The chief executives of the group should prioritise speed, supply chain, and sustainability, according to Tata Sons Chairman N Chandrasekaran, in order to promote growth. He added that all active Tata enterprises should focus their efforts and energies on seizing development possibilities in their industries, developing a circular economy to cut waste and boost efficiency, as well as minimising their reliance on foreign markets for raw materials.
As many as 400 CEOs and CXOs of the $270 billion conglomerate, the Tata Group, gathered in Goa last month for its annual offsite meeting. Noel Tata, the chairman of group unit Trent, as well as his kids, who work for several group enterprises, attended the meeting. N Chandrasekaran, the chairman of Tata Sons, gave the group firms specific instructions to concentrate on seizing opportunities and accelerating growth.
The Tata Sons Chairman instructed the group to concentrate on streamlining, growing businesses, and synchronising a few years ago
In Goa, N Chandrasekaran told the chief executives group that it should now concentrate on pursuing development and scale because its balance sheets have been reinforced and it has created good cash flows. Additionally, he urged business leaders to view AI (artificial intelligence) as a business enabler rather than a danger or rival. The business remained silent.
According to sources, the group offsite meeting allowed executives from several companies to communicate directly with the chairman of Tata Sons and exchange ideas. For the meeting, each company designated 40–50 personnel.
In the 23rd fiscal year, 17 of the 28 listed firms that are part of the Tata Group performed well, with year-over-year revenue increases ranging from 11% to 90%. After recovering from the pandemic’s effects, Indian Hotels reported a net profit of Rs 1003 cr as opposed to a deficit of Rs 248 cr in the fiscal year 2022. 90% more money was made, or Rs 5810 cr.
Titan announced strong results in all divisions for the fiscal year 2023 on a modestly favourable base
Trent, a retail chain, reported a 10x increase in net profit to Rs 394 crore and an 80% increase in revenue to Rs 8242 cr. Titan announced strong results in all divisions for the fiscal year 2023 on a modestly favourable base. The company recorded a profit increase of 49% to Rs 3274 cr and a revenue increase of 2% to Rs 40,575 cr.
In the fiscal year 2023, Tata Steel Long Products, Tata Power, and Tata Chemicals all reported revenue increases of above 30%. Amid uncertainties in the banking, financial services, and insurance (BFSI) segment over the short term in the North American market, TCS (Tata Consultancy Services) reported lower-than-expected growth in the fiscal year 2023. The largest IT exporter in India recorded an 18% increase in revenue to Rs 2.25 lakh cr and a 10% increase in profit to Rs 42,303 cr.