Dear shareholders, good morning. I'm Neelabja Chakrabarty, Company Secretary of Tata Consumer Products Limited. It gives me great pleasure to welcome you all to the 60th Annual General Meeting of your company. Today's meeting is conducted through video conference and other audiovisual modes. Before we proceed, here are a few important points to note for your participation. Members have joined the meeting on first come, first served basis through video conference and other audiovisual means. The live streaming of this meeting is being webcasted on NSDL's website. To ensure a smooth flow, all members joining via video conference has been automatically muted to avoid background noise or disturbances. During the question and answer session, the Chairman will announce the names of the registered speaker shareholders, who will be given an opportunity to speak one by one.
The speaker shareholders will be unmuted by the host, and they should turn on their video. However, if any shareholder is unable to join via video for any reason, the shareholder may speak through the audio mode. While speaking, please follow these guidelines: Use earphones for clear audibility, minimize background noise, disconnect Wi-Fi from other devices for better connection quality, close your any interfering background applications, ensure adequate lighting for good video experience. In case of connectivity issued at the speaker shareholder's end, we will proceed to the next speaker. Each speaker is requested to limit their speech to three minutes to allow all shareholders to express their views. In case of any technical difficulties, refer the helpline number mentioned in the notice of this meeting. Let me now explain voting process for the resolutions.
The company has provided its members the option to cast their votes on resolution being considered at this meeting through the remote electronic voting system administered by NSDL. The remote e-voting period was open from 2nd June at 9:00 A.M. to 5th June up to 5:00 P.M. For members attending this meeting who have not yet voted, the facility to vote during the meeting is also available, which is active now. Members can visit the voting page of the NSDL e-voting website and cast their vote while simultaneously participating in the meeting. Dr. Asim Kumar Chattopadhyay, practicing company secretary, has been appointed as scrutinizer to scrutinize the votes cast at the meeting and through remote e-voting.
Since the meeting is conducted through video conference and other audiovisual means, and the resolutions mentioned in the notice of the meeting have already been put to vote through remote e-voting, there will be no requirement for proposing and seconding of the resolutions. Thank you. Over to you, Chairman, sir.
Thank you, Neelabja . Good morning, shareholders. I warmly welcome you all to the sixtieth Annual General Meeting of Tata Consumer Products Limited. I thank all of you who have joined this meeting. The Ministry of Corporate Affairs, through its general circulars, has permitted the holding of the AGM through video conference and other audiovisual means. In compliance with the directions of the Ministry of Corporate Affairs and as per the SEBI Listing Regulations, this AGM is conducted through video conference and other audiovisual means. The live streaming of this meeting is also being webcast on NSDL's website. The company has taken the requisite steps to enable members to participate and vote on the items being considered at this AGM. As the requisite quorum is present, I'm calling this meeting to order.
I will request the board members who joined this meeting through the video conference to confirm their participation and introduce themselves. I request Mr. K. P. Krishnan.
Good morning, and welcome, shareholders. I am K. P. Krishnan, Independent Director and Chairperson of the Audit Committee of the Board of your company. I am joining this meeting through video conferencing from Bangalore. Thank you.
Mr. Bharat Puri?
Good morning, shareholders. I'm Bharat Puri, independent director and Chairman of the Risk Management Committee. I am joining this video conference from Mumbai.
Shikha Sharma?
Good morning, shareholders. I'm Shikha Sharma, Independent Director and Chairperson of the Nomination and Remuneration Committee of the board of this company. I'm joining this meeting through VC from Mumbai.
Siraj Chaudhry?
Good morning, shareholders. I'm Siraj Chaudhry, Independent Director on the board of Tata Consumer Products Limited. I chair the Stakeholder Relationship Committee and CSR and Sustainability Committee of the board.
Mr. David Crean?
Welcome, shareholders. My name is David Crean. I am an independent director of the company. I am joining this meeting through video conference from London.
Mr. Balaji? You're on mute.
Hello, hope you're able to hear me. Good morning, shareholders. This is Balaji here, your non-executive director of the company. I'm joining this meeting from my office in Bombay House, Mumbai.
With me present here are Mr. Sunil D'Souza, CEO and MD; L. Krishna Kumar, Executive Director and Group CFO; Mr. Ajit Krishna Kumar, Chief Operating Officer; and Mr. Neelabja Chakrabarty, Company Secretary. Mr. Shiv Kumar, the Chief Financial of the company, has also joined this meeting via video conference from the corporate office in Bengaluru. The statutory auditors, Mr. Sanjiv Pilgaonkar, and the secretarial auditor, Dr. Aseem Kumar Chattopadhyay, have joined this meeting via video conference. Additionally, the members of the senior leadership team of the company have also joined this meeting virtually from their respective locations. The company has received letters along with the board resolutions from 27 corporate shareholders, appointing and authorizing representatives under Section 113 of the Companies Act 2013.
These represent 32,63,86,100 shares, which is 35.13% of the paid-up equity capital of the company. As there is no physical attendance of members, the requirement of appointing proxies is not applicable. The registers, as mandated by the Companies Act, 2013, and the documents specified in the resolutions mentioned in the AGM notice, are available for inspection. The integrated annual report and notice convening the meeting have already been circulated to these members. The following resolutions were proposed for the approval of the shareholders. Number one, adoption of audited standalone financial statements for FY 2022-23. Number two, adoption of audited consolidated financial statements for the FY 2022-23. Number three, declaration of final dividend of INR 8.45 per equity share. Number four, appointment of N. Chandrasekaran as director, liable to retire by rotation.
Number five, ratification of cost auditors' remuneration for FY 2023, 2024. Number six, reappointment of L. Krishnakumar as executive director and group CFO of the company up to the period ending October 31st, 2023, and approval of payment of remuneration. With your permission, I take the notice convening the meeting as received and read, including the text of the resolutions and the explanatory statements. Since the statutory auditors have not made any observation, qualification, or comment in their report regarding the financial transactions or matters adversely affecting the functioning of the company, there is no need to read the auditor's report. Before I proceed with the rest of the meeting, I would like to make some comments.
Your company, Tata Consumer Products Limited, has been on a transformative journey, and it has made significant progress during the last three years into becoming and evolving a leading FMCG company. During this period, a number of decisive actions have been taken to become a growth-oriented company and build a strong organizational capility. The company continues to focus on strengthening its core business and, at the same time, open exciting new opportunities to expand the target addressable market. The global environment has been sort of challenging due to a volatile macroeconomic condition as well as the geopolitics. Under these circumstances, the company remains steadfast and has been focusing on executing the strategic agenda and build on a strong platform that it has. The progress is visible across multiple parameters.
The company's sales and distribution network has expanded threefold from a direct outlets of 0.5 million- 1.5 million outlets. The company set up a fit for the future R&D capability that has really helped to step up the pace of innovation. Last year, the company launched twice the number of products as the year before. We have expanded the portfolio of the company to include a number of new categories. The innovation agenda of the company is driven by key consumer trends, namely wellness and health, digitization, and convenience. This has helped the company to improve its innovation to sales ratio from 0.8%- 3.4% in the last three years. During these three years, the company has also delivered a strong CAGR of 17% in revenue terms and 13% in the EBITDA terms.
The growth businesses of the company, namely the ready-to-drink beverages, ready-to-eat food, Sampann and Tata Soulfull, have recorded a growth of 53%. Starbucks has stepped up the pace of opening new stores and opened the highest ever number of stores of 71 during the last fiscal. Tata Starbucks is getting to reach close to 350 stores. In the international business, the company has recorded a decent growth in revenue terms, but in the margin, has been affected by the commodity inflation as well as the currency movements. The company is focused on strengthening the portfolio for its international business in terms of growing its non-black tea business, opening up the reach for its coffee business, and also getting the ethnic ready-to-eat and ready-to-cook products in the international markets. The company continues its simplification journey.
As you know, the Tata Coffee merger is on the cards and should be completed this year. In terms of operational performance, for the last fiscal year, the company delivered a revenue of INR 13,783 crores, 11% growth over the previous year, INR 1,874 crores in EBITDA, which is about 7% over the last year, and INR 1,320 crores in PAT, which is a 30% up from the previous year. A healthy EPS growth of 28% and a dividend proposed, subject to your approval today in this meeting, of 40%. The company is aligned with the Tata Group's vision towards sustainability, which is being driven by an overarching project, Project Aalingana, where we address all the sustainability issues and have taken audacious targets.
The group itself has committed to becoming net zero by 2045, and Tata Consumer Products is committed to becoming net zero, water neutral, and promote circular economy in plastics, expand its diversity of workforce, and build strong sustainable sourcing and build a supply chain resulting in sustainable products. At this time, I would like to take a moment to express our deep sense of loss at the passing away of Mr. R. K. Krishna Kumar, RKK, as we fondly called him. Mr. RKK shaped the evolution of your company from being a simple plantations company to be a global major in the Tata Beverages segment. Tata Tea became a household name in this country under his leadership. He also led the group's international acquisition by acquiring Tetley.
More importantly, he was the perfect leader who lived by the Tata ethos of giving back to the community and led by example for all of us to follow. We will miss him. With those words, I would like to take the opportunity to thank all of you for your support to Tata Consumer Products Limited, and look forward to interacting with you. Before I turn to the shareholders, I would request the CEO and MD, Mr. Sunil D'Souza, to make his presentation.
Thank you, Chairman. Dear shareholders, I'll walk you through the highlights of FY 2023. Next slide, please. Next slide. Next slide. Tata Consumer now is an integrated food and beverage company with the rich heritage of Tata, aspiring, as the Chairman said, for a larger share of the FMCG world. INR 13,800 crores consolidated revenue and market cap of INR 73,000 crores. Among the top 10 FMCGs, number two branded tea player globally. We reach north of 200 million households and distribute to 3.8 million retail outlets with about 4,000 employees worldwide. Next slide. In terms of key highlights and financial performance, next slide. As the Chairman mentioned, consolidated revenue up 11%, in constant currency, 10%. Group net profit up 30%.
India business was up by 10%, beverages up by 1%, India foods up by 26%, International business was up 8%. Consolidated EBITDA up by 7% for the year, margin contraction of 50 basis points, led by a volatile commodity and currency environment. However, we continue to deliver strong free cash flow conversions. Free cash conversion to EBITDA was nearly 100%, as the Chairman mentioned, the proposed dividend of INR 8.45 per share is up by 40% year-on-year. Next slide. In terms of highlights, in terms of the businesses, India Beverages crossed INR 5,000 crores, growing 1%. India Foods is now larger than the international businesses at close to INR 3,700 crores, up by 26%. U.S. Coffee, coffee driven by pricing, up 15%, close to INR 1,500 crores.
International tea, north of INR 2,100 crores, up by 3%. Tata Coffee had a good year, growing 27% to INR 1,360 crores. Overall, 11% growth at INR 13,783 crores. Next slide. In financial performance, INR 13,783 crores, up 11%, EBITDA up 7%, group net profit up 30%. We have INR 2,945 crores of cash on our books. In terms of margins, we, as I mentioned, EBITDA margin contracted by 50 basis points, but group net profit was up by 40 basis points, which brings the EPS up to 13.02, up by 28%. Next slide. In terms of three years, overall, India revenue CAGR has grown at 17%, international at 3%, consolidated, we've grown at 13%. Consolidated EBITDA also a CAGR growth of 13%.
Consolidated net group profit has grown at 42% and EPS at 38%. Next slide. We have shown consistent growth in the dividend payout, and as I mentioned, this year, the proposed dividend payout is INR 8.45, up by 40% year-on-year, and we've continued to inch up on market capitalization. If you look at the, as of 15th of May, and you look at a 5-year CAGR, our market cap has grown 29%, and in terms of three-year CAGR, we've grown at 26%. Next slide. Next slide. We've defined six strategic pillars, which is strengthen and accelerating core, driving digital and innovation, unlocking synergies and costs, creating future-ready organization, exploring new opportunities, both organic and inorganic, and embedding sustainability. As the chairman mentioned, in terms of core, the biggest thing is our sales and distribution infrastructure.
We've grown our direct reach from 0.5 million to 1.5 million. We've made a public commitment of hitting 4 million outlets in terms of numeric reach by September. We are at 3.8 million in March, well in reach of the 4 million. In addition, now, in this year, in FY 2024, we are increasing bandwidth at the front end in all 10 lakh plus population towns by split routes, separate food and beverage routes to provide increased focus, and now going down to 50,000 and 20,000 population towns, adding sub-distributors and upgrading our sub-distributors to increase our direct coverage. Next slide. In terms of, again, core channels of the future, we've shown good growth. Modern trade has grown 14%.
Sorry, modern trade has grown 21%, now contributing to 14% of our business, and e-commerce has grown 32%, contributing 9% of our business. Both these channels are critical as we expand our portfolio. We introduced 69 new SKUs on shelf in modern trade, and new product contribution in e-commerce is now 10%. Next slide. In terms of strengthening our brands and our products in beverages, we continued our hyperlocal focus. Yes, we did lose a bit of share in volume and value because of softness in specific geographies and rural areas, but we are confident we'll pull it back. Next slide. In salt, it's been a good journey. We moved beyond Tata Salt to play popular mass, premium, and super premium.
Our salt market share was up by 75 bps, and share of value-added salts from less than 1% in FY 20 is north of 5% now. Next slide. Innovation is a big focus for us. From 0.8%, we've now moved to 3.4% and nearly doubled the number of launches, having new launches across all the categories to expand our total addressable market. Next slide. Digital is another big focus to make sure we are a digital-first organization. So far, we've now shifted completely to the cloud. We run one single instance of SAP globally. We've got an integrated S&D backbone with Salesforce, with SSFAs and DMS linked to our SAP systems. We run a Blue Yonder integrated business planning system and now are enabling dashboards across the organization with ClearView Analytics.
Going forward, we will focus on data-driven NPD, AI, ML-led procurement. We will leverage more data to step up our revenue growth management to the next level and focus on data-driven marketing and ROI-led spend allocations. Next slide. Simplify, synergize in line with the group's narrative. We are consolidating our legal structures. The target is to go from 45 to about 25 entities in the first phase. We have already in the middle of the NCLT process with Tata Coffee, entering the final leg, and we've consolidated ownership in JVs to increase value in Bangladesh and as well as South Africa. Next slide. Our momentum continues in the new engines of growth, Sampann, NourishCo, Soulfull, SmartFoodz is up by 53% for the year, and growth businesses now contribute to 15%, up from 6% when we started off. Next slide.
On the inorganic phases, whatever we have done, we have delivered results. NourishCo, when we acquired it was INR 180 crores in FY 20, it's now INR 621 crores. We've increased capacity for all the products, and now we cover 650,000 outlets, up by 70% just the last one year. Soulfull has grown revenue by 100% and continues to capitalize on our extensive distribution network. We are driving accessibility and affordability with the INR 10 packs on No Maida Choco, and expanding Soulfull's field of play. We've entered Soulfull Masala Oats, which has been tracking ahead of all our internal KPIs. Smart Foods, we rebranded Tata Q to Tata Sampann Yumside for domestic and Tata Raasa for international. We've revamped our recipes and introduced a host of new products and SKUs to augment the existing portfolio.
International, Tata Raasa has just delivered its first shipments to U.K., U.S. and Canada. We remain quite optimistic about success out there. Next slide. Starbucks, as the Chairman mentioned, has crossed 1,000 crores for the year, 333 stores, opened the highest number of 71 stores for the year. More importantly, as we rapidly expand, we are enhancing relevance for more segment of consumers, especially Tier Two, Tier Three towns. We've introduced familiar and more loved options in our beverages menu, masala chai, filter coffee, milkshakes. Introduced a new, affordable, smaller six oz pico size. We've revamped our food menu for fresh and healthy shareable plates, and refurbished our store interiors to make them more inviting. Next slide. Sustainability, we made commitments across all the different parameters in line with Project Aalingana of the group.
We have made commitments on better nutrition, better planet in terms of net zero, water neutrality, zero waste, and packaging material to be 100% recyclable, compostable or reusable. We have commitments on better communication, both in terms of communities as well as building an inclusive and diverse culture, and better sourcing in terms of sustainable supply chains. Next slide. In terms of business performance... Next slide. Revenue for beverages, as I mentioned, declined 5% with a 1% volume decline owing to weakness in some of our key markets and price corrections. The three-year CAGR remains at 10%. There was an improvement in Q4 FY23, with revenue growth of 1% and 3% volume growth. Next slide.
India Foods delivered good nu.mbers, 26% volume growth, 29% growth in Sampann, and 76 basis points improvement in market share. Salt grew by 25%, with a three-year CAGR of 19%. Next slide. NourishCo, as I already mentioned, 80% revenue growth to INR 621 crores. Copper Water, Tata Copper+ was 2x last year. Himalayan grew 85% and was extremely profitable. Next slide. Tata Coffee grew by 25%, with 17% plantations growth and 26% extractions growth. Next slide. Thank you. Starbucks opened 71 stores, now up to 333 stores, and we are present now in 41 cities. Next slide. International operations, the U.K. revenue was flat and value market share was maintained at 19%.
We merged Teapigs with our U.K. business to drive synergies, took price increases, and we have seen sequential margin improvement. We are working to deliver the new Tetley Tea, both blend as well as packaging, sustainable packaging in 2023 in order to unlock brand equity and build the business. The U.S. revenue growth on coffee was 7%, tea was -2%, market share was 4.2%. More importantly, again, in the U.S., we took a series of price increases to mitigate cost inflation and have seen sequential margin improvement. Teapigs is the fastest growing brand in specialty tea, growing 4x the category. In Canada, our strongest market internationally, revenue growth was up 9%. We continued our leadership at 27.7% in the regular tea segment. Next slide. Your company won a series of awards. Next slide.
On the corporate front, we won gold for best business and financial content. On packaging, we were recognized by the Indian Institute of Packaging, SIES School of Packaging, and the World Packaging Organization. On learning intervention, our Catalyst won eight awards at the prestigious Brandon Hall Group. In terms of growth, we were recognized as the fastest growth food and beverage company at Dun & Bradstreet Corporate Awards 2022. We were recognized as India's fourth most valuable brand in the food and beverage category in Brand Finance in 2022, ranked in Kantar Brand Footprint 2022 as fifth most chosen FMCG brand, and our corporate website won the Gold Quill Award at the International Association of Business Communicators. Next slide.
We won a series of awards on the sustainability front, as well as all our brands, including Chakra Gold, Tata Coffee, Tetley, Premium, Soulfull, won various awards for PR and brand campaigns. Brings me to my end of my presentation. Thank you very much.
Thank you, Sunil. With that, I would like to now invite all the registered shareholders who wish to speak at this meeting to share their remarks. As the number of shareholders who have registered is large in number, I would request each of the shareholders to be brief and sharp in their remarks, so that we can give opportunity to all shareholders. Let me start with inviting Dr. Arun Kumar to share his views.
Good morning, sir. To Tata Tea, with his impact, I did spend a lot of time with him during November, December 2016. May his soul rest in peace, and his family take the loss and carry forward. Chairman, sir, can you hear me now? Chairman, sir, your favorite was, "Tension lene ka nahi, gyan dene ka nahi." Sir, you gave me a lot of tension. I'm unable to speak. I'm not going to give you any gyan. In a century, the world has seen Spanish Flu, global economic crisis, World Wars, corona. We lost friends and relatives. We were scared, but survived. We did have a lot of experimental learning. We were lucky to have found the next gen leaders, too. The positive points: forecast says Indian GDP will grow at 6% to 6.8%.
The given GST revenues have increased. The biggest proof that Indian economy is doing well is that the cost of elections is rising. Definitely, there is boom in the e-economy. Sir, sir, there are a lot of questions. Can you hear me properly? Because somehow there's a lot of confusion. HR recruitment, our employees, what is the average age and employees by gender, and what is our HR policy to create a balanced lifestyle for its members after corona? There is a skill mismatch needing a rebooting of the system. What is TCPL's training budget? What is your cost control strategy to optimize... Do you optimize on procurement costs or through economies and bargaining power? Will we ever enter cultured and plant-based meat and eggs, et cetera, without sacrificing flavor, nutrition, and quality? Are we planning for alternative proteins?
Millets, sir, Government of India has taken lot of interest in millets, declaring it as the Year of Millets. What are TCPL's plans? Any investment in startups? Lastly, the size of the FMCG industry in the coming five to seven years. Sir, in conclusion, "Tension lega, lene ka nahi sir, profit dene ka hai." I wish you all the best. Thank you very much. Somehow, I'm not happy with the way the interaction was with this. Thank you very much.
Thank you, Dr. Arun Kumar.
I'm in Hyderabad right now.
Manas Banerjee? Sir, can you speak?
I am audible, sir? Hello?
Yes, y es.
Good morning, everybody. Respected chairman, present board members, and my fellow online shareholders. I am Manas Banerjee, an equity shareholder of Tata Consumer Products, joining the AGM through D.C. from Kolkata. I convey my sincere thanks to our Company Secretary, Mr. Neelabja Chakrabarty, and his team for give me an opportunity to speak at the AGM for the company. Sir, I already supported all the resolutions by voting. Sir, as per my observation, our company has been maintaining a healthy dividend of 845%. Is that 40% increase over last financial year. Congratulations to the board for liberalized dividend policy. Sir, our company has a good cash flow management and delivered a good top line and bottom line growth. Company has strong balance sheet with solid track record.
Congratulations to the management team for 23% increase in CSR policy and increase allocation in R&D for the current financial year. I have some specific query. Sir, 20% volume decrease in Eight O'Clock. I would like to know the main reason and how our company overcome this. Number two, sir, as our business weaker in the south of India, if you compare with other parts of India, has there been a statewide specific strategy? In international market, growth as well as margin is going down. I would like to know your valuable opinion on this matter. Before I conclude, my special thanks to Mr. Sivashankar Roy and Mr. Arghya Chatterjee, both from our registered office personnel. They are sober and always cordial with the shareholders.
Normal monsoon, government initiatives to boost rural economy, healthy economic growth, favorable demographic profile, increasing disposable income and customer taste will support the FMCG sector in large. Thank you for your patience, hearing.
Thank you, sir. Mr. Tamal Majumdar?
Yes, sir. Chandra sir, Mr. D'Souza, Mr. Krishna Kumar, Mr. Balaji, and other directors of the company, myself, Tamal Kumar Majumdar, an equity shareholder from Kolkata. Thank you, Chairman, sir, and Mr. D'Souza, for sharing your thoughts with us. My special thanks to our beloved Company Secretary, Niraj Chakraborty, and his dedicated team of executives, like ever-smiling Shiv Shankar Rai, Arghya ChatterjeT , and others, for sending the annual report well in time and for maintaining cordial relations with us. Niraj is always available over phone or mail and always ready to help shareholders. We are really fortunate to get such a wonderful person as our Company Secretary. I also hope that Mr.
