We’ve adopted dual strategy – expanding capacity and evaluating inorganic opportunities

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And quite evidently, the company has managed to withstand competition, cyclical downturn & other nerve-wracking events, a fact vindicated by the scintillatingly power-packed performance by the company in financial year 2006-07. Aggregate revenues during the period stood at Rs.87 billion, representing a mind-boggling annual appreciation of 32%. Then there was the stunning 51% growth in profits after tax which touched a whopping Rs.12.9 billion.

Also besides reduction in the debt-equity ratio during the previous year from a threateningly high 0.96 to a more stable 0.75 through repayment of debt to the extent of a colossal Rs.10 billion, it also experienced an escalation in annual exports turnover (accounting for 40% of its turnover) by a credible 4.1% over 2005-06.

However, after having covered the distance and after wading through untested waters, championing newer challenges is something that JSW still pursues religiously. And keeping this in mind, the steel powerhouse recently embarked upon a new round of aggressive expansion strategies. Explaining the strategic initiatives, Sajjan Jindal, VC & MD, JSW elaborated to B&E, “We have adopted a dual strategy. One, expanding crude steel capacity significantly, with a multi-locational presence to capitalise on the India centric advantage. Two, evaluating inorganic opportunities for value added facilities in the developed economies. With this intent, we have created a subsidiary and signed a share purchase agreement to take over a service centre in the UK with a proposed investment of Rs.300 million...”

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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A ‘Real’ twist to health & wealth?

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After food & personal care, Dabur is betting high on health & beauty

The impending arrival of March spells anxiety for a number of business houses, for the corporate honchos are busy taking stock of their company’s financial performance over the past fiscal year. Come March 31 and on this date the destiny of a number of stakeholders is re-written. However prophets opine that a single year’s performance does not decide the fate of a corporation, but is just linked to the overall strategy of an organisation. Set a target for a year, achieve it and then start the next year with a fresh set of targets. That’s the mantra that the home-grown Dabur India has applied for its growth strategy. The past few years has seen the company exercising a constant surge in its profits. And FY07 was not an exceptional for the FMCG behemoth. The net profit of the company stood at Rs.2.52 billion as against Rs.1.89 billion for FY06, recording an incredible growth of 33%. Dabur India almost made it to the list of 100 Most Profitable Companies, registering a rank of 101 on the list. So what exactly attributed this growth and how was the year 2006-07 diferent as compared to other years? Sunil Duggal, CEO, Dabur India told B&E, “The fact that Dabur India grew faster than category growth rates in some key and highly competitive segments like oral care & hair care, particularly shampoos, drove growth in 2006-07.” Definitely Sunil Duggal’s strategic game plan is to aggressively expand and build a comprehensive product portfolio for Dabur in the FMCG sphere.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Sector dynamics are even hotter!

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However, Indian metal kings have taken everyone by surprise & within a shot span, are themselves playing an aggressive role in consolidation. Be it TataCorus ($12 billion), Hindalco-Novelis ($6 billion), Essar-Algoma ($1.5 billion) & Essar-Minnesota (price not disclosed) or the Jindal Steel & Power–El Mutun mine deal where it plans to invest $2.3 billion and so on, all have sent across the message to the global players, that by no means are they preparing to raise the white flag. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “The combination of Hindalco and Novelis will establish a global integrated aluminium producer with low-cost alumina and aluminium production facilities combined with high-end aluminium rolled product capabilities.”

Besides, the companies are in-fluxing capacities and gaining access to higher value markets etc. will definitely provide an extra barter muscle with the forward as well as backward linkages. Shashi Ruia, Chairman, Essar Group expressed immense confidence for the deal with Algoma & Minnesota, “Algoma is an excellent addition to our existing steel business and also offers growth potential and our investment in Minnesota Steel is exciting as it gives us a cornerstone in the North American market.”

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Companies have diversified into new product segments, like pharma & life sciences

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With organisations like ICI, Pidilite Industries and Jubilant Organosys, companies in this segment are eyeing for a greater market share in the global chemical industry, valued at around $2 trillion. The Indian chemical & petrochemical industry currently contributes $9.08 billion to exports and is growing at the rate of 8.9%. The trio of cost effective R&D, availability of raw materials and technically efficient manpower, has played a pivotal role in the competitiveness of the industry. From being just a plain vanilla chemical company, over the years, Indian companies have diversified into businesses like paints, pharma, life sciences products (PLSP) and others.

The paint industry continues to be the main driver of the industry, as there exists a strong demand from both industrial and decorative segments. ICI (India) – a paints, specialty chemicals and performance materials company – topped the sector list with net profits of Rs.4.48 billion, followed by Jubilant Organosys with net income of Rs.2.31 billion. “While our industrial chemicals and other businesses continue to do well, the PLSP operation will be the lead driver of our performance going forward,” shared Shyam Bhartia, CMD, Jubilant Organosys Ltd..

With introduction of new products and a fast growing domestic economy, the petrochemical and chemical industry will have a chemistry that will be worth watching in the times to come.




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An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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The Ind0-US nuclear deal is likely to have favourable impact on plans of power-generating companies intending to set up nuclear power plants

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Despite the government’s promise to provide electricity to every family by the year 2012, the Indian power sector’s performance lies in a crippled state. Despite investments being pegged at $300 billion from 2002-2012 to double the capacity of power generation, the power sector leaves a lot to be desired. This sector has not remained in sync with the Indian economic growth, resulting in a killing 8% shortage currently in energy and a 13% deficit in peak power.

The formulation of the Electricity Act, 2003, managed to offer a laissez-faire structure for the development of this sector, calling for a broader involvement in the Indian power space. The outcome of this Act brought the influx of global corporations such as Electricite de France, Alstom and AES, in addition to homegrown entities such as NTPC, Tata Power and Reliance Energy. However, at a recent conference on the power sector that had the state Chief Ministers present, Prime Minister Manmohan Singh addressed the defalcations of this sector that is witnessing numerous theft s. And with an alarming 44% of the household demand of electricity going unaddressed, the power scenario looks a messy affair.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative