members and the shareholder for the 61st Annual General Meeting of GMM Pfaudler Limited. As we have the requisite quorum in place, currently, we have total 34 members present for the meeting. I now hand over the proceeding to the Company Secretary, Mrs. Mittal Mehta. Over to you, ma'am.
Thank you. Good afternoon, and I extend a warm welcome to all of you to the 61st Annual General Meeting of GMM Pfaudler Limited. In compliance with the circulars issued by the Ministry of Corporate Affairs, the 61st Annual General Meeting of the company is being held through video conferencing or other audio visual means. This meeting continues to meet the long-cherished desire of the shareholders residing outside Gujarat, who were otherwise not able to attend the AGM. Let me now introduce you to our esteemed board of directors. Mr. Prakash Apte. He is an Independent Director and Chairman of our board. He also serves as a Director on the boards of Kotak Mahindra Prime Limited, Kotak Mahindra Investments Limited, Fine Organic Industries Limited, as an independent Director, and as the Chairman of Blue Dart Express Limited. Mr. Nakul Toshniwal, he's an Independent Director on our board.
He's the Chairman and MD of Toshvin Analytical Private Limited, and serves on the board of Cravatex Limited as an Independent Director. Ms. Bhawana Mishra, she's an Independent Director on our board. She's the Founder Director of Basilisk Consulting Private Limited and serves on the board of GMM Pfaudler Foundation, our wholly-owned subsidiary, and Jivagro Limited. Mr. Vivek Bhatia, he is an Independent Director on our board. He is also the MD and CEO of Thyssenkrupp Industries India and the Chairman of Mining and Construction Equipment of CII. Ms. Shilpa Divekar Nirula, she has been appointed as an Independent Director on our board effective 22 May 2024. Ms. Nirula brings in 28 years of extensive experience in consulting food and agriculture sectors.
She is the co-founder of AgVaya LLP, an agro consulting firm, advisor to Omnivore, as in an agro tech focused venture capital fund, and also serves as an Independent Director on the board of AstraZeneca Pharma India Limited. Mr. Ashok Patel, he's our non-executive director for over five decades. He was a former managing director, and he represents the promoter group. Mr. Tarak Patel, he's our managing director of the company since June 2015. His strategic and leadership skills played a crucial role in driving the company's growth and success. Today, we also have with us Mr. Manish Poddar, our CFO of our India business, our statutory auditors, Messrs. Deloitte Haskins & Sells, and our secondary auditors, Messrs. Rathi & Associates, who are also scrutinizers at this meeting.
Pursuant to the provisions of Section 108 of the Companies Act, read with the relevant rules made thereunder, the company had provided remote e-voting facility to the shareholders of the company in respect of business to be transacted at the AGM. The remote e-voting was kept open from 9:00 AM on Tuesday, August 6, to 5:00 PM on Thursday, August 8. To ensure maximum participation of the shareholders, the company had put up on its website instructions to participate and vote at the AGM of the company. Additionally, the company has also provided e-voting facilities during the AGM for shareholders who have not cast their vote as yet. Since the meeting is held through VC, the appointment of proxy is not required.
However, representatives of members, as authorized under sections 112 and 113 of the Companies Act, 2013, are permitted to participate and vote at this AGM. All the members joining this meeting are, by default, will be placed on mute to avoid any background noise or disturbance and to ensure smooth and seamless conduct of this meeting. Now, let us see a simple video explaining the e-voting process. Thank you. This meeting will have the chairman's speech as well as Q&A session, where the questions received by email and also asked during the meeting will be answered. During the Q&A session, the moderator will announce the name of the registered speaker shareholders. These speaker shareholders will thereafter be unmuted by the host of this AGM and will be allowed to express their views.
The speaker shareholders are requested to click on the audio as well as the video button while speaking. If the shareholders are unable to join through the video mode due to any reason, they're advised to switch off their camera and speak through the audio mode. Speaker shareholders are requested to minimize the background noise to avoid any disturbance. In case of a connectivity problem at the speaker shareholder's end, we will ask the next speaker to speak. Once the connectivity improves, the previous speaker will be called back to speak. During the meeting, if shareholders face any technical issues or require any assistance relating to e-voting or [VPC], he or she may call the helpline number of Link Intime, as mentioned in the notice of AGM.
