Analyzing...
Good afternoon. Welcome you all to the 4th Annual General Meeting of Motherson Sumi Wiring India Limited. The meeting is being held through video conferencing in accordance with circulars issued by Ministry of Corporate Affairs. The members may note that the requisite quorum is present through video conferencing to conduct the proceedings of the meeting.
Facility for joining the meeting through video conference and other audio-visual means is made available to the members on first-come-first-served basis. The Register of Directors and KMP maintained under section 170 and register of contracts maintained under section 189 of the Companies Act, 2013 are available for inspection by the members of the company during the proceedings of the AGM at the website of the company.
As mentioned in the notice convening the meeting, since meeting is being held electronically, proxy- related procedures have been dispensed with, which is in line with the regulatory requirement and therefore the register of proxy is not made available for inspection.
In accordance with the Companies Act, 2013 and SEBI regulations, kindly note that the members were entitled to cast their votes through e-voting from August 26, 2024(9:00 AM) to August 28, 2024 (5:00 PM).
The shareholders were entitled to cast their votes as specified in the notice as of the cut-off date of August 22, 2024. As per the Companies Act, 2013, the voting will be carried out electronically.
The result will be declared within time as per the Companies Act, 2013 and SEBI listing regulations on the website of the company. Further, since this meeting is being held through video conferencing and other audio-visual means and the resolutions mentioned in the notice of this meeting have been put to vote through remote e-voting, there will be no proposing and seconding of the resolutions.
Mr. D.P. Gupta, Company Secretary in Practice, has been appointed as a scrutiniser to conduct the poll.
Now I request Mr. Vivek Chand Sehgal, Chairman, to start the proceedings of the meeting. Over to you, Chairman Sir.
Mr. Vivek Chaand Sehgal (Chairman)
Thanks, Pooja.
Good afternoon, ladies and gentlemen. I have much pleasure in welcoming you all to this 4th Annual General Meeting of your company being held through video conferencing and other audio-visual means.
May I take this opportunity to introduce you to my colleagues.
Mr. Laksh Vaaman Sehgal, Director Mr. Norikatsu Ishida, Director, Nominee of Sumitomo Wiring Systems Limited Mr. Yuichi Shimizu, Director, Nominee of Sumitomo Wiring Systems Limited Ms. Anisha Motwani, Independent Director Ms. Suparna Pandhi, Independent Director Mr. Anupam Mohindroo, Independent Director and Chairman of Audit Committee Meeting Col. Virendra Chand Katoch (Retd), Independent Director and Chairman of Nomination and Remuneration Committee Mr. Rajesh Kumar Seth, Independent Director Mr. Anurag Gahlot, Whole-time Director & Chief Operating Officer Mr. Mahender Chhabra, Chief Financial Officer Ms. Pooja Mehra, Company Secretary Mr. Pankaj Mital, Whole Time Director and Chief Operating Officer, Samvardhana Motherson International Limited Mr. Anubhav Kapoor, General Counsel-COSA Mr. Sanjay Chauhan, Chief Marketing Officer Mr. Dinesh Chandra, Chief Manufacturing Officer Ms. Sonika Loganey, Partner and representing the Statutory Auditors’ M/s. S.R. Batliboi & Co. LLP and Mr. D.P. Gupta, Company Secretary in Practice acting as Scrutinizer
It has been informed by the Company Secretary that the notice in relation to the AGM together with the explanatory statements were all sent to all the shareholders by email, whose email ID was registered with the Company and/or Depository Participant on August 6, 2024 and available on the website of the Company. Trust you have all received the same.
It is my privilege to address the 4th Annual General Meeting of Motherson Sumi Wiring India Limited, also known as MSWIL.
The theme guiding us this year, the secret of success is the consistency of purpose. This quote by Benjamin Disraeli, a popular British statesman from 19th century, reminds us of the importance of creating an environment inside Motherson, where our values and purpose are at the centre of what we do.
Building plants, buying machinery and creating processes are not enough. It is about the people and the way they collaborate that truly makes a difference. We see that time and again in our units across the country.
