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President N Chandrasekaran will be more and more in a hurry to start posting growth and profits, fund managers said the group was looking for.
"The next fiscal year will focus on growth and cash flow will stay ahead of capital spending," said a senior group official. Some measures have already been taken. Under Chandrasekaran, the group agreed to sell Tata Teleservices mobile phone services to Bharti Airtel, which are struggling to keep up with competition and heavy debts.
Cancellations in the balance sheet of its growing telecom sector are expected to be completed by March 2019, said one person familiar with the conglomerate's strategic plan. "Other capital contributions to develop businesses will also be made this year," added the manager.
On a consolidated basis, the total turnover of Tata Sons increased by 14% to Rp. 1 966 903 crore during the financial year ended March 2018, compared with R $ 1.73 178 in the year former. Profit after tax fell to 4,379 crores from 18,432 crores, after exceptional items worth 21,216.2 crores, compared with 7,352.7 crores last year, said Tata Sons in documents filed with the Registrar of Companies.
Tata Sons declined to comment.
The group took initiatives last year to consolidate its stake in Tata companies in order to simplify cross-shareholdings and help provide liquidity to entities wishing to reduce their debt and realize investments, he said. Earnings on the sale of investments during the year mainly include Tata Consultancy Services, in the amount of 8,929 crore.
The profit on the repurchase of 3.6 shares of TCR crore amounted to about 10,262 crore.
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<p> Since Chandrasekaran took office as president in January 2017, he has urged leaders of the group to focus on core activities and exploiting the huge opportunities offered by India, a major shift in business strategy to focus on the domestic market, on which he is optimistic, said senior officials.<br />
<br /> "There are a lot of emerging companies that will contribute in a few years. The insurance, steel, hotel and retail sectors will take off significantly to contribute to the group's profits. The president makes strategic decisions with an eye on the future, "said one Tata insider.
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<p> All the companies in the group are already reducing their activities and their subsidiaries. Tata Sound talks hard about performance and capital allocation, asking CEOs for better returns on capital employed.
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<p> Tata Sons is the parent company of more than 100 companies in the group that manufacture products ranging from salt-based steel, whose combined annual revenues exceed $ 100 billion. Subsidiaries pay dividends to the holding company. Tata Sons receives the lion's share of the dividends from TCS, the largest cash-rich company in the group, which generated consolidated sales of $ 19 billion for the year ended March.
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<p> "What concerns us is the group's excessive dependence on the CHT for its profitability. Tata Sounds should focus on creating another company that will match the growth and revenue of the SDC, "said the CEO of a major national investment fund.
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<p> Tata Trusts and the group companies hold approximately 79% of the capital of Tata Sons, the individual investors – including the Tata family – holding the rest.
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<p> Tata Sons has asked its shareholders to approve the change of status from a public company to a limited liability company. Its autonomous turnover includes dividends from group companies and subscriptions of brand equity.
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<p> On a consolidated basis, earnings depend on the performance of 218 subsidiaries, 34 joint ventures or badociates and the return on equity investments, according to the filed documents. Tata Sons recently approved a 10,161 million rupee investment plan in the group's finance, insurance, defense, real estate and retail businesses.<br />
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