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Pawan Goenka nearly missed the job at M&M ⁠— today he is the MD & CEO

There has been no stopping <keyword id="156418" type="PERSON" weightage="20" keywordseo="Pawan-Goenka">Pawan Goenka</keyword>, the young boy whose family moved to Kolkata from Harpalpur in Madhya Pradesh. He studied at a Hindi medium school and did engineering from IIT Kanpur and went for a PhD at Cornell University in the UK. After over two decades in Mahindra &amp; Mahindra, Goenka has risen through the ranks and has been appointed as the MD and CEO, as the company’s billionaire promoter <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword> himself became a non-executive chairman. Ever since, he has been headhunted by the best of the best like AT&amp;T – was hired by General Motors. But Goenka had spotted an ad in a newspaper by Mahindra &amp; Mahindra in Detroit who called auto professionals back home. An interview was fixed.

<ul><li><keyword id="94272" type="General" weightage="20" keywordseo="keshub-mahindra" source="Orion">Keshub Mahindra</keyword>, the former chairman of <keyword id="1263014" type="General" weightage="20" keywordseo="mahindra-and-mahindra-group" source="Orion">Mahindra and Mahindra group</keyword> was amongst the world’s oldest billionaires. </li><li>The Wharton University graduate had dreamt of becoming either a soldier or a farmer as a young boy. </li><li>Keshub Mahindra, who had seen licence raj and many other government controls in the 50s and 60s, believed that the pressures helped the Indian <keyword id="34478" type="General" weightage="20" keywordseo="auto-industry" source="Orion">auto industry</keyword> become cost competitive. </li></ul>The patriarch of the Mahindra group, Keshub Mahindra died on Wednesday, at the age of 99. “The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to meetings with him and was inspired by how he connected business, economics and social matters. Om Shanti,” said Pawan <a href="https://twitter.com/GoenkaPk/status/1646012668103495681">Goenka in a tweet</a>. The former chairman of Mahindra and Mahindra group who had retired in 2012, was amongst the world’s oldest billionaires as per a recent Forbes report. He had just re-entered the coveted billionaire list in 2023. The businessman turned philanthropist, however, leaves a larger and wider legacy — he was instrumental in helping build India’s indigenous auto industry into a force to be reckoned with. ‘We don’t know a damn thing about the auto industry’ Keshub Mahindra’s story is intertwined with the history of the auto industry in India. The Mahindra and Mahindra group had started two generations before Anand Mahindra, the nephew of Keshub Mahindra and chairman emeritus of the group. The company was founded by two brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra in 1945, as a steel trader. Kailash Chandra Mahindra, the father of Keshub Mahindra had met the inventor of Jeep, Barney Roos in Washington. That’s how the company became an assembler of Willys jeep in India. A young Keshub, freshly graduated from Wharton University and grown up beyond his boyhood dreams of becoming either a soldier or a farmer, was called into a meeting with the defence minister. This was in 1947 when India had just won its freedom but was finding it tough to find spare parts for their tanks from Britain and other countries. At the meeting, the government said that it was planning to develop its own automotive industry. “We don’t know a damn thing about the auto industry,” Keshub Mahindra told the defence minister. That, however, did not stop neither Mahindra nor the only other auto companies existing back then — Premier Automobiles and Hindustan Motors – from building indigenous vehicles. M&amp;M started manufacturing jeeps in a full do-it-yourself (DIY) mode — when there were no suppliers or vendors. They had to make engines, transmissions, axles, stampings, the body – everything to produce 2,000 Jeeps a year, Keshub Mahindra said in an <a href="https://www.autocarindia.com/interviews/india-at-75-keshub-mahindra-%E2%80%93-the-man-who-saw-it-all-425406">interview with Autocar</a>. <div type="image" title="Keshub Mahindra anand mahindra" msid="99426813" hostid="261" sizebytes="59302" caption="&amp;lt;p&amp;gt;Source: BCCL&amp;lt;/p&amp;gt;"></div> Licences, price controls and capacity caps For another 30 years, the group had fought many battles both from the supply chain ecosystem angle as well as the many rules and regulations back in the day. It was the age of licence raj and M&amp;M was not given a licence to make cars, no matter how many times they applied. In fact they were rejected a dozen times – as they tried to manufacture cars in partnership with various multinationals. Moreover, companies could not increase prices without government nod, and added to that even their capacities were limited by rules. Once, the group was sent a letter by the government asking them why they should not prosecute them for exceeding capacity. “Prosecute us,” Keshub responded to the letter. Forced to do things he described as ‘crazy’, Keshub also admits that it has made Indian manufacturers control costs with frugal engineering and much more —- a move that has made them competitive. It was a good thing in the long run, he admitted in the Autocar interview. The courage of change His can-do attitude is also one of his guiding principles as <a href="https://knowledge.wharton.upenn.edu/article/dream-impossible-life-lessons-keshub-mahindra/">he shared in a Wharton page</a>, “Dream about achieving the impossible — because impossible things do happen. Only the brave have the courage to transform their lives,” he shared. He served as the chairman of M&amp;M for 48 years and ably steered the group through winds of change. The group now has interests across software, financial services and more. In FY22, the group’s revenue stood at ₹90,170 crore as against ₹74,277.78 crore in FY21. The auto business too grew exponentially both organically and inorganically under Keshub Mahindra’s leadership and expanded into light commercial vehicles, tractors and even farm equipment. It acquired companies like Punjab Tractors and Gujarat Tractors and also acquired companies in South Korea like SsangYong Motor, entered the two-wheeler market and also made early strides into the electric vehicle (EV) market by purchasing REVA. Years later, Anand Mahindra and his father Harish Mahindra also started another unique partnership when they lent ₹1 lakh to Uday Kotak for a business that went on to become the Kotak Mahindra Bank. Not just business Even before he retired in 2012, Keshub did not dedicate all his time to business itself — and made space and time for philanthropy. Keshub also founded Housing and Urban Development Corporation (HUDCO), and ran it for many years. “During this time, I visited some of the most deplorable slums in India. I would come home and wonder how people could live like this. That had a huge influence on my life,” he told Wharton. Educating girls and housing for the cancer afflicted are some of the many charity projects he supported with the help of his family.

Keshub Mahindra: The man who thought impossible is possible

These 119 Indian billionaires are worth over $300 billion right now, according to Forbes

New Delhi, June 20 (IANS) Microsoft on Saturday revealed that people in India are using video in 22 per cent of meetings and there has been a considerable increase in Microsoft Teams usage on mobile devices in the country as organisations redefine productivity in the pandemic times. The video meet usages can grow even further in India as there is still less access to devices and stable internet in parts of the country, said Samik Roy, Country Head, Modern Workplace, Microsoft India. "The number of people turning on video in Microsoft Teams meetings had doubled from before working from home became mainstream. In fact, total video calls in Teams grew by over 1,000 percent in March 2020," Roy said in a statement on the occasion of World Productivity Day. In India, productivity at work has often been equated to one element  time and many organisations across the country are seeing the benefits of adopting Microsoft Teams. Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare said that they had this tool even before the current situation, but the usage was very low. "What we are realizing is that we're able to function more than the normal level because none of us are spending time in commuting or waiting for people to join meetings physically. We are also using Teams for our internal meetings, for teleconsultations with the patients, and for our learning and development needs," informed Raghuvanshi. In sectors like manufacturing, there was initial apprehension around remote work. "Work from home will not be a taboo anymore, even for manufacturing companies like Mahindra and Mahindra. Having more digital connect, virtual meetings, people not travelling will become a very comfortable thing," said Dr Pawan Kumar Goenka, CEO and Managing Director, Mahindra and Mahindra Ltd. Anant Maheshwari, President, Microsoft India, said last mont that this one solution has taught people to actually work together and create together. The nationwide lockdown has made CEOs and CXOs, who were earlier against video calling, comfortable with Microsoft Teams in not just conferencing with customers but also doing actual collaborations and integrating business processes within the solution, Maheshwari stressed. In the month of March, the average time between a person's first and last use of Microsoft Teams each day increased by over one hour. "This data does not necessarily mean people were working more hours per day, rather that they are breaking up the day in a way that works for their personal productivity or makes space for obligations outside of work," said Roy. "Employees need to be empowered by technology  from cloud-enabled solutions and mobile apps to integrative collaboration hubs such as Microsoft Teams  allowing them to communicate and collaborate in a secured environment and in the way that works best for them," he emphasized. --IANS na/

Teams usage grow as Indians adopt video in 22% of meetings: Microsoft

<ul><li>
Car makers are offering massive discounts in the current vehicles – some going over ₹1 lakh with discounts!</li><li><keyword id="44883" type="CITY" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> is offering ₹1,15,000 total discount on Ciaz. </li><li>With demand being stable, carmakers are also witnessing decreasing inventory days in the passenger vehicles segment.</li></ul>Come 2020, car makers will get closer to the deadline wherein BSIV vehicles will be banned. And the fact that last year witnessed a big slump in sales did not help the growing inventory of vehicles which will no longer be in vogue. That has reflected in deeper discounts towards the later part of the year. But that has not helped the declining sentiment in the midst of a general slowdown and lower consumer confidence. “High discounts (even higher than festive schemes in some cases) and cost increase from January have led to the pickup in demand. However, underlying demand remains weak with over two-thirds of dealers seeing single digit decline or a flat annual sales volume,” said a Nirmal Bang survey report. As new prices will kick in from January and we get closer to the ban of sale of BSIV vehicles in April 2020, cars are going at a discount anywhere between ₹1 to 1.7 lakh. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Car </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Discounts </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki Alto </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹60,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki Wagon-R </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹40,500 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> Maruti Suzuki Dzire </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹60,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki Brezza </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹70,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki Baleno </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹70,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki Ciaz </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,15,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hyundai Santro </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹55,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hyundai Grand i10 </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹75,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hyundai Creta </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹95,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hyundai Xcent </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹95,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra XUV300 </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹71,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Scorpio </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹59,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra XUV500 </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹84,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Marazzo </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,71,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Nexon </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,00,000 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Tiago </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹77,500 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Tigor </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹92,500 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Bolt &amp; Zest </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,05,000 </td></tr></tbody></table>Source:Nirmal Bang Though demand fails to grow, carmakers are witnessing decreasing inventory days in the passenger vehicles segment. Inventory days are the number of days goods stay in the factory before being sold. From a high of 50 days in February, inventory levels have come down to 25-30 in the past few months. Added to that, almost every carmaker has taken production holidays and removed temporary staff to match the lacklustre sales. 
 
 
 
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 In spite of the spillover of excess unsold cars to the new year, most dealers believe that they will not be stuck with unsold vehicles from another era. “Around 70-80% of the dealers sounded confident of liquidating BS-IV inventory before March end. Inventory of slow moving models like Tata Tigor, Tata Bolt, Tata Zest, <keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword> Xcent, Hyundai Verna are the point of concern dealers,” said the report. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/unknown-facts-about-pawan-goenka-the-new-md-and-ceo-of-mahindra-and-mahindra/articleshow/72903252.cms">Pawan Goenka nearly missed the job at M&amp;M ⁠— today he is the MD &amp; CEO</a>

These are the deep discounts on offer on different car models – but they might have failed to lure buyers

<keyword id="50805" type="COMPANY" weightage="100" keywordseo="Mahindra-and-Mahindra">Mahindra and Mahindra</keyword> will launch more products in the October-March period of this fiscal to recover from the slowdown in the sector, its chairman <keyword id="46425" type="PERSON" weightage="100" keywordseo="Anand-Mahindra">Anand Mahindra</keyword> said today. 

	"We are confident that with the products we have in the pipeline, our power to spring back resiliently remains intact and you will see it being unleashed in the second half of this year," he told shareholders at the annual general meeting of the company. 
 

	He said the auto sales slipped by 10 per cent in the final quarter of the fiscal and sales in the high-margin tractor segment plummeted by 30 per cent, which was last seen in the third quarter of 2009, when the company posted a profit of only Rs 1 crore. 
 

	"This time around, in spite of double the volume drop for tractors - in fact, the largest volume drop in a decade, we still generated a profit after tax for the quarter of Rs 617 crore after adjusting exceptional and one-time items and an operating profit margin of 11.8 per cent," he said. 
 

	This was possible on the back of right measures to protect revenue and profit, he said. 
 Mahindra said in 2014-15, half of the top 10 original equipment manufacturers in the <keyword id="34478" type="UNKNOWN" weightage="100" keywordseo="auto-industry">auto industry</keyword> in the country have registered a decline due to weak demand across the globe. 

	Additionally, in the tractor industry where the group has a sizable presence, all the states in the country except one, had drop in growth. 
 

	The company today reported a 3.35 per cent slide in standalone net profit at Rs 852.2 crore for the three months through June, hurt by slowdown in overall sales and warned that tractor sales will continue to be under strain in the second quarter as well. 
 

	"I don't see the farm equipment business picking up in the September quarter as well. Our tractor sales degrew 12 per cent in July and I expect sales degrowth to continue in the remaining months of quarter 2. But with a better-than-expected monsoons, I see some pick up from October and hopes to close the year with around 6 per cent growth," executive director and head of automotive business Pawan Goenka said. 

	 
	 
	(Image credits: Indiatimes)

M&M to launch more products to recover from industry slowdown

MUMBAI: <keyword id="45224" type="CITY" weightage="80" keywordseo="Mahindra">Mahindra</keyword> &amp; Mahindra is lining up three major offerings in the compact sport-utility-vehicle segment for launch over the next 18-24 months, as it aims to reclaim space lost to the Ford EcoSport and <keyword id="43777" type="CITY" weightage="80" keywordseo="Renault">Renault</keyword> Duster over the past couple of years. 
 All the three vehicles will be less than four metres long, a segment that industry experts say is going to be a key driver of passenger vehicle sales and where <keyword id="46869" type="CITY" weightage="80" keywordseo="MM">M&amp;M</keyword> has only a limited presence. Mahindra is still the local leader in utility vehicle sales, but its market share has fallen to 42% at the end of the fiscal year through March 2014 from more than 55% two years earlier. 
 
Renault meanwhile has grabbed about 9% of the market with the Duster, and Ford captured 8.68% with its sub-4-metre EcoSport. M&amp;M’s first compact SUV, the Quanto that failed to sustain the initial excitement, is getting ready for a major midlife facelift, said people with knowledge of the matter. 
 
The project, codenamed U215, includes major design changes which are currently being worked on at M&amp;M’s design centre in Italy. The U215 will be positioned between the other two vehicles in the pipeline — M&amp;M's first micro-SUV, dubbed S101, which will create a new entry point for the company and be pitted as an alternative to premium hatchbacks, and the probable Bolero replacement, codenamed U301. 
 
The U301 may co-exist with the Bolero, a vehicle that still has acceptance in the hinterlands. M&amp;M intends to do a Maruti in the compact SUV space, offering an alternative at every Rs 50,000-75,000 price points over the entry-level vehicle, a person close to the company told ETon condition of anonymity. 
"All three sub-4 metre SUVs will have different characteristics catering to different segment of buyers. Design will be the key differentiator. The S101 compact SUV has a car-like appearance whereas the U215, the new Quanto, will assume a more rugged appearance than the boxy stance it had when launched," this person said. 
 
According to him, the U301 will have the boldest features with a “Jeep Wrangler-like appearance”. An M&amp;M spokesman said the company cannot comment on specific product plans. 
 
"As a general rule, we constantly work on refreshing all our products," he said. The MPV/SUV segment, which makes up for 22%-23% of the overall Indian passenger vehicle sales, is expected to grow in coming years. Industry experts say, the compact SUV market is expected to grow five times to make up almost half a million vehicle at the end of the decade and that the sub-4-meter space is expected to make up for a sizeable share of that. M&amp;M has a strong band of loyal buyers and larger penetration in rural areas, but developing a sub-4-meter vehicle is extremely critical for it to regain its lost market share, said Gaurav Vangaal, senior analyst, forecasting, at consultancy firm IHS Automotive. 
 
The urban sub-compact SUV segment, which did not exist a few years back, is expected to make up for a sizable 20-25% of compact UV space going ahead, he said. "M&amp;M is there with its Quanto, but not with a proper sub-4-metre SUV, so it needs to prepare itself aggressively with more UVs in that space to protect its turf." 
 Pawan Goenka, president and executive director at Mahindra, has admitted in the past that the company wasn't quick enough to react to the compact SUV wave and that its answer to compact utility-vehicle space has been a year or two late. It seems the lineup of compact SUVs planned by the company is to not just take on existing rivals, but also react proactively to ensuing competition from the likes of Maruti <keyword id="6911" type="CITY" weightage="80" keywordseo="suzuki">Suzuki</keyword> and the local units of <keyword id="70910" type="CITY" weightage="100" keywordseo="Hyundai-motor">Hyundai Motor</keyword> and <keyword id="72707" type="CITY" weightage="80" keywordseo="Honda-Motor">Honda Motor</keyword>, who too have lined up sub-4-meter SUVs for launch in the coming two-three years. 
 
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The person close to the company said the face-lifted Quanto will in fact be an interim model for M&amp;M and has a potential of 24,000 units a year, before an all-new Quanto, now dubbed U321, hits the market in 2017. 
 
The U321 is currently getting developed in the US and it will be a versatile platform that can deliver multiple products, from sub-4-metre to bigger 7-seat utility vehicles. 
 
While M&amp;M has seen its bread-andbutter utility vehicles Scorpio and Bolero as well as the XUV 500 selling in healthy numbers, its 'U platform' vehicles – the Quanto, Xylo and Genio – have been a major drag for it. It does not quite end there for M&amp;M. Its R&amp;D centres in India, the US and Italy are buzzing with projects. A face-lifted Scorpio and XUV should hit the market shortly. 
 
It plans to revamp lifestyle offroader Thar, which now gets an underpinning of the U platform, a departure from the legendary MM540 base due to upcoming safety regulations. And, pickup truck Genio will be significantly enhanced in its upcoming facelift to take more abuses, which is very common in the Indian market.

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