The consistent practice of our value and purpose allows us to truly serve our customers and meet their needs effectively. It is from these values and principles that we can build long-term relationships with our partners and communities we operate in. Our commitment to these values and goals is what allows us to create sustainable value for our investors.
We believe that in a digital fast-changing world, remaining true to human values is very important.
Financial year 2023-2024 has been a year of remarkable growth for MSWIL. The Company's revenue has grown by 18%, reaching Rs 8,328 crores.
Our operating EBITDA stands at INR 1,013 crores, while PAT reached INR 638 crores. We achieved a ROCE of 48% exceeding our targets. Our robust operating cash flows and debt-free status as of March 31, 2024 further underlies our financial strength.
Also, in line with Motherson Vision 2025, we have declared a dividend of 55% of profits after taxes equating to INR 0.80 per share. These are outstanding results and have been made possible by the unwavering trust of our customers across India and exceptional dedication and hard work of our teams in all our units and facilities.
Consumers are increasingly looking for advanced safety features and connectivity infotainment systems, especially in the passenger car segment.
Therefore, automotive manufacturers are building complex electronic and electrical parts into their vehicles, such as sensors, cameras and displays.
With presence across India in close vicinity to our customers, with 26 existing and 2 upcoming plants, we cater to serve the evolving needs of our customers. As India's leading provider of wiring harness solutions, this presents new opportunities for MSWIL.
Our extensive industry experience coupled with our unwavering commitment to quality and innovation helps us to deliver wiring harness solutions for our customers need to meet these trends.
We are proud to be a part of India's top-selling PVs, EV-PVs and EV-2W models. Demand for alternate powertrains, including electric and hybrid vehicles, is growing as well.
Both EVs and hybrids require specialized wiring harnesses capable of handling high voltage and currents. MSWIL is spearheading innovation in this space, collaborating with the OEMs to provide new age wiring solutions for these vehicles. For example, we are investing in research and development to expand our expertise in high voltage wiring, harness technology and related components.
We have made progress in this area during the last fiscal year, adding new products to our offering.
Our goal is not only to fulfill the needs of these critical components, but also to set new standards for performance, reliability and safety.
We believe the Indian automotive industry is entering a new period of growth. We are excited to be a part of this journey.
I want to extend my deepest gratitude to our customers for their continued trust in us and the opportunity they give us to be a part of their success. I also thank our partners for their dedication and commitment to helping us ensure that we always deliver the best solution to our customers.
We are very proud of the recognition we have received in the form of numerous awards from our customers and industry bodies. These accolades are a testament to the hard work and dedication of our people.
I would like to take this opportunity to congratulate each one of you on these achievements.
It is because of you that Motherson continues to delight its customers, regardless of what is happening in the market.
And finally, we want to thank the central state and the local governments, banks, and financial institutions for their kind collaboration.
I am optimistic of the future of MSWIL and the Indian automotive industry.
We are committed to creating value for our customers, investors, partners, employees, and the communities where we operate in.
May God continue to bless us and show us the right path.
On behalf of MSWIL, thank you all.
Now with the permission of the members present, I take the notice of annual general meetingand Directors report of the company for the year ended March 31, 2024, as read. The auditors report dated May 16, 2024, circulated to you is free from any qualifications, observations or comments on financial transactions on matters which would have had an adverse effect on the functioning of the company.
Hence, with your permission, I take the author's report as read. Further, the secretarial audit report dated July 19, 2024, circulated to you is free from any qualifications, observations and comments.
Now, as mentioned in the notice of the meeting, shareholders who would like to express their views or ask their questions during the meeting would do so by registering themselves as speakers in advance or by sending a request to the stated email of the company.
Accordingly, few members have registered themselves as speakers for asking questions. We shall hear all the queries first, after which we will provide responses to the queries. Shareholders are requested to kindly limit their time to two minutes in order to give time to the other speakers as well.
Over to you, Pooja.
Thank you, sir. So, our first speaker shareholder is Dr. Arun Kumar Bopanna.
Dr. Bopanna, your mic has been unmuted. You may start your video and speak now.
Dr. Bopanna.
Dr. Arun Kumar Bopanna.
Yeah, one second. Trying to share thevideo.
Hello.
Yes, sir. We can hear you, but we can't see you, sir. Thank you, sir.
Dr. Arun Kumar Bopanna.
Good afternoon, everybody. Nice seeing you after a year now. Compliments for success with consistency of purpose and with dedication and hard work.
And I am happy of the teams at all units and facilities have performed well. And for the turnover and the profit, for remaining true to human values in the fast-changing digital world.
Questions.
Will it be a multi-digit growth for EV auto industry? Because I experienced strong growth in headway passenger cars with new model launches across all segments. And what will be the impact for geopolitical issue? Because we are around the globe now. And what are the risks and what are our protection measures? What are the practical risks with AVE, automated guided vehicles and collaborative robots and RPAs? And what is the opportunity to manufacture complex electronic and
electrical parts into the vehicles such as sensors, cameras and displays? With the advent of electric and hybrid vehicles growing, what are the risks with fire? Sometimes we read in the papers that we can struggle with fire accidents.
What are the precautions that we advise? How is Motherson Wiring utilizing automation and digitization in its operations? Being very human sensitive. Any plan to set up new plants in Andhra with the new Chief Minister? Andhra encouraging industries to come to Andhra. What are the advanced safety measures in connectivity and infotainment system, especially in the passenger car segment? As Indian automotive market continues to expand rapidly, what will be our advice?
Keep pushing forward even when the path is uncertain, for the greatness await those who persist with new initiatives for planet, people and governance.
In conclusion, I wish you all the best for focus of areas filled with optimism and determination with understanding. Why we do, what we do and how we do.
We believe the Indian automotive industry is entering a new phase of growth. And I wish you all the best.
Thank you.
Thank you, sir. Our next speaker shareholder is Mr. Yashpal Chopra. Mr. Chopra, your mic has been unmuted, You may start your video and speak now.
Mr. Yashpal Chopra Hello. Yeah.
Am I audible?
Yes, sir. You are audible, but your video is not coming, sir.
Mr. Yashpal Chopra
No problem. Anyhow. No problem.
Myself, Yashpal Chopra. Client ID 0454. I am just calling from Delhi.
I am a shareholder from Delhi. I am a very, very old shareholder of the original company, MSSL. And by virtue of that, I am a shareholder of this new company as well.
Because I would rather compliment our chairman, Mr. Sehgal. He is a man, such a visionary person. That he has done a beautiful thing.
That one way he has just obliged the investor with a mini bonus like the new company. And on the other hand, he has just made his person just to concentrate on both the companies. And just to compete among both the companies, and find out which is working better and better. So, this is a great thing. He is a visionary.
He has thought of the loan. So, our new company is just doing an excellent job. As regards the performance of the company, I will definitely say it is very much encouraging.
There is an all-round growth in this revenue, PAT, ROC, EPS and all that. And that shows that the future of our company is excellent. Because the future depends on the progress of the auto industry.
And the auto industry is the most, most progressive industry in the world, I can call it. Not only in my
country, and in my country, as our Prime Minister is very much vigilant about the commercial infrastructure, and the industrial infrastructure. And he wants to take over the economy to the 7 trillion.
So, that is why all the auto sector companies, starting from Maruti, Ashok Leyland and name any Maruti, any company.
All auto companies are making great progress. And our component, which is that wire. So, that is just like what you call, what do you call it? So, it is just like that.
Because there is no current without the wire. So, that is a big thing. Our cycle driver has just taken that bus, and he has taken up this project. This project is definitely very much excellent project. And it is going to shine like anything in the times to come.
Because now, the liquidity in the hands of the people will be definitely very much. And they are just shifting from one car to another car and all that. And the main thing about the company is, about the chairman is, that their fundamental principles on which the companies are running. That is ITC.
Where IT is integrity. No compromise in integrity.
Transparency. No Hanky Panky deal. Everything open.
And C. C is the most important. There is a concern for the employees. Concern for the consumers.
Concern for the community. Concern for the shareholders. Concern for the compliant regulatory bodies.
So, he is just keeping all those concerns in mind. So, that is why our company, both companies are just going up day in and day out. And you have seen the price of the share, that is also rising high and high. So, I am quite sure and I wish that our company just touch the Himalayan peaks. So, that is what I wish for that, because that growth of the company is indirectly growth of my investment. So, best of luck to you.
Before I sign up, I must thank the corporate governance under our CFO and our companies secretary, and the team which are working for the close relations with the shareholders and all that. So, this is a very good thing.
So, wishing you happy, happy festivals which are coming ahead. You remain healthy and happy and enjoy with your family. So, this is my blessing. I am a super senior citizen and I am 85. I can just bless the people. I can pray God for the positive change from the chairman to the last man in the organization. That is what I wish and I pray God.
Okay, thank you. Best of luck.
Our next speaker shareholder is Ms. Prakashini Shenoy. Ms. Shenoy, your mic has been unmuted. You may start your video and speak now.
Ms. Prakashini Shenoy
Am I audible?
Yes, ma'am. You are audible. Your video is not working, ma'am.
Ms. Prakashini Shenoy
No, it is not working. Thank you, Pooja madam. I am Prakashini Ganesh Shenoy from Mangalore.
Respected Honorable Chairman, other dignitaries on the board and my fellow shareholders, Good afternoon to all of you.
I received the AGM report well in time, which is colorful, transparent, knowledgeable, informative and contains all the information for the corporate governance.
I thank Ms. Pooja and Divya for the same. I should not forget to thank once again for reminding me of today's meeting. Just now she phoned and said, madam, you did not log in.
Thank you for reminding me for the same. The chairman has given a beautiful picture regarding the company and it is working in all parameters. Thank you, chairman, sir.
I am glad to know that the company is doing outstanding work in the field of CSR activities during the year. At the outset, I am thankful to the board for recommending dividends for the financial year 2023-2024.
Congratulations to one and all for receiving many awards and accolades. This shows the hard work and sincerity of each and every person. So, congratulations once again.
I am glad to note that the company is doing robust performance in the field of revenue, sales, creativity, etc., etc. during the year.
Sir, I have few questions.
My first question is, how are we planning to increase the revenue? My next question is, what is the future plan of the company? Kindly highlight the future roadmap for growth and risk in business due to global situation. How are we planning for digital future? Chairman sir, last but not the least, I request you earnestly to please continue with VC so that people all over will have an opportunity to express their views. For instance, I am from Bombay and I have just come to visit Mangalore.
Since it is VC, I am in a position to express my views. I wish the company good luck for a bright future and pray God that the profit of the company shall reach the peak in due course.
Sir, I strongly and wholeheartedly support all the resolutions put forth in today's meeting.
Thank you, Chairman sir.
Thank you, ma'am. Our next speaker shareholder is Mr. Ajay Kumar Jain.
Mr. Jain, your mic has been unmuted. You may start your video and speak now. Sir, your video is not coming, sir.
हाँ, नमˋार, चेयरमैन साहब ।
Sir, your video is not coming sir.
हाँ। मेम ऑिडयो ?
Audio is there, audio is there. sir.
नमˋार , चेयरमैन साहब मœ िदʟी से अजय कुमार जैन….शेयरहोʒर…
Sir, can you please be a little louder? Thank you, sir.
