I am Sunil Bansal, company secretary and compliance officer of your company. I'm speaking from Noida office. I extend a warm welcome to you all to the 26th annual general meeting of One97 Communications Limited. I confirm that requisite quorum is present and with the permission of the chairman and the shareholders, we commence the proceedings of the meeting. This AGM is being held through video conferencing in accordance with the circulars issued by MCA and SEBI. The proceedings of this AGM shall be deemed to be conducted at the registered office of the company and the same is being recorded and the summary of the proceedings will be available on the website of the company. The statutory registers and other required documents as stated in the notice of this AGM are available for inspection electronically by the shareholders. Now I will request the chairman to kindly commence the proceedings of the meeting. Vijay, over to you please.
Thank you so much Sunil. Good morning my dear shareholders and my fellow board members. I, Vijay Sharma, welcome you all from New Delhi, from Los Angeles, USA to the 26th AGM of your company. I'm attending this AGM from Los Angeles, USA. As I said to begin with, I'd like to introduce my colleagues on the board that are in alphabetical order and KMPs who are present at this AGM. First and foremost, I'd like to welcome Amit Singhal, whose full name is Amitabh Kumar Singhal. He is a non-executive non-independent director and chairman of our CSR, that is corporate social responsibility committee. He's also a member of stakeholder relationship committee and investment committee. He's attending this AGM from Palo Alto, USA. Welcome Amit.
With this I go to my second fellow board member, Shri G.S. Sundar Rajan sir. He's an independent director and chairman of audit committee and risk management committee. He's also a member of nomination and remuneration committee. Sundar Rajan sir is attending this AGM from Chennai. Good morning sir. Welcome.
I would like to now introduce Manisha Raj Raisinghani, my fellow board member. She's an independent director and chairperson of nomination and remuneration committee. She's also a member of our corporate social responsibility committee and stakeholder relationship committee. She's attending this AGM from San Francisco, USA. Good morning and good evening Manisha. Welcome here.
I'd like to now introduce Shri Anant Narayan Sinha sir. He's an independent director and chairman of stakeholder relationship committee. He's also a member of the audit committee. He's attending this AGM from Mumbai. Good morning. Namaste sir. Thank you for attending our AGM.
And Shri Rajiv Kumar Agrawal sir, he's an independent director, he's member of audit committee and risk management committee. He's attending this AGM from Mumbai. Good morning, namaste sir, welcome.
With this I also introduce Ravi Adusumalli, who is our non-executive director. He's a member of NRC and investment committee. He's attending this AGM from Utah. I say good morning Ravi and thank you for joining the board meeting, our AGM.
Thank you. And I'd like to introduce now Miss Saachi Trivedi. She's an independent director. She's member of audit committee, stakeholder relationship committee and investment committee. She's attending this AGM from Paytm's Noida office. So thank you so much Saachi. If I was not there, you are there. Thank you for being there and welcome. Good morning. Namaste.
I'm pleased to extend a warm welcome to our newly appointed members of the board and look forward to their valuable guidance, experience and contributions towards continued growth and development of the company. And I also have my teammate Madhur Deora. He's president and group CFO. He's attending this AGM from Bombay. Good morning, Madhur.
I'd like to now hand it back to our company secretary Sunil Garg for general instructions.
Thank you Vijay. So Mr. Yogendra Seth, Mr. Rahul Bansal, the representatives of our statutory auditors, Deloitte and Associates, and Mr. Lakhan Gupta, partner of M/s Chandra Wadhia & Associates, our secretarial auditors, are also present in this meeting. The annual report for the FY 2025-26 along with the AGM notice was sent to members on 21st August through electronic mode to all shareholders whose email addresses were registered with the company RTA and depository participants. This AGM is being conducted virtually. Hence there is no requirement to provide facility to the members to appoint a proxy in accordance with the provisions of Companies Act and SEBI. The company has provided the facility to members to exercise their right to vote by electronic means both through remote e-voting and e-voting at this ongoing AGM. Members are provided with e-voting facility, then all resolutions will be put to vote only through e-voting only and there will be no voting by show of hands at the meeting as per statutory provisions. Mr. Ashok Kumar, partner of VPN and Associates, company secretaries, who has been appointed as scrutinizers to supervise the e-voting process at the AGM is also present. The e-voting facility was made available to all shareholders holding shares as on cutoff date Tuesday, September 8th. The remote e-voting commenced from Saturday, September 12th, and it ended yesterday, Monday, September 14th at 5:00 p.m. Members who have not yet casted their votes electronically and who are participating in this meeting will have an opportunity to cast their votes during the meeting until 30 minutes of the conclusion of this meeting through the e-voting system provided by NSDL. Now I will request chairman to address the shareholders with his address. Vijay.
