Calling upon Tata companies to ensure a sustainable profitable growth, the Group Chief Cyrus Mistry today asked them to develop agile businesses to remain successful in a changing and volatile world environment.
"A sustainable profitable growth is the key building block for long-term stakeholder value creation," Mistry, Chairman of Tata Sons, said while addressing Tata Group's Annual Group Leadership Conference (AGLC).
In order to steer through the rapid rate of change, Mistry said Tata companies needed to build strategic and organisational agility.
The Group had posted a revenue for USD 108.78 billion in 2014-15, up 5.3 per cent over USD 103.27 billion in the previous year, while its market capitalisation stood at USD 134 billion as of March 31, 2015, up 17 per cent yoy.
Mistry said the Tata Group would need to maintain its success in a changing world marked by global volatility and an inexorable shift towards a digital future.
He also highlighted opportunities across the globe and those presented by a rapidly growing Indian market whose relative importance in the global economy would substantially increase by 2030.
He stressed on the importance of 'open strategy processes', need for 'a sense of urgency' to identify new opportunities in the face of discontinuity, entrepreneurial people and leadership that fosters experimentation and accepts risks in the pursuit of new capabilities and next generation businesses.
Sharing the group's financial performance in 2014-15, Mistry said international revenues accounted for 68 per cent and the Group invested about USD 10 billion worldwide during the year.
He also said developing unique consumer insights, diversification of profit pools, creation of intellectual property rights, deployment of robust risk management processes, creation of financial flexibility to seize opportunities and minimising impact on the environment would be critical enablers for sustainable profitable growth.
Last year, the Group had announced its vision 2025 by when it expects to achieve market capitalisation comparable to the world's top 25 companies and 25 per cent of the world's population to experience the 'Tata commitment' to improving the quality of life of customers and communities.
Under the vision, the Tata Group is aiming to be among the 25 most admired corporate and employer brands globally.
Thirty-five examples of harnessing digital capabilities from 19 group companies were presented at the conference, an official statement said.
This included an omni-channel marketplace which will integrate store shopping and online buying.