David Crean, ex-VP of Corporate R&D and ex, and Chief Science Officer of $40 billion company, Mars, Incorporated, who joined us as an independent director during the year, started enjoying working with us, with our fantastic team of management. I only want to mention here that the R&D is a formidable part of, for the development of a company like us. In this segment, our expenditure increased from a mere 0.24% to 0.34% during the year or financial year 2023. Its subsidiary, Tata Coffee's position is much worse. They made an expenditure of 0.1% on net sales. I believe that the formidable team of him, Vikas Gupta, and others, will bring variety in our business in the coming years, with increased expenditure on R&D.
Sir, I want to know your view in this aspect, sir. Sir, I have gone through the annual report and subsidiary accounts for the year, financial year 23, and have some queries, and as usual, seek your indulgence. In addition to Chairman's letter, titled: Towards Better Future, this time the management added another item, titled: Question and Answer with MD and CEO. It's a good idea to give a picture relating to performance of the company during financial year 23 and future outlook. I must regret to say that our beloved Mr. D'Souza is interested or in disclosing more data to analysts than his own family members. Like -1% volume growth during full year, tea volume dip. In USA, coffee volume was 20% negative, bad shape in Bangladesh unit. Indian beverage volume growth was only 3%. Revenue growth was 8%.
In India, food business volume growth was 2%, revenue growth was 26%, overall currency growth was 12% and reported 14% during the year. It appears that the company's growth story is mainly dependent on increase in prices and foreign currency growth during financial year 2023. Except salt and food business, it appears from his interview that market is recovering from the fourth quarter of financial year 2023. Would you please share your thoughts in this respect of the above matters, considering currently year's position? Whether the company is noticing any positive change due to increase in coffee price by 15% in U.K. during February 2023? It is mentioned that in February, 15% increase in coffee price took place in U.K. What is the change you are noticing?
How Tata Neu helped our company's business during the financial year 2023 and current year? Sir, under innovation, 34 launches took place during financial year 2023. How they are doing and what was their contribution to total turnover during financial year 2023? How many projected launches will take place during the current year? Sir, it is also noted that dividend income from subsidiaries and associates decreased from INR 143.85 crores to INR 48.85 crores, only during financial year 2023. Page 328 disclose that three subsidiaries, namely, Tata Consumer Products UK Group Limited, Tata Consumer Products Capital Limited, and Tata Tea Extractions, which paid dividends to our company totaling INR 97 crore last year, have not paid a single farthing to our company during the current year. How these units are doing during the current year?
Are you happy noticing the performance of our subsidiaries and associate companies during financial year 2023? We want to know whether you are happy with the workings of the subsidiaries and associates. Sir, in your letter, it is mentioned that the company committed to reach 4 million outlets within September 2023, and it is on track. In page 23, Mr. D'Souza mentioned they directly reached 1.5 million outlets and indirectly reached 2.3 million outlets, making a total 3.8 million. Company's direct reach is much lower than its indirect reach to customers through outlets. When do you believe that company's direct reach among its customers will increase and surpass indirect reach?
Whether proposed appointment of distributors in towns with 50,000 population and high-income towns with 20,000 populations will fill the gap. Seek your view in this regard, sir. Sir, Tata Tetley, Sir Tetley ACI, Bangladesh, is in very bad shape. It was 50/50 joint venture with Advanced Chemical Industries Limited, Bangladesh. It has an accumulated loss balance and equity capital as of 30th June 2023, where in BDT 70.85 crores and BDT 65 crores respectively. After 100% takeover by our company with other subsidiaries, how the unit is doing? Whether the group injected more power money into it and restructured it during the year, and what will be the fate of huge loss? Please share with us your view in this regard, sir.
Sir, during the last two years, company incurred INR 54 crore under exceptional items for restructuring and reorganizing cost, and booked again a conversion of JV to subsidiary of INR 95 crore in the consolidated exceptional income. Meaning, exceptional, it is in page 395. Would you share details in this respect and impact on this company? Sir, it is gratifying to note that salt market increased by 76 basis points during financial year 2023 to 37.7%. It is also nice to note that several premium products under salt is doing well. Increase in price of Tata Salt and premium salt by 23% and 24% respectively absorbed by the market. How it is doing during the current year? Whether management is contemplating any further increase in prices during financial year 2024 also.
Sir, how our company took control of Tata SmartFoodz from Tata Industries at a consideration of INR 395 crores. The said company is still in very bad shape, with revenue from operations for the mere INR 15 crores, with a loss before tax of INR 45.75 crores, and with the accumulated loss balance of INR 279.09 crores against equity capital of INR 539 crores, as of 31st March 2023. With further injection of fresh fund of INR 41.5 crores into equity during financial year 2023, when do you expect it stop bleeding and turnaround will take place?
Sir, it is nice to note that by the end of financial year 2023, our revenue of Starbucks, our 50-50 joint venture, Tata Starbucks Limited, crossed INR 1,000 crore with 71 new stores, making it 333. Our company made a further investment of INR 100 crore in its equity during financial year 2023, making a total investment at INR 572.80 crore, INR 3.0 crore. Our company mentioned that we are EBITDA positive, but PAT negative during financial year 2023. When do you believe it will be able to wipe out its accumulated loss and start giving us return by way of dividend? What is the status of Moonshot Pilot project, as mentioned in the report?
Tata Consumer Soulfull Limited nearly doubled its turnover to INR 64.30 crores, mainly due to overall 26% increase in prices against volume growth of only 2%. It is still losing money, accumulated loss balance is INR 137 crores, as on 31st March. What is your view about the company and entire food business? Sir, NourishCo Beverages Limited increased its turnover by a whopping 80% during financial year 2023, booked a profit of INR 31.97 crores. Like earlier years, after considering business support service income from TCPL of INR 25.8 crore, it has also an accumulated loss balance of INR 116 crores. Whether the management, whether the momentum is still continuing in increasing the price, increasing the market share, during financial year 2023, it reached 70% of the country.
When it will be available pan-India? The report said that during 2023, the company reached 70% of India, overall Indian market. When it will reach pan-India? When do you believe it will be able to liquidate accumulated loss balance? How Tata Sampann business is doing during the current year? Whether the management is bullish about becoming a profit center in the coming years. Last point, sir, it is noted from Company Secretary's letter, dated 16th May 2023, that two stock exchange regarding effective termination of the GDR program and subsequent delisting from London Stock Exchange and Luxembourg Stock Exchange, with effect from 23rd June 2023. What is the present status in this regard? Thank you, Mr. Chairman, and thank you all for patient hearing.
Thank you, Tamal. Mr. Manoj Gupta?
...Manoj Gupta? Can't hear him. You are in mute!
There appears to be tech, Gupta's connectivity. We could move on to the next shareholder.
Meghna Bajoria.
Good morning, respected Chairman and members of the board. I am Meghna Bajoria, a proud shareholder of the company and a member of Millennium Mams', Kolkata chapter. The entire Kolkata is waiting for Mr. Chandrasekaran, this year also, the AGM is being held online. Chairman, Sir, kindly accept our forum's humble request to meet you at Bombay House. Sir, my question is: 63% of revenue comes from Indian branded business, and India is poised to become a 5 trillion economy. Sir, what is your general view of the growth pattern? India business versus international business in TCPL. Whether it will be 80-20 or 70-30. Thank you, Sir.
Biswendra Kundu. Sir, can you speak?
Mr. Kundu, kindly unmute your microphone, please. There appears to be a connectivity problem. We could move on to our next speaker.
Mr. Santosh Saraf.
Hello.
Yes, sir.
Sir, my voice is coming, Sir?
Yes.
Sir, voice is reaching, Chairman Sahab. Sir, respected members and my shareholder brothers and sisters, who are present today on video conference, I, Santosh Kumar Saraf, first of all, I salute you all. I hope that you all are well and healthy, sir. Sir, what should I say about the company? The company has given a very good result, and the dividend is also very good. It is 145% dividend, which is more than the last year, sir. Sir, I have more questions, 1 or 2 questions. Like, what you have said in your report, that you have started the use of ragi in some products. I think there are more millets, like bajra, jwar, are there. Will you consider starting their use in the future as well, sir?
Sir, one thing I saw, the NourishCo product, it is not available in the Northeast, that is, the Seven Sister states. It has not reached there yet, sir. What is its region, sir? Like, Meghalaya, Arunachal, Manipur, NourishCo's product has not yet reached. What is your planning for that, please tell me, sir. Without taking up much time, once again, I salute you all, and I wish you all good health. I also thank all our employees, because of their hard work, today we have received many awards, and our company is moving forward a lot. I thank all those employees, I thank all of them, and I hope that in the same way, they will help us in the future as well, and give good results. Thank you, sir. Sir, please continue to hold the BC meeting next year as well.
I think the BC meeting is very good, sir. We can attend from outside as well. Namaskar. Namaskar, Chandrasekaran.
Thank you. Sarita Lohia.
Very good morning, respected Chairman, Sir, and members of the board. I'm Sarita Lohia, a member of Millennium Mams', Kolkata chapter, and a hardcore Tata investor, Sir. Sir, my question is that could you please share the margin levels in global business and domestic business of our company? One more thing, Sir, that as people are shifting from plastic to glass, so will this affect our water business? Thank you, Sir.
Anuja Kumar.
Good morning, Chairman, sir, and members of the board. I'm a proud shareholder of the company and also a member of Millennium Mams' from Kolkata. Chairman, sir, my question is: What is the ratio of tea, coffee, and others? Could you please give the projection for 2025 and also, explain how this ratio will change? Sir, in case of tea and coffee, what is the % of global trade versus the domestic trade? Thank you so much.
Subhash Kar?
Am I audible, sir?
Yeah.
Hello. Very good morning, everyone, and respected Chairman and others board member. Myself, Subhash Kar, joining from Kolkata. My special thanks to respected Company Secretary and his team for sending annual report well in advance and allow to the speak at this platform. Our company is almost debt-free and paying healthy dividend, 845%. Our company announced excellent result for the current financial year. Congratulation to the board members. Coming to my queries. Our company is healthy reserve fund in hand. My question is: Do you consider special to a bonus share? Of the total permanent employees, 86% are men and only 14% are women. Sir, I hope you will look into the matter. At page number 238, Complaints and Grievance, I saw in other 50% complaints, still pending. I would like to know the reason.
I have already casted my e-voting in favor of the all resolution. I hope our company will do better in coming year under the leadership of our respected Chairman. Thank you, and wishing you all the best.
Thank you, sir. Sharadk umar Shah? Diversity, right? Yeah. Also about grievances.
Mr. Shah, kindly unmute your microphone. There appears to be a technical problem with Mr. Shah's connection.
Hello.
We could move on to our next shareholder.
Hello, hello? Hello.
Mr. Kamal-
Hello. Can you hear me?
jowar?
Hello, can you hear me, sir? Sharadk umar Shah.
Yes, I can hear you, Sharadk umar Shah.
Hello, sir. Good morning. The Tata Consumer Products Company doesn't remember you, I remember you. Last four days, I'm searching for you from 2nd June. Wish you happy birthday, sir. Very happy birthday, sir, to you. 2nd June, last four days, I'm searching you. Another thing, sir, the Tata Consumer Products, Tata Sons cares about consumer. That is why the Tata Sons has kept Tata Consumer Products meeting first during this year, not Tata Consultancy. Another thing, sir, what I noticed is, our results are very good compared to previous year. What I observed is the consolidated report is much better than the standalone. Tata Sons is such a big company, I have not understood why we paid INR 87 crore on finance cost. Another thing, what I found, that there are 41 subsidiaries.
