2023 earnings call transcript

which are as follows

Item number 1: To receive considered and adopt the audited balance sheet as at June 30,

2023 and the statement of profit and loss for the financial year ended on that date. Together with the reports of auditors and directors there on.

Item number 2: To confirm payment of interim dividend and to declare final dividend for the financial year ended June 30, 2023.

Item number 3: To appoint a director in place of Mr. Aalok Agarwal, non-executive

Director having been 08468145 who retires by rotation and being eligible offers himself for reappointment.

There is one item being proposed under special business as an ordinary resolution which is Item number 4: Ratification of remuneration payable to the cost auditor for the financial year 2023-24.

The company had provided an E-voting facility for members to cast their vote through remote e voting, which had commenced on Saturday November 25, 2023 at 9:00 a.m. and ended on Wednesday, November 29, 2023 at 5:00 p.m. Those members who have not done so shall be eligible to vote through the E-voting system within 15 minutes after conclusion of this Annual General Meeting. Mr. Nrupang Dholakia, Practicing Company Secretary and in his absence Mr. Vishvesh Bhagat, Practicing Company Secretary have been appointed as scrutinizer for conducting the scrutiny of the votes cast it through E-voting at the meeting. The procedure for E-voting at the AGM is same as the remote E-voting mentioned in the AGM notice. I now hand over to the Chairman Mr. Talwar to take the proceedings ahead, over to you, sir.

Mr. Suresh Talwar, Chairman:

Dear Shareholders, Welcome to the 56th Annual General Meeting of Procter & Gamble

Health Limited. I welcome you all today to share and discuss the Company’s performance over the last financial year.

2

I would like to begin by introducing our new board members, Mr. Lokesh Chandak and Ms Seema Sambasivan. A Chartered Accountant and a Company Secretary, Mr.

Chandak comes with experience of over 15 years in Finance and Accounting. He has been with P&G for the 13 years and worked across 3 geographies and multiple businesses. Ms Sambasivan holds a Masters degree in in Science (Microbiology) from

Mumbai University and has been with P&G for over 25 years, specializing in

Healthcare category. She is currently the Senior Director for Global Product stewardship for Personal Healthcare across India, Asia-Pacific, Middle-East, Africa and China. Welcome to the Board, Lokesh and Seema!

Talking about Business Results, I am happy to share that Procter & Gamble Health

Limited has registered a strong performance in the fiscal year 2022-23 on the back of consistent growth across all our brands, despite stiff competition and category slowdowns in our operating categories.These results were backed by an Integrated growth strategy comprising of a portfolio of products where performance drives brand choice; superiority across product, package, brand communication, and retail execution; productivity in everything we do; constructive disruption across the value chain; and an agile, accountable and empowered organization. The Company steers ahead focused on delighting and serving consumers, customers, society and shareowners through above strategy.

You will agree that Indian consumers have undergone a transformative shift in their priorities post the pandemic. Health awareness is rising, and the importance on health and wellness has increased. Consumers today have more access to health care related information and expect to play an active role in their healthcare choices.

Towards empowering consumers to make informed choices, the Company continued to invest in creating awareness through scientifically backed communication across touchpoints.

We raised awareness about Iron Deficiency Anemia through the ‘Bolo India, Na Na

Anemia!’ initiative powered by Livogen; Neurobion helped recognize the signs of nerve damage so people can seek early diagnosis and treatment to ‘Feel Life’ again, and Polybion highlighted the role played by B Vitamins for recovery, immunity, and energy to ‘Stay Always On’. Evion promoted internal nourishment in order to experience outer beauty with ‘Evion In Beauty On’ while Nasivion assured ‘Fast Relief’ from nasal congestion. We also worked towards increasing the availability and access of our brands across online and offline platforms.

Through the year, we strengthened our collaboration with healthcare providers, pharmacists and health associations for research, awareness, education efforts across our category areas. Through multiple scientific exchange forums such as the Blood

Health Forum, Nerve Care Forum, Care Summit, and Recovery Summit, we have been facilitating exchange of information and insights on the latest treatment approaches, and on the role of our molecules for improved treatment outcomes.

3

With SEHAT, the Company continued its citizenship efforts towards helping build a healthier India through public health interventions at grassroots.

We know there is still meaningful opportunity for improvement. We are working on strengthening our execution across each of these strategic choices, towards delivering balanced top- and bottom-line growth and value creation, now and in future.

As always, we continue to count on your valuable feedback and inputs in this journey.

Thank you for your steadfast support and confidence, and for making the time to join us today. Jai Hind

I now request Mr. Milind Thatte to address the shareholders. Thank you.

Mr. Milind Thatte, Managing Director:

Thank you Mr. Talwar. Dear shareholders, I'm delighted to connect with you today to share our journey through the year 2022-23. Our aim was getting closer to our consumers, patients, healthcare practitioners, customers and business partners. Getting closer symbolizes our company's commitment to being there for our consumers and patients when and where they need us in bridging the gap between research-oriented products and patient care, to extend health care to our communities. And last but not the least, to serving and caring for our own employees. In our journey towards our vision of strengthening our presence in consumer health, our purpose of touching and improving the lives of Indian consumers with quality healthcare brands, which are backed by science and trusted by doctors, consumers and pharmacist. Through the fiscal 2022-23, we remain focused on our integrated growth strategy comprising of portfolio of quality, trusted and highly recommended healthcare products, superiority across product, package, brand communication, retail execution, and value productivity, constructive disruption and an agile empowered organization. This year saw an extensive effort towards consumer awareness in our categories. Collaboration with healthcare professionals, pharmacist and healthcare organizations, expanded research and visibility of our brands, strengthened our citizenship efforts, and several employees focused initiatives. With activations across multiple touchpoints to help increase symptomatic disease awareness and urge them to seek early diagnosis, we did scientifically backed insightful communications.

Our products are in the space of self-care where advertising is not necessarily the most effective media. Our research and our experience enabled us to embark on effective targeting through New Age media, such as digital platforms to educate our consumers and doctors both learning so far has been that we need a hybrid model of mass advertising with targeted HCP education. Our collaboration with healthcare professionals, pharmacist and healthcare organizations helps foster better scientific collaboration and knowledge sharing. What you see here are innovative scientific exchange programs such as Blood

Health Forum, Nerve Care Forum, the Care Summit, Recovery Summit, these summits brought together renowned global and Indian experts to discuss and share the latest treatments and approaches in our categories including the role played by our products.

4

This fiscal, we launched the new polybion A injection with better formulation. These innovations are proof that we are continuing to remain focused on our integrated strategy which comprises a portfolio of products where performance drives brand choice, superiority across product, packaging, brand communication and retail execution, productivity in everything that we do. Constructive disruption across the value chain and an agile, accountable and empowered organization. Let us see a demonstration video which has been used by your company in showing the product superiority. This video will help us understand how our scientific formulation actually helped make a difference in the life of our patients and consumers.

<<Audiovisual on Evion playing>>

Thus, along with scientific superiority, we also continue to improve our retail execution, thereby helping to improve visibility and reach of our products across 1.6 lakh units deployed across the country. This year, we bolstered our go to market strategy and strengthen our partnership across Omni channel stores, increasing the availability and access of our brands across online as well as offline platform, thereby helping meet the needs of our consumers and customers. Sehat, our CSR program continue to remain a priority, where we continue to strengthen public health by addressing the three pillars of capability building, accessibility to health and active intervention. The Company also won prestigious awards to get recognized in our citizenship efforts under Sehat award for our consumer awareness initiatives. Other than this individual awards for our erstwhile CFO,

Mr. Amit Gupta, for our marketing director -Mr. Vijay Pampana, and our director for clinical development - Dr. Poonam Sule. You can read more about them in our annual report. Such prestigious recognition further help fuel our passion and commitment to serve the Indian consumers and help them to live healthier lives.

Step by Step, quarter on quarter, initiative by initiative, we continue to remind to become a leading company in consumer health in India, with a strategic interest in health and well- being of consumers with strong portfolio of brands backed by science and trusted by doctors, consumers and pharmacists, the passion and perseverance of our talented and passionate team and your support as shareholders and encouragement we believe we can make it happen. Thank you for your continued support and trust in your company, P&G

Health Care Limited. Thank you. Over to you Mr. Talwar. Thank you.

Mr. Suresh Talwar, Chairman:

Some members have expressed their desire to speak at this AGM by registering speakers, we will invite the speakers one by one. Members are requested to follow the instructions of the Company, I appeal to the speakers to ask questions related to accounts of the company for which we are meeting today. And to avoid questions that have already been asked and I request you to be brief and limit the time to 3 minutes per question.

The management will spend will respond to the questions at the end of the session.

And so, I thank the speakers for extending this co-operation requests the meeting hosts to assist in conducting the Q&A session, meeting host.

5

Meeting host

Dear shareholders, names of shareholders who have registered themselves as speakers will be announced one by one and the respective speaker will be unmuted. Shareholders are requested to click the audio and video ON to start speaking. If the shareholder is unable to join through video mode for any reason, he or she can join through audio mode. If there are connectivity issues from the speaker’s end, the next speaker will be asked to join. Once the connectivity improves, he or she will be requested to join once again to speak after all the other speakers have completed their turn. We urge the shareholders to limit their time to 3 minutes.

Inviting the first speaker, Mr. Rajesh Chainani. Hello sir, I request you to unmute yourself before you proceed.

Mr. Rajesh Chainani

Respected Chairman, Mr. Suresh Talwar ji, MD, Mr. Milind and very highly distinguished

Board of Directors, my fellow shareholders, my name is Rajesh Chainani, I'm speaking from Mumbai, Vile Parle. I welcome on the board Mr. Lokesh Chandak and Ms. Seema.

Congratulations, which is they joined the board and I'm thankful to the Company

Secretary, Ms. Zean Rupani for sending me the physical copy of the notice very well on time. I have gone through the balance sheet, sir is full of facts and figures in place. Page number 22, 25, CSR activities done by the company is really very good sir. It is excellent.

So, we are getting all the blessings of the Almighty, sir. And from page number 26 to 33 nurturing employee well-being so we are doing a very good job sir for our employees also.

I'm very happy the revenues have increased; the profits have increased. Sir my queries we have earnings for share of Rs. 138 and dividend, giving us very good, Rs. 95. So, but it can be much better than 100 plus, it should be 100 plus, because I remember in 2018, we got

440 rupees and 2019 it was 230. So, at least we should maintain 100 plus that will be very good sir. And regarding the balance sheet a page number 4 and 5, I have gone through the message of the managing director also. So, he has shown a very good bright picture about the company. Sir our price today is 5087 and we've touched the high of 7499 in 2021. So, I hope we do much much better because now the markets are also very hot. The newly listed companies are shooting up like anything. So, I hope our Procter and Gamble touches the

5 because when it was 7500 like almost, we were really happy that we are going to a rest of figure of 5 so I wish all the best then a company that is much better under your leadership. And sir, I remember meeting you at Sunville Banquets. So it's been a long time.

So, I hope someday we will definitely meet personally. I have a few words for you sir,

“Raat aati hai sitare leker, neend aati hai sapne lekar, humari dua hi kal ki subah aye aapke liye khushiyan leker. Sir ek chota sa aur hai, Khuda har buri nazar se bachaye aapko, duniya ki tamam Khushiyon se sajhaye aapko, dukh kya hota hai yeh abhi pata na chale,

Khuda zindagi me itna hasaye aapko.” So I wish you, MD and all the directors and fellow shareholders all the very best for the company and I wish you all the coming festival also sir, thank you for giving me the opportunity to speak sir. Thank you.

6

Meeting host

Thank you, sir. Inviting the next speaker Ms. Lekha Shah. It appears Miss Lekha Shah has not joined us. Inviting the next speaker, Mr. Navin Goyal, from Club Millionaire Financial

Services Private Limited. Hi, sir, please unmute yourself before you proceed with your queries.

Mr. Navin Goyal

Good afternoon and thanks for the opportunity. I had four questions which I had earlier emailed to a Company Secretary as well. So firstly, in the annual report, we mentioned that two customers each contribute to more than 10% of sales for the company for the current year amounting to a total of 273 crores whereas in the previous year, that amount was nil. So, what is the sudden sales of 10% each for these two customers? Can you kindly explain? Secondly, I wanted the management's commentary on the V&M category as a whole and how does the management see the growth for the next 5 years? Thirdly, the top

5 brands of the company can the management share some light on the market size, the brand size of the products and the growth in this top 5 brands which we own. And lastly, the advertisement and sales promotion for the company as a percentage of sales was seven and a half percent in the current year, whereas in the previous years used, it used to be in double digits almost 11% of sales. So going forward, do we see the advertisement expenditure to sales staying at around 70% are going back to the previous levels of 11 to

12%. Thank you. Those are from my side.

Meeting host

Thank you, sir. Inviting once again, Ms. Lekha Shah. Hi, ma'am, I request you to unmute yourself before you proceed with your queries.

Ms. Lekha Shah

Respected Chairman, board of directives, and my fellow members, good afternoon to all of you. Myself Lekha Shah from Mumbai. Chairman sir, our Company Secretary, Zeal madam have explained us in a good manner and you have also explained to us very well.

There is no question from myself. I support all the resolutions. Thank you so much.

Meeting host

Thank you, ma’am. Inviting the next speaker, Mr. Santosh Kumar Saraf. Hi, sir, please unmute yourself before you proceed.

Mr. Santosh Kumar Saraf

I welcome you respected Chairman, board of directors, and my fellow members, myself

Santosh Kumar Saraf from Calcutta. I hope that you are in good health. I also thank all the brothers and sisters working in our company. Our Company is Progressing with hard

7 work. I request them to continue the hard work so that we receive good results from your side. And I hope you will also receive a good reputation from this. I thank you, sir has giving us the dividend of 95 rupees, and also thankful to the management. I have one or two questions. I wanted to know that have you launched any new product in the market this year? What are the steps the management is taking to continue the good results for the

Company? What steps have you taken for women's empowerment? What is the percentage of women in the permanent employees and workers? How many disabled employees are there in the company? Sir, have you taken any help from artificial intelligence? Kindly let us know about the ideas on this in the future. I wish you all a Happy New Year and I pray

God that you all remain healthy, and the next year be healthy, wealthy, and safe for all of you. I hope that this type of VC meeting will be continued in the future because of which some of the directors are attending the meeting from Singapore. I request that you request the government to continue this type of VC meeting in the future. Thank you, Mr Talwar, and also madam Zeal. Thank you.

Meeting host

Thank you, sir. Inviting the next speaker Mr. Manoj Kumar Gupta. Hi, sir, please unmute yourself.

Mr. Manoj Kumar Gupta

Good afternoon, respected chairman, board of directors, fellow shareholders. My name is

Manoj Kumar Gupta. I have joined this meeting from city of Joy, Kolkata. Sir, first of all attend to your company secretary and her team will help us to join this meeting through

VC and sir I tend to you and your team for the excellent result of the company for the year

2022-23. And sir I hope that this trend will continue and sir your product is very excellent like Neurobion Forte, I am regular customer of Neurobion Forte and I distribute among my well known and others because this is very good product to help in the back pain and others and keep giving a much strength in the pain and other spinal and other bones. So, such type of more innovation like launch new products in the market because problems of spine or bone is increasing in India in all children, youth, and aged people. Keeping this in mind, Launch new products such as Neurobion or Crocin and Crocin Plus. If it is possible, launch Neurobion spray or Neurobion ointment to get faster relief such as Volini spray by innovating from your R&D team. 22 years ago, I got a problem in my spine, Dr.

Dholakiya told me that You have to take 5 injections course in winter and you have to take

Neurobion tablet. So, I have been quite good for 23 years and I am not having any problems

Because every winter I take a Neurobion injection course. Neurobion injection is a very tough injection. Every person cannot take this but I have been taking it for 23 years. Sir thank you for the dividend of 95 rupees and giving a reward to the investors Like a bonus inventor or bonus in the ratio of 1:1. and sir, if you split the share that will be mini bonus, either 5:1 or 2:1 try to consider to increase your market capitalization and liquidity and once again, I thanks to the company secretary and her team to help us to join this meeting.

And I also thank the Company Secretary of Gillette who remind me today today's the

AGM sir. Thank you.

Meeting host

8

Thank you, sir. Inviting the next speaker, Mr. Dharmesh Pravin Vakil. Sir, please unmute yourself.

Mr. Dharmesh Pravin Vakil

First of all, a very warm good evening to everybody. As rightly said, I'm Dharmesh Vakil from Mumbai. First of all, when the COVID pandemic is over worldwide since one and half years back, why today also a video meeting. Our company secretary said to me yesterday on a call that some upcountry shareholders wanted her to participate that's why video you can have her input and hold a hybrid meeting. See you are taking undue advantages of all the various government departments, various circulars. Number 1, I will go point by point. How is our competition with the local Indian brands, which are made in India and compared to our Atmanirbhar Bharat, say our competition with Patanjali,

Dabur, Bajaj like that. Secondly, what is our market share in the sanitary pads segment?

Because nowadays after the COVID our all the ladies and females are very cautious about their health in the rural areas also, so what is our market share in our sanitary pads segment. I am delighted that our company secretary called me yesterday to remind about the meeting. Generally, any junior staff of all the companies are doing such exercise. So,

I'm very much proud and delighted for our young and charming company secretary. She is Zeal and my daughter is Jil, she is a chartered accountant at Michigan, US and I would like to have our various products for my captive consumption.

Secondly, what are our CSR activities? And how are you going to involve our small and minority shareholders like me? Thirdly, my beloved wife, Poonam Vakil is also our shareholder. Why is she was not invited to attend the meeting. Number 4, I think Rupani, you are a Guajarati I suppose with your surname. And whenever you launch our any new products at that time, at the product launching events, product launching functions, you should invite our shareholders who are locally available. CSR activities I spoke, and I congratulate our entire management, right from our watchman till the chairman of our company for so many prestigious awards and recognitions we are getting year by year.

And now the last question, I am a banya so I will ask you what about our bonus, rights and split? That's all. Jay Shri Krishna and Jay Hind to all. I was three minutes I comprehend that into two and a half minutes. So, I have saved our half minute. Thank you all.

Meeting host

Thank you, sir. Inviting the next speaker, Mr. Ashish Shankar Bansal. Hi, sir, I request you to unmute yourself before you proceed with your queries. Mr. Bansal isn't present. Inviting the next speaker, Mr. Dinesh Bhatia. Hi, sir, I request you to unmute yourself before you proceed with your queries.

Mr. Dinesh Bhatia

Respected Chairman, congratulations and your entire team for doing so much hard work for the company. Prices of the shares in the market are like the mirrors the company

9 progresses its prices increase as well. Today our 10-rupee share price is 5064. Our increasing share price shows your hard work for the company. I also congratulate the awards shown on page number 17, 30, and 32 showing here hard work for the company. I am happy that our company is doing so excellent job. As Dharmesh Vakil said, I also suggest that there are many shareholders in Mumbai. Also, the register office of the company is in Mumbai so why are you conducting a video call meeting? So, next time you conduct a physical meeting, we can meet you personally. I am seeing that for companies progressing in all the fields. We have received the health gold award for best public health interior design for Indian health and wellness. I am also proud that our company name came in the Guinness Book for conducting a one-day meeting by gathering so many people at the same time. I congratulate you and your team on this. You conduct a Health and

Health Awareness program in which you target children and senior citizens So I have one more suggestion if you are conducting such type of Health Care program in Mumbai then invite senior citizen shareholders personally so that we can get benefit from it. I have read about your four products Neurobion, Nasivion, Evion and you also showed this in your presentation, we got to know that we have better products. I request that you send this sample kit to all or at least to those who have attended this meeting. Our desire is that our company progress in the future.

And lastly, I have one suggestion. Our 10 rupees share gets quoted for 5000 in the market.

If you see the yearly lowest price on the Bombay Stock Exchange, it was 3880 yearly and for the highest, it was 5480. As the price is increasing so much, why are you not splitting the shares? If it is possible then split our share of 1-rupee or 2-rupee. If you split in 2-rupee shares, then our one share will become 5 shares so 4 shares will be as a bonus for us. After splitting there will be two benefits and for the shareholders it will be as a mini bonus. The number of the shares will increase. Today if you see BSE, how much is the volume of a shares. After splitting, the volume will increase. As the volume increases, the share price may also increase. So, in the next meeting look into this matter and try to pass some resolution for this. After splitting there will be no reflections in the balance sheets financial activity, only the number of shares will increase. Thank you for hearing me. I am also thankful to your secretarial team as they are thinking to give more and more benefit, more and more entertaining the shareholders. We feel happy that they reminded both today and yesterday to join the meeting. Thank you. All the best.

Meeting host

Thank you, sir. Inviting once again Mr. Ashish Bansal. Hi, sir, I request you to unmute yourself before you proceed with your queries.

Mr. Ashish Bansal

Respected Chairman, board of directives, and my fellow members, good afternoon, everyone. Also, I thank you for the sending of copy of balance sheet. I thank you to the

Company Secretary. Already I have given my email to you, if you can request my enquiry so I will be thankful to you. In last two months, you have shifted the office from Vikhroli

10 to Andheri, what about the previous office. Thank you so much. I am a thankful to you.

Thank you so much.

Meeting host

Thank you, sir. Inviting Mr. Yusuf Rangwala. Hi, sir, I request you to unmute yourself.

Mr. Yusuf Rangwala

Good afternoon, Chairman sir. How are you? First, I will wish you very happy Diwali, happy New Year. I'm seeing your face after long time sir. I was missing your sir. How is your health sir? God bless you and I'm praying for you every day sir with God. Sir, now I will come directly on the point. Twice dividend, interest dividend, once you declare our total 45 rupees, final 50 rupees, which brings us to 95 rupees that is a very good on face value of 10 rupees. This is one of the excellent sir. Today market rate 5600, is went down

3800 and then seeing this balance sheet and I'm very happy and very proud. And also thanks our company secretary Zeal Rupani madam. She's a very hardworking company secretary. And her whole team is excellent. She had given a call to join the meeting. This shows how you are caring for shareholders. And we are very lucky, as you mentioned

Neurobion and there are four products in our company. If possible, can you send us some your small kit of your product so that we can enjoy and sir as you mentioned I also joined our Bhatia saheb to split the screen into 1-rupee. One more thing, the share is on my wife’s name, how to demat it I would like to know. One share, what is the procedure? can you help me?I would like to know. Wanted to know the number of ladies and gents in the present staff? How much is the number in the world ranking? E Merck was the previous company. Previously we have merged E Merck company so what is the world ranking of the Company? And there are so many other company competitions with our company, but this is one of the excellent companies. I also join Mr. Bhatia that next year conduct physical meeting. Sir, kindly give appointment so that I can meet you and have a cup of tea. I wanted to take a photo with you. Thank you. I hope for the bonus next year. Thank you very much. Happy Diwali. I wish you a very Happy New Year 2024. Thank you very much. And I wish our Company Secretary as very excellent company and hardworking, very excellent and very polite to the shareholders. We are very lucky. Your whole P&G group is polite. All your three companies are very good. Few words for you, sir “Fulon ki khushboo, kaliyon ka bahar, apna saath aur P&G ke saath aur kya kehena hai.” If possible then give a product of your Whisper company because the product of 1:1 is available in the market. Kindly give us product coupon for that product. Thank you very much.

(inaudible)

Meeting host

Thank you, sir. Inviting the next speaker, Mr. Aspi Bhesania. Hi, sir, I request you to unmute yourself before you proceed with your queries.

Mr. Aspi Bhesania

11

I am Aspi from Mumbai. It's nice to see you online but I would have also preferred to meet you personally. Because you haven't met by almost 3 years now. September and June quarter revenues almost the same, our EBT increased from 44 to 88 crore that's mainly due to decrease in other expense. The other expenses decreased from 106 to 68 crore when there's too much different than quarter and quarter figures, please put a note to the account so that accountants know what the reason for this reduction is or whether this is permanent or temporary. Wherein promoters stake is only 51 persons so what are our plans. Sir, we are dependent on very few products like Neurobion, Livogen, Polybion any plans to introduce new products. Sir, inventory and receivables have increased by 25%. So, what are plans for reducing that inventory because otherwise our working capital is the getting consumed by all the inventories and receivables. Sir, thank you very much and all the best for the future.

Meeting host

Thank you, sir. Inviting the next speaker, Ms. Celestine Elizabeth Mascarenhas. Hi Ma'am, please unmute yourself before you proceed.

Ms. Celestine Elizabeth Mascarenhas

Respected chairman, Mr. Suresh Talwar, MD Milind Thatte, other members of the board, my dear fellow shareholders in this VC meet I’m Ms. C. E. Mascarenhas. I'm speaking from

Mumbai. First of all, I thank the Company Secretary, Madam Zeal Rupani and her team for sending me an annual report, also registering me as a speaker at my request, and also giving me this platform, which was much easy to operate. Thank you so much. Now, I come to the annual report, it is really very colourful, full of pictures, and all the same time, facts and figures informatory and self-explanatory adhering to all the norms of the corporate governance. Our working is very good, PBT, PAT and a dividend of rupees 95 is also good. And our performance is also good. And we really look out for like this performance year after year. My next thing is congratulations for all the awards and accolades received as already in the Annual Report documented in the annual report. Very good CSR work, it is really commendable the way this is given trust to the corporate social responsibility is too good.

Now my queries, I would like to know which of each of our products is the best-selling product, how much margin we enjoy in that product, who is the main competitor of our products, any new product to be launched in the near future? Next, I come to the gift of health program for the elderly, I saw some very good picture, which is in Guwahati. Sir, why don't we have senior shareholders something like this, so that they are able to look after themselves well, because now most of us are going old. So, I would have been very appreciating very much even on our emails, you can send these programs 1:27:32 these programs, because it will really help us and know more about what has come in the technology in the science field, where we can maintain our health very good after 70. So, this I look out. Also, some literature on Neurobion I was going Neurobion Forte. Another thing is Polybion injections, I would like to have some literature, and which Neurobion

Forte, diabetes connecting. And I would like to know the difference between Neurobion,

12

Alfa and Alfa D for patients with diabetes. If not reply here, you can send some literature or something on my email, which I and my other people and all will get my group people we are now a lot on the social groups. So, we can share your look here we have something very good, which can keep us good health, which can keep us strong, which can save our eyesight because diabetes is the killer. It is a symptom, but it leads to all sorts of complications. And after this COVID many things are happening, you know, which we don't know exactly whether it is due to the COVID or what it is. But after all, we have to take care of very good health. So, if this was shared, I would be very grateful to the secretarial team or anyone in the higher management. With this I support all the resolutions. I see that our company grows in strength to strength and I wish full team very good health because I feel health is wealth. So, with this, I thank you and wish you in advance a very good Happy New Year, which is a one month away. With this thank you so much. May God bless you and our company. Namaskar.

Meeting host

Thank you, ma'am. Inviting the next speaker, Ms. Homayun Beruz Pouredehi.

Ms. Homayun Beruz Pouredehi

Can you hear me? Yes, Mr. Talwar, good day. Remember, I used to come every year for

Merck AGM and meet you. Well, you look just the same and I'm very happy about it. Now so just a few questions? What about Evion, do you really do propaganda about it? Because when I was in Bombay hospital, no doctor recommended Evion to me, but Abott medicines full, I was recommended and for your other patients also Evion medicines were not recommended, but Abbott medicines were recommended. So, I want to know, salespeople, are your doctors spreading about very good medicines Evion and so on. I just wish to know that.

Now another thing I want to know, what other research have you succeeded in making regarding the medicines? I want to know about other medicines I am talking about apart from Evion, apart from Neurobion, I would like to know. Now I want to know what is the difference between Neurobion and Neurobion Forte. Neurobion Forte is very expensive,

Neurobion is not. Is it because Neurobion is under DPCO and Neurobion Forte is not under DPCO or there is some really great difference in the chemical in their components,

I would like to know. Why, because my sister uses Neurobion Forte since yours, and that is very highly priced, so I would like to know.

Now one would like to know regarding your Evion, is it still under DCPO? Drug price control is it still? Evion, it used to be it used to be very reasonably priced. Now later, I don't know. Because I don't buy the medicine of Evion, so I would like to know. Now of course, we wish our company all the best. The company does well. We do well, we shareholders benefit. So, I wish you all. All the very best. And of course, as usual, thank you, Secretarial team for contacting us, taking effort and making us come to the Speaker's platform.

Actually, it is they who deserve the credit. Thank you very much. Wish you all the best.

Good day.

13

Meeting host

Thank you, ma'am. Inviting the next speaker. Mr. Hariram Chaudhary. Hi, sir, I request you to unmute yourself.

Mr. Hariram Chaudhary

Respected Chairman Mr. Talwar, my name is Hariram Chaudhary, I'm speaking from

Santacruz, Bombay. First, I appreciate the personal touch maintained by Madam Rupali,

Company Secretary and her team. First, I convey my best wishes for re-appointment of the

Aalok Agarwal. And we welcome Mr. Lokesh and Seema. Now, Mr. Milind Thatte, very good audio-video presentation, we appreciate highly. All the CSR program we are doing very good. Sehat is one of them. We appreciate that. About the awareness program and launching program product project program, I also suggest that we those who are present and particularly speakers may be invited at launching program and also its awareness, lecture etc, etc so this may be considered. And Mr. Chairman, now about CSR activities. please let us know who the chairman of the CSR committee is, who are the members of

CSR committee, how much amount we spent for CSR programs, whether this amount more than 2% of the net profit.

Now, Mr. Chairman, about the latest technology, what latest technology we have adopted?

Have we adopted artificial intelligence? Kindly let us know about that. Are we adopting water harvesting in our plants? Are we adopting solar energy? And now my next suggestion is we have to get together of those who are present today. Please consider that.

And my suggestion is that in future, all meetings, maybe physical as well as online, which is done by Larsen & Tubro, done in the High Court and this is not expensive. This may be considered by you for all the future meetings. Now, about the splitting of the shares, please reconsider. Please also let us know how much capital expenditure we have done this year and the last year. And with this, I conclude by conveying my best wishes for all the progress and prosperity of the company. Thank you, Mr. Talwar, Rupali madam. I conclude.

Meeting host

Thank you, sir. Inviting the next speaker, Mr. Vikas Chandrakant Dakwe. It appears Mr.

Vikas isn't present. Inviting the next speaker, Ms. Kirti Shah. It appears Ms. Shah isn’t present. Either inviting the next speaker Ms. Nisha Ganesha Shenoy. It appears Mr. Dakwe has joined. Inviting once again Mr. Dakwe. I request you to unmute yourself before you proceed with your queries. It appears we are experiencing a technical difficulty. Inviting once again Ms. Nisha Ganesha Shenoy. Hi Ma'am, I request you to unmute yourself before you proceed with your queries.

Ms. Nisha Ganesha Shenoy

14

I am Nisha Ganesha Shenoy from Bombay. Respected, honourable chairman, and the dignitaries on the board and my fellow shareholders good evening to all of you, I received the Annual Report well in time, which is colourful, informative, knowledgeable and contains all the information as per the corporate governance. I thank Ms. Zeal and her team for the same. The chairman is given a beautiful picture regarding the company. It's working in all parameters. Thank you, Chairman sir. I'm glad to note that the company is doing extremely well in all parameters such as sales, profit, etc, etc. At the outset, I thank the management for accommodating dividend for the financial year 22-23. I'm also glad to note that the company is doing outstanding work in the field of CSR activities. I congratulate one and all for getting various awards. This shows the hard work and sincerity of one and all staff. Congratulations once again. Sir, I just have one question.

Many questions I wanted to ask it has been covered by my predecessors. So, I don't want to repeat and waste my time and even your time. My only question is, how are we planning for digital future? Last but not the least, chairman sir, my honest request to you is please continue with VC so that people all over the world will have an opportunity to express their 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.

Meeting host

Thank you, ma'am. Inviting the next speaker Ms. Kishori Suresh Bhawe. It appears Ms.

Bhawe isn’t present. Inviting the next speaker, Mr. Sharadkumar Jivraj Shah. Hi, sir, please unmute yourself before you proceed with your queries.

Mr. Sharadkumar Jivraj Shah

Firstly, I want to know the from company secretary because she changed her name from

Shah to Rupali that is my first question. Another things madam I'm very happy with the company because after 2018 the share price is absolutely excellent and definitely this

Merck to P&G definitely helped shareholders in large. (Inaudible) of rupees 10, whether we are planning to reduce share capital like Colgate to rupee 1 so, it may benefit or may not benefit that I would like to know and inform who is the leader in the India in VMS, when you took over from Merck so, what is your planning that I would like to know and this particular financial year what I found the purchase of stock increased by 20 crores and the taxes increased by 24 crores, tax I don't know whether it is in our hand, but at least purchase of stock increased 20 crores this reduces my profit and this increases my expenses. So, I would like to know, what was the background for increasing the purchase of stocks and the dividend in 2018-19 and 21 were three digit and after that it is only two digits, why, that I don't know. So, please explain. And earnings per share in 23 that is this year higher than 22 and 21 then why dividend is lower than rupees 130. And also, if I refer page number 171, why dividend paid in FY financial year and the dividend for financial year are different? That is not very clear. It is on the same page. So, please clarify. Thank you very much for allowing me to speak. Thank you very much, Madam.

Meeting host

15

Thank you, sir. Inviting the next speaker, Mr. Vaidyanathan Rajkumar. Hi, sir, please unmute yourself before you proceed with your queries.

Mr. Vaidyanathan Rajkumar

Good evening, Chairman sir, the board of directors and senior management of P&G held and the fellow shareholders. Sir, first of all, I would like to thank you for giving me the opportunity and also want to thank the company secretary for giving the link it's so easy to participate in the meeting. So, thank you so much. Sir. I have already shared about six questions regarding the annual report. So, I hope it has been received. So, if it is received, then I don't want to kind of repeat and waste everyone's time. So, I would just want those questions to be answered.

Meeting host

Thank you, sir. Inviting the next speaker, Mr. Mahesh Kumar Bubna. It appears Mr.

Mahesh isn't present. Inviting once again, Mr. Vikas Dakwe.

Ms. Vasudha Dakwe

Very good afternoon, Mr. Chairman, sir board of directors and my fellow shareholders.

I'm talking on behalf of Mr. Vikas, Mrs. Vasudha Vikas Dakwe. I would like to congratulate our company’s secretarial team for sending with a soft report. Very nice, clear and transparent. I would like to ask, what is your next 2 to 3 years Capex plan? And please highlight our R&D expenditure? What is our attrition rate? With this, I support all the reservation, thank you very much, and wish the company all the best for coming financial years. Once again, I so thanks for our company, Secretary Ms. Zeal ma’am. Thank you very much.

Meeting host

Thank you, ma'am. That concludes the speaker shareholder query session, handing it back to the chairman. Over to you, sir.

Mr. Suresh Talwar, Chairman:

Yeah, all the questions that you raised will be answered by the management. Shall we start with the answers?

Mr. Milind Thatte, Managing Director:

So, all the questions related to account statements, balance sheet and in terms of the expenses, my colleague Mr. Lokesh Chandak will handle that, let me just, you know, take some questions together, which are more related to the overall performance of the company.

16

Now, there was one question which was respect to woman empowerment, and what is the involvement of women in the company. So, just to tell you that the percentage of women in the company standard about in the supervisory role and all stands at about 27%. And the overall workforce is at 13%, which also includes the sales force, among the key managerial personnel, which are, you know, in the management chain, these are about

33%. So, I would say, we still have to go, but this journey is a continuous one, and the company has made a lot of progress in bringing more women overall in the company, among the health sector companies. We are perhaps one of the companies where large number of feel forced, you know, we are the only one who are crossed about double digit to be at about 14% of workforce in salesforce who are women. So, that's the diversity part of it.

There were some questions with respect to new product. I wanted to share and give confidence to the shareholders that when we talk about new products, basically, we will have to bifurcate between new brand and new product. Typically, many companies don't launch new brands, because establishing new brands, it takes a lot of time and it perhaps sometimes deviates from the court strategy. So our endeavour has been always to strengthen our core brands, but introduce new products and new offerings under the current brands and as a result during my presentation, and also that's mentioned in our annual report, we last year launched Polybion injection, which is a much more superior formula, which offers much faster relief to our patients and consumers and therefore, it has been an endeavour to strengthen our offering of Polybion which basically is a brand associated with recovery in different ailments.

Similarly, in the last three years company has launched new products like Neurobion Alfa

D, which was launched in 2021, and then we had Polybion active which was also launched in the same year. So, we will continue to explore any new products which fits into the core brand strategies overall and, make sure that you know, we are competitively placed in the market.

There was one question with respect to Evion being promoted to healthcare professionals,

I can only tell you that you know, we do promote Evion very, very actively to healthcare professionals and we receive more than you know 10 million prescriptions for Evion across the country and there are speciality doctors also like gastroenterologist and diabetologist and general practitioners and consulting physicians who do trust Evion and they recommend Evion in the different cases when they see it is appropriate for the use. So, we have been promoting this very actively across board for various illness conditions.

There was one question with respect to Neurobion. Let me clarify the pricing point, none of the Neurobion range under price control we are not in the DPCO. There is a difference in Neurobion Forte, Neurobion plus, Neurobion Alfa and Neurobion Alfa D each of these products are having different content of the B complex and depending on the need of the patient, whether it is for prophylaxis basis or whether it is for the therapy bases for peripheral neuropathy or diabetic peripheral neuropathy these products are positioned and promoted to the doctor to the shareholders who have asked this question, I may just

17 recommend that please seek advice from your doctor about what kind of therapy is suitable for you. And because these are all recommended by the HCP, we would not like to use this platform to convey anything with respect to the products.

One question was about the digital journey of the company. We have been on the digital journey for the last 3-4 years and in fact, there are many changes that we have brought about in our operations for example, the entire HCP field force, you know the field force which connects with doctors and chemists, these are all transition towards digital application. They use tabs for not just detailing, but also monitoring their performance and also monitoring what kind of time is being spent with doctors and also sharing the different audio video presentations with the doctor. So, a lot of digital aspect is going on.

In addition to that, we have also developed a lot of software's which helped the company to drive efficiency and also make the operations much more productive from a company's operations standpoint.

There was some question with respect to competing with Patanjali. But I just want to give the clarity that we are majorly into allopathic modern medicine and therefore, we are not in competition with the Ayurvedic formulas and we are not into that space.

I think those were the general questions and I will ask my colleague Lokesh to now answer the questions with respect to the financials.

Mr. Lokesh Chandak, Chief Financial Officer and Executive Director:

Yeah, thank you Milind. Thank you, all the shareholders, for your questions. Let me take some of them.

We had one question on to external customers holding more than 10%. These are not customers. These are actually our distributors. We mentioned in the annual report that to achieve efficiencies in our operations, the company went through a go to market change, where we used to use caring and forwarding agents in the past and instead of that now we are using distributors to service our products.

There was a question on reduction of advertising and promotional spend. This was also covered in Mr. Milind Thatte’s presentation that our objective is always to ensure education and driving awareness of our products, both to consumers and to healthcare professionals. We continue to look at the best mix of money which is being spent on driving awareness at both mediums while our key stakeholder is healthcare practitioner, and we continue to invest more in that which reflects in the growth of top line while we're also able to grow bottom line.

There was a question in terms of the growth of our top five brands. So, we're happy to share that all five brands had a broad-based growth with three out of them almost had close to double digit growth and the other two had high single digit growth.

18

There was one question on working capital, which was an increase in receivables and inventory. This is again linked to the go to market change, to drive efficiencies in operations. And so one-time increase in the receivables and inventory because we had a new launch of Polybion injection, which created that build up but it has also been optimized by the increase in payables as a result of which we continue to have a good working capital.

There was one question on the dividend payout ratio which has come down in the last 2 years. There was a special dividend in the past, which was paid out in 22-23. And hence, as a result of that, it looked that the dividend had reduced, but our dividend payout ratio in this year and in previous year has been consistent. We had one question on the stoppage of injection. At the company, we continue to review our manufacturing operations on an ongoing basis to ensure long term sustainability and efficiency and cost and go to market operation. And this was the result of that. There was also a question on future but as a policy and to ensure we do not share any price sensitive information; we cannot comment on future information.

We had one question on how much is the Capital Work in Progress, which is close to about

32 crores, and this is for our upgradation of facility in Goa, and to also ensure better safety for our employees.

We had a lot of questions on split, bonus, dividend. We thank you for all the feedback and comments which we have noted. But for now, we cannot comment on any future price sensitive information as a matter of policy.

There was one question on the tax increase of about 24 to 25 crores, we want to share with you that our effective tax rate is still around same which is 25.95% in current year versus the last year of 25.68. The majority of increase is mainly behind the increase in profit, which is before tax which has gone up by more than 60 crores.

There were some other questions in terms of SEBI guidelines the listing or acquisition merger but again, considering the price sensitive information and future plans, we cannot share that information right now.

I think we have we have covered everything.

Mr. Milind Thatte, Managing Director:

Yeah, I think there was only one or one question general question was about attrition in the company. And just to share, you know, we have about 17% attrition at the employee level and among the workers we have about 19.5%. That has been the attrition in the fiscal.

Ms. Zeal Rupani, Company Secretary:

Sir, we have a few questions related to secretarial team. Firstly, thank you all for the appreciation towards the company and the company secretarial team, we will strive and

19 continue to provide our best services and support to you. Mr. Yusuf Rangwala for your share related query, we request you to reach out on the email id and phone number mentioned in the annual report. We will be happy to guide you on the process.

For query raised by Ms. Homa and Ms. Celestine for any information on company’s brands, you can kindly visit the company's website, where details of our products are provided.

Lastly, but not the least, it is always a delight to engage with you all. And I really thank you for your active participation today. Over to you, sir.

Mr. Suresh Talwar, Chairman:

Having answered your questions, once again convey my thanks to all of you and declare the meeting closed. This meeting will be deemed to be concluded with the declaration of the results. The results of the voting will be announced within 2 working days of the conclusion of this meeting to the stock exchanges and will also be available on the website of the company. The E-voting facility will be open for the next 15 minutes to enable members to cast their votes. Thank you all and take care of yourself. Thank you.

(E-voting commences)