Dear shareholders, good afternoon. I hope you all are safe and doing well. I welcome all the shareholders to this twenty-ninth annual general meeting of the company, which is being conducted through video conferencing and other video visual means. I also welcome my colleagues on the board. We have requisite quorum present to conduct the proceedings of this meeting. The company has taken adequate and feasible steps to enable shareholders to participate in the meeting through video conferencing, and cast their vote by electronic means. The company has appointed Central Depository Services, the CDSL, to provide facility of video conferencing and e-voting. All the books, records, registers, as required under the Companies Act, 2013, and other applicable laws and documents referred to in the notice of the twenty-ninth annual general meeting, are available for inspection electronically during the meeting.
I would like to inform the shareholders that if at any time during the meeting, due to technical issues, the connections from my side is interrupted, Mr. Dilip Shanghvi, Managing Director, will chair the proceedings and till my connection is restored. In case Mr. Shanghvi's connection is also interrupted at that time, then Mr. Gautam Doshi, Director, will chair the meeting. As the electronic copy of the annual report for the year 2021, along with the notice, convening this 29th annual general meeting, has already been emailed to the members of the company whose email ID were available. With your permission, I should take the notice of the 29th annual general meeting as read.
The auditor's report on the standalone and consolidated financial statement for the financial year 2021 does not contain any qualifications, observations, or comments on financial transactions or matters which have any adverse effect on the functioning of the company. Accordingly, the said report is not required to be read out at the meeting, as provided under the Companies Act, 2013. The remarks stated in the secretarial audit report of the financial year 2021 are self-explanatory, and do not require any further explanation.
The secretarial audit report does not contain any other qualifications, observations, or comments, or other remarks which have any material adverse effect on the company. In accordance with the provision of the Companies Act, 2013, I now request Mr. Ashok I. Bhuta to read out the relevant paragraph of the Secretarial Audit Report for the financial year 2021.
Sure. The company has complied with the provisions of the Act, rules, regulations, guidelines, et cetera, mentioned above. However, in respect of compliances relating to listed commercial papers in pursuance of SEBI CP Circulars, namely, A, while the company has fulfilled the payment obligations as per the redemption schedule, there are instances of delay in filing of certificate, as required under paragraph 2.4 of Annexure 2 of SEBI CP Circulars, which was inadvertent delay, as informed to us. And B, the company has annually submitted the quarterly certificates required under paragraph 4 of Annexure 2 of SEBI CP Circulars, presuming that these compliances can be done annually. Thank you very much.
Okay. Okay. Dear, dear fellow shareholders, on behalf of the board of directors, I welcome all of you to the twenty-ninth AGM of your company. This meeting is being held virtually due to the COVID-19 pandemic. I hope you and your family members are safe and in sound health. The pharmaceutical industry is playing an important role, is at the forefront of the fight against the global COVID-19 pandemic. From adapting to changing dynamics, to ensuring business continuity, the industry quickly responded to the challenges of the global pandemic, so that patients continued to get access to their medication. Pharmaceutical companies have also supplied multiple drugs used in treatment of COVID-19 and associated ailments. Some companies have developed COVID-19 vaccines in record time. As Sun Pharma, we were quick to respond to the challenges of the pandemic and adapt to the new normal.
We have adopted a multi-pronged approach to overcome the challenges of the COVID-19 pandemic. The company is focused on, one, ensuring continuous supply of medicine and maintaining continuity of manufacturing and global supply chain, while adhering to all COVID-19 safety protocols. Two, increased focus on use of technology tools to facilitate business. Three, focus on the safety and well-being of employees, including vaccinating them and their immediate family members. Four, enhancing supply of multiple therapeutics used in treatment of COVID-19 and associated ailments. Donation of COVID-19 medicines and other items like PPE kits, masks, sanitizers, gloves, and food items, et cetera. Let me now share some highlights of the global pharmaceutical industry. The global pharmaceutical market is estimated to reach about $1.6 trillion by 2025, growing at a compounded rate of approximately 3%-6%.
This excludes the spend on COVID-19 vaccination. The main growth drivers will be sustained growth in the pharma markets, and the consistent launch of high-end specialty innovative products in developed markets. The U.S., the largest pharmaceutical market, is expected to grow at about 2%-5% CAGR to $605 billion-$635 billion by 2025, with the growth driven mainly by new innovative specialty products. The generic market in the U.S. will continue to be an important part of the overall effort to control healthcare costs. Given the company's strong presence in the U.S. generics market and the niche presence in some of specialty segments, it is well-positioned to exploit the growth opportunity in the U.S. market.
The Indian pharmaceutical market is estimated to reach about $28 billion-$32 billion by 2025, recording 8%-10% compounded growth. Rising affordability, growing incidence of chronic ailments, increasing access to modern medicines, and improving health insurance coverage will be the key drivers of this growth. Sun Pharma's top position in India and its brand equity will help to leverage the benefits from this opportunity. The overall pharmaceutical market in pharma markets, including India, is estimated to grow at 7%-10% CAGR to $415 billion-$445 billion by 2025. Sun Pharma is one of the largest Indian companies operating in this market and is well-positioned to exploit this opportunity. Let me now discuss Sun Pharma's business and review some of our key opportunities, challenges, and steps ahead.
In the financial year 2021, governments globally were forced to resort to stringent lockdowns and restrictions to prevent the spread of the pandemic, which were gradually relaxed in the second half of the year. These restrictions resulted in temporary closure of doctors- doctor clinics, travel restrictions, and significant reduction in patient visit to the doctor's clinic. Non-critical treatments and elective surgeries were postponed. This led to lower demand for pharmaceutical products in the first half of the year, and gradual recovery was witnessed only in the second half. As governments gradually lifted the lockdown restrictions, it is against this backdrop that we reported a 2.5% growth in our overall revenues, which stood at INR 331 billion for the year.
The comparable previous year, 2019-20, included a one-time special business in the U.S., and hence, while the U.S. business showed a decline in all our other businesses and recorded growth for the full year, despite the challenges related to the global COVID-19 pandemic. Sun Pharma India business has done well with 6.5% growth for the year, outperforming the average industry growth of 2.1%, driven by our leading presence in chronic segments, coupled with our strong brand equity with doctors. Given our distribution to doctors reach, we continue to be a partner of choice for potential in-licensing of new innovative products from global multinational companies. During the year, we completed the field force expansion in the India business, which further enhances our reach.
