Tag: Vivek Chaand Sehgal

Winning Mindset | Not having a strategy is a great strategy, says Vivek Chaand Sehgal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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CNBC-TV18 special show Winning Mindset profiles CEOs who changed the game — trailblazers who charted their own paths to success.

Vivek Chaand Sehgal is the CEO in the spotlight today. He is known for being bold, innovative and battle-hardened. He runs the company that has over 300 factories in 41 countries across six continents. Not only is his company the largest amongst his domestic rivals, it is also a major global force and the CEO in the driving seat is truly a man of many parts.

“We don’t strategise. Strategies are for your customer, let him strategise. You have to know that your strategy will always interfere with the customer strategy. That is why, not having a strategy is a great strategy,” said Sehgal.

He had an idea for a startup in 1975 — he wanted a piece of the silver trading business. His mother was his business partner. His father came up with an apt name for the venture, Motherson. However, in a few short years, the company would move away from silver trading to making electrical wires for homes and then came the big pivot.

Also Read | Samvardhana Motherson to acquire 51% stake in Saddles International Automotive for Rs 207 crore

The year was 1983 and India was on the cusp of an automotive revolution. The Maruti Suzuki 800, the first affordable assembled car locally in India, had arrived and Motherson’s automotive journey had begun.

Motherson Sumi Systems, an entity which was incubated by a mother-son pair, have accelerated a long way since its incorporation in 1986. Now bifurcated into two entities, the flagship Samvardhana Motherson, with about Rs 55,000 crore market capitalisation, occupies the top spot among the listed auto ancillary space. While Bosch commands a marketcap of Rs 52,000 crore, UNO Minda comes third with a market cap of Rs 30,000 crore.

In January 2020, the company had spun off its domestic wiring harness business into a separate entity called Motherson Sumi Wiring, which is now valued at Rs 23,000 crore. Motherson Sumi Wiring reported a net profit of Rs 411 crore in the 2021-22 fiscal on the back of Rs 5,635 crore in revenue.

The former company, Motherson Sumi Systems, has distributed over a third of its profit as dividend over the last 10 years, has seen its revenue growing at a computed rate of 16 percent between FY13-FY22. The growth in top-line is commendable, especially from a sector, which witnessed multiple headwinds in the recent past including that of disruptions caused by global semiconductor shortage followed by the pandemic. Yet, Motherson continued to deploy about Rs 2,500 crore as capex every year since 2016-17. It has followed an inorganic led growth model. In the worst of the years, in the last two-and-a-half years, the company has completed seven acquisitions.

Also Read | Samvardhana Motherson: 1.6% equity change hands in block deal

Samvardhana Motherson International markets its products worldwide with over 300 factories in 41 countries across six continents. From Mercedes-Benz to Ford, most premium car manufacturers are associated with the company, which it generates about 95 percent of its revenue from outside India.

With 30 percent gains over the last four months, the shares of Motherson have outdone both Nifty Auto index and benchmark Nifty50 so far in 2023. While the stock of Motherson has surged 8 percent between January and now, Nifty Auto has gained about 4.2 percent whereas the benchmark Nifty50 is trading in the red with about 1 percent loss.

For more details, watch the accompanying video

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Russia-Ukraine war does not impact demand much but margin likely to be hit: Motherson Sumi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In an interview with CNBC-TV18, Vivek Chaand Sehgal, Chairman, Motherson Sumi Group, said that the Russia-Ukraine war does not affect demand much. He explained that the effects of the war are unfortunate but he takes solace in the fact that shareholders of the company are aware of what such events bring in tow and that their impact is beyond one’s control. However, he mentioned that demand from North America has been steady.

He said, “Motherson is not in Ukraine; we have a very small plant in Russia, 2 plants there, but no impact on Motherson per se, but a lot of suppliers which have plants in Ukraine have been hit.”

“Many things are affecting this sector at the moment but that’s normal, that’s everywhere and the original equipment manufacturers (OEMs) are aware of that. I am sure that there is going to be some sort of a way to mitigate this expense,” said Sehgal.

Catch all the live updates on Russia-Ukraine war here

He highlighted that margin will be hit because of rising energy costs. However, in the larger context of safety and security, it doesn’t matter, he said.