Now, before handing over the proceedings of this meeting to the chairman, I once again announce that all the shareholders who have not voted through remote e-voting may vote through electronic voting platform once the voting is announced. I now hand over proceedings to our chairman, Mr. Prakash. Thank you.
Good afternoon, ladies and gentlemen. It is my pleasure to welcome you all to the 61st Annual General Meeting of your company. A special thanks to all of you for joining the AGM virtually. Ministry of Corporate Affairs and SEBI, while their circulars have introduced certain measures enabling companies to convene their annual general meetings through video conferencing or other audio-visual means. Considering the same, the company decided to conduct the 61st Annual General Meeting of GMM Pfaudler Limited through video conferencing or other audio-visual means. The company has taken all steps to ensure that the members are provided an opportunity to participate electronically in the annual general meeting and vote on the business as set out in the notice of the annual general meeting. I am informed that the requisite quorum for the meeting is present. I now call the meeting to order.
As required under the Companies Act 2013, the required registers and necessary documents are kept available to the members for inspection electronically if they so desire. Ladies and gentlemen, the notice dated May 22, 2024, convening the 61st Annual General Meeting and a copy of the annual report for the financial year ended March 31, 2024, have been circulated to those shareholders whose email ID is registered with the RTA or with the company. With your permission, I shall take the notice of the 61st AGM as read. The auditor's report on the standalone and the consolidated financial statements and secretarial audit report do not contain any qualification, reservation, or any adverse remarks. Accordingly, the reports are not required to be read out as provided in the Companies Act 2013.
Now, with your permission, I would like to brief you on all the operational and financial performance of the company. As you are aware, GMM Pfaudler is a global multinational company with 20 facilities, spread over four continents, employing more than 2,000 people. We are the leading technologies, systems, and services provider, and remain the preferred choice by consistently providing our customers in the chemical and pharmaceutical industries with innovative and cost-effective solutions. As we reflect on the financial year 2023-2024, we find ourselves in a landscape marked by both opportunities and challenges. The past year has tested our resilience and adaptability, and yet, I am proud to report that we have navigated these challenges with determination and with success. Over the past year, the company has showcased its resilience and adaptability.
Despite the growth, global political uncertainties, slowdown in the pharma and chemical sector, and subsequent rise in energy costs, we successfully sustained our revenue and margins, achieving strong financial growth. This accomplishment is a testament to the hard work and dedication of our team, as well as our strategic focus on innovation and efficiency. In terms of numbers for the financial year 2023-2024, GMM Pfaudler Limited reported consolidated revenues of INR 3,446 crores, up 8% from the previous year's INR 3,118 crores, and standalone revenues of INR 1,031 crores, down by 4% from the previous year's INR 1,075 crores.
EBITDA increased 11% to INR 477 crores from INR 429 crores on a consolidated basis, and was down by 19% on a standalone basis at INR 139 crores from INR 171 crores. Profit after tax decreased by 17% to INR 174 crores from INR 210 crores on consolidated basis, and decreased by 48% to INR 51 crores from INR 99 crores on a standalone basis. Earnings per share increased by 8% to INR 39.8 from INR 36.8 per share on consolidated basis, and decreased by 49% to INR 11.35 per share from INR 22.27 per share on a standalone basis. Overall, end market demand remains subdued due to a slowdown in the chemical and pharma industry segments.
However, our ability to diversify and expand our offerings has been crucial in sustaining our growth trajectory. Our order backlog across geographies stood at INR 1,689 crores as of March 31, 2024. Let me mention the key milestones and initiatives of the company in the financial year 2023-24. On the manufacturing front, we have continued with our operational excellence and cost-saving initiatives to achieve further efficiencies. Our value sourcing initiatives from India have increased our market share, and our glass line stock and sale program has opened doors to price-sensitive markets. On the service front, we inaugurated two service centers, one in Brazil and the other one in Italy, to meet growing needs of our customer base and align with our strategy of growing our services business.
We continued our recent record of being active in mergers and acquisitions, with successfully acquiring MixPro, Canada, in December 2023. This strategic move strengthens our industrial mixing business and reinforces our commitment to delivering superior products and services that will help our customers improve process efficiencies. I am happy to share that GMM Pfaudler has received the Rising Star and Best Company in Engineering award at Fortune India's Next Five Hundred event, securing an impressive rank of 26. On the social front, GMM Pfaudler is dedicated to maximizing positive influence by envisioning a prosperous future for the communities where we operate. Our CSR efforts in environmental sustainability, community development, and employee welfare reflect our core values. I extend my gratitude to our CSR partners, ReefWatch Marine Conservation, Sri Krishna Hospital, J.V. Patel ITI, and the Sardar Patel Trust for their invaluable contributions.
Our three-year roadmap for ESG initiative focuses on environment protection, responsible business conduct, workplace harmony, and social stewardship. This commitment aligns not only with our ethical values, but also with our responsibility towards the environment and communities within which we operate. Our opportunity pipeline remains robust across regions, and we will continue to leverage our strengths to remain preferred choice for our customers. The company has taken concentrated efforts in the areas of innovation, technology, environment conservation, social well-being, and ensuring sound corporate governance in the organization. We will continue to enhance manufacturing capacity across geographies and leverage our global reach, scale, and size to further strengthen our leadership position. As such, we remain positive about the medium and long-term growth prospects of the company. We are fully cognizant of the emerging challenges and are committed to keep the growth momentum going.
Before I conclude, I take this opportunity to place on record my appreciation to the board of directors for their continued support. I also welcome Ms. Shilpa Divekar Nirula, who joined us as an Independent Director on May twenty-second, twenty twenty-four. With this appointment, 70% of the board now comprises of Independent Directors. I want to express my sincere appreciation to each and every one of you, our esteemed shareholders, our dedicated employees, and our valued partners and supportive community members. Your unwavering trust and commitment have been the bedrock of our success, inspiring us to deliver our best every day. Our sincere thanks to all of you.
Thank you, sir. I now invite the speaker shareholders to express their views or ask questions pertaining to the performance of the company during the year under review, or any resolution placed for approval of shareholders. At the end of this session, the management will collectively address the queries raised by all the shareholders. Also, all queries received on email ID of the company, provided in the notice of meeting, will be answered during this Q&A session. Now, I invite shareholders who have registered themselves as speakers to express their views. First speaker is Mr. Aspi Bhesania. Moderator, if you can, unmute him.
Mr. Aspi, you are in the panel. Kindly enable your video.
Sir, can you see me and hear me?
Sir, you are audible and visible clearly.
Okay, sir, I'm Aspi from Bombay. The first question is: Why no physical AGM when there are so many companies holding physical AGMs? You should also have physical AGM, so we can... Pretty bad. Why... Even the first quarter is not good. So if you can give reasons why first quarter is also not good. So thank you very much, and I hope to see you next year in the physical AGMs.
Moderator, can we put up the second speaker shareholder, Mr. Rajesh Chainani?
Ma'am, currently, Mr. Rajesh Chainani is not present with us, so we will move to the next speaker.
Please unmute Mr. Vinay Bhide.
Mr. Vinay, you are in the panel. Kindly enable your video, and you may speak now.
... Hello, am I audible, please?
Sir, you are audible.
Yeah, thank you, moderator. Chairman, Mr. Prakash Apte, Managing Director, Mr. Tarak Patel, directors present at today's AGM, company executives and fellow shareholders, as already announced, I am Vinay Bhide, a long-time supporter and shareholder, speaking from my residence in Mumbai. Well, you know, I have gone, you know, through the annual report, you know, which has been, you know, forwarded, you know, by our secretariat team. I want to make, you know, deviation or a departure from what I would normally do, you know, in meetings and what I've done in the earlier meetings. I've decided, you know, to ask a single question of, you know, Mr. Tarak Patel. As I've noted from the report, you know, that this year, you know, has been difficult, you know, for us.
It has been difficult for the chemical industry, logistics issues, and a host of issues that are being discussed and problem solved. So I've got one request, you know, to make to Mr. Tarak Patel, particularly because, you know, I have been a shareholder of this company for a very, very long time. I know that we are, you know, an extremely good management. I know we understand our business very well. I know we have an attitude of problem-solving, because engineering issues can be very difficult to problem solve. So I would request you, Mr. Tarak Patel, as a single question, to wear the hat of an optimist and tell us as to how we can, you know, overcome, you know, the problems that we have issued on the...
We have faced in terms of business, in terms of revenues, in terms of profits and customers in the concluded financial year. And from what I have, you know, just had a cursory glance at the quarterly results just announced, and give us hope that we'll be able to, you know, to get over these situations and, you know, and, and, you know, come out flying, you know, in the, in the few years to come. I have no questions to seek because I have full trust in the management. I'll not take much of comment time. In closing, I will say that, Mittal Mehta madam, Mittal Mehta herself, her team, have been very supportive. They sent me the annual report on time. They took adequate care to ensure my participation.
I'll save time and, you know, wait for a response from Mr. Tarak Patel. I support all the resolutions, and I thank you for giving me an opportunity to speak. Jai Hind.
Thank you. Moderator, please put up the next speaker, shareholder, Mr. Keshav Garg.
Mr. Keshav, you are in the panel. Kindly enable your video, and you may speak now.
Hello.
Sir, you are audible.
Yes. Thank you for the opportunity, sir. I have a list of questions I hope you have it, you have it in front of you. I'll just speak, repeat them for the other shareholders. Sir, what is the outlook for FY 2025 in terms of top line and bottom line? Sir, what is the sustainable steady-state EBITDA margin that we can expect going forward? Sir, what kind of margin do we make in technology systems and services segment, and how, how big is the differential for the same? Sir, can we expect a margin improvement in our international business, with efficiencies and increase in the service component, as we have seen in the previous years? Sir, how is the current order booking scenario in the domestic and the international business?
Because as we can see from our Q1 results, that although we are seeing an improved margin, but it's not reflecting in our revenue. So I expect that there will be some timeline gap between getting the order and execution. So if you could just explain on that front. Sir, what kind of order book intake do we expect from the domestic and international business for FY 2025? Sir, our accrued expenses as of 31st March declined from INR 175 crores to INR 121 crores YOY. So we have seen a slowdown that was reflected in Q1. Can we expect a further slowdown going forward? Or is this an inflection point or pivot where we start seeing improvements again?
Sir, we have highlighted catering into new industries like fermentation, water treatment, biogas, as well as from your interviews, alternative meats or the mock meats segment. So what kind of products and services are we expected going to provide in this, as well as the systems, if you could just help us understand where the company is going in the same direction? And, sir, what is the incremental revenue and margin can we expect from these new industries? Sir, how big is the mixing market in the applications or the segments that we aim to cater in the system and solution segments? And, sir, what kind of market share do we expect to capture over the next three to five years in the mixing segment?
Sir, how is the competitive intensity in the mixing solutions business versus our core glass and equipment business? Sir, what is the typical cycles for getting our machines approved by the key user industries? Because as you understand, that oil and gas, many industries would require a lead, a approval process that is higher than, your typical process, so in that segment, would be very helpful. Sir, which is the area segment of domestic refining as well as the mining industry, are we going to provide our systems for? Sir, what percentage of our receivables pending for more than 6 months, that was INR 68 crores as of March 2024, have we recovered?
