Akzo Nobel India Ltd

Good afternoon and namaskar. When it comes to superior quality, our customer service, we know that our success is built on creating durable and efficient solutions. We strive to ensure that quality is layered throughout everything we do from our pioneering product development to our unbeatable customer service.

We are proud to walk the talk. This programme gives confidence and assured peace of mind for our valued customers and consumers with 100% money-back warranty. Strengthening our brand will be done by enhancing our product innovations, building on our colour expertise and providing unmatched quality of our products. On the premium product portfolio, differentiated offerings were amplified by brand campaign such as our new campaign, it is colorful, it is Powerful, Dulux Weathershield Powerflexx, campaign with rocking star Yash.

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We also accelerated our mass play in our mass market and value segments while increasing our width of play in adjacent categories in the financial year 2023- 2024. At the same time, we are getting closer to our customers both existing and new, like never before. Scaling up our distribution and presence to over 5,000 towns, engaging with more than 20,000 retailers and 5,000 B2B customers.

Digitization is also driving ease of doing business, enriching our customers experience, and taking convenience to the next level for our valued customers and consumers. It is also helping them in selecting products and colours in their journey to paint and coat their surfaces their way. In 2023-2024, our commitment to consistently delivered unmatched quality with unbeatable warranty was brought alive by Dulux Assurance, the first warranty programme of Dulux Paints. We know that quality is king, which means we never compromise on striving to transform customer experience and gain their trust, which is precisely why I am delighted to share that Dulux continues to reign in as one of the most trusted brand of India for the second year. And this validation of our quality means the world to us. We continue to put people and society first by empowering local communities and people. Our corporate social responsibility initiatives under three identified areas of economic development through skill building, education for 2 to 16 years old school children and community healthcare are benefiting communities in need with a strong focus on diversity, equity, and inclusion. One such instance is project Indradhanush. This flagship programme covers 18 districts of India, including three aspirational districts of Darrang in Assam, Nuh in Haryana and East Singhbhum in Jharkhand. The initiative has empowered 1,729 rural women with micro-entrepreneurship and employment linked with vocational skill training and decorative painting. While doing so, we are also actively collaborating with like-minded organizations and institutions as we paint the future together. Now before I hand over to our Chairman and Managing Director, Mr. Rajiv Rajagopal to elaborate on performance in fiscal year 2023-2024 may I request to play a video of our latest campaign, It is coloirful it is powerful, campaigning Dulux Weathershield.

Thank you Rohit. Esteemed shareholders, your company's annual report for the financial year 2023-2024 has been circulated. For the year ended March 31st 2024, we have delivered a record performance across multiple financial metrics

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yet again. Driven by volume growth, our revenue has grown from operations, which stood at Rs. 39,616 million further built on record top line trajectory for the third straight year. Our EBIT surpassed Rs. 5000 million mark for the first time and was a significant 24% increase over the last year. While doing so, our double digit profitable momentum gained further traction with a record EBIT percent of 13.9%. At Rs. 4,267 million, our profit after tax was up by 27%.

While growing profitability, we have efficiently utilized our assets. Our increasing asset base of Rs. 29,030 million ending from March 31st 2024, reflects our long-term investment strategy and our commitment to grow in the Indian market while enhancing our capacity to generate sustainable returns from our shareholders. Further, decreasing by about significant 200 basis points year on year to 4.8% our favourable operational working cost as a percentage to revenue is a strong validation of our enhanced efficiency in generating higher profits from our investment. At the same time, we have also demonstrated continuous improvement in the return on capital employed by effective asset utilization and optimized working capital management to drive shareholder value. With full year 2024 behind us and full year 2025 ahead, a year of opportunities stay ahead. And I take this opportunity on behalf of all the board members to thank you, our valued shareholders for your continued support, loyalty, and above all your trust in Akzo Nobel India. In the financial year 2023-2024, we have delivered a 32% record return on equity. The earnings per share to grew significantly to Rs. 93.7 per share. Esteemed shareholders as your company's board continues to ensure consistent dividend payouts and reward its shareholders on another year of record performance, we have recommended a final dividend of Rs. 25 per share, taking the aggregate dividends for full year 2024 to Rs. 75 per share. Full year 2024 has given us many reasons to celebrate. A momentous 70 years in India, another record performance, differentiated sustainable solutions across our products and services, tangible progress on our sustainable ambitions and recognitions of our corporate governance are a few to name. As we enter 2025, let me take this opportunity to reaffirm that notwithstanding the competitive intensity, your company is future ready on all fronts. Innovative products and disciplined execution will help us drive growth ahead of the market. Our reputation, whether it is on our ability to develop highly inventive, high quality products or to deliver world-class services driven by our belief to deliver excellence as a standard,

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every time on time. This continues to be our north star as we move forward. With a laser sharp focus, we continue to balance growth and profitability.

We will use this opportunity to drive accelerated growth across all our verticals in India. At Akzo Nobel, we believe that our actions speak louder than words.

While ensuring shareholders' returns in the fiscal year gone by, we continue to remain committed to further enhance shareholder value. Most important, we remain steadfast in taking progressive action on our sustainability ambitions. So let us paint the future together. Let us now move to the formal items of the business to be conducted at this meeting. As set out in the notice dated 16 May, 2024 convening the 70th Annual General Meeting. The notice of the AGM together with the financial statements and the reports of the board of directors were sent to the members by e-mail and public notices were published in the newspapers. Therefore, with your permission we are taking the notice as read. As per the present protocol of passing resolutions at the shareholder meetings, the concept of proposing and seconding the resolutions is no longer relevant.

Similarly, approval by show of hands is also not recognized. As you are aware, under the Companies Act 2013, shareholder approval of the resolutions proposed at the meetings needs to be obtained through electronic voting mechanism, which is called remote e-voting. The company has tied up with National Securities Depository Limited, NSDL to provide this facility and I am sure that most of the members of the company would have availed this facility during 29th July to 31st July, 24. Members who have not cast their vote through the remote voting platform will be able to cast their vote today for each resolution using the e- voting platform of NSDL for a period of 30 minutes at the end of this meeting.

Now let us begin the question and answer session. Members would like to note that considering participation of members through the video conferencing or other audiovisual means, two options were given to members to ask questions to express their views during the AGM. One, members who pre-registered themselves as speakers at the designated e-mail address of the company, and two, members posting messages using the chat box available on the screen of all the participating members. I would like to remind member speakers of our usual ground rules in this regard which are meant to ensure that all pre-registered members get an opportunity to speak and express their views in two to three

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minutes. For the sake of good order, the operator will be calling out the names of each of the pre-registered speaker along with the folio number and whose audio video shall be unmuted.

I request that the speakers to please restrict their questions to company-related matters only and not raise extraneous issues. As per the usual practice, I will be taking questions from all the members and provide answers at the end. Inba, please unmute the audio video of the pre-registered speaker, shareholders sequentially.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. We invite our first speaker member, Mr. Biswendra Narayan Kundu, to please unmute your connection. You may unmute your microphone and your camera and ask your question. Mr. Kundu we have sent a prompt on your screen, request you to please unmute your connection and you may ask your question. Mr. Kundu please go ahead.

Respected Chairman, Mr. Rajiv Rajgopal, members of the board, fellow shareholders and friends, I am B. N. Kundu. As per the report and accounts, the company has shown excellent performance and results during the year under review with record increase in revenue and profit. The company has also maintained human face to the shareholder by paying excellent dividend of Rs. 75 per share of Rs. 10 each fully paid up. Last year it was 65 that is increased by 100%. According to balance sheet, the report presented to us has been very nicely prepared with exhaustive details and I have nothing further to say on it. I congratulate the management and sincerely hope that the growth and prosperity of the company will be maintained. Mr. Chairman, the year 2023-24 marked one of the best results in the history of the company. The company’s total revenue this year is Rs. 39,660 million on standalone basis, a growth of 4.20 in FY2024.

Your profit for the year 2024 of Rs. 4,267 on 61 million standalone basis, an increase of 27.34%. Sir our company continues to deliver double digit profitability for five years in a row. Big congratulation for the entire management team. It is a total teamwork. Sir, I also mentioned this company is absolutely debt-free company. Sir, our company EPS also increased by Rs. 93.70. Last year, it was only 73.58. I hope this is the golden year of the company in history. Sir, I

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have two specific questions. What is your future plan for next five years? Do you have any further capex planned programme? Before I close, I convey my sincere thanks to the secretarial team, particularly Mr. Thomas and our company secretary, Mr. Rajiv Jha for their cordiality and hospitality.

I have nothing more to say and I am closing here with thanks to all. Thank you very much, Sir. Thank you Mr Kundu. Thank you very much.

Thank you. We invite our speaker number two, Mr. Amit Kumar Banerjee to please unmute your connection and you may ask your question.

Good afternoon to everyone. Respected Chairman of the meeting, other board members present, myself, Amit Kumar Banerjee from city of Kolkata. Thank you for getting me connected and opportunity to speak in such a wonderful meeting today organized by your company Akzo Nobel India Limited. It is our 70th that means the seven decades past annual meetings of the company of Akzo Nobel India Limited. As regards the performance is concerned, it is an excellent result.

Good growth, strong financial presentation. Total revenue increased about 39,974 million. Profit after tax is also very nice. It is an improved result, stood with the tune around 4,267. In comparison with the last year, it was an increased result.

As the EPA is very good 93.70. Yes, the dividend is very good 50 plus 25 that means Rs. 75 per share is very good, a good appreciation. The CSR activities is also very good. Obligation is about 73.64 million. Spent more than that about 77.47 million, 77.47. Sir consider splitting of shares and simultaneously try to consider bonus equity shares. As the EPA is very good, 93.70, and even the shareholders, the investors could get to increase their portfolio also. Sir, electric vehicles, is there any plan for supplying specific paints to electric vehicles companies, what is your key challenges now at present and strategic plan for sustainable growth as we found some companies are also entering into the paints industries like Grasim and others. Any diversified plant like adhesive industries like chemical, ware industries like paints, wares are also used in painting. About the crude oil Sir, is there any replacement of crude oil like biodiesel which we can use for manufacturing of paints? I really appreciate it. The thoughts given by

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the entire board management of Akzo Nobel India Limited for such a wonderful performance during the year under review. I thank our Chairman and Managing Director Mr. Rajiv Rajagopal, Whole-Time Director and CFO, Krishna Rallapalli, the well-experienced, our new company secretary Mr. Rajiv Jha and his secretarial team including Mr. Thomas and also at Calcutta Mr. Sanjay Mallick for giving excellent services.

Myself Amit Kumar Banerjee over to you for further proceedings. Thank you Sir. Thank you Mr Banerjee. Thank you.

Thank you. We now invite our next speaker member Mr. Manoj Kumar Gupta that is speaker number three to please unmute your connection and ask your question.

Namaskar, Mr. Chairman, board of directors, fellow shareholder. My name is Manoj Kumar Gupta, I am equity shareholder of AkzoNobel. First of all, I congratulate you to be our Chairman. After 30 years we have got the Chairman and MD one post, earlier Mr. Ewart was in early 90s he was the CMD now you are our CMD so I wish to god to give you more success to take the company on new heights and to return to the employees and the investors. Sir how you faced the challenge in this scenario in the country. There is a lot of challenge in the country in your business. So how you face the challenge? Now Asian paints, if you give a raw house where new building is being built to Asian Paints and tell them you have a flat there and you want to make it right. They will give it back to you well furnished. So, what is your opinion on this? Are we exploring something further to stay in competition, to do something to….. homes like ours?

So, in that regard, something that we can move forward with. When the shareholders will get return by the way of bonus Sir by the way, split of shares?

If you do not want to issue the bonus, can you consider to split the shares either 5:1 or either 2:1. Because Sir we have been talking for 30 years and you are listening but there is no action. So there should be something in action that it should be seen on the ground level that we said and you agreed. So listen to that because shareholders have been telling for a long time and we strongly support you and we hope that when we meet next time, our share price will be good, and

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our return will be good and we thank the company secretary and our team that they supported us and helped us to join this meeting. Always they are ready to solve any problems. Sir what is your future plan for any green field or brown field. Because if you have money then how will you utilize it, you tell me that will you bring any brown field or green field project or eastern part is growing, several projects are coming so what is your plan for eastern part of the country Sir. With this I wish to god to give you more success and to take the company on new heights. Thank you Sir.

Thank you. We now invite our speaker number four, Mr. Anindya Sunder Roy, to please unmute your connection and ask your question. Mr. Anindya Sunder Roy please unmute your audio and video and then you may ask your question.

Good afternoon Chairman of the meeting. Once again, namaskar. The esteemed Board of Directors, employees of the company, my fellow shareholders, and our company secretary, Mr. Rajiv Lochan Jha , Mr. V. Thomas, and our beloved Mr.

Sanjay Mallick. For them, I have been able to attend this AGM and I thank them out of my heart Sir. I wish them everything good in their respective way of living. Sir, at the beginning of this meeting, my thanks and my compliments and I congratulate you to all Sir, once again for reaching another milestone of performance this year, along with introduction of new products. Sir excellent CSR contribution. But one thing Sir, in the physical hard copy there is only a link you provided to go through the CSR activities. Why not you provide in words so we can see that what the activity is going on without visiting this net. Sir our paint industry has ventured all the sectors with its excellent result and reputation of performance from ocean to land to air by painting submarines, houses, building structures, industrial structures to aircraft but Sir, the only sector yet to venture is the space. And these days Sir some private international space programmes are on the cards. Do you have any plan to manufacturing of such special highly sophisticated coatings for spaceships and rockets? To my knowledge Sir very few companies can afford to manufacture these types of coatings. Some American and Chinese and maybe few European companies.

Since our company's reference goes to Europe of a country of engineering model,

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I mean, the Netherlands. So I request if you can look into that and if it is possible for you to venture in this because this is the only sector is lying yet to venture.

And Sir as far as CSR activities, as we are all in India and our registered office in Calcutta, so there is a process of destroying our trees to nullify the environment. I mean some of the trees, those who have 10% of contribution to recycling the air.

I mean the banyan and the peepal. These two trees, I have seen all over Calcutta, they are just in the name of trimming the trees, they are just destroying the trees.

And they show that the air is being so hot these days. So do you have any plan if you can take a lease on some barren land and plant these trees because without this oxygen perecent in the air, next year maybe you do not see me, because of that a lot of particles in the air.

So with these few words and my observation, I wish you all good health and my unstinting support for all the resolutions and till the next year for the affairs of the company and all my love and my passion for you all Sir till my life. Thank you, Sir.

Thank you. We invite our next speaker that is Mr. Alok Kumar Pal to please unmute your connection and you can ask your question. Sir could you please unmute your mike and the camera and ask your question?

Myself AK Pal. Good afternoon everybody. It is a great pleasure and proud privilege for me that I am a part of this 70th Annual General Meeting of Akzo Nobel India. I extend my heartfelt thanks to our secretarial team for their excellent and remarkable investor service. Work culture of the secretarial department truly praiseworthy. I profoundly touched by their sincerity, generosity, and hospitality. No words are enough to express my gratitude and ……. In this context, I also congratulate our Chairman and Manager Director for his dedication, determination, strategic guidance, and prudent actions. Due to their earnest endeavor, company delivering sustainable growth and creating long term value for stakeholder. From core of my heart I hope that under dynamic leadership our company may very soon touch new height of success. Company certainly contributes to India's growing demands of quality product and niche benchmark in paint industry. Now Sir I have some question. What is your percentage of capacity utilization of the factory? Have you done any customer

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satisfaction survey? If done what is the satisfaction index? Have you done safety audit and energy audit periodically. Have you conducted survey to gauge employee engagement and assess their satisfaction level? What is the score? Are you introducing artificially intelligence technology and machine learning process to enhancing operation efficiency and reduce energy consumption? What is the employee attrition rate? What is the future roadmap for reducing carbon footprint? Your risk management framework and practice ISO 31001 certified or not? Your business continuity plan ISO 22301 certified or not? What is the productivity rate per employee? Your research and development centre got any accreditation from Department of Science and Technology? What is your capex plan for greenfield and brownfield project? Have you take any Six Sigma project? Thank you Sir for patient hearing. Thank you Mr Pal.

Thank you. Our speaker number six is Mr. Santosh Kumar Saraf. Sir, may we request you to unmute your audio and video and ask your question.

Respected Chairman and members I am Santosh Kumar Saraf, I greet you with a hearty welcome. I hope that all of you are healthy and safe in this meeting and are connected to this meeting. I would like to thank the secretary and his team for giving me this connection and they have also told the speaker number. Rajiv Sir I welcome you in the form of CMD and with that I also welcome Mr. Rajiv Jha in the form of secretary. Now there are two Rajiv. Rajiv plus Rajiv which means growth of the company. So I wish that two Rajivs will be under growth and our director will also help us to move forward. Sir, you have given a very good dividend. The earnings is equal to 80%. You gave a very good dividend. Sir, many people have asked me a few questions. Where is your total five manufacturing plants? Where are they? If you give their names in the next year's report it will be good. Where are the plants Sir think about that. You have written that, the female percent is 11%. I think the percentage of female workers is very low. Because there are 166 female employees and in workers nil only. Why nil in workers Sir. In big site females work, they work on construction so we should think about this because I think women are very sincere and they are very productive compared to others so we should think about this Sir. Sir like there is

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an era of artificial intelligence so how are we using it to increase the productivity of our employees or workers to increase their productivity and to get good results in the company Along with that our friends get new new jobs to make new seats how can we do it? Tell us about it and how do we use it for marketing? We need to provide new technologies to facilitate marketing. Like Manoj said, people are building houses and furnishing them. We cannot furnish. We can build houses and colour them and they will themselves furnish. If we do it suppose they would not like it. I would not go into that. My brother said to split, I do not favour split because it is only Rs. 3000, if you split it will become 1500 or 300, the valuation is not good. I want to close my share at high peak, so think about split or bonus.

As the price increases, it is a bonus and gain for us. Secondly, dispute cases have been pending for the last 25 years. I have heard in the budget that the vivad se vishwas scheme is being discussed to be launched again. If such a scheme comes, you must think about it. If something can be done about it.

Sir, there are still 67 shareholder's shares in the suspense accounts. I would like to know where they live because sometimes there is a flood, landslides, floods, and houses are destroyed. There is no one in the family. I wish that when your marketing team goes to market so in which area the old address are given they can talk to the distributor so they they can identify the man, what is his area and the status of the distribution. So, we can track 15-20% of them. Local distributors will be able to identify their name because they are connected with the area. Sir you have told a lot about renewable energy you are using 40% energy. Sir I wish that in our five plants what is the arrangement of solar and wind power and how much of our own manufacturing is available there. How much of solar panel or wind power is installed, how much of the capacity is available in the project and how much percentae is there for total utilization. Sir, you have said that you are using carbon emission will be reduced by 50% by 2030. This is the company's plan. When we will make it zero, you have not told about it. The government of India is by 2040. If you tell us, it will be very good. Sir, in two cases of women harassment, who is this? If they are then what steps are taken. I would like them to be suspended. So that they can be a example for others. You do not get job, Sir. Today job is very difficult to get. So, if we take a hard action against them, so I think in the future cases like this will be zero. Lastly I would like to thank

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the secretary Rajiv and all of you and I also would like to thank Sanjay Sab for his good cordination. I would also like to thank my 2,000-2500 workers who have worked hard to get us these awards. I also support their family, who work as a backbone to keep their health in good shape. They do not come forward, but their health and livelihood is the main reason. So I support them as well. I would not take much time, Sir I would speak more than two to five minutes. Next year please keep VC meeting by which the shareholders we can connect from home and we thank all the directors and all our brothers and sisters. Sir this VCNow platform is one of the best platform so wish that the VCNow platform will be there for next year.

We invite our next speaker number seven Mr. Ashit Kumar Pathak to please unmute your connection and you may ask your question now.

My name is Ashit Kumar Pathak joining from Dum Dum Kolkata. At first my extreme gratitude to our new company secretary, Mr. Rajiv Jha and deputy company secretary Mr. V Thomas for sending me the annual report by e-mail very well in advance and allowing me to speak. The very, very valuable your presentations, I have noted the most valuable point and also very nice video representation. And thanks to my company's entire management team for nicely achieving excellent financial performance, near about 39,616 million. EBITDA also 6,321 million, near about 16% growth. Return on equity nicely achieved 32% against 25%. And also nicely operating working capital revenue increased efficiency and cost cutting mentioned 5% against 8% and cash from operation is nicely achieved Rs. 6,567 and EPS also nicely achieved Rs.93.7 also nicely research and development spent near about 140 million and nicely achieved CSR activities that is project Indradhanush and promotes micro-entrepreneurship rule of women. Nicely, I am congratulating this your CSR initiative. Now I have some viewpoints which like to share. Respected Chairman and MD mentioned digitalization transforming our is also transforming our operation. My view is

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that the cyber security is the most vital key to protect data and various cloud AI, ML and IoT, IT operation tools, because I noticed July 19 there is a huge malware on Microsoft and page 80 mentioned we have a data breach which is number 1 is mentioned. So, how we are taking strengthen our cyber security. My view is that our cyber security may be controlled in our own hand, not depend on third party. This is my first view and I notice the size of the India paint and coating market size estimated to reach $15.04 billion by 2029 and growing CAGR near about 9.38% between 2024-29. So my view is that any plan for capacity expansion because Birla Opas plan to invest near about Rs.10,000 Crores capacity mentioned 1,332 million liter per year. So this is my view, any plan for capacity expansion and also there I noticed a huge demand in decorative paints and industrial paints in our domestic market. Any plan for acquisition in potential player and coating and decorative paints, also in industrial paints, like share your thoughts. I noticed 5% difference to 5% input maintained source directly from MSMEs and small producers. It may be enhanced because in budget session financial 2025 Union Government various financial support to MSME sector for indirectly employment generation. My view is to be noted and near and near about I mentioned it noticed 40% of renewable energy and that may be 60% above to minimization of carbon footprint. Sir, are we concentration in ecofriendly plans mentioned and coating with nanotechnology to minimize VOC which hamper market growth. Any strategies in optimization, raw material cost and logistic costs and also production efficiency with …. measure, if possible throw some highlights. Our present market share in decorative paints and coatings and industrial paints and any plan to join venture international potential player to enhance market share in industrial paint. I noticed government budget session FY2025, there is monetization near about Rs.11,11,111 Crores infrastructure development. So I think that industrial paints will be very necessary for takeover these opportunities. Sir, are we getting any PLI for recycling plastics and hazard waste, if possible, throw your head light and are we facing any challenge for export? Mostly geopolitical turbulence, currency inflation and higher inflation in logistic cost, where it mentioned our export contribute to 5% of the total turnover, mentioned in page number 56. Regarding quality control in every parameters what we have concentrated because page 80 I noticed that pending resolution near about 460 complaints relating products,

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packaging and technical color. Share your thoughts about this. Finally I like to share your thoughts how are we mitigate the challenges FY2025? Weak demand in environment, down trading, customers are opting lower price products while affecting the premium products that we have also all our products is premium product and price cut and pricing pressure and lower profit margin is very impacted in paint industry. Share your thoughts about this and regulatory change and raw material price volatility. Nothing to say more. Our company is very nicely rewarding to members with dividend, near about Rs.75 per share and company strategy is rewarding the members also, as well as the company performance. So nothing to say more, I pray to God, my prospective performance of my company year-to-year by the leadership of you and I have also forgotten our registered office Mr. Sanjay Mallick is very cooperative to us in every aspects. Thank you, Sir. Thank you Mr Pathak.

Thank you We will now invite Ms. Lily Pradhan to please.unmute her audio.

Very good afternoon, all chairpersons and all viewers. Myself, Lily Pradhan from Kolkata. First of all, I give my respect to the board of directors, respected Chairman, respected MD, respected secretarial team.

I am really proud of our company Chairman for being polite, decent, hardworking and patient behavior. Go ahead, good wishes, always with you. I hope in coming future will better to better under your leadership. Thomas Sir always coordinate with me even shareholders. Very good appreciative personalized human. Overall very good investors services. I received e-mail in notification in advance. Annual report also getting in advance but team is very good knowledge. I whole heartedly support all resolutions. I am very happy to know the company's performance is developing a lot, which is fast enough growing now days. Now, I have put some specific question and request in this situation. What is the credit rating status? What is the status of export quality and quantity? What is the aim and object of future development in all over world as the international level by applying AI technology? Artificial intelligence technology is applied and what status? What is by-product planning? What is

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CSR activities on challenging person? Microanalysis of CSR activities on challenging person. What is capex plan for future development? This must be bifurcated, analysis, top line and bottom line growth. This must be submitted microanalysis audit of cash flow management. This must be considered busy in future because any part of the world, abroad person can participate and express their views. Please consider plant visit for encouragement of the shareholder specially speaker shareholder please consider the plant. As a woman speaker request always support women empowerment. Nothing more Thank you so much. All the best. Thank you Mrs Pradhan.

Thank you. We invite our speaker number nine, Mr. Jaydip Bakshi. Sir, may we request you to unmute your audio and video and ask your question?

Very good afternoon, Chairman, MD, CFO, and board of directors and others present in today's video conference. Myself Jaydip Bakshi, connecting from the city of Kolkata. Also I take this opportunity to convey my thanks to our company secretary, Mr. Rajiv Jha for giving me an opportunity and also to Thomas Sir, and also to our Kolkata office, Mr. Sanjay Mallick for maintaining good investors relationship and also cordial behavior with all the shareholders. And also to our CB management team, our registrars, and also to the moderator. Sir, your initial speeches were very good and it was worth learning and also the video presentation.

The spraying from the helicopters and all the modern gadgets you were using to show them it is really worth watching. And once again, very good performance, really keep it up and revenue from operations and PAT has gone up, it is a really a wonderful achievement. Sir we have passed seven decades, a very long journey with our iconic global brands and spreading out to every corners and covering almost every surfaces. Sir we find our country's paint and coating industry has a vibrant growth prospect. Sir what is our thoughts and plans to tide in this way?

Sir as we have customers with high disposable income plus nuclear families also coming up in different cities for their work schedule and also demand in the lower towns and cities growing up and also with this government's help, the real

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estate business is also on the high rise and the demand is also rising. Kindly share your thoughts. And once again, thanks for the hefty dividend, Rs. 75 once again, it is a really remarkable one. And Sir how are we placed from our peers and also the new entrants which are coming in the market? And what is our spending on the brand visibility and also our growth prospects and offering to customers on the premium products, kindly share some thoughts. And what is our growth through e-commerce and new product feedback through R&D development in trend with the shift of consumer demand because we are banking on new technology. And like my earlier speaker also said, this data protection policy, that is a very vital thing. What are your thoughts regarding this and congrats once again for the awards, it gives a boost to all employees who are bringing out these achievements and also for the CSR activities as ever. And nothing to add more.

Sir just kindly share some thoughts regarding the water management because it is also very much in use in our industry. And Sir if possible kindly arrange a plant visit for all the attending members in today's meeting so that we can have a look on how this process of this operations are going on. And if possible, continue with this VC, I do not know on which side I am of the balance because in this rainy season, we can be comfortable sitting in the home and joining in and nothing to add more. Sir continue with this performance in the coming years and trust of the stakeholders and overcoming the challenge. Thank you Sir and all stay safe. Namaskar.

Thank you. We will now invite our next speaker member, Mr. Atanu Saha. Sir may we request you to unmute your audio and video and ask your question now.

I am Atanu Saha, a shareholder of Akzo Nobel India Limited. My respected Chairman, namaskar Rajiv Gopalan ji and our CFO Pillai ji, and Rajiv ji and Amit ji, Mr. Sahai ji, and madam ji, and Rajiv L Jha ji, our company secretary and his total team and our Kolkata registered office and all employees. Sir and also our auditors, the cost auditors, secretarial auditors and statutory auditors and scrutinizer and our registrar CB management and our committees. Sir, that is our audit committee, our CSR committee, our remuneration committee, our risk management committee and overall members Sir. Sir, I Atanu Sahib, today it is

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Our next speaker member is Mr. Tapash Kumar Banerjee. May we request you to unmute your connection and ask your question. Mr. Tapash Banerjee.

Good afternoon to everybody, honourable CMD Sir, esteemed directors and fellow shareholders. I am Manoj Banerjee, joint owner, joining from Kolkata.

CMD Sir, I wanted to express my heartfelt appreciation for your inspiring speech at this AGM. Your vision, leadership and dedication to our company are truly admirable. Sir, I am honored to be here today to express my appreciation for the outstanding performance of Akzo Nobel India limited. As a proud shareholder, I am thrilled to see the company's dedication to innovation, sustainability, and customer satisfaction. Sir, I would like to take a samll admiration for our flaghsip brand as Dulux as one of the leading paint brands in the industry. As one of the leading paint brands in the industry, Dulux has consistently demonstrated

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exceptional quality innovation and customer satisfaction. In all respect, financial year 2023-24 was a remarkable year. Our companies best ever financial performance and demonstrated significant progress. I really appreciate the management team in terms of consistent liberal dividend policy. Now come to my queries. Number one Sir, what has been the revenue growth and volume growth of the coating business? My second query Sir, when I look your other expenses quarter on quarter basis that has shown a dip whereas year on year that has increased. Please give some light on that. And finally, in Indian market there are so competitors therefore my question is what is your expectation for the present demand scenario and what is your strategy for future growth? I already supported all the resolutions by remote e-voting. Before I conclude, I convey my gratitude to our new company secretary respected Mr. Rajiv L Jha, and his full team and my sincere thanks to Mr. Thomas and Mr. Sanjay Mallick from Kolkata for rendering a very good investor services. I look forward to seeing the company continue to thrive and prosper in the years to come. Thank you Sir and Namaskar.

Thank you. We invite our next speaker member Mr. Goutam Nandy to please unmute your audio and video and ask your question.

Good afternoon respected Chairman, board of directors, my online fellow shareholders, myself Goutam Nandy from Kolkata, the city of joy. Very old equity shareholder of your company. Firstly, I would like to give thanks to your secretarial department for rendering very good services to our minority shareholders. As I have received a hard copy of annual report, through mail the link I have received in time.

So, thanks to your secretary and also from Kolkata's office Sanjay babu for good rendering service. Sir, in the year 1978, you have issued bonus share to our minority shareholders in the ratio of 1:6 basis. Sir, that is long 46 years have been in that. What is the road map for the next three to four years, specially related to the growth of our company. Sir what is the current position towards the total orders in your hand? Sir what is the direct and indirect impact on our company after the implementation of Indian budget 2024-25? Sir, are you going to acquire any new brand in near future? Sir in your paint sector there is a huge competition,

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how are you able to manage this? Sir, are you going to launch any new product in this year? Sir, I personally use your product, I find as per the price and quality is concerned, I am fully satisfied. Especially your velvet touch brand is excellent. It coverage is also fantastic. Sir, if possible, split up your share from Rs. 10 into Rs. 5 or Rs. 2 or Rs. 1 as you like it. The share price of your stock is Rs. 3000 and above which is all time high. Sir, very pleased to say I got huge price appreciation in your company's terms. Obviously, I am very happy. Sir, I am also very proud to be a shareholder of your company. I have put trust in our strong management Sir and my family whole heartedly support all the resolutions …...

Sir looking forward with this poistive outlook we trust our company to have a big margin ….may god bless you Sir. Stay safe, stay healthy. Thank you Sir. Goutam Nandy signing off.

That was the last question. Over to you, Chairman, for further proceedings of the meeting.

Thank you, Inba. Firstly, I would like to thank all the shareholders for taking time out and really connecting most of you from the city of joy, a city that is close to many of us here. And thank you for taking time out and reaching out. Let me now, along with Krishna R our CFO and whole-time director, Mr. Rohit Totla, try to answer the questions raised by the member speakers and also those questions that have come through the chat box. Also, we will try to address all the queries. In case any of your questions remain unanswered, we will get back to you with a response. So I will take it up, one by one based on the questions in the order in which all of you asked. So, let me just start first with Mr. Kundu. Mr.

Biswendra Kundu thank you Sir for your very kind words on the performance.

Strategic objective is to build sustainable business for long-term maximization.

To achieve this objective, we aim to continue to focus on our brand distribution, innovations to sustain growth. And what we are doing now is to bring the entire digital connect to ensure that we are able to make life easy, simple for our customers and our consumers and as a result try and improve profitability. Our present capacity is adequate to cater to market demand. We are investing very selectively in our capacity. All of you read, we had talked about some investment that you will hear about a powder factory enhancement in Gwalior and also in certain paints capacities, slight additions that will happen during the course as we

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start seeing higher volume growth. The investments in our cating business is seeing strong growth projections and we will also invest as we start seeing ahead.

So thank you, Mr. Kundu. Thank you for your question and feel free, if you have any questions like you always do, please connect with the team led by Rajiv Jha.

Mr. Amit Kumar Banerjee thank you Sir for your questions. The board currently has no proposal to issue bonus shares. Look, I think conceptually our endeavor has been to improve the business organically and improve as a result of which we are hoping to get a higher participation and improve the share price. What we will do is I think some of your later speakers have also mentioned that it should attain a certain price, but really, I think we are very fortunate to have long-term association with shareholders like yourself. And our parent company also remains very strongly invested in us. So this coupled with strong business performance suffices to support our growth plans and create greater shareholder value. However, since all of you keep mentioning, I will pass this on to our CFO to look at it. Regarding EVs, I think this was alluded to in our presentation, our powder coatings offer innovative solutions created for the EV industry. In fact, we are one of the pioneers in the industry globally and also we will be in India.

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nascent. Let us cross the dots. May be in a couple of years, we will have a better answer for you. The next speaker was Mr. Manoj Kumar Gupta. Rohit can I request you to answer that.

The question which was on challenge in the industry. Let me say some challenges, yes, for a continuous fluctuating foreign exchange, macroeconomic environment and geopolitical development, which we are witnessing every day.

And also the disruption which is caused because of the new entrant. However, overall outlook remains positive giving India's medium-term growth rate at 6 to 7%. Also, the thrust by government in investing into affordable housing, which means more and more brick-and-mortar housing, and which will be helpful for our industry to grow. For us focusing on innovation, customer-centric strategies, and leveraging is our strength as a company is well positioned to capitalize on the anticipated growth opportunities. The next question, again from Mr. Manoj, which is on a reference to Asian paints, some plans to remain competitive. As Rajiv has just alluded, that we are looking at some of the adjacencies like waterproofing, wood care, where we can build our play, our portfolio and build our successes out there because of our global parentage, our understanding of those businesses are really good. We have a decent product portfolio and our ability to win in those portfolios are very, very high. And that is where using our global parentage and our global usage of technology, which will help us in not only building and differentiated solution, but sustainable solutions. At the same time, we are concentrating on expanding our reach to 8,000 towns in next two to three years. And that is where we will be building our entire strength or making Delux franchise available. Lastly, you have seen the kind of brand building which is basically around making the quality visible of Delux and promoting the strength of Delux and that is how we plan to tackle competition.

Thank you Rohit. In terms of Manoj your question on expansion on east, look, we are always open to opportunities. East represents one of the largest regions for us in terms of decorative, in terms of presence and we are doing some work in terms of looking at factory footprints across where we see in the next five years growth will come and we will come back to you at a later stage, as and when we have it. It is a question that has been coming. Currently, the eastern market is served from both Gwalior and Hyderabad and the teams they are doing a

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remarkable job. We have also enhanced our capacity in the warehouses in east to make sure that we do not have any stock issues but point noted. Thank you so much for all the questions that you have asked. The next is Mr. Anindya Roy, on CSR all the details are provided in the annual report. If you have any specific questions, please do raise it with Mr. Rajiv Jha with whom you interact. We will have it addressed. You have got a very interesting point on space sector. Let me just enlighten everyone on the call that we do provide coatings for highly specialized space sector. Interpon and Interchar were used on the Mars rover. We are the one of the few or maybe the only coatings company which is specified and has been used on Mars. So I think that that is a testimony to what is getting done. But your point I will make sure when I travel into Amsterdam, whatever you have suggested, I will make sure that is sounded. In terms of tree plantation under CSR, look our CSR initiatives are aligned under the three pillars that Rohit presented, skill training, health, and education. However, sustainability is ingrained in our business. If you look at our factories planting of trees, making sure that we have enough water conservation, making sure that we are good with the environments, using solar for electricity, are all initiatives that have gotten embarked. Happy to hear from you if there is anything that you else think that you would like to sort of talk about. And thank you so much for all your questions. I just want to be clear to everyone, I think there were a couple of questions in terms of our policies on sexual harassment and etc. I just want to inform everybody that your company is non-tolerant in terms of anything to do with and the three core principles of the company, which is on integrity, sustainability, and safety. And some of this really borders around integrity and the way we operate, and we take it absolutely seriously.

So I just need all of you to not get worried. That is the reason we have a lot of women joining our workforce across our units, right?

The question was from Mr. Alok Pal on capacity utilization. Our capacity utilization as of now is 56 % and we have enough capacity to service the market demand and take care of any seasonality which you know our business is little seasonal. And we keep on looking at our capacity and our footprint time to time.

The second question, which was from Mr. Alok Pal was on customer satisfaction survey. We do undertake customer satisfaction. There are two types of survey

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which happens regularly, one which is monthly, which we typically discuss every month in our management team meeting, which not only happens with our customers, but also our applicators. And that is where the discussion. And second, which is on a global level, which happens in India too quite seriously, not only an Indian team, but a global team also looks at the customer satisfaction every year. And as a result of it, our KPIs are built around customer satisfaction.

As you know customer satisfaction is a journey. We are able to resolve most of the issues and as a result, we are seeing continuous improvement in our customer satisfaction. At the same time, lot of good suggestion comes on digitization or ease of doing a business with us and as a result, we keep on investing on customer services, which earlier also I talked about. And testimony of it is we won second time the most trusted brand.

Thank you Rohit. There was a question on energy safety and audits. Look, HSES, as I said safety is one of the core principles. We do that because we believe that it is a license to operate our business in a fast-changing regulatory environment. We do audits on a two, three and a five year basis across all our plants and even our offices. We also do two corporate audits and company-wide HSES sort of compliance is conducted on assurance process. So I would like to tell you that we conduct the safety and energy audits, etc in a very proactive manner. The other question was on terms of AI and technology to enhance efficiency. We are focused on implementing a lot of smart factory initiatives to enhance our effectiveness in manufacturing. By incorporating things like IoT, Internet of Things, we are improving production efficiencies, enabling de- bottlenecking of our manufacturing process and enhancing the safety measures across our sites.

Now some of your questions and many of you have talked about the site visit. I will leave that again in the able hands of Mr. Rajeev Lochan Jha to get back to you on that. So, thank you, Mr. Alok Pal. On the employee attrition productivity and risk management framework, the detail is there in the annual report. Mr.

Saraf thank you for all your kind words. I noted that you mentioned about two Rajivs, but I think, we like the flavor of the moment. Rohit joined us in November, and then after Rohit lifted the World Cup. So I am also very confident that we have got the right balance. It is not only Rajiv but we have got

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a Rohit also now on the team. On this point, in terms of some of the questions, the details of the manufacturing locations are always there in the annual report.

And if you need any help, please speak to Rajiv Jha. That is something that I personally go through. So please, please look into it. And Rajiv, please help Mr.

Seraf to just identify. You have talked about no female staff among workers. I am glad to inform all of you that we are getting a lot of trainees in the manufacturing now and we are trying to build a diverse workforce. It is basically sort of engineering trainees DTs that we are getting. And we have seen a couple of ladies being exemplary and we will start reporting it. So you will start seeing it in the annual report when we come next year. We have also got very strong policies on diversity and inclusion in our workplace. I am also happy to have this account report that many of our sites are now getting ready for inclusion not just diversity, but also truly inclusion of differently abled people as we move ahead.

Rohit on the marketing plans can you quickly tell.

Thank you, Mr. Saraf. We have been investing meaningfully on brand promotion, visibility, and intended to increase selectively across all the platforms. We were spending 1.5 % of our revenue on brand which we have increased it to three and the plan is to take it to the 4% of the revenue on investing. We are not only investing on TV, but we are also exploring other media like digital, because that is becoming big. At the same time, we are renovating our shops because many a times, half of the decisions which happens on brand are taken at the point of sale. And clearly, that is very important, and that is where we are making Dulux very, very visible. We have been promoting our brands to great brands which is Velvet Touch and Weathershield, continuously on above the line, digital, and in the shops.

And the success of it can be seen from our double-digit volume growth.

Thank you Rohit. I just want to acknowledge your suggestion on Vivad Se Vishwas. Krishna, and Rajiv please look into it. On solar energy and carbon emission, we are harnessing solar energy across our sites. 48 % of our target is sort of being achieved. By 2030, we aim to get to closer to 100 % of our energy requirement from renewable sources. We also want to reduce our carbon emissions by 50 % by 2030. And we have put together a strong program. And I

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also acknowledge some of the members of the board, particularly Mr. Jain, who is helping us in developing some thought leadership on this. Coming next to the next question, Mr. Ashit Kumar Pathak. Let me answer your question on digitization and cybersecurity. Our company has a very comprehensive framework in place to manage cybersecurity and data privacy. It is in full alignment of the AkzoNobel group policies. It is identified as risk in our risk management framework. We are committed to protecting the personal data of our consumers, employees, and business partners adhering to the highest global standards on data privacy. So we also run regular awareness programmes for our team, and we will come back to you on that and mention it in our next annual report. On acquisitions, look we want to be a very meaningful player in India.

We aim for growth through sustainable actions and strategies, which are going to be attritive to the way we grow. M&A opportunities will be considered if they arise. At this point of time, it is not appropriate for me to sort of talk about it, but as and when we have anything material, we will definitely come back. Sourcing from MSMEs, 5% of our inputs are from MSMEs. We optimize the sourcing mix, making use of global, regional, and local resources to meet our business units across the regions and markets in which we operate. And 50% of our input raw material is now sourced from India based on local availability. On eco- friendly paints across our businesses, we have got automotive and specialty for example has got the ambient and UV curing coatings. In paints, we have also tried and tested a few. On the powder coatings, I mentioned of Interpon 600 and Interpon Ace 1000, which are used and helps also improving productivity in agricultural area and construction equipment. In terms of challenging exports, we are primarily India-focused. We do serve the nearing nearby countries, but really, I think India itself, we have got a huge opportunity to unlock, and that has been the focus of this team. In terms of Ms. Lily Pradhan, in terms of some of the questions you asked, thank you for your questions. On AI technology, we have answered it on by-product plans, I think, as I mentioned, we are on a journey for achieving 100% circular use of materials in our own operations by 2030, which is in line with the Akzo Nobel global targets. To this day, we are focused on reducing the amount of waste and increasing the circular use of materials. In 2023 and 2024 we achieved a circular use of materials of almost 80 %, as you saw in the presentation of obsolete materials and waste streams. Krishna, on cash

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flow management?

We have a robust cash flow management process in place. And what essentially revolves around is that how do you collect the money to pass from the customers in time and how do you pay your vendors in time and then whatever is the surplus cash which is there, we invest in the safety, the security, and the liquidity of the investments and which is channelized towards the growth of the shareholders value and creation of the value for the shareholders.

Thank you Krishna. On women empowerment I have talked earlier. It is core to the way we operate. We are delighted that even whether it is in the management team to now in the shop floor, we are really focused and ensuring the spread of diversity across the areas we operate. Mr. Jaydip Bakshi, thank you for your questions. I will invite Rohit to talk about the new ventures in branding and marketing. Some of it he has already covered, but Rohit, you may just want to touch on.

On marketing plan, I have already covered that. And now to answer on the new entrant. Yes, I earlier also spoke, there will be some short-term disruptions because of the lot of new players coming into the industry. But what we believe for us is a differentiated product, quality of our product and which helps us in creating a lot of loyal customers. And that is where our strength lies and that is where we will build brick by brick. There might be some challenges because of discounting or net realization, but these differentiated products, which gives far, far better value compared to our competition and that is where we are very, very hopeful in managing the EBIT margin. Paint industry as a whole is growing and has a tremendous potential in India because of the way India is doing well and over a period of time competition helps us in bringing efficiency and innovation to the industry and that is what we feel.

Thank you Rohit. On the new product, I think Rohit again alluded, but really what we want to do is to drive up our market share in mass and economy. As some of you mentioned, while protecting premiums, so we continue to drive innovation quotient in premium, but really how can we penetrate mass and economy in a more meaningful manner? And you will see us talk about that

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towards the end of the early next year. Data protection policy has been answered earlier. On water management yes our water harvesting initiatives help to recycle and process water to drive continuous improvement of the reduction of fresh water intake and waste discharge. Our sites have achieved zero liquid discharge.

So really, I must compliment our manufacturing team led by Sumit Katuja on some very fabulous work that has got done in manufacturing over the last few years. Krishna, can I ask you to take the next?

So I thik Vivad se Vishwas Scheme we are evaluating the options in terms of fine print and if it is accretive to the shareholders value, we will definitely consider that and mitigate and reduce the contingent liabilities.

Mr. Atanu Saha has asked plans to increase market share, clearly our strategy of differentiated product, expanding our distribution, meaningful distribution, and bringing a sustainable and premium solutions, value-conscious solutions for our consumer and customers, using of our global technology and parentage which is helping us to be ahead. Our last few quarters are already showing our movement on that and we believe in that resulting into we are expanding. I already alluded that our plan is to reach 8,000 towns in next three years and continue to build our brand.

Mr. Tapash Kumar Banerjee you asked a question about the increase in the other expenses. This is primarily on account of the increase in the media spends and advertising and promoting and the distribution and other growth-related initiatives. Moving next, the question is on the revenue and volume growth of the coatings. We do not disclose these details. However, the business continues to perform strongly with long-term fundamentals such as continuous infrastructure developments and undermining the conclusion.

Thank you Krishna. Mr. Goutam Nandy, you have asked questions on road plans, new brands, M&A, competitive intensity and stock trades. If you look at most of the answers that we have covered, most of it covers it. If there is any specific question that you have please do reach out to Thomas or Rajiv here, and we will be happy to take it for you. But we do thank you for taking time out and coming on the call. We will now take some questions which have come on the chat box.

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We've got Nelima Das and Mr. Dilip Kumar Das asking us on the AGM cost expense in 2023 for a VC meeting and cost aid.

End to end expense is around $1.3 million. And we used to spend somewhere around 4.5 to 5 million when we used to conduct the physical AGM meetings.

So, essentially we are saving somewhere around 3.2 to 3.5 million.

Thank you Mr. Mehta. Clearly in 2023 and 2024, the industry continued to experience a softening of raw material prices, which has comforted the margin.

Some of the price corrections were taken in form of a competitiveness and to pass on the benefits to the consumer. However, the commodity prices and the foreign exchange remains volatile. And we continue to monitor their impact very closely and price corrections will be evaluated accordingly.

Thank you Thank you, Rohit. I think that was the last question. Though we have tried to address all your queries. If you still have any queries that remain unanswered, we will get back to you with a response.

Let me now take the agenda item sequentially as proposed in the notice.

Item one relates to the adoption of the audited financial statements standalone and consolidated for the year ended 31st March 2024 and the reports of the directors and auditors thereon as an ordinary resolution. I am happy to inform you that the auditor's reports on the financial statements of the company for the year ended 31st March 2024 did not have any qualifications or any adverse observations. In view of the same, your permission, with your permission, we will take it as read.

Item 2 relates to the confirmation of the interim dividend of Rs. 50 already paid and the declaration of the final dividend for the year ended March 31st 2024 at Rs. 25 per equity share as an ordinary resolution.

Item three relates to the reappointment of Mr. Rohit Ghanshyamdas Totla as a director as an ordinary resolution.

Item four come under the special business and relates to the ratification of remuneration to M/s Chandra Wadhwa & Company, cost auditors for the

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financial year 2024-25, as an ordinary resolution.

I now request those members who have not cast their vote through the remote voting facility so far, they can exercise their vote for each of the resolution through the electronic voting platform provided by NSDL, the icon of which is available on top of the screen. The voting facility will be open for casting the vote by the shareholders at the conclusion of this meeting.

Mr. A K Labh, proprietor of M/s A K Labh & Company and Company, practicing company's secretary will scrutinize the votes cast through the remote e-voting and the votes cast during the AGM on e-voting platform as provided by NSDL. The results of the voting will be compiled by Mr. A K Labh, Practicing Company Secretary and he shall submit the report no later than 5 p.m. on 2nd August 2024. The voting results along with the scrutinizers report shall be uploaded on the website of the company and NSDL within the stipulated timelines, and should also be available at the registered office of the company.

The results will also be filed with the stock exchange as required under regulations.

I once again thank all of you for attending the virtual AGM of your company and giving us your valuable support and suggestions. Though there are limitations, e- meeting has allowed us for a wider participation from all over the country and even abroad, which was not possible in a physical meeting. Stay healthy, stay safe. Over to you Inba.

Thank you Chairman. Dear members, as instructed by the scrutinizers, request all the members participating in the AGM and who have not cast their votes yet to cast their vote in the remaining period of 30 minutes.

Dear members, as advised by the scrutinizers, the time for e-voting has elapsed and they are of the view that all members who are participating in the annual general meeting have been given adequate time and opportunity to vote at the AGM and this concludes the proceeding of AGM. Thank you all for participating in the AGM and e-voting.