Also Read: Red flags for auto sector: Russia-Ukraine war to elongate semiconductor shortage; metal, crude oil prices worrying

Watch the video for the full interview.

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Chip shortage will get resolved by September-October; seeing increase in CPV share: Motherson Sumi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Auto component major Motherson Sumi came out with its Q3 earnings. The company reported a 79.96 percent drop in its consolidated net profit to Rs 225.95 crore for the third quarter ended December 31. The company had posted a consolidated net profit of Rs 1,127.83 crore in the same period of the previous fiscal. Its total revenue from operations stood at Rs 16,117.51 crore in the quarter under review, as against Rs 17,092.44 crore in the year-ago period.

In an interview with CNBC-TV18, Vivek Chaand Sehgal, Chairman, Motherson Sumi Group, discussed the Q3 performance and outlook.

On the ongoing semiconductor shortage issue that has been plaguing the auto sector, Sehgal said that it will get resolved by September, or latest by October.

“Our guess is that by September, October, this (semiconductor shortage) might get better or at least at pre-COVID level; they would get their act together and the solution might be there,” he said.

He said that the company’s content per vehicle (CPV) is increasing.

“Content per vehicle is generally on the upside when we take acquisitions and all these particular things in mind. So I think, it’s a matter of time but it will be increasing,” he said.

Also Read: Motherson Sumi growth prospects robust, target price Rs 300: Emkay

Shedding light on demand, he said that North America is very strong but there are supply issues that are causing some trouble.  Additionally, he mentioned that most of the margin pressure will normalise by next month or so.

“As far as North America is concerned, the demand is very strong, but there are supply issues. But I think it is a matter of time. The car makers, the truck makers are getting over this particular problem that they have, in a very smooth manner. But we are sure that in the coming quarters, it’s going to get better and better. Most of the margin pressures should get normalised within the next three months, or maybe six months,” he said.

Also Read: UP on top, these states have the most EVs in India

On the company’s debt in books, he explained that they are comfortable with the position. He said that all cash flows are going towards reducing debt and he remains confident on that front. He also added that the company is currently in a position to raise equity, however it will only happen in case there’s any acquisition to be made.

“We are pretty comfortable, where we are on our debt, and all our money that comes in to the EBITDA and all these things, go into reduction of debt. So we are very clear on that. We would be in a position to raise equity if we want to. But that will not happen till we have an acquisition,” he explained.

Watch the video for the full interview

(With PTI inputs)

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Motherson Sumi Q2: Company will announce acquisitions in coming 3-6 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Motherson Sumi Group will announce many acquisitions in the coming 3-6 months, Vivek Chaand Sehgal, Chairman, told CNBC-TV18.

The manufacturer of automotive wiring harnesses reported earnings for the September-ended quarter with margin contracting and the management reiterating that supply side challenges will continue in Q3.

“We have done 27-28 acquisitions, 3 of which were during COVID-19. However, acquisitions are going to be much more in the coming times. In the coming 3-6 months you will hear of a lot of acquisitions that were pending for some time because of the conditions globally. It’s a very good way to grow and it slows a lot of management problems and things like that,” Sehgal said.

Also Read: Motherson Sumi Systems acquires 60% stake in Chinese company

According to him, working capital goes up in the September quarter, but it’s not something to worry about. “Last year September also, the second quarter, in Europe and America there are a lot of holidays in the summers, so the working capital numbers go up normally at that time. So, it’s not something out of the ordinary; it’s just marginal. But I believe that this thing will work out fine by December. The stress of the balance sheet will not be there. I think it will equal out unless there is some dramatic change here and there.”

On the semiconductor issue, he said, “The backlog will continue to happen for another 3-6 months and maybe even further. But the good news is that some of the chip makers have augmented their resources and they are working day and night to try and catch up with demand.”

For the entire management interview, watch the video

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Free cash flow will be used to repay debt, no expansion plans right now: Motherson Sumi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Motherson Sumi reported Q3FY21 earnings with margins and profits beating estimates. Their net debt is the lowest in the last 14 quarters. Vivek Chaand Sehgal, Chairman of Motherson Sumi, discussed the fine print and shared the outlook for the rest of the year.

The company had set up 41 new plants in the last five-year plan.

