Indian Railway Catering & Tourism Corporation Limited (IRCTC) Earnings Call Transcript

Dear shareholders, good afternoon, and warm welcome to you all to the 23rd Annual General Meeting of IRCTC Limited through videoconferencing or other audiovisual facility. [Operator Instructions] Please note that as per the requirements, the proceedings of the Annual General Meeting will be recorded and available on the website of the company. I now hand over the proceedings to Ms. Suman Kalra, Company Secretary of IRCTC Limited.

[Foreign Language] And a very good afternoon to all of you. Dear shareholders, I, Suman Kalra, Company Secretary of Indian Railway Catering and Tourism Corporation Limited extend a very warm welcome to all of you for the 23rd Annual General Meeting of the company. As you all are aware that due to COVID-19 pandemic, this Annual General Meeting is being held through video conferencing, in accordance with the company's act of 2030 and circular issued by the Ministry of Corporate affairs and SEBI. Further, all efforts have been made by the company to enable members to participate and on the items being considered in the meeting. Registers will be open for inspection as per the requirement of statute. Now I take privilege to introduce Board of Directors of our company and other dignitaries. We have with us, Shrimati Rajni Hasija, Chairperson and Managing Director additional charge and Director Tourism and Marketing of your company.

[Foreign Language] a very good afternoon to all of you.

Shri Ajit Kumar, Director Finance and CFO.

[Foreign Language].

Shri Debashis Chandra, Director Catering Services.

[Foreign Language] and good afternoon to all of you.

Shri Neeraj Sharma, Government Nominal Director.

[Foreign Language] everyone, and good afternoon.

Shri Vinay Kumar Sharma, Independent Director; and Chairperson Audit Committee and Stakeholders' Relationship Committee.

[Foreign Language].

Shri Namgyal Wangchuk, Independent Director and Chairperson Nomination and Remuneration Committee.

[Foreign Language].

Shri Prithvi Kumar, [indiscernible] and nominee of [indiscernible] India, attending meeting from Ministry of Railways, New Delhi. Shri Ashok, [indiscernible] Statutory Auditor, Shri Amit Agarwal, Secretarial Auditors, Shrimati Balika Sharma, Scrutinizer for the AGM. I now request Managing Director of our company to update you all.

