Good afternoon to all. 54 number of shareholders are attending the meeting. Request Chairman to convene the meeting.
Thank you. Good afternoon. Good afternoon, ladies and gentlemen, dear shareholders. It gives me a real pleasure to welcome you all to the 32nd Annual General Meeting of our company, of your company. I am Prof Sir Ralf Dieter Speth, Chairman of the company. Call the meeting to order. The requisite quorum is present. To begin with, let me thank you. Thank you for the confidence reposed and the support extended to the company throughout the year. Now let's start the meeting with prayer.
नमस्तेस्तु महामाये, श्रीपीठे सुरपूजिते, शङ्खचक्रगदाहस्ते, महालक्ष्मी नमोऽस्तु ते। नमस्ते गरुडरूढे, कोलासुरभयङ्करि, सर्वपापहरे देवि, महालक्ष्मी नमोऽस्तु ते।
Ladies and gentlemen, now I will present to you the planned schedule of today's AGM. First, we're going to start with the statutory requirements and admin information for the meeting. Second, the introduction of the Board of Directors. Third, the Chairman's speech. Fourth, the 4 resolutions to be approved by the shareholders. Fifth, the queries from speakers, shareholders, and management's response, so the Q&A session. And last but not least, the official conclusion. So let me start with the first point, statutory requirements. In compliance with the circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India, this AGM is being convened through video conferencing and has engaged National Securities Depository Limited, NSDL, for this purpose. The company, being one of the top 100 listed companies, is providing one-way live webcast of the proceedings of the AGM.
Soft copy of the register of directors and the key managerial personnel and their shareholdings, the register of contracts, the register of members and the debenture holders are accessible on the company's website during the continuation of the AGM. As per the guidelines, the company has sent annual reports to the shareholders through email. Hard copies of the annual reports were sent to those shareholders who requested for the same. Shareholders participating at the end who have not cast their votes earlier through e-voting can exercise their votes by using the link provided on the NSDL website. In addition, I want to inform you, but I assume you surely have seen it already, here for the sake of completeness. Notice of the meeting has already been circulated to the shareholders, and both the statutory auditor's report and the secretarial audit report to the shareholders are already available, I assume.
Both reports are free, free from any qualifications, observations, or other remarks. This brings me to the second point of today's agenda, the introduction of the board. Excused today are Dr. Lakshmi Venu and Mr. K. Gopala Desikan. This year, we have invited three new independent directors to the board, outstanding personalities and the best in their field. And I'm now pleased to introduce you to the members of the board. May I request the directors to introduce themselves? And may I ask Mr. Venu Srinivasan, our Chairman Emeritus and Managing Director, to start, please?
Good morning and good afternoon, ladies and gentlemen. Thank you, and welcome you all to our AGM. I'm Venu Srinivasan, Chairman Emeritus and Managing Director. I would also like to inform the shareholders that I'm Chairman of the Corporate Social Responsibility Committee. Thank you.
Thank you. Sudarshan, please.
Good afternoon, ladies and gentlemen. Welcome to the AGM. I'm Sudarshan Venu, Managing Director.
Dear KNR, are you there? Can you hear us?
You're on mute.
You're on mute, please.
Good afternoon, ladies and gentlemen. I'm K.N. Radhakrishnan, Director and CEO of the company. Welcome to our AGM.
KNR, same. So now let's go to Mr. Shailesh Haribhakti, Independent Director. Mr. Shailesh.
Good afternoon, ladies and.
Just wanted to introduce you that you are the Chairman also of the Shailesh Haribhakti & Associates Chartered Accountants firm. I can only welcome you. Your extensive knowledge and expertise in accounting and auditing is more than excellent, sir. Hand over to you.
Thank you very much, dear Chairman. Sir, ladies and gentlemen, most welcome to this fantastically convened AGM. I'm Shailesh Haribhakti, and I'm serving as the Chairman of your audit committee. Thank you.
Thank you. Dr. Deepali Pant Joshi is an Independent Director. Dr. Deepali Pant Joshi is the former executive director of the Reserve Bank of India, and she brings a wealth of experience in banking and finance. May I hand over to you?
Thank you. Thank you, Dr. Speth. Namaskar. Welcome to our meeting, Annual General Meeting. I am also the Chairperson of the Stakeholder and Relationship Committee of your company. Thank you.
Thanks a lot. Mr. Vijay Sankar is Independent Director. Vijay is Non-Executive Chairman of Chemplast Sanmar Limited. Vijay has a proven track record of success, success in business and entrepreneurship.
Thank you, Chairman, for that kind introduction. Good afternoon to all the shareholders. I'm an independent director of TVS Motor Company, and I'm also the Chairman of the Nomination and Remuneration Committee. Thank you.
Thank you. Mr. Sriram, please.
Good afternoon to all of you, and welcome to the AGM. My name is V. Sriram, and I'm also an independent director of your company, and I'm also the Chairman of the Risk Management Committee. Thank you.
Thank you, sir. Many thanks, dear directors, for the brief intro. I want to take the opportunity to thank you all for your passion, your passionate engagement, your commitment throughout the year. With that, I can only highlight that TVSM is a very good and outstanding team. Now let's come to the third topic, Chairman Delivery Speech. Dear ladies and gentlemen, dear shareholders, at this point, I can go straight into the reporting without very long preliminaries. First, again, I take this opportunity to extend my sincere appreciation and gratitude for the relentless efforts rendered by you, the passionate TVS team, and our partners contributing towards our defined vision, making TVS the strong advanced technology and global player in the smart, smart mobility sectors. You know my small formula of success, business is people. Dear directors, once again, a warm welcome.
Now, during the year under review, Mrs. Lalita D. Gupte, Mr. C.R. Dua, and Mr. H. K. Singh have completed their terms of independent directors. Mr. R. Gopalan has resigned from the board. Aside from that, Mr. K. Gopala Desikan and Dr. Lakshmi Venu have informed us of their decision to step down from the board. Effective closure of this AGM. On behalf of TVSM, once again, I really sincerely express my thanks for their invaluable cooperation, long-standing contribution, dedication, and commitment to the company. Many thanks. Ladies and gentlemen, if you define business as people wide in a future-oriented direction and context, you will certainly support our initiative to develop and prepare the youth, the next generations. In 2023, the year which marked the birth centenary of T.S. Srinivasan, the founder of TVS Motor Company, TVS created a very special scheme.