Our Tamal says that subsidiaries are not making profit. Really, we need subsidiaries. That is what I feel personally. Another thing, sir, I'm not in favor of CSR much, but now the emergency, when emergency comes, the CSR of all companies should be used for emergency work, such like railway accidents and other things. Another thing, sir, I can approach Starbucks in USA, but not in India. What is my notice? I registered my name at exactly at 9.02 seconds, but still my number is 11, which I have not followed, sir. Thank you very much for giving me opportunity to talk. Thank you very much, sir.
Thank you. Mr. Kamal Jawar?
My voice are coming, sir? Hello? My voice are coming?
Yes, yes, are coming.
Hello? Hello.
Your voice are coming.
Okay. Thank you, sir.
My Kamal Kishore from Hyderabad, sir. Today, video conference second time meeting attend, I am coming. This is the video conference we can meet anywhere, meeting attend can is the best service, video conference only. Secretary department balance sheet mail. Immediate same day balance sheet secretary department is the best, very best service. Sir, you so many people question? I want to repeat one thing, sir. Tata Coffee, coffee carton damage, scrap. When the goods go to the market at a lower rate, what do you do for it? Now, there is so much demand for coffee powder, the rate is so high, you put a quotation on it that you have more money in the company, but the paper is spoiled, the tea powder is good, so you will get a higher rate for it.
In the last meeting also, I was able to say this that if you pay attention to the finer details, then lakhs of rupees will be deposited in the balance sheet. Not ours, but your company's balance sheet will be deposited. In this regard, if any damage is happening, what is happening, what rate is it going for at a lower rate? About that, do a good inquiry and action, its part another company issues its quotation list. In a company, brother, FMCG goods are spoiled, its quotation is required. You will get a higher rate in the quotation, you will get more money in the company. If there is no quotation, then inside, those people will suffer a loss. This is a complete shareholder loss. Pay attention to it. Thank you, sir.
Sujan Modak. Sir, you are on mute. Sir, we can't hear you.
Hello.
Yes.
Now, you can hear me, sir?
Yeah.
Good morning, sir. This is Sujan Modak, a shareholder and a member of KWAS, Kolkata Welfare Association, is joining this meeting from Canada. Firstly, I convey my deep condolence over the sad demise of our most colorful person of Tata family, Padma Shri R.K. Krishna Kumar, who passed away this year, January. Our result this year is very much good. Over 70% market share, tea, coffee, and beverage business, etc., captured by our company, and it was 30%. A very good revenue from the operations, 11% increase this year. Group net profit, INR 1,320 crores. Dividend very nice, 844%. Sir, can you tell me...
I congratulate the management for so many hours, management and employees, so many hours and recognition of exemplary corporate performance achieved by your company. Congratulations. How do you find challenges from other competitors in the beverage industry, and if you find any, how will you manage it? I should thank my, our, A department, secretarial department for giving me the annual report when requested. The very cordial, Mr. Arghya Babu and Shiv Shankar Babu, here, Kolkata. CSR activities is good. How if our FMCG industry will work coming year, 5 years, if you can tell, please let us know. What is your view of the company about the food business? Thank you, sir. With this, please keep this busy meeting coming years also, if it is not physical meeting, so that we can join from our places.
Thank you very much for patiently hearing. Thank you, sir.
Abhijeet Srivastav ?
Yeah. Hello, sir.
Yeah.
Thanks for providing me this opportunity to talk to you. Can you see me? Yeah, can you hear me?
I can hear you, sir. I can see you and hear you.
Yeah. Sure, sir. Okay. Just wanted to ask, can we provide services to TCS or like, tea, coffee services to them, and can we cross-leverage them or across our IT infrastructure? Also, what are the future products you are planning to bring it bring in the market? Yeah, these are three questions of mine. Thank you. Thanks a lot.
What's your question? Can we provide a tea, coffee to?
TCS or any corporate, like, they drink tea and coffee on every day in their offices. Currently there is this one, I'm not remembering the exact name. They are like, there are several.
Sure, sir, I got your question.
Providers or service provider company.
Preeti Agarwal?
A very good morning to Chairman, sir, and the members of the board. I am Preeti Agarwal, a proud shareholder of the company and a member of Millennium Mams'. Sir, I take this opportunity to congratulate you and MD, sir, on aggressively taking the company on the path of growth. Chairman, sir, my question is: at present, we are in 100% in the food business. Do we see ourselves moving into other FMCG businesses to augment our earnings? Your view on this, sir. You have mentioned that we would be decreasing the number of our entities. By when do we see this happening, sir? Thank you, sir.
Lekha Shah? Lekha Shah?
Unmute your microphone, please. We could move on to our next shareholder.
Rachana Bhagat.
Good morning, Chairman, sir, members of the board. I am Rachana Bhagat, a proud shareholder of the company and a member of Millennium Mams'. Chairman, sir, Tata Salt looks like Desh Ka Namak. What is our present market share in the salt business? It has gone up by 76 basis points, as mentioned in the annual report. What is the future in this area, sir? Our Prime Minister has given a name to millet, Shree Anna. When will our company get Shree from this Shree Anna? Thank you.
Pranab Roy? Pranab Da?
Hello. Can you hear me?
Yes, I can hear you.
Audio visually is not coming, actually. Visual is not coming. I don't know. Hello?
Yes, I can see you also.
Good morning to you. Yes, I have seen your smiling face also all time, and this is actually I'm getting energy by. First, thanks to you. Before starting as a speaker, I should thank and ventilate my feelings that our Chairman was awarded the highest French civilian award for smooth functioning of trade and industry relationship between India and France. Thanks to you for your good reward. Hats off to you. Next thing is this: I will never forget the good gesture and always helping attitude of our Neelabja Chakrabarty and his whole team members, including Kolkata also, secretarial team members. I'll come to the points that combined revenue listed Tata Group's 14 key companies, INR 10 trillion and 15% extra revenue, 10 year, 8.773% also last, we have achieved last year.
Next revenue target, and this is also involved our Tata Consumer Products also, these 14 out of 14 companies. Next revenue target, this current financial year, that is very good thing actually. Revenue, good, and net profit, excellent. No problem is there. Now, I'm coming to the point that Tata drinking water, Tata Harper. It is a excellent items, we are manufacturing nowadays and also producing huge number of bottles. Indian market, INR 621 crore growth. My suggestion is this: in this drinking water, we have to go for wide publicity and advertisement, so we can able to achieve our all records. Now, CSR activities, page number 322, very excellent. This year, INR 16.52959.
This provision for the employees, page number 315, that is, last year, INR 198.03, and this year, INR 186.93. About INR 12 crores brought down, I don't know. Awards and recognition, yes, we have achieved lot of awards and recognitions. No problem is there. This market survey and all these things, confidential market survey report to be required for all products. This will our demand and supply of our consumer products and price to be increased or not, market survey always to be mobilized in India as well as the world market. New business. Yes, we are manufacturing Tata Tea, coffee, packaged foods, water, Tata SmartFoodz, energy drinks, et cetera. We are producing consumer items, and this is Tata Consumer Products Limited.
We may concentrate or invest or start production as follows: all stationery items, biscuit, like, detergent powder, all these items. This face wash, antiseptic creams, hand wash, paper and paper boards, the widely liquid floor cleaners. Appointment of more distributor and dealers and retailers for our items in Indian market as well as global market. Supply chain management will look after very seriously and sincerely for current market demand, supply, and price also. Advertisement and publicity. More and more advertisement to be required for our all items in daily local newspaper as well as national TV channels, because most of the people should know what is our production range, quality, and price also. If necessary, the price also we may mention. Nowadays...
You know very well, nowadays, this competition market, we have to stand our own feet, and naturally, we have to look after all these areas. I hope you will able to success all time in your life, because your achievement, your energy, your smiling face, always giving us good energy and good, what I mean to say, energy and also mindset. Thanks to you. Hope we'll meet next year. I am little bit okay, not 200%, by the grace of Almighty and your love and blessings. Thanks to you. Thank you.
Thank you, Pranab.
Again, again.
Look forward to seeing you. Lily Pradhan?
Am I audible?
You are audible.
Hello. Am I audible?
Yes.
Okay. Very good morning, respected all dear persons and all viewers. Myself, Lily Pradhan from Kolkata. I am very happy to know that the company's performance is developing a lot, which is sustainable growth in nowadays. I have some specific question in present situation. What is the aim and object of future development in all over world? What is the CSR activities on challenging persons? Please, analysis of CSR activities. Must be micro submit analytic audio, audit of cash flow management. Please consider planned visit. Thank you. Thank you so much. All the best. Always support women empowerment. Thank you.
Jaydeep Bakshi?
Very good afternoon, sir, Chairman, Managing Director, and Board of Directors. Myself, Jaydeep Bakshi, connecting from the city of Kolkata. Thanks to our Company Secretary, very energetic one, Mr. Neelabja Chakrabarty, for presenting a colorful and vivid annual report, and also to our Kolkata office, Mr. Shiv Shankar Rai and Arghya Chatterjee, for maintaining cordial relations, and to everyone for reaching us, reaching on every contact. Sir, in your initial speech, you have explained our company position. Thanks for the dividend of 8.5%, and also our revenue per operation have grown by 11%. Thanks to all concerned who have made this possible. Sir, in our drive towards lowering e-emission, congrats for the decreasing of our carbon footprint by 18% and initiative for waste and water management.
Sir, once again, an initiative for increasing the use of renewable energy in page 105, it's a good move. Sir, what are our plans for increasing the value of shareholders by using our available funds in future? Sir, we are in the 1 year in the dry food category. What are our plans for further scaling up? Congrats for the packaging innovation for driving packaging excellence under the beverage and food. Sir, we have made the price increase in salt and in international business. What are our future thoughts for other products as raw materials price are on the rise and also the inflation also? Sir, congrats once again for the CSR activities in different fields.
Lastly, sir, under your guidance and with the help of board of directors, our company will grow further and will be among the top five in the coming years, with our focused execution for betterment in the future. Thank you, sir, and all stay safe.
Thank you. Mr. Ashit Pathak?
Am I audible, sir?
Yes, you are audible.
Hello. Am I audible, sir?
Yes.
Very good afternoon, respected Chairman. Very good afternoon, respected Chairman, MD, CEO, board of directors, company secretary, fellow members joining at 68th AGM of Tata Consumer Products Limited. My name is Ashit Kumar Pathak, joining from Birmingham, Kolkata. My esteemed gratitude to Mr. Neelabja Chakrabarty and secretarial department team for sending me the notice and physical annual report very well in advance. Also thanks to Kolkata registered office secretarial teams. Sir, before I start, my homage to respected Mr. R. K. Krishna Kumar for his sudden demise, the former chairman of TGBL. His excellent contributions since 50 years set my company in domestic as well as global industries. Congratulations to my company's management team for excellent financial performance in financial year 2023. Standalone revenue growth 8%. Members are rewarded with 845% as dividend.
Sir, I have some reviews which I'd like to share. Page 144, board reports, revenue from India beverage was marginally lower due to stress in rural demand. My view is that present, most of the states are facing heat waves, and domestic inflation at present is under control. My view that strong supply chain and digital distribution model can optimize the revenue in beverage sectors. This is my first view. Second, sir, page 145, it mentioned that EBITDA INR 1,306 crore grew by 11%, marginally led by revenue growth and higher operating profits, partly offset by lower dividend income in current year from subsidiaries. My view that what strategies are roadmap my company management team taken in current financial year for high dividend income from subsidiaries, because our investment also there?
