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At a time when most Tata Group companies are facing challenges, Chairman of Tata Sons, Cyrus P Mistry, urged senior management to dig deeper into the group’s core values, including quality and leadership.
Addressing the Tata Group’s leadership and senior management at the Annual Group Leadership Conference (AGLC) held today, Mistry said global political uncertainty, a steep reduction in commodity prices and volatility in currencies has had an impact on business. Sharing the group’s financial performance in 2015-16, Mistry disclosed the group’s total revenue at ₹6,72,408 crore ($103 billion) compared with the previous year’s ₹658,432 crore ($108 billion). The group closed the year with a market capitalisation, of its 29 listed companies, of ₹771,191 crore ($116 billion). This reflected a 7.4 per cent decline in market capitalisation compared to the previous year. Sixteen companies in the group registered a turnover of over $500 million, with 10 of these registering a turnover of over $1 billion. International revenues at around $70 billion constituted 69 per cent of the group’s revenues.
The group also invested around $9 billion worldwide during the year, contributing to a $28-billion capital spend over the last three years.
The AGLC is held every year on July 29, to commemorate the birthday of former Tata Sons Chairman, JRD Tata.
Vision 2025 The Tata Group’s vision for 2025 was first announced by Mistry at the AGLC in 2014.
The vision is that by 2025, “25 per cent of the world’s population will experience the Tata commitment to improving the quality of life of customers and communities. As a result, Tata will be amongst the 25 most admired corporate and employer brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world.”
As part of the Leaders 2025 agenda, Mistry unveiled a new leadership competency model and a proprietary Tata Quality of Life framework, developed in-house, “built on the foundation of happiness at work, reflecting the group’s long-standing commitment to employee well-being and fulfillment”.
He announced that the Tata Group has doubled its published patents in two years, from about 3,500 in 2013 to about 7,000 at the end of 2015.
In the calendar year 2015, Tata companies have filed over 2,000 published patents in India and international jurisdictions.
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