We have established the TVS Cheema Scholarship. This scholarship, in his name, will provide financial support to around 500 talented engineering students each year. TVS takes care and TVS promotes talent. In that context, I'm really very happy to know that TVSM has won many recognitions, especially in prioritizing workplace diversity. For example, as a great place to work in manufacturing, top 50, the best company for women in India, and received the prestigious Helen Keller Award for commitment for creating equal opportunities for persons with disabilities, and the Bronze Award for the best overall corporate university at the 2023 Global Council of Corporate Universities Awards in France. Overall, I think you see the TVSM engagement in building a future-ready, diverse, and multicultural workforce to strengthen the bench. TVS is offering a great, inspiring atmosphere to work.
Ladies and gentlemen, you know TVSM, as it always was highlighted in the film already, has got a very special DNA. TVSM is committed to top-tier product quality and services anchored in the philosophy of Total Quality Management and introduced and developed by Venu Srinivasan, our CE. Process and product excellence, this culture, this spirit is a result of fine-tuning the very smallest steps over generations. This ensures that every TVSM product delivers exceptional reliability and performance. The TVS quality, this DNA is very well known in the market. Our customers value quality. This outstanding product quality is best and absolutely neutrally judged by J.D. Power. J.D. Power, the famous American company that compares and evaluates many customer products worldwide. J.D. Power divides the Indian two-wheeler markets in 10 categories. In 2024, TVSM won in 7 out of 10 categories.
I don't know any automotive company, let alone a motorcycle brand, that has ever received such a stunning quality certificate. Over and above, J.D. Power awarded the TVSM products in their appeal study for being the most appealing and desirable ones in the economy, executive, and premium segments. These results are so unique that I have to, and please allow me, to express my special thanks to Sudarshan Venu, the Managing Director, and the CEO, KNR, and the entire TVS team and our partners. You see, TVS lives quality. The spirit is exceptional, and TVS makes a real difference. Now, ladies and gentlemen, you are certainly interested in the substantial performance of your company. Today, I will provide to you both a review of performance in fiscal 2024 and an outlook for the fiscal 2025.
I want to set the scene in providing you some brief relevant information about the economic conditions in fiscal 2024. First, India, then internationally. India. India continued to outperform other economies amidst global uncertainties. This was evidenced by a GDP growth of more than 8% in the first three quarters in fiscal 2024. Active and prudent management of fiscal and monetary macro policies by the government and by RBI helped to achieve this growth, supported by the inherent fundamentals of the economy, the reliance on multiple growth drivers, and passionate and resilient Indians. Therefore, the two-wheeler Indian internal combustion engines, so the ICE industry, experienced growth. Retail by 8.7% and wholesale by 12.8%, up to 17.5 million units, compared to 15.5 million units in the last fiscal year. This, however, should be also put in relation.
The industry is yet to reach its highest ever volume of 21.2 million recorded in the fiscal year 2019. So the two-wheeler industry, but especially TVSM with its solid product range, has a lot of room for further improvement. TVSM reported sales of 3.85 million units, the highest record ever, a growth rate of 18.6%. And it's important to know its profitable growth across all segments. Motorcycles, 1.22 million sales, an increase year-on-year of 34.4%, driven by 0.4 million in premium, and here TVS Apache is leading, and 0.82 million in commuter. TVS Raider drives the executive section, and the scooters. Scooters, overall 1.45 million sales, an increase year-on-year of 16.5%. Here, TVS Jupiter is really in high demand. Let's move to EV. TVSM is leading in the EV business based on the most advanced and reliable electric electronic architectures and components.
Fiscal year 2024 saw domestic retail of 0.93 million units, up from 0.71 million, a 32% growth year-on-year. The average penetration of EV two-wheelers for the year stood at 5.4%, with an exit of 6.8% for quarter four. TVSM retailed 0.18 million EVs for the year. That's over 100% growth. We expanded the iQube portfolio. We expanded the network, and our EVs are now available in more than 700 selected and specially trained dealerships. The heightened customer interest in EVs is driven by the alluring total cost of ownership, digital-first technology propositions, and the support from the national and regional governments. Not to be underestimated, we recognize that the mindset of sustainable smart mobility is increasingly coming to the fore. TVSM is proactively, therefore, investing in concerted strategies to support the government's vision of accelerated EV adoption.
Now let's transition to the three-wheeler ICE and EVs in India. In transition to the three-wheeler India developed, we first look again at industrial statistics. Retail has exhibited robust growth year on year, +44%, from an average of around 29,000 units to 42,000 units per month. Wholesale has grown by 41% and some interesting developments in that area. The small passenger segment grew by 47%. The cargo segment experienced strong demand for last-mile delivery and e-commerce applications. The adoption of electric vehicles in the L3 and L5 segment in the overall three-wheeler industry has increased to 55%. In L5, the L5 EV segment, this segment has increased sales from around 30,000 units in fiscal 2023 to more than 100,000 units in fiscal 2024. That's a growth of 235%.
TVSM retailed 20,791 three-wheelers in fiscal 2024, a year-on-year growth rate of 29.3%, primarily driven by TVS King. TVSM sees enormous opportunities. Additional products are in development. TVS knows what to do. Ladies and gentlemen, let's turn to the international business. Over the last years, the geopolitical strife persisted unresolved. Tension areas increased. The pandemic impacts have played a major role, and in response to strong inflationary pressure, advanced global economies tightened their monetary policies, with consequent cascading impact felt on global markets, especially on the economies of emerging and low-income countries. Countries exposed are now trying hard to get back up again. Some African geographies with significant TVSM market share are particularly affected. Against that background, the industry exports of two-wheelers declined by 6.9%. Volume overall in fiscal 2024, 3.5 million units. TVSM exported 0.89 million two-wheelers and 0.13 three-wheelers.
Globally, we lost market share attributed to the topics mentioned above. However, the IB team also opened new markets very successfully. The direction is profitable growth. Now, ladies and gentlemen, based on the solid product portfolio and record sales performance, TVSM achieved also financial records. Year-on-year, revenue of INR 31,925 crore, up from INR 26,479 crore. That's in US dollars, $3.8 billion, up from $3.9 billion. Profit before tax of INR 2,781 crore, up from INR 2,003 crore. And that's in dollars again, $335 million, up from $249 million. Profit after tax of INR 2,083 crore, up from INR 1,491 crore. And in US dollars, $251 million, up from $185 million. And EBITDA, EBITDA grew steadily from 10.1% to 11.1%. Based on these outstanding operational performances, I would like to highlight the increase in your earnings contribution.
TVSM paid an interim dividend of INR 8 per share. That's 800%. TVSM shall issue 4 bonus preference shares of face value of INR 10, each fully paid up for every 1 equity share of INR 1, subject to the approval of the stock exchanges and the Honorable National Company Law Tribunal. The share price increased from INR 1,113, that's $13.34, to INR 2,313 per share, which is $27.71 in March 2024. Absolute increase of 107.8%. Impressive, isn't it? Looking ahead now, with very well-selected acquisitions, TVSM has invested and strengthened its future capabilities and opportunities further. During the year under review, TVSM acquired an additional stake of 25% in Swiss E-Mobility Group AG, SEMG, and the trademarks and the trademark rights of Cilo and Simpel, which are bike brands, were also taken over.
The SEMG acquisition offers TVSM the opportunity to expand the core product range, extend into adjacent segments with electric bicycles, including e-kick scooters and e-cargo bikes. SEMG Group reported a revenue of $76.6 million, mainly out of Switzerland. In addition, TVSM subscribed a 28.57% stake in Indian Foundation for Quality Management, IFQM, by way of newly issued shares. IFQM, a not-for-profit company, aims to bridge a significant gap in quality and perception of Indian-made goods. Made in India must become a value globally. In addition, TVSM acquired another stake of 9.4% in ION Mobility Private Limited, ION Mobility, by way of subscription of shares. TVSM holds now 25.64% of the paid-up share capital. ION Mobility, a tech and automotive OEM startup, aims to create and deliver aspirational and sustainable mobility and energy solutions. TVSM acquired further 24% in Killwatt GmbH.
Company holds now 49% of the paid-up share capital. Norton Motorcycle Company. The investment in Norton will put Norton now in an ideal place to go international, including India. Norton will be launching six new models, premium products in the next three years. The new state-of-the-art operations facility in Solihull in the UK is ramping up. The sales and marketing strategy, including mixed distribution channels, has been aligned. Now Norton is delivering first bike to the customers in the UK already. Overall, TVS Motor Company's strategic opportunities in many areas. The eyes are open. The Strategy 2030 is defined, the plans clear, and the execution on the way. We all know first steps require increased effort. It's the intention to independently foster the dynamics of the startups and simultaneously use these potentials and values for our core business. Ladies and gentlemen, I think it's important. TVS Motor Company intensifies innovations.
TVS has been and will continue to be the forerunner in developing cutting-edge technologies. Many first-in-industry, first-in-class features were introduced this year. I just want to highlight some. On the new TVS Apache RTR 310, race-tuned dynamic stability control, connected TFT, 5 ride modes, cruise control, dynamic head and tail lamps, 5-inch TFT cluster with multiple connectivity, TPMS, and bi-directional quick shifter. The SmartXonnect, a connection technology with voice assist, first in the industry, now implemented already in Apache, NTORQ, iQube, and Jupiter. Or the Smart Helmet, again, first in the industry and seamlessly connects to our SmartXonnect application. Or the iQube, with the best-in-industry value proposition by excelling in all key parameters, such as best WMTC range and highest energy efficiency and fastest acceleration. Isn't that a really compelling combination?
TVS iQube has been designed to provide an immersive experience, offering three fundamental principles for our customers: the power of choice for range, connected capabilities, chargers, and defined specification and attributes; the complete peace of mind around vehicle safety by adhering to the latest norms; and overall, the simplicity of operations, including a convenient purchase journey. And now with additional features like a larger under-seat storage, voice assist, and Alexa skill sets. In Dubai, the company launched its new flagship electric two-wheeler, the TVS X. TVS X bears testimony to the company's global ambitions. It brings design, performance, and connected technology like no other product available on the market right now, and with many industry-first structures and features. TVS X is a demonstration of cutting-edge technological innovation. The TVS Apache RTR 310 refines two-wheeled acceleration with its impressive blend of power, agility, and design.
310 is poised to captivate motorcycle enthusiasts and adrenaline aficionados around the world. Another innovation, TVS Ronin with a special edition, or TVS Raider SSE, India's most award-winning 125cc motorcycle, launched as India's first Marvel-themed motorcycle. Or TVS Jupiter 125 SmartXonnect, with segment-leading technology in the Bluetooth-enabled TFT digital cluster, which enhances the riding experience. And TVS Neo Ami 125. The company launched this vehicle across Africa. It is aimed at fulfilling evolving commuting needs by offering customers more than 70 exciting new features. And TVS HLX 150F. This vehicle is now available in 50 countries across Latin America, Africa, and Asia. This model was further enhanced with a powerful yet very efficient EcoThrust engine, added safety features, and a superior suspension system. And all of these new TVSM innovations and new products were very well received by customers, experts, media, and the trade.
I think this brief overview is enough to demonstrate that TVSM is going the extra mile for the customer. TVS offers the customers desirable, attractive products and valuable services. TVS is investing in the future. Ladies and gentlemen, we want to win new customers, no question. But we're also looking after our customer base. We value loyalty. To drive this forward, we are building premium sales and service experience centers for our customers across 600+ dealerships in domestic and international markets. TVSM takes care of the customers also post-purchase. So we are engaging with our customers in many ways. For example, the Apache Owners Club has developed into an illustrious, exclusive circle. The Ronin Cult community gives customers access to rides, meetups, and racing experiences, extending their overall ownership experience beyond the motorcycle.
By the way, our contact with racing is one strong pillar for reliability and safety. All our motorcycles are tested by professional racers on the racetrack. TVS Racing pushed the limits again. TVS Racing rider Harit Noah made history by becoming the first Indian to win the Dakar Rally 2 Class race in 2024. The rally in the Saudi Arabian desert is considered one of the toughest races in the world. TVSM launched the Electric One Make Championship, an exclusive format of racing on the electric TVS Apache RTE race motorcycles that have been developed solely for these championships. Dear ladies and gentlemen, based on this customer delight, the brand trust, and innovative power of the product, TVSM has won many awards this year.
Just to highlight some, for the TVSM brand, overall best two-wheeler manufacturer of the year, and the most trusted brand of the year for two-wheelers. For the TVSM products, TVS Raider, best bike variant of the year. For the TVS Apache RTR 310, Reader's Choice Bike of the Year. Bike of the Year up to 350cc. Viewer's Choice Bike of the Year and Technology of the Year. TVS X, Viewer's Choice Electric Scooter of the Year. The Two-Wheeler EV of the Year. Also, TVS iQube S, Green Wheeler of the Year. For the TVS Management, their Chairman Emeritus Venu Srinivasan was awarded. Awarded as Outstanding Institution Builder, and in addition, has received the Lifetime Achievement Award by EY. The Managing Director, Sudarshan Venu, was recognized as the Next-Gen Leader. An award in the second edition of Moneycontrol Indian Family Businesses.
Last but not least, it was a special honor for TVSM to showcase a suite of made-in-India and made-for-the-world mobility solutions to the Honorable Prime Minister of India at Bharat Mobility Global Export 2024. Ladies and gentlemen, we are not only investing intensively in technologies and products, we are also committed to support the society. It's our purpose. TVSM envisions to be a partner in the transition and in the transformation of rural communities by empowering people to achieve sustainable development through the Srinivasan Services Trust, SST. TVSM aims to take the SST model of empowerment and transformational change to over 20,000 villages in India so they become sustainable and self-reliant. SST will reach this goal by partnering with the government and other organizations working with us.
SST has already empowered over 60,000 women by organizing them into self-help groups and implemented over 350 water conservation projects, including distilling tanks and irrigation channels, and has repaired and renovated over 2,600 pieces of rural government infrastructure. I'm deeply impressed by the work of SST. The Srinivasan Services Trust is the benchmark. Ladies and gentlemen, in this context, Environmental, Social, and Governance, the new word ESG, these considerations are increasingly pertinent for TVSM, influencing our long-term viability, reputation, regulatory compliance, and financial health. TVSM has always acted according to what is now called ESG principles, closed-loop processes. Embracing ESG principles helps us mitigate potential environmental impacts, foster social goodwill, and ensure robust corporate governance, crucial for competitiveness, compliance, and meeting global stakeholder demands. Furthermore, robust ESG practices can drive operational efficiencies and innovate product development.
ESG is not only a moral imperative but also a strategic move for long-term growth and success. And therefore, I really would like to share our vision and initiative for a sustainable future. First, environmental stewardship. We commit to minimizing our environmental footprint through innovative solutions, resource conservation, and a transition to cleaner energy sources. Secondly, social progress. We empower employees, foster diversity and inclusion, and contribute to the well-being of the communities where we operate. And thirdly, governance excellence, upholding ethical standards, transparency, accountability, and responsible decision-making across our complete value chain. And TVS is leading, achieving renewable power contribution of 93%, 93% in overall share of power, avoiding more than 58,000 tons of CO2 equivalents, reducing specific water consumption by over 10%, continuing efforts towards biodiversity preservation. We are home to 900+ flora and fauna.
Planting rare, endangered, and threatened plant species was a part of celebration on World Environment Day in 2023. TVS got recognition for this work for the Renewable Energy 100% program. The company won the fourth Indian Green Energy Award in 2023 by the Indian Federation of Green Energy and won the second place at the highest outstanding energy user in India for the industrial and commercial sector. Now, ladies and gentlemen, I also want to give you and provide you a complete overview, and we'll go and turn to the subsidiaries. Firstly, PT TVS Indonesia. PT TVS Indonesia reported two-wheeler sales of 110,000 units and three-wheeler sales of 80,000 units, resulting in an operational EBIT of $8 million. Secondly, TVS Credit Services Limited.
Year on year, the overall disbursements registered at INR 25,018 crore, that's $3.01 billion, as compared to INR 21,652 crore, which is $2.69 billion. That's a plus of 16%. The book size grew by 26%. It's presently around INR 25,900 crore. The total income grew by 40% to INR 5,769 crore. Profit before tax grew by 49% to INR 763 crore versus INR 512 crore during the previous year. Ladies and gentlemen, that concludes the performance report of 2024. Let's turn to the outlook. As we step more and more into fiscal 2025, TVSM maintains its cautiously optimistic view. India, GDP is expected to be around 7% by various sources. India is making steady progress towards becoming one of the largest economies in the world. The young, intelligent, thriving workforce, the nation is well positioned to leverage its advantages.
I'm also convinced that India can benefit from major shifts in the geopolitical, geoeconomic, environmental, and social landscape. India can go its own way. India can overtake. TVSM expects the two-wheeler industry will continue to grow on the back of strong economic indicators, including normal rainfall and uptick in rural demand. Our focus on EVs as one of our future growth enablers fits perfectly with our 2030 vision. EVs represent a commitment to sustainable innovation, addressing environmental concerns while meeting customers' demands for energy-efficient transportation solutions. To realize our vision, it is essential to align technological advancement with the strategic infrastructure development and proactive collaboration between academia, industry, and government. You can be assured, TVSM is focused. Internationally, against the already mentioned global challenges, TVSM expects that the export of two-wheelers is likely to see a gradual recovery after the weak performance in fiscal year 2024.
The African market improvement will be supported by a moderation in inflation due to the easing of monetary tightening globally. Expansion programs in Latam, ASEAN, and the Middle East will add further momentum. TVSM is strategically expanding its international presence by strengthening its distribution network across the world. In fiscal 2024, the company announced its entry into the European markets through a distribution partnership. The variety of EV and ICE products has been homologated in the meantime. TVSM is ready to start now. In addition, together with and in fine coordination with BMW Motorrad, TVSM will be working on the design and development of additional new vehicles for the global markets. With their buff factors and backed by its strong product lineup, unwavering focus on consumer delights, quality, and design, TVSM is confident for the fiscal year 2025.
TVSM has reported a bright start into the year already, posting a Q1 domestic two-wheeler sales growth of 15%. TVSM continues to have a sustainable, profitable growth trajectory. Q1 was a brilliant start. Now the TVSM team is already focused on the next quarters to come. Dear ladies and gentlemen, in conclusion, I hope you got a comprehensive overview about TVSM. TVSM is really gearing up for exciting times ahead as we transition to a high-tech, global, and a smart mobility company. TVSM does have the ability to delight customers, also delight the new age customers. The company, the company is in very good hands. TVSM is led by an outstanding experienced leadership team. I can only tell you that the remarkable, profitable growth in the past few years has been made possible by the dynamic, experienced leadership team headed by Mr. Sudarshan Venu, SAMD, and Mr.
K.N.R. as a Director and CEO. Under their visionary leadership, TVSM has fostered a passionate, motivated, and aligned team, dedicated employees, partners, and stakeholders working towards one goal. All the hard work of all the stakeholders are putting in is leading to significant value creation. Again, I thank everyone for their contribution and commitment. I want to express grateful thanks to our customers, our dealer partners in service and sales, our suppliers, bankers, and financial institutions for their continued cooperation and invaluable support. Explicitly, many thanks, especially to all our employees for contributing with passion and commitment every and each day. Our people deliver highest quality for our customers. Now the Board of Directors join me in thanking you, our shareholders, for your continued confidence reposed in TVSM. Together, all together, we make TVSM stronger. Many thanks.
With that, I want to go to the agenda item number four. We have the resolutions to be approved by the shareholders. The following ordinary resolutions are being considered in this AGM. Firstly, the adoption of both standalone and consolidated audited financial statements together with the director's report and the auditor's report of the company for the year 2023 and 2024. Secondly, the reappointment of Mr. K.N.R. as a director liable to retire by rotation. Thirdly, not filling up the vacancy caused by the retirement of Lakshmi Venu as a director who does not offer herself for reappointment and fourth, the ratifying the remuneration payable to M/s. C.S. Adam & Co. cost auditors for the fiscal for the financial year 2024-25. Let's come to the voting.
The voting facility on the NSDL website will remain open up to 15 minutes from the conclusion of this meeting to enable the shareholders to cast their vote through e-voting. The results of e-voting will be declared on or before the 8th of August 2024. The declared results will be made available on the websites of the company, stock exchanges, and NSDL. Dear ladies and gentlemen, that brings me to the agenda item number 5, queries from speaker shareholders and management's response to the Q&A session. Shareholders who have registered themselves as speakers are requested to speak one by one. The moderator, Mr. Raja Prakash, will call you all one by one. Mr. Prakash, please take over.
Thank you, sir. We have received requests from 14 shareholders. I will call their name one by one.
The shareholders are requested to keep their questions short in the interest of time of all consent. Now I will request speaker number one, Mr. Bimal Krishna Sarkar.
Yes, sir. Hello. Mr. Sarkar. Yes, sir. Very good afternoon, sir. I, Bimal Krishna Sarkar, joining from my residence, Kolkata. Respected Chairman, other dignitaries, company secretary, shareholders present in the virtual meeting. At first, I thank the Chairman for valuable and excellent presentation regarding performance of the company. Thanks to the company secretary, K. Srinivasan, and secretarial department, Raja Prakash, for sending AGM notice and hard copy of the annual report well in advance. And excellent investor service and keeping good relation with the shareholder. Thank you, sir. Sir, annual report is colorful and informative. Now I come to the financial performances.
Sir, in spite of geopolitical turbulences and tension, which is still going on, and economic challenges, our company, TVS Motor, is making profit year after year. Revenue from operation increased by 22.42%. EBITDA increased significantly increased profit after tax by 35.82%. During the year profit INR 1,778.54 crores. Last year, it was INR 1,309.45 crores. Thanks, Chairman, and your team for making brilliant and significant financial results. Sir, question number one. Sir, export has been declining continuously for the last two years. What is the long-term outlook and what other strategies are taken or planned for improving the export sale? Sir, as per Section 135(5), CSR obligation INR 26.39 crores. Sir, total spent INR 30 crores. Sir, excess spent INR 3.61 crores. CSR activities, CSR committee reaches 2,500 villages and 16 lakh people are benefited from it. Sir, women empowerment, 600,000 and women enrollment in SST self-help group.
CSR committee encourages women to be a part of the self-help group so they can earn money and avail themselves of loan and help support groups. Sir, thanks to CSR committee for excellent performance. I fully support the annual report. I pray to God for good health. You, Chairman, and your team and company secretary, secretary department, entire employees of the company. Thanking you for patience sharing. Over to you, sir. Thank you, sir.
Thank you. Thank you very much. Please, let's continue. We will answer all the questions afterwards.
Now I will request Mr. T. R. Sankaran.
Yes, Mr. Sankaran. You are on mute, Mr. Sankaran. Is it okay now? Yeah.
Can you speak up a little bit, please?
My name is T. R. Sankaran. My client ID number is 30163740595356. I'm calling from Chennai. Good afternoon to all the members in the forum.
Sir, congratulations to the management for bringing out the first connected vehicle, NTORQ, in the past. My question is, what are the plans going forward in bringing out such technology-driven vehicles?
Good. Thank you. Good. Does it cover everything? So let's continue then with the third speaker, please.
Yes. Mrs. C.E.S. Patel Mrs. Patel.
Hello?
Mrs. Patel, can you hear us? Hello? Yeah. Hello. I can hear you now. Yeah. You have to put your video on.
Yeah. I don't want my video on. I'm only on my audio, sir. Good.
We hear you.
I'm only on my audio. Are you able to hear me?
Yes, we can hear you. Thank you. Please raise your question.
Yeah. Respected Chairman, Mr. Professor Ralf Speth, our Venu Srinivasan Chairman Emeritus and Managing Director, all of the directors on the board. Our favorite, Mr. Haribhakti, Namaskar to you.
I'm thankful to our CFO and CS, Mr. Gopala Desikan and Mr. Srinivasan for sending me the annual report in time. And above all, I'm really and very much thankful to Mr. Raja Prakash, who has always been very helpful, very humble gentleman, very unassuming, and he's always being on his toes ever to help the shareholders. I wish you all the best, Mr. Raja Prakash, and very much thankful to the help that you have rendered to us. I'm also thankful to Mr. Satyam. Sir, the company has done a very excellent job as far as this year is concerned. The profit, the revenue, the last year is concerned. The profit, the revenue, the income, and EPS have all gone up. Inventory level is just a little high if it can be controlled.
Sir, I would like, please, a little more information on this NCRPS and in what way it is different from bonus. A simple bonus could be allotted to us. However, there must be some good way also for the company to allot us NCRPS if you can throw some more light on this non-convertible redeemable preference shares. And in what way it will be more useful to us as shareholders because it is non-convertible. Sir, this year's first quarter results are also excellent. Profit has gone up. Revenue has gone up. The company is doing a very excellent job. I am very much grateful to all the first, I will be grateful to all the employees of the TVS who has done very hard work to give us an excellent result along with the management team. Sir, I also congratulate the company for winning various awards and acknowledge.
Sir, I congratulate TVS for winning one of the toughest desert races and all other awards. CSR activities have also been very excellent of the company. I have full confidence in the board and all the employees. And I'm sure your hard work along with intelligence will continue to give us good results even in the coming years. I thank you. Sir, I have one little request. As I am a lady, please I request TVS management and you, Sir Ralf, sir, please come out with some scooters for ladies, please, especially very simple driving. It will be very easy for us to start a button press start and not so high speed and very comfortably to drive, especially only for ladies. Please do come out with it. It's my humble request if possible. I also request all the employees and the management team to do me this favor.
It will not be a favor only to me. It will be a favor to all the Indian women of our country. A special type of scooter for heavy traffic in Bombay, in the metro cities, if the company can help us out. Simple starts, simple drive, easy to drive, please. That's my only request. I have no other questions. I have full confidence in the management of the company. Thank you very much for giving me an opportunity to speak through this OAVC. I'm sitting in Bombay in my house, and I'm talking to you all. Thank you very much and wish the company all the very best. Thank you, Sir Ralf. All the best to you.
Madam, thanks a lot. Thanks a lot. We have noted all your requests. Let's go to the next one, please.
Mr. Praful Chavda, please. Yes, Mr. Chowda. Can you hear us? Hello.
Yes, Mr. Praful Chavda.
Chairman, sir, Board of Director, मेरे साथी shareholders.
Chairman, sir, aapki company ka do speaker gaye aur bahut acchi baat karen. Madam ne bhi acchi baat karen ki jo ladies scooter hai, ismein kitna benefit milta hai. Ladies scooter accha lagta hai. To main ek to ye poochhna chahta hoon ki India mein aur poore world mein five best showroom kaisa hai, kahan hai, jo TVS ka bade se bade showroom hai, iske baare mein bataayenge. Sir, question dekho, hum to note karke sabhi thank you for the question. Hum sabhi questions ko note karke ek saath mein answer karenge. Yes, yes, yes, no problem, sir. Sir, main sabse pehle ye baat kehna chahta hoon ki sabse gareeb logon ki chhoti XL jo scooter bana hai, jo aapne, jo jisko Chhota Haathi bolte hain, best, sir, world mein sabse best gaadi ko main isko hi bolta hoon. Jab koi gareeb aadmi medium class ka two wheeler one kharidna chahta hai, naya kharidna chahta hai, to pehle vo gaadi khareedega. Aur har ek kheti karne wale gaon mein labour log, iske alawa jo bhi dukaan hai, iska jo labour chalata hoga, to wahi gaadi chalata hoga. Chhota haathi, chhota elephant, small elephant, itna wazan uth jaata hai, vo jagah pe nikal jaata hai. Bahut accha hai. Sir, main abhi Jagannath Puri gaya tha, iske baad Varanasi gaya, Ayodhya gaya, iske baad Mathura gaya, Haridwar gaya, Ujjain gaya. Maine sab jagah pe EV two three wheeler dekha. EV three wheeler mein bahut benefit milta hai. Jyaadaatar medium class ke log INR 500, INR 400 rent se kharidte hain, 12 ghante chalate hain, paise kamate hain. Isko kuch bhi kharcha nahi lagta hai, petrol ka kharcha nahi lagta hai. To three wheeler mein kab jaayenge?
Apne three wheeler, three wheeler jo bhi India mein tirth sthan hai, imported ho gaya hai. To iske baare mein bataayenge. Abhi aaj hi Nitin Gadkari, apne minister ne kaha hai ki ethanol se bhi vahan chalega, petrol se bhi chalega, ethanol se bhi chalega. To kya two wheeler mein bhi ethanol se chalne waale gaadiyaan aane waali hain?
तो अपने जो अभी मशीनरी है, तो शायद इंथोल से भी चलने वाले इंजन बनाएंगे या टू इन वन करेंगे, इसके बारे में बताएंगे। सर, अभी ओलंपिक चलता है, तो इसमें ढेर सारे इंडियन लोग गोल्ड मेडल जीतते हैं, सिल्वर मेडल जीतते हैं। तो अपनी पब्लिक, कंपनी की पब्लिसिटी के लिए जो भी जीते, इसको इसके हिसाब से अपना एक टू व्हीलर इसको गिफ्ट देना चाहिए और बताना चाहिए कि हम भी हमारी कंपनी की तरफ से इतना तो करते हैं। अपना टू व्हीलर ने रेट तो INR 150,000 है और 100 तो गिफ्ट आएगा। कोई नानेवेला भी नहीं है, गोल्ड कॉइन, सिल्वर कॉइन यहां भी। तो पूरे प्लेयर जो इंडिया के जीत के लाए मेडल, इसको कंप्लीमेंट के तौर पे एक गाड़ी फ्री दो, तो बहुत अच्छा रहेगा। बहरहाल, मैं कंपनी सेक्रेटरी डिपार्टमेंट से बहुत खुश हूं। कंपनी सेक्रेटरी डिपार्टमेंट गुड पीआरओ, इन्वेस्टर फ्रेंडली है। उसके लिए मैं इसको बहुत-बहुत धन्यवाद देता हूं। धन्यवाद, सर। Thank you.
Thank you, Chandraman. Let's go to the next one.
Mr. K.P. Venkata Ramakrishnan, please. Yes, Mr. Venkata.
Good afternoon. Good afternoon, Chairman Emeritus, Chairman and Managing Director and other dignitaries. This is Venkata Ramakrishnan, shareholder from Chennai. I have a few questions, Chairman. Why non-convertible redeemable preference shares are issued instead of keeping the funds for supporting expansion plans of TVS Motor?
number two, what is the present status of non-convertible redeemable preference shares? When will, as a shareholder, we will get money and what will be the treatment in our hands? Thank you.
Thanks a lot. Next one. Mr. B. Ravi Chandran. Mr. B. Ravi Chandran. Am I audible? Mr. Ravi Chandran?
Yes. Yes, am I audible?
We can hear you.
Yes. Good evening, Chairman. And to all those who are present in the AGM. See, my first point is consistently, I am seeing. I sent a mail requesting for a printed copy of the annual report. No response. I follow up two times, three times. And you know, I have no clue whether I am going to get a copy and I am going to join. Last year also it happened. This year also it happened. So, I don't know if the Company Secretary is so busy. He can create a new, you know, email address for every AGM. And some junior fellow can be given the responsibility of taking care of the shareholders. I don't know, it is really disgusting. Two days back, only you know, I got the annual report after following up. Mr. Raja Prakash was kind enough to, you know, coordinate and send me the annual report. But, it is really disgusting. A company like TVS Motor with so much of, you know, corporate governance norms. I didn't, I didn't expect this from this company. Thank you for your information. We will work on our process. Okay. If he is getting too many mails from so many people, new email ID can be created for this purpose exclusively. So, my first point is see, most of the points are from their all backlog of previous year only. My first point is on the road conditions. You know, any discussion is being undertaken with the government because road, you know, for your vehicles to ply, you need good roads, reasonably good roads. I am not saying high, high, high standard roads. So, last year I asked about this. Now, I was given the response that central government is investing in highways. I am talking about city roads. The likes of, you know, Swiggy and Zomato, they don't ply on the highways. They run their vehicles on the city roads. So, if you don't, you know, take this up, some day, some, you know, inventor will find a flying object, which will replace the two wheelers totally, and you will be out of the business. So, please give a response. If you have not taken up any, you know, any discussion with the government, that also you can provide us as a response. My second point is on the EV disposal, EV waste disposal. That this also I asked last year, but, you know, no response was given. It was given a convenient, you know, pass. My third point is on the bonus. You know, bonus share was given more than a decade ago. The company has been making good profit, and you know, they are slow, gradually, they are increasing the dividend. But, bonus, you know, has not come. At least 2:1 bonus can be given. So, the share price has gone up from 300 level to ₹2,500 level today. So, you know, people who are buying today, they are not even getting 1/3 of 1% as dividend yield. That is the, you know, status. So, I request the management to consider at least 2:1 bonus. My third point is this cross fourth point, cross subsidization. You know, consolidated revenue and profit, if you compare with the stand alone, there is enormous cross subsidization. See, for the current year, the incremental revenue in the consolidated P&L is INR 7,369 crore, which has resulted in a loss of INR 397 crore. Incremental revenue of INR 7,369 crore gives a loss of INR 397 crore. Last year also 5,596 was the incremental revenue, but the loss was INR 162 crore. It has actually gone up this year. So, the result of all this is being borne by the stand alone shareholders. This has been consistently happening. See, I am a shareholder for 20 years. In April 2004, I became a shareholder, and I am continuing. I have increased my, you know, holdings only during this period. But, I am not seeing, you know, the dividend yield being even reasonable. So, I would like you to give some, you know, timeline for ending this cross subsidization. Good, thanks a lot. And you know, last last point, see, the dividend. Again, your EPS last year was 31.38, whereas you paid only ₹5 as dividend. And this year, it was 43 point something, and you paid only ₹8. At least, you know, in good years, you can give a, you know, dividend magnanimously. In bad years, shareholders will definitely understand. But, in good years, at least, keep the shareholders happy. Thank you, sir, and wish you a good performance in coming years, and wish you all the best. Thank you.
Thanks a lot. Let's continue, please.
Mr. J. Abhishek. Yes, Mr. Abhishek.
Yes, sir, can you hear me?
I am audible, sir. Yes, we can hear you and see you.
Thanks a lot. Sir, my name is Abhishek. Shareholder company. First of all, I congratulate the management on the eve of 32nd Annual General Meeting. I wish all is well with you and your family in this challenging situation. A company deserves much more respect than the current market cap. After completing more than a decade of successful operations, profitability, dividend history, and becoming one of the strongest brands in the respective segment. Sir, we can see that the company has outperformed during the year, and we can see the excellent performance in the way of EPS 43.84. And Return on Equity is 26.94, which is really excellent. And after 2010, the shareholders are very eagerly waiting for a bonus issue, sir. But, till date, the management has not considered. So hope that the management will consider in this profitable year a good bonus, a liberal bonus to the investor fraternity. And how do you see penetration for EV business after reduction of incentives by the government?
I would like to know from you, sir. And what steps have been taken by the management to reduce the other expenses, legal professional charges, and the audit fee?
Then kindly try to consider the hybrid AGM in the years to come, sir, because more number of shareholders are not able to join because of the digital challenges in the virtual platform. So, if you can consider hybrid AGM in the years to come, more number of shareholders can join in the meeting. You can get the valuable points, additional ideas that will be helpful for the management to empower in future. And the company has really a good corporate governance practices, sir. We do appreciate the management for that, and hope that the management will take all our questions in the right spirit and reward the minority shareholders in the law. Continue to reward the minority shareholders in large numbers in the years to come. I think much too ask, sir. I wish the company and the board of directors and great success and prosperity in the coming future. And thank you for giving the opportunity, sir. Hope to see you with the hybrid AGM next year.
Thank you very much. Thank you. Thank you very much. And let's continue, please.
Miss Sushmita Sarkar. Yes, Miss Sarkar. Can you hear us?
Miss Sushmita Sarkar. Yes, can you hear me?
Yes, ma'am. Am I audible? Yes. Okay. Thank you so much. Yes. So, good afternoon everyone. I would like to extend my gratitude to our chairman for his outstanding leadership and for presenting and the highlights of the company's performance over the past years. And I also want to acknowledge the company secretary K. Srinivasan for his exceptional work in investor relations and maintaining positive communication with the shareholders. I would like to know, just I have a one question, like what strategy does the company have in place to navigate current market challenges and assure sustainable growth in the company's coming years?
And your continuous support is invaluable to us. And thank you so much for allowing me the opportunity to speak. Thank you.
Madam, thanks a lot. Then let's continue.
Miss Vasudha Vikas.
Yes, Miss Vasudha. Vasudha Dakwe, can you hear us?
Yes, sir. Yes, ma'am. Can you hear me? Yes, very well. Yes, ma'am. You can speak.
Miss Vasudha, can you hear us?
Hello, can you hear me?
Yes, we can.
Yes, thank you, sir. Very good evening, respected Chairman sir, Board of Directors and my fellow shareholders. Myself, Vasudha Dakwe from Thane. I would like to congratulate our Company Secretary team for sending me the soft copy of the report, as well as the hard copy of the report, well in advance, which itself is clear and transparent. Opening speech given by the Chairperson is also very informative and excellent. I would like to ask, do we manufacture hard components as well as soft components in our tire?
With this, I support all the resolutions. Thank you very much. And we, the company, all the best for coming financial year and my best wishes for coming all the festivals during the month of Shravan and Bhadrapada, Ganpati, Dussehra, Diwali.
Thank you, sir. Madam, thanks a lot. Let's continue, please.
Mr. Ravi Kumar Naredi. Mr. Ravi Kumar Naredi. Mr. Ravi Kumar Naredi. So, we will go to the next speaker. Let's go to the next one, please. Mr. Ramesh Shankar Gola. Mr. Ramesh Shankar Gola.
So, then let's continue, please.
Mr. Mehul Jay Shah. Yes, Mr. Mehul Jay Shah.
Hi, good afternoon everyone. First of all, let me just congratulate the entire management for the commendable performance during the last year, which I feel is very very successful, because we had many launches, product launches, and also which enable the company to deliver consistent good performances. As I heard, one of the shareholders also saying, "I am a shareholder of the company for last 20-25 years, and I have seen the company grow, you know, from where it is today." So, heartily congratulations for, you know, having the market capitalization crossing INR 100,000 crore. I also wish the management all success to continue the good performance and reward the shareholders with further increases in market capitalization. Hope the company has a very very good year and clear plans for, you know, to make significant progress in performance in future years. Are there any plans?
If, you know, what are the plans of the company in for the future?
Thank you.
Thanks a lot. So, let's go to number 12.
Mister Manoj Kumar Gupta.
Hello. Yes, Mister Gupta. Hello. Ya, hello. Good afternoon, respected Chairman, Board of Directors, fellow shareholder. My name is Manoj Kumar Gupta. I am a shareholder of TVS Motor Company Limited. First of all, I thank you and your team, with the team, entire team of management for the excellent result of the company for the year 2023-24. And I thank the company secretary team to help us to join this meeting so easy. And sir, we would like to congratulate Shri Venu Srinivasan on his involvement in the CSR activities. And we have, we are able to really see the much much come of such activities through a view, a comprehensive coverage in the annual report. Do you have any new plans?
And sir, thanks to you for giving, give, launch the new products in last year. And sir, what about your future plan for the electric vehicles? Kindly throw some highlight. Once again, I thank your company secretaries, entire team to help us to join this meeting through VC. Sir, convey our best wishes to our Chairman Emeritus. We wish to God for his healthy and prosperous, deep long life to achieve his goals in coming time. Thank you, sir.
Thanks a lot. Now, let's go to number two the next.
Last speaker, sir, Mister T.S. Rajagopalan. Yes, Mister Rajagopalan. Can you hear us?
Yeah, good evening. My name is T.S. Rajagopalan from Chennai. I hold 1000 equity shares of the company. As one of the fellow share holders, I have informed the annual report is also colorful and shining, like the company. And the opening statements by chairman and the managing director are really of a top stuff and top class. And it's very good and it is appealing. It also gives very clear road map for the future and the way in which the company is proceeding to go. Now, coming to the financials, chairman has explained very clearly about the growth and other things. The turnover has gone by 20.5%. The profit before tax has gone by 38.8%. International benchmark of incremental margin is also about 14.3, which for a OEM company, it's really good. And as far as the share holders are concern, the earnings per share has also gone up by 28.4%. That is from 31.3 to 43.84. And the ROCE, which according to me, the ROCE and RO NW, which are 31.4% and 30.2%, are I think the highest in the history of the company. The ROCE being 31.4% really indicates that the fixed cost of the company are very well recovered by the company, with the more and more products are getting added towards cash probably. And the dividend payout ratio, which has been increased from five to eight, which means 15.9% in 2013, it has moved to 18.2%. Really excellent and top class performance. And as the chairman mention, more and more focus is being given to EV segment compare to internal combustion engines, which is what the today market and the country and the global requirements. The only thing is the margins of EV segment is not as good or as high as the of ICE. Therefore, some focus are probably that will be one of the focus areas for the company, because more and more revenue is coming over from EV segment. Therefore, the focus area will have to be turn towards that. Wishing the I think the first quarter has been done very well, as informed the chairman. And wishing the company more success in the future period to come. Thank you so much.
Thanks a lot. So, with that, I guess the Q and A session can be more or less closed in a way that. First of all, I sincerely thank you for the active participation of all the speaker share holders in raising really relevant actual questions relating EV future plans and quite clear the financials and bonuses. And as every year, I would like to ask Sudarshan Venu, the managing director, to answer these questions, please.
Thank you, chairman. I am very thankful to all the share holders for taking so much interest in the company and for asking many insightful questions. Given the extensive participation and the various questions, we will try. I will try to answer them in in in as a bunch. The first is regarding technology. I think technology is something which has always been core to TVS. We are one of the largest generators of intellectual property and number of patents filed in India. Starting with the connected scooter, which was mention by one of our share holders, we have built a very strong technology road map and we continue to keep investing behind this. The recent RTR 310 shows our capability in terms of cruise control, cornering ABS and some additional new features beyond what was done at Ntorq. And every model as you go forward will continue to have more such features. The software group in TVS has also been strengthen and more and more of the vehicle software and control systems in EVs and ICEs as well is coming from inhouse development. Regarding ethanol, I think regarding ethanol, we were the first to launch ethanol based two wheeler. We definitely believe there is an opportunity here and in other some other countries as well. CNG is a big focus as far as three wheelers. EV, of course, continues to be front and center of our priorities going forward in terms of new energy vehicles and in terms of embracing the future. We are making very strong investments and you will see more launches in terms of an electric three wheeler and another more affordable yet stylish and aspirational electric scooter later this year as well. I think all this shows our commitment to EV and investments behind it. Some questions have been raised by you around margins. This when some of the subsidies have been reduced, some a lot of this reduction has been absorb by TVS through aggressive cost reduction efforts. Yes, there is some pressure on margins compare to ICE, and we do believe that with the discounting and competitive intensity in the market, this will continue for a period of time. TVS has robust cash flows and strong performance of the business as a whole, especially the cash flows from the ICE business, and we will continue to invest behind EV, which we believe is strategic to our future and continue to grow fast and grow ahead of the market. Regarding bonus shares and NCRPS, I think the board after much deliberation has taken a view that NCRPS is a good way to reward share holders, and that is why while some of you may have some comments about the dividend payout, we will take this in mind for the next payout. But it is keeping such thoughts in mind that the company has return over INR 2000 crore through the NCRPS. We also will examine other options from time to time, and to your question on why it has been paid, it is believe because the company is generating a good surplus cash flow and the balance sheet is robust, and that is why this decision has been taken. On a lighter note, we will definitely look look at an idea of a product for women or a product which everyone can use, which which may delight women. Product ideas are always welcome. This is a product and customer driven company, and we will always look at new opportunities to create exciting aspirational yet sustainable and safe products. Thank you very much.
Yes, Sudarshan, thanks a lot for answering the questions in a direct structured way. In case your share holders, in case of any questions left unanswered or any further questions or details you want to know, please get in touch with the company secretary for providing the necessary information. So, thanks again. And that brings me more or less to the official close of this AGM. Again, I really want to thank all the share holders for participating in the virtual AGM. And before closing the meeting, I would like to thank all the share holders for your continue support and your faith in the company, and its specially its management. And we shall endeavor to scale newer profitable high as we continue on our journey ahead. TVSM will transform the quality of life of people across the world by really providing mobility solutions that are exciting, responsible, sustainable and safe, and quite clear, also easy to use, and also specially some mobility for women. TVS the team really knows where to go to. Again, I thank you all for your participation, and I wish you all the best, and look forward to welcoming you again next year. I hereby officially declare the 32nd AGM of TVS Motor is concluded and closed. Thanks a lot. Looking forward to see you next year. Thank you, bye.