Good morning, PTM shareholders. Chairman, sir, can I start the meeting?
So good morning dear PTM shareholders. I'm Sunil Bansam, company secretary and compliance officer of your company. I'm speaking from Noida office of PTM. A warm welcome to you all to the 25th AGM of the company. I confirm that requisite quorum is present and with the permission of the chairman we commence the proceedings of the meeting. This AGM is being held through video conferencing in accordance with circulars issued by Ministry of Corporate Affairs and SEBI. The proceedings of this AGM shall be deemed to be conducted at the registered office of the company. These are being recorded and summary of 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 members. We have a recorded message from our chairman which is addressed to shareholders. I will request Axita to please run the video and then we will take the other process.
Namaskar. I am Vijay Sharma, founder and CEO of Paytm. Last year, hope and commitment. Hope and commitment to build something. Family in India. Paytm stands for the trust that we deliver to every small business and a micro shop or a micro business as we call it. Sound device, QR, UPI, Paytm technology. We are very thankful to honorable regulator RBI for giving us in-principle approval for payment aggregator license. We're committed to build a compliance-first business. We are committed to build a business that serves small and micro and the last person that needs support from technology or financial services for their business. We feel privileged that we have been able to see that India has grown in the last 10 years. We feel privileged that we have played our role and we are clear that compliance first, strong governance and strong commitment to small business growth will take us further and far. It is important for us to know that Paytm is not only a business that solves for offline payments. We also will now be able to do online payments. So online shopping will also see Paytm. Remember, India is a country of billions of us who have very minuscule to large different sizes of businesses and every business requires unique technology and unique financial services. We've been able to build in the last 10 years those technologies that serve small or large business alike. If you walk into a large retail store in a large city you will see Paytm. If you go to a very hinterland in a village and make a payment at a small shop or a street-side vendor, you will see Paytm. This reach, this ubiquity is our privilege and we take it very seriously and it is our commitment to deliver to India. We take it very seriously. Shareholders, encouragement. Revenue first products. I'm really very excited seeing the potential of what AI brings to Paytm, to the country and to the financial system of the world. I do believe that by being the AI-first company, we will innovate at the forefront of it and as always from QR to soundbox that today is our pride of India, we'll be able to lead and deliver AI-first technologies that will become a benchmark for all of us in our country. I'm very privileged and thankful to each of you who continue to support us and give us hope and aspiration to serve our country and make this a Viksit Bharat. As a truest made-in-India, made-for-India company, we at Paytm are committed to serve India's small and large businesses. Remember, while we may be competing with foreign companies and they may be replicating as much of what we do, the truest innovation for India can only come from this land, this country. I'm very happy and I'm very proud of our team's commitment to continue to innovate for language, for cost, for features that only we in India need. This also gives us an edge in international markets which, when I was traveling last year, I was learning that what we built here in India can actually serve a few of the international markets very easily. We are committed to allocate capital very, very judiciously, but the opportunity beyond India and commitment of India's technology ruling over the world will take us to a few more countries in the next 2-3 years. I'm very happy to say that our commitment of building technology in India and replicating globally will in the next 2-3 years show and see the seeds and outcome very, very soon. It is important for us to know that our commitment to compliance, our commitment to high standards of corporate governance and every other operational risk or financial system rules and regulation remains paramount. We are committed to comply and remain completely regulated and guided by as regulator suggests and be subservient to their rules and regulations. I'm very thankful to our regulator, Reserve Bank of India, for giving us an opportunity to serve this country by giving us in-principle approval of payment acquiring license. As you are aware, last year also we had got permission from NPCI about launching a UPI payment app as they call it, the Paytm app, that is the UPI consumer app. Both businesses practically are a fresh start for us. That said, as you can read it here, we at Paytm are committed to remain, to pioneer, to inspire, and to serve. Paytm is here. AI is the most defining technology of this decade. I'm very proud of the opportunity AI opens for Paytm and India. We are working on different layers of AI including infrastructure, inference to the application LLMs that we have, custom models created for the use cases that we are talking about. I'm sure the opportunity of AI will dwarf the opportunity that smartphone and cloud created. It is a no-brainer. We've been able to create a few use cases, if you notice that we talked about in our earnings release, that we've been able to deploy it in different workflows and functions. Soon in the future you will see an impeccable amount of efficiency, an impeccable amount of abilities in technology and software delivering in custom formats that you never imagined possible. It will take a year or two but I can tell you the technology of the decade is one of the most promising things ever in computing. We at Paytm will deliver an AI-first business and shape this business into becoming an AI-first opportunity for small businesses and consumers in India. I'm very proud of the team. They have not only embraced the ability but also created different use cases. Some of these use cases you will start seeing whether in the consumer app or for the merchant. Right now the AI that we are building or we are operating is behind the scenes. So more or less, decision-making movement is more and more getting automated like an autopilot mode. So there will be an aircraft that is piloted by a pilot but the autopilot is taking care of the machines. That kind of efficiency and scale that we'll be able to deliver in our team. AI is what will define Paytm in the next 5 years. Thank you.
So you're on mute. Namaskar. Good morning. Welcome everyone to this AGM of Paytm that is One97 Communications Limited. As you heard in the video, I'm truly very privileged that we are joining all of you together at this momentous occasion where many, many clearances from regulator and government have come over and we have demonstrated that we are able to build a sustainable business. I welcome my board members as you can see here. First of all, I welcome ma'am Palvi Shah. She's been with us for probably the longest on this board in terms of tenure. Ma'am, welcome and good morning here. And with me is also GS Sundarajan. He comes as a financial services expert. His background in banking, credit, everything means great support and guidance for all of us. Good morning, sir. With me is also Rajiv sir who joins us as the latest, this is his first AGM, and he joins us as a regulatory expertise person. So thank you so much, sir. Your being on the board is truly a privilege and we are so thankful that you are here. And then with me are my approved teammates. First of all, Madhur who's our President and Group CFO, he's here. So Madhur, welcome. And with me is also Urvashi Sahai who is our General Counsel and newly appointed director on the board. Welcome, Urvashi. I'm very happy that all of us are here today to have interaction with all of you and we are hopeful that it will be a very productive AGM for each one of us. I give it to our company secretary for proceeding. Okay, actually I missed Ash because I just saw him next to my photo. Ash Lilani, as we call him Ash Lilani. He is joining us from Palo Alto. He's our node to Palo Alto, the Bay Area. So thank you, Ash. You've been always there for us. Thank you. And please welcome to the board meeting or AGM.
Thank you. Thank you so much.
Yes, thank you so much. And with this I give it to Sunil Bansam, our company secretary for proceedings.
Thank you, Vijay. So shareholders, Mr. Rahul Bansal, authorized representative of our statutory auditors SR Batliboi and Associates, and Mr. Ashok Kumar, authorized representative of our secretarial auditors M/s VPN and Associates, are present at the meeting. The annual report for the financial year 2024-25 along with the AGM notice was sent to the shareholders on 5th August 2025 through electronic mode to all the members whose email addresses were registered with the company, RTA, or depositories or depository participants. Since the meeting is being conducted virtually, there is no requirement to provide facility to the members to appoint a proxy in accordance with the provisions of the Companies Act and SEBI LODR requirements. The company has provided the facility to its members to exercise their right to vote by electronic means both through remote e-voting and e-voting at the AGM. Since the members are provided with e-voting facility, all the resolutions will be put to vote only through e-voting and there will be no voting by show of hands at the meeting as per statutory provisions. The remote e-voting facility was made available to all members holding shares as on cutoff date 22nd August. The remote e-voting period commenced from Tuesday, August 26 at 9:00 a.m. and concluded yesterday at 5:00 p.m. The members who have not yet cast their vote electronically and who are participating in this meeting will have an opportunity to cast their vote during this meeting until 30 minutes of conclusion of this meeting through e-voting system provided by NSDL. Now I will request the chairman to address the shareholders with his live address. Vijay, over to you please.
Thank you. Thank you. Welcome once again. Good morning all of our shareholders and board members. It is truly a privilege to join our board meeting in an operating profitable way. In other words, we had a profitable quarter when we had an extraordinary income. But last quarter or last year, or the first quarter of this year, was especially important for us because we were able to convert our company into an operating profitable company. The best thing that I can tell you is that it is a very different feeling when you can earn your own money, your own salary, each team makes money that we spend, and we take this very, very seriously. So it's a moment of occasion for us that we are a profitable company. As CEO of the company, I continue to believe that we will continue to work hard for, like I called in the video, judicious allocation of capital, judicious allocation of the resources towards a very scalable profitable company and a great technology company from India. Like I talked in my video, it is very, very clear that AI, the way it is coming, is like a tsunami of the technology world. It will impact each and every one of us. It will impact each and every company and it will create new and profound opportunities that could never be seen ever before. So as a company, I'm very happy that we have embraced it as our core business principle and workflow. The best is that we've been able to execute AI in our core working flow. We've delivered many times over payment volume, many times over credit volume, many times over operating volumes but with a much smaller team because now not just our workflows are AI enabled, our programming is also AI enabled. It means that we are generating code base. Yes, actually the code base generation which typically in the past used to happen in a manual way from engineers is now being done using AI agents and AI co-pilots and it is phenomenal. I can share this with every one of us here that we will go with extraordinary more energy and focus on internally embracing completely AI-first company and then continuously with that we will be able to generate new AI-first revenue models. AI revenue right now may be in the workflow, looking at what kind of revenue you will generate or what kind of cost saving you will do. One thing is for sure that every workflow where there was a standard operating procedure or a little bit of decision making which was of multiple system calls coming together and some decisions were taken care of, these are the places and the junctions where AI will play an extraordinary role. We will remain a human-plus-AI company where the human oversight over AI will be important and we will continue to make sure that AI is working within the borders and realms that we are guiding it. The best part is that it is already in function. It is already in our workflow. We are already seeing the yields and results. It is making the company lighter in number of people or amount of manpower or talent skill requirement, and at the same point of time it is making our talent super skilled and superior skilled than anybody else in the industry. So I feel privileged that I'm able to work in the company of people that we all are able to get and leverage AI as our working methodology. I think the next two to three years will be even more defining moments because now the platform has been decided, the models have been decided, the inference and the use cases that we are talking about, agents etc., have been decided. So 2025 could be the year where AI platforms got decided, what AI can do or how the stack or structure will happen. Many of you who may be engineering experts or AI savvy would understand that the MCP protocol that became the standard across multiple elements this year was a milestone. MCP is nothing but an API that has converted into an agent's API. It's a very slang way of saying it. But that protocol movement and standard adoption by all top AI players and now deferred to standard has created an opportunity to create many more use cases. I'm sure you would have seen AI agents are able to go browse for yourself or do activities that you thought earlier were not possible without human intervention or going one step at a time. The best part is that financial services will reach even further forward and the ability to serve any individual to one level of financial services will show up due to AI, whether it is operational risk and fraud controls, whether it is about issuing credit or creating other financial services opportunities. They will become even further more scalable than ever before. If by now we saw a smartphone taking a carrier role, now AI will take a logic role reaching out to the n equals one person and it is a profound opportunity for a country like India. We've seen the dividend of leveraging mobile internet and smartphone in the masses. We've seen the innovations in smartphone payments, mobile payments, that whenever we go everywhere, India's payment, which Paytm proudly is a pioneer, was and is the innovation of the last decade that we are able to talk about at a number of places. I'm totally and completely a believer that the amount of new things and new services that it will bring will become the default standard for India to give to the world. If the West is making LLMs, India will make more use cases than ever before. Yes, it is an opportunity to create sovereign AI models and I do believe that our government is perfectly working on those. At the same point of time, the ability to create use cases of AI will belong to all of us entrepreneurs who are working in different business steps. Now, beyond AI, last year was also the year of consolidation of businesses as you have seen it. We were able to either sell or prune a few businesses that we did not see forward-looking giving us large bottom lines. Madhur and I, both of us, we used to look at the businesses with a single eye: will this business generate future forward bottom line of a scale or not? Whether it is able to be sold or have a buyer for it, or we don't need to do it because it is not even profitable or taking investments even in the forward future, we would not put resources towards that. So due to that, we were able to bring the company not just to profitability but to a very different energy and excitement in the team. The best part is when the team is excited that they can do it and they were able to pull off so much extraordinary execution for making us profitable. Each team now internally looks at how much money or profit they will bring on the table. I'm very happy to tell you that each team leader, beyond the annual operating plan that we gave, they are excited about bringing in more market share, more profit or revenue share on the table because they see that we have been able to overcome one of the very toughest times and that gives them confidence that they will be able to pull off a lot more. So on the business side, the energy and excitement of our team, on the technology side, capability of AI, and like I talked about it, the business model of Paytm will remain that we will sign up our customers on payments and cross-sell financial services and we will find out what new and structured way we can identify a few of the AI services. That remains as our core focus and core focus area for our next two to three years of growth. I also am sure that many of you would have seen that UPI is a very critical infrastructure of India and you know that our commitment to continue to innovate on UPI stays. We also want to commit to the growth of UPI, contribute towards making sure that new innovations and new features are launched on our consumer app or for the merchants, and we see the widespread adaptability of these features. We feel truly privileged that we are able to play in such a vibrant ecosystem and contribute our contribution to the growth of the ecosystem in our ways and methods that we are able to contribute at the need that we are given the role of as a business forward. Like I've been saying, you can expect us to do financial services and a few of the AI services. In due course, let's see what different little pilots that we are doing, how they show up and how they come about. It is important for us to focus back beyond just the payment and credit growth or distribution of credit growth that we saw, and we are looking at Paytm Money, which is our stock brokerage and mutual fund distribution business. I'm also very happy that in the last AGM some of our shareholders suggested that if we could have a special offer for the shareholders. Today we have a board-approved offer which our CFO will share at the end of the presentation that he's going to make after my conversation. So without further delay, I invite our President and Group CFO Madhur to talk about his presentation where he will talk about how the company has performed and how does he see the new opportunities forward. Over to you, Madhur.
Thank you, Vijay. It is a great honor and privilege to have everyone. Namaste everyone. We are continuing with the digital format this year as well, virtual format. We got a lot of good feedback that allows a lot of people to participate. So hopefully everyone likes this idea, likes this practice. I'm going to make a very short presentation just for the shareholders to be aware of what is going on in the financial performance of the company. As I think all of you are aware, our core business is that we acquire customers by servicing them through payment services where we have the Paytm app, where we have 7.4 crore monthly transacting users. So these are users like you and me who can use the Paytm app to meet all of our payment needs. And we also help 4.5 crore merchants accept payments. These merchants are the small QR code merchants, people who may have a small shop or may even be selling fruits and vegetables on the street. We also have many, many merchants now, 1.3 crore merchants who use cards and QR devices from us. QR devices, our famous and very popular soundbox, which has been a very pioneering product from Paytm, and we also have card devices. Slightly lesser known perhaps is that we also help tens of thousands of online merchants accept payments. These can be shopkeepers that want to start selling things online or this could be large online e-commerce, quick commerce, travel websites. So that is a pretty large part of our business as well. This is the one where you mentioned earlier, we recently received the payment aggregator license so we can grow this business even faster. The model is that we then, after we have all of these consumers and merchants and they are loyal customers of ours, we distribute to them financial services. The three primary financial services that we are currently focusing on is merchant loans for the merchant, which is again a very innovative and pioneering product where a merchant can get a loan basically because they use a lot of Paytm and because our lending partner likes their credit, they're able to get a loan very seamlessly on the Paytm app and they can also repay this very seamlessly. They basically every day make a small repayment to the lenders, which is also very suitable for the way they receive money because small shopkeepers receive money every day. So we had the idea that why should they not be allowed to repay their loan obligations also every day? So it does sort of pinch them a little less and they never default on the loan and they have a very good credit score. So this is the truest of true financial inclusion in the country that we are focusing on. Obviously we do personal loans for our consumers as well. So if you're using the Paytm app, you might be eligible to get a personal loan. And one of our fast-growing products is stock broking and mutual fund distribution. So we really want to help our customers accumulate wealth, save it well. The range of products there ranges from mutual funds, SIPs in mutual funds, as well as stock broking. So customers can buy and sell stocks using Paytm Money, which is our separate app, a brand, and a semi-regulated stock broker. We also last year launched the MTF product, so you can also get a margin from the equity broker if you want to buy more stock than you might currently have money for. So we are completing the product suite to help people borrow and to help people save. Vijay has covered a lot of this in terms of we have a full stack of technology that we use for both small merchants as well as very large merchants. There is a layer of hardware, a layer of software, a layer of services. I think we covered some of this in our pre-AGM video as well where we have all kinds of devices. We have a huge amount of software, AI-enabled software that powers that, and we are adding more and more services on top. And we also have obviously allowed merchants to accept all types of payment instruments: UPI apps, credit and debit cards, net banking, EMI, gift cards, etc. And like I mentioned earlier, we service the entire range of merchants in India. So whether you are a very, very small merchant who has just started a shop or you're selling tea or chocolates on the side of the street, all the way to very sophisticated merchants, that makes Paytm very unique not just in India but globally, that our ambition and our product offering to service every type of merchant in the country is very, very unique. This is our financial performance through the year that we are having right now and we are seeing very strong growth. Obviously, like I mentioned, the early part of last year was quite difficult, but we have come out of that very, very strong. Our gross merchandise value, which is just the amount of payments that happened through Paytm, has gone up 27% from 4.3 lakh crores to 5.4 lakh crores per quarter. So this is every 3 months. So currently we are run rating at about two lakh crores a month. The number of merchants who are using a device from us has also gone up by 21 lakhs. So that's growing very nicely as well, from 1.1 crore roughly 1 year ago to now 1.3 crore. So we're seeing spectacular adoption of this product continuously. A lot of people ask us, how many merchants are in India and when will this stop? Our view is that there's a huge amount of runway in the country because India is also a very big country and while we have done a lot in the last 10-12 years, there's a lot more to do. This is our financial performance. We have seen 28% growth year on year. Most importantly, we have solidified our leadership in the India merchant payment business and last quarter we turned profitable. This is not adjusted profitability or anything of that sort. This is just reported profit after tax of 123 crores last quarter. As you can see, this was supported by 28% year-on-year revenue growth. Also, last year, June 2024 was a very poor quarter for us but we were able to turn around, recover and improve very, very dramatically. There's a lot more discipline going forward, like Vijay mentioned, and that is something that we talk about a lot in our meetings. Finally, our cash balance is 12,872 crores as of last quarter. So that is a huge amount of cash. So the company is on very, very solid footing in terms of its balance sheet. Also, I did want to touch upon our activities in the community. We are very, very active in all the areas in which we can be helpful. In particular, we have chosen education initiatives. I've taken the liberty of adding something which Vijay has actually done in his personal capacity where there is a project called Wisdom on Wheels where he has donated a mobile learning bus. This was funded by Vijay's personal capacity. The company also donates educational kits, supports scholarships, and also donates used laptops for schools and colleges who may have a need and can benefit hundreds and hundreds of kids by only donating maybe 20 used laptops. So this is for computer labs and so on. These are laptops that Paytm would have bought and would have maybe used for one or two years but they're not maybe suitable for the high-end technology work that we do. One of the core pillars of what we do is cyber crime awareness. Many of you may have read news stories about somebody who was not quite sure what they were doing on the app or there was a fraudster calling them and they have lost some money while using mobile payments. One of the foundations of our company is trust. So we try to build as much trust as possible. So we do cyber crime awareness sessions for schools and colleges in partnership with law enforcement agencies, and we do a huge amount of engagement even with law enforcement agencies to make sure they know how to deal with what kinds of complaints that they might get. We're also now venturing a little bit into healthcare support, donating ambulances to government hospitals. As you know, our company is based in Noida, especially in north India and especially in NCR. Over the last few years, air quality has been a major concern. So we have a deep partnership with the UNEP, United Nations Environment Programme, where we collaborate with them to expand research and the tools that local governments can have to forecast air pollution problems and also to solve air pollution problems. And finally, I'm very, very proud to say that our Paytm employees volunteer thousands of hours to community development activities. So we have community development days where various employees and leaders will get involved in a number of activities on a volunteer basis. So they're doing this in their extra time, maybe on weekends, and I'm very proud that our teams are pulling this together. And finally, Vijay mentioned that we do want to have something for our shareholders which is really a thank you and gratitude for being with us. So our subsidiary company Paytm Money would like to make an offer where any shareholder who is a shareholder as of today, record date today 29th of August, can get substantially better terms on Paytm Money if they are a customer of Paytm Money. This will apply to existing customers as well. Currently the standard brokerage is about 20 rupees. For Paytm shareholders this would be half as much, so 10 rupees. And the second big change is like I mentioned earlier, we have MTF, which is margin trade facility, which we launched in December last year. The current terms of the MTF is the interest rate is mentioned here which is 9.75% as high as 14.99% for certain buckets of customers. For Paytm shareholders, we are proposing that this would be a flat 8.99% across buckets. So whether you are in the 0 to 1 lakh bucket or whether you're in the 1 to 25 lakh bucket, you would get a flat 8.99% MTF interest. So if you're the type of customer that takes margin trade facility for short-term investment or long-term investment, this would probably be the most attractive rate that you would get. And this is really our thank you for being shareholders of Paytm. This offer will be live on the Paytm Money app from 2nd of September because the cutoff date is today. So on 2nd of September, we will be able to update the records of who is a Paytm shareholder as of today and we'll make it live for Paytm shareholders on the Paytm Money app from 2nd of September, which is I believe next Tuesday. So I hope many of you and all of you can avail of this. With that, this is our mission. We stay committed to this mission to bring half a billion Indians to the mainstream economy through technology and financial services. This is our disclaimer and thank you very much. Thank you for being our shareholders and thank you for joining this AGM.
So with the permission of the chairman and members, we will start the proceedings of the formal agenda items. Since the notice of the AGM and annual report containing the financial statements and reports of the board of directors and auditors for the financial year ended 31st March 2025 have already been circulated, with the permission we will take the same as read. The reports issued by statutory auditors and secretarial auditors do not contain any qualifications or modifications or observations. So with the permission of the members present we shall take the same as read as well. So now I will take the business as contained in the notice by calling the brief description of the resolutions. So first item on the agenda is to consider and adopt the audited standalone and consolidated financial statements of the company for the financial year ended March 31st, 2025 together with reports of the board of directors and statutory auditors thereon. Item number two relates to not filling up the vacancy caused by the retirement of Mr. Madhur Deora, executive director, president and group CFO who is liable to retire by rotation and does not seek reappointment. He will continue in his other role of the president and group CFO. Item number three is the payment of remuneration to Mr. Vijay Shekhar Sharma for the remaining tenure from 1st April 2025 to 18th December 2027. Item number four relates to the appointment of Urvashi Sahai as director in the capacity of whole-time director designated as executive director and general counsel of the company. Item number five relates to payment of remuneration to Urvashi Sahai for a period of 3 years in the capacity of full-time director designated as executive director and general counsel. Item number six relates to appointment of Chandrasekaran and Associates, practicing company secretaries, as secretarial auditors of the company for a period of five years. Item number seven relates to approval for contribution to charitable and other funds and authorization to the board of directors in this regard. The necessary background of the resolutions has been set out in the explanatory statement annexed to the notice of the AGM. So we will now open the session for the registered speaker members to speak and ask their questions and suggestions. The floor will be open for speaker members for approximately 60 minutes to speak and ask their questions. We will respond to all questions together at the end after hearing all speaker members. Any queries that may not be addressed because of the paucity of time, members may kindly send us over email and the management will reply to them suitably. So I'll request Axita now to please take the Q&A session forward.
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 a list of members and take as many questions as possible depending on the availability of time at the AGM. Members are requested to confine their questions and suggestions to the business set out in the notice of AGM and not to repeat questions raised by other members. In the interest of time, please limit your questions to 2 minutes. We will now invite our first speaker shareholder Mr. Lokesh Gupta. Mr. Gupta, you requested to enable the webcam, unmute your audio and ask your question.
Hello sir. Sir, last year... second payment bank... shareholders.
We now move to our next speaker shareholder Mrs. Celest Muskanes. Mrs. Muskanes, we have sent you the prompt. Please accept the prompt and ask your question. We have sent you the prompt.
Yes ma'am. You're audible. You can ask.
Thank you very much. Respected chairman, MD, CEO, Mr. Vijay Shakhar Sharma, CFO Madhur Deora, Madame Shro, other esteemed directors on the board, my dear fellow shareholders, I am Ms. Celest Muskanes speaking from Mumbai. First of all, I thank the company's secretary Mr. Sunil Kumar Bansam for sending me the annual report, also registering me as a speaker at my request, and giving me this platform to express and being a part of it on this silver jubilee occasion, which I am very proud of. With all the 25 years with lots of ups and downs, and now definitely happy days will come, I am sure about it. The annual report is full of information, figures all explained, self-explanatory, adhering to all the norms of corporate governance. Working is good, our ESG reporting is good, our CSR work all explained by Mr. Deora speaks volumes. Now I come to what I need in this AGM. You have given two good benefits today being the ex-date for those benefits, but I ask you one more. I know there will be capex requirement and therefore with the board's approval, I ask for a rights issue so that we become more and more powerful in the days to come. This I feel will be a great celebration for the small shareholders who have really very good faith in your working, in your team. I don't want to ask any questions where there is faith, there are no questions. So with this, I wish you and the entire team very good health as health will create wealth, and also very good festive season, especially Lord Ganesh season is going on. I invoke his blessings on our company and on you entire team. With this, thank you very much. Namaskar.
Thank you. We now move to our next speaker shareholder, speaker number three, Santosh Kumar Sharaf. Mr. Sharaf, we have sent you the prompt. Please accept the prompt and ask your question.
Namaskar. Foreign speech... daily... CFO... compress... self-dependent India... Thank you for interrupting... plan... mobile... charge... healthy, wealthy... Namaskar. Namaskar. Thank you sir. Thank you sir.
We will now move to our next speaker. Speaker number four, Ashok Kumar Jain. Mr. Jain, we have sent you the prompt. Please accept the prompt and ask your question.
You can ask your question.
IPO price... Medare price... report... sir... Trump tariff.
We now move to our next speaker. Speaker number five, Bimal Kumar Agarwal. Mr. Agarwal, please accept the prompt and ask your question.
Hello. Can you hear me? Thank you. Good morning to you all. Good afternoon, good evening and good night to other shareholders, other directors who have joined from different parts of the world. First of all, I thank the company's secretary Mr. SK Bansam and his team for reminding me of the meeting that tomorrow is the meeting. Please join. Thank you sir. And sir, you have already sent me the physical annual report. That's very good. And this is the 25th year. What is the celebration? I think that with the next year they will touch around 2,500 our share price, which will cross more than IPO price. And very good CSR activities you are doing. What now I just want to ask one or two questions: what is the attrition rate of employees? And I've already supported all the resolutions for the same. And again, I thank the company secretary and his team. Thanks a lot and please continue video conference in future so people from all over the world can join. That's all from me. Thank you very much.
Thank you. We'll now move to next speaker shareholder, speaker number six, Nilamata. You can ask your question ma'am. We have sent you the prompt. Please unmute your mic. We can hear you. We can hear you ma'am. You can ask your question. It seems to be some network issue. So we'll move to our next speaker shareholder.
Hello. Hello. Chairman... Department.
Thank you. Our next speaker shareholder, speaker number seven, Manoj Kumar Gupta.
Mr. Gupta, please unmute your mic. Hello.
Hello. Good morning. Namaskar. Chairman sir, Namaskar. I Manoj Gupta joined this meeting from my resident city of Joy Kolkata. I feel proud to be a shareholder of Paytm and I thank you... Secretary Mr... Last price... Global... VC meeting... internet... join... team corporate sector. Thank you, sir.
Thank you Mr. Gupta. We now move to our next speaker shareholder Ajay Khurana.
Yes we can hear you. A very good morning to chairman, board directors. First of all, I would like to thank you...
Mr. Khurana, we are not able to hear you. We'll wait for a few minutes. Seems network issue. We'll move to our next speaker shareholder number nine, Miss Leasha.
Ma'am, we have sent you the prompt. Please unmute your mic and ask your question. Miss Leasha, can you hear us? We'll move to our next speaker shareholder Mr. Yashpal Chopra.
Yeah, myself Yashpal Chopra calling from Delhi, shareholder since IPO, client ID last four figures 0454. So being a super senior citizen around 86, I take the liberty to bless my management, our dynamic and visionary Mr. V Sharma, Vijay Shakhar sir, and this group CFO Mr. Madhur Deora, our compliance officer Mr. SK Bansam, and the entire team of dynamic visionary people, financial wizards just in the group. I congratulate them. I bless them. Sir, I want to say that this project is not a project, it is an auspicious project. Auspicious I can say this is the blessing in disguise for those traders. I remember very well that when my father was just to go on a tour to Maharashtra or south or like that, he would just request my wife to make a bundy, the inner banyan, and in that those thousand rupee notes were just put over there and then because of safety and to avoid risk, he would go there to the extreme corner and settle the payments. But it was full risky in the 50s, 60s, and 70s. Then most of the traders were looted on the way. Most of the people were cheated and even the person who would get the payment sometimes they would refuse having taken the payment. So sir, now our system of payment is foolproof. This is risk-free. This is a blessing for the traders. This is a blessing for the businessmen. And I am very much proud of our management. I say that I must bless him several times for this great concept he has brought in. Sir, this concept is a big strength to our economy. This will strengthen our GDP growth. This will complement and supplement the dream of our PM to take our country to a three trillion economy, to make our country third in the world. So this is a strong foundation for that. Sir, this concept has blessed not only the big trader but even the small retailers like a rehriwala or a vegetable vendor or a palm leaf seller, everybody is using it. So it's such a popular concept, it has been accepted like anything. And this way you are supplementing the dream of our prime minister to make digital payments a success in this country. So sir, I have great kudos for the team. I just wish to bless the entire team. Sir, further, our company on listing, the share fell from four figures to three figures because the people had not realized the importance of that issue at that time. And for that, I do not blame Mr. Sharma, I blame the misleading managers. Generally, whenever some IPO comes, I am invited to the conference before IPO and I look at all the factors. And whenever there is something wrong, I take those lead managers to task. They were not lead managers, they were mislead managers. And that was the reason for this great chaos. So for that, you should not take it to heart. This is an event which has passed away. No problem. And you see, the people, when they realized the importance, the confidence in the company has regained and our share price has just regained four figures. Share price in the stock exchange is the barometer of the strength of the company, strength of the management, strength of the project. And you see that the share market has accepted that our company is very strong, our project is very strong. So that means we are in safe hands of the investor and the coming time, coming future shall be excellent, bright. Because even our prime minister and our finance minister, our RBI, they want to take our economy to higher heights. So our share of contribution, our share of sacrifice cannot be ignored. So I am very much proud of that sir. Just to proceed further, I would like to congratulate management for diversification, for the addition of new verticals like marketing services and financial services. These are very dynamic projects because people are now in the habit of sitting at home and inquiring where to get what and what is the quality of the product. If we render them the service, our company is going to gain momentum and gain big thing. Similarly, those financial services to the investor, that means a big help to loan, big help to borrowers. So I will recommend our management to consider on that line and add even more channels or more verticals because that will strengthen our company and take our performance to new heights. Under CSR, you are doing a fantastic job. Though this year's performance or last year's performance was not profitable, there was no profit for CSR activities. You were not bound for that because CSR comes only when profit comes. But still you have done a lot for the community. You have done for health, for education, laptops, and all that help. This shows your emotion for the community. Please keep it up sir. Future of our company is excellent. I can vouch very well and I will pray God for positivity of the company. I will like that God should bless from the chairman to the last man because that positivity will be the strength of the company and strength of the company will be the strength of my investment. But before I close, I must thank our dynamic company secretary who has produced a 340-page annual report containing all the details. I will thank even our CFO and our chairman for giving a presentation of 45 minutes, leaving no scope for any query. But still I would like to find out something. So my only query is what is the attrition ratio in the human capital? And the other query is a food for thought that management should think of some corporate action for bringing a rights offer so that those who had bought shares at a high price can average it out. Because I think now the confidence of the investors is too high, they will grab the rights like anything. That will provide additional liquidity to the company. So that is one of my food for thought. And before I wind up, I must thank Mr. Sunil Bansam sir for giving me a chance to express myself. And I will pray God that you all enjoy the upcoming festivals in good health and with your family. Though sir, I am not lucky in that matter, I lost my wife just 15 days ago. No problem, that was God's will, I have to obey. So lots of blessings for the entire family. Be happy. And I am quite confident that by 2027 our company shall be in a position to declare dividend. That is my blessing, that is my wishes, that is my prayer. And I think our company is on a smooth fast path of growth with a very dynamic speed. So best of luck to you. Thank you.