Very good afternoon to all of you. A warm welcome to AGM. Dear shareholders, as the requisite quorum for the annual general meeting is present, as the conformed by NSDL with the presence of 100 members, I call the meeting in order. At the outset, I welcome you all to 23rd Annual General Meeting. With the permission of the shareholders, the notice convening the Annual General Meeting and directors report already calculated to you, I take it as read. I would also take the opportunity to leave our esteemed shareholders about the performance of your company. Dear shareholders, once again, a very good afternoon to all of you. I welcome you to the 23rd Annual General Meeting of IRCTC as we gather once again it's a pleasure and privilege for me to host you today. We sincerely appreciate the trust and support you have shown IRCTC in all these years. On behalf of IRCTC Board of Directors, I thank you for sparing out time from your busy schedules to join us today. The fiscal 2021, '22 has been a year of a recovery and transition of the Indian economy. After experiencing an unprecedented pandemic in financial year 2021, the country's economy gradually opened up, supported with mass vaccination campaigns undertaken by government and a further resumption in the business activity, helping India gain momentum. Time has come, continued economic revival will be evidenced in the healthy growth of indicators like local GST transactions and total production, electricity demand rises. In the budget of 2022 '23, government has elected the structural reforms for standing the country's economy that are in line with its long-term goals. The massive ramp-up of the capital expenditure in key areas as well as [indiscernible] on creating and developing infrastructure will deliver [indiscernible] helping the country to achieve the goals of overall development and prosperity in the long term after being one of the worst sufferers of the pandemic. [indiscernible] for online booking will increase on online travel booking platforms. The online travel booking platforms have become the preferred choice of the customers due to their seriousness, booking experience and user friendliness. As we move ahead, I believe that more countrymen would be preferring internet for getting competitive prices for various travel and tourism products. And with the changing consumer preferences, we are poised to seize a multitude of opportunities that lie in our future. Now I will come to the financial highlights of your company. During the year under review, we registered a strong financial comments with a total income of INR 1,952 crores, which increased from INR 862 crores in the previous year, that is 2020-21. Our EBITDA stood at to INR 954 crores over INR 273 crores in the previous year. Our profit after tax grew to INR 664 crores nearly from INR 187 crores in the previous fiscal year, that's 2021. Both EBITDA and PAT ended up at a healthy margin of 49% and 34%, respectively. Performance of company, the directors have recommended a final dividend of INR 1.50, INR 1.50 per share. That is in total INR 120 crores for the fiscal year '22 and that is subject to the approval of shareholders in the Annual General Meeting. This is in addition to the interim dividend of INR 2 per share, the total amount in ROCE INR 160 crore declared in February 2022. and paid to shareholders in March of '22. With this, the total dividend declared by the company for this financial year '22 is now INR 3.5 per equity share of the previous value of INR 2 each. I would now like to move forward and present you the segment wise performance of your company during the financial year 2022. In the area of internet ticketing, I'm delighted to inform you that an average of 11.44 lakh tickets were sold daily through IRCTC website and mobile app which accounted for nearly 80.40% of the quarter reserve booked online on Indian railways. The company reached a major milestone of achieving a record booking of 15.88 lakh tickets in day on 21 March '22. IRCTC also launched various new products and services such as e-ticket booking and booking through Ask Disha Chatbot and IRCTC BOB Loyalty Cobranded Credit Card on RuPay platform in collaboration with Bank of Baroda [indiscernible]. Your company also integrated bus booking facility in IRCTC. Exclusive selection of IRCTC Rail Connect mobile app and IRCTC website, that is irctc.co.in. Now I'll come to the results segment. And I am pleased to report that IRCTC has diversified its premium product offering for a greater packaging. Your company launched and operated a number of land tour packages, Domestic Air Packages, Bharat Darshan, Pilgrimage Special Tourist Train, State Special Trains, customized travel packages, Deluxe tourist train and IRCTC Corporate Trains during financial year '22, with full resumption of our passenger train services by the end of 2021, IRCTC started operation of Rail Tour packages and accordingly started the process of getting earmarked berths in the requested trains. During this year, your company also operated Ramayana Yatra with AC Deluxe tourist train covering all major destinations of Lord Rama, like Ayodhya, Sitamarhi, Janakpur, Varanasi, Prayagraj, Chitrakoot, Nasik, Hampi, Rameshwaram, Kachipuram, Bhadrachalam with the aim to promote tourism in the inland waterways of the country. IRCTC has also signed an agreement with one of the leading river cruise liners in this fiscal. This has given our customers the opportunity of savings to some of the best destinations of the country located near [indiscernible] river beds. With respect to Catering segment, as we all are aware that due to COVID-19 pandemic, operations of regular Rajdhanis, Tejas, Gatiman, Vande Bharat, Shatabdis, Duronto and Mail/Express Trains were under suspension during the entire fiscal financial year of 2020, 2021 and major part of the '21, '22. And only special trains were operated by Indian Railways to facilitate movement of passengers. However, with the resumption of the regular passenger trains and service of cooked food from November '21 onwards, the company has restarted the mobile catering operation in full swing. As on 31st March, '22 your company provided Onboard Catering Services in 391 trains and managed refreshment rooms, 55 Jan Ahaars, 6 Cell Kitchens and 306 [indiscernible] food plaza and fast food units. I'm happy to convey that along with the cooked food services, the food orders, e-catering, [indiscernible] mobile app and website has also started picking up and an average of 24,813 meals per day were being booked through e-catering during the financial year '22. Your company is also successfully operating 8 Executive Lounges on pan India basis. These state-of-art Executive Lounges have won admiration; for railway passenger facility, impeccable decor elaborate meal services and host of other facilities. Being offered to the passengers in-transit during pre-departure and post-arrivals. Recently, our honorable Prime Minister Shri Narendra Modi ji made a visit to IRCTC's Executive Lounge at Varansai Railway station and interacted with IRCTC officials about the facilities being provided to the passenger. Your company further plans to build a network of a well-planned chain of hotels that target the economy and the budget travelers. Presently, Budget Hotels at Lucknow, Khajuraho and Kevadia are under construction and company is exploring the avenues for setting up more such hotels at other locations and has approached several state governments for the same. Now talking about Railneer that is our packaged drinking water segment. The company has 15 operational Railneer plants located at Nangloi, Danapur, Palur, Ambernath, Amethi, Parassala, Bilaspur, Sanand, Hapur, Mandideep, Nagpur, Jagiroad, Maneri, Sankrail and Una, and out of which the plants at Amethi, Parassala, Sanand, Hapur, Mandideep, Nagpur, Jagiroad, Maneri, Sankrail and Una are operated under the PPP model. IRCTC commissioned its new Railneer plant at Una, Himachal Pradesh and commenced commercial operations during this financial year. To increase its market share and to meet the growing demand, your company plans setup new Railneer plants at Bhusawal, Vijayawada, Visakhapatnam, Bhubaneswar and Kota too. As a responsible corporate citizen, corporate social responsibility is always our priority. The company continues to involve in meaningful well fare driven initiatives through corporate social responsibility that distinctively impact the quality of life in society and helping underprivileged people. In the wake of the COVID-19 pandemic, your Company prioritized response towards strengthening the health system. Your company also extended its support to downtrodden people affected by COVID-19 areas under CSR program. During the year, '21, '22 company completely utilized is a barge INR 9.9 crores towards CSR activitis. I would like to take this opportunity to express on behalf of this August Board that we will not rest on our morals. On the contrary, we will grab every available opportunity to further expand our market share and aim to focus and improve the quality of services offered in all services. I'm convinced that we are well-positioned to capitalize on future growth prospects despite the temporary [indiscernible] induced by pandemic that is COVID-19. We are grateful for the support offered by our investors for making us among one of the top 100 valuable companies on the basis of market capitalization as on 31st March, 2022. On behalf of this Board, I vow to assure you that we will leave no stone unturned in our efforts to evolve our approach to match the dynamics of the market. We are proud of our employees for their dedication that has positioned us so well for the future. We also thank all our stakeholders, business partners, passengers and governments of India for their general support that has enabled us to achieve our corporate objectives. Our shareholders, as always, serve as a [indiscernible] steering us towards greater ambition and success. To each of you, I offer a sincere thanks once again. Now I will request Company Secretary to read the auditor's report.