Sir, my belief is that R&D made these changes after this arrangement, because there are very domestic potential player in this market, in our product portfolios. This is my view. Also our CapEx program in this current financial year after this arrangement, if possible, show some highlights. Sir, page 274, show some highlight. Financial year 23 and associate has incurred significant losses and not been able to recover increase in input cost through increased prices, triggered an impairment assessment carrying values INR 333.85 crores. If possible, show some highlights about this. In page 281, my company's provided loans during financial year 23, subsidiaries, associated, and ICII.
The present status of that outstanding balance from subsidiaries, INR 25 crores, associated, INR 16.25 crores, and subsidiary promoted company, also INR 15 crores, and the other is INR 385 crores. If possible, show some highlights. Sir, this is my request. We do very CSR activities, but at present, we faced a severe railway accident at Coromandel Express. My humbly approach to my company's management team to support these victims in our CSR activities. Sir, show some highlights due to heat wave in current financial year, any adverse effect my company is facing with this, our product portfolios, also global business procurement due to inflations and geopolitical turbulence. Last financial year mentioned, foreign exchange earning, INR 367.02 crores.
Sir, page 175, it mentioned INR 114.9 lakhs investment for energy conservation. Further, we have any investment plan under water conservation and safety and ESG framework? If possible, show some highlights. In page 22, reserve pending, litigation pending, minimize this. Inventory is also INR 1,400 crores against INR 1,271.94 crores. It to be noted, sir. Finally, the reason behind the Tata Sons offloaded 0.24% of holdings. The reason behind it, because Tata Consumer Products is a very, very FMCG good company and trying to be in one position. I think our proper group has to concentrate there. This is my view, which I like to share.
Before I close my views, I pray to God everybody sound health and safe, and pray to God for good health to everybody. Thanking you, sir.
Mr. Gautam Tiwari?
Sir, can you listen me, sir?
Yes, yes.
Yes, sir. And if you can see me a little bit. Can you see me, sir? Sir, can you see me? Okay, sir. Very, very good morning, our very, very popular Chairman, sir. Highly esteemed and eminent Board of Directors, team Tata Consumer Products Limited. My name is Gautam Tiwari, and I'm participating at this AGM from Mumbai. Sir, dear sir, I would like to specially thank our CEO MD, our CFO, our CS, Mrs. Neelabja Chakrabarty, our secretarial financial team, and entire management team, along with all staff and employees, for delivering such an outstanding, eye-catching, unmatching quality performance and very good results in such a short span of time, under your excellent leadership, sir, despite many even and odd situations.
Dear sir, our company has really worked very hard in identifying the area and project for CSR activities, and we really thank each and every member of the CSR committee for delivering such good CSR activities. Dear sir, balance sheet is very informative and very much transparent. Very well-designed and very much cordial relations have been kept by our very popular CS, Mr. Neelabja Chakrabarty. Very thanks to him for sending the physical balance sheet also and helping us out in everything and solving our difficulties and shareholding problems also. To the entire team, Gayatri and all other executives in secretarial department, thank you very much. We have got a very good secretarial team and all other teams, sir. Thank you very much.
Sir, as it is, I support all the resolutions as usual, sir, and especially number four and number six. Number four is your this thing, reappointment and Mr. Krishna Kumar's permission, reappointment. You have done very good thing, and we are very much happy about it. Sir, very few small queries which I have got. Sir, how many new products we have launched during the year, and how many are in the pipeline? Sir, what is the % growth in revenue profits of our ready-to-eat products and food and beverage products compared to previous year? Sir, what is our roadmap, and your plan, CapEx for this year and the next? Sir, how many outlets are open in urban, semi-urban, and metro cities?
When we can reach the target of INR 4 million, as you have said, that in September we should reach? I am very happy that Tata Coffee and Tata Starbucks contributing how many % of profits? I think they are doing quite well. Sir, one small thing, how many handicapped employees we have got in our company now? How many subsidiaries are in profits and loss? Yeah, about loss-making, if at all there is any loss-making subsidiaries, what preventive action we are taking about them? Sir, we are very happy the way you have turned around this FMCG business in such a short span of time. Hats off to you, sir, and salutes to you. I'm very sure under your leadership, not only this company, but all Tata Group of companies have done miraculously well.
We, all the shareholders in all the Tata Group of companies, more than 12- 14, are going to reap excellent profits and excellent progress year after year, for which we are very thankful. Sir, I vote in favor of all resolutions. I wish you all a very safe, healthy, wealthy and happy and prosperous life for you and for the company in the future. I'm very sure the company will still do much better, sir. Thank you very much, sir. Thank you very much. God bless you with the choicest blessings. Thank you very much.
Hiranand Kotwani?
Hello, are you audible?
Yeah.
Hello? Are you audible?
You are audible.
Okay. Respected Chairman, other directors are biased. Yeah. Gentlemen, this meeting is null and void, actually. There was a technical mistake from beginning. I could not heard your speech. This gentleman, this fellow is speaking very disturbing. Some of the line was heard regarding the reduction. Since I heard the reduction, then I thought that a company like Tata, some reduction is speaking, means something is wrong. How the vision and mission for the next 60 year? Gentlemen, you can give the 60-year vision for this global company, FMCG. How we have to compete? This Nestlé, Colgate, Unilever, Future, and our marketing is not good. I once visited a remote area in Uttarakhand. The eat, ready-to-eat product, Maggi, was available. I asked regarding the Tata. He don't know. How we are doing our marketing?
Because our marketing should be good and wisely acceptable. Everything should be. Marketing is important for the future growth. 60 year of operation, only INR 14,000 crore of revenue. I fail to understand. Certainly, I see in your leadership and vision and mission should be long, you are rewarded well, you are. It is still a long way to go regarding the global market. What step you are taking to capture the global market? What is the relevancy of so many subsidies and joint venture, 43? Apart from these, how much investment in this, our subsidiary and are there our organization? What is the dollar term revenue annually? Foreign exchange earning to the organization? How company will deal with the HR, and particularly expansion in the innovation of the new product, which is widely acceptable?
Thank you, and good luck ahead.
Yes, sir. Sir, please speak.
Am I audible, sir?
Yeah.
Sir, good morning. Respected Chairman, Board of Directors, and my online fellow shareholders. Myself, Gautam Londhe of Kolkata, very old equity shareholder of Tata Consumer Products Limited. Sir, firstly, I'd like to give thanks to your Secretariat Department for sending me annual report and other necessary relevant papers through email well in advance. Specially thanks to our respected Company Secretary and Compliance Officer, Mr. Neelabja Chakrabarty, very sober, well-behaved, and a dynamic person, and his whole team, including Mr. Karai of your Kolkata office, for rendering very good services to our minority shareholders. Thank you, sir. Sir, my earlier speakers already expressed their views regarding the accounts and performance of our company. No repetition from my side. Sir, I find excellent performance in every segment in this year. Sir, your CSR is also very good.
Sir, I'd like to know what is your roadmap for the next three to four years? Sir, one thing more: may we expect bonus share at the rate one is to one basis in near future? Sir, many, many thanks for your good dividend in this tough situation. Sir, I am very proud to be a shareholder of your company, and I am very hopeful towards the prospect of our company. I have full trust with our strong management, sir, like you. I wholeheartedly and strongly support your all resolutions, which I have already casted through my e-voting. Sir, nothing to say more today. Looking forward with a positive outlook towards our company, with higher profit margin, handsome dividend, 1 is to 1 bonus, which is long, long outstanding. Sir, may God bless you. Stay safe, stay healthy. Thank you. Thank you very much, sir. From Gautam Londhe.
Thank you. Mr. Bimal Agarwal?
Mr. Agarwal, please unmute your microphone. We'll move on to our next shareholder.
Mr. Ravichandran?
Sir, very good morning, the Chairman, other board members, and all the participants in the 60th AGM. 60 years, being a special occasion, we should have expected a bonus or a special dividend. For reasons known to the company, the company has not decided on any of these. I would request you to consider, if not a 1-to-1 bonus, at least 2-is-to-1 bonus. I'm on audio because of signal issues, I will only speak from this side. The second point is, why the company is using more of equity resources than debt? The debt level is very, very low for the company of this size. I don't know the reason. Maybe the company's policy is not to leverage much.
With lots of expansions on the annual, you can look at, you know, leveraging to some extent, so that, you know, shareholders gain more. Second point is, what is the risk management with regard to selection of products? The selection of product also goes through the risk review process. And what is the objective of the company ultimately? The annual report says you are going to launch about 200 products. Are you going to launch any product that the consumer wants, or you are going to select products with lots of volume so that the margins are assured? The next point is CSR spend. See, the company is, you know, it looks like it has outsourced completely. You know, it is just donating money to various activities.
I don't know how you're ensuring that the money given is reaching the intended beneficiaries 100%. I'm sure you'll have some controls. Most of the companies that I have seen is partly they undertake on their own, partly, you know, they donate. In this case, in our company's case, it's 100%, you know, donation. The next point is, what is the policy on absorption of other than permanent workers? Do you have some policy of giving them preference when you take permanent employees? That you can probably explain. Next is this trade payables. There's a huge, you know, trade payables. I'm not talking about what is not due, what is due and not paid. See, technically, it's a contractual default.
I'm really surprised, a company from Tata Group has not made a payment to many of their vendors. I don't know how the contracts are structured. If you compare the trade receivables and trade payables, trade receivables are very minimal, whereas trade payables are very high. If trade receivables are also high and payables are also high, maybe there can be some back-to-back arrangement that we can understand. It is totally lopsided. MSME vendor dues are also there, though it is small, but still, you know, this could have been avoided from getting reported. This international business, only 3% CAGR. I don't know the reasons. Is it because the company is focusing only on domestic business and not focusing on international? I do not know. Probably, you can explain.
My last point is, see, any packaged commodity results in wastage, results in garbage. I'm not saying, you know, our company should take some action. As an industry as a whole, is there any initiative of reducing the, you know, garbage or some kind of disposal mechanism? Is it being discussed industry as a whole? Thank you. Wish you all the best.
Mr. Sailesh Mahadevia.
Deepak, could you kindly unmute your microphone? We could move on to our next shareholder.
Mr. Yusuf Rangwala.
Mr. Rangwala, could you please unmute your microphone?
Hello. Can you hear me?
Yeah. Yes.
Sailesh Mahadevia here. You have unmuted me after a long time. I am visible already. I don't know what the organizers are doing about this. This is happening right from the beginning today. Well, anyway, Chairman, Sir, let me start my speech. Firstly, my congratulations to the Chairman, Board of Directors, and the entire management team for excellent working during the year. It has been well reported in our integrated report, which also includes BR and SR Report. Sir, you have rewarded with a good dividend, and I would also like to congratulate the secretarial department for all their assistance. Sir, I wish to put only two or three questions, which are not properly covered in the presentation so far. Sir, my first observation is with regard to millets. 2023 has been declared as the year of millets, nationally and internationally.
Sir, however, our various companies are offering different millet products. For example, Tata Soulfull is offering millet products, but its maximum percentage is only 25%. Sir, Tata Sampann, they are offering one or two products on the subject. Sir, further, bigbasket is marketing positive millets, which are the real millets. Sir, similarly, some of our other companies are products offered. What I, my suggestion is, we should have one particular individual company, which should offer all the millets and millet-related activities, including structured water, including pickles, traditional pickles. They form part of the new lifestyle based on millets. In the next 5 years, it is estimated that the consumption of millets will increase by at least three to four-fold.
Sir, in this field, ITC has done considerable work, and they are offering their products through one window, and they continuously go on improving their products. Sir, my next question is related to our CSR work. We are doing excellent CSR work, but what I would like to know is whether we have made any impact study, because impact in the society is by a very large multiplier effect, and that should be presented in our report also. Sir, my last question is related to acquisitions, which we have planned in the year 2023, 2024, and which is likely to give us better and better results. Sir, before I end, I would also like to mention that all millet products are environment friendly. They generate employment, and they give perfect products at a reasonable price.
Thank you very much for giving me the opportunity to present what I have to say. Unfortunately, the people controlling this system, they are not behaving properly. They are not unmuting in time, so I can open myself and show my picture. Well, anyway, this is to be examined, and it marks the value of our AGM. Thank you very much, sir, and I wish you all the best in the years to come.
Thank you, Mr. Sailesh Mahadevia. We'll look into that. Thank you. Mr. Yusuf Rangwala?
Sir, namaskar, sir. Are you hearing my voice? Can you hear my voice?
Yes.
Sir, namaskar, sir. How are you, sir? I am very happy with our company share department, sir. I am also facing same problem. I am also joining the Mahadev, sir. Sir, I could understand me, network are the jar. What is it, sir? This network is not proper, sir, from your side to the people. Sir, first I will come directly on point. 454 pages, balance sheet. I am thankful to our company secretary for giving me excellent balance sheet, sir, and winning many awards, sir. Present, we are Tata Tea, Tata Consumer. There are so many products in one branches, sir. It is like a small umbrella. In umbrella, sir, there are so many brands.
Sir, we are, I'm requesting you to give a discount coupon, sir. Today, we can purchase 30% or 40%. That is my humble request. Chairman, sir, you are a dynamic personality, sir.
Mr. Vinod Agarwal? Mr. Vinod Agarwal?
Yeah. Can you hear me?
Yeah.
Can you hear me? Yeah. This is Vinod Agarwal speaking, sir. Sir, I have sent an email already...
... to the company. My queries are there in it, sir. I hope the company will reply back to me. I don't want to take up a lot of company time. A lot of time is left of the board, which is sitting out there. I am brief. I expect the reply to come by the mail. Thank you, sir.
We will do that. SP Visenia?
Sir, can you see me and hear me?
I can hear you. Yes, I can see you also, SP.
Okay. Sir, I'm SP. I'm SP from Bombay. Sir, I congratulate the management on good results, considering the adverse circumstances. Sir, two suggestions. Tata Group is big and has lakhs of shareholders. Earlier, we had Tata Share Registry. For reasons best known to Tata Group, it was sold to Link Intime. There are only two RTAs, Link Intime and KFintech, and they know that the company has no option but to go to either of the two. Their services are deteriorating. I would suggest that you again have a share department dedicated to only Tata Group. Please do cost-benefit analysis. In benefit, you also consider benefit to shareholders by way of good service. Sir, 40 lakhs shares have been transferred to IEPF of our company. I think the major reason can be inefficiency of RTA. On page two-seven of the report, unclaimed dividend is given.
I would like the company to give how much was total dividend and how much is unclaimed so far. Sir, second suggestion: nowhere is it mentioned as to how many shares are in physical. I would suggest that the company should buy back all physical shares and send the amount to the shareholders. RKS have almost made it impossible to demat their shares and also to claim unpaid dividends. If a person like me cannot claim unpaid dividend, I can imagine what harassment a layman must be facing. Sir, why AGM is not physical? Just because MCA has given an option, all companies are going for virtual. You can hold hybrid meetings, so shareholders from other places can also participate.
When I tried to enter the meeting today at 10:30, I received a remark: "You can join the meeting after the host lets you in." I had to wait for almost six minutes before host let me in. Thereafter, at the time of your speech, I couldn't hear, so three to four times I got out and rejoined the meeting, thinking that my internet is a problem. Thereafter, I got out permanently, since I couldn't hear. Sir, I want all Mumbai-based meetings of Tata Group to be physical only or maximum hybrid. Sir, I'm getting at least 10 emails daily from Tata 1mg Labs for full body health package. Please ask them to remove my email. It is irritating to get so many emails every day. Sir, Mr. Ajit Krishnakumar is our COO. Is he related to Mr. Krishnakumar, who is our director, or to Mr.
Krishna Kumar, who was in Indian Hotels? This is only for my information. On 5th, 6th, and 8th June, management is meeting five investors. Why so many meetings? Is it not waste of time? You should meet only once to all investors together. Earlier also, management met four investors on 13th May and 1st June. Before that, again on 22nd and 24th May to 2 investors. Sir, I feel management doesn't have any work, so they are just meeting investors so many times. They should meet only once. Thank you very much, and all the best for the future.
Mr. Abhirup Nandi?
Good afternoon, everyone. I am Abhirup Nandi. I am from Kolkata. Good afternoon. Namaskar, Chairman, Sir, MD, Sir, members on board, and our respected Company Secretary. I'm, I have logged in from Kolkata. I'm a very proud shareholder of the company. Once the company has been, reorganized, it has been doing very well in respect of growth and financial performance. All the regulatory compliances have been, in order. The corporate governance has been very strong for the company. The company has been a total value creator. That is why I have been, very positive with the, I have a very positive outlook towards the company, personally.
The company is optimally using its funds, whether it is a loan fund or its equity fund, it is optimally using its fund with a great dividend payout ratio. Overall, I'm very happy with whatever the efforts that the company is putting towards the shareholder. I have received the hard copy because I requested it on email, and I have received it on time. I've gone through the annual report. It absolutely reflects all the positive efforts that the management is making, whether through its business and through the CSR activities it is doing. I, this is my speech is generally as. I have no questions further because everything is reflected in the annual report.
I'm just here to acknowledge the efforts the management and the entire team of Tata Consumer Products Limited is making towards the creation of value towards the shareholder. Thank you for conducting this AGM very smoothly. I have voted for the resolutions as it is betterment for the company. This is Abhirup Nandi, signing off. Thank you.
Thank you, sir. Mr. Narendra Jhaveri?
Mr. Jhaveri? Mr. Jhaveri, could you please unmute your microphone? We could move on to our next shareholder.
Mr. Naveen Botra. Yes, sir.
Hello. Good afternoon to our Chairman, Chevalier Chandrasekaran , our MD and CEO, Sunil D'Souza, other distinguished board members, and the management team. It's a pleasure to attend the 60th AGM from Delhi. Naveen Bothra, shareholder from Delhi. This is my 6th AGM. First of all, I would like a big round of applause to Chevalier Chandrasekaran on being confirmed the highest civilian award of France for his contributions to strengthen the trade relationship between India and France. Congratulations, sir. At the outset, I say congratulations to the team, TCPL, on the occasion of Diamond Jubilee AGM. Accolades to the team led by Sunil D'Souza, on well-rounded performance with double-digit revenue and EPS growth. In lighter vein, ye dil maange more.
I would like to mention that in the last six years, since your chairmanship, you assumed the chairmanship, the dividend has almost become four times to current of INR 8.545. It speaks a lot about the progress of company under your chairmanship. The theme of this year's AGM annual report is: Focused Execution for Better. We are sure it will be better than the best, as the focus is on execution, which is quite much, very much visible in the operating numbers and at the ground level also, sir. I would like to request Chairman Chandra sir, lend your views on the following four or five points.
We, for the last three years, since Sunil D'Souza taking over the MD, and in the AGMs and the con call investor presentations, we are talking about our ambitions, our aspirations to be a leading FMCG player. Right now, we are in the two segments of beverages, of tea and coffee and non-aerated beverages, as well as in the food segment. FMCG consists of lot of other things. I would like to have your views, sir, journey from top 10 to being in top three in FMCG space, and in which new segments we are likely to enter in this year or the next year. Kindly share your views, sir.
The roadmap for the focused executions of our three main growth businesses in the coming three to five years, because these are growing 40%-50% year on year on very low base. Number one is the NourishCo. Under NourishCo beverages, how we want to scale it up in the next three to five years, considering that the Bisleri acquisition could not happen. What will be our strategy, organic or inorganic, to scale up the NourishCo beverages business? In the ready-to-eat snacks business under Tata Soulfull, what is our strategy in the year of millet? Millet, this is a international year of millet, as also in the ready-to-eat segment and all these things, how we want to be a meaningful player in the coming five years, sir.
As regards Tata Starbucks, it's scaling up quite fast. In the last three years, I think around 240-250 new stores has been opened despite the COVID and all these things. If you can share the journey ahead in the coming five years, where we are likely to be under Tata Starbucks savvy in the number of stores. If you can tell us, in the last three years, whatever we have opened, are these profitable at the stores level? Kindly share your views, sir. Number 3, digital transformation. Chandra sir is the face of technology. Would like your views, sir, about the current level of around generative AI, artificial intelligence.
Would like to have your views on the businesses of our company in general, especially in the supply chain management, how we are leveraging the generative AI space or AI as we move. Next is regarding Industry 4.0 or Industry 5 in the operations of TCPL, how it affects our efficiency in the times to come to leverage the cost efficiencies and all these things, sir. Leveraging the usage of 5G private network, are we planning to have 5G private network if the government regulations permit at Tata Consumer levels? Because we are many geographical province all over India, sir. Number 4 is regarding the merger of Tata Coffee. If you can tell how much overall efficiency gains we are looking for in the coming, say, 3 years time from Tata Coffee merger with TCPL.
In financial terms, how much we are expecting, sir? Dividend, I have already spoken that in your chairmanship in the last six years, it has already four times, which is very good. Thank you very much. Fourth then fourth from Chandra, sir.
Thank you. Mr. Tanu Saha?
Mr. Tanu Saha has not joined the meeting.
Mr. Amit Belwal.
Sir, am I audible?
Yeah, you are.
Yes. Very good afternoon, sir, and thank you so much for the team for this organizing this. Sir, पहले तो, जो leaders थे, हमारे J.R.D. Tata, Jamsetji Tata, मैंने किसी को नहीं देखा, मैं बहुत छोटा हूं अभी। उनकी जितनी history books पढ़ी है, उनकी values आप में दिखती हैं, तो अच्छा लगता है जो भी उन्होंने चीजें बताई और जो industry तब शुरू हुई, तब उसमें कितने struggles हो, तो कैसे उन्होंने change करा, उसके लिए और उसकी values आप में दिखती हैं और जैसे आप change कर रहे हैं company को, उसके लिए thank you very much.
Sir, कुछ product के sample और मुझे आपको discuss करना था। जैसे कि Tata Soulfull Oats है, उसका packet 1 kg वाला या 500 gram वाला दिखता है, As a competitor brands जितने हैं, उनके छोटे-छोटे दिखते हैं, जैसे INR 15 वाले, INR 20 वाले। मैंने और लोगों से भी पूछा, तो वो कहते हैं कि ये ज्यादा बिकता है, क्योंकि जैसे nuclear family हो रही है, लोग 1 packet बनाते हैं, अपना चल जाते हैं, but जो बड़ा packet होता है, उसकी wastage ज्यादा होती है। पहली चीज, sir, उसमें Tata Soulfull के 1 kg वाले pack हर malls में है, but छोटे वाले packet organized और नहीं हैं। Second, sir, tea business में 1 instant Elaichi Tea है, मतलब इसमें different आती हैं, मैं as a example लिया है मैंने ये। इसमें सिर्फ hot water add करना होता है और ये tea मिल जाती है। इसमें Tata Consumer Products से कोई product ही नहीं है। Tea bags है हमारे पास। हमारे पास coffee में भी हम instant mix लेकर आ रहे हैं, हमारे पास tea में नहीं है। Second thing, sir, ready to eat में हम बहुत आगे बढ़ रहे हैं, 1 example है मेरे पास 1 competitor brand का, जिसमें हमें ये mix होता है, छोले चावल और राजमा चावल। ये भी सब sir, जितनी nuclear family और जितना आजकल coaching institute चला है, सब में बहुत popular है। उसमें सिर्फ हमें hot water add करना होता है और ये mix मिल जाता है। इसकी product availability नहीं है, sir.
आप इसको consideration में ले सकते हैं। हमारे पास Tata Yummy Sides के pasta और ये सब mixes हैं, but इसकी कमी थी। Third thing, sir, Tanishq and CaratLane के जितने stores हैं, वहां पे जो water supply होती है, वो Tata Copper+ की हो सकती है। Third thing, जैसे bigbasket में हमें water bottles दिखती हैं, but Tata Tata Copper+ की हमें search engine में ऊपर नहीं आती है। तो उसका SEO क्या है? क्योंकि हमें और brands की दिखती हैं। हमें 500 ml, 1 liter दिखती है, हमें 5 liter, 20 liter नहीं दिखती। आपको मैं appreciate करना चाहूंगा, आज से ठीक 6 months पहले Tata water bottle कहीं नहीं दिखती थी। अब distributors पे और online दिखती है। Thank you so much, sir.
Amit Banerjee.
Hello. Good afternoon to everyone. Respected Chairman of the meeting, myself, Amit Kumar Banerjee from the city of Kolkata. Thank you for giving me an opportunity to speak such a nice meeting organized by the company. It is our sixteenth annual general meeting of the company, Tata Consumer Products Limited. much speakers have already raised their views. being a shareholders, I have a feeling to say something on the wonderful occasions today. As regards the performance is concerned, yes, it is a very steady growth, good performance during the year as visible in the balance sheet. Total revenue achieved around INR 8,698 crores in comparison with the last year, INR 8,171 crores. It is an increased result. Profit after tax also gone up about INR 950 crores. Last year it was INR 886 crores.
EPS also gone up 10.27, in comparison, last year, 9.61. Dividend is also there, 845%. CSR activity is also very good, INR 16.59 crores. It is very good for welfare measures. Market price of the share is stable. During this financial year, month April 2022, it was around INR 824. Of course, the ending of the financial year, March 2023, INR 710. Today's price quoting INR 792.90. Sir, I would like to say something. Sir, what is the key challenges at present risk management vision? Kindly share your views. Any plan to enter into product manufactured by competitors like Dabur, Patanjali, as honey, Chyawanprash, Isabgol? The Patanjali is growing, is only 20 years, maybe, Patanjali is growing up very good, but our company is 60 years.
What's your views? Any plan to tie up with Shakti Bhog Atta? Shakti Bhog Atta, which is under insolvency proceedings. Any plan to enter product like flour, flow manufacturing business or acquiring such companies? What is your target plan, sir, to achieve revenue turnover by next 4 years, say, financial year, ending 2027? Please focus branding of products. What is our research and development expenditure to make same the actively, beautifully, artistically designed? I hope our company will perform with better profitability, with expand with a new high near future. Keeping in mind, definitely the benefit of minority shareholders and with expecting bonus issues soon. I thank our Company Secretary also, Mr. Neelabja Chakrabarty, and our Kolkata team member, Mr. Shiv Shankar Rai, for good investor services.
I also thank to all team members for conducting such a wonderful, smooth conducting video conference meeting today. Thank you, Mr. Chairman. I'm Amit Kumar Banerjee. Over to you for further proceedings. Thank you, sir.
Thank you. Mr. Bharat Shah?
Thank you.
Mr. Bharat Shah?
Mr. Bharat Shah, there's a problem. We can't hear you.
Can you unmute yourself?
We could move on to our next shareholder.
Mr. Sanjay Banik.
Hello, am I audible?
Yes.
Okay, sir. Sir, I'm Sanjay Banik from Kolkata. I feel excited to speak in front of a renowned management team of TCPL. Sir, I will be very brief. My first question is that so my first suggestion is that you should push most of the brands of TCPL in online channel via bigbasket. The products with offers should be displayed in the homepage of the bigbasket. Common products like salt, tea, Tata Sampann staples are being frequently shown, brands like Tata Soulfull, dry fruits, Himalayan Honey, Tata Rasa, Simply Better, should also be displayed in the homepage of the bigbasket, so that everyone can see it and buy according to their decisions. After listed, Tata's own online platform.
Now, on the offline, most of the small groceries and kiranas, like products like products of ITC, Cookme, Catch, products are available. We can't find any products of TCPL in the small kiranas and groceries. Why? Distribution reach should be also more better. Now, a lot of work in distribution channel can be done by TCPL. You should look and look into this matter and in this segment. Next question is, sir, you should depict some figures like EBITDA margin, PAT margin on the segment-wise, like tea, liquid beverages, et cetera. Our perception of the company is according to the margin will be better. That's all, sir. Thank you.
Thank you. Celestina Mascarenhas?
Hello?
Hello. Yes, ma'am. Yes, yes.
Hello? Yeah. I'm audible?
Yes, you are.
Hello? I am audible, sir? Yes, visible also, no? I start. Respected Chairman, Mr. N. Chandrasekaran, members of the board, especially my very great admiration for Mr. Sunil D'Souza, who is doing a very good job, my other fellow shareholders who are attending this virtual meet. I am Mrs. C. Mascarenhas. I'm attending from Mumbai. First of all, I thank the company secretary and their team for sending me an annual report and also giving me the speaker link at my request. Thank you so much. The annual report is very much self-explanatory. All the figures and all the photos and all are there. At the same time, adhering to the requirements of the corporate governance. Working is excellent, good working, good dividend, also market cap is slowly, steadily is going up.
We are waiting when it will be 4-digit, and it will be like a crown of the Tatas, because this is FMCG company. Now, congratulations for all the awards that Tata Consumer Products received, as is documented in the annual report. A very good CSR work. I would like to know whether we have done ESG rating, and if it is done, on which exchange, and what is our score? Number 2, how many products are added in the last quarter, and how much margin we enjoy in these products? General, I don't want any specific. I understand, I read some reports that the international business, especially the exports, our margins have reduced by 1%. What is the board view?
Should we concentrate more on the local business, or should we, Because of inflation and all, we are getting lesser margin. You could just throw some light on this. But, anyway, domestic demand is very good, you know, because now people want all readymade packets and all. Even, and make it still small packets, which is affordable to the rural people. Just like HUL, our business will increase like anything. I would like to know what is the roadmap, especially for CapEx for the next three years, especially from the side of acquiring in, for getting the inorganic growth. This year is 60th year, that is Diamond Jubilee. Sir, any reward, especially who are participating in this AGM? I endorse the views of Mr.
Asti Asania, a chartered accountant, especially about the physical shares. I would also go with his views that better buyback instead of all the reasons we are getting, no transfer, what. If you could make some company and take like that, it would be a great help to us, especially the senior citizens who are above 70. We have made investments when we were 30, 35, and today we are old now. With this, I wish you all the best. I wish you, especially you, very good health and our whole team there, including our employees, and may our company grow in strength to strength. Thank you. Now, Mr. Mascarenhas will speak. Just hold on.
Hello, hello, sir. I'm the next speaker in the line. Can I proceed?
Yes, please.
Sir, I want your permission to proceed. I'm the second in line after my wife. Can I proceed?
Yeah.
Hello, can I proceed? Respected Chairman, sir, very distinguished members of the board, my fellow shareholders. Good afternoon to you all. My name is Aloysius Mascarenhas. I am a regular speaker for all our Tata companies, I have got very great regard to our company and our chairman and the management. Our results are very good, as shown in facts and figures in our report. I am very happy about it. Going forward, I would like to know, in these days of acquisitions, many acquisitions have been made, any more in the pipeline? This consumer products is doing very well. I have a small suggestion. There is some, coffee-
Tea.
tea with, 15 herbs.
15 herbs.
So I would like to-
Of Darjeeling.
Of Darjeeling. I would like this to be introduced. Rest, all my wife has talked at length. I would endorse her views. I'm getting good cooperation from Mr. Trevor Fernandes in dematting my shares. With this, sir, I thank you very much. Looking forward for better days ahead under your management. Thank you. Thank you once again for your patient hearing. Thank you. God bless you and our company.
Thank you. With that, we have come to the end of all the shareholder comments. Now let me try to quickly respond to the various questions that were put forth. First, Mr. Arun Kumar Bopanna, you talked about HR policy. You know, this company is very purpose-driven, and people is the core strength of the company. All our policies are very supportive to encourage and empower people, and also create a safe and equitable workspace. You asked about average employee age. It's 42 years. You asked about training. We spent about 15,703 hours in training. Our talent retention rate is 95%. You asked about returns. We continue to focus on ROE as well as ROCE.
We will have to drive that through significant growth as well as margin, and also manage costs. You talked about skills. The company has a special program on talent management and to develop the required skills. You and many others asked about millet. Our millet business is through Tata Soulfull. It has grown almost threefold in the last two years since we acquired that company. Though the size is small, it's been growing at a very high rate, and Tata Soulfull is focused on capitalizing on this opportunity. Later on, there were also a lot of comments from people like Sailesh Mahadevia. We will take all those comments into account, but definitely, millets is a big focus area for us. You asked about investment in startups.
I mean, we keep looking, but there is no specific investment now. When there is a right opportunity, we will definitely consider that. Mr. Manas Banerjee, you asked about Eight O' Clock Coffee performance. It was impacted by the sudden increase in the coffee prices and the overall inflation. We have taken price increase, so that did contribute to the growth in the revenue, but still, the EBIT was lower than last year, primarily because of the significant increase in price. You asked about our focus in South India. It's a very important market, so we are trying to now do a number of things in South India. A, we are improving the distribution. B, we are trying to change our advertisement strategy to be completely local, and you must have seen some of these new advertisements.
And then products like Sampoorna and other products are being totally customized to the southern tastes. It is a market that we definitely are focused on, and we will, we'll address that. Mr. Tamal Kumar Majumdar, you asked a large number of questions and made comments. I'll try and answer them. You said, we are only focused on pricing growth. That is not true. The company is focused on pricing as well as volume growth, but this year was particularly difficult for tea, and we will continue to deliver growth both on volume and on price. Bangladesh market, we are in the process of fixing it. That's why we acquired the 100% stake. We are revamping the distribution and also concentrating on what are the portfolios that we can grow in that market. You asked about R&D.
R&D is, as you rightly said, R&D and innovation are most important for this business. We're increasing our spend. Last year, the R&D spend increased by almost 70% than the previous year, we will continue to significantly improve the spending on R&D as well as in innovation. You talked about the Moonshot Project. Moonshot Project, I think, the team can give you a lot more details if you're interested. Definitely, the focus is on increasing the beverage options from tea to filter coffee to milkshakes and areas like fresh sandwiches. There are many suggestions that have come, we are looking at that. You asked about the exceptional items.
The gain on the conversion of JVs into subsidiaries is the primary reason for the increase, because our ownership stake increases above 15%. That is the reason. This is both in South Africa and in Bangladesh. You asked about GDR delisting. We have terminated the engagement for GDR with effect from June 23, 2023. The GDR holders will have a time limit until June 24th, 2024, to surrender their depository shares. That's approximately a year from now. Then you asked about decreasing in the dividends from subsidiaries. It's primarily because of the Tata Coffee. Now, currently, we are going through the merger process, so you will see that being addressed in the next fiscal year.
Increasing the price of salt because of the huge increase in price as well as the inflation. We took price increase, but currently, we see a very stable environment. You asked about when will the direct reach of 1.3, 1.5 million consumers, when will it cross the indirect reach? Actually, we have a portfolio which are very different. Some are suitable for direct, some are indirect. Some areas we will depend on wholesalers because we are operating in multiple places across the nation. In towns where there are more than 50,000 people, we will go more direct. In some other places, we'll have to go more indirect. In towns which have a lesser population, we'll go more direct, and rural areas, we will have to depend on wholesalers.
It'll always be a combination. It is not a question of one being superior to the other. NourishCo has done well. Later on, somebody also asked, what is the focus of growth in this entity? We have grown 80% to INR 621 crores, and the growth plan is quite strong, even for FY 2024, where we hope to cross INR 1,000 crores. As we grow in this business, this year, we reported a profit of INR 33 crores, you'll see more profits in the coming years. In the next few years, we will wipe out all the accumulated losses. Starbucks profitability. Starbucks is both EBITDA positive and EBIT positive, and the cash flow is negative, primarily because we are reinvesting in the growth of the business.
Those are the comments from you, Mr. Majumdar. Manoj Gupta, thank you for your comments. Meghna Bajoria, you had asked about the India versus international business. Currently, certain businesses like tea are very heavy in India. It's a 63% market in India. Tea is. The coffee is significantly international. I can't give you a number whether we will overall go towards 80-20 or 85-15, but suffice to say that the significant focus is in India, so our growth in India will always be much higher. As a result, as a percentage of revenue to the overall size, India business will keep increasing. Mr. Santosh Saraf? You asked about the availability of the NourishCo in Northeast. We're expanding both the portfolio and the geographic footprint.
We are just about opening it up in East and Northeast, you should expect that towards the end of FY 2024, we should have the product available. You also asked about millets, which I already answered. Tata Soulfull has started with ragi, and it already has some breakfast cereals like masala oats, muesli, et cetera, but we will continue to expand into all other millets like jawar, bajra, and have a holistic portfolio. You asked about the expansion again between... No, thank you. Sarita Lohia, you asked about margin levels of the international business. See, actually, different businesses have a different margin profile. The India business has a higher margin, especially the branded business is around 14%. International business is around 11%.
All the growth businesses are in single digit at this point. As the growth businesses gain scale, you will see them crossing to double digit. See, when we are in a growth business, you will always have variation between businesses that have scaled, as well as businesses in which we are investing. Anuja Kumar, you asked about ratio of tea versus coffee versus others. The branded tea contributes approximately 47% of our overall turnover, while the branded coffee contributes around 11%, with all the balance coming from food portfolio and non-branded businesses. Mr. Subhash Kar, you asked about the grievances in page 238 of the annual report.
There were 4 complaints that were received through the SEBI SCORES platform in the last quarter of 2023, and these were responded before the March 31st, but by the time it had to be looked into by SEBI and closed, the year-end passed, so it has been closed now as of May 23rd, May 23. Sharad Kumar Shah, you asked, and Mr. Kar, you also asked about the diversity. 86% of the employees are women. We have a clear target to go to 50% women by 2030. In terms of the next Sharad Kumar Shah, you asked about subsidiaries. We have said that we will go from 45 to 25 entities. I mean, this process is very much on.
We are addressing it as we speak. It takes time because of all the regulatory compliances that we have to go through. It is to also streamline. The markets in which we operate, we are getting out of markets which are very small, and where we don't have a growth focus, and also loss-making. That's how it is being. For example, Australia, Bangladesh, Czech Republic, these are markets we are addressing. Kamal Jawar, you asked about the registration sequence. We have registered all the shareholders strictly in the order in which we have received the requests in email. Mr. Abhijit Sawant , you asked about, can we provide Tata Coffee services to corporates? Yes, certainly, we are looking at that. The company is looking at a business model for that.
The company is also looking at vending machines, et cetera. These are very much in the thinking of the company. You asked about the number of new products launched. 34 new products were launched during the last fiscal year. Preeti Agarwal, you asked about new FMCG category. The company is definitely transforming itself to be a full-fledged FMCG company. It can't be done overnight. It's a process that we have to go through. Currently, we are expanding both the beverages and food business. There's a lot of focus. In these businesses, we have got to scale them. We're investing in R&D and innovation.
While we are doing that, we are looking at new categories and looking at acquisition opportunities for those categories, so that we can kickstart and accelerate our journey towards becoming a full-fledged FMCG company. Rachana Bhagat, you asked about the Tata Salt market share. We are about little over 37%. It has got a huge potential. The company is also doing a lot of innovation in that area, so you can see that they have launched new products, and Millet, I already answered the question. Pranab a, thank you for your comments, and sorry that it was difficult for you to join. The suggestions you made with regard to advertising and communication is completely well taken on board.
Lily Pradhan, you made a number of comments regarding CSR. The group, the Tata Group, has a huge focus on CSR towards challenged persons, and we are doing that in multiple companies. In fact, in some of those specified themes, we are also partnering across companies. The overall CSR spend last year was around, roughly around 16, little over INR 16 crores, but the company also spends additional welfare spends of INR 16 crores in other areas where it is operating. We will certainly support women empowerment. It is an area we are totally committed to. Mr. Jaydeep Bakshi, thank you for your comments regarding the sustainability initiatives and the renewable initiatives.
The dry fruits business is a pretty young business, you will hear from it more as we go into the future. Mr. Ashit Pathak? You had comments about ESG. We have a very strong goal in this company, and there is a big milestone to be achieved by 2030. Company is committed to becoming water neutral across all operations by 2030. It's also committed to have zero waste to landfill by 2030. 100% of the packaging will be recyclable, compostable, or reusable by 2030. You asked about the beverage business. While the first three quarters were quite difficult, in the last quarter, we have seen a volume growth of 3%. We want to increase the reach by systematically increasing the distribution. You asked about impairment.
The impairment test was done for the plantation business, despite the losses which triggered the assessment, the auditors have concluded that the value of the assets supports the carrying value of the investments made. Mr. Gautam Tiwari, you asked about the CapEx. CapEx is about INR 400 crores. Subsidiaries under loss, you asked about. There are new businesses like the SmartFoodz are being addressed. As we start all these new businesses, we need to give it a few years before they become profitable and attain scale. Mr. Hiranand Kotwani, your comment on the marketing is taken note of. Gautam Nandi, thank you for all your comments. You asked about the roadmap for next four to five years. I mean, we can't give you specific targets because we don't give futuristic projections.
Having said that, the company is on aggressive growth path. It will become more and more a stronger FMCG company. It's focused on increasing the distribution, reach of its products. International markets, there are certain products, like ready-to-eat, ready-to-cook products, have more attractive market in the international space than in India. We will focus the international market with such products. International products, international markets will provide steady cash flows going forward. There will be a lot of focus on our Indian innovation so that our sales innovation ratio will continue to increase. Those are the broad qualitative comments I can give you. Mr. Ravichandran, you gave a number of comments. I remove all the things which are already done. You asked about the CSR.
The company has a mechanism to monitor how the money is spent, including physical visits, as well as representation on committees. You talked about trade payables. You know, in this business, both the trade payables and the inventories have to be looked at at the same time, the company does not owe money to suppliers other than the contractual terms. We have done an impact assessment of all our CSR work, and a detailed report is available in page 166 of the annual report. You asked about packaging. I already answered that. We have made a commitment that 100% of the packaging materials will be reusable, recyclable, or compostable by 2030. The company is a member of the India-
Plastics Pact.
India Plastics Pact and UK Plastics Pact. Our focus here is to promote circular economy. Certain markets like the U.S., U.K., Canada, are very developed markets. The growth rates are low, we will focus in some of these markets for more cash flows. We will also look at specific products which have high opportunity for growth in those markets. You asked about leveraging. I think the company generates enough cash and also a lot of cash in the balance sheet. We will think about leveraging whenever there is a huge acquisition or anything like that. For normal growth, the company has enough cash. Mr. Sailesh Mahadevia, again, I'm sorry that you had difficulty in joining, the company will look at it. Your comments on millets, I already answered.
We will definitely look at expanding the entire portfolio, including your comments on pecans, etc. CSR impact study has been done. The company works closely with bigbasket, definitely we'll look into your comments. Mr. Yusuf Rangwala, you asked about the number of people in the company, approximately 3,100 people. Mr. Vinod Agarwal, we will respond to your questions in email. SP, we have taken note of your comments on the share registry. I don't think there is something that can be done. In terms of unclaimed dividends, it's roughly around 3 crores. Mr. Ajit Krishnakumar is the son of Mr. R. K. Krishna Kumar. Abhinav Nandi, thank you for your comments. Naveen Bothra, I think most of your comments I've already answered.
I already answered about NourishCo from the current INR 645 crores. Next year, it targets INR 1,000 crores plus. Starbucks has aggressive growth plan. We opened 71 stores. The expansion will focus on growth across multiple cities. Currently, we are present in 41 cities. Generative AI is a totally new area. I think it will evolve. The Tata Group companies all are working together to look at predictive AI, generative AI, and what are the innovations that we can do, but this space will evolve. A lot of work to be done. 5G private network, it's not available now. As and when it becomes available, we will create use cases, customer experience cases, to successfully leverage the 5G network.
Tata Coffee, definitely after the acquisition in the next couple of years, you will see a significant synergies. The company expects at least upper single digit improvement in the margins of the Tata Coffee business. Thank you. Amit Belwal, thank you for your comments on the packaging. Small packets and comments on how the company should be leveraging bigbasket. All these things the company has taken note of, and we will see what can be done. Amit Kumar Banerjee, I think the company is focused on introducing new products, not necessarily looking at what the competition is offering. Yes, across the FMCG space, there are significant opportunities. We have a filter. The company has a filter.
While it has a pipeline, not everything that is in the pipeline can hit the market based on what is attractive, what is the growth opportunity, what is the scale, what is the margin profile, and what is the special place we can create in a particular product. All those things are taken into account. Your comments, like others, on the branding of products, is taken note of. We will definitely address that. Mr. Sanjay Banik, again, your comments are already addressed, and especially the segment-wise debit you asked for, I think, we will definitely consider publishing that. Mr. Celestine Mascarenhas, thank you for your comments. As I said, 34 products were launched last year. International business, there are certain products which are attractive, especially ready-to-eat, ready-to-cook products.
Otherwise, in mature products, we will focus on cash flows. CapEx is INR 400 crores. Acquisition is something we will continue to look at. I've also answered the question by Mr. Mascarenhas. Thank you all for joining us today and for your valuable feedback. The e-voting process during the meeting has already commenced. I encourage members who have not yet voted to do so. E-voting will remain open for the next 15 minutes to allow members to cast their votes. I hereby authorize the Company Secretary to accept, acknowledge, and counter sign the scrutinizer's report and declare the consolidated voting results upon receiving the scrutinizer's report. The voting results will be announced within 2 working days after the conclusion of the meeting.
The results will be communicated to the stock exchanges and displayed on the company's website, NSDL's website, and the notice board of the registered office of the company. Once again, I convey my gratitude to all of you shareholders for your participation and continuous support to the company. I also take this opportunity to thank the directors and independent directors for their presence today and also for their active engagement in the progress of this company. Thank you. With that, I would like to bring the meeting to a closure, and I request your permission to leave the meeting along with the management team. Thank you. Wish you all a safe and good health.