Namaskar, and a very good morning to all. I, Sandeep Kumar Gupta, extend a very warm welcome to all our shareholders, my colleague directors, Chairpersons of Audit Committee, Stakeholders Relationship Committee, and Nomination and Remuneration Committee, representatives of joint statutory auditors and secretarial auditor, and all attendees of 39th Annual General Meeting of GAIL (India) Limited. The 39th annual general meeting of the members is being held through video conferencing, in line with the general circulars issued by the Ministry of Corporate Affairs and circulars issued by the Securities and Exchange Board of India, and as per the applicable provisions of the Companies Act, 2013, and the rules made thereunder. I now request Shri Mahesh Kumar Agarwal, Company Secretary, to inform you regarding participation in the meeting.
Dear members, the facility of joining the AGM through video conference has been made available to the members on first come, first served basis. All the members who have joined this meeting are by default placed on mute mode to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the question and answer session starts, the name of members who have registered themselves as speakers will be announced one by one by the moderator. During the AGM, if any member faces any technical issues, he or she may contact the helpline number mentioned in the notice of AGM. The register of directors and key management personnel, along with the shareholding and register of contracts or arrangement, have been made available electronically for inspection by the members during the AGM.
As there is no physical attendance of members, there is no requirement for appointment of proxy. I now request the chairman to continue with the proceedings of the meeting.
Thank you. Participation of members through video conference is being reckoned for the purpose of quorum as per the circulars issued by MCA and Section 103 of the Companies Act 2013. We have the requisite quorum present through video conference to conduct the meetings. The quorum being present, I call the meeting to order. I now call on my fellow Board Members and Auditors who are attending the meeting. First, Shri Mahesh Vishwanathan Iyer, Director of Business Development; Shri R. K. Jain, Director of Finance; Shri Deepak Gupta, Director, Projects.
Namaskar.
Shri Ayush Gupta, Director, Human Resources.
Namaskar.
Shri Sanjay Kumar, Director, Marketing.
Namaskar.
Shri Akhilesh Jain, Independent Director and Chairperson, Audit Committee. Shri Nandhagopal Narayanasamy, Independent Director and Chairperson, Nomination and Remuneration Committee. Srimati Kangabam Inaocha Devi, Independent Director and Chairperson, Stakeholders Relationship Committee. Shri Sher Singh, Independent Director. Shri Sanjay Kashyap, Independent Director. Shri Ravikant Kolhe, Independent Director.
Namaskar.
Representatives from Messrs A. R. & Co., joint statutory auditors through video conferencing. Representatives from Messrs Gandhi Minocha & Co., joint statutory auditors through video conferencing. Representatives from Messrs Agarwal S. & Associates , secretarial auditor through video conferencing. Thank you.
I now request Chairman to kindly address the shareholders.
Dear shareholders, good morning, and a very warm welcome to each and every one of you. It gives me immense pleasure to greet you all at the 39th Annual General Meeting of GAIL (India) Limited. I extend a very warm welcome to you on behalf of the entire board of directors, I thank you all for making it convenient to attend this meeting. It is for a fourth year in a row that our shareholders are able to participate in the AGM from the comfort of their locations through this virtual format. Your company is celebrating its 40th year of inception, It is indeed a privilege and honor for me to present the annual performance of your company at this historic moment.
The annual report, including the annual accounts of the company for the year ended March 31st, 2023, has already been circulated to you. With your permission, I consider them as read. GAIL, being country's flagship natural gas company, is a proud member of India's clean energy infrastructure and is making consistent efforts on the ground while significantly contributing to the country's quest for a gas-based economy. I would like to take this opportunity to present to you the highlights of achievements of your company in the year 2022-2023. The year 2022 witnessed extreme volatility and shift in geopolitical dynamics, which affected the world's energy ecosystem, resulting in a difficult year for the global natural gas market, witnessing significant ups and downs.
GAIL did not remain unaffected, as we suffered supply disruptions in one of our long-term LNG sourcing contracts, coupled with reduced allocation of domestic gas for processing plants and a record spike in global energy, LNG prices. However, our resilience and expertise helped in effectively managing this crisis. Strenuous efforts were put in to overcome the challenges while leveraging every opportunity and remaining steadfast in our endeavors. Despite all the challenges, your company remains committed to boosting the country's energy security by bringing, processing, and distributing natural gas, while enhancing value for all stakeholders. I am glad to share that this is the first time that the turnover of your company has surpassed the INR 100,000 crore mark in its history.
For financial year 2023, GAIL achieved the gross turnover of INR 1,43,976 crore, an increase of 57% over the previous year. Revenue from operations from natural gas transmission segment in FY 2022-2023 increased to INR 6,661 crore, as against INR 6,392 crore in financial year 2021-2022. Revenue from operations from natural gas marketing in FY 2022-2023 increased to INR 1,35,290 crore, as against INR 77,326 crore in FY 2021-2022. During the year, your company was able to earn revenue from operations of INR 4,917 crore from its petrochemical business.
Gas transmission and gas marketing are the key drivers of GAIL's business, and during FY 23, we transmitted approximately 107 MMSCMD of natural gas, marketed 95 MMSCMD of natural gas, and sold 399 TMT of polymer. Current year seems more promising, and it is estimated that your company will achieve over 120 MMSCMD of natural gas transmission, over 100 MMSCMD of natural gas sales, and around 800 TMT of polymer sales. The total CapEx for financial year 23 was around INR 10,000 crore, and company is growing steadily and creating infrastructure facilities across the nation. We are targeting to incur a CapEx of approximately INR 30,000 crore in the next 3 years, mainly on pipelines, ongoing petrochemical projects, CGD projects, operational CapEx, equity contribution in group companies, et cetera.
With a view to develop a national gas grid, projects are being undertaken to connect every part of the country. FY 2022-2023 has been fruitful for pipeline project execution, which achieved over 1,330 km of pipeline lowering and commissioned around 1,074 km of pipeline. Honorable Prime Minister dedicated the Bokaro-Angul pipeline to the nation on 12th July 2022, and also laid the foundation stone for Srikakulam-Angul pipeline on 12th November 2022. Your company commissioned Dhamra-Angul main line, with spur lines to Jamshedpur, Ranchi, Cuttack, and Bhubaneswar, which enabled the RLNG supply from Dhamra LNG terminal and added one major gas source to our pipeline network on the East Coast. Further, your company also completed Sultanpur, Jhajjar, Hisar, and Haridwar, Rishikesh, Dehradun pipeline. In addition, your company has completed 30 hookup connections to CGD geographical areas.
With over 15,600 km of pipelines under operation and around 4,200 km of pipelines under construction, your company will complete around 20,000 km of national gas grid in the next calendar year. In the recent bidding at PNGRB, your company has also won the license to lay, build, operate, or expand natural gas pipeline of 160 km, namely the Gurdaspur-Jammu natural gas pipeline. With this, your company shall be enabling access of natural gas to the northern as well as the northeastern parts of the country, also through Barauni-Guwahati pipeline section as an integral part of Jagdishpur-Haldia & Bokaro-Dhamra pipeline. The development of natural gas infrastructure, including the national gas grid, development of CGDGs across the country, ramping up the exploration and production activities, et cetera, gives positive signals to the gas market.
I am happy to share that based on GAIL's submission and enabling regulations, PNGRB has determined the levelized integrated tariff for GAIL's integrated natural gas pipeline, which shall lead to an increase in natural gas transmission revenue for your company. The implementation of unified tariff would also significantly boost capacity utilization of natural gas pipeline network, as it is a step forward by PNGRB in the direction of one nation, one grid, and one tariff. With India's increasing petrochemical demand, India is projected to contribute more than 10% of the incremental global growth in petrochemicals over the next decade. Your company has entered in the 25th year of petrochemical business, and our commitment of expansion in petrochemicals with diversified port, product portfolio continues. We have acquired 1.25 MMTPA PTA plant of erstwhile JBF Petrochemicals Limited, and renamed it as GAIL Mangalore Petrochemicals Limited.
This acquisition offers GAIL an opportunity to add a new chemical product, that is Purified Terephthalic Acid, or PTA, to GAIL's existing product portfolio. Your company is also implementing 500,000 tons per annum of country's first propane dehydrogenation polypropylene plant at Usar, and another 60,000 tons per annum polypropylene at Pata. Further, your company is also setting up its first specialty chemical plant of 50,000 tons per annum Isopropyl Alcohol at Usar. With these additions, your company's portfolio of petrochemicals, chemicals would become approximately 3 MMTPA. Your company is exploring opportunities of ethane sourcing for its existing petrochemical plant, while prospects of setting up of ethane cracker is also being studied. Your company is also making remarkable efforts in the development of indigenous catalysts for petrochemical production. In order to secure natural gas for the nation and its customers, your company has been making strenuous efforts.