Thank you so much Sunil. Once again, dear shareholders, FY26 was a milestone year in our company's history because probably after tens of years or more we became full year profitable with an operating profit, no extraordinary item or any other extra add-ons to say. The best part is that as you would have heard me talk about that we would focus on PAT, that is clean profit after tax, no EBITDA before ESOP or PAT before ESOP or all those kind of alternate numbers that we used to talk about. So I'm very proud that on the guidance of my fellow board member we focused as a team to become completely impact profitable and FY 2026 was our full year of profitable and great momentum in our business. Thank you so much for all your support in this last few years journey especially where we were being tested for every business acumen or resilience out there.
We are well positioned for incredible profitable growth now onward. As you remember I would have said in, I said it in our earning call that we have built this business on zero base. Basically, if there is no MDR, no discount or merchant discount rate as we call it or any fees on merchant or any grant or any support from any regulatory body or government, our business will remain profitable in foreseeable future. I believe that we will be able to do a sustainable profitable growth alongside accelerating our revenue growth. The business has reached its inflection point in payment and financial services. As you are aware, our consumer UPI continuously grows and is growing double the market growth. So, we are taking market share from our competition. I remain committed and fully sure of winning back the same market share that we had way back in 2023-2024.
Important thing is that consumer remain a key criteria for Paytm to be identified with in India and internationally and we are committed to bring back the consumers on our platform and their usage as a market share number tells us. The best part is in last two years our merchants franchisee which has been our strong strength grew very very good. It not only grew but it grew profitably. We were able to bring profitable merchant business growth. These include small merchant, medium-sized merchant and large enterprise merchant. Online merchant, offline merchant. So basically Paytm in last two years have come out as a strong merchant acquiring business in the country. You see Paytm at different different shops. You see Paytm on online and offline merchant out there.
The best part of our merchant business is that we not only are investing in expansion of our merchant base which means more salespeople, we are also recovering and bringing in more profit per merchant. This is a sustainable profitable growth where we are able to invest from our own accruals. In other words, our cross-sell of financial services and our expansion of payment merchant go hand in hand. In my opinion, merchant businesses are ours to win and ours obligatory to be won. In fact, important thing for all of us is that Paytm remains payment acquirer of choice for small or large all merchants in India.
As you are aware, government of India just gave a gazette notification yesterday that would add more revenue and bottom line to our business which we are committed and are happy with that they will bring even more profitability and even more investment in merchant acquisition. In fact, that will give us edge and lead ahead of our competition because we have been able to build our sustainable growing merchant business in last 5 years of our company.
Our focus on bringing QR code, soundbox, EDC device, online merchant payments, EMI, link payment, online payments and backed by support of our payment acquiring license which has been duly approved and is operating is our backbone of business. We remain committed to grow our financial services distribution to these merchants and we remain committed to expand our consumer franchisee in financial service distribution.
Our attention of bringing in equity and mutual fund distribution along with credit distribution will give us extra bottom line or revenue both in coming years. Important thing is that we are now very well focused and head down and executing the classic acquire customers from payment and cross-sell financial services franchise and business model. It is a sustainable model. It is a growing model. In fact, I've seen that many other verticals or businesses that people have created as a monetization are trying to come back to payment. But in my opinion, the payment franchisee maturing to the higher margin financial services distribution gives us an edge that we will be able to capture larger profitable or monetizable customer growth. Remember there are always some vanity metrics people can talk about but in the end we as team have focused on profitable monetizable business and in my opinion the fintech business has matured for last 10 years that it is now time that we start generating free cash from this business and invest in the future growth and that brings me to the AI.