Sir, what is your current capacity and utilization levels, and what is the maximum revenue that we can generate at peak capacity utilization, considering the mix of products and services is at a similar level as today? Sir, what kind of CapEx plans do we envisage for the next 2-3 years? Who would be our major competitors and customers in both our segments, as well as the new segments that we aim to cater to? Sir, what is the sustainable steady state tax rate that we can expect going forward? What would be the current debt on our books as of 30th June, and what are the debt reduction plans? Sir, our R&D expenses as a percentage to revenue is hovering around 0.4%.
So, sir, do we plan to increase this or going forward, we just plan to take on the route of acquiring new companies, for the technology and know-how? And sir, what about the expected IRR or the payback period that we expect from before making any new CapEx or these acquisitions that we have done in the past? So where do we see our business growing in the next three to five years from a top-line and bottom-line perspective? And sir, can we expect to double our revenue and improve margins to high teens or to low twenties in the next three years? Sir, these were my questions, and thank you so much for the opportunity. Thank you, and all the best.
Thank you. Moderator, can you please put up the next speaker shareholder, Mr. Sanjay Banik?
Mr. Sanjay, you are in the panel. Kindly enable your video, and you may speak now.
Hello, am I audible?
You are audible, sir.
Okay. I'm just opening my video. Okay. Sir, thank you for giving me opportunity, Tarak sir and Chairman sir. Thank you for giving me opportunity to speak at this AGM. My previous shareholder, Mr. Keshav, has already asked some vital questions, and I am not repeating them. Sir, actually, GMM has recently partnered with North America's Edlon to manufacture semiconductor equipment. The information is not available in the annual report. Tarak sir, can you throw some light on the recent development in this regard, and what will be the future expected revenue from this project? And, my next question is, in what new areas our company would like to foray into in the coming future? That's all, sir. Thank you.
Thank you. Now I'll request our MD, Mr. Tarak Patel, to-
Mittal ma'am, our second speaker, Mr. Rajesh Chainani, is currently present with us, so with your permission, can we allow?
Sure.
Thank you, ma'am. Mr. Rajesh, you are in the panel. Kindly enable your video, and you may speak now.
Thank you, moderator, for giving me the opportunity. Thank you.
Thank you, sir.
Respected Chairman Prakash, Tarak Patel, and a very highly distinguished eminent board of directors, my fellow shareholders, I'm Rajesh Chainani. I'm speaking from Vile Parle, Mumbai. First of all, thanks to the secretary department for sending me the physical copy of the annual report very well on time. It is full of facts and figures in place. It's a beautiful balance sheet prepared by the secretarial team. Thanks to the moderators for giving me a call to join the meeting also. So the services of moderator is very good, so keep it up. Sir, the price of the share was INR 1,143 low. It went up to high of INR 1,898, and today it is trading at INR 1,345, face value two. So really the price have come down, sir.
In this booming market, you know, where the prices of the shares are, our share is actually doing very good. We have all the things. We are a debt-free company, and on the share capital of eight, we have INR 958 crores are the reserves, which is excellent, sir. So I hope our company performs in the stock market, sir. And I just wanted to know, the promoter holding is 25.19%, and SEBI has permitted us to take it to the maximum of 75%. So are there any plans of increasing the promoter holding? And the 75%, is there any time period or, like, we can do it on our own?
Because as a layman, I'm asking you, is there any particular time period that we can slowly, slowly take it to 75, or it's a compulsion, or we can just leave it like there also? You can just throw the light on that, sir. And sir, my previous shareholders have asked, lot of queries of which I had some queries, but those have been asked by my previous shareholders, so I won't be repetitive. But sir, for the coming festivals, I would just like to wish you, sir, from today the festivals have started from Nag Panchami, so I would just like to say, sir, Full of fragrance, flowers blooming, moonlight, and love for dear ones. [Foreign language] .
Thank you very much for giving me the opportunity, and thank you to the moderator. Ashish and Mittal. Thank you.
Thank you. Tarak, you may now please, take up the answers to the queries raised by shareholders. Thank you.
Good morning. Let me start off by giving our shareholders a little bit of color around what is happening in the markets that we cater to. As you know, GMM Pfaudler predominantly caters to the chemical and pharmaceutical markets around the world, and that has been our main focus area in terms of the products that we currently offer. Today, unfortunately, we've seen a bit of slowdown in the chemical sector, and when I say chemical sector, mainly in the agrochemical sector as well. We have seen a down cycle that probably many of our clients have not seen in the last 20-25 years. In spite of the significant reduction in investments, your company has still performed quite well.
We have, we as management, have been quite clear from day one that we have to reduce our dependence both on the glass line business that we have, because that was again, 80%-90% of our total revenue, and we also wanted to reduce our exposure in both the chemical and pharmaceutical industries, because that accounted for nearly 90% of our revenue. A company of our size and scale needs to have multiple different industries that we can cater to, and in case one or two industries do slow down, we have other industries that make up for the shortfall. So over the last maybe 10 years or so, we've been trying to diversify our, the portfolio.
We've been trying to increase our exposure in non-chemical and pharmaceutical markets, and I'm happy to remark that today, we have actually improved our the product portfolio to have a much wider range of products. Also from an industry perspective, we now cater to a much wider range of industries than we did about 7-10 years ago. The company still is trying to expand and also increase its portfolio. Having said that, we expect that the down cycle in the chemical industry will continue. We don't see significant investments be coming back in the next 6-9 months. Hopefully, in about a year's time, we will see some amount of improvement, and once the cycle kicks in, we then expect, obviously, our volumes, especially in the glass line business, to grow.
Having said that, what has also happened in the company over the last few years since we acquired the Pfaudler Group, a lot of our business has now been diversified between India and the international business. As many of you would know, the international business makes up about two-thirds of our revenue. The good thing about the international revenue, about 35% of that revenue comes from the services business. Services business, as you all will know, is a very profitable business and also it's a very sticky business. So anybody who buys our equipment will usually come back to ask for any kind of repairs or service needs that they would have.
So services is an area that we are focusing on, and services continues to become a very focused area for us, and we would hope to grow the services business, around the world and especially here in India. Having said that, I think the other things that the company has worked on over the last few years is also to add new product lines. Happy to report that we have recently concluded the acquisitions of MixPro in Canada and Mixel in France, and that will pretty much improve and double the size of our mixing business. Our mixing business today would be around the $50 million mark, and we expect that business to grow, to a $100 million mark or more in the next three years or so.
Do keep in mind that the mixing business is a technology business, where we will help customers reduce their power consumption, improve their batch times, improve their product quality. So again, it is the need of the hour. It is something that we can differentiate between competition, and mixing is something that also caters to a very wide range of industries. Not only does it cater to chemical and pharma, it also caters to industries like petrochemical, oil and gas, food and beverage, cosmetics, and a much more wider range. So again, a much more wider range of industries have opened up for us, and we believe that the growth trajectory in mixing will be significantly higher than our glass line business, where we are the market leaders and have a very high market share as well. We also spoke a little bit about R&D.
As a company, we always want to innovate. We want to stay ahead of the curve, and we are working on a lot of innovations internally as well. One of the recent developments is our test center that we have in Gujarat is now fully approved, and we will now start doing trials with our clients and start doing kind of work with them to talk about the new technologies that are be available. We also are creating a R&D center and a R&D management team here in India.
That is something over the next few months, you will see, some kind of the development, where we are gonna bring in new people who will treat this R&D and innovation department with the focus that it needs, and they will liaise and work with customers and help them kind of improve their efficiencies and processes as well. Our systems business, as you would know, also caters to many of these new technologies, and systems has been an area where we've seen significant order intake over the last 2 quarters. From an order intake perspective, I would just like to highlight that the last 2 quarters, Q4 of the last financial year and Q1 of this year, have been significantly higher in terms of order intake. This last quarter, Q1, was the highest order intake in the last 8 quarters.
So things are looking up, but if you ask me for an optimistic, kind of a view on this, I would still say that it's going to be maybe 6-9 months before we see a complete revival in the cycle when it comes to the chemical industry. All in all, I think we are in a good position today. The order intake remains strong, and I think we've seen the worst of the cycle. We are now working internally to improve our cost structure. We have two major transformation projects that are going on, one here in India and one in Europe as well. So hopefully that will also help us kind of reduce our cost structure and kind of get ready for the future.
When the orders start improving, we will see a significant improvement both in revenue and hopefully also in profitability. The other question around the Edlon business, I just wanted to make a small correction. So Edlon is not a new partnership. Edlon has been part of the GMM Pfaudler Group since we acquired the international business in 2020. Edlon was going through a soft patch. However, since the semiconductor industry has revived in the U.S. especially, we've seen significant order improvement and profitability improvement in Edlon. Edlon remains an important part of the GMM Pfaudler Group, and Edlon will continue to cater to the semiconductor industry, which we believe will have significant growth prospects in the next few years....
Regarding the AGM and, you know, obviously, as of now, this year, obviously, we had a virtual AGM, but hopefully next year, we should plan, and we will try and have an in-person AGM back in Karamsad, and hopefully, we can also see a lot of your faces, you know, face-to-face, and meet all the shareholders again. So that would be something that we would like to do. I think besides that, I think I've answered most of the questions. Let me just see if there's anything that is pending. No. Yes, sorry.
The last thing that maybe I would just like to mention, in terms of some numbers and projections, this would not be the right forum to speak about them, but what I can say is the company is currently working on a three-year strategic plan. We have got the first round of numbers in, and hopefully, in the next few months, maybe 3-6 months, we should be able to come back to the capital markets and kind of articulate our strategy as well as what and where we plan to be, by March 31, 2027. With that, I think I would just like to end by saying that the management is constantly working at trying to reduce costs. We're looking at new opportunities. We are trying to find new ways and growth areas and growth opportunities.
I think, from my perspective, you know, obviously, the last year might have been slightly tougher than expected, but I think we are in a strong position. We have a very strong brand name around the world. We have great people working for us. And again, if the markets were to turn, and I think they will eventually, we will see a significant improvement both in revenue and profitability. So with that, I would like to thank you all for your time today, and look forward to seeing you in person during the next AGM. Mittal, thank you.
Thank you, sir. I would now hand this proceedings back to the Chairman to put the resolutions to vote.
Thank you, Mittal. Thank you, Tarak, for giving a good outlook and a detailed input on the perspective and business opportunities to the shareholders. Since it is a virtual AGM, proposing and seconding of resolutions is not required. I will now put resolutions numbers 1 to 7, as mentioned in the notice of AGM, to vote. Resolution number 1: Adoption of standalone and consolidated financial statements for the financial year ended March 31, 2024, together with the reports of the board of directors and auditors thereof. Resolution number 2: Declaration and payment of one interim paid during the financial year ended March 31, 2024, and to declare final dividend for the financial year ended March 31, 2024.
Resolution number 3: Appointment of a director in place of Mr. Ashok Patel, who retires by rotation and being eligible, offers himself for reappointment. Ratification of remuneration payable to Dalwadi & Associates, cost auditors for FY 2025. Resolution number 5: Increase in borrowings in excess of the limits prescribed under Section 180(1)(c) of the Companies Act, 2013. Resolution number 6: Creation of security in respect of an undertaking of the company under Section 180(1)(a) of the Companies Act, 2013. Resolution number 7: Appointment of Ms. Shilpa Divekar Nirula as an Independent Director. The company secretary will now brief you on the e-voting process. Mittal?
Sir. Dear shareholders, the electronic voting lines are now open. All the shareholders who have not voted through remote e-voting may now vote through the electronic voting platform. These lines will remain open for 15 minutes after the conclusion of this meeting. The combined result of remote e-voting and voting at the AGM, along with the scrutinizer's report, will be declared and uploaded on the company's website, www.gmmpfaudler.com, and shall be simultaneously submitted to the stock exchanges within two working days after the conclusion of this meeting. On behalf of the board of directors, I thank all of the shareholders for their continued faith and support to the company. This meeting now formally stands concluded. Thank you.