Billionaire investor Rakesh Jhunjhunwala's top CEO picks include Bhasker Bhat of Titan Industries for exceptional leadership, citing an 85660.68% stock return in 20 years and Adi Godrej, Chairman of Godrej Group for his transparency, capital returns, despite Jhunjhunwala not holding their stocks.
In an interview with Moneycontrol's Malini Bhupta, Titan's MD Bhaskar Bhat talks about the company's plans in FY18, the categories they will focus on and how they are all about lifestyle.
The sharp growth in Titan’s jewellery business has prompted many to ask if Titan should rename itself as Tanishq. The reason behind this is the sheer value of jewellery sales.
The company has a deep understanding of customers, retailing and lifestyle categories. It is this understanding that drives the company to enter unorganised categories.
Even though Titan MD had been toying with the idea of entering the category for a while, he decided to invite ideas from across the company by polling employees.
The Tata Group firm told the exchanges that consumer sentiment and demand had recovered in the March quarter and sales traction was seen across all divisions.
Speaking to CNBC-TV18, Bhaskar Bhat, Managing Director of Titan Company, said the sales of watches and jewellery could have been much better had demonetisation not taken place.
According to a regulatory filing by Tata Chemicals, out of the total of 25.48 crore shares of the company, 14.91 crore shares were voted. Out of this, 11.28 crore were in favour of the resolution to remove him.
Shares of Tata Chemicals today ended with losses of over 4 per cent amid muted quarterly earnings and resignation by its director Bhaskar Bhat.
"Bhaskar Bhat, non-executive, non-independent director, has resigned from the Board of the company w.e.f. November 10, 2016," Tata Chemicals said in a BSE filing.
In the latest development to the Tata-Mistry saga, CNBC-TV18 confirms that Bhaskar Bhat has resigned from Tata Chemicals Board. Bhat, it is learnt, has put in his papers over differences on Cyrus Mistry‘s role.
Although the industry is not happy that the excise duty has not been rolled back, Sanjeev Agarwal, chief of Gitanjali Export Corporation, is relieved that jewellers are back in business.
Speaking to CNBC-TV18, Titan's Bhaskar Bhat said that the 1 percent excise duty levied on jewellery articles will widen the gap between the unorganized industry as the latter does not have to bear this additional duty.
In conversation with CNBC-TV18, Bhaskar Bhat, the former director of Tata Chemicals, had requested Cyrus Mistry to step down as Chairman of the board meeting and instead wanted an independent director to chair.
The appointment is as per the agreement between the two partners, under which Titan has the right to appoint three out of six directors, the company said in a BSE filing.
Bhaskar Bhat, managing director of Titan, is afraid that such a rule will affect people who are not genuinely buying gold with unaccounted money.
Titan's net sales were at Rs 3,564.67 crore during Q2, 2014-15, up 55.66 per cent as against Rs 2,290.02 crore in the year-ago period, Titan said in BSE filing.
Bhaskar Bhat, managing director, Titan Coampany hopes to continue with the margin improvement efforts in jewellery and watches through product mix enhancement rather than cost compression.
Bhaskar Bhat, MD, Titan feels that the bigger problem is availability of gold (raw material) and by putting a curb on that is affecting a thriving industry - an industry which not only serves huge number of customers but also employs large number of people.
Bhaskar Bhat of Titan believes demand for gold remains robust and that‘s why they are launching a new brand called the Skinn Titan. The company eyes 10-15 percent PBT margin going ahead.
In an interview to CNBC-TV18, Bhaskar Bhat, managing director, Titan Company speaks about the company‘s change in logo and re-branding.
Bhaskar Bhat, MD, said that while the onus of exporting gold lies on bullion bankers from whom it buys gold, Titan too is exploring export opportunities now.
The company's net sales surged 42 percent year-on-year in April-June. But operating profit margin was lower due to higher sales of low margin plain gold jewellery and coins.
The market reaction to Titan Industries in recent days suggests the party could be over for the watches to jewellery maker.
Jewellers in India faced shortage of the yellow metal ahead of the key wedding season. However Bhaskar Bhat, MD of Titan feels that sales have not dampened because we are in the middle of the wedding season.