As you are aware your company is on the forefront of using AI. There will be three kind of companies in AI. One that use the AI in their business. Second they make AI as a business. So which one is the third? Those who are still staying away from AI. That is a third kind of company. I'm very happy to say as you might have seen and heard in our quarterly earning calls that we do not take AI as only an ingredient in our business and the fruits of that in cost optimization and revenue optimization or maximization you've seen we also see AI as an opportunity to create new revenue line items and new business for Paytm. Our distribution and our scale of reach in the country offers us a capability and opportunity of bringing in advantages of AI to the small and medium businesses in India. The best part is that we as a technology company have this as a native capability. We don't need to buy AI from outside. We don't need to source AI and announce business partnerships with AI. We rather have built our own retrained or foundation both kind of models. Yes. A foundation model that is bottom-up built leveraging our own capabilities that exists in our own company is right now operating in the company. In fact, we have created business model and services that we are very happy that are currently being tested in the company and we are piloting with some of our enterprise or business customers.
In my view, AI offers once in a lifetime opportunity for our country and we at Paytm are committed to drive the success and the ability of our delivering a fintech revolution in the country to extend it into the AI revolution in the country. In for coming years you will hear more about AI and to just give an edge on the AI that we can recruit a new kind of talent and we can continue to add new kind of attention we have called it Paytm Intelligence, that is PI. In fact, 22 by 7, the PI mathematics there is a deep meaning related to that that it is mathematical superiority and the capability of our technology that associates with PI. I'm very happy to say that our agentic AI business that is PI will help enterprise in creation of agentic workforce which means that enterprises will be able to use our systems and capabilities of operating different different workflows and business processes and even add more revenue line item through the AI capabilities that Paytm has built for them. It is early days and in my opinion the revenue in AI while the west as you see is going through the model revolution and the inference revolution but India will take some time to see the growth of or the revenue impact of it. So I'm very hopeful that something around 500 days from here today so which is about 1 and a half year you will see certain line items of our AI revenues they'll show up in commerce and cloud vertical that we talk about cloud vertical because it is about cloud-based technology distribution.
We also have been expanding internationally. As you know, we are privileged to have Luxembourg based Paytm Europe payment acquiring and credit disbursement license in Luxembourg. We believe that this will be the beginning of expansion of our fintech capabilities internationally. I will not hurry up and we will not put over spend or over large amount of money in international market till the time period we believe that our own internal approvals while our profitable growth continues the internal approval will be able to fund our operations in AI and in international both. So we remain very happy that we will not be touching our capital. Instead we will be bringing in our revenue which is profitable growth and leverage certain amount of profits. So while the profit continues to grow and we continue to pick up some part of the profit and contributed towards primarily AI and internationally in a very very efficient capital allocation way.
I'm very happy that as you would have seen that we scaled our profitable growth with strict attention to the compliance and governance and I'm very proud of my team that together we have kept head down and executed in last two years and I believe that we will continue to do it for next many more years. We want to be identified as a team that stays committed to the goal of bringing in advantages of financial technology to the country and expanding the capability and ability in the AI revolution in India. With this, I thank you all for continued guidance and support. I remain committed, my team remain committed, we remain committed for a scalable, profitable, very large Paytm as a business in India and from India. Thank you and I give it back to Sunil for his next proceedings.
So I'll request Madhur if you may please take up the presentation, your financial presentation with shareholders.
Yes, with pleasure. Thank you everyone for being at our AGM and thank you for all the support that you give. I think Vijay has already shared all the big picture where we are as a company and where we are going next. It is my pleasure to just walk you through our financial performance last year. This will be available on our website shortly after this meeting. This is our mission and we remain true to it to bring half a billion Indians to the mainstream economy through technology and financial services. We have made a huge amount of progress but obviously as you know there's a long way to go. This is our core business. We have the Paytm app through which we serve 7.7 crore transacting users. They can come to our app and make payments of all types and we also have 1.5 crore merchants who use our services to accept online payments, to accept cards and QR payments through cards and QR devices or if you're a very small merchant you may still be using the QR code. So we have 1.5 crore merchants who take some sort of a subscription from us including devices. This customer and merchant base which is our payments base, we distribute financial services to them. So we give them, we arrange loans for them with our lending partners. We are purely a distribution business. We have a wealth and equity broking platform called Paytm Money and we have an insurance broking platform called Paytm Insurance. We now have over 20 lakh customers who use a financial service product from us at least once a year, in many cases many times a year for example in wealth and equity broking and so on. So we have about 20 lakh customers who used us last year and we are proud that this number continues to grow but as you can tell given the large payments customer base that we have there's a huge amount of opportunity ahead.
Vijay talked about AI in his remarks. I just want to give you a flavor for we are accelerating AI which is helping us accelerate growth. AI broadly is used in three areas. One is for our engineering teams who can accelerate delivery and also do that much more efficiently which is to say with a lot less cost. We use AI for our merchants. So all the sales and service for our merchant including loan collection efforts and so on are now AI agent powered and we use it for our consumers. So all of our acquisition and retention efforts are fully now led with AI and below are a few examples of how that is helping us. This is our payment stack. We are India's full stack merchant payment leader. We serve MSMEs and enterprise merchants. We offer them a full technology stack. So if I could start with the bottom, merchants can use us to accept all kinds of payments instruments. Not just UPI but also debit card and credit card, net banking, EMI and Paytm Postpaid which I'll talk a little bit more about later. We provide them all kind of devices. So from the world-class best-in-class all-in-one card machines which we call, sometimes it's called POS but we call them EDC machines, to card soundbox. So this is a soundbox through which you can also accept card payments as well as a QR soundbox through which you can accept QR code payments. We also provide them all kinds of software. So payment gateway, AI router and analytics and we also provide them a number of services on top. So you can use Paytm for risk and fraud prevention, you can use our marketing services to attract more customers and we also provide them reconciliation services and on the right hand side we're very proud that we serve all kinds of merchants in India right from an entry-level offline merchant to a high value offline merchant to very large enterprises. Hopefully some of you would have seen our devices in the largest electronic stores or department stores in the country, also online merchants where we process all their payments and as they become omni-channel they see value in the fact that we are very good at both offline payments and online payments.
This is our scale of the merchant business which has been compounding, 26% growth in the amount of transactions that we process, also which I mentioned, investment and growth of our merchants. We grew 27 lakh merchants last year so from 1.24 crores to over 1.5 crores. We think there's huge opportunity ahead while in some of the larger cities you may feel like there's enough penetration. If you live in even a slightly smaller city you'll see that there's a huge amount of opportunity to bring more and more merchants to digital payments. On the consumer payment side we're India's fastest growing profitable consumer payments business. We saw 46% growth last year which is more than two times faster than the industry has been growing and we're also pleased to see that our monthly transacting users has been growing. We are focused on doing more with existing customers as well as of course growing the number of customers that we have.
Distribution of financial services. I think we just touched upon that. Two areas that I want to just cover is one is loan distribution where our merchants who have been receiving payments through our payments business for some time are able to receive working capital loans from lending partners. Our consumers can access personal loans also from our lending partners. And we also relaunched Paytm Postpaid last year which is credit line on UPI which is a short-term interest free credit for customers. Our wealth and equity broking platform is a high-quality trading platform at a very low and transparent cost. We're focused on equity broking, mutual funds as well as MTF which is margin trade funding where we are seeing quite a lot of growth.
So overall it was a year of discipline compounding and first full year of profit as mentioned. Our revenue grew by 22% year-on-year. We have made a huge amount of investments last year despite turning around on profitability which is why in Q1 of this year we saw about 29% year-on-year growth and we think that is more of a steady level at which we're going to grow in the near future. We achieved PAT profitability, so 1,200 crore improvement in PAT last year. We're very very proud of that, the fact that we were disciplined and our cash balance is now 13,500 crores as of June 2026 and we added 500 crores of cash last year and as Vijay mentioned despite some of the investments that he talked about we will continue to increase cash and we believe we are very well positioned for long-term sustainable profit growth. We have a very large addressable market in India both on the consumer side and the merchant side. We are seeing AI operating leverage and we think our revenue growth and EBITDA margin expansion will accelerate next year. The confidence that we are getting is because we are expanding our merchant payment business. We are seeing growth in our high margin merchant payments business is outpacing industry growth and we are seeing some tailwinds in consumer monetization. And of course we are applying AI across our business so that we can accelerate our operating leverage and become more and more profitable over time.
And finally I wanted to share some of the efforts that we put in sustainability and supporting our community. So three, sorry four broad areas. One is we are deep into education initiatives. So we support a number of government and non-government programs for the needs of school children. This could range from providing books to providing laptops. Working with governments to build digital labs in the school which we think can provide access to, in a single lab you could provide access to hundreds and hundreds of students. We do work around healthcare support particularly with persons with disabilities. We also are very very passionate about environmental issues. Obviously our company is based in Noida in NCR and we are working very closely with UN over the last several years with something called Air Quality Action Forum where we are helping various stakeholders in the government as well as non-government with key insights about how to manage air quality. And finally our employees are also very engaged. They provide thousands of volunteering hours to community development initiatives. With that I will hand it back to Sunil.
Thank you Madhur. So with the permission of chairman, directors and members, let us proceed with the formal agenda items. Since the notice of the AGM and annual report containing the financial statements, board report and report of auditors for the financial year ending March 31st, 2026 have been circulated to all members. The same is being taken as read. The reports issued by statutory auditors and secretarial auditors has no qualifications. So with the permission of the members present we shall take the same also as read. Now I will take up the business items in the notice. I will call them out briefly and then we will take the discussions thereafter from the shareholders. So item number one is to consider and adopt the audited standalone and consolidated financial statements of the company for the financial year ending March 31st, 2026 together with reports of the board of directors and statutory auditors thereon. Second item relates to the reappointment of Mr. Ravi Chandra Adusumalli as director liable to retire by rotation being eligible offers himself for reappointment. Item number three relates to revision in remuneration payable to Mr. Vijay Shekhar Sharma, managing director and CEO for the remaining tenure which is till December next year, 18th December next year. Item number four relates to revision in remuneration framework for non-executive directors including independent directors. Item number five relates to appointment and payment of remuneration to Mr. Anant Narayan Sinha sir, non-executive independent director. Item number six, appointment and payment of remuneration to Miss Saachi Trivedi as non-executive independent director of the company. Item number seven relates to appointment and payment of remuneration to Mr. Amitabh Kumar Singhal as non-executive non-independent director of the company liable to retire by rotation. Item number eight relates to variation in the objects and terms of the utilization of the IPO proceeds and modification of the timeline for utilization of the pending balance IPO proceeds. Item number nine relates to
Amendments to 197 Employee Stock Option Scheme 2019. The necessary background and all relevant explanation is provided in the explanatory statement attached to the notice of the AGM. We now open the session for the registered speaker members to speak and ask their questions and share their thoughts. The floor will be open for speaker members for approximately one hour to speak and ask their questions. We will respond to all the questions together at the end after hearing all speaker members. Any queries that are not addressed will be responded to by the company via email. You may kindly send your suggestions or queries to the CS team at
[email protected]. The management of the company will respond to such queries in reasonable time. With that, now I will hand over to Axita to please take up the question and provide an opportunity to our speaker shareholders, please.
Thank you, Sunil. We will now begin the question and answer session. We have a number of members registered in advance for this session. We'll go through the list of members and take as many questions as possible depending on the availability of time. Members are requested to confine their questions or suggestions to the business set out in the notice of the AGM and not to repeat the questions raised by other members. In the interest of time, please limit your questions to two minutes. Now we will invite our first speaker shareholder. Speaker number one, Miss Celestine Elizabeth Mascarenhas. Miss Mascarenhas, you are requested to enable the webcam, unmute your audio, and ask your question.
Am I audible? Yes, ma'am. Yeah, okay. Thank you, sir. Thank you, ma'am. Respected founder and chairman, MD and CEO, Mr. Vijay Shekhar Sharma, other honorable directors on the board, my fellow shareholders. I am speaking from Mumbai. This year is a great milestone year as the chairman put it, and I heard it, and there were a lot of smiles on the chairman's face. So I feel even in the annual report also, a smile is there by all the directors, and here I could see a smile. And I know that happy days, very, very happy days will be coming in the future. So I go now thanking the company secretary Sunil Kumar Bansal and his team for sending me the annual report and also registering me as a speaker and giving me this platform to express my views. Now, the annual report is full of information, facts, and figures, self-explanatory, adhering to all the norms of corporate governance. To add to the annual report, our chairman and the presentation has given a lot of insights to our thoughts. Our working is good, revenues are up, profits are good, but no dividend as everything is plowed for greater growth plans of the company, and therefore our market cap has risen, coming nearly to the IPO price of 2,100. So I won't be surprised if this year, 15 months, we will cross that 2,100, Inshallah. Thank you. Congratulations for all the awards and accolades received during the year. Also, very good CSR work, ESG, and climatic changes are well documented. Now, my queries: We are in loan distribution through a technology platform that connects borrowers with lending institutions, and we offer two types of loan services: one collection and other distribution. How much revenue will we get or are we getting, and what is the margin we are enjoying? Next one is, our 197 Communications Limited is the parent company of Paytm. Paytm is India's leading digital payment and financial services ecosystem. Has Paytm to pay royalty to 197 Communications, and what is the rate? Next is, Paytm does QR codes and other UPI portals. Now, today the news item is there: no charges for any UPI transactions including Paytm up to rupees 2,000. How much in percentage will our revenue be affected or not affected, and who is going to bear above 2,000, the sender or the receiver? Next one is capex requirement for the next five years for organic as well as inorganic growth. Lastly, but not the least, my good wishes to you, sir, especially good health to you and your entire team, and may our businesses soar to newer and newer heights, and we become not only leaders in India but all over the world as per our honorable Prime Minister's dream for UPI. So I end up wishing everybody all the best, and I wish all the Ganpati Pujas and Aartis that are going on. So may Ganpati in the Aartis bless our company multifold. With this, I thank you very much for giving me this opportunity to speak, and Namaskar. Thank you.
Namaskar, ma'am. Thank you, ma'am. Yes, sir. Should we answer together in the end? I think that may be better, but if you suggest, we can go so that we hear all the questions and then we answer. Yes, yes, yes. Thank you, ma'am. I will answer, and we will answer. Me and Madhur are on the call, so we will answer post all the other questions we have received and noted. And thank you for your wishes.
Thank you, sir. We will now invite our next speaker shareholder, speaker number two. Speaker number two is Jasmid Singh. Mr. Singh, please unmute your connection.
Respected chairman, board of directors, KMPs, and co-fellow shareholders. I am Jasmid Singh connecting you all from Delhi. Good evening, Vijay Shekhar ji, and good morning to all others. I am very glad to read the numbers our company has posted in the year under review. Having attended the last year AGM, I recall your assurance that we are not far away in achieving the break-even on net profits, and the fact of the matter that we actually turned PAT positive is very satisfying, especially for a shareholder like me who onboarded the investing journey with 197 and the original allotment of shares in the IPO. And seemingly, achieving the IPO price is not too far away. Now, what you are doing today towards achieving incredible growth is highly appreciated. Increasing AI capabilities, Paytm, expansion of services in overseas markets, everything seems so exciting. While the very recent comments from the Government of India, NITI Aayog, is very exciting news for us. However, I would like to know the new levers which we are looking ahead to see sustainable growth for all of us. To conclude, I take pride in sharing that personally for me and my family members, Paytm is a preferred UPI application, and we use Paytm over 60 times every month, at least two transactions every day to make vendor payments. Accept this as a small contribution from us towards increasing the adoption of services of our company. Thank you to compliance head Sunil Bansal and finance head Madhur Deora for good corporate governance and allowing me to interact with you freely today. I sign off here from Delhi. Thank you once again. I am Sardar Jasmid Singh along with my group of members who are attending this call. Thank you very much.
Thank you, sir. Thank you, sir. We will now invite our next speaker shareholder, speaker number three, Mr. Bimal Kumar Agarwal. Mr. Agarwal, please unmute your webcam and go ahead with your question.
Hello. Can you hear me? Yes, sir. Thank you, sir. Good morning to everyone. Thank you. Good afternoon, good evening, and good night to other directors and other shareholders who have joined from different parts of the world. First, I would like to thank the company secretaries team, management staff, and the shareholders. So I'll come to the question now. During FY26, the company had reported a positive bottom line after reporting losses in the prior year. I request the management to provide insight into the strategy adopted to achieve the turnaround. The employee cost has reduced to rupees 1,581 crores in FY26 from rupees 2,702 crores in FY21. I am keen to understand the measures undertaken by the management to drastically reduce this cost. Please provide insight into the competitive landscape of the company, market share. What is the impact of cancellation of banking license by PPBL? Please provide the next three years' loan map of the company. And if dividend is given, sir, if dividend is given, it should be credited today only after the AGM. I'm giving an example: if Reliance can do it, a company also can do that. That's all from me. Thank you very much, and please continue with the conference in the future so people from all over the world can join us. Now your director is joining from the US, and two board members are joining from the USA. Please continue video conference. That's all from me. Thank you very much.
Thank you, sir. Thank you, sir. We will now invite our next speaker shareholder, speaker number four, that is Lokesh Gupta. Mr. Gupta, please unmute your webcam, unmute your audio.
Thank you, sir. We will now invite our next speaker shareholder, speaker number five, Mr. Santosh Kumar Saraf. Mr. Saraf, you are requested to enable the webcam, unmute your audio, and ask your question.
Hello. Hello. Regarding the report. Next, payment business operating cost and employee or other expenses deduction. Income tax. What portion of the profit after tax would be managed regarding generally such recurring profit, excluding non-recurring and accounting gains, and what is the company's target for sustainable profit after tax and free cash flow over the next three to five years? Sorry for the interruption. I just... Thank you, sir.
Thank you, sir. We will now invite our next speaker shareholder, speaker number six. Please unmute your webcam and go ahead with your question.
Hello. Am I audible? Yes, ma'am, you're audible. Okay, okay. Thank you. First of all, a very good morning to our chairman, sir, board of directors, and the fellow shareholders attending this meeting at this VC platform. An excellent speech was given by our chairperson wherein he has elaborated about the achievements and the planning of the company. Also, a very good presentation was given. I appreciate the management's focus on sustainable growth of the company. I would also like to congratulate management and the staff for their hard work and giving good results. Now we are in profit in the year under review instead of losses till last year. So in this scenario of profit, how would you reward the shareholders in the coming days? So shall we expect an interim dividend this year? In the end, I just want to convey my thanks to our CS, Mr. Sunil sir, and his team for providing the copy of the annual report and the link to join this meeting on this platform. Thank you, sir, and all the best for the future.
Thank you, ma'am. We will now invite our next speaker shareholder, speaker number seven, Mr. Ashok Chakravarti. Mr. Chakravarti, please unmute your webcam and go ahead with your question.
Very good morning, sir. Is it audible, sir? Yes, sir. Please, audible, audible, sir. Yes, it's audible. Please go ahead with your question. Sir, my name is Ashok Chakravarti, speaking from Bangalore, sir. I thank Mr. Sunil and his team for having registered my name as a speaker shareholder, sir. I also now congratulate and thank the management for the several measures being taken to ensure the company's financial performance, which has been recognized by the market, and our share price is going up in a, let me put the word properly, going up in a rocket speed. And as our earlier shareholders informed, I am also confident that our share price will also surpass the issue price at a very, very short period. Sir, in this regard, I also wish to inform you that I have opened the DMAT and trading account, and the account is running. Sir, however, I just request you to revise or reduce the charges based on the online competition. Sir, I hope the management is aware of the severe online competition being made by different brokers and companies, sir. So please ensure, consider reduction of brokerage charges, sir, so that we could have more customers and better business, sir. In this regard, I once again repeat, request you whether for better performance, any inorganic growth or development can be utilized for the share market. Sir, thank you very much, sir.
Thank you, sir. We will move to our next speaker shareholder, speaker number eight, Mr. Ashok Kumar Jain. Mr. Jain, you are requested to enable the webcam, unmute your audio, and ask your question.
I am audible. Yes, sir. Shareholder. Finanity. Modi. Sir. Previous shareholding. Chairman. Sir. Report. SID. Sorry for the interruption, sir. Please conclude. I support all the resolutions. Thank you, sir. Thank you.
Thank you, sir. We will now move to our next speaker shareholder, speaker number nine, Mr. Manu Kumar Gupta. Mr. Gupta, please unmute your connection. We'll wait for a moment. Mr. Gupta, you are requested to enable the webcam, unmute your audio, and ask your question.