चेयरमैन साहब मœ िदʟी से अजय कुमार जैन कंपनी का शेयरहोʒर बोल रहा था और मीिटंग मŐ जुड़ने का उȞेʴ अपने यशˢी चेयरमैन साहब को देखना और उनकी चेयरमैन ˙ीच था।
आज आपने अपनी जो चेयरमैन ˙ीच की शुŜआत करी Secrets of Success से करी, तो मœ तो इसका भी आपने कोट िकया। But मेरी नजर मŐ Every शेयर होʒर जो हमारी कंपनी का है हमारे चेयरमैन साहब और इनकी जो लगन है, समपŊण है और ईमानदारी है की Ǜादा से Ǜादा मेहनत करो, Ǜादा से Ǜादा Earning करो और उसको Distribute करो। ये हमारी Secrets of Success है और दूसरा Secrets of Success हमारी कंपनी का, जो Indo–Japan relationship की सबसे बेजोड़ िमसाल हमारी कंपनी है। और उसका भी एक सबसे बड़ा हमŐ फायदा है िजसकी बानगी हमŐ हमारी कंपनी के रेवइɊू मŐ Ůॉिफट आɝर टैƛ मŐ और सब कॅश ɢो जो हमारा है, िजससे हमŐ लगता है की हम आगे एƛपे̢शन करते है, कोई कॅश की कमी नहीं है। िडिवडŐड भी आपने बŠत अDžा िदया। सर और सबसे बड़ी जो शुभकामनाएं आपको देनी है की आप अपनी लाइन के टॉप सेलर है। ये बŠत बड़ा अचीवमŐट है। िकतने टफ टाइम मŐ और इतने इसके बावजूद भी आपने जो समपŊण भाव िदखाया और इसको करके िदखाया, इसी कारण जीतने भी आपने अवाडŊ के नाम बताए, वो तो कम है। सबसे Ǜादा अवाडŊ िजसकी Ǜादा जŝरत है और जो लोग देना चाहते है वो शेयर होʒर अवाडŊ है वो आज भी आपके फैन है और एक ऐसी कंपनी और उसके चेयरमैन है जो हमेशा शेयर होʒर को देती है। एक सबसे अDžी बात मेरे को आप बŠत अDžी लगी। अपनी चेयरमैन ˙ीच के दौरान आपने िकसी बात का खुद ना Ţेिडट ले कर पूरी टीम को Ţेिडट िदया। ये आपका बड़ɔन और एक अDžी बात लगी और सर जीतने भी आज Ůˑाव सभा मŐ आये है उनका पास होने के बाद हमारी कंपनी को फाइनŐस के मामले मŐ और आगे बढ़ने मŐ काफी सहायता िमली। और िजतनी आपने ˙ीच के दौरान बताया है तो उससे ये लगता है िक 2024-25 फाइनœशल ईयर खȏ होगा तो शेयर होʒर के िलए अDžा लाभ िमलेगा। ऐसी उʃीदŐ अब Ǜादा बढ़ गई है और मœ आपके नेतृȕ मŐ और आपके िनदőश के अनुसार सी एस टीम ने बŠत अDžा काम िकया है। फोमŊʐी नहीं करी, औपचाįरकता नहीं करी, िजʃेदारी से िनभाया और एक एक चीज़ का pursuing िकया और िटल मीिटंग के शुŝ होने से पहले तो बİʋ मœने तो पूछ भी िलया माम् इतना Ǜादा pursuing Ɛों ? कहते है चेयरमैन साहब का है। बŠत आज मेरी आɝरनून सेशन एक यशˢी चेयरमैन साहब के साथ िनकला और एक सबसे अDžी एक बात और है सर कह रहा भूल गया आज हमारी कंपनी का जो सबसे बड़ा कारण है एक अनुभव और युवा सोच का िमŵण इसके कारण हमारी कंपनी एक नई उचाई पे जाएगी। इसी आशा और िवʷास के साथ नमˋार।
Thank you sir
Our next speaker shareholder is Mr. Sudeep Hegde. Mr. Hegde, your mic has been unmuted. You may start your video and speak now.
Mr. Hegde, can you hear us?
Mr. Hegde, can you hear us?
He is muted.
Yes, I think Mr. Hegde, can you kindly unmute yourself?
I think, sir, he is facing some technical challenge. So we will move to our next speaker shareholder.
So our next speaker shareholder is Mr. Praful Chavda. Mr. Chavda, your mic has been unmuted. You may start your video and speak now.
हैलो ?
Yes, Mr. Chavda, we can hear you and please open your video also, sir, if possible.