“Going ahead, immediately we don’t see any need for new expansion or something like that but we are hoping that we get more orders from our customers, more trust from our customers that we will have to set up. At that time, we will either borrow or whatever we have to do we will do. But yes, at the moment whatever money, free cash that comes in, we keep paying back our debt because for us that is a very healthy way of rewarding our shareholders,” he said.

It is the highest ever turnover that we have done for this quarter, he said.

He believes the demand is there because of a redefinition of personal mobility to a great extent. “It has happened across the board. In two-wheelers, four-wheelers and going beyond into the luxury segments everywhere. I don’t think COVID-19 is disappearing in the next three-four months. At least a year and a half to two years we will see that. Depending upon the transition we will come up with new theories as to what will happen. We think demand is here to stay,” he said.

On the Tuscaloosa plant, he said, “It is the biggest plant but all problems have been resolved.”

For more, watch the video.

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Mother Sumi Systems posts Rs 1,192 cr loss for Q1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Auto components maker Mother Sumi Systems Ltd on Tuesday reported a consolidated net loss of Rs 1,191.65 crore for June quarter 2020 hit hard by the coronavirus pandemic. The company logged a net profit of Rs 360.64 crore in the same quarter last fiscal, Mother Sumi Systems Ltd (MSSL) said in a regulatory filing.

Total revenue from operations during the quarter under review stood at Rs 8,503.89 crore. It was at Rs 16,792.53 crore in the year-ago period.
“The group’s operations and consolidated financial results for the quarter ended June 30, 2020 have been adversely impacted by the outbreak of COVID-19 pandemic and the consequent lockdown announced by governments in many of the jurisdictions, the group operates, due to which the operations were suspended for a large part of the quarter and resumed only gradually with prescribed regulations and precautions,” MSSL said.

The consolidated financial results for the current quarter are therefore not comparable with those of previous periods, it added. The group has been taking several measures to address the operational challenges, including availing of benefits under the various government support schemes announced in the respective countries, it said.

Commenting on the results, MSSL Chairman Vivek Chaand Sehgal said: “(The) coronavirus pandemic has created unprecedented challenges for the global automotive industry. Lockdown in various parts of the world severely dented demand for automobile sector in the first quarter of the fiscal.”

“Our topmost concern and focus during this period were the well-being and safety of our employees across all our plant locations and we worked on a war footing to put robust safety protocols in place,” he added.

Even though the first quarter was a washout, he said, economies have started witnessing green shoots of recovery. “Our teams and plants across the globe have also resumed operations and are working closely with our customers to fulfil their requirements. We now expect demand for the auto industry to gain momentum in the coming quarters of this fiscal year,” Chaand said.

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Confusion related to BS-VI will continue till March, says Vivek Chaand Sehgal of Motherson Sumi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Motherson Sumi reported weak Q3 earnings. Detailing the numbers, Vivek Chaand Sehgal, Chairman of Motherson Sumi said that the confusion related to BS-VI will continue till March.

“People are confused about Euro-IV, Euro-VI and which car I can buy and which I cannot buy. So, those particular things being as they are, hopefully in the first quarter you will start to see a pullback and people will be a bit more relieved,” said Sehgal.

Speaking about the SMP business, he said, “I think SMP if you take out the Greenfield, has actually become better. The turnover in SMP is also higher. By and large we are seeing a very good pullback from the situation that was there in the last quarter and this quarter.”

“If you look at the SMP results, in euro terms, SMP in Q3, 2019-2020 is almost at the same level as that of the last quarter. If you look without the Greenfield, the EBITDA is up to 85 million and excluding Greenfield our margin has gone up 9.9 percent; in March last year, it was 9.1 percent. The kind of number that is there in front of me is showing that the revenues are almost flattish, but the EBITDA margin without the Greenfield has gone up,” he added.

On the guidance of USD 18 billion of revenue by March 2020, Sehgal said, “We still standby the March 31 number of USD 18 billion. We are sitting at about USD 12.5-13 billion at the moment.”

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Vivek Chaand Sehgal wins Forbes India ‘Entrepreneur for the Year 2018’ Award. Take a look at the other winners

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vivek Chaand Sehgal, chairman of the Samvardhana Motherson Group, won  ‘Entrepreneur for the Year 2018’ and Wipro chairman Azim Premji bagged the ‘Lifetime Achievement’ honour at The Forbes India Leadership Awards, which celebrated the who’s who at a high-profile ceremony in Mumbai on Thursday.

The awards, across nine categories, with an emphasis on excellence, innovation and transformational leadership, acknowledged the outstanding contribution of CEOs, entrepreneurs and business leaders who have built enterprises that have had a deep and enduring impact on the wider Indian society. The nominees and winners represented diverse backgrounds: startups and mid-sized firms to the more mature organisations operating at a global scale.

“The winners of the Forbes India Leadership Awards have found a balanced path to guide their organisations to success year after year. They command authority, as well as respect, and yet believe in flat organisational structures, decentralised decision-making and empowered teams. Change is something they embrace gracefully. The Forbes India Leadership Awards strives to recognise these changemakers and nation builders,” said Brian Carvalho, Editor, Forbes India.

The achievements of this year’s winners assume significance since they braved challenging economic conditions over the past year, to steer their organisations towards operational excellence.

Here is a list of winners of the Forbes India Leadership Awards 2018:

Vivek Chaand Sehgal, Entrepreneur of the Year 2018:

Vivek Chaand Sehgal, 62, is the chairman of the Samvardhana Motherson Group, which was set up in 1975. He founded the company with his mother. The company largely caters to the auto industry and deals with major clients such as BMW, Volkswagen, etc. Since 2002, Sehgal has made 21 acquisitions of which one includes the major acquisition of French auto parts maker Reydel Automotive Group in August this year.

Azim Premji, Lifetime Achievement Award

Azim Premji, 73, is the chairman of IT major Wipro. He is an electrical engineer from Stanford and gave up his studies to look after the family’s cooking oil business in 1966 after his father died. He expanded the business into the software sector. Premji is known to be among the most generous billionaires as he gave away 39 percent of his Wipro shares to charity.

Sanjiv Mehta, Best CEO of a multinational company

Sanjiv Mehta is the chief executive officer of Hindustan Unilever Ltd. The 57-year-old  is a chartered accountant from The Institute of Chartered Accountants of India and has been with the company for over 26 years.  He has also completed the Advanced Management Program at Harvard Business School. Along with being a CEO of the major FMCG company, Mehta is also a director of the board of Indian School of Business and chairs FICCI’s FMCG committee and CII’s National Committee on MNCs.

R Narayan, Outstanding Startup

R Narayan, the founder and chief executive officer of the startup Power2SME, had also founded Denave, India’s largest technology powered sales enabling services firm and remains to be a board member of the company.  Power2SME was founded by the 24-year experienced cost accountant in April 2012. The firm is the first ‘Buying Club’ for the small and medium enterprises in India and focuses on their business enterprise segment with the aim of increasing their profits. The startup helps in reducing the SME’s purchase prices and increasing productivity.

Adar Cyrus Poonawalla,  GenNext Entrepreneur

Adar Cyrus Poonawalla is the chief executive officer of Serum Institute of India, the company which was founded by his father in 1966. The 35-year-old entrepreneur expanded the company’s operations across 140 countries and made it the third-largest vaccine producer in the world. He is an undergraduate in business management studies from the University of Westminster.

Gayathri Vasudevan, Entrepreneur with Social Impact 

Gayathri Vasudevan is the chief executive officer of LabourNet Services India. The company aims to provide livelihoods for informal sector workers by providing vocational education and training and facilitates their financial inclusion and social security measures. A PhD holder in Development Economics and International Development from Delhi University, Vasudevan has also worked in the International Labour Organisation (ILO) as a project officer. At her eight-year stint with the ILO, she monitored the child labour policy, vocational training education and policy, education programmes, among others.

Rajeev Jain, Best CEO in private sector

Rajeev Jain is the chief executive officer of Bajaj Finance, who has more than 20 years of experience in financial services across Indian and multinational companies. Before his stint with Bajaj Finance, he was the deputy CEO  of the American International Group (AIG) for more than a year. He holds a BCom degree from American College and a master’s degree in business administration from TA Pai Management Institute.

