Management Interviews - M&M, CCL Products, Take Solutions, Mahindra Life, Motherson Sumi, Bajaj Electricals

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Q1 growth will be in mid teens, annual growth will be at 8-10% and hence demand shall get subdued going forward in the year
Growth last year was on low base, as we get in H2 of this year, base will be higher
Last year 37% of revenues came from global businesses
We lead the prices in the industry. Last price increase was in march timeframe
Will look at prices again in July – August
In next 5 years we aim 50% from global revenue against 37% now
Levers to growth will be
1. Shift from Tractor to Farm Machinery
2. Global strategy – Global business growth
3. Creating new technologies
4. Managing costs

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New plant coming online at end of this FY
If we receive customers approval in time we can reach upto 20% growth or else it stays in range of 10-20%
Ours is not a commodity based business, we supply to brands and brand owners. So change in coffee prices does not impact our business materially
Revenue growth is not a correct indicator for us, as revenue figures are based on tea / coffee prices which have fallen 15-20% from last year which automatically means proportionate decrease in topline
70% of production cost is raw material itself, so significant impact will be seen in topline
Bottomline will give you better indicator because as volumes increase bottom line is also increasing
US consumes 80k tonne of instant coffee, japan consumes 25k tonne, We in India consume only 10-15k tonne. India is growing at 15-20% YoY
Our focus will be on new products where we see larger potential of growth
Last year we achieved 46 crs in domestic market, this year we are projecting 100 crs based on our Q1 performance

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Looking at organic growth rate of 23-24%
Strong order book which stands at 190 million $ as on 31^st March
Last 12 quarters, Lifescience business have grown at 8.5% CAGR QoQ
Going through acquisition route in clinical research business in USA
We have cash of 350 crs on B/S
We are seeing account led growth from existing customers which is giving us higher revenues
Our aspiration is to do 500-600 mn $ in revenues in three years and we are currently at 246 mn $
depreciation does not impact us much as we earn in $ we also spend much in $

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Commences new project ‘Roots’ at Kandivali East in Mumbai
Sub 1 acre project – 1.42 L sq ft saleable area
Sub 200 crs of revenue potential from this project
1 project going on in NCR, 1 in Bangalore, 1 in Pune, 1 in Hyderabad and 1 in Chennai
Evaluating the impact of Accounting Std changes on Financials
Will see few launches in Mumbai and Out of Mumbai in this year

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3 new greenfield sights will add as by 2019-2020 it will add a billion USD to topline
This seems to be the last plant for the order book of 17.2 billion
Acquisitions will make much of a impact on to the topline, we are sitting at 12.5-13 billion, will go to 18 billion for motherson sumi
We have a huge pipeline for acquistion, we are negotiating
Hungarian and other plants will come to full capacity in 2018 end or Q1 2019

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Margins are very competitive in government orders, from industry point of view its not a money making situatuion for us as tender prices are very low
1^st acquisition for Bajaj Electricals - 80% shares will be acquired in NIRLEP and subsequently 100%
NIRLEP’s last year turnover was 60 crs and clients like IKEA, Future group. Turnover in current year should cross 80 crs
NIRLEP is not profitable as of now

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Management Interviews – M&M, CCL Products, Take Solutions, Mahindra Life, Motherson Sumi, Bajaj Electricals