While our U.S. sales for the year were lower by 4%, but as stated in previous year, we had a one-time business opportunity, and hence, the numbers are not truly comparable. We are enthusiastic, enthusiastic by the momentum of our global specialty business, which grew by 11% to $475 million during the year, despite the various challenges resulting from global pandemic. We grew by 5% in emerging markets and by 6.6% in the rest of the world markets during the year. Sun Pharma's API business grew by about 2% this year. The API business is of strategic importance since it give us the benefit of vertical integration and ensures consistency of supply chain of critical inputs.
We spent approximately INR 21 billion on the R&D, which accounted for about 6.5% of our sales. We continue to be disciplined in identifying future R&D projects for the U.S. generics market and the focus is on developing complex generics. The company continues to fortify its R&D capabilities with focused investment to develop its long-term specialty and complex generics pipeline. Let me now update you on our specialty business. In a year which had multiple challenges due to the global pandemic, we are happy to witness an 11% growth in our global specialty sales. The lockdown restrictions in the U.S. resulted in a reduction in patient footfalls and the postponement of certain treatments. This impacted our specialty sales in the first half, including sales of ILUMYA, CEQUA, and LEVULAN.
It also impacted the ramp-up of ABSORICA LD, which we had launched in February 2020. The lockdown restrictions were gradually lifted in the second half, resulting in a recovery in our specialty sales. We undertook multiple initiatives during the year, as part of our efforts to build the specialty business. These include, one, ILUMYA launch in Japan. Two, during the year, we also reiterated ILUMYA's potential through presentation of long-term clinical data at global medical conferences. Three, positive long-term clinical analyses for ODOMZO and LEVULAN were also presented at medical conferences. We have also continued with our efforts of enhancing the specialty R&D pipeline. Currently, the pipeline currently has four molecules undergoing clinical trials. It include ILUMYA, which is currently undergoing phase three clinical trials for psoriatic arthritis.
We commenced phase 2 trials of SCD-044 for atopic dermatitis and moderate to severe plaque psoriasis. We phase 2 trials for MM-II for knee pain in patients with symptomatic knee osteoarthritis have also been initiated. Our GLP-1R agonist has entered phase 1 trial for diabetes. The focus area for our specialty portfolio include dermatology, ophthalmology, and oncology. The strategy is to build a robust portfolio of branded, patented products for global market. Now, I will briefly talk about our initiative for improving overall productivity. We continue to focus on improving manufacturing efficiencies, optimizing costs, rationalizing generics R&D investment, and reducing interest costs. During the year, we have reduced our consolidated debt by about $580 million, and consequently, our interest costs have also come down.
Although it is difficult to give a specific business guidance, given the uncertainty due to the COVID-19 pandemic, I am happy to share an overall outlook of your company. All our businesses are well-positioned, and our endeavors will be to grow the overall business. Our strategy of developing the global specialty business as an additional growth engine has started delivering with a ramp-up in specialty revenues. We expect this momentum to continue over the next few years. We will continue our R&D investment in developing the complex generics pipeline, as well as in building our specialty pipeline in the coming years. We will continue with our efforts towards improving the overall return ratios of the company. We are grateful to our talented and dedicated employees, who have put in extraordinarily efforts during the past year to ensure business continuity.
We also thank all our frontline warriors for their selfless and tireless efforts in fighting the pandemic. We are also grateful to our board of directors for their guidance and support in these uncertain times. We thank all our other stakeholders, including our customers, vendors, business partners, the local community, and various regulators, for their constant support. Last but not least, we thank all our shareholders, and we hope that you will continue to extend your confidence in the, in, in us. Thank you very much! And we now continue with the proceedings.
As the members are aware, as per requirements of the SEBI Listing Regulations, 2015, and the Companies Act 2013, remote e-voting facility was made available from August 28 to August 30, 2021, to the members, to cast their votes on each of the resolutions as set out in the notice of the meeting. Mr. Chintan Goswami, partner of KJB & Co LLP, and aiding him, Mr. Alpesh Panchal, of KJB & Co LLP, practicing company secretaries, Mumbai, are the scrutinizers for the e-voting process. I shall now read out the resolutions for the items set out as ordinary business in the notice of this annual general meeting.
Item number 1A, adopting of, the audited standalone financial statement of the company for the financial year ended March 31, 2021, and the reports of the board of directors and auditors thereon. Resolved, that the audited standalone financial statements of the company and the report of the board of directors and auditors thereon for the financial year ended March 31, 2021, be and are hereby received, considered, and adopted. Item number 1B, adoption of the audited consolidated financial statement of the company for the financial year ended March 31, 2021. Resolved, that the audited consolidated financial statement of the company and the report of the auditors thereon for the financial year ended March 31, 2021, be and are hereby received, considered, and adopted.
I now move to item number 2, relating to confirmation of interim dividend and declaration of final dividend for the financial year 2021. The board of directors of the company had, in February 2021, declared an interim dividend of INR 5.50 per equity share of INR 1 each. The interim dividend was paid on 17 February 2021, to all the shareholders as on the record date of 10 February 2021, except for 925,000 equity shares, on which the dividend was waived to be received by one shareholder, amounting to INR 50,87,500 only. Further, the board of directors had proposed final dividend of INR 2 per equity share for 2021. I now request anyone from the secretarial team to read out the proposed resolution for dividends.
Resolved that the interim dividend of INR 5.50 per equity share of INR 1 each, as declared by the board of directors at their meeting held on January 29, 2021, for the financial year ended March 31, 2021, and paid on 239 crore, 84 lakhs, 9,970 equity shares of INR 1 each, amounting to INR 1,390 crore, 12 lakhs, 54,835, be and is hereby confirmed.
Resolved further, that the final dividend of INR 2 per equity share of INR 1 each, as recommended by the board of directors at their meeting held on May 27, 2021, for the financial year ended March 31, 2021, on 2,399,334,970 equity shares of INR 1 each, amounting to INR 4,798,669,940, be and is, be and is hereby declared, and that the same be paid to the equity shareholders whose names stood in the register of members as beneficial owners, as at the close of business hours on August 24, 2021. As per the list provided by NSDL and CDSL, in respect of shares held in electronic form and as members in the register of members of the company.
Okay. I shall now move to item number 3, relating to the reappointment of Mr. Dilip Shanghvi, who retires by rotation. Resolved that Mr. Dilip Shanghvi, who retires by rotation under Section 152 of the Companies Act 2013, and being eligible for reappointment, has offered himself for reappointment, be and is hereby reappointed as a director of the company, liable to retire by rotation. Item number 4 relates to reappointment of Mr. Kal, who retires by rotation. Resolved that Mr. Kalyanasundaram Subramanian, who retires by rotation under section 152 of the Companies Act 2013, and being eligible for reappointment, has offered himself for reappointment, be and is hereby reappointed as a director of the company, liable to retire by rotation. I now proceed to special to the special business items.
The items listed under special business are: item number 5, ordinary resolution for certification of remuneration to cost auditors. Item number 6, special resolution for approval of reappointment and maximum remuneration to Mr. Kal, as a whole-time director of the company for a further period of 2 years. Item number 7, special resolution for approval of maximum remuneration to Mr. Sailesh Desai for a further period of 2 years. Item number 8, ordinary resolution for appointment of Dr. Pawan Goenka as an independent director of the company for a period of 5 years. Item number 9, ordinary resolution for the appointment of Ms. Rama Bijapurkar as an independent director for a period of 5 years. Item number 10, ordinary resolution for payments of commission to non-executive directors of the company, up to 1% of the net profit of the company.
Since the resolutions for these items, along with the explanatory statement, are already provided in the notice of this 29th annual general meeting, they are not being read out. Now we will take up questions from the shareholders who have registered to speak. We will answer the questions put before the meeting after all the speakers have asked their questions. We shall now call out the names of the shareholders who have registered themselves as speakers one by one.
Serial number one, Yusuf Yunus Rangwala.
Yeah. Good afternoon, sir. Can you hear my voice, sir? Good afternoon, sir. I am from Mumbai, sir. Hello, I am speaking from Mumbai, sir. My name is Mr. Yusuf Rangwala. I am thankful for a two-time dividend, INR 5.50 and INR 2.20. Sir, ..., aapne dividend chappar phad ke diya hai, sir. [Foriegn Language] Aapne dividend, sir, aur apna company secretary Ashok sir, jo apne dynamic, hardworking, jo secretary hisab se unse join ho sakta hun, sir, aur unki secretary team bahut achchi hai, sir. Main next year sir agar samjho physical meeting hua, ek tha 29 hai, next year physical hua, toh main Baroda bhi aaunga sir, aapko milne ke liye. Apna Dilip sir, Dilip sir, aapko dekh ke sir, mujhe itni khushi hui, mere pass sir, sabde nahi hai. Sabde khout rahe hai, sir.
[Foriegn Language] Aap itne achhe kaam kar rahe hain, CSR activities ke liye, aap poor people ko bhi help kar rahe hain. Aur apna COVID-19 hai, full staff log ne apne vaccine le liya, ye jaanke mujhe bahut khushi hui sir. Aap jaise company, aap staff log ka bhi aap itna hi khayal rakhte hain, sir. Iske hisab se apni company aaj upar hai, sir. Aur apna we are the one of the world leader, sir, Sun Pharma. Sir, main jaanna chahta hoon apna diabetes ke liye aap koi medicine banate hain, apne heart attack ke liye, phir apna ye samjho apna acidity ke liye koi medicine hai, sir? Agar hai, toh mujhe jaanna hai, sir, kya naam hai acidity ke liye, sir. Aur ek jaanna chahta hoon, sir, agar rahega, toh apna portfolio mein kaunsa-kaunsa medicine hai, us bare mein jara detail lau, toh mera request hai, sir.
[Foriegn Language] Aur sir, main jaanna chahta hoon, sir, abhi next year samjho main aaun. Agar kabhi samajh aa sake toh Baroda, sir, mujhe bulaaiye. Aapka plant dekhna hai, kaisa visit karna hai. Agar nahi ho, toh problem nahi hai, toh mujhe video bhejiye, woh bhi chalega, sir. Mere mobile pe mujhe video bhejiye, toh main dekh sakta hoon kaisa apna plant chalta hai. Agar not possible, it will do. And I wish our company, sir, today is a, today is a happy Govinda, sir. Wish you a very all the board, all, all of my director and my friend, wish you a very happy Govinda, sir, and I wish our company good luck. And I also thank our agent, who have taken the good care and good services, sir. Thank you very much. And one more time, I will thank Mr.
Ashok sir, who is a very dynamic secretary, sir. Aaj unke hone se apni company jo upar hai, sir. Unko apne do mere do anmol ratna ke jaise hai, sir. Apne paas itne achhe anmol ratna hai. Unko sir milke mera dil bhar gaya, sir. Thank you very much. Jai Hind, Jai Maharashtra, and Jai Gujarat! Thank you very much, sir.
Thank you, Mr. Rangwala. Serial number 2, Celestine Elizabeth Mascarenhas.
Hello, hello. Can you hear me? Hello?
Yes, ma'am.
Am I audible?
Yes.
Yes. Respected Chairman, executive, Israel Makov, MD, Mr. Dilip Shanghvi, other honorable directors attending this virtual meet, my fellow shareholders who are attending. My name is Mrs. Celestine Elizabeth Mascarenhas. I am speaking from Mumbai. First of all, I thank the company secretary for sending me the annual report and also registering me as a speaker. Thank you so much, and also I thank the platform which has given me this to speak in this virtual meet. Now, I come to the annual report, which is good, which is self-explanatory, very informative. I thank the secretarial team and the communication team for giving such a good document. Now, I come to the working.
Working was, is definitely good, because we are getting a dividend of total INR 7.50 for, INR 1, share par value, which is definitely good, and market has also started giving now somewhat very good thumbs up.
... So keep it up, and we see our company growing further, more and more, and we should Sun Pharma should again become the darling of the bosses. I am waiting for that, just like yesterday, Divi's Lab and other pharmas have become like that, and our Sun Pharma should not lag behind. Now, I congratulate for all the awards received, as already given in the annual report. Also, the CSR work, I appreciate very much, and keep it up, because these were very difficult COVID days. Now, my query, sir: total global employees are 37,000 in 44 global manufacturing sites across the world. So I would like to know how many were affected by COVID, recovered, fatalities, and the vaccination level. And the average age of our employees, and what is the attrition level?
Number two, ILUMYA, ILUMYA is launched in Japan. ILUMYA is for severe plaque psoriasis. Sir, when it will be launched in India? Because for the psoriasis, I think Biocon had also come some time years back. Now, I don't know what is the progress of that. And, I mean, how effective is this medicine, ILUMYA? Now, what is the market share of special medicines in India? Sun Pharma has many capabilities for a variety of dosage forms such as injectables, sprays, ointments, creams, hormones, drug delivery system, tablets, capsules. I would like to know where is our core competence, and which is, which has got a very good margin, and which will be a very good demand for the future.
Sir, we are number one pharma company and the fourth largest in specialty generic pharma. Sir, how in globally, so how do we see our Indian market for it? Sir, our licensing agreement in SPARC and SCD-044, what is the progress of that? Sir, any more acquisition after acquiring Pola Pharma in Japan for inorganic growth? Sir, even earlier days, I remember even 10 years back, Sun Pharma has been always acquiring some company or the other, and really going very much in inorganic growth. I remember of MJ Pharma and Pradeep, so many companies which were not doing well. Our management was very good, and they could do a lot of turnover. Sir-
Madam, just, sorry to interrupt. I mean, you have crossed almost four minutes because there are other speakers also. So kindly shorten your speech and-
What is the roadmap for the next three years, especially from the CapEx side, and when will our earlier glory be restored? I thank you very much for giving me this patient hearing, and wish you and your team all the best. Thanks a lot.
Thank you, madam. Serial number three, Mr. Kaushik Savkar.
Yeah. I hope I'm audible.
Yes.
Hello? Yeah. At the outset, let me introduce myself as Kaushik Savkar from Mumbai. Good afternoon to all. I hope I'm properly audible.
Yeah.
Hello?
Yeah. Yes, sir.
Sir, it gives me joy to see all our beloved directors and chairman, their diet is of good health. I remember saying of our grandparents, they used to tell us, "Health is the wealth." The same holds good, and we... officially I'm a chartered accountant. Additionally, I suffer from dystonia. In simple terms, 55% of my body is paralyzed, and this has impacted my right hand, my right leg, and speech. I have not, however, treated this as a hindrance. Despite my medical chronic condition, successfully completed my chartered accountancy course. I will strongly believe that I am a self-reliant, self-dependent. I admire the virtue of Sun Pharma, that share the same principle of making people self-reliant through your ongoing philanthropic work. You have made and are making a positive change in the society.
Sir, please appreciate that despite my medical chronic condition, I still prefer to work, support me and my family, other than expecting free money from anyone. This shows that I am a self-reliant. Sir, if our company can show some generosity and shower some blessing, it can change my life too. Sir, I believe supporting a physically impaired person is a meaningful activity in the eyes of our company, and if a company supports such a selfless act. Few proposed, I have previously approached our company to work in specific area. Unfortunately, cannot progress. I would therefore like to use this forum to reach out to you and hope that we could work together. I am confident that you would find my professional achievement value add to our esteemed organization, and will empathize with my condition and will support my certification work.
I would like to thank the Board of Directors for giving me the opportunity to speak and also patiently hearing me. Before I end my speech, I would like to give special thanks to the entire secretariat team, including Mr. Ashok I. Bhuta. It was only their efforts which have made possible for me. Please accept my big thanks from the bottom of the heart. I'm also hopeful that the company will empathize with me and will regretfully consider me. Can I expect a positive response from the company? At the end, I support all the resolutions. I have already voted all in favor . I have been, and always will be, a proud shareholder of the company. I am sure I was properly audible. Thank you, sir.
Thank you, Mr. Savkar. Serial number 4, Sri Vimal Kumar Agarwal.
Hello? Hello, hello.
We can hear you.
Can you hear me? Good evening. First of all, I thank the company secretary and his team for sending me the link. And for and next time, you don't keep it in CDSL. CDSL doesn't give their time proper, full day chart. They only give half an hour before that you can join, unless since I got the link, therefore no problem. And I got nothing else to say and that much. Next time I'll speak properly. Thank you very much.
Thank you, sir.
Serial number 5, Sri Mahender Pal Bhutani.
Thank you, sir. Thank you. Very good. I like to speak completely. Sorry, sir. Sorry, sir. Sorry, sir.
I apologize. I'm starting my...
No, there is an echo.
Chairman, sir.
Sir. Sir, hello? Hello? Hello?
Yes. I am Santosh Bhutani. We are 10 minutes you may be on this call. Hello?
Can't hear you.
Sir, we can't hear you. There is a lot of disturbance or... You can reconnect otherwise. We take up later?
Yes.
Is he reconnecting? Is he reconnecting? Fifth, we are unable to hear, so.
...
We will go to the sixth, then, we can connect later.
Serial number six, Ashwin Vaishnav.
Connect to six.
Chairman, sir. Yeah, can you see me and hear me?
Yeah.
Yeah, yeah.
Okay. Sir, well, I'm Ashwin from Bombay. Sir, welcome, Mr. Pawan Goenka and Miss Rama Bijapurkar. Both are capable people, and they'll contribute to the company. Sir, I congratulate the entire management on excellent profit before exceptional items and tax. Every time exceptional items reduce our profits, never increase them. So Taro has paid INR 3,000 crore to Department of Justice for conduct between 2013 and 2015. Was Taro a subsidiary from 2013 to 2015? If it was not a subsidiary, is it not possible to claim from previous owners? If it was our subsidiary, why this conduct of our subsidiary? Company has increased dividend from INR 4 to INR 7.5 in spite of reduced profits. What do you see in the company, any exceptional thing which you see in the company, to be so optimistic to increase the dividend almost double?
The promoter holding is 54%, so what are your plans for increasing? Sir, we have an investment in Zenotech. So what are your plans for Zenotech? Sir, in skin segment, your product's only in clinical dermatology, not in cosmetology. Products like chemical peels, Botox, fillers, face wash. Companies like L'Oréal are making a lot of money. So why can't we go into such items? Of course, you'll have to spend on advertisement. And sir, do you have any vaccines for COVID? Because ours is the biggest company, so we should have something for COVID. Sir, thank you and all the best.
... Thank you, Mr. Vaishnav. Thank you. Serial number 7, Shri Santosh Kumar Saraf. Yes, Santosh ji.
Hello hello, hello! Theek hai, theek hai, ek minute abhi unmute kiya sir unhone.
Okay, okay, sir. Okay.
[Foriegn Language] फिर क्या कर रहे हैं? सब मजाक कर रहे हैं। अभी अनम्यूट कर रहे हैं। इनको बोलिए होल्ड करने के लिए।
We are listening you sir, we can hear you.
[Foriegn Language] Theek hai sir. Aadaraniya Sabhapati ji, upasthit nij sadasyagan aur mere shareholder bhaiyon behnon! Mera naam Santosh Kumar Saraf sir, main Kolkata se bol raha hoon. Sarvapratham aap sabhi ko namaskar sir. Aasha karta hoon aap hamare jitne directors hain, jitne bhi adhikarygan hain, jitne bhi karmchari, bhai behen hain, is covid ke period mein vah aur unke pura parivar surakshit aur swasth honge. Sir!