Your company is exploring long-term LNG sourcing opportunities with major global LNG players. Your company has issued an EOI to explore opportunity of equity acquisition in LNG liquefaction terminal, along with approximately 1 MMTPA LNG tie-up from USA. Your company has taken steps to provide tying connections with its natural gas pipelines to the upcoming new gas sources and upcoming RLNG terminals, to enable more and new gas injections into its pipelines. In line with the Strategy 2030, your company is exploring various opportunities for increasing its renewable portfolio through organic as well as inorganic routes. The energy landscape is undergoing rapid changes, triggered by simultaneous shifts in technological development, energy transition, and climate change initiatives, regulations, customer preferences, and investor sentiments. Global and concerted efforts are needed for the optimal use of fossil fuels to reduce GHG emissions and achieve sustainability goals.
Towards shaping a net zero future, your company is exploring various business avenues such as solar, biofuels, compressed biogas, carbon capture utilization and storage, green hydrogen, et cetera. Deep dive efforts are being carried out for penetration of renewable energy, with a focus towards electrification and using it for reducing Scope 2 emissions of the company. Initiatives have been taken for the development of renewable energy, such as development of floating solar power projects and setting up of renewable power plants for captive consumption. As an integral part of MOPNG's initiative, SATAT, that is Sustainable Alternative Towards Affordable Transportation, your company is setting up its first MSW-based CBG plant of 5 tons per day capacity at Ranchi, which is expected to be commissioned by December 2023.
Your company has also received approval from the Government of Karnataka for setting up a MSW-based 10 tons per day CBG plant in Bengaluru, including the land allocation. As an impetus towards import substitution and circular economy, GAIL is keen on developing a much larger number of CBG plants across India. In line with the Government of India's National Green Hydrogen Mission, your company is setting up a 10 megawatt green hydrogen production unit based on PEM water electrolyzer, and is going to be the largest in India as of now, with a capacity of 4.3 tons per day at Vijaipur in Madhya Pradesh, which is expected to be commissioned by December 2023. Your company launched India's maiden pilot project of hydrogen blending in CGD network at our joint venture company, Avantika Gas Limited, at Indore, Madhya Pradesh, with 2% by volume hydrogen blending.
Currently, 5% by volume hydrogen blending is being done in AGL's PNG network. Parallelly, to leverage business opportunities and hydrogen economy, your company is also carrying out studies to see the impact of various levels of hydrogen blending on CGD network and NG pipeline. Your company, along with its CGD subsidiaries and joint venture companies, has achieved 1,010,000 domestic PNG connections and set up 351 CNG stations for this financial year, and has total of approximately 7,332,000 domestic PNG connections and total of about 2,370 CNG stations as of now. During the recently concluded eleventh and eleventh CGD bidding rounds, GAIL's JV, joint venture companies were awarded 2 geographical areas, taking the total to 67 geographical areas out of total 300 authorized geographical areas by PNGRB.
In the financial year 2023-2024, your company will again be adding around 400 CNG stations and more than 10 lakh domestic PNG connections. In the first of its kind initiative in India, your company is setting up small scale LNG plants to cater to diversified areas, namely geographical areas, not having connectivity to the pipeline. Business of LNG as a transport fuel and monetizing gas from stranded fields. GAIL has procured 2 liquification skids of approximately 16-18 metric tons per day capacity to meet this objective. The skids are portable and scalable liquification units and are likely to be commissioned shortly. GAIL is also exploring the possibility of a small scale manufacturing facilities in India under the Atmanirbhar Bharat initiative. Additionally, GAIL is developing an LNG supply value chain to develop new markets and increase the consumption of natural gas in the country.
The present focus is on developing a retail LNG network and installation of LNG infrastructure, inclusive of LNG dispensing stations, small scale LNG skids, et cetera, to increase its reach to newer customer segments. Being a proactive and digitally driven company, GAIL is adopting new age technologies driven by artificial intelligence and robotic process automation, and is embarking upon a corporate-wide drive in this regard. It has also implemented vendor invoice management to enhance productivity and vendor satisfaction. Your company considers its shareholders as a valuable and integral part of the organization. During the financial year 2022-2023, company paid interim dividend at the rate of 40% on equity shares of INR 10 each, that is INR 4 per equity share, amounting to approximately INR 2,630 crore in March 2023.
In addition to final dividend at the rate of 10%, that is INR 1 per equity share, for FY 2021-2022, amounting to approximately INR 438 crore, which was paid in September 2022. Your company also completed buyback of 5.69 crore fully paid-up equity shares, representing 1.28% of the total number of fully paid-up equity shares at a price of INR 190 per equity share. Your company also issued and allotted bonus shares in ratio of one equity share of INR 10 each for every two equity shares of INR 10 each held. Your company believes in benefiting communities and protecting the environment. That will ultimately determine the sustainability of continued progress.
Your company is at the forefront of countless welfare projects that promotes its CSR objectives through initiatives like GAIL Utkarsh, which provides support for specialized residential coaching for engineering and medical entrance exams, GAIL Kaushal, which provides support towards providing skill training to underprivileged and unemployed youth from rural and semi-urban localities, and Project Arogya, which provides healthcare facilities through operation of mobile medical units in various states, et cetera. Your company's flagship CSR initiative for underprivileged students, that is GAIL Utkarsh, marked another resounding success this year, with all 100 students from its Kanpur center qualifying for the JEE Main 2023 examination. Overall, the CSR initiatives of GAIL have benefited over 15 lakh beneficiaries in various geographies of the nation in financial year 2022-23.
Overall, I am pleased to share that your company has done well in a volatile global environment in the year gone by and achieved an excellent MOU rating from DPE for MOU 2021-22. Your company has been demonstrating highest standards of ethical governance practices, and received nil comments from CAG for the 14th consecutive year in the financial year 2022-23.
FY 2022-2023 brought us several laurels also, like the coveted Platts Global Energy Awards for Energy Transition Midstream, SAFA Best Presented Annual Report Awards, Integrated Reporting Awards, and SAARC Anniversary Awards for Corporate Governance Disclosure, Gold Trophy for the TIOL National Taxation Awards, Green Ribbon Champions by CNBC for GAIL's decarbonization efforts, PCRA Significant Contribution towards Energy Conservation and Fuel Efficiency during Saksham 2023, Best Natural Gas Pipeline Transportation Company of the Year award, and Best Managed Project of the Year award for the Vijaipur-Auraiya pipeline project at the Oil and Gas Awards 2022 by the Federation of Indian Petroleum Industry, 18th Cost Excellence Award, 1st position in manufacturing sector, public medium category from Institute of Cost Accountants of India for GAIL Vijaipur unit , et c.
GAIL has once again been included in the FTSE4Good Index Series emerging market index, a market-leading tool for investors seeking to invest in companies that have a strong management of environment, social, and governance risk, which is a proud moment for your company. Your company is committed to conduct its business using the highest standards of governance, ethics, and integrity. Its strong and effective governance framework supports these values by addressing the potential business risks and helps align the management responsibilities with the board's strategic foresight of the organization. All employees in the company embrace the values espoused by the board. Your company's robust policies play an important role in instilling these values in its system. Your company has been-- also been compliant with the requirements of corporate governance as enunciated in SEBI regulations and DPE guidelines on corporate governance.
Before I conclude, on behalf of the board of directors, I wish to express my wholehearted gratitude to the Ministry of Petroleum and Natural Gas, Government of India, Petroleum and Natural Gas Regulatory Board, all departments of central and state governments, all valued customers, stakeholders, employees and other agencies who have been instrumental in supporting your company's growth path, directly or indirectly. It is with your support and confidence that GAIL has been able to charter and spear its growth over the decades. At the end, I look forward to your consistent support in the years to come by, come as we embark on new journeys together. Thank you, ladies and gentlemen. Jai Hind and Namaskar. Now, I request Company Secretary to inform everyone about the agenda of the meeting as well as the e-voting process.
There are no qualifications, observations, or comments of the joint statutory auditors on the financial statement for the FY 2022-23 in the independent auditor's report. Your company is compliant of the applicable provisions of the Companies Act, 2013, SEBI regulations 2015, and other applicable laws for the FY 2022-23, as stated in the report of corporate governance. As for the notice of AGM, resolutions are proposed for approval by the members for the following business items. Ordinary business proposed to be passed through ordinary resolution. Item one: Adoption of audited standalone as well as consolidated financial statements of the company for the year ended 31st March 2023, Board's report, the auditor's report, and comments of the Comptroller and Auditor General of India.
Item two: To confirm the payment of interim dividend at the rate of 40%, that is INR 4 per equity share, on the paid-up equity share capital of the company already paid in the month of March 2023. To appoint a Director in place of Shri Rakesh Kumar Jain, Director of Finance, who retires by rotation and being eligible, offers himself for reappointment. Item four: To appoint a Director in place of Shri Deepak Gupta, Director, Projects, who retires by rotation and, being eligible, offers himself for reappointment. Item five: Authorization to the board of directors to fix the remuneration of the joint statutory auditors for the FY 2023-2024, and for the future years, effective from the financial year 2024-2025, appointed by the Comptroller and Auditor General of India. Special business proposed to be passed through ordinary resolution. Item six-...
Appointment of Shri Praveen Mal Khanooja as a Government Nominee Director of the company. Item seven, appointment of Shri Kushagra Mittal as a Government Nominee Director of the company. Item eight, appointment of Shri Sanjay Kumar as a Director, Marketing of the company. Item nine, ratification of remuneration of the cost auditors of the company. Item 10, material related party transactions, in short, RPT, with Petronet LNG Limited. Item 11, material RPT with Ramagundam Fertilizers and Chemicals Limited. Item 12, material RPT with Talcher Fertilizers Limited. Item 13, material RPT with Indraprastha Gas Limited. Item 14, material RPT with Mahanagar Gas Limited. Item 15, material RPT with Maharashtra Natural Gas Limited. Item 16, material RPT with Avantika Gas Limited. Item 17, material RPT with Central UP Gas Limited. Item 18, material RPT with Green Gas Limited.
In line with the provisions of the Companies Act, 2013 and SEBI LODR Regulations 2015 , the company has provided e-voting facility to the members to cast their vote on all the resolutions. The remote e-voting facility commenced on Saturday, 19th of August, 2023, at 9:00 A.M., Indian Standard Time, and ended on Tuesday, 22nd August, 2023, at 5:00 P.M., Indian Standard Time. In terms of Regulation 44 of the SEBI LODR Regulations 2015 , the company has provided one-way live webcast of the proceedings of the annual general meeting for the shareholders today from 11:30 A.M. onwards, till the conclusion of the AGM, and the same is accessible at GAIL's website, www.gailonline.com. Facility for e-voting at the meeting is also provided to the members who have attended today's AGM through VC and could not exercise their vote through remote e-voting.
The members may please go to the links provided by the respective e-voting services and cast their vote as per the instructions provided in the AGM notice. Members who have already exercised their vote through e- remote e-voting will not be allowed to vote again. Shri Sachin Agarwal, practicing Company Secretary, has been appointed as the scrutinizer for finalizing the voting results of this meeting. As per the requirements of the Secretarial Standards, Chairman is requested to explain the objective and implications of the resolutions enlisted in the AGM notice.
Thank you. Now, I will explain the objective and implications of the resolutions sought. Item one, resolution is placed for approval of the shareholders for adoption of the audited standalone as well as consolidated financial statements for the financial year ended 31st March 2023, Board's Report, Independent Auditors' Report, and the comments thereon of the Comptroller and Auditor General of India by passing an ordinary resolution. Item two, resolution is placed for approval of the shareholders to confirm the payment of interim dividend at the rate of 40%, that is INR 4 per share, on the paid-up equity capital of the company already paid in the month of March 2023. Item three, resolution is placed for approval of shareholders for reappointment of Shri Rakesh Kumar Jain, Director (Finance), who retires by rotation and being eligible, offers himself for reappointment.
Item 4, resolution is placed for approval of the shareholders for reappointment of Shri Deepak Gupta, Director, Projects, who retires by rotation and being eligible, offers himself for reappointment. Item 5, GAIL being a government company, statutory auditors are appointed by the Comptroller and Auditor General of India. Resolution is placed for approval of the shareholders to authorize the Board of Directors to fix the remuneration of the joint statutory auditors for the financial year 2023-2024, and for the future years effective from financial year 2024-2025. Item 6, resolution is placed for approval of shareholders for appointment of Shri Praveen Mal Khanooja , Additional Secretary, Ministry of Petroleum and Natural Gas, Government of India, who was nominated by the President of India as Government Nominee Director of the company, and appointed as Nominee Director with effect from 16th May, 2023.
Item seven, resolution is placed for approval of shareholders for appointment of Shri Kushagra Mittal, Deputy Secretary, Ministry of Petroleum and Natural Gas, Government of India, who was nominated by the President of India as Government Nominee Director of the company, and appointed as Nominee Director with effect from 16th May, 2023. Item eight, Shri Sanjay Kumar was nominated as Director, Marketing, by the President of India. He was appointed as an Additional Director with effect from 15th June, 2023, by the Board of Directors. Resolution is placed for approval of the shareholders to appoint Shri Sanjay Kumar as Director, Marketing. Item nine, in terms of the Companies Act 2013, and rules made thereunder, the Board of Directors approved the appointment and remuneration of cost auditors for the financial year 2022-23.
Resolution is placed for approval of the shareholders for ratification of remuneration of cost auditors for the financial year 2022-23. Items 10 to 18 are re- material related party transactions with the following related parties: Petronet LNG Limited, Ramagundam Fertilizers and Chemicals Limited, Talcher Fertilizers Limited, Indraprastha Gas Limited, Mahanagar Gas Limited, Maharashtra Natural Gas Limited, Avantika Gas Limited, Central UP Gas Limited, and Green Gas Limited. Transaction with each of the aforesaid related parties for financial year 2024-25 is likely to exceed INR 1,000 crore. Transactions with them are in the ordinary course of business and on arm's length basis. Resolutions for material related party transactions with above related parties during the financial year 2024-25 are placed for approval of the shareholders. Now that the formal business of this meeting having been put forth, I invite the shareholders for interaction.
However, before we commence the session, I request Company Secretary to share guidelines for the interaction session.
Thank you, sir. To ensure a smooth interaction, I'll read out the norms we are required to adhere to. The interaction session will be anchored by the moderator, and she'll be calling the pre-registered speakers to come up one by one. The members are requested to unmute their microphone before speaking, and also enable their webcam if they wish to appear on the screen. Members are requested not to take much time so that all speakers may get an opportunity to speak their views. Personal issues, grievances, repetitive questions, and other general queries, if any, may be taken up at other appropriate forum to save time for the meaningful interaction on the business in hand. I request Chairman to respond to the queries of the shareholders after all the shareholders have put forth their queries. I now request the moderator to commence the interaction session. Thank you.
Thank you, sir. We will now begin the interaction by calling the names of registered shareholders one by one. Now, I invite Sri Gagan Kumar to join the meeting. Sri Gagan Kumar is not available in the meeting, so we move on to the next speaker. The next speaker is Sri Manjeet Singh.
Hello? Hello, Chairman, sir, can you hear my voice?
Yes, your voice is coming.
Chairman, sir, first of all, good afternoon to you, all the board of directors, all the staff of GAIL (India) Limited. My co-fellow shareholders. Chairman, sir, last few days, the market has been suggesting, sir, the market has gone up to a good level. Sir, our share price has not moved so much yet, nor have the shareholders got such returns. Sir, in the coming time, sir, what is our planning, sir? Tell us a little about this, sir. The shareholders, sir, minority shareholders only want one thing, that when their share rate moves forward, they get good returns. Otherwise, Chairman, sir, we have been associated with you people for a long time. Since the physical meeting takes place, we have been associated with you, sir. Sir, I would like to say that, sir, now the Corona period is over.
Sir, next time, sir, the AGM should be in physical mode. Chairman, sir, this could have happened this time too. If you people wanted, sir, a physical AGM could have been held this time too. Chairman, sir, it is my suggestion, if possible, sir, next time, in the form of a physical AGM.
Thank you.
Thank you, sir. I invite Sri Surjit Singh to join the meeting. Sri Surjit Singh is not available in the meeting, we now move on to the next speaker. I invite Sri Manas Banerjee to come on the screen and stay unmuted.
I am audible, sir?
Yes, you are.
Good afternoon, everybody. Respected Chairman, present board members, and my fellow online shareholders. I am Manas Banerjee, an equity shareholder of GAIL (India) Limited, joining the VC meeting from Kolkata. Sir, for the financial year 2022-2023, our company top line achieved over 56% revenue growth, at the bottom line, registered a significant degrowth. Our company has been maintaining a healthy dividend payout and also liberal for issuing bonus share, as we see in the past. Congratulations to the management team for this. Sir, I have some queries. I would like to know what has been the key reasons and why we are not able to scale up our EBITDA margin, despite our revenue rising to all-time high in FY 23. Next question, sir. Sir, on the city gas distribution, a significant amount of profitability coming from MNGL, that is Maharashtra Natural Gas Limited.
Even our GAIL Gas is doing well. What is the plan on outlook on monetization of any of the entities in the city gas distribution? Final question, sir. On petrochemical loss, sir, our company operating almost close to 80%. The loss has reduced on quarter-on-quarter basis, but it still remains. If you could just give us some clarity on what happening there. Nothing to add more. That is all from my side. Thank you very much, sir, and have a good day.
Thank you.
Thank you, sir. Now, I invite Sri Manoj Kumar Gupta to come on the screen and stay unmuted.
Hello. Good afternoon, respected Chairman, board of directors, fellow shareholders. My name is Manoj Kumar Gupta. I join this meeting from my residence, Kolkata. I feel proud to be a part of GAIL, because I am shareholder of the time of Mr. Proshanto Banerjee. Sir, I, I thanks to you and your board for the good result of the company in spite of several challenges. Sir, I thanks to the company secretary and his team to help us to join this meeting through VC, and thanks for your dividend. Sir, is there any direct or indirect impact on our company due to wars, of Russia-Ukraine war?
[Foreign Language]सेवरल कंट्रीज है हिट ड्यू टू वॉर। सो इज देर एनी डायरेक्ट और एंड हाउ यू फेस द चैलेंज ऑफ इन्फ्लेशन एंड व्हाट इज योर फ्यूचर प्लान विद कैपेक्स फॉर नेक्स्ट टू टू थ्री इयर्स? एंड सर, ए, वा-वा-व्हाट इज योर प्लान फॉर डीमर्जन टू गिव द सेल्स। ए, सम डेज बैक देर वाज अ प्लान ऑफ डीमर्जन, ए, टू सेपरेट, ए, टू लिस्ट द टू यूनिट्स इन द स्टॉक मार्केट। सो व्हाट इज द- एंड हाउ मच प्लान ए प्रोजेक्ट्स आर इन द पाइपलाइन फॉर द नेक्स्ट टू टू थ्री इयर्स एंड हाउ यू विल रिवार्ड टू द इन्वेस्टर्स?
[Foreign Language] एज फॉर द बैलेंस शीट, देर इज नो रिफ्लेक्शन इन द स्टॉक मार्केट, सर। सो हाउ द इन्वेस्टर्स विल गेट रिटर्न, सर। थैंक यू सर, आई स्ट्रांगली सपोर्ट ऑल द रेजोल्यूशन और आई विश टू गॉड टू गिव यू मोर सक्सेस टू टेक द कंपनी ऑन न्यू हाइट्स विद द हेल्प ऑफ आवर एनटायर टीम ऑफ मैनेजमेंट एग्जीक्यूटिव्स एंड एंप्लॉईज सर। थैंक यू।
[Foreign Language] थैंक यू सर। नाउ आई इनवाइट अ नेक्स्ट स्पीकर श्री अजय कुमार जैन टू कम ऑन द स्क्रीन एंड स्टे अन म्यूटेड।
[Foreign Language] हां हेलो, नमस्कार Chairman साहब! आवाज आ रही है?
[Foreign Language] हां जी बिल्कुल आ रही है।
[Foreign Language] हेलो।
[Foreign Language] नमस्कार।
[Foreign Language] नमस्कार, साहब मैं Delhi से Ajay Kumar Jain कंपनी का शेयरहोल्डर बोल रहा हूं और मेरे लिए आज बहुत अच्छा और गर्व का क्षण है कि मैं अपने esteemed Chairman साहब को देख रहा हूं और उनकी Chairman's speech सुन रहा हूं। Sir, आपने जो Chairman's speech दी है, बहुत अच्छी और प्रभावशाली और दूरगामी है Sir. आपका जो Chairman's speech में आपने लगभग, लगभग हर पॉइंट कवर किए और बताया कि आज international में जो price का जो fluctuation रहा, उसके बावजूद भी हमारी कंपनी ने Indian consumer को गैस provide कराई Sir. यह एक आपका कंपनी के लाभ के साथ चलाने के साथ-साथ एक consumer के प्रति जो आपकी निष्ठा है, उसकी मैं तारीफ करूंगा। Sir आपने जो एक CSR activity के बारे में बताया, जो three जगह हम CSR activity कर रहे हैं, वो तीनों बहुत आज के समय में Prime Minister जी का जो नारा है, युवा पीढ़ी को सिखाना और medical के लिए मैं बहुत प्रभावित हुआ कि आपने CSR activities में जो field चुनी वो एक अच्छी और जिसका लाभ युवा और जिनको medical help है, उनके लिए अच्छा है। Sir, दूसरी बात है कि आज जो हमारी अभी NCR में pipeline को जो लोग damage करते हैं और इतनी मेहनत से आप लोग उसको इतनी जल्दी rectify करा, लेकिन जो लोग damage करते हैं, उनके पर एक strict कार्रवाई होनी चाहिए Sir, क्योंकि आपकी द्वारा दी गई गैस एक industry और consumer के लिए lifeline है Sir और उनके और जबकि आप इतनी जल्दी इसको rectify करा। आपने चाहे Noida वाला हो, चाहे Baraut के पास हो, Baghpat के पास, लेकिन उसकी तो तारीफ है ही, लेकिन जो damage करते हैं, उन पर बहुत सख्त कार्रवाई करी जाए Sir. Sir, एक हमारे Prime Minister जी का एक नारा है कि young professionals को PSU में सीखने का मौका मिले government sector में, तो क्या कंपनी ने इस तरह की कोई hiring या लोगों को appoint किया है?
[Foreign Language] और एक जो आज कैंपस से हम लोग डायरेक्ट जो इंजीनियर होते हैं, उनको कभी हम हायर करते हैं तो वो भी थोड़ा सा बताया जाए। और सर, आपके आने से ना बहुत कुछ बदला हुआ नजर आ रहा है। क्योंकि आज जहां आप एक डिस्ट्रिक्ट एडमिनिस्ट्रेटर भी हैं और कंपनी को आगे बढ़ाने के बारे में सोचते हैं, आपकी बाद जो हमारा शेयर डिपार्टमेंट है, आपके नेतृत्व में और दिशा निर्देश के बाद बहुत बदलाव नजर आया है सर। उन्होंने शेयरहोल्डर को ऐसा ट्रीट किया कि उन्होंने टाइम पर उनको सर्टिफिकेट भेजा कि आपका स्पीकर रजिस्ट्रेशन कन्फर्म हो गया है और उसके बाद फोन किया तो उनके मैनेजर ने बल्कि पूछा भी, सर इतना क्यों?
[Foreign Language] अरे नहीं, नहीं, नहीं. अब क्या Chairman साहब की बहुत शक्ति है, सर, और आपकी तो वैसे भी, सर, बाजार में छवि यह भी है corporate के अंदर कि आप एक liberal shareholder के प्रति आपकी सोच है, बहुत उदारवादी होती है. सर, अभी आपने जो स्वतंत्र दिवस के अंदर जो ऑफिस के अंदर झगड़ा फड़ाया था, वह आपका जो हमारा Facebook के media channel है, मैं बहुत प्रभावित हुआ, सर. बहुत अच्छा लगा, सर. सर, एक आपसे मैं छोटी सी विनती है कि जो आप investors के प्रति इतना अच्छा रखते हैं, एक बार आप जो आज speakers हैं, वो आप जैसी personality से मिले और आपके साथ बैठे हैं तो 2 बात उनको भी सीखने को मिलेगी. सर, एक autograph के साथ, सर, आपकी balance sheet चाहिए, सर, मुझे, जिससे आपके यदि संभव हो सके तो एक sign करके भेजे. जितने भी आज प्रस्ताव सभा में रखे हैं, जिन-जिन Director sir appointment हुए हैं, उनकी appointment होने के बाद हमारे Chairman साहब के कंधों को मजबूती मिलेगी और उनका परामर्श कंपनी को बढ़ाने में मिलेगा. सर, आप जैसी personality के लिए जितने भी आपकी speech जितनी भी मिले, सुनने को मिले और आपसे मिलने की इच्छा कब पूरी हो, जल्दी से जल्दी हो, इसी आशा के साथ नमस्कार, Jai Hind!
[Foreign Language] थैंक यू सर। नाउ आई मूव ऑन टू द नेक्स्ट स्पीकर। श्री संतोष कुमार सराफ टू कम ऑन द स्क्रीन एंड स्टे अन म्यूटेड।
Hello, hello!
[Foreign Language] हां जी, बोलिए।
[Foreign Language] माननीय अध्यक्ष जी, उपस्थित निदेशक, सदस्यगण और अधिकारीगण, मैं Santosh Kumar Saraf Kolkata से आप सभी को नमस्कार करता हूं। आशा करता हूं, आप सब स्वस्थ होंगे सर। आपने अपने रिपोर्ट में काफी कुछ कहा। इसमें मैं ज्यादा कुछ नहीं कहूंगा। सिर्फ आपसे पूछूंगा सर, एक्सटेंशन प्लान के बारे में क्या प्रोग्राम है आपका और वुमेन एंपावरमेंट के लिए क्या प्रोग्राम है, यह बताइएगा सर और इनसाइड ट्रेडिंग के लिए आपका एक कदम उठाएं, इसके बारे में बताइएगा। जय हिंद, जय भारत। नमस्कार, समय देने के लिए।
Thank you, sir. Now the next speaker is Shri Kaushik Shahukar. I request Shri Kaushik Shahukar to come on the screen and stay unmuted. Kindly come on the screen.
Hello. Ma'am, I have not received any video for this. I have not received permission to enable my video. Can I go ahead?
Kaushikji.
Yeah. Thank you, sir. Now started, I guess. Yeah. Good morning to all. I am honored to have the opportunity to address you all today, and would like to express my gratitude to the board of directors for allowing me this chance once again. First off, I salute the board of directors for continuing VC mode of meetings, thereby allowing an pan-India shareholders presence. I request you to continue this trend. I am satisfied shareholder of our company, and I must commend the management for their remarkable efforts in creating wealth for the shareholders. However, I'd like to raise a couple of concerns. My primary concern pertains to the utilization of savings on account of the virtual mode of meeting.
I believe it would be prudent and fair to allocate a portion of these funds to the welfare of the shareholders, more particularly among thicker shareholders, who actually participate in the AGM as speakers. Recognizing their valuable contribution and active involvement in the meeting, it would be a gesture of recognition and appreciation to distribute a small memento among them on the occasion of important festivals. Yeah, can you provide me the breakup on account of physical meeting cost and virtual meeting, if possible? I humbly request the board of directors to consider my proposal and explore the possibility of implementing this gesture of gratitude and appreciation. By doing so, I firmly believe that it will reinforce the positive rapport between the company and the shareholders and contribute to the overall wellbeing of the corporate family.
My next concern is, what steps is GAIL taking to transition towards renewable energy sources and reduce its carbon footprint? Could you discuss any investment or partnership GAIL has made in the renewable energy sector? What is the contribution of GAIL petrochemical segment to the overall business? Are there any plans for capacity expansion or new product offering in this segment? My final concern is, the company has been hesitant in supporting individuals in need, including myself. I have shared my credentials in the past and follow up constantly, but my approach has not been considered. Could not any differently abled person be part of sales activity? Why company is hesitant in supporting me? I appeal for support and certification work, including from Form 15CB . Your assistance would mean a lot to me.
If I can't get help from such a reputable company like GAIL, then whom can I turn to? I am resending my credential after our meeting in the hopes of receiving justice and proactive consideration for a desired help and support. I want to clarify that I'm not seeking any handout of free money nor any sympathy. I value my independence and self-reliance as a chartered accountant, and I hope you can understand and respect my desire to maintain my independence. Thank you for considering my request. I firmly believe that if with your support, I can make significant contribution to our organization and have a positive impact on society. I eagerly await your response and genuinely appreciate the time and attention you have given me today.
Additionally, I would like, I would like to request your assistance in introducing me to external auditor , Deloitte, as a fellow professional. I believe the, the expertise and guidance would be instrumental, would be instrumental in realizing our mutual goals. Thank you. Thank you so much, sir.
Thank you, sir. I invite Sri Praveen Kumar to join the meeting. Sri Praveen Kumar is not available in the meeting. I invite Sri Vinod Kumar, Vinod Agarwal, to come on the screen and stay unmuted.
Hello? Hello.
Hi, Ji, boliye.
Yeah, respected Chairman and MD, Mr. Sandeep Kumar Gupta-ji, our Director of Finance, R.K. Jain, and our CS, M.K. Agarwal-ji. Good afternoon, and regards to everyone, sir. Sir, I have noted that the last year's consolidated revenues were INR 1.46 lakh crore against INR 93.873 crore. Sir, the revenues were high because the gas prices were high, not because we sold a lot more gas, gas and the products, sir, because it was the gas prices which went up due to Ukraine war and short supply of gas due to Russia not shipping gas to other countries, sir. This was the reason for high.
Now, with the stabilization of gas prices to a little lower level, I assume that the turnover may not be, the top line may not be to that level, and even the high price had affected the profits last year, which came down substantially. I hope that they will come back to our previous levels of PAT, which were INR 12,000 crore last year, previous year, and this was INR 5,600 crore in the year which we are reporting, which was... In which we are repeating. Now, I'm sure that we will come back to better levels of margins with this thing. Sir, my two or three query, sir.
Sir, what will be the CapEx needed for the petrochemical segment, for the city gas distribution segment in the next three years? Sir, this is what I'm asking you, sir. The pipeline laying 4,200 km, we are laying about 4,200 km. We have already laid 15,600 km. We are laying 4,200 km of pipeline. What will be the expenditures for that? In the fertilizer-
Chanda, I request sir to come on the screen and stay unmuted.
Hello!
Yes, Mr. Ankur, go ahead.
[Foreign Language] Good morning, sir, I just want to say that our corporate governance system, sir, थोड़ा सा एक communication gap है जो हमारे Secretary Department में और shareholder में, बस उसको थोड़ा fulfill कराइए। बाकी ठीक है sir, बाकी आप लोग working तो अच्छी कर ही रहे हैं। एक sir थोड़ा सा हम यह चाहते हैं कि और थोड़ा सा effort करें तो हमारे शेयर में भी वो reflect करें क्योंकि वो नहीं reflect कर रही। बस इतना ही चाहूंगा sir, धन्यवाद।
Thank you, sir. Now I invite श्री Kanaknala Bharatraj to come on the screen and stay unmuted.
Hello!
[Foreign Language] या, आपकी आवाज आ रही है।
Hello, yeah, sir, very good morning, Chairman, sir, I am Bharatraj calling from Hyderabad. First of all, I am safe, healthy and fine. Sir, wonderful annual report, sir. Sir, the pictures of the entire board of entire KMP's photos is wonderful, sir. Warm welcome our new Chairman and Managing Director Mr. Sandeep Kumar जी, wonderful, sir. Sir, I thank the board for giving the bonus issues and I thank the board for giving the wonderful dividend payout, sir. GAIL is always a wonderful dividend payout, sir. Sir, we have no questions regarding this, sir, because we are participating.
We are 40 years of our company, sir, in this next happy occasion, we expect a special dividend from the board, sir. Please consider a special dividend for the occasion of the 40 years of GAIL, sir. Once again, sir, entire board of my best wishes to you all the best for coming year. Sir, as usual, every shareholder requesting can you arrange a planned visit for the shareholders? Sir, we will be more happy and to visit our plan, sir. Once again we say be healthy, sir. Thank you very much for giving this opportunity. God bless you all, sir. Thank you very much, sir.
Thank you, sir. Now I invite Gaurav Liladhar to join the meeting. Gaurav Liladhar is not available in the meeting. Now I invite Chetan Chadha to come on the screen and stay unmuted.
Hello, Hello.
Yeah, go ahead.
Sir, can you hear me?
Yes, yes, I can.
[Foreign Language] Thank you, sir. Thank you to giving me the chance to speak with you. Myself Chetan Chadha and I am joining this AGM from New Delhi at my home. Sir, हमने इस financial year के अंदर INR 1 का interim dividend दिया है और 40% के हिसाब से INR 4 का final dividend दिया है। Sir, आप खुद देखें कि INR 77 की EPS के ऊपर INR 5 का dividend क्या shareholder से satisfied हो सकता है?
[Foreign Language] आपको एक ऐसा criteria बनाना होगा shareholder के प्रति, जिसके अंदर कम से कम भी अपने income के ऊपर हमें 20%-25% तक का जो भी income है, वह shareholder को distribution करनी होगी ताकि वह share, share के price में भी reflect कर पाए। जहां तक sir, मैं अपने Secretary Department के लिए एक request रखता हूं कि हम कभी भी अपने physical share जो पुराने हैं, उनमें हमारा DP ID, PAN number, mobile number, email ID, address, father name सब कुछ match करता हो और certificate demat में डालें। उसके बावजूद भी वह department हमारा reject करके उसको bank attestation के लिए भेज देता है। यदि आप बताएं 10 share का family member में family member के नाम पर कोई four share का certificate, कोई 10 share का certificate हो, उसका pricing market value इतनी है, जिसका bank attestation के लिए INR 177 per shareholder के हिसाब से charge करने के लिए मांगता है। आप बताइए, shareholder ने अपनी मेहनत का पैसा क्या इसी base के ऊपर company में invest किया था?
[Foreign Language] आपको सोचने की जरूरत है और हमारे department को उसके लिए एक काफी सख्त instruction देने की जरूरत है कि यदि किसी भी shareholder का सारी documentary match करती है और उसने PAN card की copy भी avail करा दी है, जो उसकी deposition में match करती है, तो आप ही क्यों, हमारी एक ऐसी company क्यों shareholder को परेशान करना चाहती है और हमारे share को demat में नहीं जाने देना चाहती ताकि shareholder हमेशा परेशान रहे। दूसरी बात sir मैं बताता हूं कि हमारे growth sales जो है, इस साल INR 14,147,976 crore घट के जो last year थी, INR 100,526 crore में काफी बढ़ोतरी हुई है। उसके बावजूद भी हमारे margins इतने surge हो गए हैं, जो last year इतनी कम sales के ऊपर भी INR 15,876 crore थी। Profit on margin, वो घट के INR 9,383 crore हो गई है। इसका क्या main reason है, इसके बारे में जरूर सोचे management। क्योंकि हमारे net profit margins जो है, 11.5% से घट के 3.5% पर रह गए हैं। क्या हमारे competitor बढ़ गए हैं?
[Foreign Language] जबकि हमारे competitor जितनी भी companies हैं, वह survival में हमारे साथ ही जुड़ी हुई हैं और सारी की सारी PSU sectors में हैं। उनकी profit and margins बहुत अच्छी हैं। हम profit and margins देखें तो इस साल हमारा INR 10,364 crore से घट के INR 5,302 crore रह गया है, जो कि page number 22 पर हमने clearly mention में दिया हुआ है। Almost sir, 47% तक की surges है, surges चल रही है। इसके ऊपर भी इसका क्या reason है, यह जरूर देखें। जहां तक shareholder fund के बारे में बात करते हैं तो उसमें भी इस साल हमने काफी surge किया है। INR 51,146 से घटाकर INR 49,079 पर ले आए हैं। INR 2,200-400 crore की इसके अंदर भी काफी surges हुई है। पर हमारी EPS जो है, वह same ही खड़ी है। उसके बावजूद भी हम shareholder को dividend के तौर पर सिर्फ financial year में INR 5 से आगे बढ़ ही नहीं पा रहे हैं। जबकि हमारे को एक ऐसा eligible amount सोचना चाहिए कि shareholder को as a rewarded जो इतने सालों से क्योंकि वह share price का तो काफी सालों से इंतजार कर ही रहा है। क्योंकि हमारा share price INR 100 से भी नीचे sir surge करके 2020 से ही around वहीं पर ही trade कर रहा है और shareholder काफी समय से wait कर रहा है।
[Foreign Language] जहां तक हम अपनी पेज नंबर 24 पर petrochemical polymer sales देखते हैं, वो भी सर INR 790 crore से घट के सिर्फ INR 399 crore, सिर्फ ऑलमोस्ट सर 60% पे आ गई है। इसका मेजर कारण क्या है, इसके बारे में जहां तक देखिए, जहां तक हमारी गैस की वॉल्यूम्स है, वो भी 111 MMSCMD से घट के 95 रह गई है। सर, ये भी एक 20% से ज्यादा की downfall है। इसका क्या major part of the reason है, इसके बारे में आप जरूर देखें। जहां तक Secretary Department का काम है, उसके बारे में मैं आपको जो बताना चाहूंगा, वो आपको physical certificate के बारे में बता रहा हूं। जहां तक Annual Report की hard copy मैंने एक अप्लाई की थी या आपने VC के ऊपर हमें एक आपको रिक्वेस्ट भेजी तो उसके लिए भी उन्होंने date रखी हुई है। सर, I don't understand that कि सर Secretary Department को date रखने की क्या जरूरत है?
[Foreign Language] हमने अपनी कंपनी के शेयरहोल्डर को ईमेल दे दी और उस ईमेल के अकॉर्डिंग यदि मेरे पास 21 दिन का टाइमिंग होता है, एज अ स्पीकर शेयरहोल्डर रजिस्टर कराने के लिए, तो क्यों शेयरहोल्डर डिपार्टमेंट उसको 2 या 3 दिन के अंदर ही सर्च करना चाहता है? SEBI Act ऑफ दी गाइडलाइंस कभी मना नहीं करती कि आप जिस दिन से हमने ईमेल, कंपनी ने शेयरहोल्डर को ईमेल दिया है, एजीएम के रिगार्डिंग तो हम उसी डेट से लेकर एजीएम की बियोंड डेट तक या 48 hours तक हम पहले अपने स्पीकर को रजिस्टर्ड क्यों नहीं कर पाते?
[Foreign Language] क्या इसके अंदर हमारा कंपनी सेक्रेटरी डिपार्टमेंट एलिजिबल नहीं है या हमारे पास वो सेक्शन नहीं है या हमारे पास वो डिपार्टमेंट में उस तरीके के लोग या प्रवक्ता नहीं है कि वो शेयरहोल्डर के माइनोरिटी से शेयरहोल्डर्स को अप्लिकाबल कर पाए और शेयरहोल्डर डिपार्टमेंट ने जो हमें स्पीकर का लिंक दिया है, उसमें स्पीकर का नंबर नहीं प्रोवाइड कराया है सर। कम से कम हमें स्पीकर नंबर पता हो तो मुझे पता हो कि मैंने कितने नंबर तक के लिए वेट करना है। यह जरूर एक बात नोट की जाए। सर बाकी शायद ज्यादा ना कहता हूं, ना ज्यादा समय लेता हूं। मेरे से पहले भी स्पीकर शेयरहोल्डर ने आपसे रिक्वेस्ट की है कि हम हो सके तो इस AGM को आगे से आने वाले टाइम में SEBI की गाइडलाइंस को तो फॉलो जो हम कर रहे हैं, वो तो हम अपने बेनिफिट के हिसाब से फॉलो कर रहे हैं। नहीं तो हम इस साल भी AGM को हाइब्रिड मॉडल के ऊपर कर सकते थे, जिसमें फिजिकल विद VC का मॉडल हम इक्तियार कर सकते हैं। सर, छोटी छोटी कंपनी जो हमारे आगे कुछ भी नहीं है, उन कंपनीज ने भी हाइब्रिड मॉडल पे AGMs की हैं और उन्होंने एक ऐसा मॉडल तैयार करके हमारे लिए एग्जांपल तैयार किया है कि हम उस एग्जांपल को फॉलो करें और हाइब्रिड मॉडल पे AGM को लेकर जाएं ताकि फिजिकल मैनर में जो व्यक्ति फिजिकल अटेंड करना चाहता है, फिजिकल अटेंड करें और जो VC के माध्यम से अटेंड करना चाहता है, वो VC के माध्यम से अनदर स्टेट से भी ज्वाइन कर सकता है। इस मॉडल को तैयार करने के लिए हमें कितना समय लगेगा?
[Foreign Language] हम उसे कब तक अडॉप्ट कर पाएंगे? हमारे Modi ji तो हर चीज के अंदर ऑनलाइन का ही माध्यम अडॉप्ट कर रहे हैं, लेकिन फिजिकल बहुत मेजर पार्ट है। जब तक फिजिकल इसके अंदर अंडरटेन नहीं होता, तब तक कभी भी हम खाली फिजिकल मॉडल के ऊपर नहीं चल सकते। क्योंकि ऑनलाइन माध्यम एक ऐसा है। जैसे आज मौसम की बहुत तब्दीली है, Delhi के अंदर। आप देखेंगे कि इंटरनेट की बहुत प्रॉब्लम है। तो ये इंटरनेट की वजह से ही जुड़ने में काफी कइयों को दिक्कत हो रही होगी। जैसे कि स्टार्टिंग में भी कई शेयरहोल्डर नहीं जुड़ सके तो उन्हें लास्ट में मौका दिया जाए जुड़ने का। आप कोशिश...
[Foreign Language] सर प्लीज कंटिन्यू। ड्यू टू टेक्निकल डिफिकल्टी, वी नाउ मूव ऑन टू द नेक्स्ट स्पीकर। Sardar Jasmeet Singh, सर प्लीज कम ऑन द स्क्रीन एंड स्टे unmuted।
[Foreign Language] मॉडरेटर कैन यू कन्फर्म इफ आई एम ऑडिबल एंड विजिबल बोथ?
[Foreign Language] यस, यू आर। प्लीज गो एहेड। यू आर नॉट विजिबल। यू कैन पुट ऑन योर वीडियो कैमरा।
[Foreign Language] या, आई एम ट्राइंग टू इनेबल माय वीडियो। प्लीज अलाउ मी सर, प्लीज अलाउ मी।
[Foreign Language] ऑदरवाइज यू कैन, यू कैन गो एहेड। वी कैन हियर यू।
Alright, hope I am visible also now. Anyways, let me start my note. Respected Chairman Sandeep Kumar, Director, Finance and Head of Finance Shri R. K. Jain, Board of Directors, Secretarial Head Shri Mahesh Agarwal and all my co-shareholders. Good morning! Rather, it is good afternoon now to everyone. Chairman Sir, the year under review has been an excellent year for our company. Glad to see the double-digit growth and revenues. I acknowledge the hard work put in by everyone. Now you have given an excellent presentation and additional. Our annual report provides detailed working of our company. There is nothing to question to the learned management. However, I have couple of ironical observations which I would like to share with you. My first observation is that our top line revenue increased by 50%. Ironically, our bottom line has reduced by 50%.
I would like to know that what are the good reasons for significant lowerance of our profit margins? My second observation is in the year under review. First, we went for the buyback of shares and later on, ironically, our company issued bonus shares. I am missing out if at all I have been investing since last three decades. I have not come across any other instance where a company within the same financial year has first bought back and then issued bonus shares. Would like to know the rationale behind such moves. Was this government advisory led decision or someone else's? Think of the losses which I have made in tendering my shares. Sir, now let me move to the CSR activities. We have close to INR 100 crore of annual budgeting towards CSR spending.
Given our reach in all the Indian states, we have recently seen the unprecedented flood situations. Would like to know that what are our contribution towards the rehabilitation of the people who have got impacted? What I want to draw your attention is that as far as education or health is concerned, most of the states are already doing enough on these fronts. We have to look beyond this. We must use our funds very judiciously to now support the people who are impacted with basic amenities. That's what I believe and I want to recommend. Apart from this, I just want to thanks the secretarial staff who helped me to connect with you today. Mahesh Ji is doing fantastic. I appreciate corporate governance, that's it from me now. Thank you.
Thank you, sir. Now, I invite our next speaker, Shri Narendra Singh Chauhan, to come on the screen and stay unmuted. Sir, please come on the screen. Sir, please unmute. Shri Narendra Singh Chauhan is not available in the meeting. We now move on to our last speaker, Shri Sarbjeet Singh. Sir, please come on the screen and stay unmuted.
[Foreign Language] Hello. Hello, Chairman sir, आपको मेरी आवाज़ आ रही है?
[Foreign Language] हां जी, आ रही है जी।
Chairman sir, good afternoon to you, all the Board of Directors and my co-fellow shareholders.
[Foreign Language] Chairman sir, जिस तरीके से पूर्व प्रवक्ताओं ने भी बताया कि आपकी जिस दिन से मेल आती है, sir, उस दिन से sir, आपके secretarial department को कोई डेट नहीं रखनी चाहिए sir, किसी भी shareholder को balance sheet देने के लिए। इसके ऊपर sir, आप जरूर sir गौर कीजिएगा। Chairman sir, जिस तरीके से sir, हम लोग sir, पहले sir, एक physical AGM में आप लोगों से sir, मिलते आए थे। हम चाहेंगे sir, कि अगली बार से हो सके तो sir, एक वैसा ही sir, एक interaction रखिए ताकि sir, हम आप लोगों के सामने मिल,
आप लोगों के आमने-सामने sir, आ पाएं। Chairman sir, आपके secretarial department का तो sir, इसके अंदर इतना भी मतलब sir, इन लोगों को कुछ नहीं है कि sir, shareholder को sir, कम से कम इतना तो बता दें कि sir, shareholder का speaker number sir, इतना है। Chairman sir, जब से corona period में one year, two years तो sir, दिक्कत आई है, पर अब sir, इतनी कोई दिक्कत नहीं है कि sir, हम लोग sir, एक physical AGM
[Foreign Language] ना कर पाएं। Chairman sir, आप लोग जिस तरीके से sir, चाहें sir, उस तरीके से ही sir, आप लोग करना चाहेंगे sir, क्योंकि इसके अंदर sir, एक minority shareholder की इतनी नहीं चलती जितनी sir, Chairman sir, आप लोगों की अपनी चलेगी। Chairman sir, आपका अगर यह secretarial department sir, अगर इतना सक्षम नहीं है जो कि sir, physical एक balance sheet तक sir, एक shareholder को डेट से डेट तक अगर प्रोवाइड करा सकता है, अगर डेट रख सकता है, तो sir, हम sir, यही चाहेंगे फिर sir, आपको sir, कुछ changing की sir, जरूरत है। Sir, हमारी कंपनी के अंदर जिस तरीके से आप अगर देखें तो sir, mutual fund का भी sir, इतना विश्वास नहीं रहा कि sir, वो भी sir, अब अपनी होल्डिंग कम
[Foreign Language] दिन पे दिन कम कर रही है, percentage अपनी, हमारी कंपनी में। Sir, foreign investor का भी देखा जाए तो वो भी sir, अपना stake sir, दिन पे दिन हमारी कंपनी में कम कर रही है। Sir, ऐसा क्या मतलब दिक्कत आ रही है कंपनी को, जो sir, कि लोगों का विश्वास sir, दिन पे दिन हमारी कंपनी में sir, टूटता जा रहा है। Chairman sir, यही कहना चाहूंगा कि sir, आगे sir, festival season भी आ रहा है sir। Sir, जिस तरीके से जो-जो speaker shareholder ने हमारी कंपनी में speaker registration कराया है,
[Foreign Language] क्योंकि sir, हमारी कंपनी में speaker registration कराना भी इतना आसान नहीं है क्योंकि डेट से डेट में कोई इतना आसान नहीं रहता और sir, shareholder को एक diary बनाकर अलग से उस चीज के अंदर नोट करनी पड़ती है कि इस डेट से इस डेट तक भेजना है। Sir, यही कहना चाहूंगा sir, आगे festival season में जो-जो speaker shareholder है sir, इन लोगों का ध्यान रखा जाए और sir, इन लोगों को कोई ना कोई reward दिया जाए। Thank you, Chairman sir.
Thank you, sir. Over to Company Secretary.
I would now invite Chairman sir, to respond to the queries of the shareholders.
[Foreign Language] आप सबका बहुत बहुत धन्यवाद। आप लोगों ने बहुत ही pertinent questions raise किए हैं और सबसे पहले मैं धन्यवाद देना चाहूंगा कि लगभग सभी shareholders ने GAIL के प्रति अपनी प्रतिबद्धता दिखाई है और हमारी performance की सराहना करी है। हमारे returns की सराहना करी है। We are very extremely thankful to you all for praising our performance and reposing faith in us. There are certain questions which I will try to respond here.
First is regarding the lower profit margins in the last year, despite higher revenue. As you are correctly one of the shareholder correctly mentioned, higher revenue are primary due to high gas prices. There were reasons for decrease in profitability. As you are aware that our profits do not increase or decrease in proportion to the revenue. Our marketing margins remain range bound only and the other sectors, where margins are based on international prices, there the revenue impact or profitability impact is much lower, which is petrochemical or LHC segment.