हाँ वीिडयो चालू िकया था, Start my video. चेयरमैन सर, बोडŊ ऑफ़ डायरेƃसŊ, मेरे साथी शेयरहोʒर, हैदराबाद से Ůफुल चावड़ा बोल रहा šँ। मेरे पहले पांच ˙ीकर ने बŠत अDžी बात बोल िदए। सो ए वो बात įरपीट करने नहीं चाहता šँ पर पेज नंबर 22-23 जो आपने नेƜ िसƛ इयसŊ ɘान, ईयर ɘान। वेरी गुड। बŠत अDžा लगा िक आपने हम Ɠेʮन करते हœ िक नेƜ फीचर मŐ Ɛा करŐगे, Ɛा नहीं करŐगे? आपने थोड़ा िहंट दे िदया है Ɛोंिक Ɛा करŐगे तो अDžा िदख रहा है। इसके अलावा अवाडŊ 13 कंपनी से जो अपने Ƒाइंट है। वो Ƒाइंट ने अपने को अवाडŊ िदए, सो वो आपने फोटोŤाफ के साथ बताया। यानी िक अपने Ƒाइंट को अपने पे िकतना भरोसा है। वो बताते हœ िक अपने Ƒाइंट अपने साथ संतुʼ हœ और वो अपने आप मŐ बड़ी बात है । एक Ƒाइंट संतोष होता है तो धार चार Ƒाइंट िमल जाते हœ तो मदर सुिम का जो नाम है वो आगे बढ़ते जा रहा है और ए̱ɘाइज, िडːŌीɯूटर और हर एक आदमी अDžा काम करने से हम लोगों को अDžा बेिनिफट िमलता है। CDSR मŐ अDžा काम हो रहा है। अपने जो ˋूल मŐ िकतना डोनेशन देते हœ, इसके बारे मŐ कुछ जानकारी नहीं िमल रही है मुझे तो इसके बारे मŐ कुछ बताएंगे। इसके अलावा जो लोग काम नहीं कर सकते, ऐसे बDŽे हœ, चल नहीं सकते ऐसे बDŽे हœ को एजुकेशन देते हœ या नहीं देते, इसके बारे मŐ बताएंगे। धɊवाद।
लाː एक बात बोलने का है अपना कंपनी का अकाउȴ्स मŐ महीने मŐ खȏ हो गया था। इतना लेट मीिटंग Ɛों लगा थे? अभी मœ दूसरी मीिटंग करने का टŐशन मŐ šँ। अभी छह मीिटंग है 3:00 बजे तो नेƜ ɡूचर मŐ चेयरमैन सर आप मीिटंग जुलाई मŐ लगाया तो अDžा रहता। जून मŐ लगाया तो और अDžा रहता। अगˑ के एंड मŐ लगाया तो ढेर सारी मीिटंग इसी मŐ जमा हो जाती है। VC मीिटंग चालू रखे। थœक यू।
All the speaker shareholders have asked their queries. Now I request for response of the queries over to you, Chairman, sir
sir, your voice is not coming out
Okay, is it clear now?
Yes sir
Good.
Shareholders are welcome and will be responded by Mr. Anurag Gahlot and other team members will respond wherever required.
Over to you Anurag
Mr. Anurag Gahlot
Thank you, Chairman, sir. Can you hear me clearly?
Yes, sir.
Mr Anurag Gahlot
Okay, so once again, thanks to all the shareholder and giving us a good feedback and the positive feedback as a team, we are working to make them as well to the new heights. Now I'm going to submit the response of the question asked by the shareholders.
So starting from the Ice Vehicle, which is continuing to dominate the Indian market, and particularly in the PV segment. EV adoption passenger cars remain in its early stage in India, but the demand is growing, as we all know.
We are already part of many existing and upcoming EV products, or EV models for the different OEMs, hybrid vehicles. Hybrid vehicles are also gaining more traction among customers.
Coming on the question on the geopolitical issues, they can create a very complex and challenging environment for the Indian automotive industry, geopolitical issues specifically impacted the Indian
auto industry as a whole, in the few of the areas, like supply chain, vulnerabilities, currency volatility, oil prices and fuel cost, as well as the regulatory changes
Coming on the invention part, with every new invent, we have its own share of associated risks. For example, the question on AGVs, they rely on the sensors and predefined parts for navigations, errors in sensor data or environmental changes can cause AGVs to deviate from their paths and scaling up for RP solution across an organization can be challenging at times, issues such as process variability, changes in underlying system, or increased complicity can limit the scalability of RPA.
A regular maintenance of AGVs and RPAS required to ensure they function absolutely okay.
Unexpected failure can lead to downtime, disrupting operations and causing delay in the production or the logistics part.
Now, coming on the EV vehicle safety. Source of fire is always from the unwanted heat generation.
Modern EV architecture has positioned to avoiding any possible of overcurrent in that area.
Now coming on to the hybrid vehicles, which combine internal combustion engine with electric motors, add another complexity to the wiring harness. They require dual wiring system to manage both low voltage and high voltage components. With our decades of industry experience, advanced manufacturing capabilities, strong backing up from SWS and SAMIL and digitization and automating auto automative initiative being taken, Company is well positioned to meet these specific needs of wiring harness or hybrid vehicles.
We follow our customers wherever they go, our general rule of thumb is to begin expansion as soon as we start using 80% of our current capacities. Our plant across India is strategically located near to global customer locations
Coming on the feature parts, advanced safety features, connectivity and infotainment system in the passenger car segment have evolved significantly, offering enhanced safety, convenience and entertainment to the users. New Age vehicles are also having system like Adas, which is advanced driver assistance systems, night vision and Automatic High Beam control. There are advanced connectivity features also, which is like vehicle to vehicle, vehicle to everything communication, vehicle to infrastructure, vehicle to pedestrian and over the air updates as well, and embedded SIM cards into that.
Company has also outdated the Indian automotive market, and it has been possible because of company strategic alignment with the key market trends, we are not only focused on market share, but also on increasing content and value per million.
Coming to the last on the diversity. We have a good gender diversity ratio in the company with diversity in workforce. Company leverages without ordering ideas and insight and decision making and business strategies.
Hope I'm able to answer all the questions which have been asked.
Thank you.
All the speaker shareholders queries have been replied. I now request to proceed further with the proceedings.
Over to you, Chairman, sir.
Sir, kindly unmute yourself,, sir.
Thank you very much. Pooja. Thank you and Anurag, thank you for answering all the questions.
The members may kindly note that, as per AGM notice, the following items are placed for voting.
Item number one for adoption of financial statements for the year ended March 31, 2024, as an ordinary resolution.
Item number two is the declaration of dividend of Rs. 0.80 per equity share for financial year ended March 31, 2024 as an ordinary resolution
Item number three for the reappointment of Mr. Anurag Gahlot, whole time director and director of the company, who retires by rotation and being eligible seeks reappointment as an ordinary resolution.
Item number four is to approve the remuneration for Cost Auditor for the financial year 2024-25 as an ordinary resolution.
Item number five is for the entering into contracts, arrangements, agreements, transactions between the company and Sumitomo Wiring Systems Limited as an ordinary resolution,
Item number six is for entering into contract arrangements, agreements, transaction between the company and Samvardhana Motherson International Limited as an ordinary resolution.
I now give the chair to Mr. Anupam Mohindroo for the next item as being interested in Director for the item number seven. Over to you, Anupam
Sir, kindly unmute yourself, sir.
Mr. Anupam Mohindroo
Sorry.
Item number seven is for the continuation of appointment of Mr. Vivek Chaand Sehgal, chairman of the company, as non executive and non independent director of the company, as an ordinary resolution.
I now give the chair back to Mr. Vivek Chaand Sehgal.
Thank you. Anupam
The voting results, along with the scrutinizers report, will be made available within 48 hours of the meeting on websites of the company NSDL, the voting agency, BSE and NSE
Further, I hereby authorize the company secretary to declare the voting results. Now I request all the members who have not voted through remote E voting to cast their votes through E voting during this meeting, the facility of E voting shall be available for 15 minutes.
On behalf of the members of the company, I am thankful to Mr. Vivek Chaand Sehgal, chairman of the company, for conducting the proceedings of the Fourth Annual General Meeting of Motherson Sumi Wiring India Limited, and with the permission of all the members, request the chairman, sir to formally close the meeting.
Over to you, Chairman, sir.
Thank you. Pooja.
Ladies and gentlemen, the business of this Annual General Meeting being over, I declare this meeting to be concluded after the completion of e voting facility for 15 minutes.
Thank you all very much.
I wish you all a very happy Diwali coming up ahead.