Narayana Health, Conscious Capitalist Company for the year

Narayana Health, founded in 2000, is among the top healthcare firms in India. The healthcare company has 24 hospitals, 7 heart centres and 19 primary care facilities across 18 cities in India. The company has its headquarters in Bengaluru and has a significant presence in the US.

Saurabh Kumar, Energy Efficiency Services Limited (EESL), Best Company in the public sector

Saurabh Kumar is the managing director of EESL, and has been leading the public company for more than five years. Kumar is an IIT graduate in electrical engineering and holds a master’s degree in public policy from National Graduate Institute of Policy Studies, Tokyo. He has also served the United Nations on handling environmental issues in the Asia-pacific region.

Methodology

The process started almost six months ago, with extensive research on qualitative and quantitative parameters, said a statement by Forbes India. The long-list of names for each category was whittled down by August and was narrowed down to a strong set of three to five nominees for each category, it said.

In September, a high-powered jury headed by  Harsh Mariwala, chairman of Marico Ltd, examined the nominations and came up with the set of winners. The other eminent members of the jury were Saurabh Mukherjea, Founder, Marcellus Investment Managers; Sanjay Nayar, CEO, KKR India; Ashu Suyash, MD and CEO, Crisil; Ronnie Screwvala, Co-Founder of UpGrad; and Noshir Kaka, Senior Partner, McKinsey & Company India. Together, they bring years of experience in the corporate sector to the jury.

KPMG, Forbes India’s knowledge partner for the event, helped with the number crunching so essential for the process.

About The Awards
Forbes India magazine seeks to play a catalytic role in spotting and recognising outstanding entrepreneurs. Instituting the Forbes India Leadership Awards is one big step in that direction, said the statement. In many ways, the themes behind each award category reflect the editorial agenda of the magazine, Forbes India said. Transformational leadership, which the 2018 edition of the Forbes India Leadership Awards seeks to honour, includes individuals and organisations who have achieved success through their vision, foresight, and business ethics. They have put their enterprises on a new growth trajectory by taking bold decisions and creating value for all stakeholders. They are individuals and organisations who believe in creating an environment where leadership can thrive; they help create a new generation of leaders.

Disclosure: Network18, the parent company of CNBCTV18.com and Forbes India, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Motherson Sumi expects strong growth over the next 5 years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Auto component maker Motherson Sumi completed 25 years of listing  on Monday.

Vivek Chaand Sehgal, chairman and Laksh Vaaman Sehgal, director of Motherson Sumi spoke to CNBC-TV18 about the company’s business plans and growth outlook.

“The next ten years are going to be super-exciting with all the changes and things are happening in the automotive industry, there is going to be a lot of opportunities for us at Motherson but we at Motherson are focused on our five-year goals. So we are quite focused on 2020 target at the moment. We still have a little way to go and all the teams are quite focused on making sure that we can deliver that target for 2020. So once we get close to that 2020 target, we will set the next five-year plan for 2025 and hopefully that will give you good colours to where we want to go in that five-year period,” said Laksh Vaaman Sehgal.

“Our investors are very attuned to the fact that it is not a topline growth company, it is actually cash in the banks or the ability to have a visual identification for the topline and bottomline. So while we have a lot of companies which are in the pipeline, which we have to acquire if the things are right and if we had the visibility, however, I would have no shame or hesitation to come back after five years and tell the investors that sorry I didn’t find anything which was worthwhile for me to bring into the group and I cannot see the visibility of the bottomline. I am sure, my investors would be very happy to see that we may not have hit bang on 18 billion but we definitely have met our bottomline targets. So it is all about a combination of these two things,” Vivek Chaand Sehgal added.

“We believe that these are times when more opportunities will come up and we have to just make sure that we are patient and we have the financial discipline and go after these opportunities at the right time,” Laksh Vaaman said.

“Ten years from now, nobody knows what is going to be the new technology that are going to come in disrupt the whole world. So I think in such scenario, what we are trying to tell Motherson people is that you have to be on your toes, you have to be very quick to respond, very quick to change, very quick to be able to take advantage of the trends and the things that are coming in the coming times. So these are exciting time because you have the right people, you have the right equipment, you have the plants, you have the geographical advantage to yourself and amazing kids are coming out from universities, so exciting times for us. We feel that it is going to be fun going in the next five-ten years,” Vivek Chaand Sehgal further mentioned.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow