taken to ensure that it has minimal impact on our company? Please tell us, sir. Not much else. Once again, I thank all our directors and employee brothers and sisters, and I pray to God that the financial year 2025-26 brings happiness and prosperity for them, sir. One request, sir. Do organize a physical meeting in the future so that we will get an opportunity to express our gratitude towards you and our employee brothers and sisters. I express my gratitude. Jai Hind, Jai Bharat. Namaskar. I also namaskar to the moderator. Ram Ram. Namaskar ji. Thank you, Saraf ji. Our next speaker, Miss Homayoon Purdehi. Hello, can you hear me, sir? Yes. Hello. I will proceed. Sir, we are very old shareholders. My late husband Behruz Framroze Purdehi used to attend the AGM every year, the physical AGMs. Sir, we have seen a lot of improvement, a lot of expansion in the last so many years, and we are very happy about the same. Now, to introduce new products, it needs a scientific mind. So we congratulate your research team for that. Congratulations for your awards. You deserved them very much. I think even our plants need awards. You know how state of the art your plants must be. Of course, we welcome our new MD, Mr. Praveen Chaudhary. We wish him all the best and very long innings in our company. You also mentioned in your annual report on page 5, you have increased your distributorship, your shops. In the past, I complained I couldn't get your product in any shop near my house, and that is a very populated area. Now you have mentioned your distributorship has increased, your shops have increased. We can buy your products anytime. Your products are very good, as I mentioned that time also. Sir, I just want to know if the paints are still good, which I've used. I wanted to know a few things, sir. Do you also have shops, distributorships in the north of India? I used to go to my friend's place at Chandigarh. Now, my God, towers are being built. Construction is going on so fast. Do you have projects there also? Sir, you mentioned our products are being exported in auto vehicles. Sir, to which countries are our products exported? Another question is, did we have any trade with Iran or with Israel? Did we have? Of course, in that we would not have anymore. Sir, as I'm a lay person, lay man, I'm asking, sir, you have introduced so many products by your research. Do we have patents? Sir, see, we have patents for so many other companies, for so many other products, pharmacy, et cetera. Do we have patents in our, this thing I would like to know, in our company? I want to end up here. But of course, I have to say great thank you for your entire technical team, how hard-working, how sincere they have been in putting in this speaker today. Even today, I rang up your Ms. Sheetal since I had some technical issues we had. Thank you very much. We thank them also, and we wish your management all the best. Thank you, Japanese partners for being part of our company and making us all for benefit and growth. Wish you all the best. Thank you. I invite speaker number 8, Mr. Gautam Tiwari. Yes, sir. Can you listen me, sir? Yes. You can see my video also, no, sir? Yes, sir. Oh, so nice to see you. After some time we are seeing you, Mr. Bhaskar. I am very happy to see you here as a Chairman today, and I really welcome you along with our Praveen Chaudhary, who has joined as an MD here. A very, very good morning, our honorable Chairman, sir, Bhaskar Bhattji, and our Mr. Praveen Chaudharyji, and other very respected and eminent and dignified Board of Directors, both Japanese and Indian. The team, even our CS, Govind Rajanji, and our team, Kansai Nerolac Paints. Myself, Gautam Tiwari, and I am participating at this AGM from Mumbai. Dear sir, in fact, Bhaskar Bhattji, I hope your health and fitness is very much fit and fine. The way I have been seeing you since decades before, same thing I am seeing, and I am more than happy to see you in this condition, in this position, though virtually, sir. Sir, your opening speech was very informative and very clear and very distinct in explaining what the company is on date today and what the company is doing for its progress day by day during the year, what the company has done. Sir, hearty congratulations to our CM, CFO, MD, CS, and entire Board of Management, for giving the outstanding performance year after year. Although during this trying and challenging circumstances globally also at national and international level both, like slowdown in global economy and geopolitical conditions, and still you have given the good performance. We are very much happy about it. Sir, I thank the management for paying 375% dividend, which the management has given the dividend on track record year after year and in the increased fashion for which we are very grateful and we are proud of it. Sir, we appreciate the valuable services provided by our ex-MD, Mr. Anuj Jain, and Mr. Pradeep Shah, who has been, in fact, Chairman in so many other companies also, and his invaluable contribution and the way he has brought the company to greater and greater level and higher and higher level, both of them. Even Anuj Jain's 35 years of service, we really are very much happy about it and we value their contribution and we have got a very good gratitude and we wish them all the success, healthy, wealthy, dynamic, long, happy, safe life for their post-retired life. Sir, dear sir, even investors services of our secretarial department headed by Govind Rajanji and Sheetalji, very good services, sir. Excellent. At national, international level both, I have been attending meetings here and abroad also. Sheetal's service and Govind Rajan's service is very good, for which we are grateful. Very sober, very much polite and committed and dedicated, and very much respectful to all customers. We are very happy. Sir, I have got very few questions. In fact, question. For my anxiety, I would like to know, sir, capacity utilization is how much? Sir, skilled and unskilled workers and contract workers? Sir, how does the company deal with its competitors who have newly entered in the market and still making better profits than us, sir? So, strategy? Sir, would you please highlight the digital initiatives implemented by the company during this year? And sir, please highlight CapEx plan in R&D sector and how does the company measure the effectiveness of CSR activities, and what are the CSR activities which we have planned for this year? Sir, last question is, how many subsidiaries we have got besides Sri Lanka and Bangladesh, they are loss-making because of the geopolitical condition. But besides that, how many others are loss-making, and what is company's strategy to minimize their losses or to modify their losses? Sir, conclusively, I would like to wish that I support strongly. I am a shareholder right from day one, sir. I strongly support all resolutions. I have already voted favorably for each one of them. I also support appointment and re-appointment of all directors on board and finally I would like to say sir, [Foreign language]. Sir, [Foreign language]. Japanese people, I would like to say that I have wished for your best health and hygiene and I wish you all the best in the days to come, and that you should be always fit and fine in the days to come. Sir, [Foreign language] and [Foreign language]. I am very much happy again to see you, Mr. Bhaskar Bhat and lot of best wishes to Praveen Jain. Thank you very much sir. Praveen Jain. Thank you. Now I invite speaker Miss Lekha Satish Shah and joint holder Mr. Satish Shah. Hello, am I audible sir? Yeah, लेखा जी। Thank you, sir. Respected Chairman sir, Board of Directors and my fellow members, good morning and regards to everyone. Myself Lekha Shah from Mumbai. Chairman sir, today I really welcome you sir. First of all, I would like to thank our Company Secretary Govind Rajanji, specially Sheetal madam for giving me this opportunity and whole process where I am able to talk in front of you all in AGM. I found the AGM notice and I am delighted to say it is so beautiful, full of colors, facts and figures in place. It's also really useful with lot of information. Chairman sir, your opening remarks were so insightful and comprehensive that you have already addressed everything I had in mind. Also, our Company Secretary Govind Rajanji, Sheetal madam for their best performance and always outstanding support for all my doubts. Hence, I have no questions today, sir. Sir, I pray to God that He always shower His blessing upon you. Chairman sir, I agree with my previous speaker, Santosh sir from Calcutta. Sir, please continue video conference meeting in future. Lastly, I would like to say I strongly and wholeheartedly support all the resolutions for today's meeting. Thank you, sir. [Foreign language], Satish sir बात कर रहे हैं। कौन से? सुनो ना। Hello. Yes, Mr. Satish. Thank you. श्रीमान chairman साहब और other directors, मेरा नाम Satish Shah है। आपने अपनी chairman speech में company के बारे में बहुत ही अच्छी तरह से समझा दिया। This year company का performance बेहतर रहा और sir आज जो भी results रखे हैं उसमें मेरा fully support है। Wish you all the best. Thank you, sir. Wish you all the best. Thank you, Lekha and Satish भाई. Thank you. Now I invite speaker number 10, Mr. Kamal Jawar. Hello, मेरा आवाज़ आ रहा है sir? हाँ जी। हमारे Chairman Sir, all directors को मेरा नमस्कार। Kamal Kishor, Hyderabad से बोल रहा हूँ साहब। आपने Chairman speaking में पूरा बता दिया, बहुत अच्छा लगा और अपना 2025-26 अपना revenue कितना आ सकता है और profit कितना आ सकता है, उसके बारे में बताइए Sir। मैं ज़्यादा बोलना नहीं चाहता हूँ। Every year हमारे को dividend मिल रहा है आपकी मेहनत से, बहुत अच्छा है। इसी तरह video conference करके हम कहीं भी रहे, meeting attend कर सकते हैं। Video conference भी बहुत अच्छा है every year Sir। और आपका secretarial department का team, Company Secretary Govind जी और हमारे Madam Sheela जी, क्या services है आप जितना तारीफ करें उतना कम है। हमारे को link मिल गया, पैसा मिल गया, दूसरे दिन balance sheet मिल गया। इतना अच्छा service है, उनको भी बहुत-बहुत धन्यवाद देता हूँ। Thank you, Sir. Thank you, Kamal जी. Now I invite speaker number 11, Mr. Praful Chavda. Chairman sir, board of directors, मेरी आवाज़ आपको सुनाई दे रही है sir? Hello. सुनाई दे रहा है। I can see you and hear you. आवाज़ आ रही है ना मेरी? हाँ जी। Thank you, sir. Chairman sir, board of directors, company का first page बहुत अच्छा दिया। इसमें ज़्यादातर अपना product कहाँ-कहाँ use होता है, इसके photograph दिए हैं। तो इसमें मैंने देखा कि हवाई जहाज, steamer, नाव के photograph नहीं हैं। तो क्या इसमें अपना product use होता है या नहीं होता है, इसके बारे में बताएंगे? और बीच में आपने without paint करे हुए मकान बताया है। Sir मैं paint तो नहीं बोलता हूँ, मैं बोलता हूँ makeup का सामान बनाते हैं आप। paint इसको ही बोलते हैं, makeup के सामान को ही बोलते हैं। तो मैंने देखा कि अभी नई-नई company नए-नए products लेकर आ रही हैं और competitor बढ़ते जा रहे हैं। तो अपने क्यों ना makeup सामान बनाने के भी field में जाएँ? वो makeup भी एक ladies के चेहरे पे color करने जैसा ही होता है ना। वो color करके देता है और makeup हो जाता है और सुंदर हो जाता है। तो ladies की सुंदरता भी makeup से दिखती है और हर एक चीज की सुंदरता color लगाने से दिखती है। तो अपने भी यह field में गए तो अच्छा रहेगा। Sir, CSR अच्छा है। पर मैं CSR में पूछना चाहता हूँ कि आजकल सब जगह पर रोहनिया, बांग्लादेशी, विदेशी लोग घुस के Indian को काम नहीं मिलना और वो लोग काम करते हैं, तो अपनी company में ऐसे लोग हैं या नहीं हैं? हैं तो इसको पकड़ने के लिए क्या करें? इसको verification करने के लिए क्या करें? वो देखना चाहिए। Sir, जब हम products खरीदते हैं तो ज्यादातर 20 litre या 10 litre के, वो लोग sell करने वाले bulk में खरीद के रखते हैं और इसमें pack करके दे देते हैं, हमारे हिसाब से color बना के। तो हमको पता नहीं चलता कि हम original Nerolac ले रहे हैं या दूसरी कोई company का ले रहे हैं। इसके बारे में बताएंगे? Sir, company का paints का duplicate कितना होता है और vigilance department इसको पकड़ते हैं या नहीं पकड़ते हैं और किस तरह पकड़ते हैं? और duplicate products और original products को कैसे पहचाना जाए, इसके बारे में कुछ knowledge अगर customer को मिल गया तो benefit रहता है। तो sales department अच्छा काम करे इसके लिए मैं धन्यवाद देता हूँ और साथ में यही कहना चाहता हूँ कि company का AGM report बहुत अच्छा बनाया हुआ है तो इसके लिए मैं secretary को एक बार धन्यवाद देता हूँ। धन्यवाद sir. बहुत-बहुत धन्यवाद। Thank you, Praful भाई। I invite speaker number 12, मनजीत सिंह. Am I audible? Yes. Company की management team, secretarial team और my case को shareholder, मैं सभी का स्वागत करता हूँ। Secretarial department की मेहनत का फल है कि हम इतनी दूर बैठकर आपसे AGM attend कर रहे हैं आपके साथ। यहां दिल्ली में आज मौसम अच्छा है। ऐसा ही उम्मीद करते हैं कि वहां का भी मौसम अच्छा होगा। World scenario के अंदर जिस तरह से crude oil के prices में change आते हैं, उसका क्या impact पड़ता है हमारी company पर और कुछ stock वगैरह हम crude का कुछ रखकर चलते हैं। थोड़ा आप बताएंगे shareholder को, तो इसके बारे में हमें पता चलेगा company के बारे में। Employee benefit expenses हमने करीब 10% बढ़ाएं हैं। ₹401 करोड़ की जगह ₹447 इस मद पर हमने खर्चा किया है। तो मैं आपसे यह जानना चाहूंगा कि 2024-25 के अंदर हमारे साथ कितने नए employee जुड़े और आने वाले time में 2025-26 के अंदर कितने और नए employee, कितनी नई रोजगार देने की हमारी company से उम्मीद करें। क्योंकि यह भी एक सामाजिक दायित्व है, नए रोजगार पैदा करना। आप जैसी companies ही नए रोजगार पैदा करती हैं। आगे आपसे उम्मीद करेंगे हम। Promoter holding हमारी 74.98% है। तो क्या आने वाले time में कोई QIP issue आएगा, ऐसा कुछ संभावना है? कोई नहीं हो। बाकी जिस तरह से BSE, NSE के under listed हमारी company जो है, हमारा symbol है 500165, जो हमारा code है। आने वाले time में हम जिस तरह से CS department ने 90 दिन के अंदर हमारे board को हमारे रूबरू करा है, ऐसे ही corporate governance अच्छा रहेगा। secretarial department का बहुत-बहुत धन्यवाद जो हम आपसे रूबरू हो पाए। Thank you for the management team. Thank you for the secretarial team. Thank you, sir. Thank you. Thank you, मनजीत सिंह जी। Now I invite speaker number 13, Mr. SP बैसानिया. Dear board members, the shareholder has informed that he will be unable to join the meeting. We can move on to the next shareholder. Thank you. Next speaker, Mr. आयुष गुप्ता। Hello sir, आप मुझे सुन पा रहे हैं? हाँ जी। Chairman sir, मैं दिल्ली से आयुष गुप्ता, आपका और सभी board members का स्वागत करता हूँ। Sir, chairman speech हो रही थी, excellent presentation भी हो रहा था sir. Sir, उसके बाद कुछ सवाल बचते नहीं हैं sir. बाकी जो सवाल थे वो मेरे से पहले shareholder पूछ चुके हैं sir, मैं उन्हें repeat नहीं करूंगा sir. Sir, मुझे जानना है हमारे plant कितनी capacity से काम कर रहे हैं sir? Sir, जिस तरह का माहौल आपने बताया है, नई-नई company आ रही हैं। Sir, इन challenges को हम किस तरह सामना करेंगे, इनका किस तरह हम करेंगे जिससे हमारे margin intact रहें sir. Sir, आप पर भरोसा है, विश्वास है। जो भी निर्णय company के बारे में लेंगे company के हित में होगा। Company अच्छा करेगी तो shareholders को reward भी मिलेगा sir. Sir, मैं दिल्ली से आपसे जुड़ रहा हूँ sir. इसी platform को use कीजिए जिससे pan India के shareholder आपसे जुड़ पाएं। Sir, हमें आपसे साल में एक बार मिलने का अवसर मिलता है, बात करने का अवसर मिलता है। लेकिन अपनी जानकारी के लिए हम बार-बार secretarial के पास जाते हैं। Company Secretary Sir, उनकी पूरी team में एक नाम Sheetal Ma'am का जरूर लूंगा। जिस तरह वो shareholders का reply करती हैं, ऐसा बहुत कम देखने को मिलता है। उसके लिए भी मैं पूरे secretarial का बहुत-बहुत धन्यवाद करूंगा। अंत में मैं company के सुगत भविष्य के लिए शुभकामनाएं देता हूँ। धन्यवाद Sir. बहुत-बहुत धन्यवाद आयुष गुप्ता जी। Next speaker, Mr. P जयचंद। Can you hear me, sir? Yes. Good morning respected chairman, board of directors, secretary and his team and my fellow shareholders. I am P जयचंद joining from Chennai. First of all, I congratulate the management on the eve of this 105th AGM. I and my family members are proud shareholders of the esteemed company. The management has put on great effort and doing a wonderful job. The only grievance of shareholder is expecting better dividend and appreciation of share price. Because most of the shareholders are expecting and depending on this dividend, sir, especially the senior citizens. I also request the management not to take away the maximum profits into reserves. I hope the management will not let down the shareholders. I request the management to be cost-effective wherever possible. The CSR activities are good. What are the future plans? How are we going to withstand the tough competition? I request the management to issue bonus shares, if not rights issue, to the shareholders and make them happy, sir. I support the management and I cast all the votes in favor. I wish our company all success and will touch sky heights. I request the management to consider special dividend and hospitality path of the shareholders, especially the speaker shareholder. I thank the management for giving me the opportunity. Sir, Mr. Abhishek will join from the same device, sir. Please kindly allow, sir. Thank you very much, sir. Okay. Can you hear me, sir? Am I audible? Yes. First of all, I congratulate the management on the eve of annual general body meeting. I trust all is well with you and your family and 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. We are really glad that the company is constantly declaring dividend on a consecutive basis to the investor community, and we are thankful to the entire board of directors for their sincere efforts in bringing the company to this particular extent and rewarding the minority shareholders in large number. Sir, I have already sent my questions via email. I shall not repeat the same questions in this AGM in the interest of time. The company secretary, I really appreciate their sincere efforts in conducting this AGM and making this AGM a grand success. Their efforts are really appreciable. Most of my questions are there via email, sir. Regarding the factory visit, some other shareholders have also asked, so kindly try to consider the same, sir. Myself and my team are running a legal firm in the name and style of Seven Oaks Associate in Chennai. I would request the management to kindly enroll the firm in the empowerment of the company, and we will be glad to extend our services, sir. Nothing much to ask, sir. I wish the company and the board of directors a great success and prosperity in the coming future. Thank you for giving the opportunity, sir. Hope to see you in the hybrid AGM next year. Thank you. Abhishek, thank you. Next speaker, Mr. Om Prakash Kejriwal. Hello, sir. Am I audible, sir? Yes, Mr. Kejriwal. Good afternoon, sirji. Good afternoon. Good afternoon, everybody attending this AGM. Myself Om Prakash Kejriwal, your equity shareholder from Kolkata. Thank you, sirji, for providing me the platform to speak something before you. Thanks to our secretarial department for helping me registration as a speaker shareholder. Especially thanks to Sital Madam for calling me and taking my know. Sirji, this is my third AGM, only due to virtual. If possible, please follow this virtual AGM in next year also, so that more and more investor from different parts of the world could join our AGM and express their views, and company could take benefit from their views. Sirji, firstly, I want to give thanks to you people for maintaining a dividend of INR 3.75 per share on face value of rupee one, in spite of difficult business environment. Maintaining the revenue and profit in consolidated account, in spite of cutthroat competition in paint industry. Sirji, in your opinion, in how much time this competition in paint industry will cool down? Consolidation is going on. Promoter of AkzoNobel sold their stake to JSW Paints. Sirji, what is our market share? Whether we have lost some market share after large entries. Sirji, I have few suggestions for CSR committee. First suggestion, sir, for CSR committee, please use some of CSR fund to provide drinking water near your business point, nearby your factories and villages. Second request, sir, please use some of CSR fund for betterment of cancer patients, because we know after COVID disease, one or two member of each family is suffering by the cancer disease. Sirji, factory visit, if possible, please organize a factory visit, so that we can see our factory, how it is running. At last, sirji, please maintain your smile and be cheerful. We are always with you as a long-term investor. Thank you. Thank you, sirji. Thank you, Mr. Kejriwal. The next speaker, Mr. Sarabjit Singh. Hello. Chairman, sir, can you hear my voice? Yes, Mr. Singh. Chairman, sir, first of all, good afternoon to you, all the board of directors, all the staff of Kansai Nerolac and fellow shareholders. Chairman, sir, the way you told us about the company in your opening remarks, and sir, the way you people are working hard, that is also visible in our share price, sir, which was 52-week low around INR 218, high was around INR 320. And sir, even today our share price is trading at INR 250, and sir, we have full faith that in the coming next year when we will connect with you, our share will cross INR 500 because the way you people are working hard is clearly showing that we will get good returns in the coming time. और sir, जिस तरीके से अभी मैंने देखा है, हमारी promoter holding भी around 75% है, जो इस तरीके से सरकार द्वारा निर्धारित होती है। तो sir, हमारे promoters का पूरा विश्वास है हमारी company पे। यह sir एक काबिले तारीफ है और आने वाला जो future है, वह इसी चीजों से bright होता है। और sir, जिस तरीके से foreign investor ने भी हमारी company में around 5.3% अपनी stake holding करी हुई है और sir, जिस तरीके से foreign investor का विश्वास आ रहा है हमारी company में, वह sir एक बहुत ही अच्छा संकेत है और sir आने वाला जो future होता है, वह इसी चीजों से bright होता है। बाकी chairman sir 2024, 2023, 2025 में sir, जिस तरीके से आप लोग हमें dividend भी देते आए हैं sir, time to time, यह भी sir एक अच्छा संकेत है और investor के लिए sir एक eco-friendly approach है। बाकी chairman sir, जिस तरीके से आपकी अध्यक्षता के अंदर आपका secretarial department और moderator sir, एक-एक shareholder को आपके सामने बुलवा रहा है, यह sir एक काबिले तारीफ है। Thank you, sir. Thank you so much for giving me a chance. Thank you, Mr. Sarabjit Singh. Thank you. Next speaker, Mr. AV Mani Sundaram. Are you able to hear my voice, sir? Yes, Mr. Sundaram. We did see. I am AV Mani Sundaram from Tamil Nadu. Very happy to attend the meeting by means of video conference. 150 year Kansai Nerolac Paints. First of all, I welcome Bhaskar Bhat, Chairman, Company Secretary Govind Rajan, fellow Directors, and Sital Madam. CFO P.D. Pai. Very happy to inform they given technically supported by means of attend the meeting. Very happy, sir. This paint company has been given third generation running successfully. Yes, madam. Some points I have to record. CSR activities are very good, sir. On page number 25, market project. Very good photography. On page number 88, green build development has good is going on. Environmental compliance also not nil. Okay, thank you. On page number 203. Six board meetings has been conducted. What they resolution please give briefly, sir. On page number 218. Motivate physical. Very good. Previous shareholder has been told about the sale of land INR 300 crores. What is the square feet area and market value? This annual report is very transparent. Very happy. We requesting for plant visit. They have some good results issue. Special dividend to the shareholder and consider hospitality to the shareholder who are attend the meeting by means of video conference. Comparing with other competition of paint company Berger rate is INR 650 and our rate is INR 249. Asian Paints 1 rupee share is INR 2,100. Please have a good run and raise the market value and share value. Thank you. Thanks a lot. Please consider plant visit, sir. Thank you. Thanks a lot. Namaste. Thank you, Mr. Sundaram. Now invite speaker number 20, S. Celestine Mascarenhas. Hello, am I audible? Yes. Okay. Thank you. Respected Chairman, Mr. Bhaskar Bhat. Other members on the board. My dear fellow shareholders, I am Mrs. C. Mascarenhas speaking from Mumbai. First of all, I thank the Company Secretary and his team for sending me an annual report, also registering me as a speaker at my request, and also giving me this platform, which was quite easy to participate. Thank you so much. Our annual report is full of information, facts, figures and self adhering to all the norms of corporate governance. The working is not that good because of very difficult economic conditions. But in spite of that good dividend of INR 3.75, which includes INR 1.25 as a special dividend in spite of the difficult conditions. Next, I come congratulations for all the awards and accolades received during the year. I even appreciate very good CSR work. Now my queries. What challenges are we facing due to rise in the oil prices and also geopolitical issues and Trump tariff policy? How are we trying to de-risk the same? We have come to in water based external paints. How much is the demand? What is the growth and how much margins we are getting. As many people have spoken before me, I restrict myself because many of the queries I had will be answered subsequently. With this, I support all the resolutions. I wish my company all the best. May it grow from strength to strength and especially I wish the entire Chairman and everyone, entire Nerolac's team, very good health. As health is wealth, because if there is health, wealth will definitely come. With this, thank you for giving me this patient hearing. Thank you once again. Now Mr. Mascarenhas. Hello. I'm the next speaker in the queue. Can I proceed, sir? Yes, sir. Respected Chairman, sir, very distinguished members of the board and my fellow shareholders. Good morning to you all. My name is Aloysius Mascarenhas. At the outset, I thank the management, Company Secretary, and the team for sending me the annual report which I received on time. It is full of information, facts and figures in place and the results which is given. It is comparatively good seeing the situation presently, the economic scenario and the political scenario and the competition, severe competition. In spite of this competition, you have given us a good dividend of 3.75%. Very good, sir. Keep it up. Looking forward, I see a bright future even with the competition. Is there any venture by these giants like Asian Paints and other giants—now JSW has come—for any takeover bid of our company? Aditya. Aditya Birla also is there. I would like to know on this. We have to be strong enough to fight the competition. Many questions have been asked by my predecessors and many more will be asked. I wish my company, especially the board of directors and employees, all the very best in the days and years to come. With this sir, thank you very much for patient hearing. Good health and good luck, and goodbye. Thank you. Next speaker, Mr. S Padmanaban. Mr. Padmanaban, are you there? We move on to next. Ms. Smita Shah. Hello. Yes. Sir, आवाज़ आ रही है मेरी? हाँ जी। Thank you, sir. माननीय Chairman साहब, श्री भास्कर जी, MD साहब, श्री CEO श्री प्रवीण जी तथा सभी उपस्थित माननीय Directors, आप सभी को मेरा Smita Shah का सादर प्रणाम। Chairman साहब, पहले तो मैं आपका as a Chairman और श्री प्रवीण जी को as a MD के लिए मैं हमारे Kansai board पर आपका हार्दिक स्वागत करती हूं। साथ में board पर पधारे सभी Directors का भी मैं हार्दिक स्वागत करती हूं, और आप सभी को तय दिल से मेरी heartily wishes की शुभकामनाएं देती हूं। साथ में आज हमारी 105th AGM की बहुत-बहुत बधाई देती हूं। और साथ में, मैं जरूर कहूंगी कि हमारे मेहनती, hard worker Company Secretary श्री Govind Rajan जी और CFO श्री Pai जी, सभी hard worker, good worker हैं। बहुत ही उम्दा service देते रहे हैं। Balance sheet भी बढ़िया colorful information के साथ बनाई है। Shareholders को भी good investor service देते रहे। Good relationship रही है। उनकी team से Ms. Sheetal भी बहुत मृदुभाषी, hard worker और मेहनती है। और कल रविवार था तो भी हमें call करके पूछा कि आपको link मिली कि नहीं, हमारी AGM join कर लेना, समय पर। Always बहुत follow-up करती है। मैं पूरी CS team, Govind जी के साथ पूरी CS team, सभी hard worker का और good investor service की सराहना करते हुए सभी को मैं दिल से धन्यवाद और शुभकामनाएं देती हूं। और Chairman साहब, हमारी Kansai Nerolac company ने आज तक market में international level पर paint field में अपना अच्छा नाम बनाकर रखा है। हमारा जैसा नाम है, वैसा काम है। और Chairman साहब, मैं कहूंगी कि आपने भी बताया कि company के साथ कई employees, workers, सभी का भी योगदान रहा है। सभी के जो योगदान से हमारी company आज अव्वल में रही है। तो मैं जरूर कहूंगी Chairman साहब, आप भी always smiley रहे हो, hard worker हो। हम भी आपको पहचानते हैं। आप भी काफी अच्छा work के साथ आगे बढ़ोगे। Company हमारी आज रही है colorful, तो जरूर आपकी leadership में हमारा future बनेगा wonderful. बस हमारी company आज जो तरक्की के साथ आगे बढ़ रही है, उससे भी हजार गुना तरक्की future में आगे बढ़ेगी और वही अपेक्षा मैं आपसे करती हूं। जैसे हमारे Pradeep भाई की leadership में company अव्वल में रही, तो आप भी अव्वल में ही रखिए। और बस company जैसे आगे-आगे तरक्की के साथ बढ़ेगी, तो आपने जो आज dividend दिया है, बहुत बढ़िया dividend दिया, तो उससे भी बढ़िया dividend आप future में दे पाएँ, बस यही मैं आशा व्यक्त करती हूँ। और Chairman साहब, जहां विश्वास है तो कोई सवाल नहीं बनता। आपकी हंसी हमारी खुशी बढ़ाती है। बस दो चम्मच हंसी, चुटकी भर मुस्कान, बस यही खुराक जो खुशी की है पहचान। सदा हर्षित मुख रहे। Good health well के साथ हमेशा हरदम आप कदमों-कदम आगे बढ़ते रहे। यही मेरी always शुभकामनाएं आपके साथ हैं। और Chairman साहब हमारा always support भी रहा है company के लिए। तो आज के जो भी resolution हैं, उसमें मैं fully support करती हूँ। और Chairman साहब बस आशा करती हूँ कि कई लोग बोल रहे हैं कि VC meeting जारी रखिए। Sir हम उनका भी सोचते हैं, physical के लिए भी सोचते हैं। क्योंकि Sir, छह साल से हम जब रूबरू नहीं मिल पाए, तो Chairman साहब आज आप सभी जो board पर first time आए हो, अगर आप रूबरू मिलते तो आप सभी का हम फूलों से स्वागत करते। Sir यह हम miss कर देते हैं। तो Chairman साहब हमारी भी एक ख्वाहिश है, हमारी भी एक request है कि आप physical और hybrid AGM करने की कृपा करें। तो next year यह जरूर सोचिए और physical hybrid AGM करने की कृपा करें। बाकी तो आने वाले सभी त्वरित की मैं शुभकामनाएं देते हुए मैं धन्यवाद करती हूँ। Sir चालू रखिए, भरत शाह बात करते हैं। माननीय Chairman श्री, MD श्री और अन्य माननीय Director. Sir, मेरा नाम भरत शाह है। Sir, मैं issue time से बरसों से आपका shareholder हूँ। बरसों से AGM attend करता हूँ Sir। जब भी physical meeting होता था, तब भी मैं attend करता था Sir। बहुत neutrally company चला रहे हो Sir और हमेशा company को दिन-प्रतिदिन year to year आपने ऊंचाई पर पहुँचाई है और shareholder को अच्छा good return दिया है। अच्छा dividend दिया है Sir। मैं बहुत-बहुत धन्यवाद देता हूँ और ऐसे ही अपनी company ऊंचाइयों पर आगे जाएगी। मेरी भगवान ईश्वर से यह प्रार्थना है Sir कि अपनी company दिन दो गुनी, रात चौगुनी आगे बढ़े Sir। Sir, bonus के लिए मैं request करता हूँ, आने वाले साल में हो सके तो जरूर bonus के लिए सोचना Sir। और सारे awards के लिए भी धन्यवाद, अभिनंदन देता हूँ। CSR activity भी Sir अच्छी चल रही है। एक मानवता का कार्य है, बहुत अच्छी, व्यवस्थित चल रही है, तो मैं उसका बहुत धन्यवाद, अभिनंदन देता हूँ। और अपने Company Secretary Govind Rajan जी और उनकी team के Sital जी और पूरी CS team को मैं बहुत-बहुत धन्यवाद, अभिनंदन देता हूँ। Best investor service दे रहे हैं। हमेशा shareholder की कोई query है तो solve करते हैं, respect देते हैं और best investor service दे रहे हैं। यह meeting में जुड़ने के लिए भी कल Sital Madam ने Sunday होते हुए भी हमको phone किया। आपकी team हमेशा हमारे साथ रहती है meeting में जुड़ने के लिए। तो मैं पूरी CS team का बहुत-बहुत धन्यवाद, अभिनंदन देता हूँ Sir। Sir factory visit के बहुत लोग कहते हैं, लेकिन factory visit आपका chemical का plant है तो possible नहीं हो पा रही होगी। Sir एक बार आप यह कीजिए Sir कि एक hall में आप documentary film जैसा बनाइए factory visit का Sir। Director लोग भी रहेंगे तो get together जैसा भी हो जाएगा और आधा घंटा में वह सब देख लेंगे। Factory visit का उधर ही hall अभी कोई company ऐसे करती है Sir। तो hall में रखते हैं कि इधर अपनी Worli office के hall में meeting रखिए। उधर presentation बता दो factory visit का आधा-पौना घंटा, तो पूरी factory visit उधर ही हो जाएगी Sir। और Director लोग भी आएंगे तो उनको भी हम लोग मिल पाएंगे Sir। और possible है तो ऐसा करने की मेरी heartily request है। Sir आपकी analysis meeting जो होती है, उसमें speaker से shareholder को हो सके तो possible है तो जरूर बुलाना। और factory visit का अपना physical meeting के लिए भी मैं एक request करता हूँ Sir कि next year जरूर physical meeting कीजिए तो आपको रूबरू में हम लोग मिल सकें और आपका स्वागत भी कर सकें। आज भी यह होती, first time Chairman Sir आप आए तो हम आपका फूलों से स्वागत करते। तो physical meeting next year और hybrid रखिए, तो बाहर वालों को भी chance मिलेगा। तो ऐसा कीजिए, दो-तीन साल में एक बार ऐसा physical meeting रखते जाइए तो रूबरू में मिलना होगा Sir। बाकी आपकी health well अच्छी रहे, company बढ़िया प्रगति करे, मैं भगवान ईश्वर से प्रार्थना करता हूँ। सारे resolution में मेरा पूरा support है Sir। Thank you very much Sir। जय हिंद, Vande Mataram Sir। Vande Mataram, जय हिंद Sir। Thank you very much, thank you Sir। Thank you, Mr. भरत शाह। I invite speaker Mr. मनोज कुमार गुप्ता। Hello, good afternoon respected Chairman and board of directors, fellow shareholders. My name is मनोज कुमार गुप्ता. I have joined this meeting from my resident city of Joy Kolkata. I warm welcome you as chairman of our company, Sir. I am your great admirer and I have a great respect and regards to you, Sir. You become today chairman, so we believe that you will turn around this company and you will make this company like Titan and Reliance. Whatever you have shown and you have given return to the employees and investors of Titan under your leadership, that you will give return to the employees and investors in Kansai Nerolac in future also under your able and dynamic leadership. We believe that you will lead the company to take the company on new heights under your leadership. Because you are the pioneer of master in marketing. Kansai Nerolac need marketing people, those can lead the company and inspire the peoples to market the product in the country. You will lead and you will help them to lead and market the brand and reach the house to house of Nerolac brand. I believe that you will do. I thanks to the MD and his team for excellent result of the company for 2024-25. Thanks to the company secretary and his team, especially Sheetal ma'am for help us to join this meeting through VC. She is very cordial and very good relation with the investors. Thanks for your dividend. CSR, you are doing a good work under the CSR. Kindly explore some fund for the health and education. These are the basic need of the pupil and the needy children in the health and education sector. Kindly spare some amount on this sector. In competition, how you will face the competition? There is a lot of competition is coming every day. The new giants has come, Opus, JSW and JK. JK Cement has also launched their paints. JSW has launched their paints, and Birla Grasim has launched Opus brand. They are giving big challenge to a well-stabilized brand like Kansai Nerolac Asian Paint. How you will face the competition from these three new brands from JSW, Opus, and JK Cement? Our parent company, mother company, Japan, is very trusted and very faithful for India. They are very cordial for India and very helpful for India because our beloved Prime Minister, Shri Narendra Modi, Narendra Bhai Modi, always keep trust and faith on Japan, and Japanese always keep trust on India, and they always support in every aspect to the India. In every aspect. I am a shareholder of five, six companies in which where the Japanese hold more than 50% shareholding. They always support the Indian company to run the company smoothly. I believe that Japanese will give full support to Kansai Nerolac India's management to run the company smoothly by technology in every aspect because they are very trusted country for us. I salute them. Expenses, try to take a positive step to reduce the expenses and continue VC meetings, so that this all credit goes to our beloved Prime Minister because he inspired the peoples to use the digital and so that we are in Mumbai, we are in Kolkata, so that we can talk to our. Due to digitalization revolution, so we can talk. Your today market price is INR 249, and market capitalization is INR 20,210. I believe that within two or three years, this will be double under your leadership. I strongly support all the resolutions with the hope that the employees and investors will get good return. Kindly keep some money for future expansion. Is there any impact, direct or indirect, to geopolitical tension in the Middle East and Russia-Ukraine war? With this, I thanks to you and your team. I wish to God for a healthy and prosperous, healthy, long lifestyle. Thank you, sir. Thank you. Thank you, Mr. Gupta. Thank you. All shareholders have spoken now. I will start replying to the questions raised by the speaker shareholders. I will reply to the questions raised by the shareholder in advance, as well as raised through the concurrent questioning, which is more available on NSDL website. The first question was raised by Ms. Vasudha Dakwe. She had asked about three years of CapEx plans. Last year we gave about INR 300 crores of CapEx. Current year plan is about INR 314, and we have been in the same line. As far as the demand goes, based on the demand and supply gap, we continue to invest both as well as brownfield or greenfield, if need be taken. In terms of number of retail shops opened, currently, we have about 35,000 total dealers available in the country. We are very strong in the rural market, followed by the urban market. Next question from Mr. Lalit Mehra. Crude oil fluctuation. Yes, I think because of the geopolitical tension for last one year, there has been significant crude oil fluctuation. Along with that, there was a foreign exchange fluctuation. But you would have seen from the result that company could manage these fluctuations very well. If you look at our EBITDA margin guidance was met through consistent, very cost-effective measures which company took, including operational efficiency as well as productivity focused initiatives at the material level. Your company is in business for last seven, eight decades. You will note that through this long period of working, company has developed its ability through strong R&D in terms of managing formulation based on the variations. So company effectively does that whenever there is an opportunity presents in crude oil fluctuation. Export market, we do export to Philippines, which is our major market, followed by Bangladesh, though our overall export compared to total business is very small. This is because Kansai is present in many countries outside India and where they do business locally. Hence, to avoid the conflict, there is no export, really, managed by your company in India. Land sale. There was a question on land sale, how it proceeds. I think land sale proceeding, we did sell two lands in last two years. One is in Thane and one is in Mumbai. These land proceeds right now are invested, and a part of that was significant part of that was given out as a dividend in both cases. Now, looking at the current dynamic and very competitive situation, your company would like to conserve cash and obviously use that effectively in building brand as well as looking at any inorganic opportunity that might come and get presented. We continuously evaluate such opportunity, and if there is any opportunity, we would like to use this reserve to execute that transaction. There was a question on subsidiary underperformance. Yes, our Bangladesh and Sri Lanka has been going through rough weather for last couple of years. There have been series of actions taken. However, there are still lot more to be done in terms of reviving this. But the continuous dynamic situation as well as local stability being not so good, considering our economic conditions of both the countries, there are headwinds, not only for us, but even for the competition. As far as Nerofix is concerned, if you notice, only last year there was a problem with our profit margin. However, prior to that, we have been managing the subsidiary pretty well. Last year, there was a higher investment in terms of building brand as well as manpower in order to expand drastically. That investment was made upfront, and that's why you will see the impact on the EBITDA. But going forward, I think these investment that have been made both in manpower as well as in brand building should yield result, and we should positive trajectory as far as the subsidiary is concerned. The next question was, there are many questions which have come up because of this heightened competition and recent deal of JSW and Akzo. I'll address it once for all. See, Indian paint industry is used to this competition. It's not the first time this competition is coming. For the last 15, 20 years, you would have seen many multinationals enter this field of paint and tried their hand. But you will notice that still these big four have held the fort, and not many could succeed. They did succeed in the pockets, but not on a wider basis. The reason being, as far as decorative is concerned, there is a strong requirement of brand awareness as well as distribution presence is required. This has come about with these four guys over a long period of working in the Indian market, and they have gained the trust of consumer as well as our influencer, which is painter. And dealers, which is our strong asset, which actually ensures that our products are made available, all the consumer and influencer complaints and all entire transactions are managed. There are strong pillars, and we have 35,000 strong dealership network available in the market. I think this is all helping us in terms of holding on. Competition is definitely aggressive. We are not dealing with the competition, but it is also a question of holding on and also trying to grow in a stronger market. Only time will tell whether competition is really able to establish itself and prove it to be a strong additional player apart from the four players that exist. Another advantage with our company is that our company is a uniquely balanced portfolio. We have got more than 50% in industrial paint business. In that also, we are present in all the segments of industrial. And we will be happy to note that in all the segments, we are either number one or we are number two. I think that gives a strong leverage in addressing the competition, which is not this balanced. And I think that gives our company stability in terms of navigating through a tough phase like what we are going through right now. There was next question from Mr. Yusuf Rangwala. He complimented about all the products, photographs, and the amount of work that we have done on CSR and overall cost efficiency. Thank you for that comment. Next question was from Miss Sara Lakdawala. She was asking about our growth plans and industrial coating growth segments. Yes. So as I stated, our company is uniquely positioned with balanced portfolio. So while we will try to maintain our position in decorative, we are planning very aggressive growth in terms of industrial segment, which is also supported by the infrastructure investment done by the government. I think there is a strong push towards a performance-oriented product, which Kansai Paint, Japan, with their global technology base, is readily available, and that I think will be used to grow as far as the next four to five years are concerned. There was one more question on AI use, how we are using it for consumer reach and new product launches. So I will cover the digital initiative part, and in that, you will notice that we have launched many digital applications, including for dealers who are painters and also to consumer via paint as a service. Now in that, the painters become very important, and there this artificial intelligence is getting used, where we are obviously prompting painters to take benefit of many offers that we launch from time to time. And this is very dynamically done, and for that, AI is getting used. Other AI use case is obviously for consumer. You would have seen our Nerolac app, which is there, on which you can scan your home, and you can also ask for the suggestions as far as combination of paint are concerned, paint colors are concerned. I think this is done dynamically using artificial intelligence. So all these are the efforts which are made to get used to artificial intelligence as a technology, and also to enhance our overall business model as well as efficiency in terms of reaching out to customers, also to our influencer effectively. And this only will increase as we go forward, as we try to master this and add more and more business cases, and business model will evolve. As they evolve, obviously, we will be notifying it through our annual reports as well as through meets like this. There are a few questions from Mr. Santosh Kumar Saraf. He asked about CapEx plan, which I already covered. He asked about new products. Last year, you would have seen that we launched about 28 new products in decorative and more than 125 products in industrial. These new products contribute about 11% of our total sale. The ESG part I already covered. ESG rating he asked. Our ESG report is rated A+, and this is rated by external agency, which is a quite a good rating. This shows that our ESG efforts are of a global standard and are recognized. Percentage of renewal, it's about 60%. 39%. It's about 39% in total, and we do have both solar panel as well as wind energy in place to support this renewal effort. Next question is from Miss Pordei. You were asking about our presence in north distributors, and specifically you made a reference to Chandigarh. In fact, our Punjab market is very strong. Our total distributor network in north is about 16,000 dealers out of total 35,000 that I mentioned. So very strong presence as far as overall north distribution is concerned. We do not supply to Iran and Israel, so there's no impact as of now as far as these two countries direct is concerned. Number of patents filed. Last year, we filed more than four patents, and this is ongoing effort. Every year we do file patents as and when we have the opportunity. Next question is from Mr. Gautam Tiwari. He is asking about capacity utilization. It's about 60%. Number of skilled and unskilled worker. We have about a total of 4,000 permanent employees. In that, about 700 are operators, which are skilled ones, and contractors are more than 2,000. I have covered competition already in detail. Digital initiatives I have covered. CSR activity and its assessment. Yes, we do assess our CSR spend, which are more than INR 1 crore, especially in the open painter training area, which comes under livelihood and skill enhancement. We have already assessed, and we have submitted the report. Subsidies I've already covered. The next question from Mr. Praful Chavda. He gave suggestion to enter into makeup segment. But looking at our current portfolio and opportunities that we do have both in decorative, auto, and industrial, I think there's enough work for next four to five years, and I think our company is heavily invested in growing these segments. Hence, while we'll note the suggestion, we'll evaluate as and when it is appropriate. You had asked about Nerolac duplicate and its action. Yes, our sales team is always on the watch in terms of looking for these duplicates. There is continuously scanning which goes on, and there's a proper procedure which is executed, in terms of rating as well as identifying and eliminating these duplicates as concerned. It is done very effectively. Every year we carry out this activity. There was a next question from Manjit Singh. He has asked about employee cost and how many new employees were added. There were about 225 new employees added last year. Competition I already covered. There is a question from Avish dunno then. Jay Chand has given some suggestions on being cost effective and obviously competition is battling. I have already explained what are their efforts in terms of addressing the competition also. Mr. Om Prakash Kejriwal asked about our market share, which is about at 15% as of now. There was a suggestion given by him which we will take note of, investing in cancer disease and having some spend as well as raising funds. We do spend on education and health, but if there is an opportunity, we will consider this. Mr. AV Mani Sundaram wanted to know our sale of land proceeds. Our Lower Parel land was 4 acres, and we have sold it for INR 676 crore. Mrs. C. Mascarenhas asked about which product has more demand. As far as decorative is concerned, it is water-based segment which has the major demand. This segment contributes about 45% of decorative overall, and this is the fastest-growing as far as decorative is concerned. In terms of automotive and other industrial, it is mainly performance driven as well as one which saves energy and high on performance. This product demand is increasing rapidly. There was a suggestion from Mr. Manoj Kumar Gupta on brand investment. We will note that for last three, four years, consistently your company has been investing in brand building, and despite pressures, company has not reduced its brand investment. It is continuously doing that investment both on media as well as on digital front, and also heavy investment as far as our influencer management is concerned. It is not leaving any stone unturned in terms of having that brand building effort going there. KPJ support through technology. Yes, KPJ technology is available to all the group companies, including Nerolac. With new initiative that Kansai launched from this April of One Kansai, in fact, this exchange will be more fruitful now and more accessible. It is up to individual company to choose from the technology bank that they have. If you are having some potential for that technology, KPJ is absolutely okay with extending it individually. That full support is always available to us. Thanks for your suggestion on the reducing expense. I think you would have noticed that through this difficult time also, over last two, three years, company has maintained its EBITDA guidance, and I think that shows our very effective working as well as cost management. These are the questions which we had in total. Also in general, I think there are many comments which are complimenting our company secretary team and thanks for this encouragement. I think team will be excited to support more in future. Covered. Even in concurrent questions, I have gone through it, but I have covered almost all the questions there, so there's nothing further to add. There were a couple of requests which are made about physical meetings. We'll take note of that and as and when opportunity presents, we'll definitely consider that, including factory visit. You'll appreciate that these factories are in pretty remote area as well as being chemical in nature. There are some limitations in actually taking you there. But definitely your suggestion on how do you see that factory, whether virtually or otherwise, we'll definitely take note of that and consider it. I think that was it. For now, I request our Chairman to continue proceeding with the meeting. Thank you, Mr. Rohit Chaudhary, and thank you all shareholders for such active engagement throughout the AGM and before and now hopefully afterwards as well. As well as the encouragement you provided to the Board, the management, and everybody involved with the company. I will now proceed to move towards resolutions proposed to be passed at the AGM. As you know, there are seven 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 shareholders from 9:00 A.M. on 27 June 2025 to 5:00 P.M. yesterday, which is 29 June 2025. Those shareholders who have not yet cast their vote can vote through the e-voting portal, which shall be kept open for a 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 at the corporate office of the company by the end of today, 30 June 2025. The same shall be placed on the website of the company and would also be informed to the BSE, NSE, and NSDL. The Company Secretary will take necessary actions with respect to declaration of results of the e-voting process. The timer for the e-voting will start as soon as I've concluded my speech, and the e-voting portal will be closed after 15 minutes. I encourage you to vote, those of you who haven't, and wish you the very best of health and a great future. Thank you.

Data Source: Quartr Last updated: Jun 30, 2025

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