[Foriegn Language] Sir, main ek to hamare chairman ko phool dena chahta tha, lekin majboori hai. Main physical meeting ke karan se to hum chairman se request karta hoon. Chairman sahab aapke achhe perform ke liye main dena chahta hoon, lekin ye phool mere aap swikaar kar lijiyega. Haath jodkar aapse request hai, isko aap bhaavuk hokar swikaar kijiye. Dhanyavaad sir aur sir, hamare secretary team ko main dhanyavaad dena chahta hoon. Kaafi achha kaam kiya sir aur sir, main jyada kuchh nahin kahunga. Maine prashn likh ke diye the. Shaayad secretary ne aapko de diye honge. Maine usmein se 4-5 prashn pooche. Ek poocha, ek poocha R&D department mein abhi kitne project par kaam aur latest project kaun sa bhi bazaar mein aane waala hai?
[Foriegn Language] एक मैंने रेन वाटर हार्वेस्टिंग के लिए पूछा कि आपने रेन हार्वेस्टिंग के बारे में क्या कदम उठाया, जिससे फ्रेश पानी का यूज कम हो। एक रिन्यूएबल एनर्जी के बारे में पूछा कि रिन्यूएबल के लिए क्या कदम उठा रहे हैं? आप क्या सोलर पैनल लगाए हैं या कहीं विंड पावर की व्यवस्था की है तो बताने का कोशिश करें, जिससे कि हम सप्लायर पर डिपेंड कम हो और लोड शेडिंग में भी अपने को काम समय में तकलीफ नहीं हो। एक से अगर मैंने सिंगल यूज प्लास्टिक को रिड्यूस करने के बारे में पूछा है और लास्ट में मैंने पूछा सर, वुमेन एंपावरमेंट के लिए क्या कर रहे हैं?
[Foriegn Language] Apne women department mein jaruri se jyada se jyada women ko kaam diya jaye to accha rahega aur main samajhta hoon aajkal ke zamane mein women kisi se kam nahi hai. Jaisa aap jaante bhi hain. Abhi Olympic aur Para Olympic mein women ne silver medal aur gold medal laakar apna naam kamaya hai. Sir, main chahunga unko empower kiya jaye aur se apne 100% karmchari ko vaccine ho gaya ki nahi ho gaya, uske baare mein bataiyega. Nahi hua to uske liye kya kadam uthaya?
[Foriegn Language] Aur jyada samay na lete hue bhagwan se prarthna hai to hamare jitne director bhai hain, jitne bhi hamare adhikārīgan hain, jitne bhi karmchārīgan hain aur unki family is COVID mein surakshit hai aur bhagwan unke liye final 2,000 happiness, wellness aur aur shakti ke saath bheetein to sir yeh kamna karta hoon aur last mein kamna karta hoon. Sir, yeh video conferencing karte rah jayiye ga to kal kal main join kar sakta hoon. Otherwise kya wahan jana bahut kashtkar hoti physical meeting karna. Jai Hind, Jai Bharat! Namaskar sir.
Thank you Mr. Saraf. Next Mr. Ramesh Shankar Gola. Number 9, number 8 is not there. So number 9 will go. 9 is not there. Number 10, Mr. Bharat Shah.
Hello! Hello. Hello yes yes. [Foriegn Language] हां। हां, आवाज आ रही है ना? यस।
Okay, okay. Mere baad mein sir Bharat Shah baat karenge.
[Foriegn Language] ओके।
Okay, honorable Chairman Shri Israel ji, Makov ji and MD Shri Dilip Bhai and other honorable directors. Sir, I am Smita Shah speaking from Mumbai. Namaskar, Jai Shri Krishna Sir!
[Foriegn Language] aaj hum aapko second time VC through mil rahe hain. To sir, pehle to main apne saalon se good investor service dete aa rahe hain aur balance sheet bhi badhiya full information ke saath banai hai aur aaj aapke saath humein jo baat karne ka mauka bhi diya, jiske liye main unki good investor service ke liye main company secretary Shri Sunil Bhai aur unke saath Shri Ashok Bhai ko main bahut hi mehnati aur hardwork smiling.
[Foriegn Language] Kaafi saalon se achhi seva dete aa rahe hain to un dono ko main dil se main dhanyavaad aur abhinandan karti hoon. Unki sir, main unke saath jo Devanshi young star, usko bhi main dhanyavaad karti hoon ki vah bhi achha respect kar shareholders ko achhi service deti hai. Sir, to poori secretary team ko main bahut bahut dhanyavaad aur abhinandan karti hoon aur best wishes deti hoon. Aur sir aapka jo gross sales aur EBITDA net worth sabhi mein sir dekha to bahut bahut badhotri nazar aa rahi hai sir aur uske saath. Uske alava sir jyada karke aap sabki, sabhi ki sir, aapki aur Dilip Bhai ki jo bahut hi smiling aur confident photo jo balance sheet mein maine dekhi to aapne hamari khushi badha di hai. Sir, hamara proud bhi badha diya hai sir. Bahut achhi baatein sir.
[Foriegn Language] सर, इसी के साथ में आपको बधाई कर बधाई देते हुए अभिनंदन कर देना चाहूंगी और अभिनंदन देते हुए कहूंगी कि अपनी Sun Pharmaceutical Industries Limited कंपनी ने भी अच्छा वर्क करके कंपनी ने पूरे वर्ल्ड में नाम बनाया है। सर, अपनी Sun Pharmaceutical Industries Limited कंपनी ने COVID-19 के समय में भी अच्छा योगदान दिया है और अच्छा वर्क किया है। सर, आगे के हमारे यह हालांकि परिस्थिति को ध्यान में रखकर आगे के फ्यूचर में और आपने क्या क्या प्लान बनाए जरूर बताएं। बाकी तो हमें पूरा विश्वास है आप पर कि अपनी Sun Pharmaceutical Industries Limited कंपनी कभी भी कोई भी कार्य में पीछे नहीं रहेगी,
[Foriegn Language] न तो रहेगी। सर, आपने तो हमेशा मेहनत और हार्ड वर्क के साथ न्यूट्रली कंपनी को एक्सीलेंस वर्क के साथ पूरे इंटरनेशनल वर्ल्ड में नाम कमाकर आगे बढ़ाते आए हो और जरूर फ्यूचर में भी चौगुनी सफलता के साथ जरूर फार्मा में सभी फार्मा कंपनी में नाम टिकाकर एक्सीलेंट वर्क से आगे ही रहेंगे। सर, आपने काफी सारी CSR एक्टिविटीज भी अच्छी की है सर, जो काफी सारे प्रोग्राम्स आपने हेल्थ केयर, एजुकेशन, सैनिटेशन ऐसे काफी सारे आपने प्रोग्राम्स बनाए और आपने जो ड्रिंकिंग वाटर का प्रोजेक्ट भी बनाया, रूरल एरिया में तो बहुत अच्छी बातें सर। सर,
[Foriegn Language] उन सभी का आशीर्वाद भी आपके साथ रहा है और आपने जो डिविडेंड शेयरहोल्डर को दिल खोलकर दिया है तो आज मैं भी दिल खोलकर आपको मैं धन्यवाद करती हूं सर और सर मेरे आगे जो संतोष जी सर, अपने प्रीवियस स्पीकर ने बताया कि वुमेन पावर को बढ़ाएं, जरूर सपोर्ट करें तो सर, मैं भी एक लेडी के नाते मैं यह जरूर कहूंगी कि वुमेन पावर को आप जरूर सहयोग करें और उन्हें भी आगे आगे बढ़ाएं और सर ज्यादा बात न करते हुए
[Foriegn Language] हमारा हर दम हर पल साथ आपको रहा है तो आज भी पूरा भरोसा रखते हुए मैं आज के सभी रिजॉल्यूशन में मैं फुल्ली सपोर्ट करती हूं और आगे की बेस्ट टू बेस्ट फ्यूचर की हार्दिक शुभकामनाएं करती हूं और आशा करती हूं कि ईश्वर से प्रार्थना करती हूं कि नेक्स्ट ईयर AGM में आपको हंसते चेहरे और भरपूर खुशियों के साथ हम फिजिकल शायद मिल सकें सर। तब तक आप सभी स्वस्थ और सुरक्षित रहें और अपना अपना ख्याल रखें। आने वाले सभी त्योहार की शुभकामनाएं देती हूं और सर लास्टली एक रिक्वेस्ट है मेरी सर,
[Foriegn Language] कि सर बैलेंस शीट अगर हो सके तो हमें नेक्स्ट ईयर से तो हार्ड कॉपी भेजें और इस साल की रहेगी तो हार्ड कॉपी हमें भेजिए, क्योंकि सर यह मोबाइल में या इसमें बहुत देखने की दिक्कत आती है। हम सीनियर सिटीजन को हमें बहुत तकलीफ होती है। आंखों की भी तकलीफ रहती है तो पूरी हम एक तो खुलती नहीं है सर, पूरी बैलेंस शीट 300-400 पन्ने की तो सर हार्ड कॉपी रहेगी तो जो हमें आसान रहती है पढ़ने के लिए तो मेरी रिक्वेस्ट है तो अभी तो न्यूजपेपर भी आते हैं सर। तो मुझे लगता है सर, नेक्स्ट ईयर से हो सके तो मेरी रिक्वेस्ट है कि आप जरूर हार्ड कॉपी भेजने की कृपा करें सर। बाकी तो सर हमारा फुल्ली सपोर्ट है। धन्यवाद सर, सर भरत शाह बात करें। माननीय चेयरमैन, सर, आवाज आता है ना सर! अशोक भाई, आवाज आ रही है कि नहीं?
[Foriegn Language] Haan, haan, haan, saamne. We can hear you, saamne sakta hai.
Mananiya Chairman, mananiya Chairman Shri Israel Makov, MD Shri Dilip Shanghvi ji aur anya mananiya directors. Sir, mera naam Bharat Shah. [Foriegn Language] Sir, main barson se aapka shareholder raha hoon. Barson se AGM attend karta hoon. Meri sir koi query nahi hai, kyunki aapne sir barson se company ko aage badhaya hai, badhate rahe ho aur avval number par company ko pahunchaiye. Sir, sab baaton mein vyavasthit badhotri hai. Sir reserve surplus networth sir, book value par share, sab baaton market capitalization, sab baaton mein, sab baaton mein sir, ekdam vyavasthit badhotri hai sir aur dividend bhi aapne chhapar phad ke diya hai. Sir, bahut bahut sir, bahut bahut dhanyavad deta hoon sir.
[Foriegn Language] Sir, hamesha shareholder ko respect diya hai. Aapne shareholder ka itna khayal rakha hai, bahut bahut dhanyavad deta hoon sir aur Ishwar Bhagwan ko prarthana hai. Apni Sun Pharma din duguni, raat chauguni aage badhe sir. Sir, saare award ke liye bhi main bahut bahut dhanyavad deta hoon sir aur sir, CSR activity bhi bahut vyavasthit chal rahi hai aur ek aashirwad ka kaam hai. Bahut vyavasthit achhi CSR activities ke liye main bahut bahut dhanyavad deta hoon sir.
[Foriegn Language] Aur five years ke sir future plan ho sake to jaroor batana sir aur sir, hard working company secretary Shri Sunil Bhai Ajmera ji, Shri Ashok Bhai Bhuta ji aur unke team ke Diwan ji aur poori secretary team ko sir bahut bahut dhanyavad deta hoon sir. Shareholder ko hamesha respect dete hain. Shareholder ki koi query hai to solve karte hain. Bahut bahut dhanyavad deta hoon. Sir, good investor service de rahe hain, poori team ko dhanyavad deta hoon. Sir, is media mein bhi judne ke liye bahut dikkatein aati hain to humko poori secretary team ne bahut help ki hai. Meeting join karne ke liye bahut bahut dhanyavad deta hoon sir.
[Foriegn Language] Sir, ho sake to aage wale saal mein bonus ke liye meri request hai, to jaroor sochna sir. Sir, next year COVID-19 control mein aane ke baad face to face ho sake to jaroor meeting rakhenge aur rakhna sir to aap ek atmiya rahega aur face to face hum milenge sir. Baaki sab resolution mein sir mera poora support hai sir aur Bhagwan ko prarthna hai, company apni bahut aage badhe sir. Sir, thank you!
[Foriegn Language] Jai Hind, sir. Sab resolutions mein mera poora support hai, sir. Thank you, sir. Jai Hind. Jai Shri Krishna, sir. Jai Shri Krishna, sir.
Thank you. [Foriegn Language] Smita behen, Bharat bhai. Serial number one Sulekha Saradkumar Shah. Saradkumar Shah.
Sir, can you hear me sir? Hello.
यस।
And can you see my video?
Video we can not see.
हां।
Chairman and Managing Director and Company Secretary and Compliance Officer, I could not hear your...
... speech, because I was in RPG Life Sciences meeting. Once that is over, I came to this meeting, and he has given me a very good point, which I can add in your meeting, sir. Another thing, sir, I have seen a photo, the video of CS and CO, but I'm not able to recognize, which differentiate who is Ajmera and who is Bhuta. Because that name is coming, that company compliance. So I'm not, the name is not coming, sir. We can do better the next time. Because I first time I came to know that company is having company secretary. Earlier, I was thinking all the time that Ashok Bhuta is the only company secretary. Here we have got two separate: one is company secretary, one is compliance officer.
Sir, I refer page number 17. You are saying that you are number one company in India because of the revenue. Then page number 27, again, you are saying that you are number one in generic in India with 31% of revenue of ours is from generic, and our market share in India is 8.2 in generic. Sir, in R&D, we spend INR 2,149 crores, which is 2.5 times of Cipla. Now we have got new director from Mahindra & Mahindra, and he will tell you what is the difference and what is the necessity of R&D. The R&D is the heart of pharma and auto industry. So he will initiate you to spend more and more money on R&D, sir.
Sir, our debt equity ratio is 0.08, and that what you said, that this time we have reduced the reduction in debt, so that's a good thing. And finally, debt equity ratio is reduced. I refer page number 22, 25, 31, 32, which is for USA. USA, we have got business of our 30% revenue from USA. And most of the companies are doing business in USA because the profit margins are more. Sir, and we have got three finished projects. We have got a location in Boston, California or Seattle. Another thing, sir, this RPG Life Sciences, what is, they don't have any presence in USA, and the reason was very clear. They say that doing business in USA is very difficult.
Getting approval from FDA of USA is very difficult, and we have to spend more money. So, that is why, right now they are not in USA business, but, definitely they will go into the US. USA business is definitely good of our business because the profit margins are very high, sir. And, page number 62, you talked about biomass briquettes that we use in place of HSD and furnace oil. But what is happening, that in all plants, still we are using HSD and furnace oil. So my request is that, we should avoid all this, HSD and, FO in a pharma company to have a clean pharma company, and definitely this will be the our first priority. And the solar is definitely a priority, but it is next, not the first.
And when our foreign exchange earning is INR 5,418 crores is a good net foreign exchange. The PAT is INR 2,903 crores, but our employment cost is INR 6,862 crores. And here, now we have got new director from ICICI, a financial expert. Definitely, you ask her opinion on how you can decrease employment cost or how you can increase PAT, whatever way, so that the PAT is always more than the employment cost. And another thing, sir, I hold shares in one Demat account. In the same order, I hold in folio number S90637, and I have received one letter from compliance officer.
There is an unclaimed dividend. So that I have submitted all the documents for needful. Then what message I got, the, from your secretary department and the Link Intime, that, it is okay, we'll do needful, but do not raise this issue in NCLT meeting, which was conducted in March 2021. And after that, what has happened? I have received a mail from Link Intime saying that there is no unclaimed dividend. So I don't, I don't have anything on this, but what happened? This is the same thing is happened with Mahindra & Mahindra Financial, and what they have done on 2 August, they have given me a confirmation from company secretary and, compliance officer from 2005-... complete statement is there, what dividend I have received in each year and no unclaimed dividend. Also, this particular letter I have already forwarded to you.
Another thing, sir, I have same letter, similar letter I have received from Larsen & Toubro. From 2002 to 2021, how I received the dividend, and there is no unclaimed. So this, these people are confirming there is no unclaimed dividend, and this future, this will help us. So I request company secretary, compliance officer, to write a letter to me in a similar line and tell me that there is no unclaimed dividend. And another thing, sir, why we depend totally on RTA? Because once unclaimed dividend, we have got some website. From that you can make out what is unclaimed dividend or not unclaimed dividend. And another thing, in unclaimed dividend, not in your case, but in other case, why shareholder cannot claim dividend?
The reason was very different, because the checks doesn't come on the name of the shareholder, it comes on somebody else, so he cannot encash. So that also you must look into it. And I'm very happy that page number 74, you want to take care of the shareholder, and you mention that you remind shareholders every year what is unclaimed dividend. But that is not sufficient. You have to analyze why unclaimed dividend remains, and once you analyze, then only a action can be taken. Thank you very much for giving me opportunity, and maybe I request you to request your company secretary and CO to write to me that whatever dividend I have received last, last so many years, a statements like MM Financial, like Larsen & Toubro. Thank you very much, sir, giving me opportunity.
Thank you, Mr. Sir. Serial number 14, Ashit Kumar Pathak. 13 is not there, Manjit Singh.
Hello, am I audible, sir? Hello, am I audible, sir? Hello.
Yes, sir, we can hear you.
Yes, yes.
We can hear you very well.
Yes, sir. Very good afternoon. My name is Ashit Kumar Pathak. Respected Chairman, Board of Directors, fellow members, company secretary staffs present at AGM of Sun Pharmaceutical Industries Limited. My name is Ashit Kumar Pathak. My esteemed gratitude to Company Secretary Mr. Sunil Ajmera, to give me chance to speak and send me the balance sheet very well in advance. Sir, in government, in budget presentation, financial year 2022 declared boost in health infra. So with Atmanirbhar Bharat initiative and the domestic business from my company share 33% and international is 67%. For this strategy, what is the main strategy company is taking initiative to enhance domestic business? Because domestic market is very big , and also US market is very big market, and international market is big market, but also impacted in pandemic. This is my first view. Sir, any future buyback plan?
My previous speaker also mentioned issue of bonus shares. Foreign exchange earnings is very nice than previous years. Also, sir, cost of raw materials prices and some geopolitical issue, where drugs, raw materials import from China is very reasonable cost. So any impact in our business operation, if possible, show some highlights. Reliance Industries Limited also innovating vaccines and also in ongoing. So any many, many future, many... My company's any plan for the vaccine drive? Last year, so also is mentioned about this, standalone net profit margin also came down previous year, and revenue also higher than previous year, but profit after tax is down. Also consolidated, mostly down, because I don't know what the subsidiary companies are giving the financial support to my company.
If any subsidiaries is good, not good in performance, so what strategy my company is taking or either potential subsidiaries acquiring? And sir, also, sir, also, sir, my final question is, CapEx in top priorities mentioned in annual report, financial year 2022. Our CapEx program, I mean, which CapEx, the CapEx incurred, if possible, show some highlights. And sir, finally, also we are getting good dividend apart from this pandemic and financial year performance. Thanks to our management team for rewarding dividend, INR 7.50, and also, and praying to God for good health to everybody. And financial year 2022 is very good financial performance and capital market appreciation. Also a debt-free company, because we also, my company repay debt, $580 million mentioned.
Very, very, very nice initiative from my company. I am thanking the management team for this debt-reducing policies. Thanking you, sir.
Thank you, Mr. Pathak. Serial number 15, Sayantan Bhowmick, authorized representative for PineBridge Investments.
Am I audible?
Yes.
Okay. Thank you. Respected Chairman, sir, members of the board, and my fellow shareholders, I'm Sayantan Bhowmick, and I represent PineBridge Investments. At the outset, I'd like to thank all the employees and the management of the company for ensuring uninterrupted supply of pharmaceutical ingredients in these trying times. Thank you. I would like to now present my views on a subject that we at PineBridge Investments feels very strongly about. It was universally understood that an institutional investor's main objective and an investing company's main obligation is to maximize returns for shareholders. However, with the rise of responsible investing, considerations such as environmental, social, and governance are increasingly gaining importance. ESG considerations are slowly but surely becoming an integral part of an investor's fiduciary duty.
ESG considerations can relate to ESG reporting or disclosure, ESG performance, that is how a company is performing in ESG domains, and ESG score or rating. The European Union has recently come out with regulations governing the conduct of companies for environmental, social, and governance-related issues. These regulations, commonly known as SFDR, Sustainable Finance Disclosure Regulations, have come into force as of the tenth of March, 2021. The EU financial regulators have drafted technical standards on the parameters that companies need to disclose. This includes a set of mandatory disclosures and additional environmental and social disclosures. In this regard, it is heartening to see the excellent and detailed sustainability report published by the company. I hope that we can keep on enhancing our efforts on sustainable business, and our sustainability report sets benchmarks for the industry.
On a related point, I wanted to know if the company has set any deadline for becoming carbon neutral. A number of corporates in India have announced timelines for becoming carbon neutral. As leader of the pharmaceutical industry, we should, too. With this, I would like to thank, like to once again thank the company for the opportunity to present my views at this AGM, and I would wish the company all the very best for future endeavors. Thank you.
Thank you, Sahil. So all questions are over now. All speakers are completed. So if you are, Mr. Murali, then you'll be responding to the questions?
Can you hear me?
Yes, sir.
Okay. So I wish to thank all the shareholders for expressing their views and sharing some of their concerns and suggestions. We will try and respond to all the questions. In case if something is missed, I think you can get in touch with Mr. Bhuta or Sunil Ajmera, so they can share the information with you. First question was around the type of different drugs that we manufacture. So we manufacture large number of specialty products, but most of the products that we manufacture are prescription products. So you need prescription of a specialist to get the product from the retail store. So I can't share the name of the product specifically on the call, but we have a very large market leader in pantoprazole. We are number one in terms of share of prescription in diabetology.
We will continue to focus on growing this business going forward. So there were questions about the number of employees and number of employees who are vaccinated. I think we have different levels of vaccination in different factories, but I am happy to share with you that it is anywhere between 60% to 85% to 90%. And the reason why it is lower in some of the locations is because people below 45 were only vaccinated recently as per the government guidance, and their second dose is not yet due. But as soon as that becomes due, we will see that all the employees and their family members will get it attended to. Attrition, I am also happy to share with you that we're one of the, or possibly the, lowest attrition in the whole pharma industry in India.
Last year we had less than 5% total attrition. There was a question about Ilumya in India. So we filed for Ilumya registration in India. Hopefully, once we get approval for the product, we should launch the product. Our core competence is to sell specialty products in India and emerging market, and in U.S., our core business is specialty generics, as well as selling branded specialty products in dermatology and ophthalmology and oncology. SCD-044 was licensed from SPARC, and as we have shared with people, phase 2 clinical study for the product for psoriasis as well as atopic dermatitis is continuing. As a company, I think our focus is to find a way to grow in each of the business that we are present in.
I read-- I heard there was some challenge in terms of my being able to hear. Unfortunately, the shareholder talked about some movement disorder and some challenges that he is facing. So if you need some help in identifying a good neurologist who is an expert on movement disorder, we can suggest some names. There are also suggestions about using a site other than CDSL for organizing the call. We will consider that and study that. There was some question about the penalty paid by SPARC. I mean, not SPARC, but Taro. I think you-- the shareholders need to keep in perspective that the penalty paid by Taro is not an admission of guilt.
However, in the opinion of the Taro management, they felt that instead of carrying the uncertainty and risk of litigation and its negative impact on the business, they felt it is better that we settle the case with the concerned authority. As on today, promoters own 54% of the company, and they have not disclosed any intention for increasing shareholding. There is suggestion for introducing drugs for, for products, for cosmetology and COVID vaccine, which we will consider in our business meetings. There were also suggestions about empowerment of women, as well as rainwater harvesting. So as a company, I think we have a strong agenda for gender diversity and empowerment of women in different parts of our organization, and we will continue to focus on that.
There is a general appreciation of the performance of the company and the dividend which is paid. So thank you for the appreciation. There's also suggestions for bonus as well as face-to-face meeting. There's also some suggestions about buyback, so we will consider all of these options in our management meeting. Some suggestions about importance of R&D in the pharmaceutical business, and thank you for pointing that out. And also, I think, as a company, we believe that our focus should be on raising the return on equity by improving overall profitability, not by adding to the return on equity by raising further debt. There is some confusion about unclaimed dividends. Mr. Bhuta will look at that.
There's also a suggestion from PineBridge in terms of, increased focus on, ESG, as well as social responsibility. I am happy that the first report that we've come out with, it's something that you find positive. I can only promise you from our side that we will continue to focus on improving our performance. You would have seen that even though this is the first time that we've come out with the ESG report, but looking at the consistent year-to-year trend over the last three years, in spite of our not disclosing the numbers, we were focusing on improving our, overall performance on ESG as well as on governance. We will consider your suggestions for coming out with a plan for becoming carbon neutral. That will require a comprehensive analysis and study, but, we will take that seriously.
I once again thank all the shareholders for their interest, and in case if I have overlooked to respond to some specific question, please get in touch with Mr. Bhuta or Sunil Ajmera. Yeah, I think there were also multiple suggestions about the face-to-face meeting. We would also hope that at some point in time, in near future, we can have a face-to-face meeting. Thank you.
Thank you, Mr. Shanghvi. We have answered the questions before the meeting, however, put out before the meeting. However, if we inadvertently have missed to respond to any question, we should address them separately. The e-voting will remain open until 15 minutes from the conclusion of the meeting. To enable shareholders to vote, I request the scrutinizer to complete the scrutinizing process and then submit the report to me or to the person authorized by me. The scrutinizer's report and the e-voting results will be submitted to stock exchanges within 48 hours of conclusion of the meeting and will also be placed on the company's CDSL website. Also, the results will be displayed on notice board on the notice board of the company at its registered office and corporate office.
I thank one and all for the attending of this meeting, and we can now conclude this twenty-ninth annual general meeting of the company. Thank you.
Thank you.
I propose a vote of thanks to the Chair, and with the permission of the Chair, declare this meeting has concluded. Thank you, all.
Thank you.