Thank you, ma'am. The report of independent auditors and secretary auditors, along with respective management reply form part of this Annual Report. I'm pleased to inform that independent auditor's report is neither qualified, nor modified. With the permission of shareholders, I would read extracts for first and last para of independent auditor's report. As per the auditor's report, in their opinion and to the best of their in commission and according to the explanations, the financing statements read along with audit report give a clear and fair view in conformity with the Indian Accounting Standards described in the Section 133 of the Act read with relevant clause. The last para of the report is with respect to the other matters included in the auditor's report in accordance with relevant tools confirming that the company has disclosed impact of pending litigations on its financial position have not entered into longterm contracts, including derivative contracts. No amount is required to be transferred to IRCTC and the interim and financial dividend has been paid during the financial year as in accordance compliance with the provisions of the Section 123 of the act. Regarding secretarial auditor's report, the main observation is with respect to non-appointment of requisite number of independent directors for which the company is regularly taking up the issue with the ministry. As the notice is already circulated to all the members, I take the notice convening the meeting as read. Before we proceed, I'm pleased to bring to your notice that as required under Companies Act 2020, the company has provided with the facility to cast your votes electronically on all the resolutions set forth in the notice. Dear members, who have not cast their vote electronically, but are participating in this meeting will have an opportunity to cast your votes through the e-voting system provided by NSDL. Members may please note that there will be voting by show of hands. Ms Balika Sharma of Balika Sharma and Associates, Company Secretary, has been appointed our scrutinizer to scrutinize the remote e-voting process, including voting through electronic voting system. The results of voting along the scrutinizer's report will be available by Monday, 29th August, 2022 at the website of the company's irctc.com. We'll now take up the resolutions as set forth in the notice. We will open the floor for any questions by members after the resolutions are tabled accordingly. I will now only readout the resolutions. Ordinary business, first item is to receive, consider, approve and adopt the audited standalone financial statements of the company for the financial year ended 31st March, 2022, along with the Board's report, the report of Auditors thereon and the comments of C&AG of India thereof. Second item is to confirm the payment of interim dividend of INR 2 per equity share, that is INR 160 crores, and to declare a final dividend of INR 1.50 per equity share, amounting to INR 120 crores for the financial year '21, '22. Third item is to appoint a director in place of Shrimati Rajni Hasija, Director Tourism and Marketing, who retires by rotation and being eligible offers herself for reappointment. Item #4 is to appoint a director in place of Shri Ajit Kumar, Director Finance, who retires by rotation and being eligible offers himself for reappointment. Item #5 is to authorize Board of Directors of the company to fix the remuneration of the Statutory Auditors to be appointed by controller and Auditor General of India, C&AG for the financial year '22, '23 on the basis of recommendations of Audit Committee. Now we come to special resolution, which is item #6. It belongs to alteration of Main Object Clause of the Memorandum of Association, MOA, by insertion of a new clause at clause #4 in the main objects after existing clause #3 and taking consent of the shareholders of the company by way of special resolution for such insertion in order to act as payment aggregator. I now request Chairperson to answer the queries of shareholders relating to items of business.

I now invite shareholders who have preregistered to ask questions and have joined as well. Shareholder seekers for any of your queries, if any, relating to those items of business, as mentioned in the notice of Annual General Meeting. I also invite the shareholders to post messages on the communication box labeled on the screen for each member participating in the meeting which would be replied suitably. Operator, you may now go ahead.

[Operator Instructions] We have a first speaker shareholder, Lokesh Gupta, request you to unmute your audio and video and proceed with the question. Since there's no response, we will move to our next speaker shareholders, Sujan Modak.

Yes, you can hear me?

Yes, we can hear you, Lokesh ji. You can go ahead please.

Ma'am, he is Sujan Modak. Lokesh Gupta got disconnected.

Ma'am, Lokesh Gupta's connection has dropped. So we have Sujan Modak to proceed with the question.

Sorry, Sujan.

Okay. Yes. Good afternoon, respected Chairman, our Board of Directors and my online fellow shareholders, I'm Sujan Modak. Madam, I'm attending this meeting from my residence in Kolkata. Madam I have gone through the performance of the company in the notice and Annual Report and the way you have explained is very, very satisfactory. And we also know a lot about this -- we also know not about this company because it's a day-to-day event for our household. So, ma'am -- and we have -- our management is very strong and really efficient. I support all your agendas and done the voting already. My one question is that what is the roadmap you give to the -- for next 2 to 3 years and the guidance to the investors community as I'm a shareholder, so guidance is very much required. When you go through this all railway -- this and cooking, this is a very big, big event to really do it. How we do our -- manage our set point of view. So if you please elaborate that? So is there all our workers and the persons are working there -- or not. So we really want to know it. And before I finish, I'd like to definitely say our company secretary, Madam Suman Kalra and her team is doing a fantastic job to the investors community in giving all our necessary documents in proper time. So our CSR activity is good, that has gone up, net worth has gone up, fantastic. Please continue. I support all the agendas, always with you. Thank you.

So we'll be taking all questions together, then we'll be answering. So I suggest the other questions be also taken and request all the shareholders who are asking questions just to limit themselves the way Mr. Modak has done, just to 2 minutes so that others can also be given the opportunity. And I also have a sufficient time to answer your queries. Thank you very much. Moderator, now you can go ahead.

We move to our next speaker shareholder, Kaushik Stahuka. Request you to please proceed with the question.

Good afternoon, everyone. First up, I would like to thank the Board of Directors for giving me opportunity to speak in for many of you would remember me from the conversation in past years, so I'll keeps both my interaction and speech brief. I hope I'm clearly audible.

Yes. You are, sir.

Thank you, very much. Myself, Kaushik Shahuka, a qualified and practitioner chartered accountant from Mumbai. I have a disease called dystonia which has rendered 55% of my body paralyzed, impacting my right hand, my right leg and my speech. While I have not let that come in -- helping me control to a serve client. I hope I'm clearly audible till now.

You are very clearly audible, please go ahead.

I would refer to our conversation we had last year about me working for our organization. On [indiscernible] work including on [indiscernible] -- however, nothing has progressed since. While I understand things have, however, progressed [indiscernible] last year, I do hope that after our conversation today, a company will start [indiscernible] as soon as possible. Once again, thank you for the opportunity to speak today and I hope to see a positive moment forward with my act. I will put all the resolution, it will be appreciated if the company can actually help me in the [ verification ] area. I am also -- yes, I know this is not a forum to speak this matter, but how else can I reach to you? Finally, any update on plan [indiscernible], I have read email including, I think, INR [ 1000 ] crore company. Why the plan has [indiscernible] discussion there are also planned to include Budget Hotel in close vicinity among various cities. Any update on this plan? And also, I heard rumors in the market at all off-line booking will be shifted to a IRCTC web portal. Any update on the same -- all of train bookings to [indiscernible] actions quickly -- and why it comes to other [indiscernible] plan like selling revenue, it is taken very fast of [indiscernible] ticket of the train [indiscernible] I recommend that tickets of train and cruise [indiscernible] at consistent rate along places of their choice, this will increase revenue of the company by making all sales happy...

Thank you. Thank you.

We move to our next speaker shareholder, Rishib Jain, request you to please proceed with question.

Good afternoon, respected Chairperson, Board of Directors members and my fellow shareholder members attending this e-meeting, I'm an IP allottee of IRCTC. And obviously, the company has left no stone unturned in the annual report. And I don't have any question regarding the financial trends of the company. But since I've got an opportunity using the forum, I want to put forth a few of my doubts and forward my feelings regarding the railways. My first question is that, as a matter of fact, and we discussed in the AGM as well that around -- or more than 50% of the tickets currently being booked through the IRCTC platform, right? So I want to just know about that, why is it so that IRCTC also charges the convenience charges through its platform. while we are moving forward to make India more and more digital, and it is not being charged on the off-line ticketing -- that sounds right. My second question is that as respected Chairperson has discussed that IRCTC is running more and more tourist special trains and Bharat Gaurav, Buddhist Circuit Trains, Ramayana Circuit Trains, et cetera. But again, I sincerely feel that the fares of this train is much higher as compared to other premium trains of the country, which makes it out of the reach of many. Also the time duration and travel of these trains is much higher for most of the people, as you know, we all are working class. It makes it difficult for us to use such types of trains and I feel that the journey durations as well as the fares should be a bit less to make it more effective. Right. My third question I just want to put forward my question is regarding basically the railways house. So -- in railways, you may know there is a special type of ticketing known as reservation against cancellation or REC type in most of the AC sleeper class trains, including the premium ones like Duronto and Rajdhani, et cetera. But when a person is allotted an REC seat -- he is still charged the full fair of the seat, whereas actually 2 people are traveling on that seat. And I just want to, through this forum, make this reach forward, that why is it so that a person, if he's not given entire berth is being charged actually more because these trains also have dynamic fares as you may know, right? So and lastly, I would also like to ask that can ma'am Chairperson throw some light on this lately growing news of monetization plan of IRCTC. It would be great if we could hear from the words of our respective ma'am. And if you can throw some light on it. And I would like to thank giving me the opportunity to put forward my doubt and connect with you so much easily. I would also like to thank the moderator. They managed all the things perfectly fine. Thank you once again.

Thank you.

We move to our next speaker shareholder Ajay [indiscernible] on audio.

Sir, am I audible?

Yes.

Basically, I have 2 options, actually questions. The first question is before a year ago, actually I was traveling from Ahmedabad to [indiscernible] Jaipur -- so what happened is -- yes, yes, yes.

Please go ahead, please.

Yes, as someone was calling my name -- Firstly, I was traveling from Ahmedabad to Jaipur. So what happened is I have booked an offline ticket. So somehow, I forget ticket at my home. But I have the picture of that off-line ticket. So once I was trying to enter in the station, it was not allowed. They were asking for the physical ticket as I have booked the ticket off line. So this is the thing that actually make very [indiscernible] with the customers and the passengers. The second thing is actually, I was traveling through the IRCTC just before a day ago from Ahmedabad to Delhi. So I have seen that I was traveling with the [indiscernible]. So I have seen that there are only 2 plugs available for the charging around 8 or 10 people. And today's generation -- as you all that it's [indiscernible] the mobile and electricity like laptops and almost work from home, work from the office. So these are the 2 suggestions from my side.

Ajay Ji, we have noted, I'll be answering all together. Maybe moderator, we can go ahead further.

We move to our next speaker shareholder, Prashant Kumar on audio, I request you to please unmute your line and proceed.

Can you hear me?

Yes, we can hear but you can you speak a bit louder -- a bit louder.

Yes. Okay. Can you hear me now? Okay. So I had a question regarding this tatkal ticket booking. I was trying to book a tatkal, but on the website, at the time of tatkal ticketing, it will keep on refreshing. And sometimes, my money gets deleted from the account and after 7 days, it gets credited back. So are you going to improve this tatkal ticketing problem for the coming future. I wanted to know that. And the second question was, how are you planning to move your company towards eco-friendly? So simply now that plastic is going to ban and there is a huge ban on the plastic, so what about the rail meals and food and catering business? How is it going to impact the business? Under what -- how you are going to factor the cost, which is going to increase when we are moving from the plastic to another or eco-friendly resources. How are you going to cut the cost of that? And my third question was, so our company has a long journey. So where do you see our company after a decade, like after 10 years, where do you see our company? And where do you see this -- how we are going to ticket booking and catering services since tourism is going to evolve? And what is your vision on that? And how are we going to achieve that vision. So thank you very much. Thank you to the moderator for connecting me. And that's my question.