[Foreign Language] Last year आपको पता होगा कि gas के prices बहुत ज्यादा बढ़ने के कारण हमारे को supply disruption भी हुआ। हमारे एक long-term contract में supply का disruption हुआ और उसकी वजह से हमको alternative sourcing भी करनी पड़ी और उसकी वजह से country में domestic country की जो demand थी, country का जो consumption था, natural gas का वो भी नीचे गया। इसी की वजह से हमारे volume भी उसकी वजह से effect हुआ और profitability भी उसकी वजह से impact हुई। Gas prices high रहने की वजह से और private sector में domestic gas जो APM price पर होती है, उसके allocation की मजबूरी की वजह से सरकार ने हमारे खुद के operations के लिए domestic gas के allocation को घटाया, जिसकी वजह से हमको अपने operations में भी higher price natural gas का consumption
[Foreign Language] करना पड़ा, जो कि again एक कारण था, जिसकी वजह से हमारा profits कम हो गए। उसके अलावा हमारे को क्योंकि कुछ period में हमने high price inventory खरीदी थी, अपने customers को service करने के लिए, लेकिन वह gas consume नहीं हो पाई कि नहीं कारणों से उन consumers के द्वारा वो reasonable endeavor basis पर contracts थे और उसकी वजह से कुछ inventory losses भी हमको bear करने पड़े। Polymer के margins भी काफी depressed रहे और क्योंकि हमारे plant को
[Foreign Language] RLNG price पर जो gas available थी, imported gas जो available थी, उसी से feed करना था, जो कि बहुत महंगी थी, unviable थी तो काफी समय तक हमारे petrochemical plant को भी हमको या तो बंद रखना पड़ा या कम capacity पर चलाना पड़ा। इन सब कारणों की वजह से profits पिछले साल down हुए हैं। लेकिन जैसा कि मैंने अपने address में भी बोला था कि इस साल हम उम्मीद कर रहे हैं कि हमारी sales 100 million से ऊपर 100 MMSCMD से ऊपर रहने की उम्मीद है और transmission भी हमारा 120 MMSCMD से ऊपर रहने की उम्मीद है। इसके साथ ही जैसा कि मैंने बताया कि PNGRB
[Foreign Language] ने भी जो हमारा integrated tariff determine किया है, उसमें एक sizable वृद्धि है, जिसकी वजह से हम उम्मीद करते हैं कि इस साल हम अच्छी performance कर पाएंगे। Profit के terms में भी Polymer cracks और LPG cracks हालांकि इस point in time पर काफी weak हैं, लेकिन हम उम्मीद करते हैं कि जैसे जैसे winter के months आएंगे, इनमें भी कुछ सुधार की गुंजाइश है और हम उम्मीद करते हैं कि इस साल हमारे profits अच्छे रहने चाहिए। एक question आप लोगों का generally हालांकि काफी shareholders ने तारीफ करी कि हम अच्छे returns दे रहे हैं, कुछ shareholders ने express किया कि market is not responding to our performance or our potential। मैं यहां कहना चाहता हूं कि पिछले 1 साल के अंदर GAIL के market price, GAIL के share के market price में 35% की वृद्धि हुई है, जो कि benchmark index से ज्यादा है। मेरे हिसाब से share price में GAIL के share price में काफी वृद्धि है और जैसा कि मैंने बताया कि natural gas sales, transmission volume
[Foreign Language] और price की stability होने की वजह से आने वाले समय में हम समझते हैं कि profit हमारे अच्छे होंगे और इसकी वजह से share को और ज्यादा support मिल पाएगा। इसके अलावा कुछ questions आपने किए regarding CGD की monetization plan के बारे में तो आज की date में हमारा ऐसा कोई अभी तक firm monetization plan नहीं है। हालांकि हम भी कोशिश कर रहे हैं कि किसी तरह से CGD company का consolidation हो पाए। लेकिन कोई firm plan हो, ऐसा मैं आपको commit नहीं कर सकता, लेकिन यह कह सकता हूं कि इस दिशा में भी हम कार्यरत हैं और जब भी कोई एक अच्छी opportunity मिलेगी और यह फायदा होगा, ऐसा move लेने का तो definitely इस area में भी कोशिश करी जाएगी। Question आपका यह भी था कि कई कई लोगों का
[Foreign Language] question था basically hybrid mode में AGM करने का। इस साल भी हमने physical mode नहीं चुना या hybrid mode नहीं चुना, क्योंकि इस बार भी कुछ अंदेशा था और अब भी latest as of now also. हम लोगों को पता है कि सरकारी channels में यह देखा जा रहा है कि कहीं यह infection और बढ़ तो नहीं रहे हैं। Going forward as things normalize, we will definitely explore the feasibility of conducting at least a meeting in the hybrid mode.
[Foreign Language] आपने यह भी कहा, कुछ लोगों ने प्रशंसा करी कि हम जैसे pipeline में कोई damage करता है और हम उसको काफी जल्दी repair कर लेते हैं। मैं धन्यवाद देता हूं, आपका इस confidence repose करने के लिए। जहां तक strict action लेने की बात है, हम अपने इस तरह का disruption जो करता है, हमारी pipelines को जो damage करता है, हम उनके खिलाफ जो हमारे दायरे में कार्रवाई है, वही कर सकते हैं। We do file FIRs against any such action. Then what action is taken on those FIRs is not within our hands definitely. We are taking a lot of measures to see that to increase the sensitivity and to see that such disruption, such damages do not take place.
[Foreign Language] In that direction, we are doing a lot of boundary management also. One question was regarding employment opportunities. मैं आपको बताना चाहता हूं। In fact, we are proud to say that in this particular year also, we are hiring more than 300 professionals in various grades, including more than 100 engineers also through campus. Campus से भी हम लेते हैं, GATE के through भी हम लेते हैं engineer को और engineers भी आ रहे हैं और दूसरे professionals का भी हम recruitment कर रहे हैं और recruitmen
[Foreign Language] t एक continuous process है और जैसे जैसे क्योंकि हमारी company 84 में बनी थी, तो अब retirement भी हमारे आ रहे हैं। तो यह hiring process मुझे लगता है कि अगले सालों में भी यह continue रहेगी। Women empowerment में भी आपका सवाल था तो वैसे हम कई measures लेते हैं जो कि company के बाहर के जो women force है, उनके लिए भी लाभदायी हो सकते हैं। But within company also
One particular, Mr. Kaushik, perhaps mentioned about the support which he requires for certification activities. I, I only want to tell from this platform that Mr. Kaushik, we salute you, that despite your handicap, you are performing so well, and are participating in the AGMs also. I, I believe that you do not need, you would not need any support, and at your own, you will be able to rise to greater heights. Then we will definitely see what best can be done in that direction also.
Dividend payout.
The questions were also regarding dividend. One particular shareholder mentioned, I think there was a mix-up. We declared 40% interim dividend in the last year, we paid 10% final dividend in respect of 2021-2022, paid in September 2022, that was the clarification. He also mentioned about 77 EPS. That is not the EPS of GAIL. Perhaps, again, there was a mix-up. Let me tell you that the payout was 49% in the last year, we are committed to pay good dividends besides other returns to the shareholders. Again, as per DPE guidelines also, we are committed to pay 30% of our PAT at the minimum or 5% of the net worth.
In any case, we have paid much above that threshold by paying 49% of payout. One request was also regarding a special dividend in 40th year of GAIL's formation. At my own, as an individual, I cannot commit anything in this regard because any dividend has to be a board decision. We assure you that you pray that our performance is good, and we are able to pay a higher dividend in the current year. The question was also regarding natural gas sales projection. As I mentioned in my speech also, we are expected to do more than 100 million MMSCMD of gas sales in the current year and more than 120 MMSCMD of transmission this year.
One question was regarding buyback followed by bonus, and whether that was because of any government directive. Yes, I, as I mentioned, there are DPE guidelines which govern that the companies have to resort to buyback or pay bonus, or, or issue bonus shares, and we followed those guidelines in the last year. But in any case, I think buyback was a cash refund to the shareholders by extinguishing the shares, and in the bonus issue, there is no cash involved. I think there should not be any room for any apprehension. One question was also regarding rehabilitation after COVID under CSR. Let me assure you that health remains the topmost priority of GAIL and also of the Government of India. In that direction, we are taking a lot of measures, which definitely also cover post-COVID rehabilitation.
There should not be any apprehension in that direction that we are not taking due measures towards post-COVID rehabilitation. I believe that I have been able to respond to most of the questions, but if there are any unanswered, then in case some speakers could not join or speak due to technical reasons or queries raised during the meeting have remained unanswered, the queries may be sent to the company through email. The same will be responded suitably. Now, with this, I thank you all very much for your questions and interaction. We have received queries, suggestions, and compliments from many members on emails who could not join this meeting. We acknowledge their sentiments and thank them for their continued relationship and support.
Now I hand over back to the Company Secretary.
To enable the members to cast their votes who have not voted through remote e-voting. The results will be announced within 2 working days of the conclusion of the meeting, and the same would be intimated to the stock exchanges and uploaded on the website of the company and CDSL. Before I hand over Director (HR) to offer the vote of thanks, I would just like to clarify that as regard the dispatch of physical annual reports, there was no window period. We have received a total of 188 requests so far till yesterday, and we have dispatched to all the 188 shareholders, the physical copies of the annual report. Now I hand over to Director (HR) to propose a vote of thanks.
I am honored to take this opportunity to offer vote of thanks at thirty-ninth Annual General Meeting of the company. I convey my sincere thanks to the chairman and all the directors on board of GAIL. I would like to express my gratitude to Shri Rakesh Mishra, Deputy Secretary, Government of India, the authorized representative of the President of India, and all the other valued stakeholders, share-shareholders, for their continued support and the trust which they have reposed in the management. We look forward to a better future and further growth of the company in the times ahead. Finally, I am grateful to GAIL's team and the organizers, who work with dedication in successfully organizing and managing this event. Thank you very much for your participation.