Thank you. We move to our next speaker shareholder Ajay Kumar Jain, requested to please [indiscernible]

[Foreign Language]

Thank you. We move to our next speaker shareholder, Vimal Krishna Sarkar on audio. Please unmute your audio.

Vimal, you need to be a bit louder.

It is [indiscernible] Krishna Sarkar. Vimal [indiscernible]

[Foreign Language]

There is some interruption in the line. So we will change the connection for Vimal Sarkar.

You can take him up again. Til the audio link is live, you can take him again. We can go to the next shareholder.

Yes. Our next speaker shareholder, Lokesh Gupta. Hello?

[Foreign Language]

Thank you. We move to our next speaker shareholder, Manoj Kumar Gupta. Manoj ji, please unmute you audio/video and proceed.

Hello. Yes. [Foreign Language]. Respected Chairperson, Board of Directors, fellow shareholders, my name is Manoj Gupta, I am equity shareholder of IRCTC. I've joined this meeting from my residence in Kolkata. Thanks to you and your board for the best and excellent result of the company and thanks to the company's secretary to help us join this meeting through VC. And thanks for your dividend that you are paying the dividend and I have some few questions. More guest houses at devotional places that present government is focusing to inspire the people to visit our old devotional places. So you should try to start some more guest houses or some affordable hotels at devotional places like Uri, Rameswaram and other places, so that we can afford that guest houses of IRCTC. And you should launch some more devotional trains like as Ramayana Express and others. And why is it not the Howrah that eastern region that you are not starting more devotional trains from Howrah. These politicians may come and may go, but company will be there and ministry will be there. But you should focus in this part because it's 11 -- more than 29 crores people are residing in this part. Do not ignore this part of the country and try to launch some more devotional trains from this part. So this particular also want to enjoy the IRCTC like as Buddha Express and others, to visit the Lord Rama's places. So you should focus to launch some trains on this part also. And disputed cases amount of INR 205 crores on Page 219 to 221. So what is your view in this regard? And your expenses on Page 263 has gone up by approximately 20%. So you should try to reduce the expenses because expenses have also gone up. And your income has gone up to INR 869 crores to INR 1,952 crores on Page 227. And you are putting a logo on the vendors and the suppliers in the trains that no paid, no billing -- no bill, no pay. [Foreign Language] I frequently use your trains. And I'm proud to travel in the trains, not in aircraft because [Foreign Language] you should improve the quality, otherwise [Foreign Language]

Mr. Gupta, sorry to interrupt you. May I request you to remain [indiscernible]

Why are you disturbing, I'm raising the relevant question about the passenger and service...

In the interest of the others, we will request you to keep your comments [indiscernible]

I agree with you, but I will take 2 minutes more. The Chairman is listening. There was -- the issue are there.

Let him complete, moderator. But you need to be a bit short, sir.

Yes, yes, I agree with you. I have a great respect to you, but you see in the first week of August -- in the second week of August and you have canceled all the trains, IRCTC canceled all the trains at a sudden, from Kolkata to [indiscernible], Kolkata to Mumbai all trains. People have suffered a lot in the festival times like Bombay Mail, Pune, Azad Hind, every train was canceled. So how much loss you have faced, due to cancel of all trains in the second week of August and how you will compensate those who have faced the problems. Think about that and try to improve the services and try to improve the quality of food. And make sure that rail meals should be available in the trains -- and people should not face any problem.

Thank you. You. Please move to the next question.

The next question is from the line of Vimal Krishna Sarkar on audio. Please proceed.

[Foreign Language]

I think there is some connection issue again. We will move to our next speaker shareholder. yes, Kshadananda Shastri has registered [indiscernible] meeting. Okay. The next speaker shareholder is Murli on audio. Please unmute yourself and proceed. Yes, sir, please go ahead.

[Foreign Language]

Thank you. Our next speaker shareholder, is Santosh Kumar Sourav. Request to please proceed with the question.

[Foreign Language]

[Foreign Language]